Maui Land & Pineapple Company, Inc. (MLP): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of Maui Land & Pineapple Company, Inc., and honestly, the story isn't the fruit anymore; it's about mastering land and water rights across their 22,000 acres. As a long-time analyst, I see a firm balancing the high-touch stewardship of the Kapalua Resort with the hard math of development, evidenced by operating costs hitting $17.8 million year-to-date Q3 2025 while leasing remains the core $3.5 million quarterly earner. We need to see how they are unlocking latent asset value through entitlements and that new Agave venture while managing tricky partnerships like the State of Hawai'i relief housing project. Dive below for the precise breakdown of how this unique asset base translates into their current revenue streams and cost structure.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive Maui Land & Pineapple Company, Inc.'s (MLP) operations as of late 2025. These aren't just vendors; they are critical entities shaping land use, community impact, and financial performance.

The relationship with the State of Hawai'i centers on the Honokeana Homes Relief Housing Project, a community-focused effort following the 2023 wildfires. MLP is administering the horizontal improvements for this project, which involves leasing 50 acres of vacant land for a five-year term at no cost to the State, with a plan to build about 200 homes. While MLP agreed to receive no direct profit from this effort, it generates cost-reimbursed revenue. For the nine months ended September 30, 2025, MLP received $3,376,000 in cost reimbursements from the State for this project, though operations were reported as paused pending further State direction as of that date. For the first quarter of 2025, contracting revenues from this project alone totaled $2,278,000.

The agricultural and commercial leasing front is seeing renewed focus, evidenced by the partnership with Ka Ike Cattle Ranch. MLP leased over 1,000 acres of land in West Maui to this local family-owned business in February 2025 to reactivate agricultural use and lower wildfire risk. Ranching operations commenced with the addition of 62 head of cattle on an initial portion of the leased parcel. This strategic leasing is contributing to overall segment growth:

Leasing Metric (Nine Months Ended 9/30/2025)	Amount/Percentage
Recurring Leasing Revenue (YTD 2025)	Increased 39% vs. YTD 2024
Leasing Segment Net Operating Income Improvement	21.5% vs. Nine Months Ended 9/30/2024
Total Leasing Revenue	$9.9 million
Prior Period Leasing Revenue (Nine Months Ended 9/30/2024)	$7.1 million
Commercial Real Estate Occupancy	91% across 247,000 square feet

The relationships within the Kapalua Resort Association are currently strained by significant litigation, primarily involving TY Management Corporation, the owner of the Kapalua Golf Courses. This dispute stems from water access issues in the Honokōhau Ditch System, which is owned and operated by MLP. The water shortage allegedly caused the cancellation of the PGA Tour Sentry tournament, an event estimated to be worth $50 million to Maui's economy. TY Management, which held about 40% voting power at the end of 2023, sued MLP after alleging MLP increased its voting power to 73.5% from 33.2% by adding nearly 2,000 acres of undeveloped land into the Association's boundaries. MLP countersued, accusing TY Management of excessive water use for golf course irrigation.

The luxury hotel operators, including The Ritz-Carlton Maui and Montage Kapalua Bay, are situated within the Kapalua Resort, an asset MLP stewards. While specific 2025 revenue contributions from these individual hotels to MLP are not itemized, the overall leasing segment, which includes resort properties, is a core revenue driver, reaching $3.5 million in Q3 2025 alone.

The relationship with TY Management Corporation is critical and adversarial due to the water rights and governance disputes. TY Management's President, Tadashi Yanai, is noted to have an estimated net worth of $31.9 billion. The dispute over the Honokōhau Ditch System has resulted in MLP facing notices of potential violations, with fines theoretically reaching up to $5,000 per day of non-compliance for ordered infrastructure improvements not being installed.

Other new commercial and industrial tenants are also being added to the portfolio, contributing to the leasing growth:

• New tenants include the Maui Pineapple Store and Malia Coffee Company in Hali'imaile.
• Maui Sunriders Bike Shop and Big Wave Shave Ice joined in Kapalua.
• The leasing segment's recurring revenue growth of 39% year-to-date in 2025 reflects success in improving occupancy across the 247,000 square feet of commercial space.

