MAUI LAND & PINEAPPLE CO INC
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
MLP$15.26+5.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001437749-26-017407
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001437749-26-028029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 54 previous paragraphs and 56 current paragraphs.
24 unchanged; 25 reworded; 6 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
As of June 30, 2026, the commercial property occupancy was 93%, compared with 92% as of December 31, 2025. During the six months ending June 30, 2026, the team continued to execute tenant relocations and property improvements designed to enhance the variety and quality of experiences offered within our town centers.
Current report
On May 27, 2026, (the "Company"), a Delaware corporation (the “Company”), entered into a Purchase and Sale Agreement and Escrow Instructions (the “Purchase Agreement”) with DC Kapalua 1 Property, LLC, a Delaware corporation, (the “Buyer”), pursuant to which the Company agreed to sell to the Buyer certain real property (the “Property”) located in Kapalua, Maui, Hawaii, consisting of (i) 8.783 acres of land (“Lot 2-D”), and (ii) up to 3.5 acres of an adjacent land parcel (the “Additional Land”). The purchase price is $10,000,000 for Lot 2-D, plus an additional cost of $1,138,565 per acre of the Additional Land. The terms of the Purchase Agreement include a 90-day due diligence period (the “Due Diligence Period”) during which time Buyer shall determine whether the Property is suitable for its planned development. Before the end of the Due Diligence Period, Buyer shall notify the Company in writing (the “Acceptance Notice”) of its acceptance of the condition of the Property (the “Acceptance Date”). Following the delivery of the Acceptance Notice, Buyer shall pursue all governmental approvals required for its planned development of the Property. If the required approvals are not secured, either party may terminate the Purchase Agreement. The Purchase Agreement requires Buyer to make customary earnest money deposits to escrow, portions of which become nonrefundable based on the amount of time elapsed from the Acceptance Date. If Buyer terminates the Purchase Agreement or fails to deliver the Acceptance Notice before the Due Diligence Period expires, all deposits will be refunded to Buyer. In addition to the sale of the Property, the Purchase Agreement provides for (i) a non-exclusive license to use certain trademarks held by the Company, (ii) a master lease from the Buyer to Company of new street front retail space in Kapalua Village, and (iii) access to certain amenities provided by Buyer to Kapalua Club members.
Current report
AGRIBUSINESS VENTURES
Current report
Other income of $0.3 million and $0.5 million was earned during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, other income was primarily due to a return of the overpayment of pension contributions made in 2025. During the six months ended June 30, 2025 other income was primarily due to the COVID-19 Employee Retention Credit refund.
Current report
We received a covenant waiver from the bank for the six months ended June 30, 2026.
Current report
Other income of $0.3 million and $0.5 million was earned during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, other income was primarily attributable to a refund of excess pension contributions made in 2025. During the six months ended June 30, 2025, other income was primarily due to the COVID-19 Employee Retention Credit refund.
Removed paragraphs (5)
Previous report
During 2025, the team increased commercial property occupancy from 86% to 92%, including tenant relocations and improvements necessary to enhance the variety and quality of experiences in our town centers. During the two-year period from January 1, 2024 to December 31, 2025, we executed 42 new leases, 15 of which were executed in the year ended December 31, 2025. Of the total leases, 34 of them were commercial property leases covering 83,812 leasable square feet and 8 of them were land leases covering 1,131 acres.
Previous report
AGRIBUSINESS VENTURE
Previous report
Other income of $0.1 million was earned during the three month period ended March 31, 2025. During the three months ended March 31, 2025, other income was due to interest earned on savings and dividends earned on an investment bond fund of varying maturities. There was no significant other income earned during the three month period ended March 31, 2026.
Previous report
We were in compliance with the covenants of the Credit Facility at March 31, 2026.
Previous report
Other income was comprised of interest income earned from our money market and bond investments was $0.1 million for the three months ended March 31, 2025. There were approximately $38,000 in interest income earned during the three months ended March 31, 2026.
Reworded paragraphs (25)
Previous wording
In recent years, we have continued to execute our strategic plan, which is focused on our mission to optimize our assets for their highest and most productive use. We have advanced a range of land development and asset utilization projects designed to build stronger and more vibrant communities and enhance long-term asset value. To support these efforts, we have strengthened our organizational foundation by adding key experts to our board of directors and management team, ensuring we can effectively develop and execute plans for each asset. We also established a land management team responsible for risk mitigation strategies and productive use of farm and ranch lands across our portfolio. These investments in local talent have enhanced our ability to manage assets effectively and execute value-creating projects. In 2024, we established new office locations in West Maui and Upcountry Maui deepen our presence within these communities, foster stronger relationships and ensure responsible stewardship of our assets.
