Black Hills (NYSE: BKH) CLO receives 2,874 restricted stock shares

Rhea-AI Filing Summary

Black Hills Corp. Chief Legal Officer Darren T. Nakata received 2,874 shares of common stock on February 6, 2026. The shares were acquired at $0.00 per share through a restricted stock grant under the company’s Incentive Compensation Plan, bringing his directly owned total to 7,495 shares.

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^*

Nakata Darren T.

(Last) (First) (Middle)

7001 MOUNT RUSHMORE RD

(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)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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	02/06/2026		A		2,874	A	$0(1)	7,495	D

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. Shares acquired through a Restricted Stock Grant under the Company's Incentive Compensation Plan.

Remarks:

	/s/Travis Frederickson	02/09/2026
	** 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 transaction did BKH report for Darren T. Nakata?

Black Hills Corp. reported that Chief Legal Officer Darren T. Nakata received 2,874 shares of common stock. The award was recorded as an acquisition and reflects equity-based compensation granted under the company’s Incentive Compensation Plan.

How many Black Hills (BKH) shares does Darren T. Nakata own after this grant?

After the February 6, 2026 transaction, Darren T. Nakata beneficially owns 7,495 shares of Black Hills Corp. common stock directly. This total includes the 2,874 restricted shares reported as acquired in the latest Form 4 filing.

What was the price of the Black Hills (BKH) shares granted to Darren T. Nakata?

The 2,874 Black Hills Corp. common shares granted to Darren T. Nakata were reported at a per-share price of $0.00. This reflects that the shares were issued as a restricted stock grant under the company’s Incentive Compensation Plan, not purchased on the market.

What is the nature of the Black Hills (BKH) stock award to Darren T. Nakata?

The filing states that the 2,874 shares were acquired through a Restricted Stock Grant under Black Hills Corp.’s Incentive Compensation Plan. Restricted stock grants are typically part of executive compensation and may be subject to vesting or service conditions.

Is Darren T. Nakata’s Black Hills (BKH) share ownership direct or indirect?

The Form 4 reports Darren T. Nakata’s 7,495 Black Hills Corp. shares as held with direct ownership. No nature-of-ownership footnote or indication of indirect ownership through an entity is provided in the filing excerpt.