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Midas Edge

TEJON RANCH CO

For the period ended Dec 31, 2025. Filed Mar 19, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 19, 2026

TRC$17.55-1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows - Years Ended

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months Ended December 31,
202520242023
Operating Activities
Net income$71$2,688$3,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,0144,8854,806
Amortization of discount on marketable securities(169)(471)(691)
Equity in earnings of unconsolidated joint ventures, net(8,362)(10,881)(6,868)
Non-cash retirement plan expense424364462
(Gain) loss on sale of real estate/assets—(8)6
Profit from water sale1——(490)
Profit from land sales(1,304)——
Deferred income taxes7827841,121
Stock compensation expense1,7114,1823,252
Excess tax benefit of stock-based compensation36(1)(723)
Abandonment expense——189
Inventory write down——423
Distribution of earnings from unconsolidated joint ventures9,7319,56313,511
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net2,271261(4,476)
Current liabilities, net(5,073)2,948(132)
Net cash provided by operating activities6,13214,31413,655
Investing Activities
Maturities and sales of marketable securities31,63792,605134,083
Purchase of marketable securities(32,387)(73,995)(132,317)
Real estate development expenditures3(10,107)(8,394)(7,888)
Real estate expenditures - to be held for lease3(46,560)(43,018)(7,815)
Property and equipment expenditures3(6,543)(5,822)(5,625)
Reimbursement proceeds from Community Facilities District9,40915,745—
Proceeds from sale of real estate/assets581577
Proceeds from sale of land1,698——
Investment in unconsolidated joint ventures(2,278)(346)(4,500)
Distribution of equity from unconsolidated joint ventures7806,33610,978
Investments in long-term water assets(8,013)(8,874)(6,034)
Proceeds from water sales1——1,324
Interest rate swap settlement2——3,715
Net cash used in investing activities(62,306)(25,748)(14,002)
Financing Activities
Borrowings on line of credit27,00019,00047,942
Repayments of long-term debt——(50,357)
Deferred financing costs——(1,097)
Taxes on vested stock grants(569)(206)(3,353)
Net cash provided by (used in) financing activities26,43118,794(6,865)
(Decrease) increase in cash, cash equivalents, and restricted cash(29,743)7,360(7,212)
Cash, cash equivalents, and restricted cash at beginning of year39,76732,40739,619
Cash, cash equivalents, and restricted cash at end of year$10,024$39,767$32,407
Twelve Months Ended December 31,
202520242023
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents$9,524$39,267$31,907
Restricted cash (recorded in other assets)500500500
Total cash, cash equivalents, and restricted cash$10,024$39,767$32,407
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities$1,867$5,290$2,091
1In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by ASC 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.32 million in 2023. The profit of $0.5 million in 2023 related to the water purchased in prior periods is being deducted from operating activities for the respective period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.
2The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.
3Prior 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.
ContentsView on SEC.gov

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