BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

Arizona State Retirement System's Holding History (CIK: 0001558481)

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

Q4 2025

Shares 20,372 Value ($000) $1,414 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 21,456 Value ($000) $1,321 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 21,038 Value ($000) $1,180 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 20,530 Value ($000) $1,245 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 20,242 Value ($000) $1,185 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 19,849 Value ($000) $1,213 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 19,117 Value ($000) $1,040 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 18,686 Value ($000) $1,020 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 18,761 Value ($000) $1,012 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 19,058 Value ($000) $964 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 18,616 Value ($000) $1,122 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 18,856 Value ($000) $1,190 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 18,364 Value ($000) $1,292 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 17,618 Value ($000) $1,193 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 17,544 Value ($000) $1,277 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 17,252 Value ($000) $1,329 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 17,086 Value ($000) $1,206 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 17,126 Value ($000) $1,075 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 17,056 Value ($000) $1,119 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 18,266 Value ($000) $1,220 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 18,197 Value ($000) $1,118 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 18,934 Value ($000) $1,013 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 14,161 Value ($000) $802 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 14,427 Value ($000) $924 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 34,849 Value ($000) $2,737 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 38,056 Value ($000) $2,920 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 39,432 Value ($000) $3,082 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 38,778 Value ($000) $2,872 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 38,742 Value ($000) $2,432 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 38,055 Value ($000) $2,211 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 37,208 Value ($000) $2,278 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 36,198 Value ($000) $1,966 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 38,498 Value ($000) $2,314 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 30,283 Value ($000) $2,086 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 22,500 Value ($000) $1,518 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 22,200 Value ($000) $1,476 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 21,823 Value ($000) $1,339 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 20,423 Value ($000) $1,250 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 20,123 Value ($000) $1,269 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 24,423 Value ($000) $1,469 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 24,323 Value ($000) $1,129 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 20,269 Value ($000) $838 Avg Close $28.18 Range $25.38 - $32.28

Q4 2014

Shares 30,389 Value ($000) $1,611 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 28,789 Value ($000) $1,378 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 29,389 Value ($000) $1,804 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 29,289 Value ($000) $1,688 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 32,389 Value ($000) $1,700 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 34,589 Value ($000) $1,724 Avg Close $32.70 Range $30.21 - $35.44

Q2 2013

Shares 34,289 Value ($000) $1,671 Avg Close $30.15 Range $27.57 - $32.51

Q1 2013

Shares 35,189 Value ($000) $1,549 Avg Close $26.01 Range $23.33 - $28.29

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	20,372	$1,414	$66.47	$58.20 - $73.32
Q3 2025	21,456	$1,321	$57.38	$54.13 - $60.96
Q2 2025	21,038	$1,180	$56.47	$52.67 - $59.65
Q1 2025	20,530	$1,245	$56.47	$52.15 - $59.45
Q4 2024	20,242	$1,185	$57.33	$53.67 - $62.19
Q3 2024	19,849	$1,213	$54.39	$49.37 - $58.14
Q2 2024	19,117	$1,040	$50.26	$46.53 - $53.93
Q1 2024	18,686	$1,020	$47.73	$44.68 - $50.77
Q4 2023	18,761	$1,012	$46.16	$41.54 - $51.76
Q3 2023	19,058	$964	$50.50	$44.92 - $54.81
Q2 2023	18,616	$1,122	$55.83	$52.26 - $58.57
Q1 2023	18,856	$1,190	$57.47	$51.53 - $64.19
Q4 2022	18,364	$1,292	$58.05	$50.78 - $62.96
Q3 2022	17,618	$1,193	$64.21	$58.14 - $68.58
Q2 2022	17,544	$1,277	$63.81	$56.66 - $68.52
Q1 2022	17,252	$1,329	$58.63	$54.02 - $65.73
Q4 2021	17,086	$1,206	$55.40	$51.95 - $59.51
Q3 2021	17,126	$1,075	$56.46	$51.50 - $60.51
Q2 2021	17,056	$1,119	$55.86	$53.24 - $58.36
Q1 2021	18,266	$1,220	$50.63	$47.19 - $55.19
Q4 2020	18,197	$1,118	$48.27	$42.45 - $52.98
Q3 2020	18,934	$1,013	$45.64	$41.75 - $49.89
Q2 2020	14,161	$802	$47.91	$41.68 - $55.82
Q1 2020	14,427	$924	$59.44	$37.90 - $68.25
Q4 2019	34,849	$2,737	$60.15	$57.52 - $62.11
Q3 2019	38,056	$2,920	$60.34	$54.21 - $62.80
Q2 2019	39,432	$3,082	$58.01	$54.08 - $63.38
Q1 2019	38,778	$2,872	$52.65	$46.35 - $57.40
Q4 2018	38,742	$2,432	$47.68	$43.15 - $52.00
Q3 2018	38,055	$2,211	$45.23	$42.66 - $48.12
Q2 2018	37,208	$2,278	$42.43	$39.15 - $46.25
Q1 2018	36,198	$1,966	$39.62	$37.38 - $44.38
Q4 2017	38,498	$2,314	$45.46	$41.87 - $51.03
Q3 2017	30,283	$2,086	$50.60	$48.73 - $51.89
Q2 2017	22,500	$1,518	$49.84	$47.18 - $52.32
Q1 2017	22,200	$1,476	$45.51	$43.01 - $48.38
Q4 2016	21,823	$1,339	$42.62	$38.96 - $45.02
Q3 2016	20,423	$1,250	$43.19	$40.45 - $45.62
Q2 2016	20,123	$1,269	$42.44	$39.39 - $44.88
Q1 2016	24,423	$1,469	$37.32	$31.07 - $42.88
Q4 2015	24,323	$1,129	$30.44	$27.84 - $33.06
Q3 2015	20,269	$838	$28.18	$25.38 - $32.28
Q4 2014	30,389	$1,611	$35.24	$31.42 - $38.13
Q3 2014	28,789	$1,378	$35.67	$31.93 - $41.13
Q2 2014	29,389	$1,804	$38.31	$36.56 - $40.65
Q1 2014	29,289	$1,688	$36.15	$33.35 - $38.82
Q4 2013	32,389	$1,700	$33.02	$30.45 - $35.53
Q3 2013	34,589	$1,724	$32.70	$30.21 - $35.44
Q2 2013	34,289	$1,671	$30.15	$27.57 - $32.51
Q1 2013	35,189	$1,549	$26.01	$23.33 - $28.29