Current wording
In recent years, we have continued to execute our strategic plan, which is focused on our mission to optimize our assets for their highest and most productive use. We have advanced a range of land development and asset utilization projects designed to build stronger and more vibrant communities and enhance long-term asset value. To support these efforts, we have strengthened our organizational foundation by adding key experts to our board of directors and management team, ensuring we can effectively develop and execute plans for each asset. We also established a land management team responsible for risk mitigation strategies and productive use of farm and ranch lands across our portfolio. These investments in local talent have enhanced our ability to manage assets effectively and execute value-creating projects. In 2024, we established new office locations in West Maui and Upcountry Maui to deepen our presence within these communities, foster stronger relationships and ensure responsible stewardship of our assets.
Previous wording
In 2025, we continued to advance efforts to maximize the productivity of our leasable land and commercial properties. We identified and addressed deferred maintenance and capital improvements in our town centers, enabling us to create spaces for many businesses who lost their locations in the 2023 Maui wildfires. This effort has increased occupancy and leasing revenue in 2025 while adding vibrancy and creating a sense of place in our communities. As of March 31, 2026, our commercial properties and land were occupied at the following levels:
Current wording
Throughout 2025, we continued to advance efforts to maximize the productivity of our leasable land and commercial properties. We identified and addressed maintenance and capital improvements in our town centers, enabling us to create spaces for many businesses who lost their locations in the 2023 Maui wildfires. This effort has increased occupancy and leasing revenue in 2025 while adding vibrancy and creating a sense of place in our communities. As of June 30, 2026, our commercial properties and land were occupied at the following levels:
Previous wording
During the three months ended March 31, 2026, we executed a 1,581-acre agricultural land lease in West Maui to return previously fallow pineapple fields to productive use through an agricultural ranching lease. In addition, we executed two industrial leases totaling 3,608 leasable square feet of commercial space in West Maui.
Current wording
During the period from January 1, 2024 through June 30, 2026, the team executed 47 new leases, including five leases executed during the six months ending June 30, 2026. Of the five leases executed during the six months ended June 30, 2026, four were commercial property leases covering approximately 4,688 leasable square feet. The remaining lease was a 1,581-acre agricultural land lease in West Maui to return previously fallow pineapple fields to productive use through an agricultural ranching lease.
Previous wording
In the three months ended March 31, 2026, there were no remnant parcel sales, however in 2025, we sold six remnant land parcels for aggregate proceeds of $2.4 million. Additionally, we executed a $10.0 million purchase agreement with Harvest Church for a 6.5-acre parcel to be used for its Kapalua campus. We currently expect the closing to occur in 2027, subject to customary closing conditions. Funding for soft cost improvements, if not covered by our commercial properties and land leasing cashflow, will likely be provided by remnant non-strategic parcel sales and our revolving line of credit. As we incur infrastructure and other site improvement hard costs on new projects, we expect to fund them primarily through project presale deposits and construction financing.
Current wording
In the six months ended June 30, 2026, there were no remnant parcel sales, however in 2025, we sold six remnant land parcels for aggregate proceeds of $2.4 million. Additionally, we have executed a (i) $10.0 million purchase agreement with Harvest Church for a 6.5-acre parcel to be used for its Kapalua campus, (ii) $1.2 million purchase agreement with Race A, Randle for a 3-acre parcel to improve as a farm and home, and (iii) $10.0 million purchase agreement with DC Kapalua I Property, LLC for a 8.783-acre parcel and up to 3.5 acres of additional land . We currently expect the closing to occur in 2027, subject to various closing conditions. Funding for soft cost improvements, if not covered by our commercial properties and land leasing cashflow, will likely be provided by remnant non-strategic parcel sales and our revolving line of credit. As we incur infrastructure and other site improvement hard costs on new projects, we expect to fund them primarily through project presale deposits and construction financing.
