0001628280-26-019685 | 10-K | XBRL Viewer

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INCOME TAXES - Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
Amount
Income tax at statutory rate	$ 250	$ 770	$ 1,195
State income taxes, net of federal benefit	257	256	578
Excess stock compensation expense (benefit)	104	6	(501)
Non-deductible compensation	608	181	1,302
Oil and mineral depletion	(109)	(129)	(130)
Permanent differences	5	(11)	9
Other	(27)	(97)	(130)
Total	$ 1,088	$ 976	$ 2,323
Tax Rate
Income tax at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	21.60%	7.00%	10.20%
Excess stock compensation expense (benefit)	8.70%	0.20%	(8.10%)
Non-deductible compensation	53.60%	4.90%	22.90%
Oil and mineral depletion	(9.10%)	(3.50%)	(2.30%)
Permanent differences	0.40%	(0.30%)	0.20%
Other	(2.30%)	(2.70%)	(2.30%)
Tax provision	93.90%	26.60%	41.60%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment and Long-Term Water Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($) acre ft	Dec. 31, 2024 USD ($)	Dec. 31, 2013 acre ft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 122,641	$ 117,274
Less: accumulated depreciation	(63,330)	(60,887)
Property and equipment, net	$ 59,311	56,387
DMB Pacific LLC \| Transferable water
Property, Plant and Equipment [Line Items]
Long-term water assets (Volume) \| acre ft	6,693		6,693
Vineyards and orchards
Property, Plant and Equipment [Line Items]
Property and equipment useful life	20 years
Property and equipment, gross	$ 77,323	72,042
Machinery, furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,333	22,545
Machinery, furniture, fixtures and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Machinery, furniture, fixtures and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,604	9,463
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	27 years 6 months
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Property and equipment, gross	$ 8,022	8,016
Development in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,359	$ 5,208

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
$ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Proceeds from water sales

$ 1,324

^[1]

Profit from water sales

490

^[1]

Proceeds from derivative instrument

3,715

^[2]

Water

Proceeds from water sales

1,320

Profit from water sales

$ 500

[1]

In 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.

[2]

The 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.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating Activities

Net income

$ 71

$ 2,688

$ 3,265

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

6,014

4,885

4,806

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 expense

424

364

462

(Gain) loss on sale of real estate/assets

(8)

Profit from water sale

^[1]

(490)

Profit from land sales

(1,304)

Deferred income taxes

782

784

1,121

Stock compensation expense

1,711

4,182

3,252

Excess tax benefit of stock-based compensation

(1)

(723)

Abandonment expense

189

Inventory write down

423

Distribution of earnings from unconsolidated joint ventures

9,731

9,563

13,511

Changes in operating assets and liabilities:

Receivables, inventories, prepaids and other assets, net

2,271

261

(4,476)

Current liabilities, net

(5,073)

2,948

(132)

Net cash provided by operating activities

6,132

14,314

13,655

Investing Activities

Maturities and sales of marketable securities

31,637

92,605

134,083

Purchase of marketable securities

(32,387)

(73,995)

(132,317)

Real estate development expenditures

^[2]

(10,107)

(8,394)

(7,888)

Real estate expenditures - to be held for lease

^[2]

(46,560)

(43,018)

(7,815)

Property and equipment expenditures

^[2]

(6,543)

(5,822)

(5,625)

Reimbursement proceeds from Community Facilities District

9,409

15,745

Proceeds from sale of real estate/assets

Proceeds from sale of land

1,698

Investment in unconsolidated joint ventures

(2,278)

(346)

(4,500)

Distribution of equity from unconsolidated joint ventures

780

6,336

10,978

Investments in long-term water assets

(8,013)

(8,874)

(6,034)

Proceeds from water sales

^[1]

1,324

Interest rate swap settlement

^[3]

3,715

Net cash used in investing activities

(62,306)

(25,748)

(14,002)

Financing Activities

Borrowings on line of credit

27,000

19,000

47,942

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 activities

26,431

18,794

(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 year

39,767

32,407

39,619

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

10,024

39,767

32,407

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

9,524

39,267

31,907

Restricted cash (recorded in other assets)

500

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

[1]	In 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.
[2]	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.
[3]	The 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.

RETIREMENT PLANS - Net Periodic Pension Cost - SERP (Details) - SERP liability adjustments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ (291)	$ (277)	$ (291)
Interest cost		(277)
Net amortization and other	(42)	(54)	(40)
Total net periodic pension (costs)/earnings	$ (333)	$ (331)	$ (331)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LINE OF CREDIT AND LONG-TERM DEBT - (Details)		12 Months Ended
LINE OF CREDIT AND LONG-TERM DEBT - (Details)	Nov. 17, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
RLC outstanding balance		$ 93,942,000	$ 66,942,000
Revolving Credit Facility \| RCL
Line of Credit Facility [Line Items]
RLC outstanding balance		$ 93,942,000
Line of credit facility	$ 160,000,000
Debt instrument, interest rate, stated percentage		2.25%
Debt instrument, interest rate, effective percentage		6.15%
Patronage rate		0.0116	0.0116
Debt pay off	$ 47,078,564

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

INCOME TAXES - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of provision (benefit) for income taxes:
Total provision (benefit):	$ 1,088	$ 976	$ 2,323
Federal:
Current	110	26	1,371
Deferred	652	633	353
Federal	762	659	1,724
State:
Current	85	260	584
Deferred	241	57	15
State	326	317	599
Total	$ 1,088	$ 976	$ 2,323

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Multifamily Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 49,591	$ 41,886	$ 44,739
Depreciation and amortization	6,014	4,885	4,806
Costs and expenses	57,544	51,084	48,438
Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	49,591	41,886	44,739
Multifamily \| Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	732	0	0
Operating expenses	815
Selling, general and administrative expenses	504
Depreciation and amortization	960	0	0
Costs and expenses	2,279	$ 0	$ 0
Operating loss from multifamily	$ (1,547)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

RETIREMENT PLANS - Additional Information (Details)	12 Months Ended
RETIREMENT PLANS - Additional Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Average service period	5 years
Assumptions used in determining periodic pension cost:
Rate of increase in periodic pension costs	5.35%	5.60%
Expected long-term rate of return on plan assets	5.00%	5.00%
Pension Plan \| Debt
Current investment policy targets:
Current investment mix	99.00%
Pension Plan \| Money Market Funds
Current investment policy targets:
Current investment mix	1.00%	1.00%
Pension Plan \| Equities
Current investment policy targets:
Current investment mix		99.00%
SERP liability adjustments
Assumptions used in determining actuarial present value of projected benefits obligation:
Weighted-average discount rate	4.95%	5.35%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vineyards and Orchards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pistachios
Product Information [Line Items]
Farming revenue adjustments for differences between original estimates and actual revenues received	$ (10)	$ 1,836	$ 0

REAL ESTATE

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

REAL ESTATE

Real estate consisted of the following as of December 31:


($ in thousands)	2025		2024
Real estate development
Mountain Village	$	161,388	$	158,348
Centennial	128,549		124,136
Grapevine	45,801		42,456

Tejon Ranch Commerce Center
- Commercial	20,829		23,724
- Multifamily	—		29,241
Total Tejon Ranch Commerce Center	20,829		52,965
Real estate development	$	356,567	$	377,905

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center
- Commercial	$	20,644	$	20,596
- Multifamily	64,170		—
Real estate and improvements - held for lease, gross	84,814		20,596
Less accumulated depreciation
- Commercial	(4,677)		(4,343)
- Multifamily	(960)		—
Real estate and improvements - held for lease, net	$	79,177	$	16,253

The Terra Vista multifamily property was completed in phases during 2025, with three buildings delivered in May, three buildings delivered in July, and the final building delivered in October. As each phase was completed, the related assets were placed in service and reclassified from real estate development to real estate and improvements held for lease.

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting, unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures at December 31, 2025 was $29,986,000. The equity in earnings of the unconsolidated joint ventures was $8,362,000 for the twelve months ended December 31, 2025. The unconsolidated joint ventures have not been consolidated as of December 31, 2025, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America Inc. for the development and management of travel plazas and convenience stores. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments, as well as diesel and gasoline operations in TRCC. The Company does not control the investment due to it having only 50% voting rights, and because the partner in the joint venture is the managing partner and performs all of the day-to-day operations and has significant decision-making authority regarding key business components, such as fuel inventory and pricing at the facility. At December 31, 2025, the Company had an equity investment balance of $19,884,000 in this joint venture.

•Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of master planned business parks in the United States. The Company partnered with Majestic to form five active 50/50 joint ventures to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint venture. All outstanding debt attributed to our joint ventures with Majestic have met their respective debt covenants, and hence were not subject to an effective guarantee at December 31, 2025. For those investments in a deficit position, in accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company would reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. At December 31, 2025, the Company's investment in these joint ventures was $332,000.

◦On March 29, 2022, TRC-MRC 5, LLC was formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. The construction of the building was completed in the fourth quarter of 2023, and the joint venture has leased 100% of the rentable space. The joint venture refinanced the construction loan in February 2024 with a promissory note. The note matures on February 3, 2035, and had an outstanding balance of $52,027,000 as of December 31, 2025. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,908,000.

◦On March 25, 2021, TRC-MRC 4, LLC was formed to pursue the development, construction, lease-up, and management of a 629,274 square foot industrial building located within TRCC-East. The construction of the building was completed in 2022, and the joint venture has leased 100% of the rentable space. The joint venture refinanced its construction loan in March 2023 with a promissory note. The note matures on March 1, 2033, and had an outstanding balance of $59,960,000 as of December 31, 2025. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $6,929,000.

◦In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building located within TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary therefore does not consolidate TRC-MRC 3, LLC in its financial statements. The construction of the building was completed in 2019, and the joint venture has leased 100% of the rentable space to two tenants. In March 2019, the joint venture entered into a promissory note, with a financial institution to finance the construction of the building. The note matures on May 1, 2030 and had an outstanding principal balance of $31,777,000 as of December 31, 2025. The Company's investment in this joint venture was $98,000 as of December 31, 2025.

◦In August 2016, the Company partnered with Majestic to form TRC-MRC 2, LLC to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000 and was largely financed through a promissory note. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 3, 2028 and had an outstanding principal balance of $20,496,000 as of December 31, 2025. The building was 100% leased as of December 31, 2025. The Company's investment in this joint venture was $234,000 as of December 31, 2025.

◦In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The joint venture completed construction in 2017. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original principal balance of the mortgage loan was $25,030,000, of which $20,763,000 was outstanding at December 31, 2025. Since inception of the joint venture, the Company has received excess distributions resulting in a deficit balance of $1,117,000.

•TRC-DP 1, LLC - This joint venture was formed on October 4, 2024 with Dedeaux Properties to develop, manage, and operate an approximately 510,385 square foot industrial building at TRCC-East on land to be contributed by the Company in a future period. The Company's investment in this joint venture was $624,000 as of December 31, 2025.

•TRCC/Rock Outlet Center LLC – This joint venture was formed in 2013 with Rockefeller Group Development Corporation, or Rockefeller, to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. At December 31, 2025, the Company’s equity investment balance in this joint venture was $9,146,000. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member’s responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during the development period and ongoing operations, including the setting and monitoring of the budget, leasing, marketing, financing, and selection of the contractor for any construction, are jointly made by both members of the joint venture. The Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On January 22, 2026, the TRCC/Rock Outlet Center LLC joint venture extended the maturity date of its term note with a financial institution from December 31, 2025 to December 30, 2028. As of December 31, 2025, the outstanding balance of the term note was $20,039,000. The Company and Rockefeller guarantee the performance of the debt.

•Centennial Founders, LLC – CFL is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of December 31, 2025, the Company owned 93.84% of CFL.

The Company’s investment balance in each of its unconsolidated joint ventures differs from its capital accounts in the respective joint ventures. The variance represents the difference between the cost basis of assets contributed by the Company and the agreed upon fair value of those assets.

Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows:

Balance Sheet Information as of December 31:


	Joint Venture												TRC
	Assets				Borrowings				Equity (Deficit)				Investment In
	2025		2024		2025		2024		2025		2024		2025		2024
Petro Travel Plaza Holdings LLC	$	70,763	$	73,558	$	(11,030)	$	(11,793)	$	53,530	$	53,571	$	19,884	$	19,823

TRCC/Rock Outlet Center, LLC	54,881		54,533		(20,039)		(20,545)		33,940		32,832		9,146		8,592
TRC-MRC 1, LLC	23,510		24,539		(20,763)		(21,470)		2,112		2,591		—		—
TRC-MRC 2, LLC	21,759		21,552		(20,496)		(21,234)		380		768		234		77
TRC-MRC 3, LLC	33,503		34,436		(31,777)		(32,722)		1,450		2,529		98		142
TRC-MRC 4, LLC	47,004		49,118		(59,960)		(60,906)		(13,709)		(10,664)		—		—
TRC-MRC 5, LLC	48,510		49,556		(52,027)		(52,795)		(2,488)		(643)		—		—
TRC-DP1, LLC	—		—		—		—		—		—		624		346
Total	$	299,930	$	307,292	$	(216,092)	$	(221,465)	$	75,215	$	80,984	$	29,986	$	28,980

Centennial Founders, LLC	$	109,287	$	107,015	$	—	$	—	$	108,906	$	106,766	Consolidated

Condensed Statement of Operations Information as of December 31:


	Joint Venture													TRC
	Revenues							Earnings (Loss)						Equity in Earnings (Loss)
	2025			2024		2023		2025		2024		2023		2025		2024		2023
Petro Travel Plaza Holdings LLC	$	140,757		$	153,547	$	162,614	$	9,959	$	13,621	$	10,481	$	6,061	$	8,253	$	6,288


TRCC/Rock Outlet Center, LLC1	6,873			7,100		6,391		(2,892)		(2,703)		(3,571)		(1,446)		(1,351)		(1,786)
TRC-MRC 1, LLC	5,152			4,399		4,346		1,846		1,226		1,192		923		613		596
TRC-MRC 2, LLC	7,071			6,761		5,860		3,664		4,324		2,772		1,832		2,162		1,386
TRC-MRC 3 LLC	4,437			4,405		4,323		887		843		645		444		422		323
TRC-MRC 4, LLC	7,691			7,805		7,281		727		1,054		332		363		527		166
TRC-MRC 5, LLC	6,728			6,314		—		370		509		(210)		185		255		(105)

	$	178,709	2	$	190,331	$	190,815	$	14,561	$	18,874	$	11,641	$	8,362	$	10,881	$	6,868

