Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionFirst Manhattan Co
Latest Disclosed Ownership37,859 shares
Latest Disclosed Value $ 2,627,793
First Manhattan Co reports 11.45% decrease in ownership of BKH / Black Hills Corporation

On May 15, 2026 - First Manhattan Co filed a 13F-HR form disclosing ownership of 37,859 shares of Black Hills Corporation (US:BKH) valued at $2,627,793 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 42,752 shares of Black Hills Corporation. This represents a change in shares of -11.45% during the quarter. The current value of the position is $2,705,783 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)
2026-05-15 2026-03-31 13F BLACK HILLS COM 092113109 37,859 -4,893 -11.45 2,628 -11.46 0.0073
2026-02-17 2025-12-31 13F BLACK HILLS COM 092113109 42,752 -75 -0.18 2,968 12.51 0.0078
2025-11-14 2025-09-30 13F BLACK HILLS COM 092113109 42,827 -588 -1.35 2,638 8.30 0.0070
2025-08-14 2025-06-30 13F BLACK HILLS COM 092113109 43,415 -1,717 -3.80 2,436 -11.03 0.0069
2025-05-15 2025-03-31 13F BLACK HILLS COM 092113109 45,132 -850 -1.85 2,737 1.75 0.0080
2025-02-14 2024-12-31 13F BLACK HILLS COM 092113109 45,982 -38 -0.08 2,691 -4.34 0.0079
2024-11-14 2024-09-30 13F BLACK HILLS COM 092113109 46,020 0 0.00 2,813 12.39 0.0083
2024-08-15 2024-06-30 13F/A-1 BLACK HILLS COM 092113109 46,020 -863 -1.84 2,503 -2.23 0.0080
2024-08-14 2024-06-30 13F BLACK HILLS COM 092113109 46,020 -863 2,503 0.0080
2024-05-15 2024-03-31 13F BLACK HILLS COM 092113109 46,883 -1,780 -3.66 2,560 -2.51 0.0083
2024-02-13 2023-12-31 13F BLACK HILLS COM 092113109 48,663 -1,209 -2.42 2,625 4.04 0.0091
2023-11-14 2023-09-30 13F BLACK HILLS COM 092113109 49,872 5,700 12.90 2,523 -5.19 0.0093
2023-08-14 2023-06-30 13F BLACK HILLS COM 092113109 44,172 -9,000 -16.93 2,662 -20.69 0.0098
2023-05-15 2023-03-31 13F BLACK HILLS COM 092113109 53,172 -5,925 -10.03 3,355 -19.27 0.0129
2023-02-14 2022-12-31 13F BLACK HILLS COM 092113109 59,097 650 1.11 4,157 5.00 0.0152
2022-11-14 2022-09-30 13F BLACK HILLS COM 092113109 58,447 -7,311 -11.12 3,958 -17.28 0.0168
2022-08-15 2022-06-30 13F BLACK HILLS COM 092113109 65,758 -950 -1.42 4,785 -6.85 0.0193
2022-05-16 2022-03-31 13F BLACK HILLS COM 092113109 66,708 -5,800 -8.00 5,137 0.41 0.0168
2022-02-14 2021-12-31 13F BLACK HILLS COM 092113109 72,508 8,425 13.15 5,116 27.23 0.0169
2021-11-15 2021-09-30 13F BLACK HILLS COM 092113109 64,083 0 0.00 4,021 -4.38 0.0148
2021-08-16 2021-06-30 13F BLACK HILLS COM 092113109 64,083 -200 -0.31 4,205 -2.03 0.0154
2021-05-14 2021-03-31 13F BLACK HILLS COM 092113109 64,283 -8,980 -12.26 4,292 -4.66 0.0185
2021-02-16 2020-12-31 13F BLACK HILLS COM 092113109 73,263 -4,177 -5.39 4,502 8.69 0.0215
2020-11-12 2020-09-30 13F BLACK HILLS COMMON 092113109 77,440 -133 -0.17 4,142 -5.76 0.0213
2020-08-14 2020-06-30 13F BLACK HILLS COMMON 092113109 77,573 -3,700 -4.55 4,395 -15.53 0.0254
