BADGER METER INC

Ticker: BMI CUSIP: 056525108 Class: EQTY

Arizona State Retirement System's Holding History (CIK: 0001558481)

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

Q4 2025

Shares 8,234 Value ($000) $1,436 Avg Close $179.79 Range $166.62 - $203.51

Q3 2025

Shares 8,720 Value ($000) $1,557 Avg Close $195.98 Range $170.39 - $248.42

Q2 2025

Shares 8,583 Value ($000) $2,102 Avg Close $225.32 Range $161.21 - $254.91

Q1 2025

Shares 8,437 Value ($000) $1,605 Avg Close $207.21 Range $186.02 - $220.32

Q4 2024

Shares 8,536 Value ($000) $1,811 Avg Close $215.93 Range $191.24 - $237.30

Q3 2024

Shares 8,464 Value ($000) $1,849 Avg Close $198.39 Range $179.05 - $218.24

Q2 2024

Shares 8,217 Value ($000) $1,531 Avg Close $180.48 Range $149.35 - $200.63

Q1 2024

Shares 8,065 Value ($000) $1,305 Avg Close $151.60 Range $137.57 - $162.82

Q4 2023

Shares 8,196 Value ($000) $1,265 Avg Close $143.50 Range $131.97 - $156.28

Q3 2023

Shares 8,346 Value ($000) $1,201 Avg Close $155.35 Range $136.32 - $167.91

Q2 2023

Shares 8,228 Value ($000) $1,214 Avg Close $135.17 Range $115.31 - $153.46

Q1 2023

Shares 8,480 Value ($000) $1,033 Avg Close $114.59 Range $101.78 - $122.01

Q4 2022

Shares 8,258 Value ($000) $900 Avg Close $106.24 Range $86.17 - $118.04

Q3 2022

Shares 7,954 Value ($000) $735 Avg Close $90.56 Range $74.97 - $100.73

Q2 2022

Shares 7,927 Value ($000) $641 Avg Close $80.46 Range $71.38 - $99.86

Q1 2022

Shares 7,907 Value ($000) $788 Avg Close $95.17 Range $83.04 - $105.56

Q4 2021

Shares 7,852 Value ($000) $837 Avg Close $102.11 Range $96.04 - $109.06

Q3 2021

Shares 7,947 Value ($000) $804 Avg Close $98.92 Range $90.78 - $104.88

Q2 2021

Shares 7,923 Value ($000) $777 Avg Close $91.27 Range $86.18 - $96.71

Q1 2021

Shares 8,476 Value ($000) $789 Avg Close $97.10 Range $85.74 - $107.88

Q4 2020

Shares 8,445 Value ($000) $794 Avg Close $76.86 Range $62.46 - $92.51

Q3 2020

Shares 8,786 Value ($000) $574 Avg Close $61.29 Range $57.07 - $65.43

Q2 2020

Shares 6,571 Value ($000) $413 Avg Close $56.81 Range $44.94 - $65.20

Q1 2020

Shares 6,834 Value ($000) $366 Avg Close $58.14 Range $39.68 - $67.55

Q4 2019

Shares 19,412 Value ($000) $1,260 Avg Close $56.49 Range $48.19 - $63.55

Q3 2019

Shares 34,194 Value ($000) $1,836 Avg Close $51.19 Range $47.07 - $57.37

Q2 2019

Shares 45,164 Value ($000) $2,696 Avg Close $52.44 Range $48.74 - $57.18

Q1 2019

Shares 44,911 Value ($000) $2,499 Avg Close $52.46 Range $44.87 - $58.05

Q4 2018

Shares 44,834 Value ($000) $2,206 Avg Close $48.19 Range $44.03 - $53.86

Q3 2018

Shares 42,234 Value ($000) $2,236 Avg Close $48.82 Range $41.35 - $53.03

Q2 2018

Shares 42,425 Value ($000) $1,896 Avg Close $41.42 Range $38.33 - $44.31

Q1 2018

Shares 45,933 Value ($000) $2,166 Avg Close $45.15 Range $42.38 - $47.60

Q4 2017

Shares 48,933 Value ($000) $2,339 Avg Close $43.15 Range $39.05 - $48.44

Q3 2017

Shares 15,094 Value ($000) $740 Avg Close $41.26 Range $36.25 - $45.98

Q2 2017

Shares 15,194 Value ($000) $605 Avg Close $35.90 Range $32.59 - $38.55

Q1 2017

Shares 15,194 Value ($000) $558 Avg Close $33.94 Range $31.79 - $36.72

Q4 2016

Shares 14,994 Value ($000) $554 Avg Close $32.11 Range $26.91 - $36.08

Q3 2016