Centennial Founders, LLC	$	—		$	66	$	267	$	(60)	$	(36)	$	(6)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.7 million, $1.3 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
2 TRC-DP1, LLC did not have any operating activities during 2024 and 2025.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value.
Marketable Securities	Marketable Securities The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in equity.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property. The joint ventures generally allocate income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value.
Fair Values of Financial Instruments	Fair Values of Financial Instruments The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: •Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. •Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. •Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any. The carrying values of cash and cash equivalents, restricted cash, receivables, accounts payable, accrued expenses, and other short-term liabilities approximate their fair value. Additionally, the fair value of the RCL approximates fair value considering factors such as the interest rate being variable and the estimated credit spread available in the market at the balance sheet date being comparable to the terms at origination.
Interest Rate Swap Agreements	Interest Rate Swap Agreements On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and on the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New 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 its interest rate swap agreement with Bank of America, N.A., and received a $3,715,000 cash termination fee from Bank of America, N.A. The Company believes it is prudent at times to limit the variability of floating-rate interest payments and in the past has entered into interest rate swaps to manage those fluctuations. The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement was considered a cash flow hedge because it was designed to match the terms of the term loan with Bank of America, N.A., as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement was evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings. The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs,” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement.
Variable Interest Entity	Variable Interest Entity A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE, which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.
Credit Risk	Credit Risk The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company assesses the risk of loss on accounts receivable and adjusts the allowance for doubtful accounts based on this risk assessment. The Company does so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. The Company further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible. During the years ended December 31, 2025, 2024, and 2023, the PEF power plant lease generated approximately 9%, 11%, and 11% of total revenues, respectively. The Company had no other customers accounting for 5% or more of total revenues from operations. The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant.
Farm Inventories	Farm Inventories Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market.
Property and Equipment	Property and Equipment Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets.
Long-Term Water Assets	Long-Term Water Assets Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts.
Vineyards and Orchards	Vineyards and Orchards Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive. At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of the Company's almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between estimates and actual revenues received are recorded during the period in which such amounts become known.
Common Stock Options and Grants	Common Stock Options and Grants The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations.
Long-Lived Assets	Long-Lived Assets On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. Indicators of impairment for real estate development may include events or changes in circumstances affecting the Company’s strategic plan for the real estate development, the entitlement process, government regulation, litigation, geographical demand for new housing, and market conditions related to pricing of new homes and development costs. When events or changes in circumstances exist that result in an indicator of impairment, the Company evaluates the real estate development for impairment by comparing future undiscounted cash flows expected to be generated over the life of the real estate development to the respective carrying amount. If the carrying amount of the real estate development exceeds future undiscounted cash flows, an analysis is performed to determine the fair value of the asset. In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs.
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Sales of Real Estate The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs. Sales of Easements From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606. Allocation of Costs Related to Land Sales and Leases When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. Royalty Income Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month's activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Rental Income Rental income from leases is recognized on a straight-line basis over the respective lease terms. For each lease, the amount by which the straight-line rent recognized exceeds the amount contractually due under the lease is classified as deferred rent in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Furthermore, for each lease, amounts paid by the tenant in excess of the straight-line rent recognized is classified as deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the tenant takes possession of, or controls the physical use of, the property. During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. All multifamily leases are classified as operating leases under ASC 842 and generally have initial lease terms of one year.
Environmental Expenditures	Environmental Expenditures Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates.
New Accounting Pronouncements Adopted and New Accounting Pronouncements	New Accounting Pronouncements Adopted Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on the amount of income taxes paid disaggregated by federal, state and foreign taxes. The Company adopted this ASU for the Company's annual report on Form 10-K beginning with the year ending December 31, 2025 and for subsequent quarterly and annual reports. The retrospective adoption resulted in the additional disclosures mentioned above. See Note 11 of the Notes to Consolidated Financial Statements for further detail. New Accounting Pronouncements Expense Disaggregation Disclosures In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)". This ASU requires public business entities to disclose specified information about certain costs and expenses, including the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The ASU also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. This ASU is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss)

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Revenues
Real estate—commercial/industrial	$	15,006	$	12,552	$	11,758
Multifamily	732		—		—
Mineral resources	9,636		10,214		14,524
Farming	18,738		13,925		13,950
Ranch operations	5,479		5,195		4,507
Segment revenues	$	49,591	$	41,886	$	44,739




Segment Operating Results
Real estate—commercial/industrial	$	15,366	$	15,523	$	10,573
Multifamily	(1,547)		—		—
Real estate—resort/residential	(2,277)		(2,615)		(1,528)
Mineral resources	2,829		3,162		5,839
Farming	(112)		(3,626)		(1,307)
Ranch operations	218		331		(536)
Segment operating results 1	14,477		12,775		13,041
Reconciling items:
Investment income	914		2,273		2,557
Other loss	(164)		(292)		(138)
Corporate expenses	(14,068)		(11,092)		(9,872)
Income from operations before income taxes	$	1,159	$	3,664	$	5,588

1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.

Schedule of Segment Information

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023







Commercial/industrial revenues	$	15,006	$	12,552	$	11,758
Equity in earnings of unconsolidated joint ventures	8,362		10,881		6,868
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	$	23,368	$	23,433	$	18,626
Cost of sales of land	1,862		$	—	$	(176)
Operating expenses	2,451		3,206		4,074
Selling, general and administrative expenses	3,189		4,280		3,687
Depreciation and amortization	500		424		468
Commercial/industrial expenses	$	8,002	$	7,910	$	8,053
Operating results from commercial/industrial and unconsolidated joint ventures	$	15,366	$	15,523	$	10,573

The following table summarizes revenues, expenses and operating results from this segment for the years ended December 31:


($ in thousands)	2025
Multifamily revenues1	732


Operating expenses	815
Selling, general and administrative expenses	504
Depreciation and amortization	960
Multifamily expenses	$	2,279
Operating loss from multifamily	$	(1,547)
1Multifamily segment had no operating activities in 2024 and 2023.

The following table summarizes expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Resort/residential
Operating expenses	1,632		1,742		754
Selling, general and administrative expenses	609		831		731
Depreciation and amortization	36		42		43
Total resort/residential expenses	$	2,277	$	2,615	$	1,528
Operating loss from resort/residential	$	2,277	$	2,615	$	1,528

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023






Mineral resources revenues	$	9,636	$	10,214	$	14,524
Cost of sales of water	3,431		3,555		5,220
Operating expenses	1,307		1,225		1,338
Selling, general and administrative expenses	694		897		753
Depreciation and amortization	1,375		1,375		1,374
Mineral resources expenses	$	6,807	$	7,052	$	8,685
Operating results from mineral resources	$	2,829	$	3,162	$	5,839

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023






Farming revenues	$	18,738	$	13,925	$	13,950
Cost of sales	13,532		11,832		12,125
Fixed water obligations	2,796		2,912		695
Selling, general and administrative expenses	109		488		340
Depreciation and amortization	2,413		2,319		2,097
Farming expenses	$	18,850	$	17,551	$	15,257
Operating results from farming	$	(112)	$	(3,626)	$	(1,307)

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023




Ranch operations revenues	$	5,479	$	5,195	$	4,507
Operating expenses	4,322		3,833		4,095
Selling, general and administrative expenses	563		649		558
Other expenses1	376		382		390
Ranch operations expenses	$	5,261	$	4,864	$	5,043
Operating results from ranch operations	$	218	$	331	$	(536)
1 The main components of the other expenses included amortization and depreciation.

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:


($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2025
Real estate - commercial/industrial	$	64,681	$	500	$	12,487
Multifamily	63,695		960		34,073
Real estate - resort/residential	341,433		36		10,107
Mineral resources	62,236		1,375		57
Farming	58,545		2,413		6,202
Ranch operations	2,172		376		192
Corporate	37,707		354		92
Total	$	630,469	$	6,014	$	63,210
2024
Real estate - commercial/industrial	$	68,944	$	424	$	16,361
Multifamily	29,241		—		26,657
Real estate - resort/residential	330,513		40		8,394
Mineral resources	54,658		1,375		46
Farming	54,478		2,319		4,891
Ranch operations	2,658		382		739
Corporate	67,506		345		146
Total	$	607,998	$	4,885	$	57,234
2023
Real estate - commercial/industrial	$	70,521	$	468	$	5,231
Multifamily	2,584		—		2,584
Real estate - resort/residential	321,216		42		7,888
Mineral resources	52,068		1,374		—
Farming	52,094		2,097		4,870
Ranch operations	2,072		390		464
Corporate	76,968		435		291
Total	$	577,523	$	4,806	$	21,328

REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Real Estate

Real estate consisted of the following as of December 31:


($ in thousands)	2025		2024
Real estate development
Mountain Village	$	161,388	$	158,348
Centennial	128,549		124,136
Grapevine	45,801		42,456

Tejon Ranch Commerce Center
- Commercial	20,829		23,724
- Multifamily	—		29,241
Total Tejon Ranch Commerce Center	20,829		52,965
Real estate development	$	356,567	$	377,905

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center
- Commercial	$	20,644	$	20,596
- Multifamily	64,170		—
Real estate and improvements - held for lease, gross	84,814		20,596
Less accumulated depreciation
- Commercial	(4,677)		(4,343)
- Multifamily	(960)		—
Real estate and improvements - held for lease, net	$	79,177	$	16,253

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision (Benefit) for Income Taxes

The provision for income taxes consists of the following at December 31:


($ in thousands)	2025		2024		2023
Total provision (benefit):	$	1,088	$	976	$	2,323
Federal:
Current	110		26		1,371
Deferred	652		633		353
	762		659		1,724
State:
Current	85		260		584
Deferred	241		57		15
	326		317		599
Total	$	1,088	$	976	$	2,323

Schedule of Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate

The income tax rate reconciliation was as follows at December 31:


	2025				2024				2023
($ in thousands)	Amount		Tax Rate		Amount		Tax Rate		Amount		Tax Rate
Income tax at statutory rate	$	250	21.0	%	$	770	21.0	%	$	1,195	21.0	%
State income taxes, net of federal benefit	257		21.6	%	256		7.0	%	578		10.2	%
Excess stock compensation expense (benefit)	104		8.7	%	6		0.2	%	(501)		(8.1)	%
Non-deductible compensation	608		53.6	%	181		4.9	%	1,302		22.9	%
Oil and mineral depletion	(109)		(9.1)	%	(129)		(3.5)	%	(130)		(2.3)	%

Permanent differences	5		0.4	%	(11)		(0.3)	%	9		0.2	%
Other	(27)		(2.3)	%	(97)		(2.7)	%	(130)		(2.3)	%
Tax provision	$	1,088	93.9	%	$	976	26.6	%	$	2,323	41.6	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31:


($ in thousands)	2025		2024
Deferred income tax assets:
Accrued expenses	$	199	$	319
Deferred revenues	614		644
Capitalization of costs	1,099		1,157
Pension adjustment	1,797		1,801
Stock grant expense	1,183		2,164
State deferred taxes	240		248
Book deferred gains	2,127		2,127
Joint venture allocations	130		524
Provision for additional capitalized costs	699		699
Interest rate swap	1,444		1,444
Other	490		74
Total deferred income tax assets	$	10,022	$	11,201
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,753
Depreciation	5,960		5,447
Cost of sales allocations	872		872
Joint venture allocations	7,249		7,729
Capitalized stock compensation	1,626		1,431
Straight line rent	165		231
Prepaid expenses	130		679

Interest rate swap	1,444		1,444
Other	672		674
Total deferred income tax liabilities	$	19,871	$	20,260


Net deferred taxes	$	(9,849)	$	(9,059)

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other current liabilities consisted of the following as of December 31:


($ in thousands)	2025		2024
Accrued vacation	$	543	$	707
Accrued paid personal leave	153		295
Accrued bonus	1,060		2,425
Accrued stock compensation expense	—		1,831		1
Other	432		291
Total	$	2,188	$	5,549
1 Cash settled awards classified as liabilities. See Note 10 of the Notes to Consolidated Financial Statements for further detail.

LONG-TERM WATER ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Water Revenues and Cost of Sales

Water revenues and cost of sales were as follows for the years ended December 31:


($ in thousands)	2025		2024		2023

Acre-Feet Sold	3,177		3,500		5,145

Revenues	$	4,312	$	4,383	$	8,033
Cost of sales	3,431		3,555		5,220
Profit	$	881	$	828	$	2,813

Schedule of Tangible Water Assets

Costs assigned to water assets held for future use were as follows ($ in thousands):


	December 31, 2025		December 31, 2024
Banked water and water for future delivery	$	44,681	$	36,048
Transferable water	266		35
Total water held for future use at cost	$	44,947	$	36,083

Schedule of Finite-Lived Intangible Assets

The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands):


	December 31, 2025				December 31, 2024
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water purchase contract*	$	11,581	$	(7,237)	$	11,581	$	(6,755)
Nickel water purchase contract*	18,740		(7,817)		18,740		(7,175)
Tulare Lake Basin water purchase contract*	6,479		(4,100)		6,479		(3,862)
	$	36,800	$	(19,154)	$	36,800	$	(17,792)
Net cost of purchased water contracts	17,646				19,008
Total cost of water held for future use	44,947				36,083
Net investments in water assets	$	62,593			$	55,091
*All water purchase contracts were acquired from third parties.

Schedule of Components of Water Assets

Total water resources, including both recurring and one-time usage are:


(in acre feet)	December 31, 2025	December 31, 2024
Water held for future use:
TCWD - Banked water owned by the Company	65,199	60,936
Company water bank	54,728	54,728
Transferable water	265	505
Recharged water	6,797	6,797
Total water held for future use	126,989	122,966
Water purchase contracts:
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
Total water purchase contracts	31,433	31,433
Total water held for future use and purchased water contracts	158,422	154,399

RETIREMENT PLANS - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension Plan
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)	$ 213	$ (43)
Recognition of net actuarial loss	(57)	(57)
Total changes	156	(100)
Changes, net of taxes	112	(72)
SERP liability adjustments
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)	263	(179)
Recognition of net actuarial loss	(42)	(54)
Total changes	221	(233)
Changes, net of taxes	$ 159	$ (168)

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Tejon Ranch Co. (the Company or Tejon) is a diversified real estate development and agribusiness company committed to responsibly using its land and resources to meet the housing, employment, and lifestyle needs of Californians. Current operations consist of land planning and entitlement, land development, commercial land sales and leasing, leasing of land for mineral royalties, water asset management and sales, grazing leases, and farming. Beginning in 2025, the Company will also initiate residential leasing from multifamily developments as part of its long-term growth strategy.

These activities are performed through reporting segments that reflect the manner in which management organizes the business and evaluates performance. Prior to 2025, the Company operated through five reporting segments:

•Real Estate - Commercial/Industrial

•Real Estate - Resort/Residential

•Mineral Resources

•Farming

•Ranch Operations

Beginning in the fourth quarter of 2025, upon the commencement of multifamily leasing operations, the Company determined that Multifamily met the criteria to be presented as a separate reportable segment due to the significance of its operations and the manner in which the chief operating decision maker evaluates segment performance and allocates resources. Accordingly, the Company operates through six reporting segments in 2025 and prior years' segment activity related to the Multifamily has been recast, where applicable.

Tejon's prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of downtown Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield. The Company creates value by securing entitlements for its land, facilitating infrastructure development, strategic land planning, monetization of land through development and sales, and conservation, in order to maximize the highest and best use for its land.

The Company is involved in nine joint ventures that own, develop, and operate real estate properties. The Company enters into joint ventures as a means to facilitate the development of portions of its land. The Company is also actively engaged in land planning, land entitlement, and conservation projects.

Any references to the number of acres, number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.

Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value.

Marketable Securities

The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in equity.

Investments in Unconsolidated Joint Ventures

For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property.

The joint ventures generally allocate income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage.

The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value.

Fair Values of Financial Instruments

The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions:

•Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities.

•Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market.

•Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability.

When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any.

The carrying values of cash and cash equivalents, restricted cash, receivables, accounts payable, accrued expenses, and other short-term liabilities approximate their fair value. Additionally, the fair value of the RCL approximates fair value considering factors such as the interest rate being variable and the estimated credit spread available in the market at the balance sheet date being comparable to the terms at origination.

Interest Rate Swap Agreements

On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and on the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New 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 its interest rate swap agreement with Bank of America, N.A., and received a $3,715,000 cash termination fee from Bank of America, N.A.

The Company believes it is prudent at times to limit the variability of floating-rate interest payments and in the past has entered into interest rate swaps to manage those fluctuations.

The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement was considered a cash flow hedge because it was designed to match the terms of the term loan with Bank of America, N.A., as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement was evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings.

The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs,” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement.

Variable Interest Entity

A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE.

The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE, which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE.

To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE.

To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.

As of December 31, 2025 and 2024, the Company had two VIEs. One was consolidated in the financial statements while the other was not. See Note 16 (Investment in Unconsolidated and Consolidated Joint Ventures) to the Notes to Consolidated Financial Statements for further discussion.

Credit Risk

The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral.

The Company assesses the risk of loss on accounts receivable and adjusts the allowance for doubtful accounts based on this risk assessment. The Company does so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. The Company further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible.

During the years ended December 31, 2025, 2024, and 2023, the PEF power plant lease generated approximately 9%, 11%, and 11% of total revenues, respectively. The Company had no other customers accounting for 5% or more of total revenues from operations.

The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant.

Farm Inventories

Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market.

