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TXNM Energy, Inc. 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings and TXNM Energy, Inc.’s Form 8-K, filed 2026-06-11 (Item 5.07 on EDGAR). Page generated 02 October 2026.

21Reported items
466Asset managers
5,962Fund votes
2026-06-10Main meeting date

Proxy season: 2024-2025 2025-2026

Explore TXNM Energy, Inc. in the interactive database Compare manager voting policies

Official 2025-2026 meeting results reported by TXNM Energy, Inc.

These tallies are TXNM Energy, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2026-06-11 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX. TXNM Energy, Inc. reported 2 meetings in this season; each is tabulated separately below, with its own filing.

TXNM Energy, Inc. — official shareholder meeting results, meeting held 2026-06-10 (Form 8-K, filed 2026-06-11)
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: Vicky A. Bailey	88,707,042	525,533	105,736	--	8,334,413	Majority: yes
Elect Director: Norman P. Becker	88,872,216	348,411	117,684	--	8,334,413	Majority: yes
Elect Director: Patricia K. Collawn	87,848,176	1,378,787	111,348	--	8,334,413	Majority: yes
Elect Director: E. Renae Conley	88,179,291	1,053,246	105,774	--	8,334,413	Majority: yes
Elect Director: Sidney M. Gutierrez	88,657,040	565,794	115,477	--	8,334,413	Majority: yes
Elect Director: James A. Hughes	88,735,931	471,779	130,601	--	8,334,413	Majority: yes
Elect Director: Steven C. Maestas	89,063,640	165,870	108,801	--	8,334,413	Majority: yes
Elect Director: Lillian J. Montoya	88,794,924	435,066	108,321	--	8,334,413	Majority: yes
Elect Director: Maureen T. Mullarkey	88,242,541	990,345	105,425	--	8,334,413	Majority: yes
Elect Director: Joseph D. Tarry	88,884,448	342,093	111,770	--	8,334,413	Majority: yes
The appointment of KPMG LLP to serve as TXNM's independent public accountants for the year ending December 31, 2026, was ratified by TXNM's shareholders by the vote indicated below:	97,185,638	356,222	130,864	--	--	Majority: yes
TXNM's shareholders approved, on an advisory basis, the compensation of TXNM's NEOs, by the vote indicated below:	88,014,281	1,167,803	156,227	--	8,334,413	Majority: yes

This meeting is also recorded here as 2026-06-11; both records come from the same filing, so the date should be checked against it.

Source: TXNM Energy, Inc., Form 8-K, filed with the SEC on 2026-06-11 — read the filing on EDGAR.

TXNM Energy, Inc. — official shareholder meeting results, meeting held 2025-08-28 (Form 8-K, filed 2025-08-28)
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Proposal 1: Merger Proposal TXNM's shareholders approved the Agreement and Plan of Merger, dated as of May 18, 2025, by and among TXNM, Troy ParentCo LLC, and Troy Merger Sub Inc	92,921,678	347,430	69,932	--	0	Majority: yes
Proposal 2: Advisory Vote on Merger-Related Compensation TXNM's shareholders approved, on a non-binding, advisory basis, certain compensation arrangements for TXNM's named executive officers in connection with the merger contemplated by the Merger Agreement, b	86,771,502	6,326,255	241,283	--	0	Majority: yes

Source: TXNM Energy, Inc., Form 8-K, filed with the SEC on 2025-08-28 — read the filing on EDGAR.

How asset managers voted at the TXNM Energy, Inc. 2025-2026 meetings

Each item below shows how the 466 asset managers that disclosed a TXNM Energy, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of TXNM Energy, Inc.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Approve, by non-binding, advisory vote, certain compensation arrangements for TXNM's named executive officers in connection with the merger contemplated by the merger agreement.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2025-08-28.

Combines 13 wordings of this item as funds reported it.

93% Majority: yes · of votes cast

FOR 93%

FOR: 86,771,502AGAINST: 6,326,255

TXNM Energy, Inc.’s own tally for this item (“Proposal 2: Advisory Vote on Merger-Related Compensation TXNM's shareholders approved, on a non-binding, advisory basis, certain compensation arrangements for TXNM's named executive officers in connection with the merger”): 86,771,502 for, 6,326,255 against, per its Form 8-K filed 2025-08-28 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 78% for, 6% against (84% of the company cast a for/against vote).

