Note 15 - Segment Information

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Segment Reporting [Text Block]

15. REPORTABLE OPERATING SEGMENTS

Effective in the first quarter of 2026, the Company revised its reportable segments to better reflect its business strategy, align its management reporting and increase transparency for investors. Under the revised segment structure, the Company’s four reportable operating segments are as follows:

• Land Development & Sales – consists of land development and sales projects including primary housing, workforce housing, farm lots, and resort development. Sales of developed projects, home lots and non-strategic parcels will also be reported through this segment.

• Commercial Real Estate Leasing – consists of the Company’s approximately 247,000 leasable square feet of industrial, office, retail, and residential properties. The commercial town centers reported via this segment include the Kapalua Resort in West Maui and the Haliimaile Town Center in Upcountry Maui.

• Land Leasing & Management – consists of operations related to our over 21,000 acres of agricultural and conservation land, and associated water and wastewater infrastructure. Land leasing revenues and expenses will be reported in this segment to improve transparency of net operating income. Water and sewer infrastructure operations will also report financial results through this segment.

• Agribusiness Ventures – consists of the Company’s efforts to self-perform certain value-added agriculture rather than lease to tenants. Currently, this segment will report on the Company’s drought-resistant agave farm and operations. As other value-added and diversified agribusinesses are developed, they will be reported through this segment.

These reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Chief Executive Officer – its chief operating decision maker – in assessing performance and determining the allocation of resources and by the Board. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, pension and other postretirement expenses for the three months ended March 31, 2026 and 2025.

	Land Leasing & Management			Agribusiness Venture			Land Development and Sales			Commercial Real Estate Leasing			Other			Consolidated
2026
Operating revenues (1)	$	1,192		$	-		$	257		$	1,956		$	-		$	3,405
Operating costs and expenses		(1,784	)		(55	)		(338	)		(773	)		-			(2,950	)
Depreciation expense		(30	)		(7	)		-			(156	)		(40	)		(233	)
General and administrative expenses		(195	)		(65	)		(195	)		(65	)		(1,717	)		(2,237	)
Operating income (loss)		(817	)		(127	)		(276	)		962			(1,757	)		(2,015	)
Pension and other postretirement expenses																	(20	)
Interest expense																	(62	)
Other income, net																	38
Net loss from continuing operations																	(2,059	)
Capital expenditures (2)	$	258		$	280		$	647		$	40		$	-		$	1,225
Assets (3)	$	16,027		$	2,095		$	15,279		$	9,098		$	5,373		$	47,872

(1) Amounts are principally revenues from external customers and exclude equity in earning of affiliates. The Company does not have a single external customer that amounts to 10% or more of the Company’s revenues.

(2) Includes expenditures for property and deferred costs

(3) Segment assets are located in the United States.

	Land Leasing & Management				Agribusiness Venture			Land Development and Sales			Commercial Real Estate Leasing			Other			Consolidated
2025
Operating revenues (1)	$	1,234			$	-		$	2,619		$	1,951		$	-		$	5,804
Operating costs and expenses		(652	)			-			(2,933	)		(714	)		-			(4,299	)
Depreciation expense		(18	)			-			-			(136	)		(32	)		(186	)
General and administrative expenses		(228	)			(76	)		(228	)		(75	)		(2,491	)		(3,098	)
Operating income (loss)		336				(76	)		(542	)		1,025			(2,525	)		(1,779	)
Pension and other postretirement expenses																		(6,919	)
Interest expense																		(48	)
Gain on asset disposal, net																		1
Other income																		105
Net loss from continuing operations																		(8,640	)
Capital expenditures (2)	$	104			$	-		$	431		$	44		$	-		$	579
Assets (3)	$	14,940		(4)	$	196		$	11,677		$	10,409		$	10,010		$	47,232

(1) Amounts are principally revenues from external customers and exclude equity in earning of affiliates.

(2) Includes expenditures for property and deferred costs

(3) Segment assets are located in the United States.

(4) The Land Development and Sales segment includes a $42,000 equity method investment as of March 31, 2025.