Hawaiian Electric: Horizon Kinetics Holds 12.5% Stake

Horizon Kinetics affiliates report beneficial ownership of 21,635,294 shares of Hawaiian Electric Industries, representing 12.5% of the common stock as of 03/31/2026.

Rhea-AI Filing Summary

Horizon Kinetics affiliates report beneficial ownership of 21,635,294 shares of Hawaiian Electric Industries, representing 12.5% of the common stock as of 03/31/2026. The filing lists sole voting and dispositive power over the 21,635,294 shares for Horizon Kinetics Asset Management LLC and attributes the same holdings to its parent, Horizon Kinetics Holding Corp. The amendment is signed by the filer’s General Counsel on 04/29/2026.

Key Figures

Beneficial ownership: 21,635,294 shares Percent of class: 12.5% CUSIP: 419870100 +1 more

4 metrics

Beneficial ownership 21,635,294 shares as of 03/31/2026

Percent of class 12.5% Common Stock

CUSIP 419870100 Common Stock identifier

Filer signature date 04/29/2026 amendment signed by General Counsel

Key Terms

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

3 terms

Schedule 13G/A regulatory

"HORIZON KINETICS ASSET MANAGEMENT LLC ... (Amendment No. 4 )"

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: 21,635,294 Shares"

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: 21,635,294 Shares"

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.

FAQ

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

What stake does Horizon Kinetics hold in Hawaiian Electric (HE)?

Horizon Kinetics beneficially owns 21,635,294 shares, equal to 12.5% of HE. The Schedule 13G/A amendment reports sole voting and dispositive power for HKAM and attributes the same holdings to parent HKHC as of 03/31/2026.

Which Horizon Kinetics entities are listed on the HE filing?

The filing names Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp. HKAM is identified as the direct beneficial owner; HKHC is the parent and may be deemed to beneficially own the same 21,635,294 shares.

What voting and disposition rights are reported in the amendment?

The filer reports sole voting power and sole dispositive power over 21,635,294 shares. The Schedule 13G/A shows zero shared voting or dispositive power for the reported holdings.

What are the key dates on the Schedule 13G/A amendment for HE?

The ownership amount is reported as of 03/31/2026 and the amendment is signed on 04/29/2026. The filing lists the issuer’s principal executive office address in Honolulu, Hawaii.

What CUSIP and class of securities are referenced in the filing?

The filing references Common Stock with CUSIP 419870100. The Schedule 13G/A identifies the security class as Common Stock and ties the reported share count and percentage to that class.

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

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Accepted by SEC EDGAR 04/29/2026 - 01:45 PM 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. 4)

HAWAIIAN ELECTRIC INDUSTRIES INC

(Name of Issuer)

Common Stock

(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

HORIZON KINETICS ASSET 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 21,635,294.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 21,635,294.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,635,294.00

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)

12.5 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Horizon Kinetics Asset Management LLC (HKAM) is a wholly owned subsidiary of Horizon Kinetics Holding Corporation (HKHC).

SCHEDULE 13G

CUSIP Number(s): 419870100

1

Names of Reporting Persons

Horizon Kinetics Holding Corp

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 21,635,294.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 21,635,294.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,635,294.00

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)

12.5 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: HKHC is the parent company to HKAM. HKHC may be deemed to beneficially own the 21,635,294 Shares beneficially owned by HKAM.

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, 1001 BISHOP STREET, SUITE 2900, HONOLULU, HAWAII, 96813.
Item 2.
(a)	Name of person filing: HKAM is a wholly owned subsidiary of HKHC.
(b)	Address or principal business office or, if none, residence: 470 Park Ave S, 4th Fl S, New York, NY 10016
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(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: 21,635,294 Shares
(b)	Percent of class: 12.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 21,635,294 Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 21,635,294 Shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	04/29/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	04/29/2026