UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (661) 248-3000 (Registrant's telephone number, including area code) Securities registered pursuant to S ...

Revenue Performance - Commercial/industrial real estate development segment revenues for Q2 2023 were $2,633,000, a 6.9% increase from $2,462,000 in Q2 2022[86] - The Mineral Resources segment generated revenues of $1,600,000 in Q2 2023, a decrease of 61.2% from $4,131,000 in Q2 2022[88] - The Farming segment reported revenues of $1,025,000 in Q2 2023, down 46.8% from $1,921,000 in Q2 2022[89] - Ranch Operations segment revenues increased to $840,000 in Q2 2023 from $755,000 in Q2 2022, marking an 11.3% growth[90] - Total revenues for the three months ended June 30, 2023, were $47,206,000, a decrease of 12.5% compared to $53,692,000 in the same period of 2022[95] - For the six months ended June 30, 2023, total revenues were $88,627,000, down 8.7% from $96,466,000 in the same period of 2022[96] - Petro Travel Plaza Holdings, LLC reported revenues of $40,214,000 for Q2 2023, a decline of 18.7% from $49,469,000 in Q2 2022[95] Joint Ventures and Investments - Equity in earnings from unconsolidated joint ventures for the six months ended June 30, 2023, was $3,455,000, up from $2,876,000 in the same period of 2022[86] - The Company’s investment in unconsolidated joint ventures was $38,350,000 as of June 30, 2023[91] - The Company’s investment in the TRCC/Rock Outlet Center LLC joint venture was $7,099,000 as of June 30, 2023[93] - The joint venture TRC-MRC 5 LLC is expected to complete construction of a 446,400 square foot industrial building by Q1 2024[92] - The Company recognized a profit of $3,012,000 from the land contributed to TRC-MRC 5 LLC, with deferred profit also at $3,012,000[92] Financial Position - The total equity for the company as of June 30, 2023, was $116,074,000, an increase from $102,520,000 as of December 31, 2022[98] - The company has long-term debt of $47,721,000 as of June 30, 2023, with a weighted average interest rate of 4.62%[200] - Marketable securities amounted to $39,782,000 as of June 30, 2023, with a weighted average interest rate of 4.77%[203] - The company’s total assets as of June 30, 2023, were $292,477,000, an increase from $281,611,000 as of December 31, 2022[98] Operating Losses - The Ranch Operations segment incurred an operating loss of $498,000 in Q2 2023, slightly higher than the loss of $495,000 in Q2 2022[90] - The company reported an equity loss of $1,938,000 for the three months ended June 30, 2023, compared to a loss of $1,663,000 in the same period of 2022[95] Market Risks - The company’s farming inventories are exposed to adverse price fluctuations, particularly for almonds, grapes, and pistachios[206]

Revenue Performance - Commercial/Industrial real estate segment revenues decreased to $2,676,000 in Q1 2023 from $7,349,000 in Q1 2022, a decline of 63.6%[86] - Mineral Resources segment revenues fell to $6,912,000 in Q1 2023 compared to $11,968,000 in Q1 2022, representing a decrease of 42.3%[88] - Farming segment revenues increased to $1,185,000 in Q1 2023 from $655,000 in Q1 2022, a growth of 80.8%[89] - Ranch Operations segment revenues rose to $1,492,000 in Q1 2023, up from $1,048,000 in Q1 2022, an increase of 42.5%[90] - The total revenues from all unconsolidated joint ventures decreased to $41,421,000 in Q1 2023 from $42,774,000 in Q1 2022, a decline of 3.2%[95] Joint Ventures and Investments - The Company reported equity in earnings from unconsolidated joint ventures of $1,517,000 for Q1 2023, compared to $1,213,000 in Q1 2022, a growth of 24.9%[91] - The Company’s investment in unconsolidated joint ventures was $36,291,000 as of March 31, 2023[91] - The construction of TRC-MRC 5 LLC, a 446,400 square foot industrial building, is expected to be completed by winter 2023/2024[92] - The joint venture TRC-MRC 4 LLC refinanced its construction loan in March 2023 with an outstanding balance of $62,400,000[92] - The Company has 100% leased all rentable space in its joint ventures as of March 31, 2023[93] Financial Position - As of March 31, 2023, total assets amounted to $283,204,000, with total debt at $183,736,000, resulting in equity of $27,179,000[96] - The company has a long-term debt balance of $48,092,000 tied to the daily secured overnight financing rate (SOFR) plus a margin of 1.55 percentage points[188] - The company paid $2,363,000 for water contracts and related costs as of March 31, 2023, under contracts extending to 2035[99] - Marketable securities totaled $35,425,000 as of March 31, 2023, with a weighted average interest rate of 3.96%[192] - The company has a fixed interest rate of 4.62% on a term loan of $48,092,000, while another term loan of $1,627,000 has a fixed rate of 4.25%[188] Risk Exposure - Farming inventories are exposed to adverse price fluctuations, with no receivables subject to commodity price fluctuations as there were no pistachio yields in 2022[195] - The company’s investment strategy focuses on preserving principal while maximizing yields, limiting investments to securities with a maturity of less than five years[186] - The company’s total liabilities include long-term debt of $1,627,000 and $48,092,000, with respective weighted average interest rates of 4.25% and 4.62%[192] - The company is the largest landowner and taxpayer within the TCWD, with a water service contract entitling it to all of TCWD's State Water Project entitlement[98] - The company’s exposure to market risk includes interest rates and commodity prices, impacting financial position and cash flows[184]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (Exact name of registrant as specified in its charter) Delaware 77-0196136 (State or other jurisdiction of incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 77-0196136 TEJON RANCH CO. (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 (Exact name of registrant as specified in its charter) For the transition period from to Commis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 77-0196136 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (State or other jurisdiction of incorporation or organization) 77-0196136 (I.R.S. Employer Identification N ...