Property and Equipment

Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets. The Company's property and equipment and their respective estimated useful lives are as follows:


($ in thousands)	Useful Life	December 31, 2025		December 31, 2024
Vineyards and orchards	20	$	77,323	$	72,042
Machinery, furniture, fixtures and other equipment	3 - 10	22,333		22,545
Buildings and improvements	10 - 27.5	9,604		9,463
Land and land improvements	15	8,022		8,016
Development in process		5,359		5,208
		$	122,641	$	117,274
Less: accumulated depreciation		(63,330)		(60,887)
		$	59,311	$	56,387

Long-Term Water Assets

Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts.

Vineyards and Orchards

Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive.

At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of the Company's almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between estimates and actual revenues received are recorded during the period in which such amounts become known. The net effect of these adjustments decreased pistachio revenues by $10,000 in 2025, while they increased pistachio revenues by $1,836,000 in 2024, and had no impact on pistachio revenues in 2023. There were no pricing adjustments associated with the Company's almonds.

The Almond Board of California has the authority to require producers of almonds to withhold a portion of their annual production from the marketplace through a marketing order approved by the Secretary of Agriculture. At December 31, 2025, 2024, and 2023, no such withholding was mandated.

Common Stock Options and Grants

The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations.

Long-Lived Assets

On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.

Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value.

Indicators of impairment for real estate development may include events or changes in circumstances affecting the Company’s strategic plan for the real estate development, the entitlement process, government regulation, litigation, geographical demand for new housing, and market conditions related to pricing of new homes and development costs. When events or changes in circumstances exist that result in an indicator of impairment, the Company evaluates the real estate development for impairment by comparing future undiscounted cash flows expected to be generated over the life of the real estate development to the respective carrying amount. If the carrying amount of the real estate development exceeds future undiscounted cash flows, an analysis is performed to determine the fair value of the asset.

In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs.

As of December 31, 2025, management of the Company believes that none of its long-lived assets were impaired.

Revenue Recognition

The Company’s revenue is primarily derived from royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Sales of Real Estate

The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs.

Sales of Easements

From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606.

Allocation of Costs Related to Land Sales and Leases

When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change.

Royalty Income

Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month's activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments.

Rental Income

Rental income from leases is recognized on a straight-line basis over the respective lease terms. For each lease, the amount by which the straight-line rent recognized exceeds the amount contractually due under the lease is classified as deferred rent in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Furthermore, for each lease, amounts paid by the tenant in excess of the straight-line rent recognized is classified as deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the tenant takes possession of, or controls the physical use of, the property.

During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. All multifamily leases are classified as operating leases under ASC 842 and generally have initial lease terms of one year.

Environmental Expenditures

Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. No liabilities for environmental costs have been recorded at December 31, 2025 and 2024.

Use of Estimates

The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates.

New Accounting Pronouncements Adopted

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on the amount of income taxes paid disaggregated by federal, state and foreign taxes. The Company adopted this ASU for the Company's annual report on Form 10-K beginning with the year ending December 31, 2025 and for subsequent quarterly and annual reports. The retrospective adoption resulted in the additional disclosures mentioned above. See Note 11 of the Notes to Consolidated Financial Statements for further detail.

New Accounting Pronouncements

Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)". This ASU requires public business entities to disclose specified information about certain costs and expenses, including the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The ASU also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. This ASU is effective for

annual reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Number of Shares Outstanding


	Twelve Months Ended December 31,
		2025	2024	2023
Weighted average number of shares outstanding:
Common stock		26,883,379	26,806,173	26,706,824
Common stock equivalents: stock options, grants		65,899	17,233	—	1
Diluted shares outstanding		26,949,278	26,823,406	26,706,824

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Income from Commercial Rents Included in Real Estate Revenue

The following is a summary of income from commercial rents included in commercial/industrial real estate revenues as of December 31:


($ in thousands)	2025		2024		2023
Base rent	$	8,131	$	7,712	$	7,419
Percentage rent	$	319	$	624	$	1,080

Schedule of Future Minimum Rental Income

Future minimum rental income on commercial, communication and right-of-way non-cancelable leases as of December 31, 2025 ($ in thousands):


2026		2027		2028		2029		2030		Thereafter
$	7,227	$	6,227	$	5,876	$	5,728	$	3,133	$	1,803

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Rate Swap Agreement and Credit Risk (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 23, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Concentration Risk [Line Items]

Proceeds from derivative instrument

^[1]

$ 0

$ 3,715

Customer Concentration Risk | Revenue | Pastoria Energy Facility, LLC

Concentration Risk [Line Items]

Percentage of revenue

9.00%

11.00%

Interest Rate Swap

Concentration Risk [Line Items]

Proceeds from derivative instrument

$ 3,715

[1]

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. The identification and assessment of cybersecurity risk are integrated into our overall risk management systems and processes, which are managed by senior management and overseen by the Board of Directors. Cybersecurity risks related to our business, privacy and compliance issues are identified and addressed through a multi-faceted approach that includes third party assessments, internal information technology (IT) audit, IT security, governance, risk and compliance reviews. In connection with the aforementioned approaches, and to defend, detect and respond to cybersecurity incidents, we, among other things: conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform penetration testing using external third-party tools and techniques to test security controls, conduct employee training, monitor emerging laws and regulations related to data protection and information security, and implement appropriate changes. We have implemented incident response and breach management processes, which have four overarching and interconnected stages: 1) preparation for a cybersecurity incident, 2) detection and analysis of a security incident, 3) containment, eradication and recovery, and 4) post-incident analysis. Such incident responses are overseen by leaders from our IT and accounting teams. Cybersecurity incident events are evaluated, ranked by severity and prioritized for response and remediation. Incidents are evaluated to determine materiality, as well as operational and business impact, and reviewed for privacy impact. We also conduct tabletop exercises that simulate responses to cybersecurity incidents. Our team of cybersecurity professionals then collaborate with technical and business stakeholders across our business units to further analyze the risk to the Company, and form detection, mitigation and remediation strategies. As part of the above processes, we regularly engage external auditors and consultants with expertise in cybersecurity to assess our internal cybersecurity programs and compliance with applicable practices and standards. Our risk management program also assesses third party risks, and we perform third-party risk management to identify and mitigate risks from third parties, such as vendors, suppliers, and other business partners associated with our use of third-party service providers. In addition to new vendor onboarding, we perform risk management during third-party cybersecurity compromise incidents to identify and mitigate risks to us from third-party incidents. We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “Information technology failures and data security breaches could harm our business,” which discussion is included as part of our risk factor disclosures at Item 1A of this Annual Report on Form 10-K. Third Party Risk Management The Company uses third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including, for example, a managed service security provider that monitors certain of the Company’s computer networks and third-party hosted services.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The identification and assessment of cybersecurity risk are integrated into our overall risk management systems and processes, which are managed by senior management and overseen by the Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an important part of our risk management processes and an area of focus for our Board of Directors and management. The Board of Directors’ Audit Committee is responsible for the oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from senior management regarding matters of cybersecurity. This includes existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors’ Audit Committee is responsible for the oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from senior management regarding matters of cybersecurity. This includes existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.Our management, led by our Senior Vice President of Finance, Chief Financial Officer and Chief Accounting Officer, Robert D. Velasquez, is responsible for overseeing the Company’s cybersecurity risk assessment and management processes, including their implementation and maintenance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Cybersecurity is an important part of our risk management processes and an area of focus for our Board of Directors and management. The Board of Directors’ Audit Committee is responsible for the oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from senior management regarding matters of cybersecurity. This includes existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Our management, led by our Senior Vice President of Finance, Chief Financial Officer and Chief Accounting Officer, Robert D. Velasquez, is responsible for overseeing the Company’s cybersecurity risk assessment and management processes, including their implementation and maintenance.
Cybersecurity Risk Role of Management [Text Block]	Our management, led by our Senior Vice President of Finance, Chief Financial Officer and Chief Accounting Officer, Robert D. Velasquez, is responsible for overseeing the Company’s cybersecurity risk assessment and management processes, including their implementation and maintenance. The Company utilizes a third-party managed service provider, Grapevine MSP, to administer, monitor, and manage our information technology systems, including the majority of our cybersecurity functions. Management maintains oversight of Grapevine MSP through ongoing engagement, performance monitoring, and review of cybersecurity controls and incident response procedures. The Company’s cybersecurity risk management program is designed to assess, identify, and manage risks from cybersecurity threats, including those associated with third-party service providers. Management monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents and oversees the operation of our incident response processes. The Audit Committee of the Board of Directors provides oversight of cybersecurity risk and receives periodic updates from management regarding the Company’s cybersecurity posture, material risks, and any significant incidents. The Board of Directors is informed, as appropriate, of material cybersecurity risks and incidents. Robert D. Velasquez, CPA, is an experienced risk management professional in our finance and risk management function and has served as Senior Vice President, Finance, Chief Financial Officer and Chief Accounting Officer since March 2022. Mr. Velasquez currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Velasquez leads the Company’s cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. The Company did not experience any material cybersecurity incidents during 2025.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management, led by our Senior Vice President of Finance, Chief Financial Officer and Chief Accounting Officer, Robert D. Velasquez, is responsible for overseeing the Company’s cybersecurity risk assessment and management processes, including their implementation and maintenance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Robert D. Velasquez, CPA, is an experienced risk management professional in our finance and risk management function and has served as Senior Vice President, Finance, Chief Financial Officer and Chief Accounting Officer since March 2022. Mr. Velasquez currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Velasquez leads the Company’s cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management, led by our Senior Vice President of Finance, Chief Financial Officer and Chief Accounting Officer, Robert D. Velasquez, is responsible for overseeing the Company’s cybersecurity risk assessment and management processes, including their implementation and maintenance.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total revenues	$ 49,591	$ 41,886	$ 44,739
Cost of sales of water	3,431	3,555	5,220
Costs and expenses	57,544	51,084	48,438
Operating loss	(7,953)	(9,198)	(3,699)
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	49,591	41,886	44,739
Mineral resources \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	9,636	10,214	14,524
Cost of sales of water	3,431	3,555	5,220
Operating expenses	1,307	1,225	1,338
Selling, general and administrative expenses	694	897	753
Other expenses	1,375	1,375	1,374
Costs and expenses	6,807	7,052	8,685
Operating loss	$ 2,829	$ 3,162	$ 5,839

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued vacation	$ 543	$ 707
Accrued paid personal leave	153	295
Accrued bonus	1,060	2,425
Accrued stock compensation expense	0	1,831
Other	432	291
Total	$ 2,188	$ 5,549

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance Share Grants	12 Months Ended
	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	234,260
Maximum performance (in shares)	288,604

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REPORTING SEGMENTS AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

REPORTING SEGMENTS AND RELATED INFORMATION

The Company currently operates six reporting segments: commercial/industrial real estate development, multifamily, resort/residential real estate development, mineral resources, farming, and ranch operations. Beginning in the fourth quarter of 2025, the Company commenced multifamily leasing operations as buildings within the Terra Vista development were completed and placed into service. The final building was delivered in October 2025. Multifamily is presented as a separate reportable segment due to the significance of its operations and the manner in which management evaluates its performance.

The financial results of these segments are reviewed by the chief operating decision maker (“CODM”), who is the Company’s President and Chief Executive Officer, for purposes of evaluating segment performance and allocating resources. The CODM evaluates segment performance primarily based on GAAP operating income (loss) for each segment. Segment operating income (loss) represents revenues less direct segment operating expenses, and excludes investment income, other income (loss), corporate expenses, and income taxes. This measure is used in the Company’s annual budgeting and forecasting process and in monthly reviews of budget-to-actual variances when making decisions regarding the allocation of capital and personnel among segments. The CODM also reviews capital expenditures by segment, which represent cash expenditures for additions to long-lived assets, consistent with the information regularly provided to and reviewed by the CODM for purposes of evaluating resource allocation decisions.

Certain prior-year amounts have been reclassified to conform to the significant expense categories in which the CODM receives the information. Specifically, certain costs previously included within General and administrative expenses have been reclassified to Operating costs within the segment expense presentation, and depreciation expense, which was previously included within Other expense, is now presented separately. These reclassifications had no impact on total operating expenses, operating income, net income, or earnings per share as previously reported.

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Revenues
Real estate—commercial/industrial	$	15,006	$	12,552	$	11,758
Multifamily	732		—		—
Mineral resources	9,636		10,214		14,524
Farming	18,738		13,925		13,950
Ranch operations	5,479		5,195		4,507
Segment revenues	$	49,591	$	41,886	$	44,739




Segment Operating Results
Real estate—commercial/industrial	$	15,366	$	15,523	$	10,573
Multifamily	(1,547)		—		—
Real estate—resort/residential	(2,277)		(2,615)		(1,528)
Mineral resources	2,829		3,162		5,839
Farming	(112)		(3,626)		(1,307)
Ranch operations	218		331		(536)
Segment operating results 1	14,477		12,775		13,041
Reconciling items:
Investment income	914		2,273		2,557
Other loss	(164)		(292)		(138)
Corporate expenses	(14,068)		(11,092)		(9,872)
Income from operations before income taxes	$	1,159	$	3,664	$	5,588

1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.

Real Estate - Commercial/Industrial

Commercial revenue consists of land and building leases to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases.

In 2025, the Company sold 2.8 acres of commercial land located at TRCC East to a third party for $1,727,000 and recognized previously deferred gross margin associated with the 2022 Nestlé land sale.

In 2024 and 2023, the Company did not have any land sales.

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023







Commercial/industrial revenues	$	15,006	$	12,552	$	11,758
Equity in earnings of unconsolidated joint ventures	8,362		10,881		6,868
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	$	23,368	$	23,433	$	18,626
Cost of sales of land	1,862		$	—	$	(176)
Operating expenses	2,451		3,206		4,074
Selling, general and administrative expenses	3,189		4,280		3,687
Depreciation and amortization	500		424		468
Commercial/industrial expenses	$	8,002	$	7,910	$	8,053
Operating results from commercial/industrial and unconsolidated joint ventures	$	15,366	$	15,523	$	10,573

Multifamily

The multifamily segment generates rents from the tenants living in the Terra Vista community. Construction of the Terra Vista development occurred in phases during 2024 and 2025, and leasing operations commenced as individual buildings were completed and placed into service. The final building was delivered in October 2025. The property is currently in the initial lease-up phase. Operating losses for 2025 primarily reflect start-up costs and depreciation and amortization associated with the newly completed development and are expected to moderate as occupancy increases.

The following table summarizes revenues, expenses and operating results from this segment for the years ended December 31:


($ in thousands)	2025
Multifamily revenues1	732


Operating expenses	815
Selling, general and administrative expenses	504
Depreciation and amortization	960
Multifamily expenses	$	2,279
Operating loss from multifamily	$	(1,547)
1Multifamily segment had no operating activities in 2024 and 2023.

Real Estate - Resort/Residential

The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue.

The following table summarizes expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Resort/residential
Operating expenses	1,632		1,742		754
Selling, general and administrative expenses	609		831		731
Depreciation and amortization	36		42		43
Total resort/residential expenses	$	2,277	$	2,615	$	1,528
Operating loss from resort/residential	$	2,277	$	2,615	$	1,528

Mineral Resources

The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from the Company's land along with revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023






Mineral resources revenues	$	9,636	$	10,214	$	14,524
Cost of sales of water	3,431		3,555		5,220
Operating expenses	1,307		1,225		1,338
Selling, general and administrative expenses	694		897		753
Depreciation and amortization	1,375		1,375		1,374
Mineral resources expenses	$	6,807	$	7,052	$	8,685
Operating results from mineral resources	$	2,829	$	3,162	$	5,839

Farming


($ in thousands)	2025		2024		2023






Farming revenues	$	18,738	$	13,925	$	13,950
Cost of sales	13,532		11,832		12,125
Fixed water obligations	2,796		2,912		695
Selling, general and administrative expenses	109		488		340
Depreciation and amortization	2,413		2,319		2,097
Farming expenses	$	18,850	$	17,551	$	15,257
Operating results from farming	$	(112)	$	(3,626)	$	(1,307)

The improvement in 2025 operating results compared to 2024 was primarily driven by higher crop revenues and lower fixed water obligations.

