ATLAS Infrastructure reports 10.84% stake in H2O America (HTO)

Rhea-AI Filing Summary

ATLAS Infrastructure Partners (UK) Ltd. reports beneficial ownership of 4,533,815 shares of H2O America common stock, equal to 10.84% of the class as of 03/04/2026. The filing lists sole voting and dispositive power over those shares and is signed by a Partner and COO on 03/10/2026.

Insights

Institutional Ownership Analyst

Large passive stake disclosed: 4,533,815 shares, 10.84% ownership.

The filing documents a 10.84% beneficial position held directly by ATLAS Infrastructure Partners (UK) Ltd. with sole voting and dispositive power as of 03/04/2026. This level typically requires monitoring for potential influence on governance.

Further disclosures such as schedule amendments or Form 13D would clarify intent; subsequent filings may show any changes in position or plans.

Corporate Governance Specialist

Position size may confer meaningful shareholder influence but no activist intent is stated.

The holder reports direct sole voting power over 4,533,815 shares, which is 10.84% of outstanding common stock. The schedule indicates ownership and control but does not state any board or transaction actions.

Watch for future disclosures that would indicate nomination, alliances, or sales; governance effects depend on the holder’s future filings.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

H2O America

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

03/04/2026

(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)

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

ATLAS Infrastructure Partners (UK) Ltd.

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

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,533,815.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,533,815.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,533,815.00

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)

10.84 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: H2O America
(b)	Address of issuer's principal executive offices: 110 West Taylor Street, San Jose, CA, 95110
Item 2.
(a)	Name of person filing: ATLAS Infrastructure Partners (UK) Ltd.
(b)	Address or principal business office or, if none, residence: 1ST Floor West, 1-3 College Hill, London, EC4R 2RA
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 784305104
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: 4,533,815
(b)	Percent of class: 10.84 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,533,815
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,533,815
	(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 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.

ATLAS Infrastructure Partners (UK) Ltd.

Signature:	/s/ Clinton Joyner
Name/Title:	Partner and COO
Date:	03/10/2026

FAQ

What stake does ATLAS Infrastructure Partners hold in H2O America (HTO)?

ATLAS Infrastructure Partners (UK) Ltd. beneficially owns 4,533,815 shares, representing 10.84% of H2O America common stock as of 03/04/2026. The filing shows sole voting and dispositive power over those shares.

Does the Schedule 13G filing show ATLAS has voting power over H2O America shares?

Yes. The filing reports sole voting power and sole dispositive power for 4,533,815 shares, meaning ATLAS can both direct votes and disposition for that share block.

When was the ATLAS ownership statement signed for H2O America (HTO)?

The Schedule 13G is dated 03/04/2026 for the ownership snapshot and was signed by a Partner and COO on 03/10/2026, per the filing excerpt.

Does this Schedule 13G indicate activist intentions by ATLAS for H2O America?

The filing discloses beneficial ownership and control of 10.84% but does not state any activist plans, nominations, or specific proposals. Any intent would require additional filings such as a Form 13D or subsequent amendments.

How might a 10.84% holding affect H2O America's governance?

A 10.84% stake with sole voting power can influence shareholder votes and proposals, depending on other holders' positions. The filing itself lists ownership only; any governance actions would appear in later disclosures.