Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionCwm, Llc
Latest Disclosed Ownership49,386 shares
Latest Disclosed Value $ 3,427,849
Cwm, Llc reports 2.94% increase in ownership of BKH / Black Hills Corporation

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 49,386 shares of Black Hills Corporation (US:BKH) valued at $3,427,882 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 47,974 shares of Black Hills Corporation. This represents a change in shares of 2.94% during the quarter. The current value of the position is $3,529,617 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 49,386 1,412 2.94 3,428 114,133.33 0.0089
2026-01-26 2025-12-31 13F BLACK HILLS COM 092113109 47,974 5,071 11.82 3 50.00 0.0090
2025-10-15 2025-09-30 13F BLACK HILLS COM 092113109 42,903 33,934 378.35 3 0.0079
2025-07-25 2025-06-30 13F BLACK HILLS COM 092113109 8,969 3,106 52.98 1 0.0018
2025-05-01 2025-03-31 13F BLACK HILLS COM 092113109 5,863 -1,281 -17.93 0 0.0014
2025-02-04 2024-12-31 13F BLACK HILLS COM 092113109 7,144 758 11.87 0 0.0017
2024-10-08 2024-09-30 13F BLACK HILLS COM 092113109 6,386 1,736 37.33 0 0.0017
2024-07-10 2024-06-30 13F BLACK HILLS COM 092113109 4,650 2,359 102.97 0 0.0012
2024-04-05 2024-03-31 13F BLACK HILLS COM 092113109 2,291 245 11.97 0 0.0006
2024-02-01 2023-12-31 13F BLACK HILLS COM 092113109 2,046 1,738 564.29 0 0.0006
2023-10-11 2023-09-30 13F BLACK HILLS COM 092113109 308 -198 -39.13 0 0.0001
2023-08-03 2023-06-30 13F BLACK HILLS COM 092113109 506 5 1.00 0 0.0002
2023-05-01 2023-03-31 13F BLACK HILLS COM 092113109 501 90 21.90 0 0.0002
2023-02-01 2022-12-31 13F BLACK HILLS COM 092113109 411 -94 -18.61 0 -100.00 0.0002
2022-10-27 2022-09-30 13F BLACK HILLS COM 092113109 505 54 11.97 34 3.03 0.0003
2022-07-28 2022-06-30 13F BLACK HILLS COM 092113109 451 0 0.00 33 -5.71 0.0003
2022-04-21 2022-03-31 13F BLACK HILLS COM 092113109 451 251 125.50 35 150.00 0.0002
2022-01-31 2021-12-31 13F BLACK HILLS COM 092113109 200 -27,842 -99.29 14 -99.24 0.0001
2021-09-15 2021-06-30 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2021-07-29 2021-06-30 13F BLACK HILLS COM 092113109 28,042 0 1,840 0.0147
2021-09-15 2021-03-31 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2021-04-27 2021-03-31 13F BLACK HILLS COM 092113109 25,021 -3,021 1,671 0.0147
2021-09-15 2020-12-31 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2021-01-27 2020-12-31 13F BLACK HILLS COM 092113109 19,486 -8,556 1,197 0.0112
2021-09-15 2020-09-30 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2020-10-19 2020-09-30 13F BLACK HILLS COM 092113109 14,774 -13,268 790 0.0088
2021-09-15 2020-06-30 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2020-07-22 2020-06-30 13F BLACK HILLS COM 092113109 15,511 -12,531 879 0.0104
2021-09-15 2020-03-31 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2020-04-28 2020-03-31 13F BLACK HILLS COM 092113109 12,684 -15,358 812 0.0121
2021-09-14 2019-12-31 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2020-01-27 2019-12-31 13F BLACK HILLS COM 092113109 10,398 -17,644 817 0.0104
2021-09-14 2019-09-30 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2019-10-22 2019-09-30 13F BLACK HILLS COM 092113109 729 -27,313 56 0.0008
2021-09-14 2019-06-30 13F/A-1 BLACK HILLS COM 092113109 28,042 0 0.00 1,840 0.00 0.0147
2019-07-31 2019-06-30 13F BLACK HILLS COM 092113109 317 -27,725 25 0.0004
2021-09-02 2019-03-31 13F/A-1 BLACK HILLS COM 092113109 28,042 27,921 23,075.21 1,840 22,900.00 0.0147
2019-04-22 2019-03-31 13F BLACK HILLS COM 092113109 320 199 24 0.0005
2019-01-25 2018-12-31 13F BLACK HILLS COM 092113109 121 104 611.76 8 700.00 0.0002
2018-10-29 2018-09-30 13F BLACK HILLS COM 092113109 17 0 0.00 1 0.00 0.0000
2018-07-31 2018-06-30 13F BLACK HILLS COM 092113109 17 17 1 0.0000
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.