Ranch Operations

Ranch operations consists of game management revenues and ancillary land uses, such as grazing leases and filming. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2025		2024		2023




Ranch operations revenues	$	5,479	$	5,195	$	4,507
Operating expenses	4,322		3,833		4,095
Selling, general and administrative expenses	563		649		558
Other expenses1	376		382		390
Ranch operations expenses	$	5,261	$	4,864	$	5,043
Operating results from ranch operations	$	218	$	331	$	(536)
1 The main components of the other expenses included amortization and depreciation.

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:


($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2025
Real estate - commercial/industrial	$	64,681	$	500	$	12,487
Multifamily	63,695		960		34,073
Real estate - resort/residential	341,433		36		10,107
Mineral resources	62,236		1,375		57
Farming	58,545		2,413		6,202
Ranch operations	2,172		376		192
Corporate	37,707		354		92
Total	$	630,469	$	6,014	$	63,210
2024
Real estate - commercial/industrial	$	68,944	$	424	$	16,361
Multifamily	29,241		—		26,657
Real estate - resort/residential	330,513		40		8,394
Mineral resources	54,658		1,375		46
Farming	54,478		2,319		4,891
Ranch operations	2,658		382		739
Corporate	67,506		345		146
Total	$	607,998	$	4,885	$	57,234
2023
Real estate - commercial/industrial	$	70,521	$	468	$	5,231
Multifamily	2,584		—		2,584
Real estate - resort/residential	321,216		42		7,888
Mineral resources	52,068		1,374		—
Farming	52,094		2,097		4,870
Ranch operations	2,072		390		464
Corporate	76,968		435		291
Total	$	577,523	$	4,806	$	21,328

Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Information Pertaining to Assets of Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Information pretaining to assets of the business segments
Identifiable Assets	$ 630,469	$ 607,998	$ 577,523
Depreciation and Amortization	6,014	4,885	4,806
Capital Expenditures	63,210	57,234	21,328
Operating Segments \| Real estate - commercial/industrial
Information pretaining to assets of the business segments
Identifiable Assets	64,681	68,944	70,521
Depreciation and Amortization	500	424	468
Capital Expenditures	12,487	16,361	5,231
Operating Segments \| Multifamily
Information pretaining to assets of the business segments
Identifiable Assets	63,695	29,241	2,584
Depreciation and Amortization	960	0	0
Capital Expenditures	34,073	26,657	2,584
Operating Segments \| Real estate - resort/residential
Information pretaining to assets of the business segments
Identifiable Assets	341,433	330,513	321,216
Depreciation and Amortization	36	40	42
Capital Expenditures	10,107	8,394	7,888
Operating Segments \| Mineral resources
Information pretaining to assets of the business segments
Identifiable Assets	62,236	54,658	52,068
Depreciation and Amortization	1,375	1,375	1,374
Capital Expenditures	57	46	0
Operating Segments \| Farming
Information pretaining to assets of the business segments
Identifiable Assets	58,545	54,478	52,094
Depreciation and Amortization	2,413	2,319	2,097
Capital Expenditures	6,202	4,891	4,870
Operating Segments \| Ranch operations
Information pretaining to assets of the business segments
Identifiable Assets	2,172	2,658	2,072
Depreciation and Amortization	376	382	390
Capital Expenditures	192	739	464
Corporate expenses
Information pretaining to assets of the business segments
Identifiable Assets	37,707	67,506	76,968
Depreciation and Amortization	354	345	435
Capital Expenditures	$ 92	$ 146	$ 291

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Performance Share Grants with Performance Conditions

The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2025:


Performance Share Grants with Performance Conditions


Target performance						234,260
Maximum performance						288,604

Schedule of Stock Grant Activity

The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended:


	December 31, 2025	December 31, 2024	December 31, 2023
Stock Grants Outstanding Beginning of the Year at Target Achievement	312,564	248,768	234,899
New Stock Grants/Additional shares due to achievement in excess of target	170,925	386,956	321,026
Vested Grants	(25,012)	(179,082)	(260,070)
Expired/Forfeited Grants	(93,679)	(144,078)	(47,087)
Stock Grants Outstanding End of Period at Target Achievement	364,798	312,564	248,768

Schedule of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants

The following is a summary of the assumptions used to determine the fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2025:


($ in thousands except for share prices)
Grant date	12/16/2023	03/13/2024	12/11/2024	03/06/2025	06/20/2025
Vesting end	12/31/2026	03/22/2027	12/10/2027	03/06/2028	06/20/2028
Target share price to achieve award	$19.65	$18.93	$18.59	$18.56	$19.01

Expected volatility	25.91%	25.56%	26.90%	27.04%	26.82%
Risk-free interest rate	4.02%	4.31%	4.01%	3.9%	3.8%

Simulated Monte Carlo share price	$19.74	$18.36	$18.55	$13.54	$18.53
Shares granted	4,828	15,225	2,315	13,046	18,351
Total fair value of award	$95	$280	$43	$177	$340

Schedule of Stock Compensation Costs for Employee and NDSI Plans

The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods:


Employee 1998 Plan ($ in thousands):	December 31, 2025		December 31, 2024		December 31, 2023
Expensed	$	855	$	3,592	$	2,731
Capitalized	651		769		482
	1,506		4,361		3,213
NDSI Plan	856		590		521
Total	$	2,362	$	4,951	$	3,734

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities [Abstract]
Excess joint venture distributions and other (See Note 16)	$ 9,954	$ 9,078
Total	15,697	14,798
SERP liability adjustments
Other Liabilities [Abstract]
Supplemental executive retirement plan liability (See Note 14)	$ 5,743	$ 5,720

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Environmental Expenditures (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Liabilities for environmental costs	$ 0	$ 0

LINE OF CREDIT AND LONG-TERM DEBT	12 Months Ended
LINE OF CREDIT AND LONG-TERM DEBT	Dec. 31, 2025
Debt Disclosure [Abstract]
LINE OF CREDIT AND LONG-TERM DEBT	LINE OF CREDIT AND LONG-TERM DEBT Debt consisted of revolving line of credit balance of $93,942,000 as of December 31, 2025, and $66,942,000 as of December 31, 2024. On November 17, 2023, the Company entered into a Credit Agreement with AgWest Farm Credit, PCA and certain other lenders. The Revolving Credit Facility provides TRC an RCL in the amount of $160,000,000. The RCL requires interest only payments and has a maturity date of January 1, 2029. As of December 31, 2025, the outstanding balance under the RCL was $93,942,000, and the interest rate was one-month term SOFR plus a margin of 2.25% for an effective rate of 6.15%, before patronage. The Company received patronage credit from the participating lenders of 116 basis points in both of 2025 and 2024. Funds from the RCL in November 2023 were used to pay off and close out the existing Bank of America, N.A. Term Note and Revolving Line of Credit Note. The amount of this pay off was $47,078,564 plus accrued interest and fees on the Bank of America Term Note. The Company evaluated the debt exchange under Accounting Standards Codification (ASC) 470 and determined that the exchange should be treated as a debt extinguishment.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures

Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows:

Balance Sheet Information as of December 31:


	Joint Venture												TRC
	Assets				Borrowings				Equity (Deficit)				Investment In
	2025		2024		2025		2024		2025		2024		2025		2024
Petro Travel Plaza Holdings LLC	$	70,763	$	73,558	$	(11,030)	$	(11,793)	$	53,530	$	53,571	$	19,884	$	19,823

TRCC/Rock Outlet Center, LLC	54,881		54,533		(20,039)		(20,545)		33,940		32,832		9,146		8,592
TRC-MRC 1, LLC	23,510		24,539		(20,763)		(21,470)		2,112		2,591		—		—
TRC-MRC 2, LLC	21,759		21,552		(20,496)		(21,234)		380		768		234		77
TRC-MRC 3, LLC	33,503		34,436		(31,777)		(32,722)		1,450		2,529		98		142
TRC-MRC 4, LLC	47,004		49,118		(59,960)		(60,906)		(13,709)		(10,664)		—		—
TRC-MRC 5, LLC	48,510		49,556		(52,027)		(52,795)		(2,488)		(643)		—		—
TRC-DP1, LLC	—		—		—		—		—		—		624		346
Total	$	299,930	$	307,292	$	(216,092)	$	(221,465)	$	75,215	$	80,984	$	29,986	$	28,980

Centennial Founders, LLC	$	109,287	$	107,015	$	—	$	—	$	108,906	$	106,766	Consolidated

Condensed Statement of Operations Information as of December 31:


	Joint Venture													TRC
	Revenues							Earnings (Loss)						Equity in Earnings (Loss)
	2025			2024		2023		2025		2024		2023		2025		2024		2023
Petro Travel Plaza Holdings LLC	$	140,757		$	153,547	$	162,614	$	9,959	$	13,621	$	10,481	$	6,061	$	8,253	$	6,288


TRCC/Rock Outlet Center, LLC1	6,873			7,100		6,391		(2,892)		(2,703)		(3,571)		(1,446)		(1,351)		(1,786)
TRC-MRC 1, LLC	5,152			4,399		4,346		1,846		1,226		1,192		923		613		596
TRC-MRC 2, LLC	7,071			6,761		5,860		3,664		4,324		2,772		1,832		2,162		1,386
TRC-MRC 3 LLC	4,437			4,405		4,323		887		843		645		444		422		323
TRC-MRC 4, LLC	7,691			7,805		7,281		727		1,054		332		363		527		166
TRC-MRC 5, LLC	6,728			6,314		—		370		509		(210)		185		255		(105)

	$	178,709	2	$	190,331	$	190,815	$	14,561	$	18,874	$	11,641	$	8,362	$	10,881	$	6,868

Centennial Founders, LLC	$	—		$	66	$	267	$	(60)	$	(36)	$	(6)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.7 million, $1.3 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
2 TRC-DP1, LLC did not have any operating activities during 2024 and 2025.

LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 44,947	$ 36,083
Banked water and water for future delivery
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	44,681	36,048
Transferable water
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 266	$ 35

MARKETABLE SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ 14
Gross unrealized holding losses	1
Securities, available-for-sale, increase in market value	10
Accrued investment receivable	$ 132	$ 171

LONG-TERM WATER ASSETS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 $ / acre ft acre ft	Dec. 31, 2013 acre ft
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
SWP Contracts
Long Lived Assets Held For Sale [Line Items]
AVEK water for future delivery (in acre-feet)	3,444
DMB Pacific LLC
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
Consumer price per acre (per acre-foot) \| $ / acre ft	986
DMB Pacific LLC \| Maximum
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent	3.00%
DMB Pacific LLC \| Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (Volume) (in acre-feet)	6,693	6,693

EQUITY - Additional Information (Details)	12 Months Ended
EQUITY - Additional Information (Details)	Dec. 31, 2023 shares
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock excluded from the calculation of dilutive net income per share (in shares)	5,351

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

Accrued liabilities and other current liabilities consisted of the following as of December 31:


($ in thousands)	2025		2024
Accrued vacation	$	543	$	707
Accrued paid personal leave	153		295
Accrued bonus	1,060		2,425
Accrued stock compensation expense	—		1,831		1
Other	432		291
Total	$	2,188	$	5,549
1 Cash settled awards classified as liabilities. See Note 10 of the Notes to Consolidated Financial Statements for further detail.

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Costs and expenses	$ 57,544	$ 51,084	$ 48,438
Operating loss	(7,953)	(9,198)	(3,699)
Operating Segments \| Real estate - resort/residential
Revenue from External Customer [Line Items]
General and administrative expenses	1,632	1,742	754
Professional services	609	831	731
Other expenses	36	42	43
Costs and expenses	2,277	2,615	1,528
Operating loss	$ 2,277	$ 2,615	$ 1,528

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 28, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-07183
Entity Registrant Name	TEJON RANCH CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0196136
Entity Address, Address Line One	P.O. Box 1000
Entity Address, City or Town	Tejon Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93243
City Area Code	661
Local Phone Number	248-3000
Title of 12(b) Security	Common Stock, $0.50 par value
Trading Symbol	TRC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 455,896,129
Entity Common Stock Shares Outstanding		26,930,197
Documents Incorporated by Reference	Portions of the Registrant's Proxy Statement for the 2026 Annual Meeting of Stockholders, to be filed within 120 days of the Registrant's fiscal year ended December 31, 2025, relating to the directors and executive officers of the Company are incorporated by reference into Part III.
Entity Central Index Key	0000096869
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2025
Accounting Policies [Abstract]
Commercial lease agreements, contract terms	1 year

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals or share price, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate the grant date fair value for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.

The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2025:


Performance Share Grants with Performance Conditions


Target performance						234,260
Maximum performance						288,604


	December 31, 2025	December 31, 2024	December 31, 2023
Stock Grants Outstanding Beginning of the Year at Target Achievement	312,564	248,768	234,899
New Stock Grants/Additional shares due to achievement in excess of target	170,925	386,956	321,026
Vested Grants	(25,012)	(179,082)	(260,070)
Expired/Forfeited Grants	(93,679)	(144,078)	(47,087)
Stock Grants Outstanding End of Period at Target Achievement	364,798	312,564	248,768

The following is a summary of the assumptions used to determine the fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2025:


($ in thousands except for share prices)
Grant date	12/16/2023	03/13/2024	12/11/2024	03/06/2025	06/20/2025
Vesting end	12/31/2026	03/22/2027	12/10/2027	03/06/2028	06/20/2028
Target share price to achieve award	$19.65	$18.93	$18.59	$18.56	$19.01

Expected volatility	25.91%	25.56%	26.90%	27.04%	26.82%
Risk-free interest rate	4.02%	4.31%	4.01%	3.9%	3.8%

Simulated Monte Carlo share price	$19.74	$18.36	$18.55	$13.54	$18.53
Shares granted	4,828	15,225	2,315	13,046	18,351
Total fair value of award	$95	$280	$43	$177	$340

The unamortized cost associated with unvested stock grants and the weighted-average period over which it is expected to be recognized as of December 31, 2025, was $1,644,000 and 17 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant and is expensed over the performance period if it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum, the Company determines, based on historical and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, the Company determines the number of awards probable of vesting and expenses the grant date fair value of such awards over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company adjusts compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director, during the years presented, received his or her annual compensation in stock.

Cash-Settled Awards

Time-Based Cash-Settled Awards

On March 13, 2024, the Company granted 75,117 time-based cash-settled awards to the Chief Executive Officer that vested on December 31, 2024. These awards are classified as liabilities, measured at fair value on the date of grant, and remeasured at each reporting date, based on the Company’s share price. Compensation cost is amortized on a straight-line method over the remaining vesting period.

Performance-Based Cash-Settled Awards

On March 13, 2024, the Company granted 14,867 performance condition grants, with market-based conditions, that are cash-settled awards to the Chief Executive Officer. These awards are classified as liabilities, measured at fair value on the date of

grant, and remeasured at each reporting date based on a Monte Carlo model. Compensation cost is recognized in proportion to the completed requisite service period through December 31, 2024. The amount of awards earned ranges between 0% and 200% of the target amount depending upon performance achieved over the performance period commencing on the grant date and ending on the last day of the Company’s 2024 fiscal year and settled in cash. The performance conditions of the award are achieved at a target share price of $17.58. As of December 31, 2024, the target price was not achieved, no awards were earned or paid, and no expense was recorded for these grants.

On March 13, 2024, the Company granted 120,188 performance milestone cash-settled awards to the Chief Executive Officer. These awards are classified as liabilities, measured at fair value on the date of grant, and remeasured at each reporting date, based on the Company’s share price. Compensation cost is recognized based on an estimate of the probability of achieving the performance objective at the associated level of achievement in proportion to the completed requisite service period through December 31, 2024. The amount of awards earned for each milestone is either 0% or 100% of the target amount depending upon performance achieved over the performance period commencing on the grant date and ending on the last day of the Company’s 2024 fiscal year and settled in cash. The performance conditions of the award are achieved based on established milestones. If these milestones are not met or are deemed not probable to be met during the performance period, no compensation cost is recognized, and any previously recognized compensation cost is reversed. As of December 31, 2024, one-third of the performance milestones were achieved, resulting in a payout of $637,000. Compensation expense was adjusted accordingly, and the liability recognized as of the reporting date reflects the fair value of the earned portion of the award. The remaining unearned portion of the award was not recognized as compensation cost.

