CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 12,282	$ 39,267
Marketable securities - available-for-sale	20,649	14,441
Accounts receivable	2,976	7,916
Inventories	5,681	3,972
Prepaid expenses and other current assets	4,184	3,806
Total current assets	45,772	69,402
Real estate and improvements - held for lease, net	16,168	16,253
Real estate development (includes $124,980 at March 31, 2025 and $124,136 at December 31, 2024, attributable to CFL (Note 14))	394,780	377,905
Property and equipment, net	57,853	56,387
Investments in unconsolidated joint ventures	29,646	28,980
Net investment in water assets	65,218	55,091
Other assets	5,118	3,980
TOTAL ASSETS	614,555	607,998
Current Liabilities:
Trade accounts payable	11,510	9,085
Accrued liabilities and other	2,968	5,549
Deferred income	2,571	2,162
Total current liabilities	17,049	16,796
Revolving line of credit	74,442	66,942
Long-term deferred gains	11,447	11,447
Deferred tax liability	9,026	9,059
Other liabilities	14,753	14,798
Total liabilities	126,717	119,042
Commitments and contingencies (Note 11)
Tejon Ranch Co. stockholders’ equity
Issued and outstanding shares - 26,867,600 at March 31, 2025 and 26,822,768 at December 31, 2024	13,434	13,412
Additional paid-in capital	348,829	348,497
Accumulated other comprehensive income	81	87
Retained earnings	110,134	111,598
Total Tejon Ranch Co. stockholders’ equity	472,478	473,594
Non-controlling interest	15,360	15,362
Total equity	487,838	488,956
TOTAL LIABILITIES AND EQUITY	$ 614,555	$ 607,998