HAWAIIAN ELEC INDUSTRIES

Ticker: HE CUSIP: 419870100 Class: COM

MAD RIVER INVESTORS's Holding History (CIK: 0001384484)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 1,284,150 Value ($000) $15,795 Avg Close $11.59 Range $10.79 - $12.73

Q3 2025

Shares 1,230,250 Value ($000) $13,582 Avg Close $11.39 Range $10.45 - $13.41

Q2 2025

Shares 1,225,900 Value ($000) $13,031 Avg Close $10.43 Range $9.06 - $11.15

Q1 2025

Shares 1,215,900 Value ($000) $13,314 Avg Close $10.10 Range $8.14 - $11.99

Q4 2024

Shares 120,300 Value ($000) $1,171 Avg Close $10.11 Range $8.84 - $11.01

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	1,284,150	$15,795	$11.59	$10.79 - $12.73
Q3 2025	1,230,250	$13,582	$11.39	$10.45 - $13.41
Q2 2025	1,225,900	$13,031	$10.43	$9.06 - $11.15
Q1 2025	1,215,900	$13,314	$10.10	$8.14 - $11.99
Q4 2024	120,300	$1,171	$10.11	$8.84 - $11.01