(3)  Retirement Plan Investments

In 2023, the Company terminated its defined benefit pension plan (the “Pension Plan”) and transferred $5,000 to a qualified replacement plan (“QRP”). In accordance with U.S. GAAP, the amount transferred to the QRP is reflected as Retirement plan investments in the Company’s condensed consolidated balance sheet as of March 31, 2026. Such assets are considered to be a fair value hierarchy Level 1 investment, and are maintained in a suspense account within the QRP pending allocation to plan participants. The assets will be allocated to the participants in the QRP who were participants in the terminated Pension Plan and employees of certain affiliated companies, all of which have some degree of common ownership with the Company and were concluded as eligible participants per the Employee Retirement Income Security Act (“ERISA”) requirements for QRPs. Such allocations are planned to be allocated ratably over a period not to exceed seven years to comply with regulatory requirements. On February 18, 2026, approximately $1,162 was allocated to the participants in the QRP. Approximately $181 was allocated to participants in the terminated Pension

Plan and is reflected in general and administrative expenses in the condensed consolidated statement of operations for the three months ended March 31, 2026, and approximately $981 was allocated to employees of affiliated companies and is reflected as a distribution from accumulated earnings in the condensed consolidated balance sheet as of March 31, 2026. On February 10, 2025, approximately $1,098 was allocated to the participants in the QRP. Approximately $174 was allocated to participants in the terminated Pension Plan and is reflected in general and administrative expenses in the condensed consolidated statement of operations for the three months ended March 31, 2025 and approximately $924 was allocated to employees of affiliated companies and is reflected as a distribution from accumulated earnings in the condensed consolidated balance sheet at March 31, 2025.

The Company maintains a nonqualified deferred compensation arrangement (the "Rabbi Trust") which provides certain former directors of Amfac Hawaii, LLC (now known as KLC Land Company, LLC, a direct subsidiary of Kaanapali Land through which the Company conducts substantially all of its operations) and their spouses with pension benefits. The deferred compensation liability of $243 is included in Other liabilities in the Company's condensed consolidated balance sheet as of March 31, 2026.