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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

PNM Resources, Inc.

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-06986

IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company

(A Texas Corporation)

577 N. Garden Ridge Blvd.

Lewisville, Texas 75067

Telephone Number - (972) 420-4189

Commission File No. - 002-97230

IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:

Registrant			Title of each class			Trading Symbol(s)			Name of exchange on which registered
PNM Resources, Inc.			Common Stock, no par value			PNM			New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

PNM Resources, Inc. (“PNMR”)

Yes

☑

No

☐

Public Service Company of New Mexico (“PNM”)

Yes

☑

No

☐

Texas-New Mexico Power Company (“TNMP”)

Yes

☐

No

☑

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

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Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

PNMR

Yes

☑

No

☐

PNM

Yes

☑

No

☐

TNMP

Yes

☑

No

☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PNMR

☑

☐

☐

☐

☐

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PNM

☐

☐

☑

☐

☐

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

TNMP

☐

☐

☑

☐

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☑

As of April 26, 2024, 90,200,384 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of April 26, 2024, was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of April 26, 2024, was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.  When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.

2

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PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX

			Page No.
GLOSSARY			4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
PNM RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			8
Condensed Consolidated Statements of Comprehensive Income			9
Condensed Consolidated Statements of Cash Flows			10
Condensed Consolidated Balance Sheets			12
Condensed Consolidated Statements of Changes in Equity			14
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			15
Condensed Consolidated Statements of Comprehensive Income			16
Condensed Consolidated Statements of Cash Flows			17
Condensed Consolidated Balance Sheets			19
Condensed Consolidated Statements of Changes in Equity			21
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			22
Condensed Consolidated Statements of Cash Flows			23
Condensed Consolidated Balance Sheets			24
Condensed Consolidated Statements of Changes in Common Stockholder’s Equity			26
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			27
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			70
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			99
ITEM 4. CONTROLS AND PROCEDURES			101
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			101
ITEM 1A. RISK FACTORS			102
ITEM 5. OTHER INFORMATION			102
ITEM 6. EXHIBITS			102
SIGNATURE			104

3

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GLOSSARY

Definitions:
2023 Forward Sale Agreements						PNMR’s forward sale agreements under the PNMR 2022 ATM Program
2024 Rate Change						PNM’s request for a general increase in electric rates filed with the NMPRC on December 5, 2022 using a calendar year 2024 FTY
2025 Rate Change						PNM’s request for a general increased in electric rates expected to be filed with the NMPRC on or before June 14, 2024 using a FTY beginning July 1, 2025
2026 Resource Application						PNM’s October 25, 2023 application with the NMPRC seeking approval of resources to be available for the 2026 summer peak
ABCWUA						Albuquerque Bernalillo County Water Utility Authority
ACE Rule						Affordable Clean Energy Rule
AEP OnSite Partners						AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
AFUDC						Allowance for Funds Used During Construction
AMI						Advanced Metering Infrastructure
AMS						Advanced Meter System
AOCI						Accumulated Other Comprehensive Income
APS						Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ARO						Asset Retirement Obligation
ARP						Alternative Revenue Program
ASU						Accounting Standards Update
Avangrid						Avangrid, Inc., a New York corporation
BART						Best Available Retrofit Technology
Board						Board of Directors of PNMR
BSER						Best system of emission reduction technology
CAA						Clean Air Act
CAISO						California Independent System Operator
CCN						Certificate of Convenience and Necessity
CCR						Coal Combustion Residuals
CCS						Carbon Capture and Storage/Sequestration
CIAC						Contributions in Aid of Construction
CO2						Carbon Dioxide
CSA						Coal Supply Agreement
CWIP						Construction Work in Progress
DC Circuit						United States Court of Appeals for the District of Columbia Circuit
DCRF						TNMP’s applications for a distribution cost recovery factor
DOE						United States Department of Energy
EGU						Electric Generating Unit
EIM						Western Energy Imbalance Market developed and operated by CAISO
ELG						Effluent Limitation Guidelines
Energy Transition Charge(s)						Rate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPA						United States Environmental Protection Agency
ERCOT						Electric Reliability Council of Texas
ESG						Environmental, Social, and Governance principles
ETA						The New Mexico Energy Transition Act
ETBC I						PNM Energy Transition Bond Company I, LLC, formed on August 25, 2023
EUEA						The New Mexico Efficient Use of Energy Act
Exchange Act						Securities Exchange Act of 1934
FASB						Financial Accounting Standards Board
FERC						Federal Energy Regulatory Commission
FMB						First Mortgage Bond
Four Corners						Four Corners Power Plant
Four Corners Abandonment Application						PNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSA						Four Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale Agreement						PNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPAC						Fuel and Purchased Power Adjustment Clause
FTY						Future Test Year

