# EDGAR Filing Document

**Accession Number:** 0000096869
**File Stem:** 0001193125-26-210595
**Filing Date:** 2026-5
**Character Count:** 37691
**Document Hash:** cbcb105350251ec89abeb3068dd65cd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210595.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210595

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260507

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEJON RANCH CO
- **CENTRAL INDEX KEY:** 0000096869
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 770196136
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07183
- **FILM NUMBER:** 26951166

**BUSINESS ADDRESS:**
- **STREET 1:** 4436 LEBEC ROAD
- **STREET 2:** PO BOX 1000
- **CITY:** LEBEC
- **STATE:** CA
- **ZIP:** 93243
- **BUSINESS PHONE:** 6612483000

**MAIL ADDRESS:**
- **STREET 1:** 4436 LEBEC RD
- **STREET 2:** PO BOX 1000
- **CITY:** LEBEC
- **STATE:** CA
- **ZIP:** 93243

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported) May 7, 2026

## Tejon Ranch Co.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-07183** | **77-0196136** |
| **(State or Other Jurisdiction<br>of Incorporation** | **(Commission**<br> **File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **P. O. Box 1000, Lebec, California** | **93243** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code 661-248-3000

#### Not applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s** | **Name of each exchange**<br> **on which registered** |
| Common Stock | TRC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On May 7, 2026, the Tejon Ranch Co. (the "Company") issued a press release announcing its first quarter 2026 financial results (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K (including the exhibit attached as Exhibit 99.1 hereto) is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act (including the exhibit attached as Exhibit 99.1 hereto).

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

For the exhibits that are furnished herewith, see the Index to Exhibits immediately following.

#### INDEX TO EXHIBITS

---

| | |
|:---|:---|
| 99.1 | [Press Release dated May 7, 2026 announcing the Company's first quarter 2026 financial results](d121454dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 | TEJON RANCH CO. | TEJON RANCH CO. |
|  | By: | **/S/ MICHAEL R.W. HOUSTON** |
|  | Name: | Michael R.W. Houston |
|  | Title: | Senior Vice President, General Counsel & Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g121454g21d51.jpg)

**TEJON RANCH CO. ANNOUNCES FIRST QUARTER 2026** 

**FINANCIAL RESULTS** 

**TEJON RANCH, California - May 7, 2026** - Tejon Ranch Co. (NYSE:TRC), ("Tejon" or the "Company"), a diversified real estate development and agribusiness company, today announced financial results for the first quarter ended March 31, 2026.

**First Quarter 2026 Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common stockholders increased by $1.6 million to $0.2 million ($0.01/share
basic and diluted), compared to a loss of $1.5 million, ($0.05/share) in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues and other income, including equity in earnings of unconsolidated joint ventures increased by
$1.3 million to $10.8 million, compared to $9.6 million, while overall results also benefited from lower operating expenses compared to the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA, a non-GAAP measure, increased by $2.0 million to
$4.8 million compared to $2.8 million in the first quarter of 2025.

*Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.* 

**Executive Summary** 

"We delivered a solid first quarter, with revenue up 16% and expenses down 14%, the kind of operating progress to which we committed to a year ago" said Matthew Walker, President and Chief Executive Officer of Tejon Ranch Company. "Revenue growth was led by our mineral resources and ranch operations segments and was partially offset by farming. The expense improvement reflects our focus on cost reductions and enhanced efficiencies and is translating directly into increased Adjusted EBITDA and stronger cash flow.

"We are continuing to grow our commercial real estate portfolio. The recent commencement of construction on Building 1B through our joint venture with Dedeaux Properties is a tangible example of that growth, adding 510,500 square feet of Class A space to an industrial portfolio that remains fully leased. The anticipated stabilization of Terra Vista, along with the recent opening of the Hard Rock Casino Tejon, should continue to drive increased traffic and commercial activity across the Ranch. Looking ahead, we believe Tejon Ranch is well-positioned to capitalize on a compelling set of opportunities."

------

**Commercial/Industrial Real Estate Update** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment revenues of $2.8 million were consistent with the first quarter of 2025, reflecting stability at
Tejon Ranch Commerce Center ("TRCC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leasing and occupancy as of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TRCC industrial portfolio, through the Company's joint venture partnerships, consists of
2.8 million square feet of GLA and remains 100% leased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TRCC commercial portfolio, wholly owned and through joint venture partnerships, consists of approximately
584,000 square feet of GLA and is 95% leased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occupancy at the Outlets at Tejon was 92% as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, construction commenced on Building 1B at TRCC through the Company's joint
venture with Dedeaux Properties. Once complete, this will add approximately 510,500 square feet of Class-A industrial capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management continues to see elevated activity at TRCC tied to the lease-up of Terra Vista and the opening of the Hard Rock Casino Tejon, with outlet traffic increasing approximately 22%, year over year, and outlet sales per square foot rising 12%, as the positive trends that
emerged at the end of 2025 extended into the first quarter.