Finance: review the contingent liability disclosure for the ongoing Kapalua Resort Association litigation by next Tuesday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Key Activities

You're looking at the core things Maui Land & Pineapple Company, Inc. (MLP) has to do every day to make the business run, based on their late 2025 performance through Q3.

Strategic land development and sales, including non-strategic parcel divestiture.

Maui Land & Pineapple Company, Inc. (MLP) is actively moving non-strategic land to generate liquidity while pushing forward on development projects. For the nine months ended September 30, 2025, total operating revenues reached $14.9 million. Land development and sales contributed $0.8 million in the third quarter alone. This follows a strong first half where land development revenues hit $3.4 million for the six months ended June 30, 2025, a significant jump from just $200,000 in the same period of 2024. The company owns over 22,000 acres of land on Maui, and as of Q3 2025, they had five additional parcels publicly marketed for sale following a review to identify non-strategic holdings.

Here's a look at the revenue contribution from land activities for the first half of 2025:

Activity Component	Period Ended June 30, 2025 Amount	Comparison to Prior Year Period
Total Land Development Revenues (H1 2025)	$3.4 million	Up from $200,000 in H1 2024
Non-Strategic Parcel Sale Contribution (H1 2025)	$265,000	Sale of a non-strategic remnant parcel in Pukalani
Honokeana Homes Relief Housing Project Contracting Revenue (Q1 2025)	$2,278,000	Primary driver of Q1 land development revenue

Leasing and property management of 247,000 sq. ft. of commercial space.

Leasing is a core driver, with commercial property occupancy improving to 91% across the 247,000 square feet portfolio as of September 30, 2025. This focus led to recurring leasing revenue increasing 39% year-to-date in 2025 compared to the same period in 2024, and a 59% increase compared to 2023. For Q3 2025, leasing generated $3.5 million in revenue. The company executed about 30 leases from late 2024 through the end of Q3 2025, bringing in new commercial, industrial, and land lease tenants.

• Leasing Revenues (Q1 2025): $3,219,000, a 45% increase year-over-year.
• Leasing Revenues (H1 2025): $6.4 million, a 46% surge.
• New tenants include Maui Pineapple Store and Malia Coffee Company.

Operating and maintaining critical water source and transmission systems.

Maui Land & Pineapple Company, Inc. (MLP) owns and manages water infrastructure, including source, storage, and transmission systems, which are critical for local communities. A comprehensive strategic review to potentially sell or lease these assets began in early 2025. The Upcountry Maui assets feature the Pi'iholo Well, which has an estimated capacity of over 1 million gallons per day. Water and conservation costs reflected this activity, increasing 77% to $1.3 million for the first six months of 2025.

Advancing the new Agave farming venture on underutilized land.

The company is advancing a new agriculture-based business venture focused on cultivating Agave to maximize value from underutilized croplands. As of Q3 2025, the operation had over 15,000 plants in the ground, and a Director of Agricultural Operations was hired to manage this long-term diversification effort.

Managing the Kapalua Resort amenities and membership program.

Management of the Kapalua Resort includes its amenities and membership structure. Revenue from resort amenities, which includes the Kapalua Club, accounted for $0.2 million in the third quarter of 2025. The governance structure of the Kapalua Resort Association is key to this management; as of late 2023, MLP held about 33% voting power, which was allegedly increased to 73% through land annexations completed in late 2024 and early 2025.

Finance: draft 13-week cash view by Friday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Key Resources

You're looking at the core assets that power Maui Land & Pineapple Company, Inc. (MLP) right now, as of late 2025. These aren't just line items; they are the physical and financial foundation for their entire operation, especially as they navigate post-wildfire recovery and strategic asset review.

The most significant resource is the sheer scale of their land ownership. Maui Land & Pineapple Company, Inc. controls over 22,000 acres of land on Maui. A substantial portion of this is tied up in the Kapalua Resort, which is managed through the Kapalua Land Company. This land base is the primary source for their development and leasing value.

