SCHEDULE 13D

TXNM Energy, Inc.

Common Stock, no par value · CUSIP: 69349H107

Event date: 2025-05-18

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Troy TopCo LPReported CIK 0002068155

  Shares: 8,000,000 · Class: 7.9%

• Troy GP LLC

  Shares: 8,000,000 · Class: 7.9%

• BIP Holdings Manager L.L.C.

  Shares: 8,000,000 · Class: 7.9%

• Blackstone Infrastructure Associates L.P.

  Shares: 8,000,000 · Class: 7.9%

• BIA GP L.P.

  Shares: 8,000,000 · Class: 7.9%

• BIA GP L.L.C.

  Shares: 8,000,000 · Class: 7.9%

• Blackstone Holdings II L.P.

  Shares: 8,000,000 · Class: 7.9%

• Blackstone Holdings I/II GP L.L.C.

  Shares: 8,000,000 · Class: 7.9%

• Blackstone Inc.

  Shares: 8,000,000 · Class: 7.9%

• Blackstone Group Management L.L.C.

  Shares: 8,000,000 · Class: 7.9%

• Stephen A. Schwarzman

  Shares: 8,000,000 · Class: 7.9%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.