Black Hills Corporation bonds BKH
Who owns Black Hills Corporation's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. BKH stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 092113AM1 | 3.15% fixed | 2027-01-15 | USD | 99.43 | 4.42% | 60 bp | 5 | $12.3M | Jul 2026 |
| 092113AV1 | 5.95% fixed | 2028-03-15 | USD | 101.71 | 4.84% | 68 bp | 9 | $29.4M | Jul 2026 |
| 092113AR0 | 3.05% fixed | 2029-10-15 | USD | 94.28 | 5.00% | 73 bp | 10 | $42.7M | Jul 2026 |
| 092113AT6 | 2.5% fixed | 2030-06-15 | USD | 91.02 | 5.08% | 79 bp | 10 | $21.8M | Jul 2026 |
| 092113AY5 | 4.55% fixed | 2031-01-31 | USD | 97.47 | 5.19% | 88 bp | 18 | $27.3M | Jul 2026 |
| 092113AQ2 | 4.35% fixed | 2033-05-01 | USD | 93.50 | 5.51% | 107 bp | 8 | $25.0M | Jul 2026 |
| 092113AW9 | 6.15% fixed | 2034-05-15 | USD | 103.29 | 5.62% | 112 bp | 12 | $9.4M | Jul 2026 |
| 092113AX7 | 6% fixed | 2035-01-15 | USD | 101.68 | 5.75% | 122 bp | 15 | $4.9M | Jul 2026 |
| 092113AN9 | 4.2% fixed | 2046-09-15 | USD | 77.19 | 6.20% | 109 bp | 4 | $1.6M | Jul 2026 |
| 092113AS8 | 3.875% fixed | 2049-10-15 | USD | 70.19 | 6.35% | 124 bp | 4 | $8.3M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 10 | $182.7M | 95.88 | 5.51% | 107 bp | 18 |
| Jun 2026 | 10 | $411.3M | 96.87 | 5.18% | 86 bp | 48 |
| May 2026 | 10 | $133.0M | 97.13 | 5.15% | 85 bp | 18 |
| Apr 2026 | 10 | $174.1M | 97.02 | 5.21% | 109 bp | 18 |
| Mar 2026 | 11 | $401.0M | 98.97 | 5.19% | 114 bp | 51 |
| Feb 2026 | 11 | $186.5M | 99.32 | 4.68% | 77 bp | 18 |
| Jan 2026 | 10 | $165.2M | 97.85 | 4.92% | 92 bp | 19 |
| Dec 2025 | 11 | $434.8M | 99.04 | 4.74% | 92 bp | 52 |
| Nov 2025 | 11 | $193.2M | 98.84 | 4.69% | 90 bp | 17 |
| Oct 2025 | 11 | $168.0M | 98.78 | 4.73% | 96 bp | 18 |
| Sep 2025 | 11 | $429.2M | 98.68 | 4.73% | 93 bp | 51 |
| Aug 2025 | 10 | $161.6M | 96.90 | 5.08% | 103 bp | 17 |
| Jul 2025 | 10 | $145.3M | 96.08 | 5.26% | 105 bp | 16 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 39 added, 38 cut, 6 new holders and 16 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $70.0M | $65.8M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $64.4M | $62.8M | $1.2M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $43.4M | $41.6M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $40.9M | $41.3M | -$900K |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $31.9M | $30.3M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $18.8M | $17.6M | -$1.2M |
| Thornburg Limited Term Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $16.4M | $15.9M | $8.3M |
| Baird Intermediate Bond Fund Baird Funds Inc | 2026-06-30 | $15.0M | $15.6M | $0 |
| Dimensional Ultrashort Fixed Income ETF Dimensional ETF Trust | 2026-07-31 | $14.1M | $14.4M | $10.1M |
| PIMCO Short-Term Fund PIMCO FUNDS | 2026-06-30 | $14.3M | $14.2M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $13.9M | $14.1M | $0 |
| Brookfield Infrastructure Income Fund Inc. | 2026-06-30 | $13.7M | $13.8M | $8.0M |
| VOYA INTERMEDIATE BOND FUND Voya Funds Trust | 2026-06-30 | $13.1M | $12.9M | -$2.2M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $13.1M | $12.7M | -$2.0M |
| DFA Short-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $12.9M | $12.6M | $0 |
| DoubleLine Low Duration Bond Fund DoubleLine Funds Trust | 2026-06-30 | $12.1M | $12.0M | $1.9M |
| PIMCO Short Asset Portfolio PIMCO FUNDS | 2026-06-30 | $10.3M | $10.2M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $10.2M | $10.1M | $300K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $10.0M | $9.7M | $1.0M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.3M | $9.6M | -$3.1M |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $9.9M | $9.3M | $0 |
| DFA Intermediate-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $9.6M | $9.0M | $0 |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $7.9M | $8.2M | $0 |
| Federated Hermes Ultrashort Bond Fund Federated Hermes Total Return Series, Inc. | 2026-06-30 | $7.5M | $7.3M | $0 |
| Victory Income Fund Victory Portfolios III | 2026-07-31 | $10.0M | $7.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Lord Abbett Short Duration Income Fund ($36.6M), SA American Century Inflation Managed Portfolio ($3.6M), Inflation Managed Portfolio ($2.9M), Nomura Corporate Bond Fund ($2.8M), LVIP American Century Inflation Protection Fund ($1.8M), Nomura VIP Corporate Bond Series ($1.2M), Lord Abbett Inflation Focused Fund ($1.0M), JNL/Lord Abbett Short Duration Income Fund ($724K), LVIP Nomura Diversified Floating Rate Fund ($615K), American Century Short Duration Strategic Income ETF ($595K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 7 | $64.4M | $62.8M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $40.9M | $41.3M | 0.06% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 9 | $18.8M | $17.6M | 0.01% |
| DUSB Dimensional Ultrashort Fixed Income ETF | 2026-07-31 | 1 | $14.1M | $14.4M | 0.65% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $13.9M | $14.1M | 0.03% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $13.1M | $12.7M | 0.03% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $10.2M | $10.1M | 0.01% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $10.0M | $9.7M | 0.04% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $9.3M | $9.6M | 0.05% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $6.7M | $6.8M | 0.06% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 6 | $6.5M | $6.4M | 0.06% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 9 | $6.2M | $5.8M | 0.03% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 9 | $6.2M | $5.5M | 0.01% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 3 | $5.1M | $5.2M | 0.05% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $5.6M | $4.2M | 0.05% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.24: safer than 68% of companies (70th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $5.82B |
| Debt barrier (short-term + ½ long-term debt) | $2.50B |
| Equity volatility (1 year) | 23.7% |
| Asset value / asset volatility (solved) | $8.21B / 16.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 107 bp spread prices in about 1.8% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.94 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in BKH's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 47 | $46.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 467 | $5.65B | 6 | $5.8M | 5 | $11.8M | 0 |
| 2026-03-31 | 457 | $4.49B | 6 | $13.2M | 8 | $57.7M | 0 |
| 2025-12-31 | 446 | $4.86B | 6 | $12.4M | 9 | $90.1M | 0 |
| 2025-09-30 | 421 | $3.94B | 5 | $2.0M | 4 | $4.0M | 0 |
| 2025-06-30 | 403 | $3.39B | 4 | $1.2M | 4 | $2.8M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.