Black Hills (NYSE: BKH) CEO reports gifting 6,311 shares of stock

Rhea-AI Filing Summary

Black Hills Corp (BKH) President and CEO Linden R. Evans reported gifting company stock rather than trading it for cash. On February 17, 2026, he made bona fide gifts totaling 6,311 shares of common stock, including charitable donations, at no sale price. A prior transaction on December 1, 2025 shows a small acquisition of 8.0758 shares through the company’s dividend reinvestment plan. After correcting a temporary software error noted in the footnotes, he directly owns 169,781.063 shares, plus 4,490.861 shares held indirectly through a 401(k) account.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Evans Linden R

(Last) (First) (Middle)

PO BOX 1400

(Street)

RAPID CITY SD 57709

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACK HILLS CORP /SD/ [ BKH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/17/2026		G		2,580	D	(1)	172,503.986	D
Common Stock	02/17/2026		G		3,731	D	(2)	168,772.986	D
Common Stock	12/01/2025		J		8.0758	A	$72.4513(3)	168,781.0618(4)	D
Common Stock								4,490.861	I	By 401K

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Gifting of shares

2. Charitable donation.

3. Shares acquired through the Company's Dividend Reinvestment Plan.

4. Due to a temporary software issue, the post-transaction share balance is understated by 1,000 shares. The reporting person actually owns 169,781.063 shares.

Remarks:

	/s/Travis Frederickson	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did BKH CEO Linden R. Evans report?

Linden R. Evans reported gifting 6,311 Black Hills Corp (BKH) common shares on February 17, 2026, as bona fide gifts and charitable donations. He also acquired 8.0758 shares earlier through the company’s dividend reinvestment plan, reflecting routine ownership adjustments rather than open-market trading.

Were Linden R. Evans’ recent BKH stock transactions open-market sales or purchases?

The reported BKH transactions were not open-market trades. Evans’ Form 4 shows bona fide gifts and charitable donations of 6,311 common shares at zero price, plus a small acquisition through dividend reinvestment, indicating no traditional buy or sell activity in the open market.

How many Black Hills Corp (BKH) shares does the CEO own after these transactions?

After the reported transactions and a software error correction, Linden R. Evans directly owns 169,781.063 BKH common shares. He also has 4,490.861 shares held indirectly through a 401(k) plan, as disclosed in the Form 4 ownership detail and accompanying footnotes.

What does the Form 4 say about charitable donations of BKH stock?

The Form 4 states that part of the 6,311 BKH shares disposed of on February 17, 2026 were bona fide gifts and charitable donations. Footnotes explicitly describe the transactions as gifting of shares and charitable donation, clarifying that these were non-cash transfers rather than sales.

How were some of Linden R. Evans’ BKH shares acquired?

A footnote explains that certain BKH shares were acquired through the company’s Dividend Reinvestment Plan. Specifically, 8.0758 common shares on December 1, 2025 came via automatic reinvestment, indicating a routine mechanism for increasing ownership rather than a discretionary market purchase.

Did a reporting error affect the CEO’s disclosed BKH share balance?

Yes. A footnote explains a temporary software issue understated Linden R. Evans’ post-transaction BKH balance by 1,000 shares. The corrected figure shows he actually owns 169,781.063 common shares directly, providing a more accurate picture of his holdings after the reported transactions.