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GAAP						Generally Accepted Accounting Principles in the United States of America
GHG						Greenhouse Gas Emissions
Grid Modernization Application						PNM’s October 3, 2022 application for approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy
GWh						Gigawatt hours
Iberdrola						Iberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDC						Intended Nationally Determined Contribution
IRA						Inflation Reduction Act
IRP						Integrated Resource Plan
IRS						Internal Revenue Service
kV						Kilovolt
KW						Kilowatt
KWh						Kilowatt Hour
La Joya Wind II						La Joya Wind Facility generating 140 MW of output that became operational in June 2021
La Luz						La Luz Generating Station
Leased Interest						Leased capacity in PVNGS Unit 1 and Unit 2
Lightning Dock Geothermal						Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
Luna						Luna Energy Facility
MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
Merger						The merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid
Merger Agreement						The Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendments to the Merger Agreement dated January 3, 2022, April 12, 2023, and June 19, 2023. Subsequently terminated December 31, 2023.
Merger Sub						NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger
Meta						Meta Platform, Inc., formerly known as Facebook Inc.
MMBTU						Million British Thermal Units
Moody’s						Moody’s Investor Services, Inc.
MW						Megawatt
MWh						Megawatt Hour
NAAQS						National Ambient Air Quality Standards
NDT						Nuclear Decommissioning Trusts for PVNGS
NEE						New Energy Economy
New Mexico Wind						New Mexico Wind Energy Center
NM 2015 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM Supreme Court						New Mexico Supreme Court
NMED						New Mexico Environment Department
NMMMD						The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC						New Mexico Public Regulation Commission
NMRD						NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx						Nitrogen Oxides
NPDES						National Pollutant Discharge Elimination System
NTEC						Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OCI						Other Comprehensive Income
OPEB						Other Post-Employment Benefits
OSM						United States Office of Surface Mining Reclamation and Enforcement
Paris Agreement						A legally binding international treaty on climate change adopted on December 12, 2015
Pattern Wind						Pattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development
PCRBs						Pollution Control Revenue Bonds
PM						Particulate Matter
PNM						Public Service Company of New Mexico and Subsidiaries
PNM New Mexico Credit Facility						PNM’s $40.0 million Unsecured Revolving Credit Facility
PNM 2023 Note Purchase Agreement						PNM’s agreement for sale of PNM’s 2023 SUNs