Under the 2023 Stock Incentive Plan, each non-employee director, during the years presented, received all or a portion of his or her annual compensation in stock.

The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods:


Employee 1998 Plan ($ in thousands):	December 31, 2025		December 31, 2024		December 31, 2023
Expensed	$	855	$	3,592	$	2,731
Capitalized	651		769		482
	1,506		4,361		3,213
NDSI Plan	856		590		521
Total	$	2,362	$	4,951	$	3,734

RETIREMENT PLANS - Fair Value of Plan Assets by Investment Type (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8,663	$ 8,551	$ 9,063
Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	87	87
Collective Funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8,576	$ 8,464

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References

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+ Details

EQUITY (Details) - shares	12 Months Ended
EQUITY (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock (in shares)	26,883,379	26,806,173	26,706,824
Common stock equivalents-stock options, grants (in shares)	65,899	17,233	0
Diluted shares outstanding (in shares)	26,949,278	26,823,406	26,706,824

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

RETIREMENT PLANS

The Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s final five-year average salary. The accounting for the defined benefit plan requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plan's assets and benefit obligation. These assumptions include discount rates, investment returns, and projected salary increases, amongst others. The discount rates used in valuing the plan's benefits obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of the plan's obligation.

Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974, or ERISA. The Company in April 2017 froze the Benefit Plan as it relates to future benefit accruals for participants.

The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:


($ in thousands)	2025		2024
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	8,181	$	8,768

Interest cost	445		416
Actuarial (gain)/loss assumption changes	298		(669)
Benefits paid	(393)		(334)

Benefit obligation and accumulated benefit obligation at end of year	$	8,531	$	8,181

Change in Plan Assets
Fair value of plan assets at beginning of year	$	8,551	$	9,063
Actual return (loss) on plan assets	505		(178)
Employer contribution	—		—
Benefits/expenses paid	(393)		(334)

Fair value of plan assets at end of year	$	8,663	$	8,551
Funded status - asset	$	132	$	370

Amounts recorded in equity
Net actuarial loss	$	2,411	$	2,255

Total amount recorded	$	2,411	$	2,255
Amount recorded, net of taxes	$	1,736	$	1,624

Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:


($ in thousands)	2025		2024
Net loss (gain)	$	213	$	(43)
Recognition of net actuarial loss	(57)		(57)

Total changes	156		(100)
Changes, net of taxes	$	112	$	(72)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year:


Expected return on plan assets	$	421
Interest cost	(443)
Amortization of net gain/(loss)	(65)
Net periodic pension benefit/(cost)	$	(87)

At December 31, 2025 and December 31, 2024, the Company had a long-term pension asset. For 2026, the Company is not expected to make contributions to the pension plan.

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:


($ in thousands)
2026		2027		2028		2029		2030		Thereafter
$	511	$	506	$	501	$	510	$	579	$	3,148

The Benefit Plan’s current investment policy has an investment strategy in which the primary focus is to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Plan's Funded Status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as funded status improves. At December 31, 2025, the investment mix was approximately 99% debt and 1% money market funds. At December 31, 2024, the investment mix was approximately 99% debt and 1% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate used in determining the periodic pension cost is 5.35% in 2025 and 5.60% in 2024. The expected long-term rate of return on plan assets is 5.00% in 2025 and 5.00% in 2024. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. See the following table for fair value hierarchy by investment type at December 31:


($ in thousands)	Fair Value Hierarchy	2025		2024
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	87	$	87
Collective Funds	Level 2	8,576		8,464


Fair value of plan assets		$	8,663	$	8,551

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Cost components:
Interest cost	$	(445)	$	(416)	$	(416)
Expected return on plan assets	420		448		418
Net amortization and deferral	(57)		(58)		(67)

Total net periodic pension (costs)/earnings	$	(82)	$	(26)	$	(65)

The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The Company in April 2017 froze the SERP plan as it relates to the accrual of additional benefits.

The following SERP benefit information is as of December 31:


($ in thousands)	2025		2024
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	5,720	$	6,124

Interest cost	291		277
Actuarial gain/assumption changes	263		(180)
Benefits paid	(531)		(501)


Benefit obligation and accumulated benefit obligation at end of year	5,743		5,720
Funded status - liability	$	(5,743)	$	(5,720)


($ in thousands)	2025		2024
Amounts recorded in stockholders’ equity
Net actuarial loss	$	1,378	$	1,157

Total amount recorded	$	1,378	$	1,157
Amount recorded, net of taxes	$	992	$	833

Other changes in benefit obligations recognized in other comprehensive income for 2025 and 2024 included the following components:


($ in thousands)	2025		2024
Net (gain) loss	$	263	$	(179)
Recognition of net actuarial loss	(42)		(54)

Total changes	$	221	$	(233)
Changes, net of taxes	$	159	$	(168)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):


Interest cost	$	(268)
Amortization of net gain	(62)
Net periodic pension (costs)/earnings	$	(330)

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):


2026		2027		2028		2029		2030		Thereafter
$	575	$	566	$	557	$	545	$	531	$	2,379

The weighted-average discount rate used in determining the actuarial present value of projected benefits obligation was 4.95% for 2025 and 5.35% for 2024. Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Cost components:

Interest cost	$	(291)	$	(277)	$	(291)
Net amortization and other	(42)		(54)		(40)
Total net periodic pension cost	$	(333)	$	(331)	$	(331)

- Definition

The entire disclosure for retirement benefits.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations and Plan Assets

The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:


($ in thousands)	2025		2024
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	8,181	$	8,768

Interest cost	445		416
Actuarial (gain)/loss assumption changes	298		(669)
Benefits paid	(393)		(334)

Benefit obligation and accumulated benefit obligation at end of year	$	8,531	$	8,181

Change in Plan Assets
Fair value of plan assets at beginning of year	$	8,551	$	9,063
Actual return (loss) on plan assets	505		(178)
Employer contribution	—		—
Benefits/expenses paid	(393)		(334)

Fair value of plan assets at end of year	$	8,663	$	8,551
Funded status - asset	$	132	$	370

Amounts recorded in equity
Net actuarial loss	$	2,411	$	2,255

Total amount recorded	$	2,411	$	2,255
Amount recorded, net of taxes	$	1,736	$	1,624

The following SERP benefit information is as of December 31:


($ in thousands)	2025		2024
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	5,720	$	6,124

Interest cost	291		277
Actuarial gain/assumption changes	263		(180)
Benefits paid	(531)		(501)


Benefit obligation and accumulated benefit obligation at end of year	5,743		5,720
Funded status - liability	$	(5,743)	$	(5,720)


($ in thousands)	2025		2024
Amounts recorded in stockholders’ equity
Net actuarial loss	$	1,378	$	1,157

Total amount recorded	$	1,378	$	1,157
Amount recorded, net of taxes	$	992	$	833

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:


($ in thousands)	2025		2024
Net loss (gain)	$	213	$	(43)
Recognition of net actuarial loss	(57)		(57)

Total changes	156		(100)
Changes, net of taxes	$	112	$	(72)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year:


Expected return on plan assets	$	421
Interest cost	(443)
Amortization of net gain/(loss)	(65)
Net periodic pension benefit/(cost)	$	(87)

Other changes in benefit obligations recognized in other comprehensive income for 2025 and 2024 included the following components:


($ in thousands)	2025		2024
Net (gain) loss	$	263	$	(179)
Recognition of net actuarial loss	(42)		(54)

Total changes	$	221	$	(233)
Changes, net of taxes	$	159	$	(168)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):


Interest cost	$	(268)
Amortization of net gain	(62)
Net periodic pension (costs)/earnings	$	(330)

Schedule of Expected Annual Benefit Payments

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:


($ in thousands)
2026		2027		2028		2029		2030		Thereafter
$	511	$	506	$	501	$	510	$	579	$	3,148

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):


2026		2027		2028		2029		2030		Thereafter
$	575	$	566	$	557	$	545	$	531	$	2,379

Schedule of Fair Value of Plan Assets by Investment Type

See the following table for fair value hierarchy by investment type at December 31:


($ in thousands)	Fair Value Hierarchy	2025		2024
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	87	$	87
Collective Funds	Level 2	8,576		8,464


Fair value of plan assets		$	8,663	$	8,551

Schedule of Components of Net Periodic Pension Cost

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Cost components:
Interest cost	$	(445)	$	(416)	$	(416)
Expected return on plan assets	420		448		418
Net amortization and deferral	(57)		(58)		(67)

Total net periodic pension (costs)/earnings	$	(82)	$	(26)	$	(65)

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2025		2024		2023
Cost components:

Interest cost	$	(291)	$	(277)	$	(291)
Net amortization and other	(42)		(54)		(40)
Total net periodic pension cost	$	(333)	$	(331)	$	(331)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Company (Details) a in Thousands	12 Months Ended
	Dec. 31, 2025 a segment mi	Dec. 31, 2024 segment entity	Dec. 31, 2025 venture	Dec. 31, 2025 entity
Revenues from External Customers and Long-Lived Assets [Line Items]
Business segments \| segment	6	5
Area of land \| a	270
Number of joint ventures		2	9	2
Los Angeles, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	60
Bakersfield, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	15

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total revenues	$ 49,591	$ 41,886	$ 44,739
Depreciation and amortization	6,014	4,885	4,806
Costs and expenses	57,544	51,084	48,438
Operating loss	(7,953)	(9,198)	(3,699)
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	49,591	41,886	44,739
Farming \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	18,738	13,925	13,950
Cost of sales of land	13,532	11,832	12,125
Fixed water obligations	2,796	2,912	695
Selling, general and administrative expenses	109	488	340
Depreciation and amortization	2,413	2,319	2,097
Costs and expenses	18,850	17,551	15,257
Operating loss	$ (112)	$ (3,626)	$ (1,307)

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company accounts for income taxes using ASC 740, “Income Taxes,” which is an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized differently in the financial statements and the tax returns. The provision for income taxes consists of the following at December 31:


($ in thousands)	2025		2024		2023
Total provision (benefit):	$	1,088	$	976	$	2,323
Federal:
Current	110		26		1,371
Deferred	652		633		353
	762		659		1,724
State:
Current	85		260		584
Deferred	241		57		15
	326		317		599
Total	$	1,088	$	976	$	2,323

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31:


($ in thousands)	2025		2024
Deferred income tax assets:
Accrued expenses	$	199	$	319
Deferred revenues	614		644
Capitalization of costs	1,099		1,157
Pension adjustment	1,797		1,801
Stock grant expense	1,183		2,164
State deferred taxes	240		248
Book deferred gains	2,127		2,127
Joint venture allocations	130		524
Provision for additional capitalized costs	699		699
Interest rate swap	1,444		1,444
Other	490		74
Total deferred income tax assets	$	10,022	$	11,201
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,753
Depreciation	5,960		5,447
Cost of sales allocations	872		872
Joint venture allocations	7,249		7,729
Capitalized stock compensation	1,626		1,431
Straight line rent	165		231
Prepaid expenses	130		679

Interest rate swap	1,444		1,444
Other	672		674
Total deferred income tax liabilities	$	19,871	$	20,260


Net deferred taxes	$	(9,849)	$	(9,059)

Due to the nature of the Company's deferred tax assets, the Company believes they will be used through operations in future years and a valuation allowance is not necessary. As of December 31, 2025, the Company had tax-effected net operating loss carryforwards of $207,000 that can be carried forward indefinitely under federal law. As of December 31, 2025, the Company had tax-effected net operating loss carryforwards of $195,000 that are generally carried forward a maximum of 20 years.

The Company made $50,000 in estimated federal tax payments in 2025 and $0 in 2024. The Company made $380,000 in estimated California state tax payments in 2025 and $315,000 in 2024. The Company received tax refunds of $28,000 and $1,000 in 2025 and 2024, respectively.

The Company evaluates its tax positions for all income tax items based on their technical merits to determine whether each position satisfies the “more likely than not to be sustained upon examination” test. The tax benefits are then measured as the largest amount of benefit, determined on a cumulative basis, that is “more likely than not” to be realized upon ultimate settlement. As a result of this evaluation, the Company determined there were no uncertain tax positions that required recognition and measurement for the years ended December 31, 2025 and 2024 within the scope of ASC 740, "Income Taxes." Tax years from 2022 to 2024 and 2021 to 2024 remain available for examination by the Federal and California State taxing authorities, respectively.

In 2025, the Company’s effective tax rate varied from the statutory federal rate primarily due to permanent differences related to Section 162(m) limitations, state taxes and excess stock compensation expense. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts and Jobs Act, which first impacted the Company in 2020. A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2025, 2024 and 2023, is as follows for the years ended December 31:

The income tax rate reconciliation was as follows at December 31:


	2025				2024				2023
($ in thousands)	Amount		Tax Rate		Amount		Tax Rate		Amount		Tax Rate
Income tax at statutory rate	$	250	21.0	%	$	770	21.0	%	$	1,195	21.0	%
State income taxes, net of federal benefit	257		21.6	%	256		7.0	%	578		10.2	%
Excess stock compensation expense (benefit)	104		8.7	%	6		0.2	%	(501)		(8.1)	%
Non-deductible compensation	608		53.6	%	181		4.9	%	1,302		22.9	%
Oil and mineral depletion	(109)		(9.1)	%	(129)		(3.5)	%	(130)		(2.3)	%

Permanent differences	5		0.4	%	(11)		(0.3)	%	9		0.2	%
Other	(27)		(2.3)	%	(97)		(2.7)	%	(130)		(2.3)	%
Tax provision	$	1,088	93.9	%	$	976	26.6	%	$	2,323	41.6	%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment and their Respective Useful Lives

The Company's property and equipment and their respective estimated useful lives are as follows:


($ in thousands)	Useful Life	December 31, 2025		December 31, 2024
Vineyards and orchards	20	$	77,323	$	72,042
Machinery, furniture, fixtures and other equipment	3 - 10	22,333		22,545
Buildings and improvements	10 - 27.5	9,604		9,463
Land and land improvements	15	8,022		8,016
Development in process		5,359		5,208
		$	122,641	$	117,274
Less: accumulated depreciation		(63,330)		(60,887)
		$	59,311	$	56,387

