$TRC

TEJON RANCH CO

CIK:0000096869|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 14,259	$ 8,307	$ 23,762	$ 16,516
Costs and expenses:
Total costs and expenses	13,911	12,362	24,545	24,737
Operating income (loss)	348	(4,055)	(783)	(8,221)
Other income:
Investment income	111	226	253	572
Other loss, net	(82)	(4)	(174)	(80)
Total other income, net	29	222	79	492
Income (loss) before equity in earnings of unconsolidated joint ventures and income tax expense (benefit)	377	(3,833)	(704)	(7,729)
Equity in earnings of unconsolidated joint ventures, net	3,100	2,555	4,390	3,713
Income (loss) before income tax expense (benefit)	3,477	(1,278)	3,686	(4,016)
Income tax expense (benefit)	843	435	902	(837)
Net income (loss)	2,634	(1,713)	2,784	(3,179)
Net loss attributable to non-controlling interest	(1)	(1)	(2)	(3)
Net income (loss) attributable to common stockholders	$ 2,635	$ (1,712)	$ 2,786	$ (3,176)
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.10	$ (0.06)	$ 0.10	$ (0.12)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.10	$ (0.06)	$ 0.10	$ (0.12)
Operating Segments
Revenues:
Total revenues	$ 14,259	$ 8,307	$ 23,762	$ 16,516
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	9,663	5,092	12,425	7,846
Costs and expenses:
Total costs and expenses	6,212	3,215	7,890	4,871
Other income:
Equity in earnings of unconsolidated joint ventures, net	3,100	2,555	4,390
Operating Segments \| Multifamily
Revenues:
Total revenues	857	15	1,553	15
Costs and expenses:
Total costs and expenses	1,028	321	2,052	512
Operating income (loss)	345	(166)	534	(357)
Operating Segments \| Mineral resources
Revenues:
Total revenues	1,789	1,510	5,322	4,105
Costs and expenses:
Total costs and expenses	890	790	3,378	2,875
Operating income (loss)	899	720	1,944	1,230
Operating Segments \| Farming
Revenues:
Total revenues	750	607	1,645	2,163
Costs and expenses:
Total costs and expenses	1,286	1,497	3,275	4,045
Operating income (loss)	(536)	(890)	(1,630)	(1,882)
Operating Segments \| Ranch operations
Revenues:
Total revenues	1,200	1,083	2,817	2,387
Costs and expenses:
Total costs and expenses	1,293	1,335	2,506	2,608
Operating income (loss)	(93)	(252)	311	(221)
Operating Segments \| Real estate - resort/residential
Costs and expenses:
Total costs and expenses	363	304	719	690
Operating income (loss)	(363)	(304)	(719)	(690)
Corporate expenses
Costs and expenses:
Total costs and expenses	$ 2,839	$ 4,900	$ 4,725	$ 9,136

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating Activities

Net income (loss)

$ 2,784

$ (3,179)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

2,864

2,110

Amortization of discount of marketable securities

(14)

(130)

Equity in earnings of unconsolidated joint ventures, net

(4,390)

(3,713)

Non-cash retirement plan expense

209

207

Non-cash profits recognized from land contribution 2

^[1]

(1,999)

Gain on sale of property plant and equipment

(13)

Deferred income taxes

(1)

(31)

Stock compensation expense

713

1,290

Excess tax provision (benefit) from stock-based compensation

Distribution of earnings from unconsolidated joint ventures

2,554

1,653

Changes in operating assets and liabilities:

Receivables, inventories, prepaids and other assets, net

2,087

2,037

Current liabilities

(197)

(1,988)

Net cash provided by (used in) operating activities

4,610

(1,726)

Investing Activities

Maturities and sales of marketable securities

9,566

23,655

Funds invested in marketable securities

(5,416)

(26,652)

Real estate development expenditures

(8,924)

(28,261)

Real estate development expenditures

^[2]

(132)

(4,732)

Property and equipment expenditures

(3,382)

(4,153)

Reimbursement proceeds from taxing authority

Proceeds from sale of property plant and equipment

Investment in unconsolidated joint ventures

(689)

(238)

Distribution of equity from unconsolidated joint ventures

3,578

310

Investments in water assets

(5,842)

(9,519)

Net cash used in investing activities

(11,217)

(49,551)

Financing Activities

Borrowings on line of credit

2,000

15,000

Taxes on vested stock grants

(1,047)

(490)

Net cash provided by financing activities

953

14,510

Decrease in cash, cash equivalents, and restricted cash

(5,654)

(36,767)

Cash, cash equivalents, and restricted cash at beginning of period

10,024

39,767

Cash, cash equivalents, and restricted cash at end of period

4,370

3,000

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

3,870

2,500

Restricted cash (included in prepaid expenses and other current assets)

500

Total cash, cash equivalents, and restricted cash

4,370

3,000

Non-cash investing activities

Accrued capital expenditures included in current liabilities

687

2,865

Accrued long-term water assets included in current liabilities

1,565

1,552

Contribution of land to unconsolidated joint venture

^[2]

9,852

Long term deferred profit on land contribution

^[2]

$ 2,999

$ 0

[1]

1 Prior year amounts have been reclassified to conform to the current year presentation. Amounts previously presented as “Real estate and equipment expenditures” are now presented separately as “Real estate development expenditures,” “Real estate expenditures – to be held for lease,” and “Property and equipment expenditures.” These reclassifications had no impact on total net cash used in investing activities or the net change in cash and cash equivalents.

[2]

² During the second quarter of 2026, the Company contributed land to TRC-DP 1, LLC, an unconsolidated joint venture, at a fair value of $9.9 million in a non-cash transaction. The Company recognized $2.0 million of the resulting profit and deferred $3.0 million representing its retained interest in the venture.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 3,870	$ 9,524
Marketable securities - available-for-sale	11,187	15,370
Accounts receivable	2,638	9,389
Inventories	9,391	3,347
Prepaid expenses and other current assets	4,629	1,632
Total current assets	31,715	39,262
Real estate and improvements - held for lease, net	78,247	79,177
Real estate development (includes $$130,824 at June 30, 2026 and $128,549 at December 31, 2025, attributable to CFL (Note 14))	360,470	356,567
Property and equipment, net	60,372	59,311
Investments in unconsolidated joint ventures	39,267	29,986
Net investment in water assets	66,790	62,593
Other assets	2,677	3,573
TOTAL ASSETS	639,538	630,469
Current Liabilities:
Trade accounts payable	5,648	5,240
Accrued liabilities and other	2,335	2,188
Deferred income	2,878	2,062
Total current liabilities	10,861	9,490
Revolving line of credit	95,942	93,942
Long-term deferred gains	13,934	10,935
Deferred tax liability	9,834	9,849
Other liabilities	16,054	15,697
Total liabilities	146,625	139,913
Commitments and contingencies (Note 11)
Tejon Ranch Co. stockholders’ equity
Common stock, $0.50 par value per share: Authorized shares - 50,000,000 Issued and outstanding shares - 27,004,897 at June 30, 2026 and 26,916,837 at December 31, 2025	13,504	13,460
Additional paid-in capital	349,805	350,242
Accumulated other comprehensive loss	(211)	(177)
Retained earnings	114,459	111,673
Total Tejon Ranch Co. stockholders’ equity	477,557	475,198
Non-controlling interest	15,356	15,358
Total equity	492,913	490,556
TOTAL LIABILITIES AND EQUITY	$ 639,538	$ 630,469