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PNM 2023 SUNs						PNM’s $200.0 million Senior Unsecured Notes issued on April 28, 2023
PNM Revolving Credit Facility						PNM’s $400.0 million Unsecured Revolving Credit Facility
PNMR						PNM Resources, Inc. and Subsidiaries
PNMR 2021 Delayed-Draw Term Loan						PNMR’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025
PNMR 2022 ATM Program						PNMR’s distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents
PNMR 2023 Term Loan						PNMR’s $500.0 million term loan that matures on June 30, 2026
PNMR Development						PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Revolving Credit Facility						PNMR’s $300.0 million Unsecured Revolving Credit Facility
PPA						Power Purchase Agreement
PSPS Plan						PNM’s Public Safety Power Shutoff Plan filed with the NMPRC on May 1, 2024
PUCT						Public Utility Commission of Texas
PV						Photovoltaic
PVNGS						Palo Verde Nuclear Generating Station
PVNGS Leased Interest Abandonment Application						Application with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RD						Recommended Decision
REA						New Mexico’s Renewable Energy Act of 2004
RECs						Renewable Energy Certificates
Red Mesa Wind						Red Mesa Wind Energy Center
REP						Retail Electricity Provider
Rio Bravo						Rio Bravo Generating Station, formerly known as Delta
ROE						Return on Equity
RPS						Renewable Energy Portfolio Standard
S&P						Standard and Poor’s Ratings Services
SEC						United States Securities and Exchange Commission
Securitized Bonds						Energy transition bonds
SIP						State Implementation Plan
SJCC						San Juan Coal Company
SJGS						San Juan Generating Station
SJGS Abandonment Application						PNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of Securitized Bonds under the ETA
SJGS CSA						San Juan Generating Station Coal Supply Agreement
SO2						Sulfur Dioxide
SOFR						Secured Overnight Financing Rate
SRP						Salt River Project
SUNs						Senior Unsecured Notes
Tax Act						Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TCOS						Transmission Cost of Service
TECA						Texas Electric Choice Act
TEP						Transportation Electrification Program
TNMP						Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate Case						TNMP’s General Rate Case Application filed on May 30, 2018
TNMP 2023 Bonds						TNMP’s First Mortgage Bonds to be issued under the TNMP 2023 Bond Purchase Agreement
TNMP 2023 Bond Purchase Agreement						TNMP’s Agreement for the sale of an aggregate $185.0 million of TNMP’s 2023 Bonds
TNMP 2024 Bonds						TNMP’s First Mortgage Bonds to be issued under the TNMP 2024 Bond Purchase Agreement
TNMP 2024 Bond Purchase Agreement						TNMP’s Agreement for the sale of an aggregate $285.0 million of TNMP’s 2024 Bonds
TNMP Revolving Credit Facility						TNMP’s $75.0 million Secured Revolving Credit Facility ($100.0 million as of May 13, 2022)
TOD						Time of Day
U.S.						The Unites States of America

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US Supreme Court						United States Supreme Court
Valencia						Valencia Energy Facility
VIE						Variable Interest Entity
Western Spirit Line						An approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
Westmoreland						Westmoreland Coal Company
WFB LOC Facility						Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WMP						PNM’s Wildfire Mitigation Plan filed with the NMPRC on May 1, 2024
WRA						Western Resource Advocates
WSJ LLC						Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

									Three Months Ended March 31,
															2024						2023
															(In thousands, except per share amounts)
Electric Operating Revenues															$	436,877					$	544,077
Operating Expenses:
Cost of energy															132,304						241,686
Administrative and general															55,427						55,110
Energy production costs															22,212						22,358
Regulatory disallowances															4,459						—
Depreciation and amortization															93,187						78,074
Transmission and distribution costs															22,764						22,196
Taxes other than income taxes															25,934						25,562
Total operating expenses															356,287						444,986
Operating income															80,590						99,091
Other Income and Deductions:
Interest income															4,580						4,843
Gains on investment securities															17,998						6,442
Other income															4,911						3,093
Other (deductions)															(16,522)						(2,493)
Net other income and deductions															10,967						11,885
Interest Charges															53,762						40,923
Earnings before Income Taxes															37,795						70,053
Income Taxes (Benefits)															(12,571)						9,780
Net Earnings															50,366						60,273
(Earnings) Attributable to Valencia Non-controlling Interest															(3,044)						(5,127)
Preferred Stock Dividend Requirements of Subsidiary															(132)						(132)
Net Earnings Attributable to PNMR															$	47,190					$	55,014
Net Earnings Attributable to PNMR per Common Share:
Basic															$	0.52					$	0.64
Diluted															$	0.52					$	0.64
Dividends Declared per Common Share															$	0.3875					$	0.3675

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

									Three Months Ended March 31,
															2024						2023
															(In thousands)
Net Earnings															$	50,366					$	60,273
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)															366						3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771 and $178															(8,139)						(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)															907						891
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(17) and $43															50						(125)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(697) and $565															2,048						(1,659)
Total Other Comprehensive Income (Loss)															(4,768)						1,694
Comprehensive Income															45,598						61,967
Comprehensive (Income) Attributable to Valencia Non-controlling Interest															(3,044)						(5,127)
Preferred Stock Dividend Requirements of Subsidiary															(132)						(132)
Comprehensive Income Attributable to PNMR															$	42,422					$	56,708

