[Form 4] TXNM ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

TXNM Energy Inc. reported that Executive Chair and director Patricia K. Collawn acquired 672 phantom stock shares on November 14, 2025 through notational dividend reinvestment under the TXNM Energy, Inc. Executive Savings Plan II. These phantom stock units convert into common stock on a one-for-one basis and are designed to mirror the value of TXNM common shares. After this transaction, she beneficially owns 96,487 phantom stock shares indirectly through the plan, which will settle in common stock upon her retirement or other termination of service.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COLLAWN PATRICIA K

(Last) (First) (Middle)

CORPORATE HEADQUARTERS

MS 1275

(Street)

ALBUQUERQUE NM 87158-1275

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TXNM ENERGY INC [ TXNM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE CHAIR

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Shares	(1)	11/14/2025		A		672(2)		(3)	(3)	Common Stock	672	$0	96,487	I	TXNM Common Stock Fund - TXNM Energy, Inc. Executive Savings Plan II

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. Reflects the amount of phantom stock shares acquired under the TXNM Energy, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of November 14, 2025.

3. The phantom stock shares were acquired under the TXNM Energy, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

Remarks:

	/s/ Angela L. Pino, POA for Patricia K. Collawn	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did TXNM Energy Inc. (TXNM) report in this Form 4?

The filing reports that Patricia K. Collawn, Executive Chair and director of TXNM Energy Inc., acquired 672 phantom stock shares on November 14, 2025 through the TXNM Energy, Inc. Executive Savings Plan II via notational dividend reinvestment.

How many phantom stock shares does Patricia K. Collawn now beneficially own at TXNM?

Following the reported transaction, Patricia K. Collawn beneficially owns 96,487 phantom stock shares indirectly through the TXNM Energy, Inc. Executive Savings Plan II.

What are the terms of the phantom stock reported by TXNM Energy (TXNM)?

The filing states that the phantom stock shares convert to TXNM common stock on a one-for-one basis. They are credited under the Executive Savings Plan II and are tied to the value of TXNM common stock.

When will the TXNM phantom stock shares for Patricia K. Collawn be settled?

According to the disclosure, the phantom stock shares acquired under the TXNM Energy, Inc. Executive Savings Plan II will settle upon Patricia K. Collawn's retirement or other termination of service.

How were the 672 phantom stock shares acquired in TXNM’s Executive Savings Plan II?

The 672 phantom stock shares were acquired through notational dividend reinvestment on the cash dividend payment date of November 14, 2025 under the TXNM Energy, Inc. Executive Savings Plan II.

What is Patricia K. Collawn’s role and relationship to TXNM Energy Inc.?

The form identifies Patricia K. Collawn as both a Director and an Officer of TXNM Energy Inc., serving as Executive Chair.