• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form 11-K filed by Black Hills Corporation

    6/23/25 1:07:38 PM ET
    $BKH
    Electric Utilities: Central
    Utilities
    Get the next $BKH alert in real time by email
    11-K 1 2024_bhc_401k_11-k.htm 11-K 11-K

    Table of Contents

     

     

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549
     

     

    Form 11-K

     

     

     

    x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    For the fiscal year ended December 31, 2024

     

    OR

     

     

    o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    For the transition period from __________ to __________

     

    Commission File Number 001-31303


     

    A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

     


    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

     


    B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
     

     

    Black Hills Corporation

    7001 Mount Rushmore Road

    Rapid City, South Dakota 57702

     

     

     


     

    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

     

    TABLE OF CONTENTS

     

     

     

    Page

     

     

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    3

     

     

    FINANCIAL STATEMENTS:

     

     

     

    Statements of Net Assets Available for Benefits

    4

     

     

    Statement of Changes in Net Assets Available for Benefits

    5

     

     

    Notes to Financial Statements

    6

     

     

    SUPPLEMENTAL SCHEDULE:

     

     

     

    Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets

    11

     

     

    Exhibits

    12

     

     

    Signature

    13

     

     

    NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

     

     

     

    2


    Table of Contents

     

     

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     

    To the Plan Participants and Plan Administrator of

    Black Hills Corporation 401(k) Retirement Savings Plan

     

    Opinion on the Financial Statements

     

    We have audited the accompanying statements of net assets available for benefits of Black Hills Corporation 401(k) Retirement Savings Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

     

    Basis for Opinion

     

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

     

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

     

    Report on Supplemental Schedule

     

    The supplemental schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

     

     

    /s/ DELOITTE & TOUCHE LLP

     

    Minneapolis, Minnesota

    June 23, 2025

     

    We have served as the auditor of the Plan since 2002.

     

     

    3


    Table of Contents

     

     

    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

     

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

    As of December 31, 2024 and 2023

     

     

     

    

    2024

     

     

    2023

     

    

    

     

     

    

     

    Assets:

    

     

     

    

     

    Investments - at fair value:

    

     

     

    

     

    Participant-directed investments

    $

    789,443,230

     

     

    $

    716,364,786

     

    

     

     

     

     

     

    Cash

     

    11,034

     

     

     

    -

     

    

     

     

     

     

     

    Receivables:

     

     

     

     

     

    Employer contribution

     

    11,625,554

     

     

     

    168,972

     

    Notes receivable from participants

     

    10,141,466

     

     

     

    10,432,007

     

    Total receivables

     

    21,767,020

     

     

     

    10,600,979

     

    

     

     

     

    

     

    Net assets available for benefits

    $

    811,221,284

     

     

    $

    726,965,765

     

     

    See Notes to Financial Statements.

     

     

    4


    Table of Contents

     

     

    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

     

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

    For The Year Ended December 31, 2024

     

     

     

    

    2024

     

    Additions to net assets

    

     

    Contributions:

    

     

    Participant contributions

    $

    33,273,322

     

    Participant rollover contributions

     

    3,429,642

     

    Employer contributions

     

    27,930,115

     

    Total contributions

     

    64,633,079

     

    

    

     

    Investment income:

    

     

    Net appreciation in fair value of investments

     

    79,800,826

     

    Interest and dividends

     

    14,590,186

     

    Total investment income

     

    94,391,012

     

    

    

     

    Other income:

    

     

    Interest received on notes receivable from participants

     

    804,238

     

    

    

     

    Total additions to net assets

     

    159,828,329

     

    

    

     

    Deductions from net assets:

    

     

    Administrative expenses

     

    (149,200

    )

    Benefits paid to participants

     

    (75,423,610

    )

    Total deductions from net assets

     

    (75,572,810

    )

    

     

     

    Increase in net assets available for benefits

     

    84,255,519

     

    

    

     

    Net assets available for benefits:

    

     

    Beginning of year

     

    726,965,765

     

    End of year

    $

    811,221,284

     

     

     

    See Notes to Financial Statements.