Here's a quick snapshot of the tangible, revenue-generating, or development-ready physical assets as of the third quarter of 2025:

Resource Type	Metric	Value as of Q3 2025
Total Land Holdings	Acres Owned	Over 22,000 acres
Commercial Real Estate	Total Square Footage	Approximately 247,000 square feet
Commercial Real Estate	Occupancy Rate (Q3 2025)	91%
Liquidity	Cash and Investments Convertible to Cash	$5.0 million (as of September 30, 2025)
Credit Facility	Available Capacity (as of Q3 2025)	$12.0 million available on a $15.0 million line

Regarding future residential potential, the company holds significant land entitlements. The Kapalua Mauka project, which involved the reclassification of approximately 790 acres of land from Agricultural District to Urban and Rural Districts, represents a key development resource. The initial phases of this project included approvals for a 51-lot rural subdivision and an 18-hole golf course. This entitlement work is critical for unlocking long-term residential revenue streams, even if the specific target of 639 homes isn't explicitly detailed in the latest filings.

Water infrastructure is another vital, though currently scrutinized, resource. Maui Land & Pineapple Company, Inc. owns critical water source, storage, and transmission systems, including the Honokōhau Ditch System, which is an irrigation system maintained by the company. The company is currently addressing a notice of alleged violations from the State water commission regarding required infrastructure improvements to this ditch system, including a remotely operable valve. This asset is essential for serving the Kapalua Resort and its operations.

Beyond land and real estate, the company is actively building out its agricultural resource base. They have launched a new agave farming venture, which is a clear move toward revenue diversification. This venture has over 15,000 plants in the ground as of late 2025. Furthermore, they manage the 8,304-acre Pu'u Kukui Watershed Preserve, which is one of the largest private nature preserves in Hawai'i.

The company's liquidity position is supported by its cash balance and access to external funding. As noted, Cash and Investments Convertible to Cash totaled $5.0 million at the end of the third quarter of 2025. This cash was deployed toward development activities and pension contributions. The availability under the revolving line of credit provides an additional buffer for capital expenditures and ongoing stabilization efforts.

Key supporting resources include:

• The operation of Kapalua Realty, a general brokerage real estate company.
• The Kapalua Water Company, a Public Utilities Commission-regulated water system and sewage transmission operation servicing the Kapalua Resort.
• The 8,304-acre Pu'u Kukui Watershed Preserve.

Finance: review credit facility renewal terms targeted for December 31, 2025, by next Tuesday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Value Propositions

Providing land for community needs, including emergency and workforce housing, involves a significant commitment to Maui's recovery and future stability. Maui Land & Pineapple Company, Inc. committed 50 acres of its land in Honokeana for a temporary housing project for individuals displaced by the 2023 wildfires. The estimated cost for Maui Land & Pineapple Company, Inc.'s work on the horizontal infrastructure for this project is $35,500,000.00. This effort aims to create approximately 200 temporary housing lots, with MLP's work on the infrastructure intended to be completed by December 31, 2025. Maui Land & Pineapple Company, Inc. stewards over 22,000 acres of land on Maui in total.

Maui Land & Pineapple Company, Inc. offers a diverse portfolio of commercial and agricultural lease space, focusing on activating underutilized land. The leasing segment saw recurring revenue increase by 39% year-to-date in 2025 compared to the same period in 2024. By the end of the second quarter of 2025, commercial real estate occupancy reached 89%, up from 86% at the start of that year. The leasing segment's net operating income improved by 21.5% for the nine months ended September 30, 2025, compared to the prior year period.

Leasing Revenue Growth (YTD 2025 vs 2024)	39%
Commercial Real Estate Occupancy (as of Q2 2025)	89%
Leasing NOI Improvement (9 months ended 9/30/2025)	21.5%

Stewardship of the world-renowned Kapalua Resort environment and amenities is a core function, including managing critical water systems. Water and conservation costs for the first six months ended June 30, 2025, totaled $1,253,000. These costs included $191,000 in increased electricity to power potable groundwater wells. Maui Land & Pineapple Company, Inc. manages properties, utilities, and the Pu'u Kukui Watershed, which is the largest private nature preserve in Hawai'i. The PGA Tour's Sentry Tournament of Champions at the Plantation Course was canceled for 2026 due to drought and water conservation requirements.

