BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

TWO SIGMA ADVISERS, LP's Holding History (CIK: 0001478735)

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

Q4 2025

Shares 978,200 Value ($000) $67,907 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 116,498 Value ($000) $7,175 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 116,200 Value ($000) $6,519 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 105,100 Value ($000) $6,374 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 25,000 Value ($000) $1,463 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 24,900 Value ($000) $1,522 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 67,700 Value ($000) $3,682 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 12,800 Value ($000) $699 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 20,700 Value ($000) $1,117 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 21,200 Value ($000) $1,073 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 3,600 Value ($000) $217 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 6,100 Value ($000) $385 Avg Close $57.47 Range $51.53 - $64.19

Q3 2022

Shares 16,200 Value ($000) $1,097 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 7,300 Value ($000) $531 Avg Close $63.81 Range $56.66 - $68.52

Q4 2020

Shares 47,906 Value ($000) $2,944 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 85,706 Value ($000) $4,584 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 6,106 Value ($000) $346 Avg Close $47.91 Range $41.68 - $55.82

Q3 2018

Shares 11,700 Value ($000) $680 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 28,900 Value ($000) $1,769 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 35,500 Value ($000) $1,928 Avg Close $39.62 Range $37.38 - $44.38

Q2 2016

Shares 25,906 Value ($000) $1,633 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 13,206 Value ($000) $794 Avg Close $37.32 Range $31.07 - $42.88

Q3 2015

Shares 69,723 Value ($000) $2,881 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 23,606 Value ($000) $1,030 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 11,606 Value ($000) $585 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 6,006 Value ($000) $319 Avg Close $35.24 Range $31.42 - $38.13

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	978,200	$67,907	$66.47	$58.20 - $73.32
Q3 2025	116,498	$7,175	$57.38	$54.13 - $60.96
Q2 2025	116,200	$6,519	$56.47	$52.67 - $59.65
Q1 2025	105,100	$6,374	$56.47	$52.15 - $59.45
Q4 2024	25,000	$1,463	$57.33	$53.67 - $62.19
Q3 2024	24,900	$1,522	$54.39	$49.37 - $58.14
Q2 2024	67,700	$3,682	$50.26	$46.53 - $53.93
Q1 2024	12,800	$699	$47.73	$44.68 - $50.77
Q4 2023	20,700	$1,117	$46.16	$41.54 - $51.76
Q3 2023	21,200	$1,073	$50.50	$44.92 - $54.81
Q2 2023	3,600	$217	$55.83	$52.26 - $58.57
Q1 2023	6,100	$385	$57.47	$51.53 - $64.19
Q3 2022	16,200	$1,097	$64.21	$58.14 - $68.58
Q2 2022	7,300	$531	$63.81	$56.66 - $68.52
Q4 2020	47,906	$2,944	$48.27	$42.45 - $52.98
Q3 2020	85,706	$4,584	$45.64	$41.75 - $49.89
Q2 2020	6,106	$346	$47.91	$41.68 - $55.82
Q3 2018	11,700	$680	$45.23	$42.66 - $48.12
Q2 2018	28,900	$1,769	$42.43	$39.15 - $46.25
Q1 2018	35,500	$1,928	$39.62	$37.38 - $44.38
Q2 2016	25,906	$1,633	$42.44	$39.39 - $44.88
Q1 2016	13,206	$794	$37.32	$31.07 - $42.88
Q3 2015	69,723	$2,881	$28.18	$25.38 - $32.28
Q2 2015	23,606	$1,030	$32.61	$29.70 - $35.86
Q1 2015	11,606	$585	$34.02	$32.42 - $35.85
Q4 2014	6,006	$319	$35.24	$31.42 - $38.13