Previous wording
For the Honokeana Homes State Temporary Housing Project, we have leased approximately 50 acres to the State of Hawai‘i and are administering the construction of necessary improvements to support temporary housing for individuals and families displaced by the Maui wildfires on August 8, 2023. The land is leased at no cost for a term of five years, plus the duration of time necessary to construct the temporary homes. The land is a portion of a larger, 1,377-acre parcel owned by the Company. The agreement provides the State of Hawaii will fund all costs to complete the project, including approximately $35.5 million to complete the necessary horizontal improvements. The Company has agreed to administer the construction of the horizontal improvements and, at the State of Hawaii’s election, the subsequent vertical improvements for which costs have not yet been estimated. We will provide these administration services to the State of Hawaii at cost and will not directly profit from these services. After the end of the lease, the State of Hawaii will remove any vertical improvements unless the Company requests that specific improvements remain. As of the date of this Quarterly Report, the project is on hold at the direction of the State of Hawaii. At the time of filing this Quarterly Report, we have not received an update on the project or an indication as to when the project will resume. As a result of this pause, during the three months ended March 31, 2026, we did not recognize any Honokeana Homes project revenue.
Current wording
For the Honokeana Homes State Temporary Housing Project, we have leased approximately 50 acres to the State of Hawaii and are administering the construction of necessary improvements to support temporary housing for individuals and families displaced by the Maui wildfires on August 8, 2023. The land is leased at no cost for a term of five years, plus the duration of time necessary to construct the temporary homes. The land is a portion of a larger 1,377-acre parcel owned by the Company. The agreement provides the State of Hawaii will fund all costs to complete the project, including approximately $35.5 million to complete the necessary horizontal improvements. The Company has agreed to administer the construction of the horizontal improvements and, at the State of Hawaii’s election, the subsequent vertical improvements for which costs have not yet been estimated. We will provide these administration services to the State of Hawaii at cost and will not directly profit from these services. After the end of the lease, the State of Hawaii will remove any vertical improvements unless the Company requests that specific improvements remain. As of the date of this Quarterly Report, the project is on hold at the direction of the State of Hawaii, and we have not received an update on the project or an indication as to when the project will resume. As a result of this pause, during the six months ended June 30, 2026, we did not recognize any Honokeana Homes project revenue.
Previous wording
We expect unimproved land identified for long-term leasing and ongoing asset management to be leased or licensed for diversified agricultural, conservation, and cultural uses for at least the next ten years. Approximately 1,026 acres have been leased to Ka Ike Ranch, a local family-owned and operated business committed to local food production and sustainable ranching. Our unimproved land portfolio also includes the Pu’u Kukui Watershed, which encompasses over 8,600 acres and is actively managed to maximize rainfall capture and recharge of the aquifer which provides approximately 70% of the water consumed in West Maui. We remain focused on increasing occupancy of these agricultural lands to enhance productivity through economic activity and local food production.
Current wording
Our unimproved land portfolio also includes the Pu’u Kukui Watershed, which encompasses over 8,600 acres and is actively managed to maximize rainfall capture and recharge of the aquifer which provides approximately 70% of the water consumed in West Maui. We remain focused on increasing occupancy of these agricultural lands to enhance productivity through economic activity and local food production.
Previous wording
During the three months ended March 31, 2026, we continued to reposition the portfolio to maximize productivity, create new value, and contribute to meeting the needs of Maui’s local businesses and families. This progress was supported by growing deal flow with over $11.0 million in contracted land sales, $12.0 million of new listings, and stronger recurring revenue from commercial leasing and reactivation of underutilized agricultural lands.
Current wording
During the six months ended June 30, 2026, we continued to reposition the portfolio to maximize productivity, create new value, and contribute to meeting the needs of Maui’s local businesses and families. This progress was supported by growing deal flow with over $11.0 million in contracted land sales, $12.0 million of new listings, and stronger recurring revenue from commercial leasing and reactivation of underutilized agricultural lands.
Previous wording
As a result of the Company's continuing growth, the Company revised its reportable segments during the first quarter of 2026 to better reflect its business strategy, align its management reporting and increase transparency for investors. Under the revised segment structure, the Company has four operating segments: Land Development and Sales, Commercial Real Estate Leasing, Land Leasing and Management, and Agribusiness Venture. Segment operating results are regularly reviewed by the Company's CODM determined in accordance with applicable accounting guidance. All prior period comparative information has been recast to reflect the revised segment structure. See Note 15 - Reportable Operating Segments, to our condensed consolidated interim financial statements included herein for additional information.
