An endowment intended to benefit Native Hawaiians has nearly doubled in the last decade and is now valued at more than $700 million.

The Native Hawaiian Trust Fund, controlled by trustees of the Office of Hawaiian Affairs, was valued at about $350 million in 2016. Despite posting net losses in 2020 and 2022, consistent gains from the stock market and changes over time by the office to diversify its investments have boosted the portfolio.

OHA uses the revenues from that trust fund to pay for programs. 

Ryan Lee, OHA’s investment director, said at a recent board meeting that 2026 was another strong year for the investment portfolio, which gained more than $92 million during the fiscal year that ended in June.

Including its holdings in Hawaiʻi, like real estate in Iwilei and Kakaʻako, the total value of assets under OHA’s purview stands at about $942 million. 

While it’s seen large gains in investments, spending by OHA has risen more slowly, going up about 24% from around $54 million in 2016 to a spending limit last fiscal year of about $67.6 million.

That is due in part to a 5% cap on withdrawals from the Native Hawaiian Trust Fund — a cap based on an average over five years. Last year, that came out to about $21 million annually. The office’s other major funding sources include revenue from the state’s use of public lands, which — after years of fighting for an increase from the Legislature — now sits at around $21.5 million a year. OHA’s real estate brings in about $14 million a year. The office typically gets around $3 million in state general funds.