TXNM Energy Inc. announced on March 31, 2026, that its 5.75% Junior Subordinated Convertible Notes can be converted from April 1 to June 30, 2026, at a rate of 22.5382 shares per $1,000 principal, equivalent to about $44.37 per share. Following a merger agreement with Blackstone Infrastructure Partners, each share will be converted to $61.25 in cash upon completion.