BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

STATE OF WISCONSIN INVESTMENT BOARD's Holding History (CIK: 0000854157)

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

Q4 2025

Shares 48,845 Value ($000) $3,391 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 52,197 Value ($000) $3,215 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 54,405 Value ($000) $3,052 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 55,579 Value ($000) $3,371 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 56,852 Value ($000) $3,327 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 58,274 Value ($000) $3,562 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 57,982 Value ($000) $3,153 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 69,879 Value ($000) $3,815 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 114,524 Value ($000) $6,179 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 89,965 Value ($000) $4,551 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 100,835 Value ($000) $6,076 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 103,792 Value ($000) $6,549 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 116,412 Value ($000) $8,188 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 143,885 Value ($000) $9,745 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 147,856 Value ($000) $10,759 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 107,500 Value ($000) $8,280 Avg Close $58.63 Range $54.02 - $65.73

Q2 2021

Shares 83,628 Value ($000) $5,489 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 84,335 Value ($000) $5,631 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 84,335 Value ($000) $5,182 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 94,835 Value ($000) $5,073 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 94,835 Value ($000) $5,373 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 96,735 Value ($000) $6,194 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 208,406 Value ($000) $16,368 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 208,406 Value ($000) $15,991 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 208,406 Value ($000) $16,291 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 203,806 Value ($000) $15,096 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 157,206 Value ($000) $9,869 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 157,206 Value ($000) $9,132 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 157,206 Value ($000) $9,623 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 157,206 Value ($000) $8,536 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 157,206 Value ($000) $9,450 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 157,206 Value ($000) $10,827 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 157,206 Value ($000) $10,607 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 170,406 Value ($000) $11,327 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 219,840 Value ($000) $13,485 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 182,950 Value ($000) $11,200 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 125,000 Value ($000) $7,880 Avg Close $42.44 Range $39.39 - $44.88

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	48,845	$3,391	$66.47	$58.20 - $73.32
Q3 2025	52,197	$3,215	$57.38	$54.13 - $60.96
Q2 2025	54,405	$3,052	$56.47	$52.67 - $59.65
Q1 2025	55,579	$3,371	$56.47	$52.15 - $59.45
Q4 2024	56,852	$3,327	$57.33	$53.67 - $62.19
Q3 2024	58,274	$3,562	$54.39	$49.37 - $58.14
Q2 2024	57,982	$3,153	$50.26	$46.53 - $53.93
Q1 2024	69,879	$3,815	$47.73	$44.68 - $50.77
Q4 2023	114,524	$6,179	$46.16	$41.54 - $51.76
Q3 2023	89,965	$4,551	$50.50	$44.92 - $54.81
Q2 2023	100,835	$6,076	$55.83	$52.26 - $58.57
Q1 2023	103,792	$6,549	$57.47	$51.53 - $64.19
Q4 2022	116,412	$8,188	$58.05	$50.78 - $62.96
Q3 2022	143,885	$9,745	$64.21	$58.14 - $68.58
Q2 2022	147,856	$10,759	$63.81	$56.66 - $68.52
Q1 2022	107,500	$8,280	$58.63	$54.02 - $65.73
Q2 2021	83,628	$5,489	$55.86	$53.24 - $58.36
Q1 2021	84,335	$5,631	$50.63	$47.19 - $55.19
Q4 2020	84,335	$5,182	$48.27	$42.45 - $52.98
Q3 2020	94,835	$5,073	$45.64	$41.75 - $49.89
Q2 2020	94,835	$5,373	$47.91	$41.68 - $55.82
Q1 2020	96,735	$6,194	$59.44	$37.90 - $68.25
Q4 2019	208,406	$16,368	$60.15	$57.52 - $62.11
Q3 2019	208,406	$15,991	$60.34	$54.21 - $62.80
Q2 2019	208,406	$16,291	$58.01	$54.08 - $63.38
Q1 2019	203,806	$15,096	$52.65	$46.35 - $57.40
Q4 2018	157,206	$9,869	$47.68	$43.15 - $52.00
Q3 2018	157,206	$9,132	$45.23	$42.66 - $48.12
Q2 2018	157,206	$9,623	$42.43	$39.15 - $46.25
Q1 2018	157,206	$8,536	$39.62	$37.38 - $44.38
Q4 2017	157,206	$9,450	$45.46	$41.87 - $51.03
Q3 2017	157,206	$10,827	$50.60	$48.73 - $51.89
Q2 2017	157,206	$10,607	$49.84	$47.18 - $52.32
Q1 2017	170,406	$11,327	$45.51	$43.01 - $48.38
Q4 2016	219,840	$13,485	$42.62	$38.96 - $45.02
Q3 2016	182,950	$11,200	$43.19	$40.45 - $45.62
Q2 2016	125,000	$7,880	$42.44	$39.39 - $44.88