Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionVictory Capital Management Inc
Latest Disclosed Ownership685,095 shares
Latest Disclosed Value $ 47,552,444
Victory Capital Management Inc reports 3.01% decrease in ownership of BKH / Black Hills Corporation

On May 15, 2026 - Victory Capital Management Inc filed a 13F-HR form disclosing ownership of 685,095 shares of Black Hills Corporation (US:BKH) valued at $47,552,444 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 706,327 shares of Black Hills Corporation. This represents a change in shares of -3.01% during the quarter. The current value of the position is $49,861,214 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 685,095 -21,232 -3.01 47,552 -3.02 0.0228
2026-02-13 2025-12-31 13F BLACK HILLS COM 092113109 706,327 -21,116 -2.90 49,033 9.44 0.0277
2025-11-12 2025-09-30 13F BLACK HILLS COM 092113109 727,443 19,869 2.81 44,803 12.87 0.0262
2025-08-13 2025-06-30 13F BLACK HILLS COM 092113109 707,574 55,571 8.52 39,695 0.38 0.0256
2025-05-02 2025-03-31 13F BLACK HILLS COM 092113109 652,003 100,421 18.21 39,544 22.51 0.0405
2025-02-06 2024-12-31 13F BLACK HILLS COM 092113109 551,582 89,181 19.29 32,279 14.21 0.0317
2024-11-05 2024-09-30 13F BLACK HILLS COM 092113109 462,401 -19,014 -3.95 28,262 7.95 0.0272
2024-08-05 2024-06-30 13F BLACK HILLS COM 092113109 481,415 169,827 54.50 26,179 53.89 0.0262
2024-05-03 2024-03-31 13F BLACK HILLS COM 092113109 311,588 140,807 82.45 17,013 84.65 0.0166
2024-02-05 2023-12-31 13F BLACK HILLS COM 092113109 170,781 11,549 7.25 9,214 14.38 0.0097
2023-11-06 2023-09-30 13F BLACK HILLS COM 092113109 159,232 -26,237 -14.15 8,056 -27.93 0.0093
2023-07-27 2023-06-30 13F BLACK HILLS COM 092113109 185,469 7,622 4.29 11,176 -0.41 0.0123
2023-05-02 2023-03-31 13F BLACK HILLS COM 092113109 177,847 -559,865 -75.89 11,222 -78.37 0.0126
2023-04-25 2022-12-31 13F/A-3 BLACK HILLS COM 092113109 737,712 651 0.09 51,891 3.94 0.0597
2023-03-10 2022-12-31 13F/A-2 BLACK HILLS COM 092113109 737,712 651 51,891 0.0567
2023-02-10 2022-12-31 13F/A-1 BLACK HILLS COM 092113109 737,712 651 51,891 0.0358
2023-02-09 2022-12-31 13F BLACK HILLS COM 092113109 742,016 4,955 52,231 0.0355
2022-11-02 2022-09-30 13F BLACK HILLS COM 092113109 737,061 -106,596 -12.63 49,921 -18.68 0.0583
2022-08-01 2022-06-30 13F BLACK HILLS COM 092113109 843,657 -3,090 -0.36 61,392 -5.79 0.0699
2022-05-04 2022-03-31 13F BLACK HILLS COM 092113109 846,747 403,387 90.98 65,162 108.27 0.0652
2022-02-07 2021-12-31 13F BLACK HILLS COM 092113109 443,360 -7,267 -1.61 31,288 10.63 0.0288
2021-11-02 2021-09-30 13F BLACK HILLS COM 092113109 450,627 -102,686 -18.56 28,281 -22.12 0.0277
2021-08-03 2021-06-30 13F BLACK HILLS COM 092113109 553,313 64,988 13.31 36,314 11.38 0.0349
2021-05-04 2021-03-31 13F BLACK HILLS COM 092113109 488,325 -41,589 -7.85 32,605 0.13 0.0334
