Combine Ingredients: In your saucepan, add the ketchup, brown sugar, molasses, pineapple juice, and water. Whisk to combine.
Add the Flavor Boosters: Stir in the liquid smoke, ground mustard, paprika, garlic powder, cayenne pepper, kosher salt, and black pepper.
Cook It Down: Place the saucepan over medium heat. Bring the mixture to a gentle boil while stirring occasionally.
Simmer and Thicken: Once it hits a boil, reduce the heat and let it simmer for about 5–10 minutes. This gives the sugar time to fully dissolve and the flavors to meld.
Cool and Store: Remove from heat and let it cool slightly before pouring into a jar or airtight container.