BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

South Dakota Investment Council's Holding History (CIK: 0001538846)

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

Q4 2025

Shares 61,275 Value ($000) $4 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 75,075 Value ($000) $5 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 77,175 Value ($000) $4 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 77,175 Value ($000) $5 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 71,775 Value ($000) $4 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 71,775 Value ($000) $4 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 71,775 Value ($000) $4 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 71,853 Value ($000) $4 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 68,853 Value ($000) $4 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 68,853 Value ($000) $3 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 70,053 Value ($000) $4 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 73,553 Value ($000) $5 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 69,153 Value ($000) $5 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 69,153 Value ($000) $4,684 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 69,153 Value ($000) $5,032 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 69,153 Value ($000) $5,326 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 82,053 Value ($000) $5,790 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 82,053 Value ($000) $5,150 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 82,053 Value ($000) $5,385 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 71,913 Value ($000) $4,802 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 110,036 Value ($000) $6,762 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 110,036 Value ($000) $5,886 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 81,977 Value ($000) $4,645 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 81,977 Value ($000) $5,249 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 80,760 Value ($000) $6,343 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 79,160 Value ($000) $6,074 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 51,200 Value ($000) $4,002 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 51,200 Value ($000) $3,792 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 30,500 Value ($000) $1,915 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 30,500 Value ($000) $1,772 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 30,500 Value ($000) $1,867 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 30,500 Value ($000) $1,656 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 30,500 Value ($000) $1,833 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 30,500 Value ($000) $2,101 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 30,500 Value ($000) $2,058 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 30,500 Value ($000) $2,027 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 30,500 Value ($000) $1,871 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 30,500 Value ($000) $1,867 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 30,500 Value ($000) $1,923 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 20,400 Value ($000) $1,227 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 15,300 Value ($000) $710 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 15,300 Value ($000) $633 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 15,300 Value ($000) $668 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 15,300 Value ($000) $772 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 9,300 Value ($000) $493 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 2,200 Value ($000) $105 Avg Close $35.67 Range $31.93 - $41.13

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	61,275	$4	$66.47	$58.20 - $73.32
Q3 2025	75,075	$5	$57.38	$54.13 - $60.96
Q2 2025	77,175	$4	$56.47	$52.67 - $59.65
Q1 2025	77,175	$5	$56.47	$52.15 - $59.45
Q4 2024	71,775	$4	$57.33	$53.67 - $62.19
Q3 2024	71,775	$4	$54.39	$49.37 - $58.14
Q2 2024	71,775	$4	$50.26	$46.53 - $53.93
Q1 2024	71,853	$4	$47.73	$44.68 - $50.77
Q4 2023	68,853	$4	$46.16	$41.54 - $51.76
Q3 2023	68,853	$3	$50.50	$44.92 - $54.81
Q2 2023	70,053	$4	$55.83	$52.26 - $58.57
Q1 2023	73,553	$5	$57.47	$51.53 - $64.19
Q4 2022	69,153	$5	$58.05	$50.78 - $62.96
Q3 2022	69,153	$4,684	$64.21	$58.14 - $68.58
Q2 2022	69,153	$5,032	$63.81	$56.66 - $68.52
Q1 2022	69,153	$5,326	$58.63	$54.02 - $65.73
Q4 2021	82,053	$5,790	$55.40	$51.95 - $59.51
Q3 2021	82,053	$5,150	$56.46	$51.50 - $60.51
Q2 2021	82,053	$5,385	$55.86	$53.24 - $58.36
Q1 2021	71,913	$4,802	$50.63	$47.19 - $55.19
Q4 2020	110,036	$6,762	$48.27	$42.45 - $52.98
Q3 2020	110,036	$5,886	$45.64	$41.75 - $49.89
Q2 2020	81,977	$4,645	$47.91	$41.68 - $55.82
Q1 2020	81,977	$5,249	$59.44	$37.90 - $68.25
Q4 2019	80,760	$6,343	$60.15	$57.52 - $62.11
Q3 2019	79,160	$6,074	$60.34	$54.21 - $62.80
Q2 2019	51,200	$4,002	$58.01	$54.08 - $63.38
Q1 2019	51,200	$3,792	$52.65	$46.35 - $57.40
Q4 2018	30,500	$1,915	$47.68	$43.15 - $52.00
Q3 2018	30,500	$1,772	$45.23	$42.66 - $48.12
Q2 2018	30,500	$1,867	$42.43	$39.15 - $46.25
Q1 2018	30,500	$1,656	$39.62	$37.38 - $44.38
Q4 2017	30,500	$1,833	$45.46	$41.87 - $51.03
Q3 2017	30,500	$2,101	$50.60	$48.73 - $51.89
Q2 2017	30,500	$2,058	$49.84	$47.18 - $52.32
Q1 2017	30,500	$2,027	$45.51	$43.01 - $48.38
Q4 2016	30,500	$1,871	$42.62	$38.96 - $45.02
Q3 2016	30,500	$1,867	$43.19	$40.45 - $45.62
Q2 2016	30,500	$1,923	$42.44	$39.39 - $44.88
Q1 2016	20,400	$1,227	$37.32	$31.07 - $42.88
Q4 2015	15,300	$710	$30.44	$27.84 - $33.06
Q3 2015	15,300	$633	$28.18	$25.38 - $32.28
Q2 2015	15,300	$668	$32.61	$29.70 - $35.86
Q1 2015	15,300	$772	$34.02	$32.42 - $35.85
Q4 2014	9,300	$493	$35.24	$31.42 - $38.13
Q3 2014	2,200	$105	$35.67	$31.93 - $41.13