Horizon Kinetics (HE) discloses 11.2% Hawaiian Electric stake on Schedule 13G/A

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC has filed Amendment No. 3 to report its ownership position in Hawaiian Electric Industries, Inc. common stock. The firm reports beneficial ownership of 19,392,363 shares, representing 11.2% of the company’s common stock as of the event date.

Horizon Kinetics reports sole voting and sole dispositive power over all of these shares and no shared power. The filing states the securities were acquired and are held in the ordinary course of business, and not for the purpose or effect of changing or influencing control of the issuer.

Insights

Equity Ownership & Governance Analyst

Horizon Kinetics discloses an 11.2% passive stake in Hawaiian Electric.

Horizon Kinetics Asset Management LLC reports beneficial ownership of 19,392,363 common shares of Hawaiian Electric Industries, equal to 11.2% of the class. It has sole voting and dispositive power, indicating centralized decision-making over this sizable position.

The certification states the position is held in the ordinary course of business and not to change or influence control, aligning this with a passive institutional holding under Schedule 13G. The absence of group status or control intent keeps this squarely in the disclosure and transparency realm.

As an amendment to an existing Schedule 13G, this primarily updates ownership information rather than signaling a new strategic move. Subsequent ownership filings by Horizon Kinetics or other large holders will provide further visibility into any future changes in major shareholdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

HAWAIIAN ELECTRIC INDUSTRIES INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

419870100

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 19,392,363.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,392,363.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,392,363.00

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)

11.2 %

12

Type of Reporting Person (See Instructions)

IA

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

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: This Schedule 13G is being filed by Horizon Kinetics Asset Management LLC, a wholly owned subsidiary of Horizon Kinetics Holding Corporation.
(b)	Address or principal business office or, if none, residence: 470 Park Avenue South, 4th FL S New York, NY 10016
(c)	Citizenship: Delaware
(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: 19,392,363
(b)	Percent of class: 11.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 19,392,363
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 19,392,363
	(iv) Shared power to dispose or to direct the disposition of: 0
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:	01/28/2026

FAQ

What ownership stake in HE does Horizon Kinetics report in this Schedule 13G/A?

Horizon Kinetics Asset Management LLC reports beneficial ownership of 19,392,363 shares of Hawaiian Electric Industries common stock, representing 11.2% of the outstanding class. It holds sole voting and sole dispositive power over all of these reported shares.

Is Horizon Kinetics’ stake in Hawaiian Electric (HE) reported as passive or for control purposes?

The filing certifies the HE shares were acquired and are held in the ordinary course of business, not to change or influence control. It also states the holdings are not connected with any transaction intended to affect control, other than limited nomination-related activities.

Who is the reporting person in this Hawaiian Electric (HE) Schedule 13G/A?

The reporting person is Horizon Kinetics Asset Management LLC, a Delaware entity and wholly owned subsidiary of Horizon Kinetics Holding Corporation. The firm acts as the beneficial owner with sole voting and dispositive power over the reported HE common shares.

What level of voting power does Horizon Kinetics have over its HE shares?

Horizon Kinetics reports sole power to vote or direct the vote for 19,392,363 HE shares and no shared voting power. It also has sole power to dispose or direct the disposition of the same number of shares, with no shared dispositive power.

What is the event date for Horizon Kinetics’ ownership report in HE?

The event date triggering this Schedule 13G/A amendment is listed as December 31, 2025. This date is used to determine the ownership position and percentage of class, including the reported 11.2% beneficial stake in Hawaiian Electric Industries common stock.

Does Horizon Kinetics file this HE Schedule 13G/A as part of a group?

The Schedule 13G/A does not identify Horizon Kinetics as part of any group with respect to Hawaiian Electric securities. Items describing group membership, group dissolution, and related subsidiary classifications are each marked Not Applicable in the ownership disclosure.