The 384 asset managers below cast 91% of the shares they voted on this item FOR. Fund share totals are not shown for this item: fund-reported shares overlap across filings (an adviser and the funds it manages can each report the same shares), and here their sum exceeds the total votes cast at the meeting.

FOR 91%9%

FOR: 91.2%AGAINST: 8.7%ABSTAIN: 0.1%NOT VOTED: 0.0%

Largest asset managers voting on “Approve, by non-binding, advisory vote, certain compensation arrangements for TXNM's named executive officers ” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
BlackRock	11,348,585	412,199	For
Vanguard	9,538,518	11	For
Blackstone Inc.	8,000,000	0	For
Fidelity	7,652,125	7,327	For
T. Rowe Price	0	6,325,294	Against
State Street	3,129,259	1,496	For
AllianceBernstein	2,769,013	0	For
REAVES UTILITY INCOME FUND	2,441,722	0	For
Charles Schwab	2,421,837	0	For
GEODE CAPITAL MANAGEMENT, LLC	2,274,783	0	For
Gabelli	1,608,759	0	For
ADAGE CAPITAL PARTNERS GP, L.L.C.	1,466,076	0	For
SONA ASSET MANAGEMENT (US) LLC	1,401,060	0	For
Invesco	1,391,096	0	For
FRANKLIN ADVISERS INC	1,300,000	0	For
Franklin Custodian Funds	1,300,000	0	For
OAK RIDGE INVESTMENTS LLC	1,200,000	0	For
Pentwater Capital Management LP	1,200,000	0	For
Northern Trust	1,168,055	0	For
River Road Asset Management, LLC	1,035,431	0	For
Equitable	961,584	0	For
Empyrean Capital Partners, LP	945,152	0	For
AQR	934,848	0	For
Magnetar Financial LLC	844,855	0	For
MELLON INVESTMENTS Corp	800,656	0	For

Showing the 25 largest of 384 asset managers. See all 384 in the interactive database.

2. Approve, on an advisory basis, the compensation of our named executive officers.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 2 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 88,014,281AGAINST: 1,167,803

TXNM Energy, Inc.’s own tally for this item (“TXNM's shareholders approved, on an advisory basis, the compensation of TXNM's NEOs, by the vote indicated below:”): 88,014,281 for, 1,167,803 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 1% against (81% of the company cast a for/against vote).

The 381 asset managers below cast 99% of the shares they voted on this item FOR. Fund share totals are not shown for this item: fund-reported shares overlap across filings (an adviser and the funds it manages can each report the same shares), and here their sum exceeds the total votes cast at the meeting.

FOR 99%

FOR: 98.9%AGAINST: 1.0%ABSTAIN: 0.0%NOT VOTED: 0.0%SPLIT: 0.0%

Largest asset managers voting on “Approve, on an advisory basis, the compensation of our named executive officers.” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
BlackRock	12,711,479	1,219	For
Vanguard	12,083,724	9	For
Blackstone Inc.	8,000,000	0	For
State Street	3,404,605	3,528	For
BALYASNY ASSET MANAGEMENT L.P.	3,223,117	0	For
Fidelity	3,004,226	0	For
GEODE CAPITAL MANAGEMENT, LLC	2,797,723	0	For
OAK RIDGE INVESTMENTS LLC	2,755,200	0	For
Pentwater Capital Management LP	2,755,200	0	For
Charles Schwab	2,467,445	0	For
Gabelli	1,957,417	0	For
Invesco	1,749,270	0	For
Two Sigma	1,554,247	0	For
AQR	1,441,539	0	For
Magnetar Financial LLC	1,351,734	0	For
Goldman Sachs	1,156,756	0	For
Empyrean Capital Partners, LP	1,003,149	0	For
Northern Trust	969,888	0	For
Equitable	947,840	0	For
Verition Fund Management LLC	931,099	0	For
Alberta Investment Management Corp	891,387	0	For
ADAGE CAPITAL PARTNERS GP, L.L.C.	857,183	0	For
FRANKLIN ADVISERS INC	800,000	0	For
Franklin Custodian Funds	800,000	0	For
CAXTON ASSOCIATES LLP	787,375	0	For

Showing the 25 largest of 381 asset managers. See all 381 in the interactive database.