2021-02-01 2020-12-31 13F BLACK HILLS COM 092113109 529,914 98,435 22.81 32,563 41.09 0.0363
2020-11-09 2020-09-30 13F Black Hills COM 092113109 431,479 -166,140 -27.80 23,079 -31.84 0.0296
2020-08-07 2020-06-30 13F BLACK HILLS COM 092113109 597,619 -89,634 -13.04 33,861 -23.05 0.0459
2020-05-12 2020-03-31 13F/A-1 BLACK HILLS COM 092113109 687,253 103,536 17.74 44,005 -4.01 0.0738
2020-05-04 2020-03-31 13F BLACK HILLS COM 092113109 687,253 103,536 44,005 48,159.0009
2020-02-06 2019-12-31 13F/A-1 BLACK HILLS COM 092113109 583,717 -25,848 -4.24 45,845 -1.98 0.0557
2020-02-04 2019-12-31 13F BLACK HILLS COM 092113109 578,381 -31,184 48,023 57,564.7209
2019-11-12 2019-09-30 13F BLACK HILLS COM 092113109 609,565 -19,504 -3.10 46,772 -4.88 0.0602
2019-08-15 2019-06-30 13F BLACK HILLS COM 092113109 629,069 -255,881 -28.91 49,174 -24.98 0.0992
2019-05-03 2019-03-31 13F BLACK HILLS Common Stock 092113109 884,950 -348,389 -28.25 65,548 -15.34 0.1491
2019-05-02 2018-12-31 13F/A-1 BLACK HILLS COM 092113109 1,233,339 -90,947 -6.87 77,429 0.65 0.1944
2019-02-05 2018-12-31 13F BLACK HILLS COM 092113109 1,233,339 -90,947 77,429
2018-11-01 2018-09-30 13F BLACK HILLS COM 092113109 1,324,286 -44,220 -3.23 76,928 -8.16 0.1587
2018-08-02 2018-06-30 13F BLACK HILLS COM 092113109 1,368,506 92,561 7.25 83,766 20.90 0.1782
2018-05-04 2018-03-31 13F BLACK HILLS COM 092113109 1,275,945 572,191 81.31 69,284 63.78 0.1511
2018-02-01 2017-12-31 13F BLACK HILLS COM 092113109 703,754 -416,879 -37.20 42,303 -45.19 0.0890
2017-10-27 2017-09-30 13F BLACK HILLS COM 092113109 1,120,633 -53,639 -4.57 77,178 -2.59 0.1734
2017-08-07 2017-06-30 13F BLACK HILLS COM 092113109 1,174,272 -83,851 -6.66 79,228 -5.26 0.1855
2017-05-10 2017-03-31 13F BLACK HILLS COM 092113109 1,258,123 -56,768 -4.32 83,628 3.68 0.1991
2017-02-09 2016-12-31 13F BLACK HILLS CORP COM COM 092113109 1,314,891 47,934 3.78 80,656 3.99 0.2035
2016-11-02 2016-09-30 13F BLACK HILLS COM 092113109 1,266,957 165,182 14.99 77,563 11.67 0.2172
2016-08-09 2016-06-30 13F BLACK HILLS COM 092113109 1,101,775 -54,191 -4.69 69,455 -0.08 0.2778
2016-05-17 2016-03-31 13F/A-2 Black Hills COM 092113109 1,155,966 394,089 51.73 69,508 96.49 0.2871
2016-05-12 2016-03-31 13F/A-1 BLACK HILLS COM 092113109 1,155,820 -146 69,499 0.2852
2016-05-12 2016-03-31 13F BLACK HILLS COM 092113109 1,155,820 69,499
2016-02-10 2015-12-31 13F BLACK HILLS COM 092113109 761,877 4,718 0.62 35,374 13.02 0.1469
2015-11-06 2015-09-30 13F BLACK HILLS COM 092113109 757,159 3,834 0.51 31,300 -4.81 0.1289
2015-08-14 2015-06-30 13F/A-01 BLACK HILLS COM 092113109 753,325 -18,584 -2.41 32,882 -15.55 0.1217
2015-08-07 2015-06-30 13F Black Hills COM 092113109 753,325 32,882
2015-05-07 2015-03-31 13F Black Hills COM 092113109 771,909 -6,756 -0.87 38,935 -5.73 0.1399
2015-02-11 2014-12-31 13F BLACK HILLS COM 092113109 778,665 778,665 41,300 0.1522
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.