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Note 5 - Investment in Unconsolidated Joint Venture
12 Months Ended
Dec. 31, 2024
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 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, the remaining distributions of approximately $1.1 million is expected to be received in 2025 which is comprised of $0.6 million in remaining return of equity and approximately $0.5 million in net profit.