**Farming Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Farming segment revenues were $0.9 million in the first quarter of 2026, compared to $1.6 million in
the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The year-over-year decline reflects lower carryover crop available for sale in the first quarter of 2026, as the
Company strategically accelerated sales of carryover inventory during the fourth quarter of 2025 to capitalize on stronger-than-anticipated pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company planted 150 acres of olives in 2025 and an additional 150 acres in 2026 as part of its ongoing crop
diversification strategy.

**Mineral Resources Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral resources segment revenues increased 36% to $3.5 million in the first quarter of 2026, compared to
$2.6 million in the first quarter of 2025, with segment operating profit more than doubling to $1.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The year-over-year improvement was driven primarily by opportunistic water sales executed during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underlying royalty streams across rock and aggregate, cement, and oil and gas continued to contribute stable cash
flow during the quarter.

**Liquidity and Capital Resources** 

As of March 31, 2026, total capital, including debt, was $585.3 million. The Company had total liquidity of approximately $83.9 million, consisting of cash and securities totaling approximately $19.4 million and $64.6 million available on its line of credit.

------

**2026 Outlook:** 

The Company remains focused on TRCC as its primary development platform and long-term value driver. The Company expects to continue pursuing commercial and industrial development, multifamily development, leasing and investment activity, both directly and through joint ventures. In addition, the Company may also pursue selective land sales on an opportunistic basis and continues to advance its residential projects, including Mountain Village, Grapevine and Centennial.

California remains a highly regulated environment for real estate development, and project timelines may be impacted by entitlement processes and potential litigation. As a result, the Company expects net income to fluctuate from period to period, driven primarily by the timing and level of development activity, land sales, and leasing, as well as commodity prices and production levels within its farming and mineral resources segments.

For 2026, California's agricultural regions experienced a more typical winter cooling cycle compared to the prior year, providing pistachio and almond crops with adequate chilling hour accumulation to support normal dormancy break. During February 2026, rainfall occurred during the almond bloom period, necessitating timely fungicide applications. These weather conditions did not materially impact crop management schedules or expected productivity.

**Earnings Conference Call Information** 

The Company will host a conference call to discuss its first quarter 2026 financial results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Date:** Thursday, May 7, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Time:** 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dial-In:** (877) 704-4453 (U.S.) or +1 (201) 389-0920 (International)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Conference Call Playback: (** 844) 512-2921 (U.S.) or +1 (412) 317-6671 (International) Passcode: 13759630

The full playback can be accessed through Thursday, June 4, 2026.

**About Tejon Ranch Co.** 

Tejon Ranch Co. (NYSE: TRC) is a California-based company whose 270,000-acre landholding in Los Angeles and Kern Counties supports a diversified portfolio of real estate and land-based businesses. Strategically located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield, the Company's operations include the development and operations of commercial and industrial real estate, master planned communities, as well as farming, grazing and game management. Tejon Ranch Co. also generates revenue through ground leases, royalty agreements, and rights-of-way easements supporting infrastructure, energy, telecommunications and utility uses. For more information, please visit <u>www.tejonranch.com</u>.

------

**Forward Looking Statements:** 

This release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include, among others, statements regarding the Company's business plans, strategies, prospects, objectives, future operating results, financial condition, capital allocation, cost structure, development and entitlement timelines, partnerships, and other future events or circumstances.

Forward-looking statements reflect the Company's current expectations and beliefs and are not guarantees of future performance. These statements speak only as of the date of this release. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "may," "will," "could," "should," "would," "likely," and similar expressions are intended to identify forward-looking statements.

These statements are based on current assumptions and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, market, economic, geopolitical, and weather conditions; the availability and cost of financing; competition; commodity prices and agricultural yields; the ability to obtain and maintain governmental entitlements and permits; the timing and outcome of regulatory and litigation matters; demand for commercial, industrial, residential, and retail real estate; and other risks inherent in the Company's real estate and agricultural operations.

There can be no assurance that actual results will not differ materially from these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements. Investors are cautioned not to place undue reliance on these statements. For additional information regarding risks and uncertainties, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission.