Shares 14,994 Value ($000) $502 Avg Close $31.66 Range $29.30 - $34.60

Q2 2016

Shares 7,597 Value ($000) $555 Avg Close $32.67 Range $28.96 - $35.93

Q1 2016

Shares 7,397 Value ($000) $492 Avg Close $28.14 Range $24.03 - $31.71

Q4 2015

Shares 7,097 Value ($000) $416 Avg Close $27.06 Range $25.07 - $28.21

Q3 2015

Shares 6,897 Value ($000) $400 Avg Close $26.82 Range $23.34 - $29.11

Q4 2014

Shares 10,100 Value ($000) $599 Avg Close $24.57 Range $21.25 - $27.36

Q3 2014

Shares 10,000 Value ($000) $504 Avg Close $22.93 Range $21.11 - $24.24

Q2 2014

Shares 10,300 Value ($000) $542 Avg Close $22.79 Range $20.66 - $25.32

Q1 2014

Shares 10,100 Value ($000) $556 Avg Close $23.48 Range $21.22 - $24.91

Q4 2013

Shares 11,400 Value ($000) $621 Avg Close $22.96 Range $19.78 - $24.97

Q3 2013

Shares 12,900 Value ($000) $599 Avg Close $20.70 Range $19.33 - $21.97

Q2 2013

Shares 12,600 Value ($000) $561 Avg Close $20.08 Range $18.35 - $23.78

Q1 2013

Shares 12,700 Value ($000) $679 Avg Close $22.15 Range $20.44 - $23.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	8,234	$1,436	$179.79	$166.62 - $203.51
Q3 2025	8,720	$1,557	$195.98	$170.39 - $248.42
Q2 2025	8,583	$2,102	$225.32	$161.21 - $254.91
Q1 2025	8,437	$1,605	$207.21	$186.02 - $220.32
Q4 2024	8,536	$1,811	$215.93	$191.24 - $237.30
Q3 2024	8,464	$1,849	$198.39	$179.05 - $218.24
Q2 2024	8,217	$1,531	$180.48	$149.35 - $200.63
Q1 2024	8,065	$1,305	$151.60	$137.57 - $162.82
Q4 2023	8,196	$1,265	$143.50	$131.97 - $156.28
Q3 2023	8,346	$1,201	$155.35	$136.32 - $167.91
Q2 2023	8,228	$1,214	$135.17	$115.31 - $153.46
Q1 2023	8,480	$1,033	$114.59	$101.78 - $122.01
Q4 2022	8,258	$900	$106.24	$86.17 - $118.04
Q3 2022	7,954	$735	$90.56	$74.97 - $100.73
Q2 2022	7,927	$641	$80.46	$71.38 - $99.86
Q1 2022	7,907	$788	$95.17	$83.04 - $105.56
Q4 2021	7,852	$837	$102.11	$96.04 - $109.06
Q3 2021	7,947	$804	$98.92	$90.78 - $104.88
Q2 2021	7,923	$777	$91.27	$86.18 - $96.71
Q1 2021	8,476	$789	$97.10	$85.74 - $107.88
Q4 2020	8,445	$794	$76.86	$62.46 - $92.51
Q3 2020	8,786	$574	$61.29	$57.07 - $65.43
Q2 2020	6,571	$413	$56.81	$44.94 - $65.20
Q1 2020	6,834	$366	$58.14	$39.68 - $67.55
Q4 2019	19,412	$1,260	$56.49	$48.19 - $63.55
Q3 2019	34,194	$1,836	$51.19	$47.07 - $57.37
Q2 2019	45,164	$2,696	$52.44	$48.74 - $57.18
Q1 2019	44,911	$2,499	$52.46	$44.87 - $58.05
Q4 2018	44,834	$2,206	$48.19	$44.03 - $53.86
Q3 2018	42,234	$2,236	$48.82	$41.35 - $53.03
Q2 2018	42,425	$1,896	$41.42	$38.33 - $44.31
Q1 2018	45,933	$2,166	$45.15	$42.38 - $47.60
Q4 2017	48,933	$2,339	$43.15	$39.05 - $48.44
Q3 2017	15,094	$740	$41.26	$36.25 - $45.98
Q2 2017	15,194	$605	$35.90	$32.59 - $38.55
Q1 2017	15,194	$558	$33.94	$31.79 - $36.72
Q4 2016	14,994	$554	$32.11	$26.91 - $36.08
Q3 2016	14,994	$502	$31.66	$29.30 - $34.60
Q2 2016	7,597	$555	$32.67	$28.96 - $35.93
Q1 2016	7,397	$492	$28.14	$24.03 - $31.71
Q4 2015	7,097	$416	$27.06	$25.07 - $28.21
Q3 2015	6,897	$400	$26.82	$23.34 - $29.11
Q4 2014	10,100	$599	$24.57	$21.25 - $27.36
Q3 2014	10,000	$504	$22.93	$21.11 - $24.24
Q2 2014	10,300	$542	$22.79	$20.66 - $25.32
Q1 2014	10,100	$556	$23.48	$21.22 - $24.91
Q4 2013	11,400	$621	$22.96	$19.78 - $24.97
Q3 2013	12,900	$599	$20.70	$19.33 - $21.97
Q2 2013	12,600	$561	$20.08	$18.35 - $23.78
Q1 2013	12,700	$679	$22.15	$20.44 - $23.75