Current wording
As a result of the Company's continuing growth, the Company revised its reportable segments during the first quarter of 2026 to better reflect its business strategy, align its management reporting and increase transparency for investors. Under the revised segment structure, the Company has four operating segments: Land Development and Sales, Commercial Real Estate Leasing, Land Leasing and Management, and Agribusiness Ventures. Segment operating results are regularly reviewed by the Chief Executive Officer, the Company's Chief Operating Decision Maker determined in accordance with applicable accounting guidance. All prior period comparative information has been recast to reflect the revised segment structure. See Note 15 - Reportable Operating Segments, to our condensed consolidated interim financial statements included herein for additional information.
Previous wording
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Current wording
Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Previous wording
Land development and sales operating revenues include the sales of our real estate inventory. The decrease in our Land Development and Sales revenues and expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily attributed to the absence of construction revenues from the Honokeana Homes Temporary Housing Project during the three months ended March 31, 2026. The project has been on hold by the State of Hawaii, Department of Transportation since April 2025 and have not been informed whether or when the project may resume.
Current wording
Land development and sales operating revenues include the sales of our real estate inventory. The decrease in our Land Development and Sales revenues and expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily attributed to the absence of construction revenues from the Honokeana Homes Temporary Housing Project during the six months ended June 30, 2026. The project has been on hold by the State of Hawaii, Department of Transportation since April 2025, and we have not been informed whether or when the project may resume.
Previous wording
Consistent with the decline in operating revenues, no construction costs were incurred during the three months ended March 31, 2026 due to the pause in the Honokeana Homes Project. There were no significant real estate development expenditures during this period.
Current wording
Consistent with the decline in operating revenues, no construction costs were incurred during the six months ended June 30, 2026, due to the pause in the Honokeana Homes Project. There were no significant real estate development expenditures during this period.
Previous wording
Operating revenues generated during the three months ended March 31, 2026 within the land development and sales segment were derived from the operations of the Kapalua Club and licensing fees associated with our registered trademarks and trade names. The Kapalua Club is a private, non-equity club that provides its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and fitness center, a private pool-side dining beach club, and two 18-hole championship golf courses. The Kapalua Club does not own or operate any resort amenities. The member dues collected are primarily used to pay contracted fees that provide members with access to the spa, beach club and other resort amenities. Operating costs and expenses associated with operation of the Kapalua Club and licensing fees decreased to $0.3 million during the three months ended March 31, 2026 compared with $0.6 million during the three months ended March 31, 2025 primarily due to reductions in amenity fees.
Current wording
Operating revenues generated during the six months ended June 30, 2026 within the land development and sales segment were derived from the operations of the Kapalua Club and licensing fees associated with our registered trademarks and trade names. The Kapalua Club is a private, non-equity club that provides its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort. These amenities include a 30,000 square foot full-service spa and fitness center, a private pool-side dining beach club, and two 18-hole championship golf courses. The Kapalua Club does not own or operate any resort amenities. The member dues collected are primarily used to pay contracted fees that provide members with access to the spa, beach club and other resort amenities. Revenues and operating costs and expenses associated with operation of the Kapalua Club and licensing fees were comparable for the three months ended June 30, 2026 and 2025. Operating costs and expenses decreased to $0.6 million during the six months ended June 30, 2026, compared with $0.8 million during the six months ended June 30, 2025 primarily due to reductions in amenity fees.
Previous wording
Operating revenues from commercial real estate leasing activities for the three months ended March 31, 2026, were from commercial and industrial leases within the Company’s three commercial town centers located in Kapalua, Haliimaile and Alaeloa (Napili). Both operating revenues and expenses were consistent during the three months ended March 31, 2026 compared to three months ended March 31, 2025.
Current wording
Operating revenues from commercial real estate leasing activities for the three and six months ended June 30, 2026, were from commercial and industrial leases within the Company’s three commercial town centers located in Kapalua, Hali’imaile and Alaeloa (Napili). Both operating revenues and expenses were consistent during the three and six months ended June 30, 2026, compared to three and six months ended June 30, 2025.
Previous wording
Certain rental income is contingent upon the sales of tenants exceeding a defined threshold and recognized as a percentage of sales after those thresholds are achieved. As the COVID-19 pandemic waned, visitor traffic to Maui increased and these percentage rents, leasing revenues in general, and land licensing from adventure tourism tenants were returning to pre-pandemic levels until the 2023 Maui wildfires. The wildfires impacted West Maui tourism and reduced percentage rents and licensing revenues for tourism-based tenants. Revenue recognized from percentage rents during the three months ended March 31, 2026 amounted to $0.7 million as compared to $0.6 million during the three months ended March 31, 2025. Tourist traffic has started increasing again post-wildfire, and as a result, it is anticipated that percentage rents will return to pre-wildfire levels in 2026 to 2027.