Diversifying Maui's economy through a sustainable Agave agriculture venture honors the company's agricultural roots. Maui Land & Pineapple Company, Inc. is cultivating blue weber agave on 25 acres of underutilized croplands in Upcountry Maui, within a larger 120-acre planting zone. The first phase of planting is complete, with more than 12,000 blue agave plants in the ground, and the company has since reported over 15,000 plants in the ground as of Q3 2025. This venture is intended to create local jobs and boost environmental and economic sustainability.

Unlocking latent asset value through strategic land planning and development is demonstrated across the Kapalua Resort area. The Kapalua Mauka area, a 930-acre area, already has land entitlements to produce 639 single-family homes, plus recreation space. The Kapalua Central resort area comprises 46 acres planned for 196 residential units. Land development and sales revenues for the first six months of 2025 amounted to $3,442,000, compared to $200,000 in the same period in 2024. This H1 2025 development revenue was primarily due to $3,100,000 from the Honokeana Homes Relief Housing Project.

• Kapalua Makai Project Area: 37 acres.
• Honokeana Relief Housing Project Contracting Revenue (H1 2025): $3,100,000.
• Land Parcels Sold (through Q3 2025): Three.
• Total Land Stewarded: Over 22,000 acres.

Finance: draft next quarter's leasing revenue projection by end of next week.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Customer Relationships

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) manages its diverse set of relationships across its landholdings. It's not one-size-fits-all; the approach shifts based on whether the customer is a short-term buyer or a decades-long leaseholder.

Transactional sales model for non-strategic land parcels

For non-strategic land parcels, the relationship is strictly transactional, focused on generating incremental liquidity. This is a clear-cut sales process. For the nine months ended September 30, 2025, MLP completed the sale of three land parcels, a significant increase from the one parcel sale during the same nine-month period in 2024. This activity drove the Land development and sales segment's net operating income to improve by 203.9%, moving from $(\$0.5)$ million for the nine months ended September 30, 2024, to \$0.5 million for the nine months ended September 30, 2025. To maintain this sales pipeline, the Company currently has five additional parcels publicly marketed for sale as of late 2025. The relationship starts and ends with the closing of the sale.

Dedicated account management for long-term commercial and agricultural leases

For long-term commercial and agricultural tenants, the relationship is managed through dedicated account management, aiming for stability and growth in recurring revenue. This segment is the core driver of MLP's operations. Recurring revenue from the leasing segment increased 39% year-to-date in 2025 compared to the same period in 2024, and 59% compared to the same period in 2023. The leasing segment's net operating income improved by 21.5%, rising from \$3.7 million to \$4.5 million for the nine months ended September 30, 2025, versus 2024. This success is built on active management; approximately 30 leases were executed and commenced between late 2024 and September 30, 2025. MLP manages approximately 247,000 square feet of commercial real estate, which saw its occupancy improve to 91% as of Q3 2025. This includes significant agricultural relationships, such as welcoming the 1,000+ acre Ka Ike Cattle Ranch as a new tenant in West Maui.

Here's a quick look at the leasing segment's financial traction through Q3 2025:

Metric	Value (9 Months Ended Sept 30, 2025)	Comparison Period
Leasing Segment Net Operating Income	\$4.5 million	vs. \$3.7 million (9M 2024)
Commercial Real Estate Square Footage Managed	247,000 sq. ft.	As of Q3 2025
Commercial Real Estate Occupancy Rate	91%	As of Q3 2025
New Leases Executed/Commenced (Late 2024-Sept 2025)	~30	Period Specific

The focus here is on purposeful placemaking to enhance this recurring revenue stream. That's how you build a durable business.

Membership-based service for Kapalua Resort amenity users

The Kapalua Resort Amenities segment, which includes the Kapalua Club, operates on a membership-based service model. The relationship is defined by access and privilege, though it's a smaller revenue contributor. For the nine months ended September 30, 2024, revenue from resort amenities and other sources totaled \$805,000, driven by accepting new Kapalua Club memberships and updating membership levels. In Q3 2025 alone, this segment generated \$0.2 million in operating revenue. The relationship structure within the governing body, the Kapalua Resort Association, is also a key factor, where MLP held about 33% voting power by the end of 2023, based on acreage ownership within the resort area.

