Form 4: COLLAWN PATRICIA K reports acquisition/exercise transactions in TXNM

Rhea-AI Filing Summary

COLLAWN PATRICIA K reported acquisition or exercise transactions in a Form 4 filing for TXNM. The filing lists transactions totaling 674 shares. Following the reported transactions, holdings were 97,161 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider COLLAWN PATRICIA K

Role EXECUTIVE CHAIR

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Shares	674	$0.00	--

Holdings After Transaction: Phantom Stock Shares — 97,161 shares (Indirect, TXNM Common Stock Fund - TXNM Energy, Inc. Executive Savings Plan II)

Footnotes (1)

1. The security converts to common stock on a one-for-one basis. 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 February 13, 2026. 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.

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
02/13/2026

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)	02/13/2026		A		674(2)		(3)	(3)	Common Stock	674	$0	97,161	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 February 13, 2026.

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	02/17/2026
	** 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 insider transaction did TXNM executive chair Patricia Collawn report?

Patricia K. Collawn reported receiving 674 phantom stock shares. These derivative units were credited on February 13, 2026 at $0.00 per unit under the Energy, Inc. Executive Savings Plan II as part of a deferred compensation arrangement, not through an open-market stock purchase.

How many TXNM phantom stock shares does Patricia Collawn now hold?

After the latest transaction, Collawn indirectly holds 97,161 phantom stock shares. These units are maintained in the Energy, Inc. Executive Savings Plan II and are linked one-for-one to TXNM common stock, providing deferred, stock-based compensation that settles when her service with the company ends.

What are TXNM phantom stock shares reported in this Form 4?

The reported TXNM phantom stock shares are deferred compensation units. Each unit converts into one share of common stock and was acquired through notational dividend reinvestment in the Energy, Inc. Executive Savings Plan II, rather than via direct cash purchases in the open market.

How were the 674 TXNM phantom stock shares acquired on February 13, 2026?

The 674 phantom stock shares were acquired via dividend reinvestment. They reflect notational reinvestment of a cash dividend on February 13, 2026 within the Energy, Inc. Executive Savings Plan II, increasing Collawn’s deferred stock-based holdings without any reported cash outlay.

When will TXNM phantom stock held by Patricia Collawn be settled?

The TXNM phantom stock units settle at retirement or service termination. According to the plan terms, the phantom stock acquired under the Energy, Inc. Executive Savings Plan II will convert into common stock and be delivered when Collawn retires or otherwise ends her service with the company.