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Information
Assets	$ 630,469	$ 607,998	$ 577,523
Equity (Deficit)	490,556	488,956	483,096	$ 477,594
Investment In	29,986	28,980
Earnings (Loss)	14,477	12,775	13,041
Equity in Earnings (Loss)	8,362	10,881	6,868
Petro Travel Plaza Holdings LLC
Balance Sheet Information
Investment In	19,884	19,823
Equity in Earnings (Loss)	6,061	8,253	6,288
TRCC/Rock Outlet Center, LLC
Balance Sheet Information
Investment In	9,146	8,592
Equity in Earnings (Loss)	(1,446)	(1,351)	(1,786)
Non-cash tenant allowance amortization	700	1,300	1,300
TRC-MRC 1, LLC
Balance Sheet Information
Investment In	0	0
Equity in Earnings (Loss)	923	613	596
TRC-MRC 2, LLC
Balance Sheet Information
Investment In	234	77
Equity in Earnings (Loss)	1,832	2,162	1,386
TRC-MRC 3, LLC
Balance Sheet Information
Investment In	98	142
Equity in Earnings (Loss)	444	422	323
TRC-MRC 4, LLC
Balance Sheet Information
Investment In	0	0
Equity in Earnings (Loss)	363	527	166
TRC-MRC 5, LLC
Balance Sheet Information
Investment In	0	0
Equity in Earnings (Loss)	185	255	(105)
TRC-DP1, LLC
Balance Sheet Information
Investment In	624	346
Petro Travel Plaza Holdings LLC
Balance Sheet Information
Assets	70,763	73,558
Borrowings	(11,030)	(11,793)
Equity (Deficit)	53,530	53,571
Revenues	140,757	153,547	162,614
Earnings (Loss)	9,959	13,621	10,481
TRCC/Rock Outlet Center, LLC
Balance Sheet Information
Assets	54,881	54,533
Borrowings	(20,039)	(20,545)
Equity (Deficit)	33,940	32,832
Revenues	6,873	7,100	6,391
Earnings (Loss)	(2,892)	(2,703)	(3,571)
TRC-MRC 1, LLC
Balance Sheet Information
Assets	23,510	24,539
Borrowings	(20,763)	(21,470)
Equity (Deficit)	2,112	2,591
Revenues	5,152	4,399	4,346
Earnings (Loss)	1,846	1,226	1,192
TRC-MRC 2, LLC
Balance Sheet Information
Assets	21,759	21,552
Borrowings	(20,496)	(21,234)
Equity (Deficit)	380	768
Revenues	7,071	6,761	5,860
Earnings (Loss)	3,664	4,324	2,772
TRC-MRC 3, LLC
Balance Sheet Information
Assets	33,503	34,436
Borrowings	(31,777)	(32,722)
Equity (Deficit)	1,450	2,529
Revenues	4,437	4,405	4,323
Earnings (Loss)	887	843	645
TRC-MRC 4, LLC
Balance Sheet Information
Assets	47,004	49,118
Borrowings	(59,960)	(60,906)
Equity (Deficit)	(13,709)	(10,664)
Revenues	7,691	7,805	7,281
Earnings (Loss)	727	1,054	332
TRC-MRC 5, LLC
Balance Sheet Information
Assets	48,510	49,556
Borrowings	(52,027)	(52,795)
Equity (Deficit)	(2,488)	(643)
Revenues	6,728	6,314	0
Earnings (Loss)	370	509	(210)
TRC-DP1, LLC
Balance Sheet Information
Assets	0	0
Borrowings	0	0
Equity (Deficit)	0	0
Total
Balance Sheet Information
Assets	299,930	307,292
Borrowings	(216,092)	(221,465)
Equity (Deficit)	75,215	80,984
Revenues	178,709	190,331	190,815
Earnings (Loss)	14,561	18,874	11,641
Centennial Founders, LLC
Balance Sheet Information
Assets	109,287	107,015
Borrowings	0	0
Equity (Deficit)	108,906	106,766
Revenues	0	66	267
Earnings (Loss)	$ (60)	$ (36)	$ (6)

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31:


($ in thousands)		2025				2024
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit


with unrecognized gains		921		923		248		248
Total Certificates of deposit	Level 1	921		923		248		248
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		1,000		999		6,115		6,109

with unrecognized gains		12,731		12,745		7,573		7,583
Total U.S. Treasury and agency notes	Level 2	13,731		13,744		13,688		13,692
Corporate notes


with unrecognized gains		190		190		—		—
Total Corporate notes	Level 2	190		190		—		—
Municipal notes
with unrecognized losses for less than 12 months		—		—		501		501

with unrecognized losses		514		513		—		—
Total Municipal notes	Level 2	514		513		501		501

		$	15,356	$	15,370	$	14,437	$	14,441

The Company uses an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. As of December 31, 2025, the Company has not recorded any credit losses.

At December 31, 2025, the fair market value of investment securities was $14,000 above the cost basis of securities. The Company’s gross unrealized holding losses equal $1,000. As of December 31, 2025, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $10,000.

The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities and separately present the accrued interest receivable balance per ASC Topic 326-30-50-3A. The accrued interest receivables balance totaled $132,000 as of December 31, 2025 and $171,000 as of December 31, 2024, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.

U.S. Treasury and agency notes

The unrealized losses on the Company's investments in U.S. Treasury and agency notes at December 31, 2025 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of December 31, 2025, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2025.

The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):


December 31, 2025	2026		2027		Total
Certificates of deposit	$	425	$	496	$	921
U.S. Treasury and agency notes	13,750		—		13,750
Corporate notes	191		—		191
Municipal notes	250		260		510
	$	14,616	$	756	$	15,372


December 31, 2024	2025		2026		2027		Total
Certificates of deposit	$	248	—		—		248
U.S. Treasury and agency notes	12,015		1,000		737		13,752
Municipal notes	500		—		—		500
	$	12,763	$	1,000	$	737	$	14,500

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 13, 2024 $ / shares shares	Dec. 31, 2025 USD ($) award	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of stock grant awards \| award		3
Compensation cost not yet recognized \| $		$ 1,644,000
Weighted-average recognition period of compensation cost		17 months
Time-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New stock grants/additional shares due to achievement in excess of target (in shares)	75,117
Market-Based, Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New stock grants/additional shares due to achievement in excess of target (in shares)	14,867
Target share price (in dollars per share) \| $ / shares	$ 17.58
Market-Based, Cash-Settled Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	0.00%
Market-Based, Cash-Settled Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	200.00%
Performance-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New stock grants/additional shares due to achievement in excess of target (in shares)	120,188
Performance milestone ratio			0.3333
Share-based compensation arrangement by share-based payment award, equity instruments, payout \| $			$ 637
Performance-Based Cash-Settled Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	0.00%
Performance-Based Cash-Settled Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	100.00%

RETIREMENT PLANS - Net Periodic Pension Cost - Pension Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost components:
Interest cost	$ (445)	$ (416)	$ (416)
Expected return on plan assets	420	448	418
Net amortization and deferral	(57)	(58)	(67)
Total net periodic pension (costs)/earnings	$ (82)	$ (26)	$ (65)

REPORTING SEGMENTS AND RELATED INFORMATION - Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 49,591	$ 41,886	$ 44,739
Segment Operating Results
Segment operating results	14,477	12,775	13,041
Reconciling items:
Investment income	914	2,273	2,557
Other loss	(164)	(292)	(138)
Corporate expenses	(57,544)	(51,084)	(48,438)
Income before income taxes	1,159	3,664	5,588
Operating Segments
Revenues
Total revenues	49,591	41,886	44,739
Operating Segments \| Real estate - commercial/industrial
Revenues
Total revenues	15,006	12,552	11,758
Segment Operating Results
Segment operating results	15,366	15,523	10,573
Reconciling items:
Corporate expenses	(8,002)	(7,910)	(8,053)
Operating Segments \| Multifamily
Revenues
Total revenues	732	0	0
Segment Operating Results
Segment operating results	(1,547)	0	0
Reconciling items:
Corporate expenses	(2,279)	0	0
Operating Segments \| Real estate - resort/residential
Segment Operating Results
Segment operating results	(2,277)	(2,615)	(1,528)
Reconciling items:
Corporate expenses	(2,277)	(2,615)	(1,528)
Operating Segments \| Mineral resources
Revenues
Total revenues	9,636	10,214	14,524
Segment Operating Results
Segment operating results	2,829	3,162	5,839
Reconciling items:
Corporate expenses	(6,807)	(7,052)	(8,685)
Operating Segments \| Farming
Revenues
Total revenues	18,738	13,925	13,950
Segment Operating Results
Segment operating results	(112)	(3,626)	(1,307)
Reconciling items:
Corporate expenses	(18,850)	(17,551)	(15,257)
Operating Segments \| Ranch operations
Revenues
Total revenues	5,479	5,195	4,507
Segment Operating Results
Segment operating results	218	331	(536)
Reconciling items:
Corporate expenses	(5,261)	(4,864)	(5,043)
Corporate expenses
Reconciling items:
Corporate expenses	$ (14,068)	$ (11,092)	$ (9,872)

MARKETABLE SECURITIES - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses	$ 1
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	15,356	$ 14,437
Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	15,370	14,441
Certificates of deposit \| Level 1 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized gains	921	248
Cost	921	248
Certificates of deposit \| Level 1 \| Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized gains	923	248
Estimated Fair Value	923	248
U.S. Treasury and agency notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	1,000	6,115
Marketable securities with unrecognized gains	12,731	7,573
Cost	13,731	13,688
U.S. Treasury and agency notes \| Level 2 \| Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	999	6,109
Marketable securities with unrecognized gains	12,745	7,583
Estimated Fair Value	13,744	13,692
Corporate notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized gains	190	0
Cost	190	0
Corporate notes \| Level 2 \| Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized gains	190	0
Estimated Fair Value	190	0
Municipal notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	0	501
Marketable securities with unrecognized losses	514	0
Cost	514	501
Municipal notes \| Level 2 \| Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	0	501
Marketable securities with unrecognized losses	513	0
Estimated Fair Value	$ 513	$ 501

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Stock Grant Activity (Details) - Performance Share Grants - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement (in shares)	312,564	248,768	234,899
New stock grants/additional shares due to achievement in excess of target (in shares)	170,925	386,956	321,026
Vested grants (in shares)	(25,012)	(179,082)	(260,070)
Expired/forfeited grants (in shares)	(93,679)	(144,078)	(47,087)
Stock grants outstanding at target achievement (in shares)	364,798	312,564	248,768

MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Summary of maturities, at par, of marketable securities
Year one	$ 14,616	$ 12,763
Year two	756	1,000
Year three		737
Total	15,372	14,500
Certificates of deposit
Summary of maturities, at par, of marketable securities
Year one	425	248
Year two	496	0
Year three		0
Total	921	248
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
Year one	13,750	12,015
Year two	0	1,000
Year three		737
Total	13,750	13,752
Corporate notes
Summary of maturities, at par, of marketable securities
Year one	191
Year two	0
Total	191
Municipal notes
Summary of maturities, at par, of marketable securities
Year one	250	500
Year two	260	0
Year three		0
Total	$ 510	$ 500

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventories consist of:
Farming inventories	$ 3,193	$ 3,744
Other	154	228
Total	$ 3,347	$ 3,972

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	34

LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) acre ft	Dec. 31, 2024 USD ($) acre ft	Dec. 31, 2023 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold \| acre ft	3,177	3,500	5,145
Revenues	$ 4,312	$ 4,383	$ 8,033
Cost of sales	3,431	3,555	5,220
Profit	$ 881	$ 828	$ 2,813

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 2,362	$ 4,951	$ 3,734
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	855	3,592	2,731
Capitalized	651	769	482
Total	1,506	4,361	3,213
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	$ 856	$ 590	$ 521

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate development	$ 356,567	$ 377,905
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	26,916,837	26,822,768
Common stock, outstanding shares (in shares)	26,916,837	26,822,768
Centennial
Real estate development	$ 128,549	$ 124,136

LONG-TERM WATER ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

LONG-TERM WATER ASSETS

Long-term water assets consist of water and water purchase contracts held for future use or sale. The water is held at cost, which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County and by TCWD in Kern Water Banks.

The Company has secured SWP water purchase contracts from the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP water annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to AVEK for the Company's use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County.

The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2025 was $986 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%.

The water purchased above will ultimately be used in the development of the Company’s land for commercial/industrial real estate development, resort/residential real estate development, and farming. Interim uses may include the sale of portions of this water to third party users on an annual basis until this water is fully allocated to Company uses, as just described.

Water revenues and cost of sales were as follows for the years ended December 31:


($ in thousands)	2025		2024		2023

Acre-Feet Sold	3,177		3,500		5,145

Revenues	$	4,312	$	4,383	$	8,033
Cost of sales	3,431		3,555		5,220
Profit	$	881	$	828	$	2,813

Costs assigned to water assets held for future use were as follows ($ in thousands):


	December 31, 2025		December 31, 2024
Banked water and water for future delivery	$	44,681	$	36,048
Transferable water	266		35
Total water held for future use at cost	$	44,947	$	36,083

Intangible Water Assets

The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands):


	December 31, 2025				December 31, 2024
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water purchase contract*	$	11,581	$	(7,237)	$	11,581	$	(6,755)
Nickel water purchase contract*	18,740		(7,817)		18,740		(7,175)
Tulare Lake Basin water purchase contract*	6,479		(4,100)		6,479		(3,862)
	$	36,800	$	(19,154)	$	36,800	$	(17,792)
Net cost of purchased water contracts	17,646				19,008
Total cost of water held for future use	44,947				36,083
Net investments in water assets	$	62,593			$	55,091
*All water purchase contracts were acquired from third parties.

Water contracts with WRMWSD and TCWD are also in place but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore, there is no amortization expense related to these contracts. Total water resources, including both recurring and one-time usage are:


(in acre feet)	December 31, 2025	December 31, 2024
Water held for future use:
TCWD - Banked water owned by the Company	65,199	60,936
Company water bank	54,728	54,728
Transferable water	265	505
Recharged water	6,797	6,797
Total water held for future use	126,989	122,966
Water purchase contracts:
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
Total water purchase contracts	31,433	31,433
Total water held for future use and purchased water contracts	158,422	154,399

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Subject to or Available for Operating Lease [Line Items]
Commercial lease agreements, contract terms	1 year
Summary of income from commercial rents included in real estate revenue:
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues
Base rent	$ 8,131	$ 7,712	$ 7,419
Percentage rent	319	$ 624	$ 1,080
Future minimum rental income on commercial, communication and right-of-way leases:
2026	7,227
2027	6,227
2028	5,876
2029	5,728
2030	3,133
Thereafter	$ 1,803
Maximum
Property Subject to or Available for Operating Lease [Line Items]
Commercial lease agreements, contract terms	30 years

RETIREMENT PLANS - Amounts Expected to be Recognized as Components of Net Periodic Pension Costs (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Net periodic pension benefit/(cost)	$ (330)
Pension Plan
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Expected return on plan assets	421
Interest cost	(443)
Amortization of net gain/(loss)	(65)
Net periodic pension benefit/(cost)	(87)
SERP liability adjustments
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Interest cost	(268)
Amortization of net gain/(loss)	$ (62)

INVENTORIES

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following at December 31:


($ in thousands)	2025		2024
Farming inventories	$	3,193	$	3,744
Other	154		228
Total	$	3,347	$	3,972

Farming inventories consist of costs incurred during the current year related to next year’s crop along with unsold current year crop and farming chemicals.