(Financial tables follow)

------

**TEJON RANCH CO. AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS** 

($ in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | | December 31, 2025 |
|  | March 31, 2026<br>(unaudited) |  |
|  ASSETS |  |  |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $4664 | $9524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities - available-for-sale | 14719 | 15370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 4807 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 6146 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 3048 | 1632 |
|  Total current assets | 33384 | 39262 |
|  Real estate and improvements - held for lease, net | 78606 | 79177 |
|  Real estate development (includes $129,423 at March 31, 2026 and $128,549 at December 31, 2025, attributable to CFL) | 359354 | 356567 |
|  Property and equipment, net | 59702 | 59311 |
|  Investments in unconsolidated joint ventures | 30080 | 29986 |
|  Net investment in water assets | 69498 | 62593 |
|  Other assets | 3535 | 3573 |
|  TOTAL ASSETS | $634159 | $630469 |
|  LIABILITIES AND EQUITY |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | $6009 | $5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other | 3308 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 2769 | 2062 |
|  Total current liabilities | 12086 | 9490 |
|  Revolving line of credit | 95442 | 93942 |
|  Long-term deferred gains | 10935 | 10935 |
|  Deferred tax liability | 9840 | 9849 |
|  Other liabilities | 15992 | 15697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 144295 | 139913 |
|  Commitments and contingencies |  |  |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co. stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.50 par value per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized shares - 50,000,000 |  |  |
|  Issued and outstanding shares - 26,992,645 at March 31, 2026 and 26,916,837 at December 31, 2025 | 13498 | 13460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 349385 | 350242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (200) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 111824 | 111673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Tejon Ranch Co. stockholders' equity | 474507 | 475198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | 15357 | 15358 |
|  Total equity | 489864 | 490556 |
|  TOTAL LIABILITIES AND EQUITY | $634159 | $630469 |

---

------

**TEJON RANCH CO. AND SUBSIDIARIES** 

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS** 

($ in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2025 |
|  Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate - commercial/industrial | $2762 | $2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral resources | 3533 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farming | 895 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranch operations | 1617 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 9503 | 8209 |
|  Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate - commercial/industrial | 1678 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 1024 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate - resort/residential | 356 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral resources | 2488 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farming | 1989 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranch operations | 1213 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate expenses | 1886 | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 10634 | 12375 |
|  Operating loss | (1131) | (4166) |
|  Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income | 142 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loss, net | (92) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income, net | 50 | 270 |
|  Loss before equity in earnings of unconsolidated joint ventures and income tax benefit | (1081) | (3896) |
|  Equity in earnings of unconsolidated joint ventures, net | 1290 | 1158 |
|  Income (loss) before income tax benefit | 209 | (2738) |
|  Income tax expense (benefit) | 59 | (1272) |
|  Net income (loss) | 150 | (1466) |
|  Net loss attributable to non-controlling interest | (1) | (2) |
|  Net income (loss) attributable to common stockholders | $151 | $(1464) |
|  Net income (loss) per share attributable to common stockholders, basic | $0.01 | $(0.05) |
|  Net income (loss) per share attributable to common stockholders, diluted | $0.01 | $(0.05) |

---

------

**Non-GAAP Financial Measures** 

This press release includes references to the Company's non-GAAP financial measures "EBITDA", and Adjusted EBITDA. EBITDA represents the Company's share of consolidated net income in accordance with U.S. generally accepted accounting principles ("GAAP"), before interest, taxes, depreciation, and amortization, plus the allocable portion of EBITDA of unconsolidated joint ventures accounted for under the equity method of accounting based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. EBITDA is a non-GAAP financial measure and is used by the Company and others as a supplemental measure of performance. Tejon Ranch also uses Adjusted EBITDA to assess the performance of the Company's core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA, excluding stock compensation expense and certain identified non-recurring items that are not indicative of our on-going operations or that may obscure our underlying results and trends. The Company believes EBITDA and Adjusted EBITDA provide investors relevant and useful information, when reconciled to their most comparable GAAP financial measure, because they permit investors to view income from operations on an unlevered basis before the effects of taxes, depreciation and amortization, and stock compensation expense. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure the Company's performance independent of its capital structure and indebtedness and, therefore, allow for a more meaningful comparison of the Company's performance to that of other companies, both in the real estate industry and in other industries. The Company believes that excluding charges related to share-based compensation facilitates a comparison of its operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside the Company's control), and the assumptions and the variety of award types that a company can use. In addition, the Company excludes certain items impacting comparability, such as shareholder activism advisory costs and legal expenses associated with the Centennial litigation, to provide investors with a clearer understanding of the Company's core operating performance across periods. EBITDA and Adjusted EBITDA have limitations as measures of the Company's performance. EBITDA and Adjusted EBITDA do not reflect Tejon Ranch's historical cash expenditures or future cash requirements for capital expenditures or contractual commitments. While EBITDA and Adjusted EBITDA are relevant and widely used measures of performance, they do not represent net income or cash flows from operations as defined by GAAP, and they should not be considered as alternatives to those indicators in evaluating performance or liquidity. Further, the Company's computation of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies.