     

    5


    Table of Contents

     

     

    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

     

    NOTES TO FINANCIAL STATEMENTS

    As of December 31, 2024 and 2023 and for the Year Ended December 31, 2024

     

     

    (1) DESCRIPTION OF THE PLAN

     

    The following description of the Black Hills Corporation 401(k) Retirement Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the plan document for a more complete description of the Plan’s information.

     

    General — The Plan is a defined-contribution plan for eligible employees of Black Hills Corporation and subsidiary companies (the “Company” or “Plan Sponsor”). The Plan is subject to the provisions of the Employment Retirement Income Security Act of 1974, as amended (ERISA) and is designed to comply with the provisions of Section 401(k) of the Internal Revenue Code (IRC).

     

    Plan Administration — Charles Schwab Trust Bank (Charles Schwab) serves as custodian and record keeper. The Plan is administered by the Black Hills Corporation Benefits Committee (the “Committee”). Charles Schwab is the trustee of the Plan.

     

    Eligibility and Vesting — Employees meeting certain criteria, as defined in the Plan, are eligible to participate in the Plan one month following their date of employment. The Plan includes an automatic enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 6% of eligible compensation and their contributions are invested in a target retirement fund appropriate for their age until changed by the participant. The Plan includes an Automatic Savings Increase (ASI) feature where the participant’s savings rate will increase 1% annually until their savings rate reaches 15%, they have elected to change their savings rate, or they have elected to opt-out of ASI.

     

    Participants are vested immediately in their contributions, plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of service at a rate of 20% per year. A participant is 100% vested after five years of service. Participants also become fully vested in Company contributions if their employment with the Company is terminated due to retirement at or after attainment of age 65, total and permanent disability, or death.

     

    Contributions — Contributions to the Plan include (i) salary reduction contributions authorized by participants, (ii) matching contributions made by the Company, (iii) non-elective contributions made by the Company; and (iv) participant rollovers from another plan.

     

    Participants may contribute up to 50% of their eligible compensation to the Plan each year. These contributions are subject to certain IRC limitations with an annual maximum pre-tax contribution of $23,000 for 2024 and $22,500 for 2023. Combined employee pre-tax, employee after-tax, employee Roth and employer contributions per participant (excluding catch-up contributions) were limited to the lesser of $69,000 and $66,000 in 2024 and 2023, respectively or 50% of the employee’s available eligible annual pay. Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions of $7,500 for both 2024 and 2023 respectively. There is no limit to how often participants may change their contribution percentages. The Plan provides for Company matching contributions and non-elective Company Retirement Contributions for certain eligible participants.

     

    Company Matching Contributions — The Company makes a standard matching contribution which is equal to 100% of each eligible participant’s pre-tax, Roth and after-tax deferral contributions up to 6% of the participant’s compensation as provided under the Plan. All matching contributions are invested as directed by the participant. Company Matching Contributions of $18,007,565 were made to eligible participants in 2024.

     

    Company Retirement Contributions — The Company Retirement Contributions are non-elective contributions made to eligible participants equal to a certain percent of their eligible compensation based upon their age and years of service at a certain date. All Company Retirement Contributions are invested as directed by the participant. Company Retirement Contributions of $11,344,904 were made to eligible participants in January 2025 for the 2024 plan year.

     

    Rollover Contributions — Participants may also contribute amounts representing distributions from other qualified defined benefit or defined-contribution plans. Contributions are subject to certain IRC limitations. The Plan received $3,429,642 in rollover contributions from other qualified plans in 2024.

     

    Participant Accounts — Individual accounts are maintained for each Plan participant. As applicable, each participant’s account is credited with (i) the participant’s contribution and related matching, and (ii) Plan earnings. Participant accounts are also charged an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings or account balances, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

    6


    Table of Contents

     

     

    Investments — Participants may direct the investment of their contributions, the Company contributions and/or their account balances into various investment options offered by the Plan and may change investments and transfer amounts between funds daily. The Plan offers 21 investment options, including a common collective trust stable value fund, common collective trust Vanguard target retirement date funds TR1, Vanguard mutual funds, common stock of the Company, and a self-directed brokerage account feature, Schwab Personal Choice Retirement Account (PCRA). With respect to common stock of the Company, participants may direct up to 20% of their account balance in Black Hills Corporation common stock. With respect to the PCRA, participants may direct up to 100% of their account balance in permitted investments of the PCRA (which excludes the Plan’s investment offerings).

