Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Eldred Charles N	2. Issuer Name and Ticker or Trading Symbol PNM RESOURCES INC [ PNM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP Corp Development & Finance
(Last) (First) (Middle) CORPORATE HEADQUARTERS MS1275	3. Date of Earliest Transaction (MM/DD/YYYY) 3/5/2021
(Street) ALBUQUERQUE, NM 87158-1275 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock ⁽¹⁾	3/5/2021		M		19138.00	A	$0.00	133855.00	D
Common Stock ⁽²⁾	3/5/2021		F		8698.00	D	$47.42	125157.00	D
Common Stock ⁽³⁾	3/5/2021		M		1449.00	A	$0.00	126606.00	D
Common Stock ⁽²⁾	3/5/2021		F		656.00	D	$47.42	125950.00	D
Common Stock ⁽³⁾	3/5/2021		M		1219.00	A	$0.00	127169.00	D
Common Stock ⁽²⁾	3/5/2021		F		552.00	D	$47.42	126617.00	D
Common Stock ⁽³⁾	3/5/2021		M		1145.00	A	$0.00	127762.00	D
Common Stock ⁽²⁾	3/5/2021		F		519.00	D	$47.42	127243.00	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Rights	⁽⁴⁾	3/5/2021		A		4040.00		⁽⁵⁾	⁽⁵⁾	Common Stock	4040.00	$0.00	11361.00	D
Restricted Stock Rights	⁽⁴⁾	3/5/2021		M			1449.00	⁽⁵⁾	⁽⁵⁾	Common Stock	1449.00	$0.00	9912.00	D
Restricted Stock Rights	⁽⁴⁾	3/5/2021		M			1219.00	⁽⁵⁾	⁽⁵⁾	Common Stock	1219.00	$0.00	8693.00	D
Restricted Stock Rights	⁽⁴⁾	3/5/2021		M			1145.00	⁽⁵⁾	⁽⁵⁾	Common Stock	1145.00	$0.00	7548.00	D
Phantom Stock Shares	⁽⁶⁾							⁽⁷⁾	⁽⁷⁾	Common Stock	7565.00		7565.00 ⁽⁸⁾	I	PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Explanation of Responses:
(1)	The performance shares were earned as of December 31, 2020 for the 2018-2020 performance period, and settled on March 5, 2020.
(2)	Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.
(3)	Represents the portions of previous awards of restricted stock rights that vested effective as of March 5, 2021.
(4)	Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.
(5)	The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).
(6)	The security converts to common stock on a one-for-one basis.
(7)	The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.
(8)	Total represents phantom stock shares of PNM Resources, Inc. Common Stock acquired under the PNM Resources, Inc. Executive Savings Plan II as of February 26, 2021

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Eldred Charles N CORPORATE HEADQUARTERS MS1275 ALBUQUERQUE, NM 87158-1275			EVP Corp Development & Finance