Adjusted Farming EBITDA before fixed water obligations is not a measure of financial performance prepared in accordance with GAAP and should not be considered in isolation or as a substitute for net income, operating income, or other performance measures prepared in accordance with GAAP. The Company defines Adjusted Farming EBITDA before fixed water obligations as net income (loss) before interest, taxes, depreciation, and amortization, further adjusted to exclude non-recurring items such as gains or losses on asset sales, impairments, share-based compensation, and other non-cash charges, and before deducting the Company's fixed water obligations. Management uses this measure to evaluate the core operating performance of its farming operations and to facilitate period-to-period comparisons by isolating the impact of variable farming costs from the fixed water infrastructure costs. The Company believes this measure provides investors with additional insight into the underlying cash flow potential of its agricultural operations. A reconciliation of Adjusted Farming EBITDA before fixed water obligations to the most directly comparable GAAP measure, Operating loss from farming, is provided below.

------

**TEJON RANCH CO.** 

**Non-GAAP Financial Measures** 

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, | TTM\* Ended March 31, | TTM\* Ended March 31, |
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 |
|  Net income (loss) | $150 | $(1466) | $1687 | $2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to non-controlling interest | (1) | (2) | (3) | (4) |
|  Interest, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated | (142) | (346) | (710) | (1934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of interest expense from unconsolidated joint ventures | 1397 | 1462 | 5729 | 6084 |
|  Total interest, net | 1255 | 1116 | 5019 | 4150 |
|  Income tax provision (benefit) | 59 | (1272) | 2419 | 646 |
|  Depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated | 1473 | 1015 | 6472 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of depreciation and amortization from unconsolidated joint ventures | 1666 | 1695 | 6962 | 6841 |
|  Total depreciation and amortization | 3139 | 2710 | 13434 | 11735 |
|  EBITDA | 4604 | 1090 | 22562 | 18671 |
|  Stock compensation expense | 182 | 666 | 1227 | 4335 |
|  Items impacting comparability: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder activism expense <sup>1</sup> |  | 1083 | 3416 | 1083 |
|  **Adjusted EBITDA** | $**4786** | $**2839** | $**27205** | $**24089** |

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<sup>1</sup> Represents advisory fees related to shareholder activism matters.

*\** *Trailing Twelve Month (TTM)*

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**<u>Reconciliation of Net Income to Adjusted TTM EBITDA</u>**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 | TTM EBITDA Ended March 31, 2026 |
| ($ in thousands) | Commercial<br>Real Estate | Multifamily | Farming | Mineral<br>Resources | Ranch<br>Operations | Residential<br>Real Estate | Corporate | Tejon PRS<br>of UJV | Grand Total |
|  Net income (loss) | $6989 | (1683) | $(214) | $3364 | $591 | $(2247) | $(13607) | $8494 | $1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributed to non-controlling interest |  |  |  |  |  |  |  | (3) | (3) |
|  Interest, net |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated interest income |  |  |  |  |  |  | (710) |  | (710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of interest expense from unconsolidated joint ventures |  |  |  |  |  |  |  | 5729 | 5729 |
|  Total interest, net |  |  |  |  |  |  | (710) | 5729 | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  |  |  |  |  | 2419 |  | 2419 |
|  Depreciation and amortization |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated | 490 | 1477 | 2374 | 1376 | 370 | 32 | 353 |  | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of depreciation and amortization from unconsolidated joint ventures |  |  |  |  |  |  |  | 6962 | 6962 |
|  Total depreciation and amortization | 490 | 1477 | 2374 | 1376 | 370 | 32 | 353 | 6962 | 13434 |
|  EBITDA | 7479 | (206) | 2160 | 4740 | 961 | (2215) | (11545) | 21188 | 22562 |
|  Stock compensation expense | 50 |  | 45 | 15 | 3 | 174 | 940 |  | 1227 |
|  Items impacting comparability: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>1</sup> |  |  |  |  |  |  | 3416 |  | 3416 |
|  Adjusted EBITDA | $7529 | $(206) | $2205 | $4755 | $964 | $(2041) | $(7189) | $21188 | $27205 |

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<sup>1</sup> Represents shareholder activism expense.

