TXNM ENERGY INC

CUSIP: 69349HAF4 Class: NOTE 5.750% 6/0

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (1)

1832 Asset Management L.P.

Value ($000) $207,222 Shares 1,540,000

Institution	Shares	Value ($000)
1832 Asset Management L.P.	1,540,000	$207,222

Increased Positions (4)

Context Capital Management, LLC

Value ($000) $37,647 (+2.7%) Shares 28,015,000 (+99900.0%)

Shaolin Capital Management LLC

Value ($000) $59,301 (+17.4%) Shares 44,256,000 (+16.2%)

WELLS FARGO & COMPANY/MN

Value ($000) $17,182 (+91.0%) Shares 12,796,000 (+85.7%)

BlackRock, Inc.

Value ($000) $8,718 (+23.8%) Shares 6,500,000 (+20.4%)

Institution	Prev Shares	Curr Shares	Change
Context Capital Management, LLC	28,015	28,015,000	+27,986,985 (+99900.0%)
Shaolin Capital Management LLC	38,100,000	44,256,000	+6,156,000 (+16.2%)
WELLS FARGO & COMPANY/MN	6,891,000	12,796,000	+5,905,000 (+85.7%)
BlackRock, Inc.	5,400,000	6,500,000	+1,100,000 (+20.4%)

Decreased Positions (2)

ADVENT CAPITAL MANAGEMENT /DE/

Value ($000) $3,344 (-73.5%) Shares 2,479,000 (-74.3%)

MANUFACTURERS LIFE INSURANCE COMPANY, THE

Value ($000) $47,974 (-1.4%) Shares 35,700,000 (-4.0%)

Institution	Prev Shares	Curr Shares	Change
ADVENT CAPITAL MANAGEMENT /DE/	9,634,000	2,479,000	-7,155,000 (-74.3%)
MANUFACTURERS LIFE INSURANCE COMPANY, THE	37,205,000	35,700,000	-1,505,000 (-4.0%)

Exited Positions (3)

GABELLI FUNDS LLC

Value ($000) $3,270 Shares 2,500,000

Universal- Beteiligungs- und Servicegesellschaft mbH

Value ($000) $2,123 Shares 1,600,000

MILLENNIUM MANAGEMENT LLC

Value ($000) $2,619 Shares 2,000,000

Institution	Prev Shares	Prev Value ($000)
GABELLI FUNDS LLC	2,500,000	$3,270
Universal- Beteiligungs- und Servicegesellschaft mbH	1,600,000	$2,123
MILLENNIUM MANAGEMENT LLC	2,000,000	$2,619