     

    Notes Receivable from Participants — Participants may borrow a minimum of $1,000 from their accounts and up to a maximum of the lesser of $50,000, reduced by the highest outstanding loan balance during the one-year period ending the day before the request for a new loan, or one-half of the vested account balance. Loans are secured by an assignment of a participant’s vested interest in the Plan, and bear interest at 1% over the prime interest rate on the date of the loan. Principal and interest are paid ratably through payroll deductions. Loans must be repaid within 5 years; however, terms may exceed 5 years for the purchase of a primary residence and must be repaid within 15 years. Participants may not have more than one loan outstanding at any time. Loans are prohibited for terminated employees.

     

    As of December 31, 2024, participant loans have maturities through August 29, 2038 at interest rates ranging from 4.25% to 9.50%.

     

    Payment of Benefits — On termination of service with the Company (including termination of service due to death, disability, or retirement), a participant (or the participant’s beneficiary in the case of death) may generally elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or installment payments.

     

    Participants are also eligible to make hardship withdrawals from their deferred contributions in the event of certain financial hardships.

     

    Forfeited Accounts — When certain terminations of participation in the Plan occur, the non-vested portion of the participant’s account as defined by the Plan, represents a forfeiture. The Plan document permits the use of forfeitures to either reduce future employer contributions or plan administrative expenses for the plan year. However, if a participant is re-employed and fulfills certain requirements, as defined in the plan document, the account will be reinstated. During 2024, Company contributions were reduced by $1,423,982, and $14,362 of Plan administrative expenses were paid from forfeited non-vested accounts, respectively. The balance of the forfeiture account on December 31, 2024 and 2023 was $141,485 and $299,194, respectively.

     

     

    (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     

    Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

     

    Contributions — Contributions to the Plan from Company employees and matching contributions from the Company are recorded when the employee's payroll deductions are made.

    Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value or net asset value ("NAV"). Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. NAV is determined by the financial institution sponsoring such funds by dividing the net assets by its units outstanding at the valuation date. See Note 3 for discussion on fair value measurements.

     

    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as those held during the year.

     

    Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

     

    Administrative Expenses — Plan administrative expenses of approximately $314,859 in 2024 were paid by the Company. Plan administrative expenses of approximately $149,200 in 2024 were paid by Plan participants and by Plan forfeitures and are reflected in the Statement of Changes in Net Assets Available for Benefits.

     

    Excess Contributions Payable — The Plan is required to return contributions received during the Plan year in excess of the IRC limits. As of December 31, 2024, the Plan did not have any excess contributions payable.

     

    7


    Table of Contents

     

     

    Roth 401(k) Option — Roth 401(k) employee contributions are made on an after-tax basis. The Company match applies to the Roth 401(k) contributions.

     

    Use of Estimates — The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

     

    Risks and Uncertainties — The Plan provides various investment options to its participants. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such a change could materially affect the value of the participants’ account balances, and the amounts reported in the financial statements.

     

     

    (3) FAIR VALUE MEASUREMENTS

     

    ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation methodologies used to measure fair value, as follows:

     

    •
    Level 1 refers to securities valued using unadjusted quoted prices from active markets for identical assets;

     

    •
    Level 2 refers to securities not traded on an active market but for which observable market inputs are readily available; and

     

    •
    Level 3 refers to securities valued based on significant unobservable inputs.

     

    Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

     

    Additional information about plan assets, including methods and assumptions used to estimate the fair value of these assets, is as follows:

     

    Money market funds are primarily cash equivalents held in short-term commingled funds that are categorized as Level 1. They are valued at cost plus accrued interest, which approximates fair value.

     

    Mutual funds are categorized as Level 1 and are valued at the closing price reported on the active market on which the individual securities are traded.

