BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

TWO SIGMA INVESTMENTS, LP's Holding History (CIK: 0001179392)

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

Q4 2025

Shares 1,176,944 Value ($000) $81,703 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 525,653 Value ($000) $32,375 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 163,902 Value ($000) $9,195 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 151,551 Value ($000) $9,192 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 21,889 Value ($000) $1,281 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 29,113 Value ($000) $1,779 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 124,032 Value ($000) $6,745 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 76,710 Value ($000) $4,188 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 24,213 Value ($000) $1,306 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 60,465 Value ($000) $3,059 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 9,946 Value ($000) $599 Avg Close $55.83 Range $52.26 - $58.57

Q3 2022

Shares 3,671 Value ($000) $249 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 7,971 Value ($000) $580 Avg Close $63.81 Range $56.66 - $68.52

Q4 2020

Shares 5,275 Value ($000) $324 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 119,320 Value ($000) $6,382 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 17,149 Value ($000) $972 Avg Close $47.91 Range $41.68 - $55.82

Q4 2019

Shares 4,131 Value ($000) $324 Avg Close $60.15 Range $57.52 - $62.11

Q4 2018

Shares 64,266 Value ($000) $4,035 Avg Close $47.68 Range $43.15 - $52.00

Q1 2018

Shares 21,126 Value ($000) $1,147 Avg Close $39.62 Range $37.38 - $44.38

Q3 2017

Shares 12,447 Value ($000) $857 Avg Close $50.60 Range $48.73 - $51.89

Q2 2016

Shares 76,461 Value ($000) $4,820 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 206,798 Value ($000) $12,435 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 25,518 Value ($000) $1,185 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 76,664 Value ($000) $3,169 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 16,909 Value ($000) $738 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 62,843 Value ($000) $3,170 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 18,617 Value ($000) $987 Avg Close $35.24 Range $31.42 - $38.13

Q3 2013

Shares 25,831 Value ($000) $1,288 Avg Close $32.70 Range $30.21 - $35.44

Q2 2013

Shares 4,378 Value ($000) $213 Avg Close $30.15 Range $27.57 - $32.51

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	1,176,944	$81,703	$66.47	$58.20 - $73.32
Q3 2025	525,653	$32,375	$57.38	$54.13 - $60.96
Q2 2025	163,902	$9,195	$56.47	$52.67 - $59.65
Q1 2025	151,551	$9,192	$56.47	$52.15 - $59.45
Q4 2024	21,889	$1,281	$57.33	$53.67 - $62.19
Q3 2024	29,113	$1,779	$54.39	$49.37 - $58.14
Q2 2024	124,032	$6,745	$50.26	$46.53 - $53.93
Q1 2024	76,710	$4,188	$47.73	$44.68 - $50.77
Q4 2023	24,213	$1,306	$46.16	$41.54 - $51.76
Q3 2023	60,465	$3,059	$50.50	$44.92 - $54.81
Q2 2023	9,946	$599	$55.83	$52.26 - $58.57
Q3 2022	3,671	$249	$64.21	$58.14 - $68.58
Q2 2022	7,971	$580	$63.81	$56.66 - $68.52
Q4 2020	5,275	$324	$48.27	$42.45 - $52.98
Q3 2020	119,320	$6,382	$45.64	$41.75 - $49.89
Q2 2020	17,149	$972	$47.91	$41.68 - $55.82
Q4 2019	4,131	$324	$60.15	$57.52 - $62.11
Q4 2018	64,266	$4,035	$47.68	$43.15 - $52.00
Q1 2018	21,126	$1,147	$39.62	$37.38 - $44.38
Q3 2017	12,447	$857	$50.60	$48.73 - $51.89
Q2 2016	76,461	$4,820	$42.44	$39.39 - $44.88
Q1 2016	206,798	$12,435	$37.32	$31.07 - $42.88
Q4 2015	25,518	$1,185	$30.44	$27.84 - $33.06
Q3 2015	76,664	$3,169	$28.18	$25.38 - $32.28
Q2 2015	16,909	$738	$32.61	$29.70 - $35.86
Q1 2015	62,843	$3,170	$34.02	$32.42 - $35.85
Q4 2014	18,617	$987	$35.24	$31.42 - $38.13
Q3 2013	25,831	$1,288	$32.70	$30.21 - $35.44
Q2 2013	4,378	$213	$30.15	$27.57 - $32.51