TXNM Energy Inc. CEO Don Tarry testified that it would have been beneficial for the companies to seek state regulators' approval of a $400 million stock sale to private equity firm Blackstone Inc. before the sale of 8 million TXNM shares to Blackstone in 2025. The stock sale was completed before the companies asked the Public Regulation Commission (PRC) to approve the sale in August, which gave Blackstone a 7.59% stake in TXNM. The company and Blackstone have insisted that the stock transaction was separate from the proposed sale. Protests were held outside the company's headquarters in downtown Albuquerque against the proposed acquisition of TXNM, which owns Public Service Company of New Mexico (PNM), the state's largest utility.