Note 5 - Investment in Unconsolidated Joint Venture

12 Months Ended

Dec. 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 $1.1 million were received during the year ended  December 31, 2025. The remaining investment value of approximately $40,000 was written off during 2025. BRE2 LLC was dissolved in December 2025.