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Additional Information (Details) $ in Thousands				1 Months Ended			3 Months Ended	12 Months Ended
	Oct. 04, 2024 ft²	Mar. 29, 2022 USD ($) ft²	Mar. 25, 2021 USD ($) ft²	Nov. 30, 2018 ft²	Sep. 30, 2016 ft²	Aug. 31, 2016 USD ($) ft²	Dec. 31, 2023	Dec. 31, 2025 USD ($) venture	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 tenant	Dec. 31, 2013 ft²	Jun. 01, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures								$ 29,986	$ 28,980
Equity in earnings of unconsolidated joint ventures, net								8,362	10,881	$ 6,868
Equity method investment								$ 29,986	28,980
Centennial Founders, LLC
Schedule of Equity Method Investments [Line Items]
Consolidated joint venture, ownership interest								93.84%
TRC-MRC 5, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								$ 52,027	52,795
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								59,960	60,906
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								31,777	32,722
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								20,496	21,234
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								20,763	21,470
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Borrowings								$ 20,039	20,545
Petro Travel Plaza Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage								50.00%
Right and share of profit and loss								60.00%
Investment in unconsolidated joint ventures								$ 19,884
Equity method investment								19,884	19,823
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures						$ 24,773
Investment in unconsolidated joint ventures								$ 332
Number of joint venture contracts \| venture								5
Area of building owned and leased \| ft²						651,909
TRC-MRC 5, LLC
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²		446,400
Percentage of rentable space occupied							100.00%
Excess distributions resulting in deficit balance		$ 1,908
Equity method investment								$ 0	0
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²			629,274
Percentage of rentable space occupied			100.00%
Excess distributions resulting in deficit balance			$ 6,929
Equity method investment								0	0
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²				579,040
Percentage of rentable space occupied											100.00%
Number of tenants \| tenant											2
Equity method investment								98	142
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment								$ 234	77
Debt instrument face amount													$ 25,240
Percentage of building leased								100.00%
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²	510,385											326,000
Excess distributions resulting in deficit balance								$ 1,117
Area of building owned and leased \| ft²					480,480
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment								0	0
Borrowings under joint venture								25,030
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures								$ 9,146
Five West Parcel Llc
Schedule of Equity Method Investments [Line Items]
Ownership percentage								50.00%
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment								$ 9,146	$ 8,592

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Water Contracts The Company has secured water contracts that are encumbered by the Company's land. These water contracts require minimum annual payments, for which $16,698,000 is expected to be paid in 2026. These water contract payments consist of SWP contracts with WRMWSD, TCWD, Tulare Lake Basin, Dudley-Ridge, and the Nickel water contract. The SWP contracts run through 2035, and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. The Company's contractual obligation for future water payments was $1,614,552,000 as of December 31, 2025. Contracts The Company terminated a consulting arrangement in 2014 related to the Grapevine at Tejon Ranch development (Grapevine) and remains obligated to pay an incentive fee upon obtaining certain regulatory approvals (Regulatory Approvals). The fee is based on the increase in the property’s fair market value over a base value, to be determined at the time Regulatory Approvals are obtained, with an additional fee measured from the property’s value five years thereafter. The final amount will be determined at those future valuation dates, and, at this time, the fees cannot be reasonably estimated. Community Facilities Districts TRPFFA is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of TRCC, TRPFFA has created two CFDs: the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $19,540,000 of outstanding bond debt sold by TRPFFA for TRCC-West. The East CFD has placed liens on 1,931 acres of the Company’s land to secure payments of special taxes related to $95,660,000 of outstanding bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. At TRCC-East, the East CFD has approximately $18,605,000 of additional bond debt authorized by TRPFFA that can be sold in the future. As a landowner in each CFD, the Company is obligated to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure costs related to the TRCC-West development. As of December 31, 2025, there were no additional improvement funds remaining from West CFD bonds. On July 25, 2024, TRPFFA sold bonds that provide approximately $25,000,000 of improvement funds for the reimbursement of public infrastructure costs at TRCC-East. As of December 31, 2025, there are $10,440,000 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During fiscal 2025, the Company paid $3,791,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. This amount could change in the future, based on the amount of bonds outstanding and the amount of taxes paid by others. The assessment of each individual property sold or leased is not determinable at this time, because it is based on the current tax rate and assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company was not required to recognize an obligation on December 31, 2025. Centennial On April 30, 2019, the Los Angeles County Board of Supervisors granted final entitlement approval for the Centennial project. On May 15, 2019, Climate Resolve filed an action in Los Angeles Superior Court (the Climate Resolve Action), pursuant to CEQA and the California Planning and Zoning Law, against the County of Los Angeles and the Los Angeles County Board of Supervisors (collectively, LA County) concerning LA County’s granting of approvals for the Centennial project, including certification of the final EIR and related findings (Centennial EIR); approval of associated general plan amendments; adoption of associated zoning; adoption of the Centennial Specific Plan; approval of a subdivision map for financing purposes; and adoption of a development agreement, among other approvals (collectively, the Centennial Approvals). Separately, on May 28, 2019, the CBD and the CNPS filed an action in Los Angeles County Superior Court (the CBD/CNPS Action) against LA County; like the Climate Resolve Action, the CBD/CNPS Action also challenges the Centennial Approvals. The Company, its wholly owned subsidiary Tejon Ranchcorp, and CFL were named as real parties-in-interest in both the Climate Resolve Action and the CBD/CNPS Action. The Climate Resolve Action and the CBD/CNPS Action collectively alleged that LA County failed to properly follow the procedures and requirements of CEQA and the California Planning and Zoning Law. The Climate Resolve Action and the CBD/CNPS Action were deemed “related” and, while not consolidated under court rules or the rules of civil procedure, the Los Angeles Superior Court judge (Superior Court or Court) trying both cases determined during early trial management conferences to hold one set of hearings and issue one ruling on the matters as part of the adjudication. The Climate Resolve Action and CBD/CNPS Action sought to invalidate the Centennial Approvals and require LA County to revise the environmental documentation related to the Centennial project. On April 5, 2021, the Court issued its decision denying the petition for writ of mandate by CBD/CNPS and granting the petition for writ of mandate filed by Climate Resolve. In granting Climate Resolve’s petition, the Court found three specific areas where the EIR for the project was lacking. The Court ruled that California’s Cap-and-Trade Program cannot be used as a compliance pathway for mitigating GHG impacts for the project and therefore further ruled that additional analysis will be required related to all feasible mitigation of GHG impacts. The Court also found that the EIR must provide additional analysis and explanation of how wildland fire risk on lands outside of the project site, posed by on-site ignition sources, is mitigated to less than significant. On April 19, 2021, CBD filed a motion for reconsideration with the Court on the denial of their petition for writ of mandate to be granted prevailing party status in its case based on the Court's conclusions in the Climate Resolve Action (“Motion for Reconsideration”). On November 30, 2021, the Company, together with Ranchcorp and CFL, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed as stated and obligated in the Settlement Agreement: (1) to make Centennial a net zero GHG emissions project through various on-site and off-site measures including, but not limited to, installing electric vehicle chargers and establishing and funding incentive programs for the purchase of electric vehicles; (2) to fund certain on-site and off-site fire protection and prevention measures; and (3) to provide annual public reports and create an organization to monitor progress towards these commitments. The foregoing is only a summary of the material terms of the Settlement Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the Settlement Agreement. In exchange, Climate Resolve filed a request for dismissal of the Climate Resolve Action with prejudice from the Court. On January 14, 2022, the Court heard CBD/CNPS' Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status based on the Court’s conclusions in the Climate Resolve Action, which status as prevailing parties could require the Company to pay CBD/CNPS’s attorneys’ fees and other costs, which amounts could be significant. On October 26, 2022, the Court held a hearing concerning the entry of final judgment and awarding of appropriate remedies, at which time the Court agreed to: (a) hear the Company’s Motion for Reconsideration as to the successful challenges Climate Resolve prevailed upon within the Climate Resolve Action and ordered the Parties to appear on December 14, 2022 to hear the Company’s Motion for Reconsideration and (b) rule on the entry of final judgment and setting of remedies at a February 17, 2023 hearing date. At the December 14, 2022 hearing, the Court denied the Company’s Motion for Reconsideration. At the February 17, 2023 hearing, the Court took into submission the Parties’ legal briefs and oral arguments. On March 22, 2023, the Court decided in favor of CBD/CNPS and signed CBD/CNPS’s proposed form of judgment, which included a full rescission of the Centennial project approvals previously issued by Los Angeles County and which also concluded that CBD/CNPS were prevailing parties ("Judgment"). On May 26, 2023, the Company filed a Notice of Appeal with the Superior Court, thereby appealing the Judgment to the Second District of the California Court of Appeal (Court of Appeal). On June 27, 2023, CBD/CNPS cross-appealed the Judgment. The Court of Appeal held a hearing on April 3, 2025 for this matter. On June 26, 2025, the Court of Appeal issued a written decision affirming the Superior Court’s Judgment. In doing so, the Court of Appeal upheld the Superior Court determinations that (i) the CBD/CNPS Action claims related to wildlife connectivity, perennial grassland and wildflower impacts, and project alternatives were without merit, (ii) California’s Cap-and-Trade Program cannot be used as a compliance pathway for mitigating GHG impacts for the Centennial project and, therefore, further ruled that additional analysis is required related to all feasible mitigation of GHG impacts, (iii) additional analysis and explanation are required of how wildland fire risk on lands outside of the Centennial project site, posed by on-site ignition sources, is mitigated to less than significant, (iv) the Centennial Approvals be rescinded and Centennial EIR decertified pending correction of the EIR for the issues described above, and (v) CBD/CNPS were prevailing parties. The Court of Appeal also indicated that the EIR should discuss wildfire risks associated with the Project’s offsite improvements (such as offsite utility and natural gas lines). On September 5, 2025, the Court of Appeal transferred jurisdiction of CBD/CNPS Action back to the Superior Court, which thereafter entered a writ of mandate on September 22, 2025 ordering LA County to set aside the Centennial Approvals (the “Writ”), something that was expected in light of the Court of Appeal decision summarized above. On December 2, 2025, LA County rescinded and set aside the Centennial Approvals in compliance with the Writ and, thereafter, on December 19, 2025, filed a “return to writ of mandate” with the Superior Court that described the action taken to comply with the Writ and requesting that the Superior Court discharge the Writ (the “Return to Writ”). On October 15, 2025, CBD/CNPS filed a motion for attorney's fees, the award of which is in the discretion of the trial court (the “Fee Motion”). On December 11, 2025 the Company and CBD/CNPS executed an Agreement Resolving Attorneys’ Fees (the “Fee Agreement”), which agreement resolved CBD/CNPS’s claims as prevailing parties to attorneys’ fees in the CBD/CNPS Action. As provided in the Fee Agreement, CBD/CNPS agreed to withdraw their Fee Motion in exchange for the Company paying $1,100,000 in attorneys’ fees, which payment was made before December 31, 2025. The Company is in the process of working with LA County to advance the Centennial project. Following LA County’s December 2, 2025 rescission of the Centennial Approvals, the Company has begun the process to re-entitle the Centennial project (“re-entitlement”). We expect that re-entitlement will involve processing project and land use entitlements that are substantively similar to the Centennial Approvals that were approved by the LA County Board of Supervisors in April of 2019. As part of the re-entitlement, supplemental environmental analysis will be prepared and limited to addressing the deficiencies raised in the Judgment and Court of Appeal decision, and any new information legally required to be addressed. Following a public comment and review period, the LA County Regional Planning Commission would hold a hearing to make a recommendation to the LA County Board of Supervisors on the re-entitlement of the Centennial project. Thereafter, the LA County Board of Supervisors would hold a hearing to consider the supplemental environmental analysis and whether to take action to approve the re-entitlement of the Centennial project, with possible LA County Board of Supervisors action anticipated to occur by the end of 2026. Following the LA County Board of Supervisors’ action, the Company and LA County would return to the Superior Court to demonstrate compliance with and seek discharge of the Writ, and further litigation could challenge the re-entitlement. As the Company’s process to reinstate the project approvals remain pending, management has concluded that the matter does not materially impact the Company’s consolidated financial statements, including the recoverability of the related real estate development assets. Given the County’s filing of the Return to Writ, the Company considers the CBD/CNPS Action resolved. Proceedings Incidental to Business From time to time, the Company is involved in other proceedings incidental to its business, including actions relating to employee claims, real estate disputes, contractor disputes and grievance hearings before labor regulatory agencies. The outcome of these other proceedings is not predictable. However, based on current circumstances, the Company believes that the ultimate resolution of these other proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows, either individually or in the aggregate.

LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft	Dec. 31, 2025	Dec. 31, 2024
Water held for future use:
Total water held for future use	126,989	122,966
Total water purchase contracts	31,433	31,433
Total water held for future use and purchased water contracts	158,422	154,399
Tejon-Castac Water District
Water held for future use:
Total water held for future use	65,199	60,936
Water purchase contracts:	5,749	5,749
AVEK
Water held for future use:
Company water bank	54,728	54,728
Transferable water	265	505
Recharged water	6,797	6,797
Dudley-Ridge, Nickel And Tulare
Water held for future use:
Water purchase contracts:	10,137	10,137
Wheeler Ridge Maricopa Water Storage District
Water held for future use:
Water purchase contracts:	15,547	15,547

OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities consist of the following as of December 31:


($ in thousands)	2025		2024


Supplemental executive retirement plan liability (See Note 14)	5,743		5,720
Excess joint venture distributions and other (See Note 16)	9,954		9,078
Total	$	15,697	$	14,798

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following at December 31:


($ in thousands)	2025		2024
Farming inventories	$	3,193	$	3,744
Other	154		228
Total	$	3,347	$	3,972

COMMITMENTS AND CONTINGENCIES (Details)		3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Dec. 11, 2025 USD ($)	Jun. 30, 2014	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) a facility	Dec. 31, 2024 USD ($)	Jul. 25, 2024 USD ($)
Commitment and Contingencies Disclosure [Line Items]
Contract renewal optional term				35 years
Contractual obligation for future water payments				$ 1,614,552,000
Measurement period from entitlement achievement date		5 years
Number of community facility districts \| facility				2
Bond debt sold by TRPFFA				$ 93,942,000	$ 66,942,000
Special taxes paid				$ 3,791,000
Fee Agreement \| Settled Litigation
Commitment and Contingencies Disclosure [Line Items]
Payments for legal settlements	$ 1,100,000
TRCC-East \| TRPFFA
Commitment and Contingencies Disclosure [Line Items]
Additional costs for future years						$ 25,000,000
West CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens \| a				420
Bond debt sold by TRPFFA				$ 19,540,000
Additional bond debt authorized to be sold in future				0
Additional reimbursement funds				$ 0
East CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens \| a				1,931
Bond debt sold by TRPFFA				$ 95,660,000
Additional bond debt authorized to be sold in future				18,605,000
Additional costs for future years				$ 10,440,000
DMB Pacific LLC
Commitment and Contingencies Disclosure [Line Items]
Contract renewal optional term				35 years
Forecast
Commitment and Contingencies Disclosure [Line Items]
Amount paid for water contracts			$ 16,698,000

LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(19,154)	(17,792)
Net cost of purchased water contracts	17,646	19,008
Total cost of water held for future use	44,947	36,083
Net investments in water assets	62,593	55,091
Contract-based Intangible Assets \| Dudley-Ridge water purchase contract
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(7,237)	(6,755)
Contract-based Intangible Assets \| Nickel water purchase contract
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(7,817)	(7,175)
Contract-based Intangible Assets \| Tulare Lake Basin water purchase contract
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (4,100)	$ (3,862)

RETIREMENT PLANS - Expected Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Pension Plan
Expected annual benefit payments based on actuarial estimates:
2026	$ 511
2027	506
2028	501
2029	510
2030	579
Thereafter	3,148
SERP liability adjustments
Expected annual benefit payments based on actuarial estimates:
2026	575
2027	566
2028	557
2029	545
2030	531
Thereafter	$ 2,379

EQUITY

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

EQUITY

Earnings Per Share (EPS)

Basic net income per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted net income per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding and the weighted-average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.”