     

    Common stock is valued at the closing price reported on the active market on which the securities are traded. Common stock is categorized as Level 1. See Note 7 for further discussion of Black Hills Corporation common stock.

     

    Self-directed brokerage accounts consist of common stocks, mutual fund, and short-term investments that are valued on the basis of readily determinable market prices and are categorized as Level 1. These accounts also consist of bonds, which are valued by evaluated pricing from observable market prices, and are categorized as Level 2.

     

    Common collective trust funds are funds based upon the redemption price of units held by the Plan, which is based on the current net asset value (NAV) of the common collective trust fund’s underlying assets. The NAV, as provided by the custodian, is used as a practical expedient to estimate fair value. Unit values are determined by the financial institution sponsoring such funds by dividing the net assets by its units outstanding at the valuation dates. There are no unfunded commitments, redemption restrictions or redemption notifications for any investments for which the Plan holds.

     

    The Invesco Stable Value CL B1 (the “Fund”) is a common collective trust stable value fund sponsored by Invesco Trust Company. The beneficial interest of each participant is represented by units. Units are issued and redeemed daily at the Fund’s NAV determined as of the close of business each day. Distribution to the Fund’s unit holders is declared daily from the net investment income and automatically reinvested in the Fund on a monthly basis, when paid. It is the policy of the Fund to use its best efforts to maintain a stable NAV, although there is no guarantee that the Fund will be able to maintain this value.

     

    Participants may direct either the withdrawal or transfer of all or a portion of their investment at contract value. Contract value represents contributions made to the Fund, plus earnings, less participant withdrawals and administrative expenses. Certain events may limit the ability of the Plan to transact at contract value with the stable value fund (for example, partial or complete termination of the Plan or its merger with another plan, plant closings, layoffs, bankruptcy, mergers, early retirement incentives, certain transfers of assets from the stable value fund) and may also limit the ability of the stable value fund to transact at contract value with the participants. Plan management believes that the occurrence of events that would cause the Fund to transact at

    8


    Table of Contents

     

     

    less than contract value is not probable. There are no unfunded commitments, redemption restrictions or redemption notifications related to the Fund.

     

    The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023:

     

     

    

    December 31, 2024

     

    

    Level 1

     

    Level 2

     

    Level 3

     

    Total Investments Measured at Fair Value

     

    Net Asset Value

     

    Total Investments

     

    

    

     

    

     

    

     

    

     

    

     

    

     

    Money market funds

    $

    23,425

     

    $

    -

     

    $

    -

     

    $

    23,425

     

    $

    -

     

    $

    23,425

     

    Mutual funds

     

    265,960,548

     

     

    -

     

     

    -

     

     

    265,960,548

     

     

    -

     

     

    265,960,548

     

    Black Hills Corporation common stock

     

    14,676,035

     

     

    -

     

     

    -

     

     

    14,676,035

     

     

    -

     

     

    14,676,035

     

    Self-directed brokerage accounts - PCRA

     

    24,851,108

     

     

    11,480,762

     

     

    -

     

     

    36,331,870

     

     

    -

     

     

    36,331,870

     

    Common collective trust funds

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    472,451,352

     

     

    472,451,352

     

    Total investments

    $

    305,511,116

     

    $

    11,480,762

     

    $

    -

     

    $

    316,991,878

     

    $

    472,451,352

     

    $

    789,443,230

     

     

    

    December 31, 2023

     

    

    Level 1

     

    Level 2

     

    Level 3

     

    Total Investments Measured at Fair Value

     

    Net Asset Value

     

    Total Investments

     

    

    

     

    

     

    

     

    

     

    

     

    

     

    Money market funds

    $

    1,603

     

    $

    -

     

    $

    -

     

    $

    1,603

     

    $

    -

     

    $

    1,603

     

    Mutual funds

     

    640,286,907

     

     

    -

     

     

    -

     

     

    640,286,907

     

     

    -

     

     

    640,286,907

     

    Black Hills Corporation common stock

     

    15,331,403

     

     

    -

     

     

    -

     

     

    15,331,403

     

     

    -

     

     

    15,331,403

     

    Self-directed brokerage accounts - PCRA

     

    22,925,212

     

     

    9,262,162

     

     

    -

     

     

    32,187,374

     

     

    -

     

     

    32,187,374

     

    Common collective trust funds

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    28,557,499

     

     

    28,557,499

     

    Total investments

    $

    678,545,125

     

    $

    9,262,162

     

    $

    -

     

    $

    687,807,287

     

    $

    28,557,499

     

    $

    716,364,786

     

     

    For the years ended December 31, 2024 and 2023, there were no transfers between levels.