Key aspects of the membership relationship include:

• Acceptance of new Kapalua Club memberships.
• Recognition of additional club dues upon level updates.
• Providing special programs and privileges at resort amenities.

Collaborative, project-based relationship with government entities (State of Hawai'i)

MLP engages in a highly collaborative, project-based relationship with government entities, particularly concerning community recovery and development initiatives. A prime example is the Honokeana Homes Relief Housing Project with the State of Hawai'i. For the first three months of 2025, MLP recorded \$2,278,000 of contracting revenues from administering horizontal improvements for this project. Importantly, MLP agreed to receive no direct profit from this specific effort, underscoring a commitment beyond pure financial return. Furthermore, cost reimbursements related to the Relief Housing Project contributed \$3.4 million to the nine-month operating revenues in 2025. This type of relationship is about fulfilling a community stewardship role, even if it means foregoing immediate margin on the contract itself.

If you're tracking the State partnership revenue:

• Contracting revenue from Honokeana Homes (Q1 2025): \$2,278,000.
• Total Relief Housing Project reimbursements (9M 2025): \$3.4 million.
• Profit expectation on contracting: Zero.

Finance: draft the 13-week cash view by Friday, focusing on the timing of the next non-strategic land sale to support development funding.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Channels

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) gets its value propositions to the customer, and honestly, it's a mix of direct operations and leveraging its physical assets across several distinct paths.

Internal Land Development and Sales team for direct parcel sales

The internal team drives direct sales channels, which saw a significant uptick in the first half of 2025. For the six months ended June 30, 2025, revenues from Land Development & Sales hit $3.4 million. This was bolstered by specific projects, like the Honokeana Homes Relief Housing Project, which contributed $2,278,000 in contracting revenues in the first quarter of 2025 alone. The segment's net operating income (NOI) for the nine months ended September 30, 2025, reached $0.5 million, a massive improvement from ($0.5 million) in the prior year period, driven by more transactions. This channel relies on entitlements and development progress on MLP's vast holdings, which include over 22,000 acres of land on Maui.

Kapalua Realty, a general brokerage real estate company

While specific revenue attribution to Kapalua Realty is not broken out separately from the Land Development & Sales segment in the latest reports, this brokerage arm acts as a key conduit for realizing value from property sales and potentially facilitating some leasing transactions within the Kapalua Resort area. The overall land sales activity, which saw three parcel sales in the first nine months of 2025 compared to one in 2024, flows through these sales channels. The company's stock price as of November 10, 2025, was $15.19, with a market capitalization of $300M. That's the market's current view of the value being unlocked through all channels.

Direct leasing and property management for commercial tenants

Direct leasing is the most consistent revenue driver for Maui Land & Pineapple Company, Inc. The company manages approximately 247,000 square feet of commercial real estate, which achieved an occupancy rate of 91% as of September 30, 2025. This focus on direct management helps ensure lease terms are optimized. Recurring revenue from this leasing segment increased by 39% year-to-date in 2025 compared to the same period in 2024. For the third quarter of 2025, leasing generated $3.5 million in operating revenue. The Leasing segment's NOI for the nine months ended September 30, 2025, was $4.5 million, up from $3.7 million the year prior. New tenants like the Maui Pineapple Store and Malia Coffee Company in Hali'imaile, and Maui Sunriders Bike Shop in Kapalua, are now part of this direct channel.

Resort amenity operations and membership program access points

The Resort Amenities segment, which includes the membership program providing benefits within Kapalua Resort, serves as a smaller, yet direct, revenue stream. For the third quarter of 2025, this segment, combined with other sources, contributed $0.2 million to operating revenues. This channel is intrinsically linked to the overall health and appeal of the Kapalua Resort properties that MLP owns and manages. The company also manages utilities and a nature preserve at the resort.

