Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership978,200 shares
Latest Disclosed Value $ 67,906,644
Two Sigma Advisers, Lp reports 739.67% increase in ownership of BKH / Black Hills Corporation

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 978,200 shares of Black Hills Corporation (US:BKH) valued at $67,906,644 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 116,498 shares of Black Hills Corporation. This represents a change in shares of 739.67% during the quarter. The current value of the position is $71,193,396 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)
2026-02-17 2025-12-31 13F BLACK HILLS COM 092113109 978,200 861,702 739.67 67,907 846.43 0.1320
2025-11-14 2025-09-30 13F BLACK HILLS COM 092113109 116,498 298 0.26 7,175 10.08 0.0144
2025-08-14 2025-06-30 13F BLACK HILLS COM 092113109 116,200 11,100 10.56 6,519 2.26 0.0134
2025-05-15 2025-03-31 13F BLACK HILLS COM 092113109 105,100 80,100 320.40 6,374 335.68 0.0144
2025-02-14 2024-12-31 13F BLACK HILLS COM 092113109 25,000 100 0.40 1,463 -3.81 0.0034
2024-11-14 2024-09-30 13F BLACK HILLS COM 092113109 24,900 -42,800 -63.22 1,522 -58.68 0.0036
2024-08-14 2024-06-30 13F BLACK HILLS COM 092113109 67,700 54,900 428.91 3,682 427.36 0.0082
2024-05-15 2024-03-31 13F BLACK HILLS COM 092113109 12,800 -7,900 -38.16 699 -37.46 0.0016
2024-02-14 2023-12-31 13F BLACK HILLS COM 092113109 20,700 -500 -2.36 1,117 4.10 0.0026
2023-11-14 2023-09-30 13F BLACK HILLS COM 092113109 21,200 17,600 488.89 1,073 396.30 0.0027
2023-08-14 2023-06-30 13F BLACK HILLS COM 092113109 3,600 -2,500 -40.98 217 -43.75 0.0006
2023-05-15 2023-03-31 13F BLACK HILLS COM 092113109 6,100 6,100 385 0.0010
2023-02-14 2022-12-31 13F BLACK HILLS COM 092113109 0 -16,200 -100.00 0 -100.00
2022-11-14 2022-09-30 13F BLACK HILLS COM 092113109 16,200 8,900 121.92 1,097 106.59 0.0032
2022-08-15 2022-06-30 13F BLACK HILLS COM 092113109 7,300 7,300 531 0.0015
2021-05-17 2021-03-31 13F BLACK HILLS COM 092113109 0 -47,906 -100.00 0 -100.00
2021-02-16 2020-12-31 13F BLACK HILLS COM 092113109 47,906 -37,800 -44.10 2,944 -35.78 0.0079
2020-11-16 2020-09-30 13F BLACK HILLS COM 092113109 85,706 79,600 1,303.64 4,584 1,224.86 0.0131
2020-09-15 2020-06-30 13F/A-1 BLACK HILLS COM 092113109 6,106 6,106 346 0.0010
2020-08-14 2020-06-30 13F BLACK HILLS COM 092113109 6,106 6,106 346 999.8251
2019-02-14 2018-12-31 13F BLACK HILLS COM 092113109 0 -11,700 -100.00 0 -100.00
2018-11-14 2018-09-30 13F BLACK HILLS COM 092113109 11,700 -17,200 -59.52 680 -61.56 0.0017
2018-08-14 2018-06-30 13F BLACK HILLS COM 092113109 28,900 -6,600 -18.59 1,769 -8.25 0.0048
2018-05-15 2018-03-31 13F BLACK HILLS COM 092113109 35,500 35,500 1,928 0.0052
2016-11-14 2016-09-30 13F BLACK HILLS COM 092113109 0 -25,906 -100.00 0 -100.00
2016-08-15 2016-06-30 13F BLACK HILLS COM 092113109 25,906 12,700 96.17 1,633 105.67 0.0083
2016-05-16 2016-03-31 13F BLACK HILLS COM 092113109 13,206 13,206 0.00 794 0.0044
2016-02-16 2015-12-31 13F BLACK HILLS COM 092113109 0 -69,723 -100.00 0 -100.00
2015-11-16 2015-09-30 13F BLACK HILLS COM 092113109 69,723 46,117 195.36 2,881 179.71 0.0182
2016-02-09 2015-06-30 13F/A-1 BLACK HILLS COM 092113109 23,606 12,000 103.39 1,030 76.07 0.0079
2015-08-14 2015-06-30 13F BLACK HILLS COM 092113109 23,606 1,031
2016-02-09 2015-03-31 13F/A-1 BLACK HILLS COM 092113109 11,606 5,600 93.24 585 83.39 0.0045
2015-05-15 2015-03-31 13F BLACK HILLS COM 092113109 11,606 586
2016-02-09 2014-12-31 13F/A-1 BLACK HILLS COM 092113109 6,006 6,006 319 0.0025
2015-02-17 2014-12-31 13F BLACK HILLS COM 092113109 6,006 319
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.