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Cash Flows From Operating Activities:
Net earnings			$	50,366					$	60,273
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization			103,004						87,128
Deferred income tax expense			6,935						9,576
(Gain) on sale of NMRD			(4,449)						—
(Gains) losses on investment securities			(17,998)						(6,442)
Stock based compensation expense			4,608						3,490
Regulatory disallowances			4,459						—
Allowance for equity funds used during construction			(3,292)						(1,964)
Other, net			1,031						810
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues			29,296						64,919
Materials, supplies, and fuel stock			(6,457)						2,443
Other current assets			24,662						(1,305)
Other assets			(7,341)						(2,074)
Accounts payable			(31,482)						(56,306)
Accrued interest and taxes			(9,823)						(4,514)
Other current liabilities			(39,860)						(16,844)
Other liabilities			(10,843)						(7,689)
Net cash flows from operating activities			92,816						131,501
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant			(289,100)						(264,368)
Proceeds from sale of plant assets (Note 13)			2,840						28,372
Proceeds from sales of investment securities			302,510						91,830
Purchases of investment securities			(304,971)						(95,773)
Proceeds from sale of NMRD			116,936						—
Investments in NMRD			(12,550)						(11,500)
Other, net			(23)						6
Net cash flows used in investing activities			(184,358)						(251,433)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings			$	658,800					$	635,200
Revolving credit facilities repayments			(676,200)						(457,800)
Long-term borrowings			117,000						—
Awards of common stock			(5,440)						(8,394)
Dividends paid			(35,085)						(31,677)
Valencia’s transactions with its owner			(4,003)						(5,510)
Transmission interconnection and security deposit arrangements			57,875						3,894
Refunds paid under transmission interconnection and security deposit arrangements			(12,003)						(15,167)
Debt issuance costs and other, net			(1,435)						(560)
Net cash flows from financing activities			99,509						119,986
Change in Cash, Cash Equivalents, and Restricted Cash			7,967						54
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			3,943						4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period			$	11,910					$	4,132
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period			$	1,728					$	—
At end of period			$	8,922					$	—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized			$	48,912					$	39,794
Income taxes paid (refunded), net			$	(488)					$	—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions			$	40,223					$	37,148

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

			March 31, 2024						December 31, 2023
			(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents			$	2,988					$	2,215
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388			105,002						126,291
Unbilled revenues			55,142						64,072
Other receivables			39,808						76,509
Materials, supplies, and fuel stock			104,491						98,034
Regulatory assets			61,453						73,046
Prepaid assets			16,792						19,759
Income taxes receivable			6,168						6,697
Other current assets			15,999						8,920
Total current assets			407,843						475,543
Other Property and Investments:
Investment securities			448,164						444,408
Equity investment in NMRD			—						119,570
Other investments			193						171
Non-utility property, net			28,023						29,367
Total other property and investments			476,380						593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned			9,807,524						9,701,180
Less accumulated depreciation and amortization			2,812,846						2,755,823
			6,994,678						6,945,357
Construction work in progress			693,502						589,834
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840			72,190						74,671
Net utility plant			7,760,370						7,609,862
Deferred Charges and Other Assets:
Regulatory assets			930,752						914,381
Goodwill			278,297						278,297
Operating lease right-of-use assets, net of accumulated amortization			179,480						182,201
Other deferred charges			224,531						198,805
Total deferred charges and other assets			1,613,060						1,573,684
			$	10,257,653					$	10,252,605

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

			March 31, 2024						December 31, 2023
			(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt			$	244,500					$	261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)			283,776						280,169
Accounts payable			133,470						205,175
Customer deposits			6,256						6,237
Accrued interest and taxes			88,302						98,655
Regulatory liabilities			108,429						140,005
Operating lease liabilities			11,811						12,267
Dividends declared			35,085						35,085
Transmission interconnection arrangement liabilities			124,248						96,870
Other current liabilities			71,251						94,397
Total current liabilities			1,107,128						1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)			4,355,049						4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes			835,835						845,280
Regulatory liabilities			777,752						771,317
Asset retirement obligations			246,908						245,531
Accrued pension liability and postretirement benefit cost			18,700						21,429
Operating lease liabilities			165,842						167,000
Other deferred credits			334,180						319,066
Total deferred credits and other liabilities			2,379,217						2,369,623
Total liabilities			7,841,394						7,842,025
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)			11,529						11,529
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)			1,623,991						1,624,823
Accumulated other comprehensive income (loss), net of income taxes			(67,608)						(62,840)
Retained earnings			799,348						787,110
Total PNMR common stockholders’ equity			2,355,731						2,349,093
Non-controlling interest in Valencia			48,999						49,958
Total equity			2,404,730						2,399,051
			$	10,257,653					$	10,252,605

