Here are 1-3 brief analogies for Tejon Ranch (TRC):

• Think of it as a mini-Berkshire Hathaway, but instead of buying diverse companies, it runs multiple businesses—from real estate development to farming, mineral extraction, and ranching—all from its massive land holdings in California.

• It's like a version of Howard Hughes Corporation (known for developing master-planned communities) that also operates a large agricultural business and earns royalties from oil, gas, and other natural resources on its vast land.

• Commercial/Industrial Real Estate Development: Develops, leases, and sells land and buildings for commercial and industrial purposes.
• Residential/Resort Real Estate Development: Engages in the planning and entitlement of land for residential and resort communities.
• Mineral Resources Royalties: Collects royalties from oil and gas, rock and aggregate, and a cement operation.
• Agricultural Products: Produces and sells permanent crops such as wine grapes, almonds, and pistachios.
• Agricultural Land Leasing: Leases land for farming various crops like vegetables and almonds.
• Ranch and Land Management Services: Provides game management, guided hunts, grazing leases, and filming location services.
• Water Asset Management: Manages and develops water assets and infrastructure projects.
• Communications Infrastructure Leasing: Leases land for microwave, radio, cellular, and fiber optic communication sites.

Major Customers of Tejon Ranch (TRC)

Tejon Ranch (TRC) primarily sells to other companies. Based on the provided description, its major customers include:

• National Cement Company of California, Inc.: This company leases the cement operation from Tejon Ranch, generating royalties for TRC as part of its Mineral Resources segment. (National Cement Company of California, Inc. is a subsidiary of Vicat S.A., which is publicly traded on Euronext Paris under symbol VCT, but National Cement itself is not publicly traded with its own distinct symbol.)
• Real Estate Developers and Commercial Tenants: While specific names are not provided, these comprise various companies that purchase land for development or lease commercial spaces. Examples from the description include companies operating auto service stations, convenience stores, fast-food operations, motels, and antique shops.
• Telecommunications and Energy Companies: These are companies that lease land for critical infrastructure, such as microwave repeater locations, radio and cellular transmitter sites, fiber optic cable routes, and electric power plants.
• Agricultural Processors and Distributors: This group includes companies in the food and beverage industry that purchase Tejon Ranch's farmed crops (e.g., wineries, nut processing companies, food distributors) and companies that lease land for farming vegetables and almonds.
• Oil, Gas, and Rock & Aggregate Companies: These are companies involved in natural resource extraction that pay royalties for oil and gas, as well as rock and aggregate, from Tejon Ranch's properties.
• Ranching and Film Production Companies: Companies that lease land for grazing livestock or for filming locations.

While TRC primarily serves businesses, its Ranch Operations segment also serves individuals who participate in guided hunts.

Matthew Walker
President & Chief Executive Officer

Mr. Walker was appointed President and Chief Executive Officer of Tejon Ranch Co., effective March 31, 2025, having initially joined as Chief Operating Officer in March 2025. Prior to Tejon Ranch, he spent 24 years at Lowe Enterprises, a Los Angeles-based real estate firm, where he served as Executive Vice President and Shareholder, overseeing their hospitality and resort community platform. His extensive real estate experience encompasses resort and residential development, residential sales and marketing, master-planned community entitlement and development, and capital development and joint venture formation. Mr. Walker began his career in architectural firms and holds a Bachelor of Architecture from Cornell University and a Master of Business Administration from the UCLA Anderson School of Management.

Robert D. Velasquez
Senior Vice President, Finance, Chief Accounting Officer and Chief Financial Officer

Mr. Velasquez serves as Senior Vice President, Finance, Chief Accounting Officer and Chief Financial Officer for Tejon Ranch Co., having joined the company in 2014. He was appointed interim Chief Financial Officer and Treasurer effective July 15, 2025. With over 25 years of experience, he has worked across the real estate, hospitality, and construction industries. Before joining Tejon Ranch, Mr. Velasquez was an Executive Director at Ernst & Young, where he was responsible for audit and advisory services for publicly traded companies. He is a Certified Public Accountant and earned a Bachelor of Science degree in business with an emphasis in accounting from California State University, Los Angeles.

