TEJON RANCH COTRC

TEJON RANCH CO Debt Disclosure

10-KFiled Mar 19, 20261 min read
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.

Historical Timeline

Fiscal YearFiled
2025Mar 19, 2026Showing above
2024Mar 6, 2025
2023Mar 6, 2024
2022Mar 8, 2023
2021Mar 3, 2022
2020Mar 3, 2021
2019Mar 10, 2020
2018Mar 1, 2019
2017Mar 12, 2018
2016Mar 13, 2017
2015Mar 8, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

Other Available Disclosures

Income TaxesPP&ELeasesSegmentsCommitmentsStock CompensationNew Standards