Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionMacquarie Group Ltd
Latest Disclosed Ownership48,256 shares
Latest Disclosed Value $ 3,349,449
Macquarie Group Ltd reports 20.20% increase in ownership of BKH / Black Hills Corporation

On May 15, 2026 - Macquarie Group Ltd filed a 13F-HR form disclosing ownership of 48,256 shares of Black Hills Corporation (US:BKH) valued at $3,349,449 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 40,147 shares of Black Hills Corporation. This represents a change in shares of 20.20% during the quarter. The current value of the position is $3,469,606 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 48,256 8,109 20.20 3,349 20.17 0.0156
2026-02-13 2025-12-31 13F BLACK HILLS COM 092113109 40,147 -2,184,648 -98.20 2,787 -97.97 0.0122
2025-11-13 2025-09-30 13F BLACK HILLS COM 092113109 2,224,795 -173,494 -7.23 137,025 1.84 0.1599
2025-08-14 2025-06-30 13F BLACK HILLS COM 092113109 2,398,289 37,196 1.58 134,544 -6.04 0.1650
2025-08-14 2025-03-31 13F/A-1 BLACK HILLS COM 092113109 2,361,093 2,405 0.10 143,200 3.74 0.1778
2025-05-15 2025-03-31 13F BLACK HILLS COM 092113109 2,361,093 2,405 143,200 0.1170
2025-02-14 2024-12-31 13F BLACK HILLS COM 092113109 2,358,688 -127,398 -5.12 138,031 -9.16 0.1675
2024-11-14 2024-09-30 13F BLACK HILLS COM 092113109 2,486,086 -19,879 -0.79 151,950 11.50 0.1640
2024-08-09 2024-06-30 13F BLACK HILLS COM 092113109 2,505,965 35,672 1.44 136,274 1.04 0.1563
2024-05-14 2024-03-31 13F BLACK HILLS COM 092113109 2,470,293 -47,529 -1.89 134,878 -0.71 0.1530
2024-02-14 2023-12-31 13F BLACK HILLS COM 092113109 2,517,822 83,997 3.45 135,836 10.32 0.1569
2023-11-14 2023-09-30 13F BLACK HILLS COM 092113109 2,433,825 -95,517 -3.78 123,127 -19.22 0.1547
2023-10-27 2023-06-30 13F/A-2 BLACK HILLS COM 092113109 2,529,342 -25,625 -1.00 152,418 -5.46 0.1743
2023-10-12 2023-06-30 13F/A-1 BLACK HILLS COM 092113109 2,529,342 -25,625 152,418 0.1532
2023-08-14 2023-06-30 13F BLACK HILLS COM 092113109 2,529,342 -25,625 152,418 0.1546
2023-06-01 2023-03-31 13F/A-1 BLACK HILLS COM 092113109 2,554,967 9,330 0.37 161,218 -9.92 0.1915
2023-05-15 2023-03-31 13F BLACK HILLS COM 092113109 2,554,967 9,330 161,218 0.1480
2023-02-21 2022-12-31 13F BLACK HILLS COM 092113109 2,545,637 -55,140 -2.12 178,976 1.59 0.2114
2022-11-14 2022-09-30 13F BLACK HILLS COM 092113109 2,600,777 98,568 3.94 176,177 -3.24 0.2161
2022-08-17 2022-06-30 13F/A-1 BLACK HILLS COM 092113109 2,502,209 318,024 14.56 182,085 8.53 0.2044
2022-08-15 2022-06-30 13F BLACK HILLS COM 092113109 2,502,209 318,024 182,085 0.0652
2022-05-16 2022-03-31 13F BLACK HILLS COM 092113109 2,184,185 98,247 4.71 167,780 13.98 0.1276
2022-02-11 2021-12-31 13F Black Hills COM 092113109 2,085,938 20,896 1.01 147,205 13.58 0.1227
2021-11-12 2021-09-30 13F BLACK HILLS COM 092113109 2,065,042 -589 -0.03 129,602 -4.40 0.1105
2021-08-13 2021-06-30 13F BLACK HILLS COM 092113109 2,065,631 -1,400 -0.07 135,567 -1.77 0.1113
2021-05-14 2021-03-31 13F BLACK HILLS COM 092113109 2,067,031 -108,342 -4.98 138,015 3.25 0.1951
2021-02-16 2020-12-31 13F BLACK HILLS COM 092113109 2,175,373 620 0.03 133,676 14.91 0.1952
2020-11-13 2020-09-30 13F BLACK HILLS COM 092113109 2,174,753 108,288 5.24 116,328 -0.65 0.1969
2020-08-11 2020-06-30 13F BLACK HILLS COM 092113109 2,066,465 -84,276 -3.92 117,085 -14.98 0.2016
2020-05-15 2020-03-31 13F BLACK HILLS COM 092113109 2,150,741 885,348 69.97 137,712 38.57 0.2829