Hugh F. McMahon IV
Executive Vice President, Real Estate

Mr. McMahon is the Executive Vice President of Real Estate for Tejon Ranch Co., a role in which he is responsible for the entitlement and development of the Grapevine and Mountain Village master-planned communities. He commenced his career with the Company in 2001. Previously, Mr. McMahon served as Director of Finance for Castle & Cooke's mainland operations. He holds a Bachelor of Arts in Economics from California State University, Fresno, and a Master of Business Administration from California State University, Bakersfield. Additionally, he is a graduate of Stanford University's Financial Management Program and Harvard University's Real Estate Management Program.

Michael R.W. Houston
Senior Vice President, General Counsel and Corporate Secretary

Mr. Houston is the Senior Vice President, General Counsel, and Corporate Secretary for Tejon Ranch Co. He previously held these same positions at the Company for nearly five years starting in 2016. Mr. Houston is licensed to practice law in both California and Colorado.

1. Dependence on Real Estate Market Conditions and Regulatory/Environmental Challenges: Tejon Ranch's substantial Commercial/Industrial and Resort/Residential Real Estate Development segments are highly susceptible to fluctuations in real estate market demand, pricing, and interest rates. Furthermore, undertaking large-scale land entitlement, planning, and development projects in California exposes the company to complex, often lengthy, regulatory and permitting processes, including significant environmental reviews and concerns over water availability, which can lead to substantial delays and increased costs.
2. Exposure to Agricultural and Commodity Price Volatility, and Environmental Factors: The Farming segment's profitability is directly impacted by the fluctuating market prices of permanent crops such as wine grapes, almonds, and pistachios. This segment, along with the Mineral Resources segment, is also vulnerable to environmental factors like drought, extreme weather conditions, pests, and diseases, which can affect crop yields and resource extraction. Additionally, the Mineral Resources segment faces risks associated with the volatility of commodity prices for oil, gas, rock, and aggregates.

The following clear emerging threats have been identified for Tejon Ranch (TRC):

• Intensified Climate-Induced Water Scarcity: For its Farming segment (wine grapes, almonds, pistachios) and Mineral Resources segment (management of water assets), the increasing severity and duration of droughts in California, driven by climate change, represent a clear emerging threat. This could lead to severe water allocation restrictions, making large-scale, water-intensive agriculture economically unfeasible and significantly devaluing the company's water assets and agricultural land.
• Disruptive Sustainable Building Materials: For its Mineral Resources segment, which derives royalties from rock, aggregate, and a cement operation, the rapid development and widespread adoption of highly sustainable, cost-effective alternative building materials (e.g., advanced mass timber, mycelium-based composites, or low-carbon concrete innovations) could significantly reduce the long-term demand for traditional raw materials like rock, aggregate, and cement. This mirrors historical disruptions where new materials or technologies rendered older ones less competitive.
• Decentralized Logistics and Manufacturing: For its Commercial/Industrial Real Estate Development segment, which focuses on developing land for logistics, warehousing, and industrial uses, the emergence of highly decentralized logistics models (e.g., widespread drone delivery networks and hyper-local micro-fulfillment centers) and advanced manufacturing technologies (e.g., on-demand 3D printing reducing the need for traditional large factories) could reduce the long-term demand for vast industrial parks and large-scale distribution centers. This could impact the value and lease potential of Tejon Ranch’s commercial and industrial land holdings.

Here are the addressable market sizes for Tejon Ranch's main products and services:

