Maui Land & Pineapple (NYSE: MLP) boosts credit line to $25M and extends term

Rhea-AI Filing Summary

Maui Land & Pineapple Company, Inc. entered into new loan agreements with First Hawaiian Bank that expand and extend its main credit line. The company’s revolving credit facility increased from $15.0 million to $25.0 million and the term was lengthened to five years, with a new maturity date of December 31, 2030.

The facility allows revolving or term loan borrowings, with revolving interest priced at the bank’s prime rate minus 1.125 percentage points and term loans at the bank’s commercial loan rates, with interest rate swap options. Revolving borrowings can be converted into term loans for up to 10 years, potentially extending repayment to December 31, 2040. The company’s three premier commercial properties in the Kapalua Resort remain pledged as collateral, and as of December 22, 2025, it had $3.0 million outstanding under the facility.

Insights

Credit & capital structure analyst

MLP secures a larger, longer-dated credit line with modest current usage.

Maui Land & Pineapple replaced its prior $15.0 million, four-year revolving facility with a $25.0 million, five-year revolving credit facility from First Hawaiian Bank, maturing on December 31, 2030. This provides more committed borrowing capacity and a longer contractual funding horizon, while keeping the same collateral of three commercial properties in Kapalua Resort.

The structure permits both revolving and term loan borrowings, with revolving interest at the bank’s prime rate minus 1.125 percentage points and term loans at commercial loan rates, plus optional interest rate swaps. Revolving balances can be term-extended for up to 10 years, allowing potential amortization out to December 31, 2040, which can smooth cash flows if the company chooses to term out debt.

As of December 22, 2025, only $3.0 million was drawn, indicating significant undrawn capacity relative to the new $25.0 million limit. Future disclosures in periodic reports will show how actively the company utilizes this expanded facility and whether it shifts more borrowing into longer-term structures.

false 0000063330 0000063330 2025-12-22 2025-12-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 22, 2025

MAUI LAND & PINEAPPLE COMPANY, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-06510	99-0107542
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)
500 Office Road, Lahaina, Maui, Hawaii 96761 (Address of principal executive offices) (Zip Code)

(808) 877-3351

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	MLP	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company        ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On December 22, 2025, Maui Land & Pineapple Company, Inc. (“Company”) executed a Sixth Loan Modification Agreement, Third Amended and Restated Credit Agreement, and Second Amended and Restated Note (“Agreements”) with First Hawaiian Bank (“Bank”) to be effective December 22, 2025. The Agreements amend the Company’s previous $15.0 million, four-year revolving line of credit facility (“Credit Facility”) with the Bank to a $25.0 million, five-year revolving Credit Facility.

“We are grateful for First Hawaiian Bank’s continued partnership and confidence in our renewed vision for MLP’s exceptional portfolio of assets,” said Wade Kodama, Chief Financial Officer at Maui Land & Pineapple Company, Inc. “Expanding and extending this credit facility strengthens our foundation, enabling us to deploy capital to advance efforts that maximize the productive use of our assets to meet community needs and drive sustainable growth.”

The Agreements extend the maturity date of the Credit Facility to December 31, 2030, and provide options for revolving or term loan borrowings. The aggregate outstanding principal balance shall not exceed $25.0 million. Interest on revolving borrowing is at the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. Revolving borrowing may be converted to a term loan for up to a 10-year term which could extend maturity of the term loan to December 31, 2040. The Company’s three premier commercial properties totaling approximately 30,000 square feet of leased space in the Kapalua Resort remains pledged as security for the Credit Facility.

At December 22, 2025, the Company had $3.0 million outstanding debt under the Credit Facility.

The foregoing summary of the terms of the Agreements are not complete and are qualified in their entirety by reference to the full texts of the Agreements, which will be filed as exhibits to the Company’s periodic report for the corresponding period.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MAUI LAND & PINEAPPLE COMPANY, INC.
Date: December 29, 2025	By:	/s/ WADE K. KODAMA
		Wade K. Kodama
		Chief Financial Officer

FAQ

What financing change did Maui Land & Pineapple (MLP) report?

Maui Land & Pineapple (MLP) executed new agreements with First Hawaiian Bank that replace its prior revolving credit arrangement with a larger, five-year $25.0 million revolving credit facility.

How much did MLP’s credit facility increase under the new agreement?

The company’s revolving credit facility increased from $15.0 million to $25.0 million, providing an additional $10.0 million of borrowing capacity.

When does Maui Land & Pineapple’s updated credit facility mature?

The amended and restated credit facility now has a maturity date of December 31, 2030, with the option to convert revolving borrowings into term loans that can extend repayment to December 31, 2040.

What interest rates apply to MLP’s new credit facility with First Hawaiian Bank?

Revolving borrowings bear interest at First Hawaiian Bank’s prime rate minus 1.125 percentage points, while term loan borrowings are at the bank’s commercial loan rates, with interest rate swap options available.

What collateral secures Maui Land & Pineapple’s expanded credit facility?

The credit facility continues to be secured by the company’s three premier commercial properties totaling approximately 30,000 square feet of leased space in the Kapalua Resort.

How much debt was outstanding under MLP’s credit facility as of December 22, 2025?

As of December 22, 2025, Maui Land & Pineapple had $3.0 million of outstanding debt under the credit facility, leaving most of the $25.0 million capacity undrawn.