Current wording
Certain rental income is contingent upon the sales of tenants exceeding a defined threshold and recognized as a percentage of sales after those thresholds are achieved. As the COVID-19 pandemic waned, visitor traffic to Maui increased and these percentage rents, leasing revenues in general, and land licensing from adventure tourism tenants were returning to pre-pandemic levels until the 2023 Maui wildfires. The wildfires impacted West Maui tourism and reduced percentage rents and licensing revenues for tourism-based tenants. Revenue recognized from percentage rents during the six months ended June 30, 2026, amounted to $1.3 million as compared to $1.2 million during the six months ended June 30, 2025. Tourist traffic has started increasing again post-wildfire, and as a result, it is anticipated that percentage rents will return to pre-wildfire levels in 2026 to 2027.
Previous wording
Our leasing operations face substantial competition from other property owners in Maui and Hawai‘i.
Current wording
Our leasing operations face substantial competition from other property owners in Maui and Hawaii.
Previous wording
Operating revenues from land leasing and management activities were consistent for the three months ended March 31, 2026 compared to the three month period ended March 31, 2025. Revenues were comprised of agricultural leases, ground and surface water distribution, and grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed.
Current wording
Operating revenues from land leasing and management activities increased to $1.5 million for the three months ended June 30, 2026 compared to $1.3 million for the three months ended June 30, 2025, due to several new agricultural leases. Revenues were comprised of agricultural leases, ground and surface water distribution, and grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed. Operating revenues were consistent for the six months ended June 30, 2026 and 2025. Although there were new agricultural leases entered into during the six months ended June 30, 2026, surface water revenues were higher for the six months ended June 30, 2025.
Previous wording
The increase in land leasing and management operating costs and expenses of approximately $1.1 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily due to land management, conservation, watershed management, and utilities infrastructure costs of operations and administrative expenses. Operating costs and expenses increased by approximately $0.7 million and indirect and administrative expenses increased by approximately $0.4 million.
Current wording
The increase in land leasing and management operating costs and expenses of approximately $0.3 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, and increase of approximately $1.4 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily due to land management, conservation, watershed management, and utilities infrastructure costs of operations and administrative expenses.
Previous wording
Agribusiness venture consists primarily of the Company’s farming operations and related agricultural initiatives. While this segment is currently pre‑revenue, it incurs operating and development costs associated with land preparation and cultivation. The Company expects this segment to generate revenues in future periods through the sales of mature agave and potential farm-to-bottle joint venture arrangements. For the three months ended March 31, 2026, the Agribusiness venture segment recorded operating costs and expenses of $0.1 million, consisting primarily of labor, and agricultural development expenditures. Because no corresponding activity existed in the prior-year period, a comparative discussion of results is not applicable.
Current wording
Agribusiness ventures consists primarily of the Company’s drought resistant agave farm and operations and related agricultural initiatives. While this segment is currently pre‑revenue, it incurs operating and development costs associated with land preparation and cultivation. The Company expects this segment to generate revenues in future periods through the sales of mature agave and potential farm-to-bottle joint venture arrangements. For the six months ended June 30, 2026, the Agribusiness ventures segment recorded operating costs and expenses of $0.1 million, consisting primarily of labor, and agricultural development expenditures. Because very little corresponding activity existed in the prior-year period, a comparative discussion of results is not applicable.
Previous wording
General and administrative costs and share-based compensation for the three months ended March 31, 2026 amounted to $2.2 million, compared to $3.0 million for the three months ended March 31, 2025.
Current wording
General and administrative costs and share-based compensation for the three months ended June 30, 2026 amounted to $2.7 million, compared to $1.8 million for the three months ended June 30, 2025. General and administrative costs and share-based compensation for the six months ended June 30, 2026 amounted to $4.9 million, compared to $4.8 million for the six months ended June 30, 2025. The increase in general and administrative costs is primarily attributed to seven additional full time hires, and increased audit and internal audit fees and additional marketing and public relations expenses at June 30, 2026 compared to June 30, 2025.