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

									Attributable to PNMR																								Non- controlling Interest in Valencia
						Common Stock						AOCI						Retained Earnings						Total PNMR Common Stockholders’ Equity												Total Equity
									(In thousands)
Balance at December 31, 2023									$	1,624,823					$	(62,840)					$	787,110					$	2,349,093					$	49,958					$	2,399,051
Net earnings before subsidiary preferred stock dividends									—						—						47,322						47,322						3,044						50,366
Total other comprehensive income (loss)									—						(4,768)						—						(4,768)						—						(4,768)
Subsidiary preferred stock dividends									—						—						(132)						(132)						—						(132)
Dividends declared on common stock									—						—						(34,952)						(34,952)						—						(34,952)
Awards of common stock									(5,440)						—						—						(5,440)						—						(5,440)
Stock based compensation expense									4,608						—						—						4,608						—						4,608
Valencia’s transactions with its owner									—						—						—						—						(4,003)						(4,003)
Balance at March 31, 2024									$	1,623,991					$	(67,608)					$	799,348					$	2,355,731					$	48,999					$	2,404,730

Balance at December 31, 2022									$	1,429,102					$	(66,048)					$	828,878					$	2,191,932					$	52,994					$	2,244,926
Net earnings before subsidiary preferred stock dividends									—						—						55,146						55,146						5,127						60,273
Total other comprehensive income									—						1,694						—						1,694						—						1,694
Subsidiary preferred stock dividends									—						—						(132)						(132)						—						(132)
Dividends declared on common stock									—						—						(31,545)						(31,545)						—						(31,545)
Awards of common stock									(8,394)						—						—						(8,394)						—						(8,394)
Stock based compensation expense									3,490						—						—						3,490						—						3,490
Valencia’s transactions with its owner									—						—						—						—						(5,510)						(5,510)
Balance at March 31, 2023									$	1,424,198					$	(64,354)					$	852,347					$	2,212,191					$	52,611					$	2,264,802

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

									Three Months Ended March 31,
															2024						2023
															(In thousands)
Electric Operating Revenues															$	308,115					$	430,165
Operating Expenses:
Cost of energy															97,412						209,853
Administrative and general															51,736						48,973
Energy production costs															22,212						22,358
Regulatory disallowances															4,459						—
Depreciation and amortization															53,287						43,686
Transmission and distribution costs															14,350						13,887
Taxes other than income taxes															13,709						13,504
Total operating expenses															257,165						352,261
Operating income															50,950						77,904
Other Income and Deductions:
Interest income															4,527						4,849
Gains on investment securities															17,998						6,442
Other income															3,418						2,451
Other (deductions)															(870)						(1,860)
Net other income and deductions															25,073						11,882
Interest Charges															25,116						18,122
Earnings before Income Taxes															50,907						71,664
Income Taxes															5,811						11,829
Net Earnings															45,096						59,835
(Earnings) Attributable to Valencia Non-controlling Interest															(3,044)						(5,127)
Net Earnings Attributable to PNM															42,052						54,708
Preferred Stock Dividend Requirements															(132)						(132)
Net Earnings Available for PNM Common Stock															$	41,920					$	54,576

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

									Three Months Ended March 31,
															2024						2023
															(In thousands)
Net Earnings															$	45,096					$	59,835
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)															366						3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178															(8,139)						(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)															907						891
Total Other Comprehensive Income (Loss)															(6,866)						3,478
Comprehensive Income															38,230						63,313
Comprehensive (Income) Attributable to Valencia Non-controlling Interest															(3,044)						(5,127)
Comprehensive Income Attributable to PNM															$	35,186					$	58,186