     

     

    (4) PLAN TERMINATION

     

    Although it has not expressed any intention to do so, the Company has the right under the Plan to amend or discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.

     

     

    (5) FEDERAL INCOME TAX STATUS

     

    The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated March 31, 2014, that the Plan and related trust were designed in accordance with the applicable provisions of the IRC and regulations thereunder. The Company and Plan management believe that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue to be tax-exempt.

     

    GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. No uncertain positions were taken by the Plan that would require recognizing a tax liability or asset.

     

     

    9


    Table of Contents

     

     

    (6) RELATED PARTY TRANSACTIONS AND EXEMPT PARTY-IN-INTEREST TRANSACTIONS

     

    The Plan invests in a fund offered by Charles Schwab and Black Hills Corporation common stock. These transactions qualify as exempt party-in-interest transactions.

     

    At December 31, 2024 and 2023, the Plan held 250,787 and 284,178 shares, respectively, of common stock of Black Hills Corporation, the sponsoring employer, with a cost basis of $13,525,925 and $15,109,830 respectively. The market value of these shares totaled $14,676,035 and $15,331,403 at December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Plan recorded dividend income from this investment of $694,375. The plan sponsor has the right to vote the shares of the Company’s common stock held by the Plan.

     

    At December 31, 2024 and 2023, the Plan held Notes receivable from participants of $10,141,466 and $10,432,007 respectively.

     

    At December 31, 2024 and 2023, the Plan held Schwab U.S. Treasury Money Fund of $23,425 and $1,603 respectively.

     

    The Plan also pays certain fees to Charles Schwab on behalf of the Plan for trust and record keeping services. Fees paid to Charles Schwab for trust and record keeping services were $21,825 and $25,050 for the years ended December 31, 2024 and 2023, respectively. These transactions qualify as exempt party-in-interest transactions.

     

    (7) SUBSEQUENT EVENTS

    The Plan has evaluated the impact of events that have occurred subsequent to December 31, 2024, through the date the Plan’s financial statements were filed with the SEC. Based on this evaluation, the Plan has determined none of these events were required to be recognized or disclosed.

     

    ***********

     

     

    10


    Table of Contents

     

     

    SUPPLEMENTAL SCHEDULE

    BLACK HILLS CORPORATION 401(k) RETIREMENT SAVINGS PLAN

    (EIN: 46-0458824) (Plan No. 003)

     

    FORM 5500, SCHEDULE H, PART IV, LINE 4i —

    SCHEDULE OF ASSETS (held at end of year)

    As of December 31, 2024

     

     

     

    Description

    Cost**

    Current Value

     

    Money market fund:

    

     

     

    Schwab U.S. Treasury Money Fund*

    

    $

    23,425

     

    

    

     

     

    Common collective trust funds:

    

     

     

    Invesco Stable Value CL B1

    

     

    26,446,474

     

    Vanguard Target Retirement 2020 Fund TR I

    

     

    18,359,742

     

    Vanguard Target Retirement 2025 Fund TR I

    

     

    48,083,047

     

    Vanguard Target Retirement 2030 Fund TR I

    

     

    56,566,789

     

    Vanguard Target Retirement 2035 Fund TR I

    

     

    69,315,410

     

    Vanguard Target Retirement 2040 Fund TR I

    

     

    64,085,014

     

    Vanguard Target Retirement 2045 Fund TR I

    

     

    78,578,401

     

    Vanguard Target Retirement 2050 Fund TR I

    

     

    50,886,494

     

    Vanguard Target Retirement 2055 Fund TR I

    

     

    34,468,442

     

    Vanguard Target Retirement 2060 Fund TR I

    

