MLP land sales surge to 30% of revenue; new litigation over water rights and resort governance

Filed April 1, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

• high

  Land Development revenue jumped from $520K (5% of total) to $5.8M (30% of total), driven by six remnant parcel sales totaling $2.4M and a $10M church campus deal expected to close in 2027.

  Business: Land Development revenue mix verify on EDGAR →
• high

  New lawsuit filed August 2025 alleging failure to provide irrigation water from Honokohau Stream due to inadequate ditch maintenance; plaintiffs seek injunctive relief and unspecified damages. Company filed counterclaims for irrigation-use violations and defamation.

  Legal Proceedings: Honokohau Stream dispute verify on EDGAR →
• high

  Credit facility increased from $15M to $25M and maturity extended from December 2025 to December 2030, providing greater financial flexibility for land development projects. Current draw stands at $4M.

  MD&A: Credit facility terms verify on EDGAR →