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Cash Flows From Operating Activities:
Net earnings			$	45,096					$	59,835
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization			60,356						51,438
Deferred income tax expense			6,030						11,829
(Gains) losses on investment securities			(17,998)						(6,442)
Regulatory disallowances			4,459						—
Allowance for equity funds used during construction			(3,015)						(1,862)
Other, net			927						866
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues			22,352						54,042
Materials, supplies, and fuel stock			(3,612)						2,916
Other current assets			3,864						(7,306)
Other assets			293						(897)
Accounts payable			(29,330)						(50,299)
Accrued interest and taxes			19,787						11,770
Other current liabilities			(27,435)						(12,083)
Other liabilities			(7,407)						(6,006)
Net cash flows from operating activities			74,367						107,801
Cash Flows From Investing Activities:
Utility plant additions			(154,975)						(143,348)
Proceeds from sale of plant assets (Note 13)			2,840						28,372
Proceeds from sales of investment securities			302,510						91,830
Purchases of investment securities			(304,971)						(95,773)
Other, net			(23)						6
Net cash flows used in investing activities			(154,619)						(118,913)

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings			$	292,500					$	275,700
Revolving credit facilities repayments			(243,800)						(250,700)
Short-term borrowings (repayments) – affiliate, net			2,300						—
Dividends paid			(132)						(132)
Valencia’s transactions with its owner			(4,003)						(5,510)
Transmission interconnection and security deposit arrangements			51,125						3,894
Refunds paid under transmission interconnection and security deposit arrangements			(9,103)						(11,667)
Debt issuance costs and other, net			(474)						(377)
Net cash flows from financing activities			88,413						11,208
Change in Cash, Cash Equivalents, and Restricted Cash			8,161						96
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			2,586						2,985
Cash, Cash Equivalents, and Restricted Cash at End of Period			$	10,747					$	3,081
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period			$	1,728					$	—
At end of period			$	8,922					$	—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized			$	9,121					$	12,778
Income taxes paid (refunded), net			$	—					$	—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions			$	14,770					$	17,849

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

			March 31, 2024						December 31, 2023
			(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents			$	1,825					$	858
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388			75,437						94,879
Unbilled revenues			43,092						46,925
Other receivables			33,849						51,975
Affiliate receivables			9,237						9,253
Materials, supplies, and fuel stock			85,184						81,572
Regulatory assets			61,453						72,996
Prepaid assets			8,957						9,941
Income taxes receivable			7,900						7,682
Other current assets			8,492						1,756
Total current assets			335,426						377,837
Other Property and Investments:
Investment securities			448,164						444,408
Other investments			91						69
Non-utility property, net			12,382						13,538
Total other property and investments			460,637						458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned			6,210,692						6,151,510
Less accumulated depreciation and amortization			2,009,722						1,976,657
			4,200,970						4,174,853
Construction work in progress			537,488						490,178
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840			72,190						74,671
Net utility plant			4,810,648						4,739,702
Deferred Charges and Other Assets:
Regulatory assets			855,120						838,727
Goodwill			51,632						51,632
Operating lease right-of-use assets, net of accumulated amortization			177,865						180,370
Other deferred charges			187,247						166,782
Total deferred charges and other assets			1,271,864						1,237,511
			$	6,878,575					$	6,813,065

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

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PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

			March 31, 2024						December 31, 2023
			(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt			$	186,200					$	137,500
Short-term debt - affiliate			2,300						—
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)			203,802						200,222
Accounts payable			97,603						141,704
Affiliate payables			11,157						16,388
Customer deposits			6,256						6,237
Accrued interest and taxes			61,342						41,337
Regulatory liabilities			105,690						134,846
Operating lease liabilities			10,925						11,371
Dividends declared			132						132
Transmission interconnection arrangement liabilities			124,248						96,870
Other current liabilities			45,672						52,587
Total current liabilities			855,327						839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)			2,058,523						2,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes			692,069						684,037
Regulatory liabilities			562,842						565,021
Asset retirement obligations			245,991						244,633