3. Approve the Agreement and Plan of Merger, dated as of May 18, 2025, (the merger agreement) by and among TXNM Energy, Inc. (TXNM), Troy ParentCo LLC, and Troy Merger Sub Inc.

EXTRAORDINARY TRANSACTIONSMajority of the votes cast: yes

Meeting held 2025-08-28.

Combines 4 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%

FOR: 92,921,678AGAINST: 347,430

TXNM Energy, Inc.’s own tally for this item (“Proposal 1: Merger Proposal TXNM's shareholders approved the Agreement and Plan of Merger, dated as of May 18, 2025, by and among TXNM, Troy ParentCo LLC, and Troy Merger Sub Inc”): 92,921,678 for, 347,430 against, per its Form 8-K filed 2025-08-28 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 84% for, 0.4% against (84% of the company cast a for/against vote).

The 118 asset managers below cast 100% of the shares they voted on this item FOR (42,697,930 for, 0 against).

FOR 100%

FOR: 42,697,930 (100.0%)

Largest asset managers voting on “Approve the Agreement and Plan of Merger, dated as of May 18, 2025, (the merger agreement) by and among TXNM E” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Vote
Vanguard	9,203,635	For
BlackRock	7,603,714	For
Fidelity	4,680,662	For
REAVES UTILITY INCOME FUND	2,441,722	For
T. Rowe Price	2,361,458	For
Franklin Custodian Funds	1,300,000	For
Charles Schwab	1,210,837	For
Equitable	961,584	For
NEXPOINT FUNDS I	782,670	For
AllianceBernstein	706,332	For
UNDISCOVERED MANAGERS FUNDS	693,473	For
Invesco	666,378	For
First Trust	666,165	For
State Street	659,667	For
Gabelli	572,573	For
Dimensional	556,154	For
GMO	364,614	For
John Hancock	304,614	For
AMG Funds IV	300,633	For
Jackson National	294,817	For
Victory Capital	279,004	For
DWS	264,219	For
WisdomTree	256,734	For
Thornburg	244,199	For
Ultimus Managers Trust	242,044	For

Showing the 25 largest of 118 asset managers. See all 118 in the interactive database.

4. Approve one or more adjournments of the special meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the special meeting to approve the merger agreement.

CORPORATE GOVERNANCE

Meeting held 2025-08-28.

Combines 2 wordings of this item as funds reported it.

92% fund support · no official result

FOR 92%8%

The 117 asset managers below cast 92% of the shares they voted on this item FOR (39,453,605 for, 3,220,167 against).

FOR: 39,453,605 (92.4%)AGAINST: 3,220,167 (7.5%)ABSTAIN: 20,524 (0.0%)

Largest asset managers voting on “Approve one or more adjournments of the special meeting, if necessary or appropriate, to solicit additional pr” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	9,203,621	14	For
BlackRock	7,603,714	0	For
Fidelity	4,680,662	0	For
REAVES UTILITY INCOME FUND	2,441,722	0	For
T. Rowe Price	0	2,361,458	Against
Franklin Custodian Funds	1,300,000	0	For
Charles Schwab	1,210,837	0	For
Equitable	961,584	0	For
NEXPOINT FUNDS I	782,670	0	For
AllianceBernstein	706,332	0	For
UNDISCOVERED MANAGERS FUNDS	693,473	0	For
Invesco	666,378	0	For
First Trust	666,165	0	For
State Street	1,878	657,789	Against
Gabelli	572,573	0	For
Dimensional	556,154	0	For
GMO	364,614	0	For
John Hancock	288,173	16,441	For
AMG Funds IV	300,633	0	For
Jackson National	294,817	0	For
Victory Capital	279,004	0	For
DWS	264,219	0	For
WisdomTree	256,734	0	For
Thornburg	244,199	0	For
Ultimus Managers Trust	242,044	0	For

Showing the 25 largest of 117 asset managers. See all 117 in the interactive database.

5. RATIFY APPOINTMENT OF KPMG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2026.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%

FOR: 97,185,638AGAINST: 356,222

TXNM Energy, Inc.’s own tally for this item (“The appointment of KPMG LLP to serve as TXNM's independent public accountants for the year ending December 31, 2026, was ratified by TXNM's shareholders by the vote indicated below:”): 97,185,638 for, 356,222 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 88% for, 0.4% against (88% of the company cast a for/against vote).

