[Form 4] TXNM ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

TXNM Energy Inc. director Vicky A. Bailey reported a sale of company stock in a Form 4 filing. On 11/14/2025, a trust for her benefit sold 1,800 shares of TXNM common stock at a weighted average price of $57.74 per share, with individual sale prices ranging from $57.73 to $58.73. After this transaction, the trust holds 8,725 shares beneficially for her. The filing also notes that this figure excludes 8,994 shares owned directly by the reporting person, indicating that she continues to hold a meaningful personal stake in TXNM alongside the trust position.

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^*

BAILEY VICKY A

(Last) (First) (Middle)

3101 NEW MEXICO AVE., NW

UNIT 249

(Street)

WASHINGTON DC 20016

(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
	Officer (give title below)		Other (specify below)

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
Common Stock	11/14/2025		S		1,800	D	$57.74(1)	8,725(2)	I	By Trust

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

Explanation of Responses:

1. Price represents a weighted average fill price ranging from $57.73 to $58.73.

2. Excludes 8,994 shares owned directly by the reporting person.

Remarks:

	/s/ Angela L. Pino, POA for Vicky A. Bailey	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 insider transaction did TXNM Energy Inc (TXNM) report in this Form 4?

The Form 4 reports that director Vicky A. Bailey, through a trust, sold 1,800 shares of TXNM Energy Inc. common stock on 11/14/2025.

At what price were the 1,800 TXNM shares sold by the director's trust?

The 1,800 TXNM shares were sold at a weighted average price of $57.74 per share, with individual sale prices ranging from $57.73 to $58.73.

How many TXNM shares does the director still own after the reported sale?

Following the sale, the trust beneficially owns 8,725 shares of TXNM common stock. The filing also states that this excludes 8,994 shares owned directly by the reporting person.

What is the relationship of the reporting person to TXNM Energy Inc?

The reporting person, Vicky A. Bailey, is identified as a director of TXNM Energy Inc.

Was the TXNM insider transaction held directly or indirectly?

The reported 1,800-share sale and the 8,725 shares remaining in this filing are held indirectly through a trust, as indicated by the "By Trust" ownership description.

Does the Form 4 mention any additional TXNM shares owned by the director?

Yes. The explanation notes that the 8,725 shares shown exclude 8,994 shares of TXNM common stock that are owned directly by the reporting person.