MAUI LAND & PINEAPPLE CO Business Summary

Maui Land & Pineapple Company, Inc. (MLP) is a landholding and operating firm that generates revenue through the strategic management and development of approximately 22,000 acres on the island of Maui. The company operates through three primary business segments: Leasing, which provides the majority of recurring income via commercial, industrial, and agricultural property leases; Land Development & Sales, focused on the planning, entitlement, and monetization of residential and resort landholdings; and Resort Amenities, which manages the Kapalua Club membership program. MLP also oversees utility operations and trademark licensing, while recently diversifying into sustainable agriculture through a large-scale agave cultivation venture. Within the competitive landscape of real estate development and land management, MLP competes directly with firms such as Howard Hughes Holdings, Stratus Properties, and Five Point Holdings, positioning itself as a niche, asset-heavy steward of high-value Hawaiian resort and conservation land. The company traces its origins to 1909, founded by the descendants of missionary Dwight Baldwin—specifically Henry Perrine Baldwin and David Dwight Baldwin—as a consolidation of family-held agricultural and ranching interests. Today, the leadership team is headed by CEO Race A. Randle, a Hawaii native with extensive development experience at Lendlease and Howard Hughes, and CFO Wade K. Kodama, who oversees financial strategy and capital management. The board is chaired by R. Scot Sellers, the former CEO of Archstone, and includes notable investor and AOL co-founder Stephen M. Case, who remains the company’s largest shareholder. Other key management figures include Kainoa Casco, Vice President of Land Productivity & Asset Management, and Darren Strand, Director of Agricultural Operations, who leads the firm’s pivot toward diversified, water-efficient crop production.