Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionBaird Financial Group, Inc.
Latest Disclosed Ownership5,738 shares
Latest Disclosed Value $ 398,275
Baird Financial Group, Inc. reports 12.60% increase in ownership of BKH / Black Hills Corporation

On May 14, 2026 - Baird Financial Group, Inc. filed a 13F-HR form disclosing ownership of 5,738 shares of Black Hills Corporation (US:BKH) valued at $398,275 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 5,096 shares of Black Hills Corporation. This represents a change in shares of 12.60% during the quarter. The current value of the position is $417,612 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F BLACK HILLS COM 092113109 5,738 642 12.60 398 12.75 0.0003
2026-02-13 2025-12-31 13F BLACK HILLS CORP COM COMMON 092113109 5,096 225 4.62 354 17.67 0.0006
2025-11-13 2025-09-30 13F BLACK HILLS CORP COM COMMON 092113109 4,871 -1 -0.02 300 9.89 0.0005
2025-08-13 2025-06-30 13F BLACK HILLS CORP COM COMMON 092113109 4,872 -619 -11.27 273 -18.02 0.0005
2025-05-15 2025-03-31 13F BLACK HILLS CORP COM COMMON 092113109 5,491 -96 -1.72 333 2.15 0.0006
2025-02-14 2024-12-31 13F BLACK HILLS COMMON 092113109 5,587 26 0.47 327 -3.83 0.0006
2024-11-14 2024-09-30 13F BLACK HILLS COMMON 092113109 5,561 435 8.49 340 21.94 0.0007
2024-08-14 2024-06-30 13F BLACK HILLS COMMON 092113109 5,126 900 21.30 279 20.87 0.0006
2024-05-14 2024-03-31 13F BLACK HILLS COMMON 092113109 4,226 -120 -2.76 231 -1.71 0.0005
2024-02-14 2023-12-31 13F BLACK HILLS COMMON 092113109 4,346 -6,094 -58.37 234 -55.68 0.0005
2023-11-13 2023-09-30 13F BLACK HILLS COMMON 092113109 10,440 832 8.66 528 -8.65 0.0014
2023-08-11 2023-06-30 13F BLACK HILLS COMMON 092113109 9,608 -2,192 -18.58 579 -22.31 0.0015
2023-05-15 2023-03-31 13F BLACK HILLS COMMON 092113109 11,800 -1,475 -11.11 745 0.0018
2023-02-13 2022-12-31 13F BLACK HILLS COMMON 092113109 13,275 1,700 14.69 1 -100.00 0.0025
2022-11-15 2022-09-30 13F BLACK HILLS COMMON 092113109 11,575 7,505 184.40 784 164.86 0.0023
2022-08-08 2022-06-30 13F BLACK HILLS CORP COM COMMON 092113109 4,070 -694 -14.57 296 -19.35 0.0008
2022-05-13 2022-03-31 13F BLACK HILLS CORP COM COMMON 092113109 4,764 -17,571 -78.67 367 -76.71 0.0009
2022-02-09 2021-12-31 13F BLACK HILLS COMMON 092113109 22,335 22,335 1,576 0.0037
2021-11-12 2021-09-30 13F BLACK HILLS COMMON 092113109 0 -3,298 -100.00 0 -100.00
2021-08-11 2021-06-30 13F BLACK HILLS COMMON 092113109 3,298 3,298 216 0.0006
2021-05-13 2021-03-31 13F BLACK HILLS COMMON 092113109 0 -4,350 -100.00 0 -100.00
2021-02-11 2020-12-31 13F BLACK HILLS COMMON 092113109 4,350 0 0.00 267 14.59 0.0008
2020-11-12 2020-09-30 13F BLACK HILLS COMMON 092113109 4,350 -440 -9.19 233 -14.02 0.0008
2020-10-22 2020-06-30 13F/A-1 BLACK HILLS COMMON 092113109 4,790 440 10.11 271 -2.87 0.0010
2020-08-14 2020-06-30 13F BLACK HILLS COMMON 092113109 4,350 0 342 677.7663
2020-05-14 2020-03-31 13F BLACK HILLS COMMON 092113109 4,350 -2,450 -36.03 279 -47.75 0.0013
2020-02-14 2019-12-31 13F BLACK HILLS COMMON 092113109 6,800 6,800 56.32 534 91.40 0.0019
2017-11-14 2017-09-30 13F BLACK HILLS COMMON 092113109 0 -7,753 -100.00 0 -100.00
2017-08-14 2017-06-30 13F BLACK HILLS COMMON 092113109 7,753 300 4.03 523 5.66 0.0041
2017-06-19 2017-03-31 13F/A-1 BLACK HILLS COMMON 092113109 7,453 7,453 495 0.0040
2017-05-09 2017-03-31 13F BLACK HILLS COMMON 092113109 7,453 495 0.0040
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.