Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 39% year-over-year increase in recurring leasing revenue for the third quarter of 2025, reflecting successful strategic initiatives and strong progress in land development [2][5] - The company achieved positive Adjusted EBITDA year-to-date, marking a meaningful improvement over 2024, indicating operational progress and positioning for continued growth [4][5] Financial Highlights - Recurring revenue from the leasing segment increased by 39% year-to-date in 2025 compared to the same period in 2024, and by 59% compared to the same period in 2023 [5] - Operating revenues rose by 83.1% to $14.9 million for the nine months ended September 30, 2025, compared to $8.2 million for the same period in 2024 [5][19] - Operating profit improved by 48.4%, with a loss of $2.8 million compared to a loss of $5.5 million for the nine months ended September 30, 2024 [5][19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1.6 million, an increase of $1.7 million compared to a loss of $0.1 million for the same period in 2024 [5][22] Land Development and Sales - The land development and sales segment's net operating income improved by 203.9%, reaching $0.5 million compared to a loss of $0.5 million for the same period in 2024, driven by three parcel sales in the current year [5] - The company sold three land parcels through the third quarter of 2025 and has five additional parcels publicly marketed for sale [5] Leasing Segment Performance - The leasing segment's net operating income improved by 21.5%, totaling $4.5 million compared to $3.7 million for the nine months ended September 30, 2024 [5] - Approximately 30 leases were executed and commenced from late 2024 to September 30, 2025, with expectations for continued increases in recurring net operating income as occupancy stabilizes [6] Cost Management - Operating costs and expenses increased by 30.1% to $17.8 million for the nine months ended September 30, 2025, primarily due to direct costs from the Relief Housing Project [5][19] - General and administrative and share-based compensation expenses decreased by 16.0% to $6.7 million compared to $8.0 million for the same period in 2024, driven by a reduction in share-based compensation [12] Pension Obligations - The company fulfilled its largest remaining legacy obligation by funding, annuitizing, and terminating the qualified pension at an expense of $6.9 million, with the final remaining pension obligation scheduled to be resolved in the fourth quarter of 2026 [5][12]

Financial Performance - Total operating revenues for Q3 2025 reached $4,525,000, a 49.4% increase from $3,028,000 in Q3 2024[17] - Net income for Q3 2025 was $240,000, compared to a net loss of $2,237,000 in Q3 2024, marking a significant turnaround[17] - For the nine months ended September 30, 2025, total operating revenues were $14,932,000, up 83.5% from $8,153,000 in the same period of 2024[19] - The Company reported operating revenues of $14.932 million for Q3 2025, a significant increase from $8.153 million in Q3 2024[75] - Operating income for Q3 2025 was a loss of $2.849 million, compared to a loss of $5.516 million in Q3 2024, indicating improved performance[75] - For the nine months ended September 30, 2025, operating revenues were $14.932 million, up from $8.153 million in 2024, indicating an 83.5% increase[108] Assets and Liabilities - Total assets decreased to $45,839,000 as of September 30, 2025, down from $50,139,000 at the end of 2024, reflecting a 8.6% decline[15] - Current liabilities decreased to $7,347,000 in Q3 2025, down 34.5% from $11,197,000 in Q4 2024[15] - The accumulated deficit increased to $70,407,000 as of September 30, 2025, compared to $61,008,000 at the end of 2024[15] - The company’s total stockholders' equity increased to $33,722,000 as of September 30, 2025, up from $33,181,000 at the end of 2024[15] - Total property and equipment decreased from $54,340 thousand at December 31, 2024, to $48,247 thousand at September 30, 2025, reflecting a reduction in asset value[35] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $(1,646) thousand, compared to $147 thousand in 2024, indicating a significant decline[23] - Cash flows from investing activities showed a net increase of $90 thousand in 2025, a recovery from a net cash used of $(2,620) thousand in 2024[23] - The company reported a net decrease in cash and cash equivalents of $(1,909) thousand for the nine months ended September 30, 2025, compared to an increase of $438 thousand in 2024[23] - Cash and cash equivalents were $4.9 million at September 30, 2025, down from $6.8 million at December 31, 2024[127] - Net cash used in operating activities for the nine months ended September 30, 2025, was $1.6 million, compared to $0.1 million provided in the same period of 2024[132] - Net cash provided by investing activities for the nine months ended September 30, 2025, was approximately $90,000, a significant improvement from $2.6 million used in the prior year[135] Share-Based Compensation - Share-based compensation expenses for Q3 2025 were $754,000, down from $2,094,000 in Q3 2024, indicating a reduction of 64.0%[17] - As of September 30, 2025, there were 266,666 shares of unvested stock options, representing $1.0 million of unrecognized compensation cost[65] - Share-based compensation expenses for Q3 2025 totaled $0.8 million, down from $2.1 million in Q3 2024, with stock options vesting decreasing from $1.2 million to $0.3 million[69] - For the nine months ended September 30, 2025, share-based compensation expenses were $3.1 million, compared to $4.7 million for the same period in 2024[69] Leasing and Revenue Generation - Total leasing revenues for the nine months ended September 30, 2025, were $6,875,000, an increase from $5,749,000 in the same period of 2024[59] - Minimum rentals for the three months ended September 30, 2025, were $1,185,000, compared to $1,083,000 for the same period in 2024[59] - Percentage rentals for the nine months ended September 30, 2025, were $1,828,000, slightly up from $1,783,000 in 2024[59] - Operating revenues from leasing activities for the three months ended September 30, 2025, were $3.5 million, an increase of 29.5% compared to $2.7 million for the same period in 2024[115] - For the nine months ended September 30, 2025, operating revenues from leasing activities reached $9.9 million, up 39.4% from $7.1 million in the prior year[115] - The increase in operating revenues is attributed to efforts in re-tenanting and converting below market leases to current market rates across three commercial centers[115] Development and Projects - Deferred development costs for development projects increased slightly from $14.4 million at December 31, 2024, to $14.5 million at September 30, 2025[33] - The company capitalized $1.0 million in deferred development costs related to its new Agave venture as of September 30, 2025, up from $30,000 in 2024[34] - The company initiated the planting of over 15,000 agave plants in the second quarter of 2025, with a growth cycle of seven to nine years until maturity for production[106] - Land development and sales operating revenues for the three months ended September 30, 2025, included $0.2 million from the Honokeana Homes project and $0.6 million from non-strategic remnant parcels[109] - The company has identified unimproved land for long-term lease and ongoing asset management, which may be expected to be leased for diversified agricultural, conservation, and cultural uses for the next ten or more years[105] Legal and Regulatory Matters - The company is involved in ongoing legal disputes regarding irrigation water rights, with potential financial impacts yet to be determined[52][53] - The company submitted a corrective action plan to the State of Hawai'i Department of Health on March 14, 2024, to address wastewater effluent issues[51] - The company has no material legal proceedings to report[146] Internal Controls and Compliance - There have been no significant changes in the company's internal controls over financial reporting during the nine months ended September 30, 2025[144] - The company's disclosure controls and procedures were effective as of September 30, 2025, providing reasonable assurance for timely reporting[143] - The company maintains disclosure controls designed to ensure compliance with SEC rules and timely decision-making[141]

