Hawaiian Electric: Arena Holdings reports 3.0% stake

Hawaiian Electric Industries reports an amendment to a Schedule 13G identifying Arena Holdings Management LLC and Feroz Dewan as beneficial owners of 5,119,700 shares of common stock, representing 3.0% of the class.

Rhea-AI Filing Summary

Hawaiian Electric Industries reports an amendment to a Schedule 13G identifying Arena Holdings Management LLC and Feroz Dewan as beneficial owners of 5,119,700 shares of common stock, representing 3.0% of the class. The filing states the shares are held under Arena Holdings Group LP, for which Arena Holdings Management LLC serves as Administrative Manager.

The report lists sole voting and sole dispositive power over 5,119,700 shares and provides the issuer's principal office address. Signatures by a company CFO and by Feroz Dewan appear with a reporting date of 05/15/2026.

Insights

Equity Ownership Analyst

Holds and reports a passive 3.0% stake via Arena Holdings structures.

The filing amends a Schedule 13G to show 5,119,700 shares beneficially owned, with sole voting and dispositive power listed. The shares are held under Arena Holdings Group LP, managed administratively by Arena Holdings Management LLC.

Impact is routine: this is a passive ownership disclosure under beneficial-ownership reporting rules; subsequent filings would show changes in percentage or voting status.

Compliance Counsel

Disclosure aligns with passive investor reporting obligations for >5% threshold rules.

The amendment clarifies ownership structure and expressly attributes dividend/proceeds rights to Arena Holdings Group LP. The filing preserves required fields: CUSIP, issuer address, beneficial ownership counts, and signatures dated 05/15/2026.

Follow-up items to watch include any future amendments if ownership crosses thresholds or voting/dispositive powers change.

Key Figures

Beneficial ownership: 5,119,700 shares Percent of class: 3.0% CUSIP: 419870100 +3 more

6 metrics

Beneficial ownership 5,119,700 shares Amount beneficially owned reported in Item 4

Percent of class 3.0% Percent of class reported in Item 4

CUSIP 419870100 CUSIP for Hawaiian Electric common stock listed in Item 2

Filing signature date 05/15/2026 Date of signatures on the Schedule 13G/A amendment

Sole voting power 5,119,700 shares Sole power to vote reported in Item 4

Sole dispositive power 5,119,700 shares Sole power to dispose reported in Item 4

Key Terms

Schedule 13G/A, beneficially owned, sole dispositive power, Administrative Manager

4 terms

Schedule 13G/A regulatory

"amendment to a Schedule 13G identifying beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 5,119,700"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 5,119,700"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Administrative Manager other

"Arena Holdings Management LLC serves as Administrative Manager"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Arena Holdings Management LLC report in HE?

Arena Holdings Management LLC and affiliated parties report 5,119,700 shares, equal to 3.0% of Hawaiian Electric Industries' common stock as stated in the amendment.

Who holds voting and disposition power for the reported HE shares?

The filing states sole voting power and sole dispositive power over 5,119,700 shares, attributed to Arena Holdings Management LLC and Feroz Dewan.

Under what entity are the HE shares held according to the filing?

The securities are held under Arena Holdings Group LP, for which Arena Holdings Management LLC serves as Administrative Manager and has dividend/proceeds rights.

When was the Schedule 13G/A amendment signed?

Signatures on the amendment are dated 05/15/2026, signed by Bryan Allman as CFO and by Feroz Dewan individually.

What class of HE securities is covered in this filing?

The filing covers HE common stock (COM) with CUSIP 419870100, as identified in Item 2 of the amendment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 10:13 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

HAWAIIAN ELECTRIC INDUSTRIES INC

(Name of Issuer)

COM

(Title of Class of Securities)

419870100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 419870100

1

Names of Reporting Persons

Arena Holdings Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,119,700.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,119,700.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,119,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 419870100

1

Names of Reporting Persons

Feroz Dewan

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

INDIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,119,700.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,119,700.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,119,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HAWAIIAN ELECTRIC INDUSTRIES INC
(b)	Address of issuer's principal executive offices: 1001 BISHOP STREET, SUITE 2900, HONOLULU, HAWAII, 96813.
Item 2.
(a)	Name of person filing: Arena Holdings Management LLC and Feroz Dewan
(b)	Address or principal business office or, if none, residence: 119 Fifth Avenue, 8th Floor New York, NY 10003
(c)	Citizenship: Arena Holdings Management LLC - Delaware Feroz Dewan - India
(d)	Title of class of securities: COM
(e)	CUSIP No.: 419870100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,119,700
(b)	Percent of class: 3.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,119,700
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,119,700
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities reported herein are held under Arena Holdings Group LP, to which Arena Holdings Management LLC serves as Administrative Manager. Accordingly, Arena Holdings Group LP has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Arena Holdings Management LLC

Signature:	Bryan Allman
Name/Title:	Chief Financial Officer
Date:	05/15/2026

Feroz Dewan

Signature:	Feroz Dewan
Name/Title:	Individually
Date:	05/15/2026