Note 5 - Investment in Joint Venture

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Investment [Text Block]

5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE

In  December 2023, the Company entered into a joint venture agreement with a local developer to form a Hawai‘i limited liability company ("BRE2 LLC"). The Company's initial capital contribution to BRE2 LLC consisted of approximately 31 acres of former pineapple lands in Hali‘imaile valued at $1.6 million. The first lot sold for $1.8 million in  December 2024 and the second lot sold for $2.4 million in  February of 2025. The Company received a distribution from BRE2 LLC in the amount of $1.0 million during the year ended  December 31, 2024, distributions of approximately $0.7 million were received in the first quarter of 2025. An additional $0.5 million equity distribution was received in April 2025.