Financial Performance - Total revenues and other income for the year ended December 31, 2021, were $64,872 million, an increase of 50% from $43,218 million in 2020[27] - The net income attributable to common stockholders for 2021 was $5,348 million, compared to a net loss of $740 million in 2020[27] - The total assets as of December 31, 2021, were $546,036 million, a slight increase from $536,349 million in 2020[27] Real Estate Development - Segment profits for Real Estate—Commercial/Industrial increased to $7,523 million in 2021 from $2,414 million in 2020, reflecting a growth of 212%[27] - The industrial portfolio was 100% leased as of December 31, 2021, with a commercial portfolio leased at 88.5%[36] - The company sold 17.1 acres of land for $4,655,000 during Q4 2021, with plans for a 270,000-square-foot manufacturing complex[41] - A joint venture with Majestic Realty Co. was formed to develop a 629,274 square foot industrial building, with completion expected in 2022[40] - The company plans to develop up to 495 multi-family residences at TRCC, with the first residential community expected to provide housing for local employees[53] - The estimated total cost for the Tejon Ranch Commerce Center project is $161,482 million, with $91,710 million spent to date[55] - As of December 31, 2021, TRCC has total entitlements of 19,300,941 square feet for industrial use and 956,309 square feet for commercial retail, with 13,374,998 square feet and 318,614 square feet available respectively[56] - The Centennial development is entitled for 19,333 housing units and 10.1 million square feet of commercial development, with a 93.03% ownership interest held by the company[76] - The Grapevine project is entitled for 12,000 homes and 5.1 million square feet of commercial development, with over 3,367 acres designated for open space[80] Market Conditions - Vacancy rates in the Inland Empire dropped to a historical low of 0.5% during Q4 2021, leading to a year-over-year lease rate increase of 44%[63] - The northern Los Angeles industrial market saw vacancy rates decrease to 0.6% with average asking rents increasing by 9.6% over the prior quarter[64] - TRCC is positioned to capture tenant interest due to its ability to provide fully-entitled, shovel-ready land parcels, targeting industrial users in high-demand areas[59] Oil and Gas Operations - The company produced approximately 75,006 barrels of oil and 64,000 MCF of dry gas in 2021 from 10,332 acres committed to oil and gas leases[89] - Royalty rates on oil leases averaged approximately 14% of oil production in 2021, with an average production of 29 barrels of oil per day[89] - The price per barrel of oil has increased over 52% from December 31, 2020 levels, impacting revenue expectations for 2022[90] Agricultural Operations - The 2022 State Water Project allocation is currently at 15% of contract amounts, which may affect farming operations[93][101] - The U.S. almond industry projects 2021 yields to be about 2.8 billion pounds, down from 3.1 billion pounds in the previous year, while pistachio yields are expected to improve to approximately 1.2 billion pounds[96] - The company expects to utilize external labor contractors due to challenges in attracting and retaining farm workers, likely increasing overall labor costs[97] Environmental Initiatives - The company has voluntarily conserved 240,000 acres of land, effectively sequestering 3.3 million tons of carbon[109] - The solar array at the IKEA distribution center is a 1.8 MW system that meets the power needs of the facility and contributes to the electric grid[109] - The company has designed its master planned mixed-use residential communities to achieve a jobs-housing balance, reducing commuting miles and emissions[110] Employee and Financial Management - The company employs 90 full-time employees and focuses on attracting and retaining talent through competitive compensation and benefits programs[115] - The company has a long-term debt consisting of two term loans: one for $50,837,000 tied to LIBOR plus a margin of 1.70%, and another for $1,947,000 with a fixed rate of 4.25%[313] - As of December 31, 2021, the company had $6,473,000 in outstanding accounts receivable, with $2,409,000 or 37% at risk for changing prices, primarily attributed to pistachios[322] - The estimated price for pistachios recorded at December 31, 2021, was $2.14 per pound, compared to $2.04 per pound at December 31, 2020; a $0.01 change in price per pound affects receivables by $11,200[323] - The company limits investments to securities with a maturity of less than five years and an investment grade rating to manage interest rate exposure[311] - The company’s marketable securities amounted to $10,590,000 as of December 31, 2021, with a weighted average interest rate of 0.20%[318] - The company’s long-term debt has a weighted average interest rate of 4.25% for the $1,947,000 note and 4.16% for the $50,837,000 note[318] - The company’s exposure to interest rate risk has decreased slightly due to a reduction in marketable securities compared to the prior year[320] - The company’s farming inventories are recorded at actual costs incurred, which are expected to be recovered upon sale of the crops[321] - The company has no outstanding balance on its revolving line of credit (RLC), which can either float at 1.50% over LIBOR or be fixed at 1.50% above LIBOR[312] - The company’s investment activities aim to preserve principal while maximizing yields and managing risk prudently[311]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorpo ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporatio ...