NORTHWESTERN CORP

Ticker: NWE CUSIP: 668074305 Class: EQTY

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

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

Q4 2025

Shares 17,136 Value ($000) $1,106 Avg Close $62.82 Range $56.07 - $68.56

Q3 2025

Shares 18,156 Value ($000) $1,064 Avg Close $54.14 Range $49.85 - $58.24

Q2 2025

Shares 17,887 Value ($000) $918 Avg Close $53.53 Range $49.39 - $57.89

Q1 2025

Shares 17,564 Value ($000) $1,016 Avg Close $52.06 Range $48.49 - $56.12

Q4 2024

Shares 17,792 Value ($000) $951 Avg Close $51.38 Range $48.17 - $54.22

Q3 2024

Shares 17,648 Value ($000) $1,010 Avg Close $49.89 Range $45.22 - $54.21

Q2 2024

Shares 17,154 Value ($000) $859 Avg Close $46.58 Range $43.68 - $48.79

Q1 2024

Shares 16,831 Value ($000) $857 Avg Close $44.40 Range $41.90 - $47.03

Q4 2023

Shares 17,120 Value ($000) $871 Avg Close $44.88 Range $41.24 - $48.79

Q3 2023

Shares 17,025 Value ($000) $818 Avg Close $47.33 Range $42.66 - $51.72

Q2 2023

Shares 16,788 Value ($000) $953 Avg Close $51.34 Range $48.87 - $53.67

Q1 2023

Shares 16,741 Value ($000) $969 Avg Close $49.59 Range $46.79 - $52.43

Q4 2022

Shares 15,844 Value ($000) $940 Avg Close $46.84 Range $41.72 - $52.07

Q3 2022

Shares 14,712 Value ($000) $725 Avg Close $46.61 Range $42.04 - $51.24

Q2 2022

Shares 14,656 Value ($000) $864 Avg Close $49.98 Range $45.98 - $52.83

Q1 2022

Shares 14,858 Value ($000) $899 Avg Close $48.63 Range $46.08 - $51.75

Q4 2021

Shares 13,878 Value ($000) $793 Avg Close $46.70 Range $43.99 - $49.52

Q3 2021

Shares 13,804 Value ($000) $791 Avg Close $50.51 Range $46.92 - $53.26

Q2 2021

Shares 13,759 Value ($000) $829 Avg Close $52.44 Range $48.13 - $56.92

Q1 2021

Shares 14,724 Value ($000) $960 Avg Close $47.20 Range $42.31 - $53.28

Q4 2020

Shares 14,661 Value ($000) $855 Avg Close $43.87 Range $37.97 - $49.46

Q3 2020

Shares 15,236 Value ($000) $741 Avg Close $41.40 Range $37.35 - $45.52

Q2 2020

Shares 11,393 Value ($000) $621 Avg Close $44.67 Range $39.68 - $50.33

Q1 2020

Shares 11,843 Value ($000) $709 Avg Close $54.52 Range $34.68 - $61.46

Q4 2019

Shares 28,607 Value ($000) $2,050 Avg Close $54.65 Range $51.50 - $57.67

Q3 2019

Shares 31,438 Value ($000) $2,359 Avg Close $54.27 Range $50.60 - $58.08

Q2 2019

Shares 36,608 Value ($000) $2,641 Avg Close $53.01 Range $50.21 - $55.53

Q1 2019

Shares 36,153 Value ($000) $2,546 Avg Close $48.59 Range $42.38 - $53.49

Q4 2018

Shares 36,117 Value ($000) $2,147 Avg Close $45.03 Range $41.21 - $48.18

Q3 2018

Shares 35,728 Value ($000) $2,096 Avg Close $43.15 Range $40.65 - $45.13

Q2 2018

Shares 34,349 Value ($000) $1,966 Avg Close $39.06 Range $37.03 - $41.93

Q1 2018

Shares 33,378 Value ($000) $1,796 Avg Close $37.69 Range $35.55 - $42.53

Q4 2017

Shares 34,978 Value ($000) $2,088 Avg Close $42.54 Range $39.78 - $45.45

Q3 2017

Shares 27,454 Value ($000) $1,563 Avg Close $41.74 Range $40.09 - $43.18

Q2 2017

Shares 20,400 Value ($000) $1,245 Avg Close $42.35 Range $40.29 - $44.62

Q1 2017

Shares 20,100 Value ($000) $1,180 Avg Close $39.52 Range $38.19 - $41.05

Q4 2016

Shares 21,600 Value ($000) $1,228 Avg Close $38.33 Range $36.64 - $40.23

Q3 2016

Shares 44,062 Value ($000) $2,535 Avg Close $40.31 Range $38.22 - $43.00

Q2 2016

Shares 25,062 Value ($000) $1,581 Avg Close $39.68 Range $37.02 - $42.70

Q1 2016

Shares 24,662 Value ($000) $1,523 Avg Close $38.33 Range $34.60 - $41.62

Q4 2015

Shares 23,962 Value ($000) $1,300 Avg Close $35.84 Range $33.71 - $37.52

Q3 2015

Shares 22,562 Value ($000) $1,215 Avg Close $34.01 Range $31.66 - $36.90

Q4 2014

Shares 32,100 Value ($000) $1,816 Avg Close $33.16 Range $28.63 - $37.51

Q3 2014

Shares 27,200 Value ($000) $1,233 Avg Close $30.29 Range $28.46 - $33.15

Q2 2014

Shares 28,100 Value ($000) $1,466 Avg Close $30.04 Range $28.38 - $33.02

Q1 2014

Shares 27,800 Value ($000) $1,318 Avg Close $27.98 Range $26.36 - $29.86

Q4 2013

Shares 30,600 Value ($000) $1,325 Avg Close $27.40 Range $25.54 - $28.91

Q3 2013

Shares 34,500 Value ($000) $1,549 Avg Close $25.46 Range $23.73 - $28.10

Q2 2013

Shares 34,000 Value ($000) $1,356 Avg Close $24.78 Range $23.14 - $25.97

Q1 2013

Shares 33,500 Value ($000) $1,335 Avg Close $22.55 Range $20.88 - $24.27

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	17,136	$1,106	$62.82	$56.07 - $68.56
Q3 2025	18,156	$1,064	$54.14	$49.85 - $58.24
Q2 2025	17,887	$918	$53.53	$49.39 - $57.89
Q1 2025	17,564	$1,016	$52.06	$48.49 - $56.12
Q4 2024	17,792	$951	$51.38	$48.17 - $54.22
Q3 2024	17,648	$1,010	$49.89	$45.22 - $54.21
Q2 2024	17,154	$859	$46.58	$43.68 - $48.79
Q1 2024	16,831	$857	$44.40	$41.90 - $47.03
Q4 2023	17,120	$871	$44.88	$41.24 - $48.79
Q3 2023	17,025	$818	$47.33	$42.66 - $51.72
Q2 2023	16,788	$953	$51.34	$48.87 - $53.67
Q1 2023	16,741	$969	$49.59	$46.79 - $52.43
Q4 2022	15,844	$940	$46.84	$41.72 - $52.07
Q3 2022	14,712	$725	$46.61	$42.04 - $51.24
Q2 2022	14,656	$864	$49.98	$45.98 - $52.83
Q1 2022	14,858	$899	$48.63	$46.08 - $51.75
Q4 2021	13,878	$793	$46.70	$43.99 - $49.52
Q3 2021	13,804	$791	$50.51	$46.92 - $53.26
Q2 2021	13,759	$829	$52.44	$48.13 - $56.92
Q1 2021	14,724	$960	$47.20	$42.31 - $53.28
Q4 2020	14,661	$855	$43.87	$37.97 - $49.46
Q3 2020	15,236	$741	$41.40	$37.35 - $45.52
Q2 2020	11,393	$621	$44.67	$39.68 - $50.33
Q1 2020	11,843	$709	$54.52	$34.68 - $61.46
Q4 2019	28,607	$2,050	$54.65	$51.50 - $57.67
Q3 2019	31,438	$2,359	$54.27	$50.60 - $58.08
Q2 2019	36,608	$2,641	$53.01	$50.21 - $55.53
Q1 2019	36,153	$2,546	$48.59	$42.38 - $53.49
Q4 2018	36,117	$2,147	$45.03	$41.21 - $48.18
Q3 2018	35,728	$2,096	$43.15	$40.65 - $45.13
Q2 2018	34,349	$1,966	$39.06	$37.03 - $41.93
Q1 2018	33,378	$1,796	$37.69	$35.55 - $42.53
Q4 2017	34,978	$2,088	$42.54	$39.78 - $45.45
Q3 2017	27,454	$1,563	$41.74	$40.09 - $43.18
Q2 2017	20,400	$1,245	$42.35	$40.29 - $44.62
Q1 2017	20,100	$1,180	$39.52	$38.19 - $41.05
Q4 2016	21,600	$1,228	$38.33	$36.64 - $40.23
Q3 2016	44,062	$2,535	$40.31	$38.22 - $43.00
Q2 2016	25,062	$1,581	$39.68	$37.02 - $42.70
Q1 2016	24,662	$1,523	$38.33	$34.60 - $41.62
Q4 2015	23,962	$1,300	$35.84	$33.71 - $37.52
Q3 2015	22,562	$1,215	$34.01	$31.66 - $36.90
Q4 2014	32,100	$1,816	$33.16	$28.63 - $37.51
Q3 2014	27,200	$1,233	$30.29	$28.46 - $33.15
Q2 2014	28,100	$1,466	$30.04	$28.38 - $33.02
Q1 2014	27,800	$1,318	$27.98	$26.36 - $29.86
Q4 2013	30,600	$1,325	$27.40	$25.54 - $28.91
Q3 2013	34,500	$1,549	$25.46	$23.73 - $28.10
Q2 2013	34,000	$1,356	$24.78	$23.14 - $25.97
Q1 2013	33,500	$1,335	$22.55	$20.88 - $24.27