Previous wording
We account for share-based compensation, including grants of restricted shares of common stock and options to purchase common shares, as compensation expense over the respective vesting periods in the consolidated financial statements based on their fair values on the grant dates. The impact of any forfeitures that may occur prior to vesting is estimated and considered in the expense recognized. The decrease in share-based compensation expenses were primarily attributed to decrease in non-cash stock compensation costs during the three months ended March 31, 2026 due to valuation expenses for stock options issued to our directors and the Chief Executive Officer. Beginning in 2025, the Compensation Committee eliminated the use of options and replaced them with restricted stock grants. This change provides more predictable value to directors and executives while maintaining alignment with shareholders and reduces the number of underlying shares used to compensate our directors and executive officers and the related compensation expense.
Current wording
We account for share-based compensation, including grants of restricted shares of common stock and options to purchase common shares, as compensation expense over the respective vesting periods in the consolidated financial statements based on their fair values on the grant dates. The impact of any forfeitures that may occur prior to vesting is estimated and considered in the expense recognized. The decrease in share-based compensation expenses for the six months ended June 30, 2026 was primarily attributable to lower non-cash stock compensation costs related to stock options issued to our directors and the Chief Executive Officer. Beginning in 2025, the Compensation Committee eliminated the use of options and replaced them with restricted stock grants. This change provides more predictable value to directors and executives while maintaining alignment with shareholders and reduces the number of underlying shares used to compensate our directors and executive officers and the related compensation expense.
Previous wording
Our cash and cash equivalents were $3.8 million and $5.3 million at March 31, 2026 and December 31, 2025, respectively.
Current wording
Our cash and cash equivalents were $3.3 million and $5.3 million at June 30, 2026 and December 31, 2025, respectively.
Previous wording
At March 31, 2026, we had $18.5 million of available credit under a revolving line of credit facility with First Hawaiian Bank (the “Bank”) (the “Credit Facility”). On December 22, 2025, we executed a Sixth Loan Modification Agreement and Third Amended and Restated Credit Agreement with the Bank (collectively the “Agreements”) increasing the credit limit from $15.0 million to $25.0 million and extending the maturity date of the Credit Facility to December 31, 2030. The Agreements provide revolving or term loan borrowing options. Interest on revolving borrowing is calculated based on the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. We have pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as collateral; for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no commitment fees on the unused portion of the Credit Facility. The terms of the Credit Facility include various representations, warranties, affirmative, negative, and financial covenants and events of default customary for financings of this type. Financial covenants include a minimum liquidity (as defined) of $2.0 million, a maximum of $45.0 million in total liabilities, and a limitation on new indebtedness.
Current wording
At June 30, 2026, we had $16.5 million of available credit under a revolving line of credit facility with First Hawaiian Bank (the “Bank”) (the “Credit Facility”). On December 22, 2025, we executed a Sixth Loan Modification Agreement and Third Amended and Restated Credit Agreement with the Bank (collectively the “Agreements”) increasing the credit limit from $15.0 million to $25.0 million and extending the maturity date of the Credit Facility to December 31, 2030. The Agreements provide revolving or term loan borrowing options. Interest on revolving borrowing is calculated based on the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. We have pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as collateral for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no commitment fees on the unused portion of the Credit Facility. The terms of the Credit Facility include various representations, warranties, affirmative, negative, and financial covenants and events of default customary for financings of this type. Financial covenants include a minimum liquidity (as defined) of $2.0 million, a maximum of $45.0 million in total liabilities, and a limitation on new indebtedness.
Previous wording
Net cash used by our operating activities for the three months ended March 31, 2026 was $2.0 million and net cash provided by our operating activities was $0.2 million for the three months ended March 31, 2025.
Current wording
Net cash used by our operating activities for the six months ended June 30, 2026, was $2.4 million compared to $0.7 million for the six months ended June 30, 2025.
Previous wording
There was land development revenue during the three months ended March 31, 2025 in the amount of $2.3 million that was attributed to the Honokeana Homes project, however, there was no such revenue during the three months ended March 31, 2026.
Current wording
There was land development revenue during the six months ended June 30, 2025, in the amount of $3.2 million that was attributed to the Honokeana Homes project, however, there was no such revenue during the six months ended June 30, 2026.
Previous wording
The outstanding balance of our Credit Facility was $6,500,000 at March 31, 2026.
Current wording
The outstanding balance of our Credit Facility was $8,500,000 at June 30, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We expect unimproved land identified for long-term leasing and ongoing asset management to be leased or licensed for diversified agricultural, conservation, and cultural uses for at least the next ten years. The Company has leased approximately 2,607 acres to local ranching operators, including 1,026 acres to Ka Ike Ranch and 1,581 acres to Lee Peters, supporting local food production, sustainable ranching practices, and the continued stewardship of agricultural lands.