     

    15,579,338

     

    Vanguard Target Retirement 2065 Fund TR I

    

     

    2,376,574

     

    Vanguard Target Retirement 2070 Fund TR I

     

     

    286,123

     

    Vanguard Target Retirement Income Fund TR I

    

     

    7,419,504

     

    Total common collective trust funds

    

     

    472,451,352

     

     

     

     

     

    Mutual funds:

    

     

     

    Vanguard Extended Market Index Fund

    

     

    50,799,203

     

    Vanguard Inflation-Protected Securities Fund

    

     

    14,624,130

     

    Vanguard Institutional Index Plus Fund

    

     

    129,684,908

     

    Vanguard REIT Index Fund

    

     

    6,968,599

     

    Vanguard Total Bond Market Index Fund

    

     

    28,178,648

     

    Vanguard Total International Stock Index

    

     

    35,705,060

     

    Total mutual funds

    

     

    265,960,548

     

    

    

     

     

    Common stock - Black Hills Corporation*

    

     

    14,676,035

     

    

    

     

     

    Self-directed brokerage accounts - PCRA

    

     

    36,331,870

     

    

    

     

     

    Cash

     

     

    11,034

     

     

     

     

     

    Participant loans* (interest rates ranging from 4.25% - 9.50%; Maturity dates extending through August 29, 2038)

    

     

    10,141,466

     

    

     

    $

    799,595,730

     

    ________________________

    * Denotes party-in-interest to the Plan

    ** Cost information is not required for participant-directed accounts and therefore is not included.

     

    See accompanying Independent Auditor's Report

    11


    Table of Contents

     

     

    EXHIBIT INDEX

     

    Exhibit Number

    Description

    23

    Consent of Independent Registered Public Accounting Firm

     

    12


    Table of Contents

     

     

    SIGNATURE


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.


    Black Hills Corporation 401(k) Retirement Savings Plan

     

     

     

    /s/ Kimberly F. Nooney

     

     

    Kimberly F. Nooney, Senior Vice President and

     

     

      Chief Financial Officer

     

     

     

    Dated:

    June 23, 2025

     

     

    13


    Get the next $BKH alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $BKH

    DatePrice TargetRatingAnalyst
    5/13/2025$68.00Outperform
    BMO Capital Markets
    11/21/2023$53.00Underperform → Neutral
    Mizuho
    2/10/2023$81.00 → $68.00Outperform → Sector Perform
    RBC Capital Mkts
    2/9/2023$67.00Buy → Neutral
    Sidoti
    2/9/2023$71.00 → $60.00Neutral → Underperform
    Mizuho
    2/8/2023$67.00Sector Outperform → Sector Perform
    Scotiabank
    10/13/2022$87.00 → $66.00Buy → Neutral
    BofA Securities
    5/6/2022$71.00 → $76.00Buy → Neutral
    Mizuho
    More analyst ratings

    $BKH
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Black Hills Corp. Schedules 2025 Second-Quarter Earnings Release and Conference Call

      RAPID CITY, S.D., July 02, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) will announce its 2025 second-quarter earnings after the market closes Wednesday, July 30, 2025, and will host a live conference call and webcast at 11 a.m. EDT on Thursday, July 31, 2025, to discuss the company's financial results. To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number. To access a listen-only webcast and view presentation slides, please register at B

      7/2/25 4:15:35 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corp. Receives Approval For 99 MW Dispatchable Generation Resource in South Dakota

      RAPID CITY, S.D., June 11, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) today announced that its South Dakota electric utility subsidiary serving South Dakota and eastern Wyoming has received approval from the Wyoming Public Service Commission for a certificate of public convenience and necessity (CPCN) that supports the need for its Lange II Project, a 99 MW dispatchable generation resource in Rapid City, South Dakota. The approval allows commencement of construction of the project, which addresses a capacity deficit resulting from the retirement of other aging generation units, as well as an increase in planning reserve margin to ensure the utility has a reliable energy supply.

