Tejon Ranch Co

Good afternoon, ladies and gentlemen, and welcome to the Tahoe Ranch Company's earnings conference call. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please key in star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Nick Uttes. Please go ahead, Seth.

Good afternoon and welcome to the Home Ranch Company's third quarter 2025 earnings call. My name is Nick Ortiz. Joining me today are Matthew Walker, President and CEO, and Robert Velasquez, Senior Vice President and Chief Financial Officer. Today's press release, 10Q, and this webcast are available on our Investor Relations website. A replay will be posted after we conclude. That site is ir.tohoneranch.com. Today's remarks may include forward-looking statements. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Key factors are detailed in our SEC filings, including our most recent Forms 10Q and 10K. We assume no obligation to update any forward-looking statements. We may reference non-GAAP measures. These measures should be considered in addition to, not as a substitute for, GAAP results. Reconciliations to the most directly comparable GAAP measure and reasons why we use non-GAAP are included in today's filings and are posted on our IR website. Again, it is ir.johnranch.com. After prepared remarks, we'll address questions. Shareholders were invited to submit questions by email in advance. With that, I'll turn the call over to Matt.

Good afternoon. I'm Matt Walker, President and CEO of Tejon Ranch Company. I'd like to thank you for joining us on our earnings call for the third quarter of 2025. Before we get started, I want to mark this milestone and explain today's format. This is the first quarterly earnings call that Tejon Ranch has ever hosted. With it, we joined the 97% of companies listed on the New York Stock Exchange that communicate with investors in this way. Over the past nine months, we've made it a priority to be more transparent, more consistent, and more direct. With today's earnings call and next week's Investor Engagement Day in New York, we're building better ways to connect with our shareholders and talk about the business. Our call today follows a format used by many public companies with a few variations. About three-quarters of companies limit live questions to sell-side analysts, and only a very small percentage open questions to all investors. We're providing every shareholder with the opportunity to submit questions via email, and we'll be answering those live during the Q&A session. Please know that this is a work in process, and we will continue to refine and improve our format from here. Now let's talk about the quarter. We were encouraged by our farming operations, which delivered strong year-over-year improvement last quarter.