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Note 7 - Investment in Joint Venture
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Investment [Text Block]

7.

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 and an additional $0.5 million equity distribution was received in April 2025.