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Fair Value of Derivative and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Derivatives

PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets:

			Economic Hedges
			September 30, 2025						December 31, 2024
			(In thousands)
Other current assets			$	—					$	—
Other current liabilities			—						(5,737)
Net			$	—					$	(5,737)

Schedule of Commodity Contract Volume Positions

Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM’s net buy (sell) volume positions:

			Economic Hedges
			MMBTU						MWh
September 30, 2025			—						—
December 31, 2024			—						89,900

Schedule Of Contingent Requirement For Commodity Contracts

Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. At September 30, 2025 and December 31, 2024, PNM had zero and $5.7 million of contractual liability, zero posted cash collateral, and zero and $5.7 million in a net liability position.

Schedule of Gross Realized Gains and Losses

Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
			(In thousands)
Equity securities:
Net gains from equity securities sold			$	13,438					$	4,209					$	27,371					$	20,352
Net gains (losses) on equity securities still held			(2,070)						9,358						6,302						4,273
Total net gains on equity securities			11,368						13,567						33,673						24,625
Available-for-sale debt securities:
Net gains on debt securities			8						203						18						7,701
Net gains on investment securities			$	11,376					$	13,770					$	33,691					$	32,326

Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of zero for the three and nine months ended September 30, 2025 and $2.0 million and $17.0 million for the three and nine months ended September 30, 2024.

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
			(In thousands)
Proceeds from sales			$	241,992					$	332,896					$	440,720					$	745,645
Gross realized gains			18,320						5,051						33,862						26,279
Gross realized (losses)			(4,882)						(2,613)						(6,491)						(15,185)

Schedule of Maturities of Debt Securities

At September 30, 2025, the available-for-sale debt securities held by PNM, had the following final maturities:

			Fair Value
			(In thousands)
Within 1 year			$	36,561
After 1 year through 5 years			8,243
			$	44,804

Schedule of Investment

Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities:

									GAAP Fair Value Hierarchy
			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Unrealized Gains
			(In thousands)
September 30, 2025
Cash and cash equivalents			$	29,361					$	29,361					$	—
Equity securities:
Corporate stocks, common			156,079						156,079						—
Mutual funds and other			200,048						200,048						—
Available-for-sale debt securities:
U.S. government			37,093						37,093						—												$	274
Corporate and other			7,711						—						7,711												84
Investments categorized within the fair value hierarchy			$	430,292					$	422,581					$	7,711											$	358
Uncategorized collective investment trust			44,635
Uncategorized real estate fund			18,968
Total investment securities			$	493,895
December 31, 2024
Cash and cash equivalents			$	150,745					$	150,745					$	—
Equity securities:
Corporate stocks, common			134,553						134,553						—
Mutual funds and other			135,779						135,779						—
Available-for-sale debt securities:
U.S. government			25,148						25,148						—												$	202
Corporate and other			7,196						—						7,196												122
Investments categorized within the fair value hierarchy			$	453,421					$	446,225					$	7,196											$	324
Uncategorized collective investment trust			22,103
Total investment securities			$	475,524

Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value

The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below:

			Carrying Amount						Fair Value
September 30, 2025			(In thousands)
TXNM			$	5,082,676					$	5,172,203
PNM			2,941,491						2,847,861
TNMP			1,602,738						1,606,015
December 31, 2024
TXNM			$	4,923,368					$	4,706,076
PNM			2,459,592						2,284,362
TNMP			1,464,079						1,324,194

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