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Tejon Ranch Co. (TRC) is the issuer in an amended ownership report by Nitor Capital Management, LLC and David Spier, which states shared voting and dispositive power over 1,948,806 common shares, or 7.2% of the class. Each reporting person is listed with the same position; the shares are held by a private investment fund and separately managed accounts for which Nitor Capital Management serves as investment manager.
David Spier is the investment manager’s managing member. Both reporting persons state that the report is not an admission of beneficial ownership and disclaim beneficial ownership except to the extent of any pecuniary interest. The percentage calculation cites 27,021,444 shares issued and outstanding as of August 3, 2026.
Key Figures
Shared voting and dispositive power:1,948,806 sharesReported ownership percentage:7.2%Shares issued and outstanding:27,021,444 shares
3 metrics
Shared voting and dispositive power1,948,806 sharesReported for both Nitor Capital Management, LLC and David Spier
Reported ownership percentage7.2%Reported for each reporting person
Shares issued and outstanding27,021,444 sharesAs of August 3, 2026
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"may be deemed to have shared voting and dispositive power"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"shared power to dispose or to direct the disposition"
pecuniary interestfinancial
"except to the extent of the Reporting Persons pecuniary interest"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many TRC shares do Nitor Capital Management and David Spier report?
They each report shared voting and dispositive power over 1,948,806 Tejon Ranch common shares. The shares are held by a private investment fund and separately managed accounts for which Nitor Capital Management serves as investment manager.
What percentage of TRC does the amended ownership report show?
The report shows 7.2% for each reporting person, calculated using 27,021,444 shares issued and outstanding as of August 3, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Tejon Ranch Co.
(Name of Issuer)
Common Stock, $0.50 par value
(Title of Class of Securities)
879080109
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
879080109
1
Names of Reporting Persons
Nitor Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,948,806.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,948,806.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,948,806.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.2 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Please see note in Item 4(a)
SCHEDULE 13G
CUSIP Number(s):
879080109
1
Names of Reporting Persons
David Spier
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,948,806.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,948,806.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,948,806.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Please see note in Item 4(a)
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Tejon Ranch Co.
(b)
Address of issuer's principal executive offices:
4436 Lebec Road, PO Box 1000
Lebec, California 93243
Item 2.
(a)
Name of person filing:
Nitor Capital Management, LLC*
David Spier*
(b)
Address or principal business office or, if none, residence:
600 Sylvan Avenue, Englewood Cliffs, NJ 07632
(c)
Citizenship:
Nitor Capital Management, LLC - New York
David Spier - USA
(d)
Title of class of securities:
Common Stock, $0.50 par value
(e)
CUSIP No.:
879080109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Nitor Capital Management LLC - 7.2%*
David Spier - 7.2%*
*The Common Stock (the "Shares") of Tejon Ranch Co. (the "Issuer") reported herein represents Shares that are held by a private investment fund and separately managed accounts (the "Nitor Entities") for which Nitor Capital Management, LLC serves as the investment manager (the "Investment Manager"). David Spier serves as the managing member of the Investment Manager (the "Managing Member," and collectively with the Nitor Entities and the Investment Manager, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Nitor Entities.
The percentages reported herein are calculated based upon a statement in the Issuer's Form 10-Q, filed on August 6, 2026, indicating that there are 27,021,444 Shares issued and outstanding as of August 3, 2026.
This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest, if any, therein.
(b)
Percent of class:
Nitor Capital Management, LLC - 7.2%*
David Spier - 7.2%*
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Nitor Capital Management, LLC - 0
David Spier - 0
(ii) Shared power to vote or to direct the vote:
Nitor Capital Management, LLC - 1,948,806*
David Spier - 1,948,806*
(iii) Sole power to dispose or to direct the disposition of:
Nitor Capital Management, LLC - 0
David Spier - 0
(iv) Shared power to dispose or to direct the disposition of:
Nitor Capital Management, LLC - 1,948,806*
David Spier - 1,948,806*
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