Quarterly information is not indicative of full year results due to seasonality.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 | TTM EBITDA Ended March 31, 2025 |
| ($ in thousands) | Commercial<br>Real Estate | Multifamily | Farming | Mineral<br>Resources | Ranch<br>Operations | Residential<br>Real Estate | Corporate | Tejon PRS of<br>UJV | Grand Total |
|  Net income (loss) | $4531 |  | $(3416) | $3299 | $482 | $(1440) | $(11846) | $10526 | $2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributed to non-controlling interest |  |  |  |  |  |  |  | (4) | (4) |
|  Interest, net |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated interest income |  |  |  |  |  |  | (1934) |  | (1934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of interest expense from unconsolidated joint ventures |  |  |  |  |  |  |  | 6084 | 6084 |
|  Total interest, net |  |  |  |  |  |  | (1934) | 6084 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  |  |  |  |  | 646 |  | 646 |
|  Depreciation and amortization |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated | 421 |  | 2318 | 1375 | 387 | 42 | 351 |  | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our share of depreciation and amortization from unconsolidated joint ventures |  |  |  |  |  |  |  | 6841 | 6841 |
|  Total depreciation and amortization | 421 |  | 2318 | 1375 | 387 | 42 | 351 | 6841 | 11735 |
|  EBITDA | 4952 |  | (1098) | 4674 | 869 | (1398) | (12783) | 23455 | 18671 |
|  Stock compensation expense | 119 |  | 150 | 51 | 10 | 481 | 3524 |  | 4335 |
|  Items impacting comparability: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>1</sup> |  |  |  |  |  |  | 1083 |  | 1083 |
|  Adjusted EBITDA | $5071 | $— | $(948) | $4725 | $879 | $(917) | $(8176) | $23455 | $24089 |

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<sup>1</sup> Represents shareholder activism expense.

Quarterly information is not indicative of full year results due to seasonality.

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**Reconciliation of Adjusted Farming EBITDA before Fixed Water Obligations** 

(Unaudited)

The Company evaluates the performance of its farming operations using Adjusted Farming EBITDA before fixed water obligations, a non-GAAP financial measure. Management believes this measure provides a meaningful representation of the underlying profitability and cash flow potential of its agricultural operations by excluding both non-operating items and the fixed water obligation, which represents a non-controllable infrastructure cost incurred regardless of the level of farming activity in this segment.

The fixed water obligations reflect the Company's allocated share of infrastructure and financing costs associated with the transmission and delivery of water to the Company's property. These obligations primarily consist of annual assessments levied to repay bonds issued by the State of California to finance the construction and on-going maintenance of the state water project system and local water districts water systems. The landowners who hold water rights, including the Company, are responsible for repaying these bonds through fixed annual payments.

Unlike variable water costs which are included in farming expenses, management views the fixed water obligation as an infrastructure cost that supports long-term access to water resources, rather than an essential operating cost of farming. Accordingly, Adjusted Farming EBITDA before fixed water obligations allows management and investors to evaluate the operating performance of the Company's farming segment independent of the fixed costs associated with water infrastructure.

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| | | |
|:---|:---|:---|
| ($ in thousands) | Three Months Ended March 31, | Three Months Ended March 31, |
| **Farming Segment** | 2026 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farming revenues | $895 | $1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farming expenses | 1989 | 2548 |
|  **Operating loss from farming** | (1094) | (992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 329 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock compensation expense | (56) | 39 |
|  **Adjusted EBITDA** | (821) | (585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Water Obligations | 1006 | 844 |
|  **Adjusted Farming EBITDA before Fixed Water Obligations** | $185 | $259 |

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**Earnings Per Share (EPS) and Share Data** 

(Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
|  Basic earnings per share | $0.01 | $0.06 | $0.06 | $(0.06) | $(0.05) |
|  Diluted earnings per share | $0.01 | $0.06 | $0.06 | $(0.06) | $(0.05) |
|  Book value per common share | $17.58 | $17.65 | $17.60 | $17.54 | $17.59 |
|  Period End Share Price |  |  |  |  |  |
|  Weighted average shares | 26937124 | 26907329 | 26890979 | 26878658 | 26852573 |
|  Weighted average diluted shares | 27014799 | 26965558 | 26939860 | 26878658 | 26852573 |
|  Outstanding Shares | 26992645 | 26916837 | 26893955 | 26880668 | 26867600 |

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**<u>Contacts</u>**

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| |
|:---|
| Tejon Ranch Co. |
| Nicholas Ortiz |
| Senior Vice President, Corporate Communications & Public Affairs<br> 661-663-4212 |
| IR@tejonranch.com |

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