Hawaiian Electric (NYSE: HE) sees Arena Holdings report 6.1% stock stake

Rhea-AI Filing Summary

Arena Holdings Management LLC and Feroz Dewan have filed a Schedule 13G reporting a significant ownership position in Hawaiian Electric Industries, Inc. common stock. They report beneficial ownership of 10,554,877 shares, representing 6.1% of the outstanding common stock, with sole power to vote and dispose of all of these shares.

The securities are held through Arena Holdings Group LP, for which Arena Holdings Management LLC serves as Administrative Manager and has the right to receive dividends or sale proceeds. The filers certify that the shares were not acquired and are not held for the purpose of changing or influencing control of Hawaiian Electric, indicating a passive investment intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

HAWAIIAN ELECTRIC INDUSTRIES INC

(Name of Issuer)

COM

(Title of Class of Securities)

419870100

(CUSIP Number)

12/04/2025

(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

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 10,554,877.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,554,877.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,554,877.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 10,554,877.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,554,877.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,554,877.00

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)

6.1 %

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: 10,554,877
(b)	Percent of class: 6.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10,554,877
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10,554,877
	(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.
	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:	12/10/2025

Feroz Dewan

Signature:	Feroz Dewan
Name/Title:	Individually
Date:	12/10/2025

FAQ

What stake in Hawaiian Electric Industries (HE) does Arena Holdings report?

Arena Holdings Management LLC and Feroz Dewan report beneficial ownership of 10,554,877 shares of Hawaiian Electric Industries common stock, representing 6.1% of the class.

Is Arena Holdings position in Hawaiian Electric (HE) passive or active?

The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Hawaiian Electric, indicating a passive investment.

Who are the reporting persons in this Schedule 13G for Hawaiian Electric (HE)?

The reporting persons are Arena Holdings Management LLC, organized in Delaware, and Feroz Dewan, a citizen of India.

How many Hawaiian Electric (HE) shares can Arena Holdings vote and dispose of?

The filers report sole power to vote and dispose of 10,554,877 shares, with no shared voting or dispositive power.

Through which entity are Arena Holdings Hawaiian Electric (HE) shares held?

The securities are held under Arena Holdings Group LP, for which Arena Holdings Management LLC serves as Administrative Manager with rights to dividends and sale proceeds.

What type of filing is this for Hawaiian Electric Industries (HE)?

This is a Schedule 13G filing, which reports beneficial ownership of more than 5% of a class of registered equity securities, typically for passive investors.