TRC · CIK 0000096869
What Tejon Ranch Co. told the SEC could break it.
Tejon Ranch's disclosures cluster on water — the input its farming and land development both depend on. It relies on State Water Project deliveries through WRMWSD, and if those allocations fall below 30% of its entitlement or shortages persist it must fall back on costlier groundwater, runoff, transfers and water banking — a fallback itself constrained by California's Sustainable Groundwater Management Act, whose sustainability plans could limit groundwater use across its Kern County subbasins. A smaller, low-severity exposure is crop concentration: its largest almond buyer took 24% of the crop, bounded by a fungible commodity market with many alternative buyers.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Climate & physical
- State Water Project allocations via WRMWSDmedium
Farming and development depend on State Water Project (SWP) deliveries through WRMWSD; if SWP allocations fall below 30% of entitlement or shortages persist, the Company must fall back on costlier groundwater, runoff, transfers and water banking.
“However, if SWP allocations are less than 30% of our entitlement in any year, or if shortages continue for a sustained period of several years, then WRMWSD may not be able to deliver 100% of our entitlement and we will have to rely on our own ground water sources, mountain stream runoff, water transfer from other sources, and water banking assets to supply the needs of our farming and development activities.”
SEC filing →As of 2026
Regulatory & policy
- California SGMA groundwater sustainability limitsmedium
Under California's Sustainable Groundwater Management Act, Groundwater Sustainability Plans could impose limitations on groundwater use across the Company's Kern County subbasins, constraining its groundwater fallback.
“To achieve sustainability, the GSPs could impose limitations on the use of groundwater. The Company's Kern County lands are located in the Kern Subbasin, the White Wolf Subbasin and the Castac Lake Basin.”
SEC filing →As of 2026
Customer concentration
- largest almond buyer (unnamed) — 24% of croplow
The largest buyer of the Company's almond crop accounted for 24% of the crop; concentration is bounded by a fungible commodity market with many alternative buyers.
“our almonds were sold to various commercial buyers, with the largest buyer accounting for 24% of our crop.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Nickel Family, LLC
“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.”
Cited →
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