MLP · CIK 63330
What Maui Land & Pineapple Co., Inc. told the SEC could break it.
Maui Land & Pineapple's fortunes are tied entirely to one island: essentially all of its roughly 22,300 acres and operations are on Maui — over 20,000 of them a contiguous West Maui parcel — so its results hinge on that island's economy, tourism and natural-hazard exposure. Water is its binding constraint: historic drought has driven record-low flows in the streams its water systems depend on, and since 2019 Hawaii state law has reduced the divertible water it can take from Honokohau Stream, with further allocations governed by the state's water-resource commission. It has also pledged certain Kapalua Resort properties as collateral for its credit facility, encumbering core assets and limiting additional borrowing.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Climate & physical
- Maui drought / record-low stream flowsmedium
Historic drought conditions on Maui have driven record-low flows in the streams the company relies on for its water systems, threatening water availability for agricultural and resort use.
“In addition, the stream has experienced record low flows associated with historic drought conditions impacting the island of Maui.”
SEC filing →As of 2026
Geographic concentration
- all landholdings/operations on Maui, Hawaiimedium
Essentially all of the company's ~22,300 acres and operations are concentrated on Maui (over 20,000 acres a contiguous West Maui parcel), tying its fortunes entirely to one island's economy, tourism and natural-hazard exposure.
“More than 20,000 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the sea to an elevation of approximately 5,700 feet.”
SEC filing →As of 2026
Regulatory & policy
- Hawaii state water-diversion law (Honokohau Stream)medium
Since 2019, divertible water from Honokohau Stream has been reduced under Hawaii state law, constraining the company's water-system revenue and land use; the Commission on Water Resource Management governs further allocations.
“Since 2019, the availability of divertible water from Honokohau Stream has been reduced under Hawaii state law.”
SEC filing →As of 2026
Liquidity & debt
- Kapalua Resort properties pledged as credit-facility collaterallow
The company has pledged certain Kapalua Resort real estate as security for its credit facility, encumbering core assets and limiting its ability to borrow additional funds.
“We have pledged certain of our real estate properties in the Kapalua Resort as security for borrowings under our credit facility.”
SEC filing →As of 2026
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