The 95 asset managers below cast 99.9% of the shares they voted on this item FOR (32,404,322 for, 45 against).

FOR 99.9%

FOR: 32,404,322 (100.0%)AGAINST: 45 (0.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “RATIFY APPOINTMENT OF KPMG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2026.” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,365	3	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 95 asset managers. See all 95 in the interactive database.

6. Election of Directors: E. Renae Conley

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 88,179,291AGAINST: 1,053,246

TXNM Energy, Inc.’s own tally for this item (“Elect Director: E. Renae Conley”): 88,179,291 for, 1,053,246 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 1.0% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.9% of the shares they voted on this item FOR (32,403,470 for, 661 against).

FOR 99.9%

FOR: 32,403,470 (100.0%)AGAINST: 661 (0.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: E. Renae Conley” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,360	9	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

7. Election of Directors: James A. Hughes

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 88,735,931AGAINST: 471,779

TXNM Energy, Inc.’s own tally for this item (“Elect Director: James A. Hughes”): 88,735,931 for, 471,779 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.5% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.8% of the shares they voted on this item FOR (32,340,531 for, 63,599 against).

FOR 99.7%

FOR: 32,340,531 (99.8%)AGAINST: 63,599 (0.2%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: James A. Hughes” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,364	4	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,138	0	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

8. Election of Directors: Joseph D. Tarry

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%

FOR: 88,884,448AGAINST: 342,093

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Joseph D. Tarry”): 88,884,448 for, 342,093 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.4% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.9% of the shares they voted on this item FOR (32,404,085 for, 46 against).

FOR 99.9%

FOR: 32,404,085 (100.0%)AGAINST: 46 (0.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Joseph D. Tarry” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,365	4	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

9. Election of Directors: Lillian J. Montoya

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 88,794,924AGAINST: 435,066

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Lillian J. Montoya”): 88,794,924 for, 435,066 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.4% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.8% of the shares they voted on this item FOR (32,340,532 for, 63,599 against).

FOR 99.7%

FOR: 32,340,532 (99.8%)AGAINST: 63,599 (0.2%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Lillian J. Montoya” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,365	4	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,138	0	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

10. Election of Directors: Maureen T. Mullarkey

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 88,242,541AGAINST: 990,345

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Maureen T. Mullarkey”): 88,242,541 for, 990,345 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.9% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.9% of the shares they voted on this item FOR (32,403,470 for, 661 against).

FOR 99.9%

FOR: 32,403,470 (100.0%)AGAINST: 661 (0.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Maureen T. Mullarkey” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,360	9	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

11. Election of Directors: Norman P. Becker

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%

FOR: 88,872,216AGAINST: 348,411

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Norman P. Becker”): 88,872,216 for, 348,411 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.4% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.9% of the shares they voted on this item FOR (32,403,517 for, 614 against).

FOR 99.9%

FOR: 32,403,517 (100.0%)AGAINST: 614 (0.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Norman P. Becker” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,365	4	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,138	0	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

12. Election of Directors: Patricia K. Collawn

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 87,848,176AGAINST: 1,378,787

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Patricia K. Collawn”): 87,848,176 for, 1,378,787 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 79% for, 1% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.7% of the shares they voted on this item FOR (32,329,461 for, 74,668 against).

FOR 99.7%

FOR: 32,329,461 (99.7%)AGAINST: 74,668 (0.2%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Patricia K. Collawn” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,230,946	10,422	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

13. Election of Directors: Sidney M. Gutierrez

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%

FOR: 88,657,040AGAINST: 565,794

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Sidney M. Gutierrez”): 88,657,040 for, 565,794 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.6% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.8% of the shares they voted on this item FOR (32,339,879 for, 64,252 against).

FOR 99.7%

FOR: 32,339,879 (99.8%)AGAINST: 64,252 (0.2%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Sidney M. Gutierrez” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,364	5	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,096	42	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

14. Election of Directors: Steven C. Maestas

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.8% Majority: yes · of votes cast

FOR 99.8%

FOR: 89,063,640AGAINST: 165,870

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Steven C. Maestas”): 89,063,640 for, 165,870 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.2% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 100% of the shares they voted on this item FOR (32,404,129 for, 0 against).

