BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

MORGAN STANLEY's Holding History (CIK: 0000895421)

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

Q4 2025

Shares 566,831 Value ($000) $39,350 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 618,653 Value ($000) $38,103 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 637,196 Value ($000) $35,747 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 652,688 Value ($000) $39,586 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 677,066 Value ($000) $39,622 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 738,679 Value ($000) $45,148 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 727,222 Value ($000) $39,546 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 1,048,841 Value ($000) $57,267 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 887,602 Value ($000) $47,886 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 456,953 Value ($000) $23,117 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 498,159 Value ($000) $30,019 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 377,203 Value ($000) $23,802 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 252,552 Value ($000) $17,765 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 221,187 Value ($000) $14,980 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 244,968 Value ($000) $17,827 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 131,133 Value ($000) $10,101 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 189,178 Value ($000) $13,351 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 240,248 Value ($000) $15,078 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 256,204 Value ($000) $16,815 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 114,323 Value ($000) $7,633 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 162,114 Value ($000) $9,962 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 68,694 Value ($000) $3,675 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 104,380 Value ($000) $5,914 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 58,603 Value ($000) $3,752 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 171,181 Value ($000) $13,445 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 89,523 Value ($000) $6,869 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 66,505 Value ($000) $5,198 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 79,308 Value ($000) $5,873 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 157,259 Value ($000) $9,873 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 192,014 Value ($000) $11,154 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 222,235 Value ($000) $13,602 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 267,821 Value ($000) $14,543 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 244,758 Value ($000) $14,713 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 232,134 Value ($000) $15,987 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 185,291 Value ($000) $12,502 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 243,868 Value ($000) $16,210 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 278,709 Value ($000) $17,096 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 103,162 Value ($000) $6,316 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 125,189 Value ($000) $7,891 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 56,138 Value ($000) $3,375 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 194,768 Value ($000) $9,042 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 239,072 Value ($000) $9,882 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 443,402 Value ($000) $19,355 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 343,384 Value ($000) $17,320 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 493,003 Value ($000) $26,149 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 343,265 Value ($000) $16,435 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 344,285 Value ($000) $21,135 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 417,354 Value ($000) $24,059 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 251,739 Value ($000) $13,218 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 156,084 Value ($000) $7,782 Avg Close $32.70 Range $30.21 - $35.44

Q2 2013

Shares 160,470 Value ($000) $7,823 Avg Close $30.15 Range $27.57 - $32.51

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	566,831	$39,350	$66.47	$58.20 - $73.32
Q3 2025	618,653	$38,103	$57.38	$54.13 - $60.96
Q2 2025	637,196	$35,747	$56.47	$52.67 - $59.65
Q1 2025	652,688	$39,586	$56.47	$52.15 - $59.45
Q4 2024	677,066	$39,622	$57.33	$53.67 - $62.19
Q3 2024	738,679	$45,148	$54.39	$49.37 - $58.14
Q2 2024	727,222	$39,546	$50.26	$46.53 - $53.93
Q1 2024	1,048,841	$57,267	$47.73	$44.68 - $50.77
Q4 2023	887,602	$47,886	$46.16	$41.54 - $51.76
Q3 2023	456,953	$23,117	$50.50	$44.92 - $54.81
Q2 2023	498,159	$30,019	$55.83	$52.26 - $58.57
Q1 2023	377,203	$23,802	$57.47	$51.53 - $64.19
Q4 2022	252,552	$17,765	$58.05	$50.78 - $62.96
Q3 2022	221,187	$14,980	$64.21	$58.14 - $68.58
Q2 2022	244,968	$17,827	$63.81	$56.66 - $68.52
Q1 2022	131,133	$10,101	$58.63	$54.02 - $65.73
Q4 2021	189,178	$13,351	$55.40	$51.95 - $59.51
Q3 2021	240,248	$15,078	$56.46	$51.50 - $60.51
Q2 2021	256,204	$16,815	$55.86	$53.24 - $58.36
Q1 2021	114,323	$7,633	$50.63	$47.19 - $55.19
Q4 2020	162,114	$9,962	$48.27	$42.45 - $52.98
Q3 2020	68,694	$3,675	$45.64	$41.75 - $49.89
Q2 2020	104,380	$5,914	$47.91	$41.68 - $55.82
Q1 2020	58,603	$3,752	$59.44	$37.90 - $68.25
Q4 2019	171,181	$13,445	$60.15	$57.52 - $62.11
Q3 2019	89,523	$6,869	$60.34	$54.21 - $62.80
Q2 2019	66,505	$5,198	$58.01	$54.08 - $63.38
Q1 2019	79,308	$5,873	$52.65	$46.35 - $57.40
Q4 2018	157,259	$9,873	$47.68	$43.15 - $52.00
Q3 2018	192,014	$11,154	$45.23	$42.66 - $48.12
Q2 2018	222,235	$13,602	$42.43	$39.15 - $46.25
Q1 2018	267,821	$14,543	$39.62	$37.38 - $44.38
Q4 2017	244,758	$14,713	$45.46	$41.87 - $51.03
Q3 2017	232,134	$15,987	$50.60	$48.73 - $51.89
Q2 2017	185,291	$12,502	$49.84	$47.18 - $52.32
Q1 2017	243,868	$16,210	$45.51	$43.01 - $48.38
Q4 2016	278,709	$17,096	$42.62	$38.96 - $45.02
Q3 2016	103,162	$6,316	$43.19	$40.45 - $45.62
Q2 2016	125,189	$7,891	$42.44	$39.39 - $44.88
Q1 2016	56,138	$3,375	$37.32	$31.07 - $42.88
Q4 2015	194,768	$9,042	$30.44	$27.84 - $33.06
Q3 2015	239,072	$9,882	$28.18	$25.38 - $32.28
Q2 2015	443,402	$19,355	$32.61	$29.70 - $35.86
Q1 2015	343,384	$17,320	$34.02	$32.42 - $35.85
Q4 2014	493,003	$26,149	$35.24	$31.42 - $38.13
Q3 2014	343,265	$16,435	$35.67	$31.93 - $41.13
Q2 2014	344,285	$21,135	$38.31	$36.56 - $40.65
Q1 2014	417,354	$24,059	$36.15	$33.35 - $38.82
Q4 2013	251,739	$13,218	$33.02	$30.45 - $35.53
Q3 2013	156,084	$7,782	$32.70	$30.21 - $35.44
Q2 2013	160,470	$7,823	$30.15	$27.57 - $32.51