      6/11/25 8:45:00 AM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Dakota Gold Announces Leadership Changes and Board Additions

      Lead, South Dakota--(Newsfile Corp. - May 19, 2025) - Dakota Gold Corp. (NYSE:DC) ("Dakota Gold" or the "Company") is pleased to announce changes to its senior leadership team and Board of Directors. Jack Henris will be appointed President and Chief Operating Officer (COO) of Dakota Gold effective June 1, 2025 upon the retirement of Gerald Aberle, our current COO. Mr. Aberle will continue to serve on the Board of Directors. Todd Kenner and Kevin Puil were appointed to the Board of Directors effective May 15, 2025 and Amy Koenig will resign from the Board of Directors on May 31, 2025 and assume the role of Senior Vice President, Chief Legal Officer and Corporate Secretary for Dakota Gold effe

      5/19/25 4:30:00 PM ET
      $BKH
      $DC
      Electric Utilities: Central
      Utilities
      Metal Mining
      Basic Materials

    $BKH
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Prochazka Scott M was granted 2,222 shares, increasing direct ownership by 31% to 9,319 units (SEC Form 4)

      4 - BLACK HILLS CORP /SD/ (0001130464) (Issuer)

      5/2/25 7:15:47 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Director Otto Robert P was granted 2,222 shares, increasing direct ownership by 22% to 12,431 units (SEC Form 4)

      4 - BLACK HILLS CORP /SD/ (0001130464) (Issuer)

      5/2/25 6:24:41 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Director Mcallister Kathleen S was granted 2,222 shares, increasing direct ownership by 19% to 14,091 units (SEC Form 4)

      4 - BLACK HILLS CORP /SD/ (0001130464) (Issuer)

      5/2/25 6:23:39 PM ET
      $BKH
      Electric Utilities: Central
      Utilities

    $BKH
    SEC Filings

    See more
    • SEC Form 11-K filed by Black Hills Corporation

      11-K - BLACK HILLS CORP /SD/ (0001130464) (Filer)

      6/23/25 1:07:38 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

      8-K - BLACK HILLS CORP /SD/ (0001130464) (Filer)

      5/8/25 4:55:16 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • SEC Form 424B5 filed by Black Hills Corporation

      424B5 - BLACK HILLS CORP /SD/ (0001130464) (Filer)

      5/8/25 4:53:46 PM ET
      $BKH
      Electric Utilities: Central
      Utilities

    $BKH
    Leadership Updates

    Live Leadership Updates

    See more
    • Dakota Gold Announces Leadership Changes and Board Additions

      Lead, South Dakota--(Newsfile Corp. - May 19, 2025) - Dakota Gold Corp. (NYSE:DC) ("Dakota Gold" or the "Company") is pleased to announce changes to its senior leadership team and Board of Directors. Jack Henris will be appointed President and Chief Operating Officer (COO) of Dakota Gold effective June 1, 2025 upon the retirement of Gerald Aberle, our current COO. Mr. Aberle will continue to serve on the Board of Directors. Todd Kenner and Kevin Puil were appointed to the Board of Directors effective May 15, 2025 and Amy Koenig will resign from the Board of Directors on May 31, 2025 and assume the role of Senior Vice President, Chief Legal Officer and Corporate Secretary for Dakota Gold effe

      5/19/25 4:30:00 PM ET
      $BKH
      $DC
      Electric Utilities: Central
      Utilities
      Metal Mining
      Basic Materials
    • Black Hills Corp. Announces Appointment of Corporate Controller

      RAPID CITY, S.D., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) today announced the appointment of Courtney Hebert to vice president-corporate controller and chief risk officer. Courtney will report to Kimberly Nooney, vice president and treasurer, who was recently appointed chief financial officer effective April 1, 2023. Hebert brings more than 20 years of financial experience to his role in accounting, finance, risk, internal audit, internal controls and compliance. He was previously assistant controller and chief risk officer and started with Black Hills two years ago as the director of risk. He brings significant utility experience from various roles at two large uti

      11/14/22 6:06:00 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • The Metals Company Appoints New Independent Board Director & Audit Committee Chair, Achieving 50-50 Gender Parity on Board