	Twelve Months Ended December 31,
		2025	2024	2023
Weighted average number of shares outstanding:
Common stock		26,883,379	26,806,173	26,706,824
Common stock equivalents: stock options, grants		65,899	17,233	—	1
Diluted shares outstanding		26,949,278	26,823,406	26,706,824

For the twelve-months ended December 31, 2023, 5,351 shares of restricted stock were excluded from the calculation of dilutive net income per share as the shares were anti-dilutive.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			26,541,553
Beginning balance, value at Dec. 31, 2022	$ 477,594	$ 462,230	$ 13,271	$ 345,344	$ (2,028)	$ 105,643	$ 15,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,265	3,265				3,265	0
Other comprehensive income (loss)	1,857	1,857			1,857
Restricted stock issuance (in shares)			446,969
Restricted stock issuance	(1)	(1)	$ 224	(225)
Stock compensation	3,734	3,734		3,734
Shares withheld for taxes and tax benefit of vested shares (in shares)			(217,977)
Shares withheld for taxes and tax benefit of vested shares	(3,353)	(3,353)	$ (109)	(3,244)
Ending balance (in shares) at Dec. 31, 2023			26,770,545
Ending balance, value at Dec. 31, 2023	483,096	467,732	$ 13,386	345,609	(171)	108,908	15,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,688	2,690				2,690	(2)
Other comprehensive income (loss)	258	258			258
Restricted stock issuance (in shares)			70,678
Restricted stock issuance	0		$ 35	(35)
Stock compensation	3,120	3,120		3,120
Shares withheld for taxes and tax benefit of vested shares (in shares)			(18,455)
Shares withheld for taxes and tax benefit of vested shares	$ (206)	(206)	$ (9)	(197)
Ending balance (in shares) at Dec. 31, 2024	26,822,768		26,822,768
Ending balance, value at Dec. 31, 2024	$ 488,956	473,594	$ 13,412	348,497	87	111,598	15,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	71	75				75	(4)
Other comprehensive income (loss)	(264)	(264)			(264)
Restricted stock issuance (in shares)			130,519
Restricted stock issuance	0		$ 66	(66)
Stock compensation	2,362	2,362		2,362
Shares withheld for taxes and tax benefit of vested shares (in shares)			(36,450)
Shares withheld for taxes and tax benefit of vested shares	$ (569)	(569)	$ (18)	(551)
Ending balance (in shares) at Dec. 31, 2025	26,916,837		26,916,837
Ending balance, value at Dec. 31, 2025	$ 490,556	$ 475,198	$ 13,460	$ 350,242	$ (177)	$ 111,673	$ 15,358

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Ranch operations revenues	$ 49,591	$ 41,886	$ 44,739
Costs and expenses	57,544	51,084	48,438
Operating loss	(7,953)	(9,198)	(3,699)
Operating Segments
Revenue from External Customer [Line Items]
Ranch operations revenues	49,591	41,886	44,739
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Ranch operations revenues	5,479	5,195	4,507
Operating expenses	4,322	3,833	4,095
Selling, general and administrative expenses	563	649	558
Other expenses	376	382	390
Costs and expenses	5,261	4,864	5,043
Operating loss	$ 218	$ 331	$ (536)

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 71	$ 2,688	$ 3,265
Other comprehensive (loss) income:
Unrealized gain on available-for-sale securities	10	25	187
Unrealized interest rate swap gain	0	0	2,285
Other comprehensive (loss) income before taxes	(367)	358	2,578
Benefit (provision) for income taxes related to other comprehensive (loss) income items	103	(100)	(721)
Other comprehensive (loss) income	(264)	258	1,857
Comprehensive (loss) income	(193)	2,946	5,122
Comprehensive loss attributable to non-controlling interests	(4)	(2)	0
Comprehensive (loss) income attributable to common stockholders	(189)	2,948	5,122
Benefit plan adjustments
Other comprehensive (loss) income:
Benefit plan adjustments	(156)	100	233
SERP liability adjustments
Other comprehensive (loss) income:
Benefit plan adjustments	$ (221)	$ 233	$ (127)

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carryforwards, indefinitely	$ 207
Net operating loss carryforwards, 20 year maximum	195
Income tax paid, federal	50	$ 0
Income tax paid, state	380	315
Federal tax refunds received	$ 28	$ 1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 9,524	$ 39,267
Marketable securities - available-for-sale	15,370	14,441
Accounts receivable	9,389	7,916
Inventories	3,347	3,972
Prepaid expenses and other current assets	1,632	3,806
Total current assets	39,262	69,402
Real estate and improvements - held for lease, net	79,177	16,253
Real estate development (includes $128,549 at December 31, 2025 and $124,136 at December 31, 2024, attributable to Centennial Founders, LLC, Note 16)	356,567	377,905
Property and equipment, net	59,311	56,387
Investments in unconsolidated joint ventures	29,986	28,980
Net investment in water assets	62,593	55,091
Other assets	3,573	3,980
TOTAL ASSETS	630,469	607,998
Current Liabilities:
Trade accounts payable	5,240	9,085
Accrued liabilities and other	2,188	5,549
Deferred income	2,062	2,162
Total current liabilities	9,490	16,796
Revolving line of credit	93,942	66,942
Long-term deferred gains	10,935	11,447
Deferred tax liability	9,849	9,059
Other liabilities	15,697	14,798
Total liabilities	139,913	119,042
Commitments and contingencies
Tejon Ranch Co. stockholders’ equity
Issued and outstanding shares - 26916837 at December 31, 2025 and 26,822,768 at December 31, 2024	13,460	13,412
Additional paid-in capital	350,242	348,497
Accumulated other comprehensive (loss) income	(177)	87
Retained earnings	111,673	111,598
Total Tejon Ranch Co. stockholders’ equity	475,198	473,594
Non-controlling interest	15,358	15,362
Total equity	490,556	488,956
TOTAL LIABILITIES AND EQUITY	$ 630,469	$ 607,998

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water purchase service contract with TCWD that entitles it to receive all of TCWD’s State Water Project contract water and TCWD holds the Company's banked water in the Kern Water Bank. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, the Company transacts with TCWD in the ordinary course of business. The Company's Senior Vice President, Chief Financial Officer and Chief Accounting Officer, Robert Velasquez, was appointed the treasurer of TCWD in February 2025. The Company has water contracts with WRMWSD for SWP water deliveries to its agricultural and municipal/industrial operations in the San Joaquin Valley. The terms of these contracts extend to 2035. Under the contracts, the Company is entitled to annual water for 5,487 acres of land, or 15,547 acre-feet of water, subject to SWP allocations. The Company's former Executive Vice President and Chief Operating Officer, Allen Lyda, is one of nine directors at WRMWSD. Mr. Lyda retired in March of 2025, hence he is no longer an affiliate of the Company. During the years ended December 31, 2025 and 2024, the Company paid $5,126,000 and $5,483,000 for these water contracts and related costs, respectively. In 2024 the Company entered into a consulting services agreement with Mr. Bielli, former Chief Executive Officer and current member of the Board of Directors of the Company, for the provision of strategic counsel to the Board and the current CEO upon Mr. Bielli’s retirement from his CEO position. The consulting agreement is for a term of one year, commencing April 1, 2025 and ending March 31, 2026. Compensation for Mr. Bielli’s consulting services is $85,000 per month. Mr. Bielli will also be reimbursed for normal and customary expenses incurred in connection with providing the services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

OTHER LIABILITIES

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other liabilities consist of the following as of December 31:


($ in thousands)	2025		2024


Supplemental executive retirement plan liability (See Note 14)	5,743		5,720
Excess joint venture distributions and other (See Note 16)	9,954		9,078
Total	$	15,697	$	14,798

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Dec. 31, 2025 USD ($) a director acre ft	Dec. 31, 2024 USD ($) acre ft
Wheeler Ridge Maricopa Water Storage District
Related Party Transaction [Line Items]
Water purchase contracts: \| acre ft	15,547	15,547
SWP Contracts \| Wheeler Ridge Maricopa Water Storage District \| Executive Vice President and Chief Operating Officer
Related Party Transaction [Line Items]
Acres of land \| a	5,487
Water purchase contracts: \| acre ft	15,547
Number of directors \| director	9
Water contracts and related costs, consulting services \| $	$ 5,126	$ 5,483
Consulting Services \| Executive Vice President and Chief Operating Officer
Related Party Transaction [Line Items]
Water contracts and related costs, consulting services \| $	$ 85
Consulting agreement term	1 year

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 49,591	$ 41,886	$ 44,739
Costs and expenses:
Total expenses	57,544	51,084	48,438
Operating loss	(7,953)	(9,198)	(3,699)
Other income:
Investment income	914	2,273	2,557
Other loss, net	(164)	(292)	(138)
Total other income, net	750	1,981	2,419
Loss from operations before equity in earnings of unconsolidated joint ventures and income tax expense	(7,203)	(7,217)	(1,280)
Equity in earnings of unconsolidated joint ventures, net	8,362	10,881	6,868
Income before income taxes	1,159	3,664	5,588
Income tax expense	1,088	976	2,323
Net income	71	2,688	3,265
Net loss attributable to non-controlling interest	(4)	(2)	0
Net income attributable to common stockholders	$ 75	$ 2,690	$ 3,265
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0	$ 0.10	$ 0.12
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0	$ 0.10	$ 0.12
Operating Segments
Revenues:
Total revenues	$ 49,591	$ 41,886	$ 44,739
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	15,006	12,552	11,758
Costs and expenses:
Total expenses	8,002	7,910	8,053
Other income:
Equity in earnings of unconsolidated joint ventures, net	8,362	10,881	6,868
Operating Segments \| Multifamily
Revenues:
Total revenues	732	0	0
Costs and expenses:
Total expenses	2,279	0	0
Operating Segments \| Real estate - resort/residential
Costs and expenses:
Total expenses	2,277	2,615	1,528
Operating loss	2,277	2,615	1,528
Operating Segments \| Mineral resources
Revenues:
Total revenues	9,636	10,214	14,524
Costs and expenses:
Total expenses	6,807	7,052	8,685
Operating loss	2,829	3,162	5,839
Operating Segments \| Farming
Revenues:
Total revenues	18,738	13,925	13,950
Costs and expenses:
Total expenses	18,850	17,551	15,257
Operating loss	(112)	(3,626)	(1,307)
Operating Segments \| Ranch operations
Revenues:
Total revenues	5,479	5,195	4,507
Costs and expenses:
Total expenses	5,261	4,864	5,043
Operating loss	218	331	(536)
Corporate expenses
Costs and expenses:
Total expenses	$ 14,068	$ 11,092	$ 9,872

RETIREMENT PLANS - Change in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Plan
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$ 8,181	$ 8,768
Interest cost	445	416	$ 416
Actuarial (gain)/loss assumption changes	298	(669)
Benefits paid	(393)	(334)
Benefit obligation and accumulated benefit obligation at end of year	8,531	8,181	8,768
Change in Plan Assets
Fair value of plan assets at beginning of year	8,551	9,063
Actual return (loss) on plan assets	505	(178)
Employer contribution	0	0
Benefits/expenses paid	(393)	(334)
Fair value of plan assets at end of year	8,663	8,551	9,063
Funded status - asset	132	370
Amounts recorded in stockholders’ equity
Net actuarial loss	2,411	2,255
Total amount recorded	2,411	2,255
Amount recorded, net of taxes	1,736	1,624
SERP liability adjustments
Change in benefit obligation - Pension
Benefit obligation at beginning of year	5,720	6,124
Interest cost	291	277	291
Actuarial (gain)/loss assumption changes	263	(180)
Benefits paid	(531)	(501)
Benefit obligation and accumulated benefit obligation at end of year	5,743	5,720	$ 6,124
Change in Plan Assets
Funded status - asset	(5,743)	(5,720)
Amounts recorded in stockholders’ equity
Net actuarial loss	1,378	1,157
Total amount recorded	1,378	1,157
Amount recorded, net of taxes	$ 992	$ 833

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) a segment	Dec. 31, 2024 segment
Segment Reporting Information [Line Items]
Business segments \| segment	6	5
Third Party \| TRCC-East \| Real estate - commercial/industrial
Segment Reporting Information [Line Items]
Area of land sold (in acres) \| a	2.8
Profit from land sales \| $	$ 1,727

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

The following is a summary of available-for-sale securities at December 31:


($ in thousands)		2025				2024
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit


with unrecognized gains		921		923		248		248
Total Certificates of deposit	Level 1	921		923		248		248
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		1,000		999		6,115		6,109

with unrecognized gains		12,731		12,745		7,573		7,583
Total U.S. Treasury and agency notes	Level 2	13,731		13,744		13,688		13,692
Corporate notes


with unrecognized gains		190		190		—		—
Total Corporate notes	Level 2	190		190		—		—
Municipal notes
with unrecognized losses for less than 12 months		—		—		501		501

with unrecognized losses		514		513		—		—
Total Municipal notes	Level 2	514		513		501		501

		$	15,356	$	15,370	$	14,437	$	14,441

Schedule of Maturities, at Par, of Marketable Securities by Year

The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):


December 31, 2025	2026		2027		Total
Certificates of deposit	$	425	$	496	$	921
U.S. Treasury and agency notes	13,750		—		13,750
Corporate notes	191		—		191
Municipal notes	250		260		510
	$	14,616	$	756	$	15,372


December 31, 2024	2025		2026		2027		Total
Certificates of deposit	$	248	—		—		248
U.S. Treasury and agency notes	12,015		1,000		737		13,752
Municipal notes	500		—		—		500
	$	12,763	$	1,000	$	737	$	14,500

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

INCOME TAXES - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
Accrued expenses	$ 199	$ 319
Deferred revenues	614	644
Capitalization of costs	1,099	1,157
Pension adjustment	1,797	1,801
Stock grant expense	1,183	2,164
State deferred taxes	240	248
Book deferred gains	2,127	2,127
Joint venture allocations	130	524
Provision for additional capitalized costs	699	699
Interest rate swap	1,444	1,444
Other	490	74
Total deferred income tax assets	10,022	11,201
Deferred income tax liabilities:
Deferred gains	1,753	1,753
Depreciation	5,960	5,447
Cost of sales allocations	872	872
Joint venture allocations	7,249	7,729
Capitalized stock compensation	1,626	1,431
Straight line rent	165	231
Prepaid expenses	130	679
Interest rate swap	1,444	1,444
Other	672	674
Total deferred income tax liabilities	19,871	20,260
Net deferred taxes	$ (9,849)	$ (9,059)

REAL ESTATE (Details) $ in Thousands	1 Months Ended
REAL ESTATE (Details) $ in Thousands	Jul. 31, 2025 building	May 31, 2025 building	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Real estate development			$ 356,567	$ 377,905
Real estate and improvements - held for lease, gross			84,814	20,596
Real estate and improvements - held for lease, net			79,177	16,253
Number of real estate properties delivered \| building	3	3
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development			161,388	158,348
Centennial
Property, Plant and Equipment [Line Items]
Real estate development			128,549	124,136
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development			45,801	42,456
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development			20,829	52,965
Tejon Ranch Commerce Center - Commercial
Property, Plant and Equipment [Line Items]
Real estate development			20,829	23,724
Real estate and improvements - held for lease, gross			20,644	20,596
Less accumulated depreciation			(4,677)	(4,343)
Tejon Ranch Commerce Center - Residential
Property, Plant and Equipment [Line Items]
Real estate development			0	29,241
Real estate and improvements - held for lease, gross			64,170	0
Less accumulated depreciation			$ (960)	$ 0

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants (Details) - Performance share grants - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	170,925	386,956	321,026
December 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 19.65
Expected volatility	25.91%
Risk-free interest rate	4.02%
Simulated Monte Carlo share price (in dollars per share)	$ 19.74
Shares granted (in shares)	4,828
Total fair value of award	$ 95
March 13, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 18.93
Expected volatility	25.56%
Risk-free interest rate	4.31%
Simulated Monte Carlo share price (in dollars per share)	$ 18.36
Shares granted (in shares)	15,225
Total fair value of award	$ 280
December 11, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 18.59
Expected volatility	26.90%
Risk-free interest rate	4.01%
Simulated Monte Carlo share price (in dollars per share)	$ 18.55
Shares granted (in shares)	2,315
Total fair value of award	$ 43
March 06, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 18.56
Expected volatility	27.04%
Risk-free interest rate	3.90%
Simulated Monte Carlo share price (in dollars per share)	$ 13.54
Shares granted (in shares)	13,046
Total fair value of award	$ 177
June 20, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 19.01
Expected volatility	26.82%
Risk-free interest rate	3.80%
Simulated Monte Carlo share price (in dollars per share)	$ 18.53
Shares granted (in shares)	18,351
Total fair value of award	$ 340

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 49,591	$ 41,886	$ 44,739
Equity in earnings of unconsolidated joint ventures	8,362	10,881	6,868
Depreciation and amortization	6,014	4,885	4,806
Costs and expenses	57,544	51,084	48,438
Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	49,591	41,886	44,739
Real estate - commercial/industrial \| Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	15,006	12,552	11,758
Equity in earnings of unconsolidated joint ventures	8,362	10,881	6,868
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	23,368	23,433	18,626
Cost of sales of land	1,862	0	(176)
Operating expenses	2,451	3,206	4,074
Selling, general and administrative expenses	3,189	4,280	3,687
Depreciation and amortization	500	424	468
Costs and expenses	8,002	7,910	8,053
Operating results from commercial/industrial and unconsolidated joint ventures	$ 15,366	$ 15,523	$ 10,573

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company is a lessor of certain property pursuant to various lease agreements having terms ranging up to 30 years. The Company generates rental income from right to use assets. The following is a summary of income from commercial rents included in commercial/industrial real estate revenues as of December 31:


($ in thousands)	2025		2024		2023
Base rent	$	8,131	$	7,712	$	7,419
Percentage rent	$	319	$	624	$	1,080

Future minimum rental income on commercial, communication and right-of-way non-cancelable leases as of December 31, 2025 ($ in thousands):


2026		2027		2028		2029		2030		Thereafter
$	7,227	$	6,227	$	5,876	$	5,728	$	3,133	$	1,803