FOR 99.9%

FOR: 32,404,129 (100.0%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Steven C. Maestas” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Vote
Vanguard	11,241,367	For
BlackRock	7,879,957	For
Fidelity	2,649,409	For
Charles Schwab	1,232,043	For
Equitable	947,840	For
Invesco	835,424	For
Franklin Custodian Funds	800,000	For
State Street	735,138	For
ARBITRAGE FUNDS	582,803	For
First Trust	577,843	For
Gabelli	516,473	For
NEXPOINT FUNDS I	479,810	For
GMO	349,337	For
Dimensional	233,452	For
TIAA	206,852	For
Dunham Funds	205,198	For
AMG Funds IV	197,526	For
Jackson National	181,735	For
QUANTITATIVE MASTER SERIES LLC	163,813	For
New York Life	146,366	For
AIG/SunAmerica	140,116	For
ProShares	132,703	For
World Funds Trust	126,991	For
Northern Trust	119,350	For
Columbia Threadneedle	117,365	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

15. Election of Directors: Vicky A. Bailey

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-06-10.

Combines 3 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 88,707,042AGAINST: 525,533

TXNM Energy, Inc.’s own tally for this item (“Elect Director: Vicky A. Bailey”): 88,707,042 for, 525,533 against, per its Form 8-K filed 2026-06-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 110,707,257 outstanding shares: 80% for, 0.5% against (81% of the company cast a for/against vote).

The 94 asset managers below cast 99.8% of the shares they voted on this item FOR (32,339,921 for, 64,209 against).

FOR 99.7%

FOR: 32,339,921 (99.8%)AGAINST: 64,209 (0.2%)ABSTAIN: 15,351 (0.0%)NOT VOTED: 120 (0.0%)

Largest asset managers voting on “Election of Directors: Vicky A. Bailey” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	11,241,364	4	For
BlackRock	7,879,957	0	For
Fidelity	2,649,409	0	For
Charles Schwab	1,232,043	0	For
Equitable	947,840	0	For
Invesco	835,424	0	For
Franklin Custodian Funds	800,000	0	For
State Street	735,138	0	For
ARBITRAGE FUNDS	582,803	0	For
First Trust	577,843	0	For
Gabelli	516,473	0	For
NEXPOINT FUNDS I	479,810	0	For
GMO	349,337	0	For
Dimensional	233,452	0	For
TIAA	206,852	0	For
Dunham Funds	205,198	0	For
AMG Funds IV	197,526	0	For
Jackson National	181,735	0	For
QUANTITATIVE MASTER SERIES LLC	163,813	0	For
New York Life	146,366	0	For
AIG/SunAmerica	140,116	0	For
ProShares	132,703	0	For
World Funds Trust	126,991	0	For
Northern Trust	119,350	0	For
Columbia Threadneedle	117,365	0	For

Showing the 25 largest of 94 asset managers. See all 94 in the interactive database.

16. Advisory Vote to Ratify Named Executive Officers' Compensation

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2026-06-10.

99% Majority: yes · of votes cast

FOR 99%

FOR: 88,014,281AGAINST: 1,167,803

The 10 asset managers below cast 99.7% of the shares they voted on this item FOR (2,219,261 for, 5,851 against).

FOR 97%

FOR: 2,219,261 (97.1%)AGAINST: 5,851 (0.3%)ABSTAIN: 59,911 (2.6%)

Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
HBK INVESTMENTS L P	2,064,615	0	0	For
MANGROVE PARTNERS IM, LLC	0	0	59,911	Abstain
Birnam Oak Advisors, LP	53,778	0	0	For
Empower	45,637	0	0	For
CAMBIAR INVESTORS LLC	27,293	0	0	For
TD Waterhouse Canada Inc.	24,495	0	0	For
APG Asset Management US Inc.	0	5,851	0	Against
Ausbil Investment Management Ltd	1,590	0	0	For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma	1,500	0	0	For
Coyle Financial Counsel LLC	353	0	0	For

17. Advisory Vote on Golden Parachutes

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2025-08-28.

100% fund support · no official result

FOR 100%

The 6 asset managers below cast 100% of the shares they voted on this item FOR (335,326 for, 0 against).