2020-03-18 2019-12-31 13F/A-2 BLACK HILLS COM 092113109 1,265,393 119,600 10.44 99,384 13.04 0.1419
2020-02-28 2019-12-31 13F/A-1 BLACK HILLS COM 092113109 1,265,393 0 99,384 0.1436
2020-02-14 2019-12-31 13F BLACK HILLS COM 092113109 1,265,393 119,600 99,384 124,718.4974
2019-11-14 2019-09-30 13F BLACK HILLS COM 092113109 1,145,793 47,500 4.32 87,917 2.40 0.1474
2019-11-06 2019-06-30 13F/A-2 BLACK HILLS COM 092113109 1,098,293 9,144 0.84 85,854 6.42 0.1448
2019-09-24 2019-06-30 13F/A-1 BLACK HILLS COM 092113109 1,098,293 0 85,854 0.1460
2019-08-14 2019-06-30 13F BLACK HILLS COM 092113109 1,098,293 9,144 85,854
2019-05-15 2019-03-31 13F BLACK HILLS COM 092113109 1,089,149 10,088 0.93 80,673 19.09 0.1376
2019-02-15 2018-12-31 13F BLACK HILLS COM 092113109 1,079,061 17,379 1.64 67,743 9.84 0.1309
2018-11-15 2018-09-30 13F BLACK HILLS COM 092113109 1,061,682 15,400 1.47 61,673 -3.70 0.1005
2019-03-21 2018-06-30 13F/A-1 BLACK HILLS COM 092113109 1,046,282 12,098 1.17 64,043 14.04 0.1104
2018-08-14 2018-06-30 13F BLACK KNIGHT COM 092113109 1,046,282 12,098 64,043
2018-05-11 2018-03-31 13F BLACK HILLS COM 092113109 1,034,184 -6,644 -0.64 56,156 -9.94 0.1023
2018-02-14 2017-12-31 13F BLACK HILLS COM 092113109 1,040,828 -3,275 -0.31 62,352 -13.29 0.1102
2017-11-08 2017-09-30 13F BLACK HILLS COM 092113109 1,044,103 69,921 7.18 71,907 9.40 0.1290
2017-08-14 2017-06-30 13F BLACK HILLS COM 092113109 974,182 155,969 19.06 65,728 20.85 0.1202
2017-05-15 2017-03-31 13F Black Hills COM 092113109 818,213 102,077 14.25 54,387 23.81 0.0988
2017-03-30 2016-12-31 13F/A-1 Black Hills COMMON 092113109 716,136 -7,404 -1.02 43,928 -0.83 0.0841
2017-02-15 2016-12-31 13F Black Hills Common Stock 092113109 716,136 43,928
2016-11-15 2016-09-30 13F Black Hills Common Stock 092113109 723,540 831 0.11 44,295 -2.77 0.0852
2016-09-14 2016-06-30 13F/A-1 Black Hills Common Stock 092113109 722,709 22,101 3.15 45,559 8.15 0.0895
2016-08-15 2016-06-30 13F Black Hills Common Stock 092113109 722,709 45,559
2016-05-16 2016-03-31 13F Black Hills Common Stock 092113109 700,608 -42,632 -5.74 42,127 22.08 0.0849
2016-02-16 2015-12-31 13F BLACK HILLS COMMON 092113109 743,240 -1,365 -0.18 34,509 12.11 0.0708
2015-11-16 2015-09-30 13F BLACK HILLS COMMON 092113109 744,605 23,009 3.19 30,782 -2.27 0.0660
2015-08-21 2015-06-30 13F/A-1 BLACK HILLS COMMON 092113109 721,596 23,486 3.36 31,498 -10.55 0.0624
2015-08-14 2015-06-30 13F BLACK HILLS COMMON 092113109 721,596 31,498
2015-05-18 2015-03-31 13F BLACK HILLS COMMON 092113109 698,110 5,250 0.76 35,213 -4.18 0.0691
2015-02-17 2014-12-31 13F BLACK HILLS COMMON 092113109 692,860 84,469 13.88 36,749 26.16 0.0758
2014-11-14 2014-09-30 13F BLACK HILLS COMMON 092113109 608,391 18,547 3.14 29,130 -19.55 0.0625
2014-08-14 2014-06-30 13F BLACK HILLS COMMON 092113109 589,844 -9,284 -1.55 36,211 4.84 0.0808
2014-05-15 2014-03-31 13F BLACK HILLS Common 092113109 599,128 47,189 8.55 34,540 19.18 0.0596
2014-02-14 2013-12-31 13F BLACK HILLS Common Stock 092113109 551,939 23,977 4.54 28,982 10.10 0.0520
2013-11-14 2013-09-30 13F BLACK HILLS Common Stock 092113109 527,962 128,669 32.22 26,324 35.23 0.0515
2013-08-16 2013-06-30 13F/A-1 BLACK HILLS COMMON 092113109 399,293 399,293 19,466 0.0425
2013-08-14 2013-06-30 13F BLACK HILLS COMMON 092113109 399,293 19,466 0.0425
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.