MAUI LAND & PINEAPPLE CO INC (MLP) SEC Filings, Dec 2025-Mar 2026

ValueWorks LLC and its managing member Charles Lemonides have filed Amendment No. 1 to a Schedule 13G reporting a significant stake in Maui Land & Pineapple Company, Inc. They report beneficial ownership of 1,202,155 shares of common stock, representing 6.09% of the outstanding class as of the event date of 12/31/2025.

Both ValueWorks and Lemonides report no sole voting or dispositive power over these shares, but shared voting and shared dispositive power over the full 1,202,155 shares. All of the securities are directly owned by advisory clients of ValueWorks LLC, and no individual client is deemed to own more than 5% of the stock.

The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company, other than activities solely in connection with a nomination under the specified proxy rule.

Maui Land & Pineapple Company, Inc. entered into a purchase agreement to sell a 30-acre unimproved Lahaina, Hawaii parcel to its Chief Executive Officer, Race A. Randle, for $1,200,000. The CEO plans to develop the land as a farm and home under the agreement’s terms.

The buyer deposits $50,000 within two business days of signing and another $50,000 after a 90-day due diligence period, with both refundable if specific termination or non-closing conditions occur. If the CEO proceeds, the deposit becomes non-refundable.

The deal includes a fifth-anniversary value true-up requiring extra payment if fair market value then exceeds the original price, a long-term principal-residence occupancy requirement that can trigger a company repurchase option, and a shared appreciation feature where a decreasing share of sale profits is paid to the company if the property is sold before the tenth anniversary. The board obtained an independent Hawaii appraisal confirming the price exceeds current fair market value as of the effective date.

MAUI LAND & PINEAPPLE CO INC reported an insider equity transaction by its Chief Financial Officer, Wade Kodama. On January 8, 2026, Kodama had a Form 4 reportable event involving 695 shares of the company’s common stock, coded as an "F" transaction and shown as a disposition at a per-share price of $0. Following this transaction, Kodama is shown as beneficially owning 25,582 shares of common stock with direct ownership.

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.

Maui Land & Pineapple Co Inc director and 10% owner Stephen M. Case reported buying 300 shares of common stock on 12/12/2025 at $ 17 per share, in a transaction reported as indirect ownership through his revocable trust.

After this purchase, he beneficially owns 11,987,834 shares indirectly via the Stephen M. Case Revocable Trust and 67,427 shares directly, reflecting a substantial personal stake in the company.

Maui Land & Pineapple Company, Inc. director R. Scot Sellers reported open-market purchases of the company’s common stock. On 12/10/2025, he acquired 3,000 shares at a weighted average price of $16.77 per share, in trades executed between $16.58 and $16.80. On 12/11/2025, he acquired an additional 1,964 shares at a weighted average price of $16.75 per share, also in the $16.58–$16.80 range.

Following these transactions, Sellers directly beneficially owns 34,744 shares of Maui Land & Pineapple common stock. He has indicated that, upon request, he will provide the SEC staff, the issuer, or any security holder with detailed trade and price information for these purchases.

Maui Land & Pineapple Co., Inc. insider trade: Director and 10% owner Stephen M. Case reported buying 5,000 shares of common stock on 12/11/2025. The purchase, coded as transaction type "P" for a buy, carried a weighted average price of $16.79 per share, with individual prices ranging from $16.78 to $16.86.

After this transaction, Mr. Case is shown as beneficially owning 11,987,534 shares indirectly through the Stephen M. Case Revocable Trust and 67,427 shares directly. Mr. Case serves as sole trustee of the trust and has sole power to vote and dispose of the shares held by it.

Maui Land & Pineapple Company director buys additional common stock. Director R. Scot Sellers purchased 2,000 shares of Maui Land & Pineapple Company, Inc. common stock on 12/09/2025. The weighted average purchase price was $16.79 per share, with individual trade prices ranging from $16.76 to $16.80 per share. Following this open-market purchase, he beneficially owns 29,780 shares of the company’s common stock, held directly.

Maui Land & Pineapple Co. (MLP) reported insider share purchases by director and 10% owner Stephen M. Case. On December 8, 2025, a trust for his benefit bought 3,000 common shares in open-market purchases at a weighted average price of $16.38 per share, within a range of $16.18 to $16.50. On December 9, 2025, the same trust bought an additional 450 shares at $16.29 per share. After these transactions, the trust held 11,982,534 shares indirectly, while 67,427 shares were held directly in his name. Case is the sole trustee of the revocable trust and has sole voting and dispositive power over the shares it holds.