Core Points - The Alerian MLP ETF (NYSE Arca: AMLP) declared a fourth quarter 2025 distribution of $1.00 [1] - The dividend is scheduled to be payable on November 17, 2025, to shareholders of record on November 12, 2025 [1] - The ex-date and record date for the distribution is set for November 12, 2025 [1]

Industry Overview - The Zacks Oil and Gas - Pipeline MLP industry consists of master limited partnerships that primarily transport oil, natural gas, refined petroleum products, and natural gas liquids in North America, generating stable fee-based revenues from transportation and storage assets [3] - The industry is currently facing a gloomy outlook due to conservative spending by exploration and production companies, which is expected to reduce demand for transportation and storage assets [1][6] Financial Metrics - The industry has a high debt-to-capitalization ratio of 55.7%, indicating that borrowing is common for financing large infrastructure projects, but this elevated leverage may limit financial flexibility [4] - The current trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) ratio for the industry is 10.49X, which is lower than the S&P 500's 18.55X but higher than the sector's 5.26X [14] Market Performance - The Zacks Oil and Gas - Pipeline MLP industry has underperformed compared to the broader Zacks Oil - Energy sector and the S&P 500 over the past year, declining by 4.3% while the sector gained 7.6% and the S&P 500 rose by 17.8% [10] Future Challenges - The industry is expected to face challenges from a shift to renewable energy, which may reduce the demand for pipeline and storage networks for oil and natural gas [5] - Oil and gas exploration and production companies are under pressure to prioritize stockholder returns over production growth, which is negatively impacting the demand for pipeline and storage assets [6] Notable Companies - Delek US Holdings, Inc. is positioned to benefit from its refining business, with expected growth of almost 40% in 2025 [18] - Energy Transfer LP has a stable business model with a vast pipeline network and is projected to see earnings growth of 7% this year [19] - Plains All American Pipeline LP also enjoys stable fee-based revenues and has seen upward earnings estimate revisions for 2025 [22]

Core Points - Millennial Potash Corp. has received approval from the TSX Venture Exchange for three investor relations agreements [1][2] - The agreements include the Vorticom Agreement, the Proactive Agreement, and the Fundamental Research Agreement [1] - Fundamental Research will be overseen by Mr. Sid Rajeev, CFA, with the agreement set to expire on February 26, 2027 [2] Company Agreements - The company has entered into three investor relations agreements as disclosed in the news release dated September 19, 2025 [1] - Services are currently being provided under all three agreements [2] - The Fundamental Research Agreement has a term of 18 months [2]

