BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

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

Q4 2025

Shares 17,800 Value ($000) $1,236 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 17,300 Value ($000) $1,066 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 17,400 Value ($000) $976 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 17,100 Value ($000) $1,037 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 16,900 Value ($000) $989 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 16,600 Value ($000) $1,015 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 16,600 Value ($000) $903 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 16,700 Value ($000) $912 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 16,300 Value ($000) $879 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 16,000 Value ($000) $809 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 16,400 Value ($000) $988 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 16,400 Value ($000) $1,035 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 16,600 Value ($000) $1,168 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 16,400 Value ($000) $1,111 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 16,500 Value ($000) $1,201 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 16,200 Value ($000) $1,248 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 16,198 Value ($000) $1,143 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 15,898 Value ($000) $998 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 15,798 Value ($000) $1,037 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 23,298 Value ($000) $1,556 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 22,898 Value ($000) $1,407 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 22,898 Value ($000) $1,225 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 22,798 Value ($000) $1,292 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 17,090 Value ($000) $1,094 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 18,090 Value ($000) $1,421 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 17,690 Value ($000) $1,357 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 16,090 Value ($000) $1,258 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 19,290 Value ($000) $1,429 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 19,290 Value ($000) $1,211 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 19,790 Value ($000) $1,150 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 19,690 Value ($000) $1,205 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 19,490 Value ($000) $1,058 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 19,190 Value ($000) $1,154 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 20,090 Value ($000) $1,384 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 21,990 Value ($000) $1,484 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 21,690 Value ($000) $1,442 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 21,390 Value ($000) $1,312 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 21,090 Value ($000) $1,291 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 20,690 Value ($000) $1,304 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 20,390 Value ($000) $1,226 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 20,190 Value ($000) $937 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 20,390 Value ($000) $843 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 20,390 Value ($000) $890 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 20,290 Value ($000) $1,023 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 21,290 Value ($000) $1,129 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 21,190 Value ($000) $1,015 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 20,990 Value ($000) $1,289 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 20,990 Value ($000) $1,210 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 20,790 Value ($000) $1,092 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 20,790 Value ($000) $1,037 Avg Close $32.70 Range $30.21 - $35.44

Q2 2013

Shares 20,490 Value ($000) $999 Avg Close $30.15 Range $27.57 - $32.51

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	17,800	$1,236	$66.47	$58.20 - $73.32
Q3 2025	17,300	$1,066	$57.38	$54.13 - $60.96
Q2 2025	17,400	$976	$56.47	$52.67 - $59.65
Q1 2025	17,100	$1,037	$56.47	$52.15 - $59.45
Q4 2024	16,900	$989	$57.33	$53.67 - $62.19
Q3 2024	16,600	$1,015	$54.39	$49.37 - $58.14
Q2 2024	16,600	$903	$50.26	$46.53 - $53.93
Q1 2024	16,700	$912	$47.73	$44.68 - $50.77
Q4 2023	16,300	$879	$46.16	$41.54 - $51.76
Q3 2023	16,000	$809	$50.50	$44.92 - $54.81
Q2 2023	16,400	$988	$55.83	$52.26 - $58.57
Q1 2023	16,400	$1,035	$57.47	$51.53 - $64.19
Q4 2022	16,600	$1,168	$58.05	$50.78 - $62.96
Q3 2022	16,400	$1,111	$64.21	$58.14 - $68.58
Q2 2022	16,500	$1,201	$63.81	$56.66 - $68.52
Q1 2022	16,200	$1,248	$58.63	$54.02 - $65.73
Q4 2021	16,198	$1,143	$55.40	$51.95 - $59.51
Q3 2021	15,898	$998	$56.46	$51.50 - $60.51
Q2 2021	15,798	$1,037	$55.86	$53.24 - $58.36
Q1 2021	23,298	$1,556	$50.63	$47.19 - $55.19
Q4 2020	22,898	$1,407	$48.27	$42.45 - $52.98
Q3 2020	22,898	$1,225	$45.64	$41.75 - $49.89
Q2 2020	22,798	$1,292	$47.91	$41.68 - $55.82
Q1 2020	17,090	$1,094	$59.44	$37.90 - $68.25
Q4 2019	18,090	$1,421	$60.15	$57.52 - $62.11
Q3 2019	17,690	$1,357	$60.34	$54.21 - $62.80
Q2 2019	16,090	$1,258	$58.01	$54.08 - $63.38
Q1 2019	19,290	$1,429	$52.65	$46.35 - $57.40
Q4 2018	19,290	$1,211	$47.68	$43.15 - $52.00
Q3 2018	19,790	$1,150	$45.23	$42.66 - $48.12
Q2 2018	19,690	$1,205	$42.43	$39.15 - $46.25
Q1 2018	19,490	$1,058	$39.62	$37.38 - $44.38
Q4 2017	19,190	$1,154	$45.46	$41.87 - $51.03
Q3 2017	20,090	$1,384	$50.60	$48.73 - $51.89
Q2 2017	21,990	$1,484	$49.84	$47.18 - $52.32
Q1 2017	21,690	$1,442	$45.51	$43.01 - $48.38
Q4 2016	21,390	$1,312	$42.62	$38.96 - $45.02
Q3 2016	21,090	$1,291	$43.19	$40.45 - $45.62
Q2 2016	20,690	$1,304	$42.44	$39.39 - $44.88
Q1 2016	20,390	$1,226	$37.32	$31.07 - $42.88
Q4 2015	20,190	$937	$30.44	$27.84 - $33.06
Q3 2015	20,390	$843	$28.18	$25.38 - $32.28
Q2 2015	20,390	$890	$32.61	$29.70 - $35.86
Q1 2015	20,290	$1,023	$34.02	$32.42 - $35.85
Q4 2014	21,290	$1,129	$35.24	$31.42 - $38.13
Q3 2014	21,190	$1,015	$35.67	$31.93 - $41.13
Q2 2014	20,990	$1,289	$38.31	$36.56 - $40.65
Q1 2014	20,990	$1,210	$36.15	$33.35 - $38.82
Q4 2013	20,790	$1,092	$33.02	$30.45 - $35.53
Q3 2013	20,790	$1,037	$32.70	$30.21 - $35.44
Q2 2013	20,490	$999	$30.15	$27.57 - $32.51