Here's a quick look at how the primary revenue-generating channels stacked up for the nine months ended September 30, 2025:

Revenue Source (Segment)	Nine Months YTD 2025 Operating Revenue (Approximate)	Nine Months YTD 2025 Net Operating Income (NOI)
Leasing Segment	Not explicitly stated, but Q3 was $3.5M	$4.5 million
Land Development & Sales Segment	Not explicitly stated, but 6M ended June 30, 2025 was $3.4M	$0.5 million
Resort Amenities and Other	Q3 2025 was $0.2 million	Not explicitly stated
Total Operating Revenues (All Segments)	$14.9 million	N/A

The total operating revenues for the nine months ended September 30, 2025, reached $14.9 million, a significant increase from $8.2 million in the same period of 2024. This growth reflects the success across these various channels, though $3.4 million of the nine-month revenue was due to cost reimbursements from the Relief Housing Project. If onboarding takes 14+ days for new commercial tenants, churn risk rises, but current occupancy at 91% suggests good channel execution there.

Finance: review the Q4 2025 credit facility availability against expected capital needs for the Kapalua Makai development by next Tuesday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Customer Segments

Commercial and industrial businesses leasing property.

• Leasing revenues for the six months ended June 30, 2025, totaled $6,421,000, a 46% increase year-over-year.
• Recurring leasing revenue increased 39% year-to-date in 2025 compared to the same period in 2024.
• Commercial real estate occupancy improved to 91% across 247,000 square feet as of September 30, 2025.
• New commercial and industrial tenants welcomed in 2025 include the Maui Pineapple Store and Malia Coffee Company in Hali'imaile, and Maui Sunriders Bike Shop and Big Wave Shave Ice in Kapalua.

Agricultural operators and ranchers (e.g., Ka Ike Cattle Ranch).

• The 1,000+ acre Ka Ike Cattle Ranch in West Maui is noted as a new land lease tenant.
• Maui Land & Pineapple Company, Inc. is planting 15,000 blue weber agave plants on 25 acres of underutilized croplands in Upcountry, Maui, as part of a new agriculture venture.

Real estate developers and high-net-worth land buyers.

• Land development and sales revenues for the six months ended June 30, 2025, reached $3,442,000.
• The company sold three land parcels through the third quarter of 2025.
• Maui Land & Pineapple Company, Inc. currently has five additional parcels publicly marketed for sale.
• Land development and sales business segment's net operating income improved by 203.9% for the nine months ended September 30, 2025, compared to the prior year.

Kapalua Resort residents and amenity membership holders.

• The Resort Amenities segment generated $0.2 million in operating revenue for Q3 2025.
• Revenue from resort amenities, including the Kapalua Club, increased by $107,000 over the same period last year due to the acceptance of new Kapalua Club memberships.
• Maui Land & Pineapple Company, Inc. manages resort holdings of over 800 residences, homesites and condominiums within the 1,650-acre Kapalua Resort.

State and County of Maui government entities.

• Land development revenues included $3,100,000 of contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai'i for the first six months of 2025.
• Cost reimbursements from the Relief Housing Project totaled $3,376,000 for the nine months ended September 30, 2025.
• West Maui water assets include a surface water system which serves the County of Maui for a large portion of Lahaina's drinking water.

The leasing segment's financial contribution by customer type can be partially segmented as follows:

Leasing Category/Customer Type	Revenue Metric (9M 2025 YTD)	Change YTD 2025 vs 2024
Total Recurring Leasing Revenue	$9.9 million	39% increase
Commercial/Industrial/Land Leases (Occupancy)	91% occupancy across 247,000 sq. ft.	Occupancy improved from 86%
Resort Amenities (Kapalua Club)	$0.2 million (Q3 2025 Revenue)	Revenue increased by $107,000 (H1 2024 vs H1 2023)

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Cost Structure

The Cost Structure for Maui Land & Pineapple Company, Inc. (MLP) in late 2025 is heavily influenced by legacy obligations and ongoing operational investments across its substantial land holdings.

High operating costs and expenses totaled $17.8 million for the nine months ended September 30, 2025, which was an increase of 30.1% compared to $13.7 million for the same period in 2024. A significant portion of this increase, specifically $3,376,000, was attributed to direct costs associated with the Relief Housing Project with the State of Hawai'i, though these costs were reimbursed by the State.