Group 1 - The objective of investing is to create a stress-free portfolio that generates cash flow for consumption without reliance on a payroll [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [2] - Significant efforts have been made to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [2] - Contributions include the development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2] - Roberts is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [2] - Actively involved in thought-leadership activities to support the development of pan-Baltic capital markets [2]

Core Viewpoint - InfraCap MLP ETF has adjusted its deferred tax liability estimate, resulting in an additional accrual of approximately $4 million, or about $0.41 per share, to be recorded in the net asset value of the Fund on September 19, 2025 [1] Summary by Relevant Categories - **Deferred Tax Liability** - The Fund has modified its estimate of deferred tax liability based on ongoing assessments of the tax impact from its Master Limited Partnerships (MLPs) [1] - **Financial Impact** - An additional accrual of approximately $4 million will be recorded, translating to about $0.41 per share [1] - **Information Reliance** - The Fund continues to depend primarily on information provided by the MLPs, which is largely reported on a delayed basis [1]

Core Viewpoint - Maui Land & Pineapple Company, Inc. (MLP) is conducting a strategic review to explore options for the potential sale or lease of its water source and infrastructure assets, which began in early 2025 [1][4]. Group 1: Company Assets - MLP owns critical water-related assets on Maui, including the Pi'iholo Well with a capacity of over 1 million gallons per day, and various groundwater wells and surface water systems that serve significant portions of Lahaina's drinking water and irrigation needs [2][3]. - The company has invested tens of millions of dollars over the past century to develop and manage essential water infrastructure across Maui [3]. Group 2: Strategic Intent - The newly formed subcommittee, chaired by Ken Ota, aims to evaluate the sale of water-related assets to support other business priorities, including the creation of much-needed housing [4]. - The company has not established a timeline for the evaluation process and will disclose further information only if deemed necessary [4]. Group 3: Company Vision - MLP manages over 22,000 acres of land and approximately 247,000 square feet of commercial real estate, with a vision for resilient communities that ensure housing supply, economic stability, and food and water security [6]. - The company continues its legacy of stewardship through conservation, agriculture, community building, and land management, aiming to maximize the productive use of its assets for current and future generations [6].

Group 1 - The Retirement Forum offers actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks to help maximize capital and income [1] - Alerian MLP ETF (AMLP) is composed of MLPs primarily earning commodity-based cash flows from the energy infrastructure industry, and operates as a C-corporation [2] - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, including extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Core Viewpoint - Maui Land & Pineapple Company, Inc. has experienced a decline in share price despite significant revenue growth, indicating investor caution regarding its financial performance and outlook [1] Financial Performance Overview - For Q2 2025, operating revenues reached $4.6 million, a 74% increase from $2.6 million in Q2 2024 [2] - Year-to-date revenues for the first half of 2025 surged 103% to $10.4 million from $5.1 million [2] - Leasing revenues increased by 46% in the first half of 2025, driven by higher occupancy and rental rates [2] Net Loss Analysis - The net loss for Q2 2025 was narrowed to $1 million, or 5 cents per share, compared to a loss of $1.9 million, or 10 cents per share, in the same quarter last year [3] - For the first half of 2025, the net loss widened to $9.6 million, or 49 cents per share, from a loss of $3.2 million, or 16 cents per share, in the prior year [4] - The increase in losses was primarily attributed to a $7.5 million pension settlement expense recognized in H1 2025 [4] Key Business Metrics - Commercial leasing occupancy improved from 86% at the end of 2024 to 89% by June 2025 [5] - Industrial properties had 89% occupancy, retail at 94%, and office space achieved 100% occupancy [5] - The Honokeana Homes Relief Housing Project generated $3.1 million in contracting revenues in the first half of 2025 [6] Management Commentary - The CEO emphasized the validation of the company's strategy to maximize land and commercial asset productivity [7] - The CFO noted that pension annuitization created significant non-cash GAAP expenses but will lead to a comprehensive gain in the next quarter [7] Factors Influencing Results - Pension settlement costs accounted for $7.5 million in expenses in the first half of 2025 [8] - General and administrative expenses increased due to new hires, while leasing costs rose by over 50% year over year [8] Other Income and Cash Flow - The company recognized $0.5 million in other income from a COVID-era Employee Retention Credit [9] - Distributions from its BRE2 joint venture contributed an additional $0.7 million to cash flow [9] Guidance - Management reiterated a focus on asset optimization and capital deployment towards development and diversification initiatives [10] - A non-cash gain related to pension plan termination is expected in Q3 2025, which will offset second-quarter expenses [10] Other Developments - The company advanced its agave venture by planting over 12,000 blue weber agave plants, supporting diversification into agriculture [11] - Asset recycling continued with the sale of non-strategic parcels, anticipated to fund development and conservation projects [11]