2020-05-06 2020-03-31 13F BLACK HILLS COMMON 092113109 81,273 -2,219 -2.66 5,203 -20.65 0.0337
2020-02-13 2019-12-31 13F BLACK HILLS COMMON 092113109 83,492 -4,657 -5.28 6,557 -3.05 0.0329
2019-11-13 2019-09-30 13F BLACK HILLS COMMON 092113109 88,149 -3,961 -4.30 6,763 -6.07 0.0373
2019-08-16 2019-06-30 13F BLACK HILLS COMMON 092113109 92,110 -2,430 -2.57 7,200 2.83 0.0400
2019-04-12 2019-03-31 13F BLACK HILLS COMMON 092113109 94,540 -700 -0.73 7,002 17.11 0.0404
2019-01-30 2018-12-31 13F BLACK HILLS COMMON 092113109 95,240 0 0.00 5,979 8.08 0.0372
2018-10-15 2018-09-30 13F BLACK HILLS COMMON 092113109 95,240 -1,000 -1.04 5,532 -6.08 0.0295
2018-08-01 2018-06-30 13F BLACK HILLS COMMON 092113109 96,240 -25 -0.03 5,890 12.68 0.0340
2018-04-20 2018-03-31 13F BLACK HILLS COMMON 092113109 96,265 -2,770 -2.80 5,227 -12.18 0.0297
2018-01-22 2017-12-31 13F BLACK HILLS COMMON 092113109 99,035 -2,535 -2.50 5,952 -14.91 0.0326
2017-10-25 2017-09-30 13F BLACK HILLS COMMON 092113109 101,570 0 0.00 6,995 2.09 0.0401
2017-08-10 2017-06-30 13F/A-2 BLACK HILLS COMMON 092113109 101,570 16,520 19.42 6,852 21.21 0.0400
2017-08-01 2017-06-30 13F/A-1 BLACK HILLS COMMON 092113109 101,570 0 6,852 0.0400
2017-04-25 2017-03-31 13F/A-1 BLACK HILLS COMMON 092113109 85,050 -2,180 -2.50 5,653 5.66 0.0336
2017-04-24 2017-03-31 13F BLACK HILLS COMMON 092113109 91,345 5,592
2017-01-25 2016-12-31 13F BLACK HILLS COMMON 092113109 87,230 -4,115 -4.50 5,350 -4.33 0.0325
2016-10-20 2016-09-30 13F BLACK HILLS COMMON 092113109 91,345 -3,590 -3.78 5,592 -6.55 0.0341
2016-07-14 2016-06-30 13F BLACK HILLS COMMON 092113109 94,935 -13,538 -12.48 5,984 -8.25 0.0368
2016-04-22 2016-03-31 13F BLACK HILLS COMMON 092113109 108,473 245 0.23 6,522 29.79 0.0401
2016-01-20 2015-12-31 13F BLACK HILLS COMMON 092113109 108,228 -2,150 -1.95 5,025 10.12 0.0308
2015-10-26 2015-09-30 13F BLACK HILLS COMMON 092113109 110,378 28,351 34.56 4,563 27.46 0.0293
2015-07-17 2015-06-30 13F BLACK HILLS COMMON 092113109 82,027 -2,400 -2.84 3,580 -15.92 0.0211
2015-04-30 2015-03-31 13F BLACK HILLS COMMON 092113109 84,427 -200 -0.24 4,258 -5.12 0.0245
2015-01-20 2014-12-31 13F BLACK HILLS COMMON 092113109 84,627 434 0.52 4,488 11.34 0.0254
2014-10-23 2014-09-30 13F BLACK HILLS COMMON 092113109 84,193 -1,000 -1.17 4,031 -22.91 0.0234
2014-08-14 2014-06-30 13F/A-1 BLACK HILLS COMMON 092113109 85,193 -2,145 -2.46 5,229 3.85 0.0331
2014-05-16 2014-03-31 13F BLACK HILLS COMMON 092113109 87,338 -1,340 -1.51 5,035 8.14 0.0332
2014-02-04 2013-12-31 13F BLACK HILLS COMMON 092113109 88,678 -3,558 -3.86 4,656 1.26 0.0308
2013-10-29 2013-09-30 13F BLACK HILLS COMMON 092113109 92,236 -750 -0.81 4,598 -5.84 0.0321
2013-08-13 2013-06-30 13F BLACK HILLS COMMON 092113109 92,986 92,986 4,883 0.0336
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.