A major non-recurring cost impacting the nine-month results was the significant one-time pension settlement expense. The total pension expense recognized was $6.9 million, of which $6.6 million was non-cash, stemming from the qualified pension plan termination finalized on September 30, 2025.

Capital deployment involves significant outlays for property enhancement. Cash and investments convertible to cash decreased to $5.0 million as of September 30, 2025, down from $9.5 million at year-end 2024, with uses including capital expenditures for land development and pension contributions.

Specific expense components for the nine months ended September 30, 2025, include:

• Share-based compensation expense decreased to $3.1 million.
• The GAAP net loss for the nine months was ($9.4 million), widening from ($5.5 million) in 2024, largely due to the pension termination charge.

Regarding water management, Maui Land & Pineapple Company, Inc. owns critical water source and transmission assets, and a strategic review for potential sale or lease of these assets began in early 2025. The company has been involved in legal disputes concerning the maintenance of the Honokōhau Ditch System, which supplies water to West Maui. In one instance, golf courses allegedly consumed over 11 million gallons of water in June 2025 while agricultural tenants used none, despite Tier 4 restrictions.

General and administrative expenses are a component of the overall cost structure, though the specific year-to-date Q3 2025 figure of $6.7 million was not directly verifiable in the latest reports; however, related compensation costs are detailed:

Expense Category	Nine Months Ended September 30, 2025 Amount	Nine Months Ended September 30, 2024 Amount
Operating Costs and Expenses (Total)	$17.8 million	$13.7 million
Pension Settlement Expense (Total)	$6.9 million	N/A (One-time in 2025)
Share-based Compensation Expense	$3.1 million	$4.7 million

The company is facing an unfunded Supplemental Employees Retirement Plan (SERP) estimated to cost $1.6 million upon its scheduled termination in the fourth quarter of 2026.

Finance: draft 13-week cash view by Friday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for Maui Land & Pineapple Company, Inc. (MLP) as of late 2025. The business model is heavily weighted toward recurring income from real estate holdings, supplemented by project-based development gains and specific government reimbursements.

Leasing operations remain the bedrock of the revenue structure. For the third quarter of 2025, this segment brought in $3.5 million. This recurring revenue stream is showing strong momentum; year-to-date 2025, recurring leasing revenue increased by 39% compared to the same period in 2024. This growth is supported by improved commercial real estate occupancy, which stood at 91% across 247,000 square feet at the end of Q3 2025.

The following table breaks down the total operating revenues reported for the third quarter of 2025, showing how the core leasing stream compares to other sources:

Revenue Source (Q3 2025)	Amount (Millions USD)
Leasing Operations	$3.5
Land Development and Sales	$0.8
Resort Amenities and Other	$0.2
Total Operating Revenue (Q3 2025)	$4.5

Land development and sales provide lumpy, project-driven income. While the third quarter of 2025 saw $0.8 million from this stream, the year-to-date performance through Q3 2025 shows a total of $4.2 million generated from land development and sales, reflecting parcel sales and progress on projects like Honokeana Homes.

A significant, non-core but material, revenue component comes from cost reimbursements from the State of Hawai'i Relief Housing Project. For the nine months year-to-date ending September 30, 2025, the company recorded $3.4 million in these cost reimbursements. This revenue is directly tied to administering horizontal improvements for the project, with the costs being reimbursed by the State.

Revenue from resort amenities and membership fees contributed a smaller, though still present, amount to the top line. In Q3 2025, this category totaled $0.2 million.

You can see the key revenue drivers and their recent performance metrics here:

• Leasing operations revenue for Q3 2025: $3.5 million.
• Recurring leasing revenue year-to-date 2025 increase: 39%.
• Cost reimbursements from the State of Hawai'i Relief Housing Project (YTD Q3 2025): $3.4 million.
• Resort amenities and membership fees revenue for Q3 2025: $0.2 million.
• Land development and sales revenue for Q3 2025: $0.8 million.

Finance: draft 13-week cash view by Friday.