FOR: 335,326 (100.0%)

Largest asset managers voting on “Advisory Vote on Golden Parachutes” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Vote
Birnam Oak Advisors, LP	138,195	For
JPMorgan	63,657	For
TD Waterhouse Canada Inc.	57,216	For
Empower	48,612	For
CAMBIAR INVESTORS LLC	27,293	For
Coyle Financial Counsel LLC	353	For

18. 14A Executive Compensation

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2026-06-10.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR (2,883 for, 0 against).

FOR: 2,883 (100.0%)

Largest asset managers voting on “14A Executive Compensation” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Vote
WESPAC Advisors SoCal, LLC	1,714	For
KTF INVESTMENTS, LLC	932	For
TEALWOOD ASSET MANAGEMENT INC	237	For

19. Approve Merger Agreement

EXTRAORDINARY TRANSACTIONS

Meeting held 2025-08-28.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR (112,506 for, 0 against).

FOR: 112,506 (100.0%)

Largest asset managers voting on “Approve Merger Agreement” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Vote
JPMorgan	63,657	For
Empower	48,612	For
TEALWOOD ASSET MANAGEMENT INC	237	For

20. To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2026-06-10.

99% Majority: yes · of votes cast

FOR 99%

FOR: 88,014,281AGAINST: 1,167,803

The 2 asset managers below cast 100% of the shares they voted on this item FOR (36 for, 0 against).

FOR 100%

FOR: 36 (100.0%)

Largest asset managers voting on “To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
Modern Wealth Management, LLC	18	0	0	0	For
Tandem Financial, LLC	18	0	0	0	For

21. Adjourn Meeting

CORPORATE GOVERNANCE

Meeting held 2025-08-28.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (112,269 for, 0 against).

FOR: 112,269 (100.0%)

Largest asset managers voting on “Adjourn Meeting” at TXNM Energy, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
JPMorgan	63,657	0	0	0	For
Empower	48,612	0	0	0	For

Largest TXNM Energy, Inc. shareholders voting in 2025-2026

Ranked by the number of TXNM Energy, Inc. shares each manager voted on the most widely held ballot item of the 2025-2026 meeting, shown as a share of the 110,707,257 shares outstanding at the time of that meeting.

Top TXNM Energy, Inc. shareholders by shares voted, 2025-2026
#	Asset manager	% of shares outstanding
1	BlackRock	10.62%
2	Vanguard	8.62%
3	Blackstone Inc.	7.23%
4	Fidelity	6.92%
5	T. Rowe Price	5.71%
6	State Street	2.83%
7	AllianceBernstein	2.50%
8	REAVES UTILITY INCOME FUND	2.21%
9	Charles Schwab	2.19%
10	GEODE CAPITAL MANAGEMENT, LLC	2.05%

Reported TXNM Energy, Inc. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

TXNM Energy, Inc. beneficial owners on record for the 2025-2026 proxy season
Holder	% outstanding	Disclosure
BlackRock	12.07%	13F
Vanguard Group	10.75%	13F
BALYASNY ASSET MANAGEMENT L.P.	6.43%	13G
Vanguard Portfolio Management	5.95%	13G
Pentwater Capital Management LP	5.86%	13G
State Street	3.51%	13F
Goldman Sachs	2.11%	13F
Charles Schwab	1.11%	13F
JPMorgan Chase	1.03%	13F
Northern Trust	1.02%	13F

Percentages above are of 110,707,257 shares outstanding, as reported by TXNM Energy, Inc. on its Form 10-Q dated 2026-04-24 (see the filing on EDGAR). This is the count contemporaneous with the 2025-2026 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from TXNM Energy, Inc.’s 10-Q dated 2026-04-24. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At TXNM Energy, Inc.'s 2 shareholder meetings in the 2025-2026 proxy season (held 2025-08-28 and 2026-06-10), 466 asset managers reported how they voted in their SEC Form N-PX filings, covering 5,962 separate fund positions. Their filings are grouped here into 21 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item of the season, voted at the meeting held 2025-08-28 — Approve, by non-binding, advisory vote, certain compensation arrangements for TXNM's named… — FOR was 93% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: TXNM Energy, Inc.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2025-08-28.

TXNM Energy, Inc. proxy season coverage: 2024-2025 · 2025-2026 (this page).