• Commercial/Industrial Real Estate Development: The California commercial building market was valued at approximately USD 151.04 billion in 2024 and is projected to reach USD 154.86 billion in 2025. This market is expected to grow to USD 198.85 billion by 2035. California's industrial real estate market, a significant component of commercial real estate, has a total industrial inventory of nearly 780 million square feet. Direct spending on California commercial real estate was $22.6 billion in 2023, with industrial assets accounting for $5 billion and warehouses for $8.8 billion.
• Resort/Residential Real Estate Development: The median sale price for homes in California was $813,000 in September 2024. In February 2026, the median home price in California was $821,300. The California Association of REALTORS® projects the statewide median price to increase to approximately $905,000 in 2026.
• Mineral Resources:
  • Oil and Gas royalties: null
  • Rock and Aggregate royalties: null
  • Water assets: California's water market is valued at $1.1 billion. Approximately 1.5 million acre-feet of water is traded annually in California. Additionally, water-related infrastructure spending in California is approximately $37 billion annually.
• Farming:
  • Wine grapes: The U.S. market can support 3.2 million tons of California wine grapes annually. California crushed 2.6 million tons of wine grapes in 2025, with the total crop value for California wine grapes estimated at $2.414 billion in 2025.
  • Almonds: California's 2025 almond harvest is projected at 3.00 billion meat-pounds. In 2022, almonds alone represented $4.6 to $4.7 billion of California's agricultural exports.
  • Pistachios: California's pistachio production is projected to exceed 1.4 billion pounds by 2026. The global pistachio market is estimated to be worth $5.6 billion and is projected to grow to over $7 billion by 2030, with California supplying more than 60% of the world's pistachios.
  • Alfalfa and forage mix: null
  • Vegetables: California's fruit and vegetable sales exceeded US$20 billion in 2024.
• Ranch Operations:
  • Game management and guided hunts: The U.S. wildlife tourism market generated a revenue of USD 13,836.0 million in 2025 and is expected to reach USD 25,831.1 million by 2033. In 2022, U.S. residents spent $145 billion on fishing and hunting.
  • Grazing leases: null
  • Filming: The Movie & Video Production industry in California is estimated at $26.7 billion in 2026. In 2022-2023, on-location film and TV productions in California directly spent $1.14 billion in the state. The California film and TV industry contributed $28.9 billion to the state's GDP in 2022.

Expected Revenue Growth Drivers for Tejon Ranch (TRC) Over the Next 2-3 Years

• Continued Development and Leasing at Tejon Ranch Commerce Center (TRCC): Tejon Ranch's Commercial/Industrial Real Estate Development segment is expected to drive revenue growth through further development and increased leasing at its Tejon Ranch Commerce Center (TRCC). The industrial portfolio at TRCC is already 100% leased, with the commercial portfolio at 95% occupancy. The company has significant entitled development capacity remaining, with 11 million square feet available for future projects. Additionally, the development of a multifamily apartment complex with up to 495 units is underway, transforming TRCC into a mixed-use community.
• Progress in Master Planned Communities: The Resort/Residential Real Estate Development segment is poised for substantial future revenue as Tejon Ranch advances its master-planned communities. The company holds entitlements for over 35,000 homes, which have the potential to generate significantly higher earnings compared to current levels. The initial multifamily community, Terra Vista at Tejon, is already over halfway leased, indicating progress in their long-term residential development strategy.
• Improved Performance in Farming Operations: Tejon Ranch's Farming segment demonstrated strong improvement in the recent past, with revenues increasing by over 50% year-over-year in Q3 2025. This growth, coupled with stable expenses, led to a $2 million improvement in the segment's bottom line. Sustained strong performance in the farming of permanent crops like wine grapes, almonds, and pistachios will contribute to overall revenue growth.
• Increased Traffic and Retail Activity from Hard Rock Tejon Casino: The upcoming opening of the Hard Rock Tejon Casino is anticipated to significantly boost traffic to the surrounding retail assets within the Tejon Ranch Commerce Center. This increased visitor volume is expected to positively impact revenue generated from existing leases with auto service stations, fast-food operations, and other commercial tenants in the area.

Share Issuance

• Tejon Ranch's number of outstanding shares increased from 26.35 million in 2021 to 26.89 million in 2025, indicating a slight issuance of shares over this period.

Outbound Investments

• In late 2024, Tejon Ranch announced a joint venture with Dedeaux Properties to construct a 510,385 square foot warehouse facility, with plans for a new residential area in 2025 to expand its industrial portfolio.
• The company continued its partnership with Majestic Realty Co., undertaking the construction of a nearly 630,000 square foot industrial building in 2021, which was anticipated for occupancy in late 2022.
• Tejon Ranch expanded its partnership with Majestic Realty Co. for a multi-family residential complex at the Tejon Ranch Commerce Center (TRCC), with groundbreaking expected in late 2022 and anticipated occupancy in late 2023.

Capital Expenditures

• Tejon Ranch invested significantly in large real estate projects, with development spending increasing from $337 million at the end of 2023 to $357 million by mid-2024.
• The company reported $12.2 million in capital expenditures during Q3 2025, primarily allocated to long-term assets and infrastructure.
• A primary focus of capital expenditures includes the construction of the first phase of Terra Vista at Tejon, a multi-family community within TRCC, which began in the first quarter of 2024. Additionally, Tejon Ranch continues to invest in its residential projects, such as Mountain Village, Centennial, and Grapevine at Tejon Ranch.