BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

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

Q4 2025

Shares 1,592,000 Value ($000) $110,517 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 575,000 Value ($000) $35,414 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 100,000 Value ($000) $5,610 Avg Close $56.47 Range $52.67 - $59.65

Q3 2022

Shares 347,500 Value ($000) $23,536 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 335,000 Value ($000) $24,378 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 535,000 Value ($000) $41,206 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 205,000 Value ($000) $14,467 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 145,000 Value ($000) $9,100 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 120,000 Value ($000) $7,876 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 174,801 Value ($000) $11,671 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 74,801 Value ($000) $4,597 Avg Close $48.27 Range $42.45 - $52.98

Q4 2018

Shares 250,000 Value ($000) $15,695 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 1,150,000 Value ($000) $66,804 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 1,450,000 Value ($000) $88,755 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 1,700,000 Value ($000) $92,310 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 1,150,000 Value ($000) $69,127 Avg Close $45.46 Range $41.87 - $51.03

Q2 2017

Shares 70,383 Value ($000) $4,749 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 1,310,210 Value ($000) $87,090 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 1,460,210 Value ($000) $89,569 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 1,250,000 Value ($000) $76,525 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 1,000,000 Value ($000) $63,040 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 1,500,000 Value ($000) $90,195 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 1,300,000 Value ($000) $60,359 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 500,000 Value ($000) $20,670 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 500,000 Value ($000) $21,826 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 500,000 Value ($000) $25,219 Avg Close $34.02 Range $32.42 - $35.85

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	1,592,000	$110,517	$66.47	$58.20 - $73.32
Q3 2025	575,000	$35,414	$57.38	$54.13 - $60.96
Q2 2025	100,000	$5,610	$56.47	$52.67 - $59.65
Q3 2022	347,500	$23,536	$64.21	$58.14 - $68.58
Q2 2022	335,000	$24,378	$63.81	$56.66 - $68.52
Q1 2022	535,000	$41,206	$58.63	$54.02 - $65.73
Q4 2021	205,000	$14,467	$55.40	$51.95 - $59.51
Q3 2021	145,000	$9,100	$56.46	$51.50 - $60.51
Q2 2021	120,000	$7,876	$55.86	$53.24 - $58.36
Q1 2021	174,801	$11,671	$50.63	$47.19 - $55.19
Q4 2020	74,801	$4,597	$48.27	$42.45 - $52.98
Q4 2018	250,000	$15,695	$47.68	$43.15 - $52.00
Q3 2018	1,150,000	$66,804	$45.23	$42.66 - $48.12
Q2 2018	1,450,000	$88,755	$42.43	$39.15 - $46.25
Q1 2018	1,700,000	$92,310	$39.62	$37.38 - $44.38
Q4 2017	1,150,000	$69,127	$45.46	$41.87 - $51.03
Q2 2017	70,383	$4,749	$49.84	$47.18 - $52.32
Q1 2017	1,310,210	$87,090	$45.51	$43.01 - $48.38
Q4 2016	1,460,210	$89,569	$42.62	$38.96 - $45.02
Q3 2016	1,250,000	$76,525	$43.19	$40.45 - $45.62
Q2 2016	1,000,000	$63,040	$42.44	$39.39 - $44.88
Q1 2016	1,500,000	$90,195	$37.32	$31.07 - $42.88
Q4 2015	1,300,000	$60,359	$30.44	$27.84 - $33.06
Q3 2015	500,000	$20,670	$28.18	$25.38 - $32.28
Q2 2015	500,000	$21,826	$32.61	$29.70 - $35.86
Q1 2015	500,000	$25,219	$34.02	$32.42 - $35.85