      Kathleen McAllister is a seasoned CEO, CFO and Board Director who has held diverse leadership roles in global, capital-intensive companies in the energy value chain, including at Black Hills Corp. (NYSE:BKH), Höegh LNG Partners LP (NYSE:HMLP) and Transocean Partners LLC (NYSE:RIGP)McAllister's appointment – together with earlier appointments of Sheila Khama, Amelia Kinahoi Siamomua and Gina Stryker – brings 50-50 gender parity to TMC's boardroom. With just three percent of S&P 500 companies' boards comprised of 50 percent or more women today, TMC is joining a small but rapidly growing number of companies delivering on gender parity goals NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The Met

      2/10/22 8:00:00 AM ET
      $BKH
      $HMLP
      $RIG
      $TMC
      Electric Utilities: Central
      Utilities
      Marine Transportation
      Consumer Discretionary

    $BKH
    Financials

    Live finance-specific insights

    See more
    • Black Hills Corp. Schedules 2025 Second-Quarter Earnings Release and Conference Call

      RAPID CITY, S.D., July 02, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) will announce its 2025 second-quarter earnings after the market closes Wednesday, July 30, 2025, and will host a live conference call and webcast at 11 a.m. EDT on Thursday, July 31, 2025, to discuss the company's financial results. To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number. To access a listen-only webcast and view presentation slides, please register at B

      7/2/25 4:15:35 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corp. Reaffirms 2025 Earnings Guidance and Reports 2025 First-Quarter Results

      Reaffirms 2025 earnings guidance range of $4.00 to $4.20 per share with strong confidence in 4-6% EPS growth rate outlookObtained all rights-of-way for 260-mile electric transmission expansion in Wyoming that will provide long-term cost stability for customers and enable growthServed new all-time peak load at Wyoming Electric, reflecting an increase of nearly 10% over 2024, driven by data center and blockchain growthSeeking $35 million of new annual revenues in Nebraska to continue providing reliable service for customersWildfire legislation enacted in Wyoming protects utilities from liability for damages when following commission-approved wildfire mitigation plans RAPID CITY, S.D., May 07

      5/7/25 6:32:12 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corp. Announces Quarterly Dividend

      RAPID CITY, S.D., April 22, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) today announced that its board of directors declared a quarterly dividend on the common stock at a meeting held April 22, 2025. Common shareholders of record at the close of business on May 16, 2025, will receive $0.676 per share, payable June 1, 2025. The company also confirms that it will release its 2025 first quarter earnings after the market closes Wednesday, May 7, 2025, and will host a live conference call and webcast at 11 a.m. EDT on Thursday, May 8, 2025, to discuss the company's financial results. To participate by phone and ask a question during the live broadcast, participants can access the ev

      4/22/25 7:53:56 PM ET
      $BKH
      Electric Utilities: Central
      Utilities

    $BKH
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • BMO Capital Markets initiated coverage on Black Hills Corp with a new price target

      BMO Capital Markets initiated coverage of Black Hills Corp with a rating of Outperform and set a new price target of $68.00

      5/13/25 9:38:46 AM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corp upgraded by Mizuho with a new price target

      Mizuho upgraded Black Hills Corp from Underperform to Neutral and set a new price target of $53.00

      11/21/23 7:16:03 AM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • Black Hills Corp downgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts downgraded Black Hills Corp from Outperform to Sector Perform and set a new price target of $68.00 from $81.00 previously

      2/10/23 7:13:28 AM ET
      $BKH
      Electric Utilities: Central
      Utilities

    $BKH
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Black Hills Corporation (Amendment)

      SC 13G/A - BLACK HILLS CORP /SD/ (0001130464) (Subject)

      2/13/24 4:55:49 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13G/A filed by Black Hills Corporation (Amendment)

      SC 13G/A - BLACK HILLS CORP /SD/ (0001130464) (Subject)

      1/25/24 2:49:37 PM ET
      $BKH
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13G/A filed by Black Hills Corporation (Amendment)

      SC 13G/A - BLACK HILLS CORP /SD/ (0001130464) (Subject)

      2/9/23 10:54:46 AM ET
      $BKH
      Electric Utilities: Central
      Utilities