Companies: 10,793     total market cap: $134.568 T
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Rayonier
RYN
#2663
Rank
$6.34 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$20.86
Share price
1.16%
Change (1 day)
-24.67%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Rayonier
  2. Quarterly Reports (10-Q)
  3. Submitted on 2025-11-07

Rayonier - 10-Q quarterly report FY


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from              to             
logocolor450pxwidthpnga27.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
North Carolina1-678013-2607329
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
Rayonier, L.P.
(Exact name of registrant as specified in its charter)
Delaware333-23724691-1313292
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904) 357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolExchange
Common Shares, no par value, of Rayonier Inc.RYNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Rayonier Inc.    Yes ☒        No  ☐    Rayonier, L.P.    Yes ☒        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Rayonier Inc.    Yes ☒       No  ☐    Rayonier, L.P.    Yes ☒       No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Rayonier Inc.
Large Accelerated Filer
☒ 
Accelerated Filer☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
Rayonier, L.P.
Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer
☒ 
Smaller Reporting Company☐Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc. ☐    Rayonier, L.P. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc.    Yes ☐        No  ☒    Rayonier, L.P.    Yes ☐        No  ☒    
As of October 31, 2025, Rayonier Inc. had 153,899,831 Common Shares outstanding. As of October 31, 2025, Rayonier, L.P. had 1,604,572 Units outstanding.



EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2025 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.

Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2004. The Company is structured as an umbrella partnership REIT (“UPREIT”) under which substantially all of its business is conducted through the Operating Partnership. Rayonier Inc. is the sole general partner of the Operating Partnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”) and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Operating Partnership Units”) of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents to Rayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares.

As of September 30, 2025, the Company owned a 98.9% interest in the Operating Partnership, with the remaining 1.1% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.

Rayonier Inc. and the Operating Partnership are operated as one business. The management of the Operating Partnership consists of the same members as the management of Rayonier Inc. As general partner with control of the Operating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assets or liabilities other than its investment in the Operating Partnership.

We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in the following benefits:

•Strengthens investors’ understanding of Rayonier Inc. and the Operating Partnership by enabling them to view the business as a single operating unit in the same manner as management views and operates the business;
•Creates efficiencies for investors by reducing duplicative disclosures and providing a single comprehensive document; and
•Generates time and cost savings associated with the preparation of the reports when compared to preparing separate reports for each entity.

There are a few important differences between Rayonier Inc. and the Operating Partnership in the context of how Rayonier Inc. operates as a consolidated company. The Company itself does not conduct business, other than through acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets. Likewise, all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership conducts substantially all of the Company’s business and is structured as a partnership with no publicly traded equity.

To help investors understand the significant differences between the Company and the Operating Partnership, this report includes:

•Separate Consolidated Financial Statements for Rayonier Inc. and Rayonier, L.P.;
•A combined set of Notes to the Consolidated Financial Statements with separate discussions of per share and per unit information, noncontrolling interests and shareholders’ equity and partners’ capital, as applicable;
•A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations which includes specific information related to each reporting entity;


•A separate Part I, Item 4. Controls and Procedures related to each reporting entity;
•A separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds; and
•Separate Exhibit 31 and 32 certifications for each reporting entity within Part II, Item 6.


TABLE OF CONTENTS
ItemPage
PART I - FINANCIAL INFORMATION
1.
1
Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024
1
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
2
Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Nine Months Ended September 30, 2025 and 2024
3
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024
7
Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024
9
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
10
Consolidated Statements of Changes in Capital for the Quarters and Nine Months Ended September 30, 2025 and 2024
11
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024
13
15
2.
48
3.
71
4.
72
PART II - OTHER INFORMATION
1.
72
1A.
73
2.
75
5.
76
6.
77
79
 
i

PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
SALES (NOTE 4)
$177,531 $124,103 $366,990 $337,446 
Costs and Expenses 
Cost of sales(119,126)(86,332)(258,984)(246,755)
Selling and general expenses(17,008)(18,276)(50,621)(57,865)
Other operating income (expense), net (Note 15)
313 (663)(1,071)(815)
(135,821)(105,271)(310,676)(305,435)
OPERATING INCOME41,710 18,832 56,314 32,011 
Interest expense, net(6,768)(9,209)(19,704)(27,186)
Interest income9,806 1,098 15,009 4,752 
Other miscellaneous (expense) income, net(1,039)11,529 (3,443)3,276 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES43,709 22,250 48,176 12,853 
Income tax (expense) benefit (Note 16)
— (10)(291)981 
INCOME FROM CONTINUING OPERATIONS43,709 22,240 47,885 13,834 
DISCONTINUED OPERATIONS, NET (NOTE 2)
Income from operations of discontinued operations, net of tax— 8,202 1,883 21,949 
Gain on sale of discontinued operations— — 404,463 — 
INCOME FROM DISCONTINUED OPERATIONS— 8,202 406,346 21,949 
NET INCOME43,709 30,442 454,231 35,783 
Less: Net income attributable to noncontrolling interests in the Operating Partnership(522)(391)(5,952)(437)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates— (1,293)192 (3,328)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.43,187 28,758 448,471 32,018 
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect of $0, $0, $0 and $0
(3,748)(21,771)(18,475)(16,106)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $1,222
(2)139 (5)9,701 
OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
— 13,338 20,475 2,402 
Cash flow hedges, net of income tax effect of $0, $2,312, $3,531 and $1,339
— 5,944 9,080 3,442 
Deconsolidation of discontinued operations, net of income tax effect of $0, $0, $0 and $0
— — 29,068 — 
Total other comprehensive (loss) income(3,750)(2,350)40,143 (561)
COMPREHENSIVE INCOME39,959 28,092 494,374 35,222 
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership(477)(334)(6,450)(417)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates— (3,195)(2,605)(4,168)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $39,482 $24,563 $485,319 $30,637 
EARNINGS PER COMMON SHARE (NOTE 6)
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations$0.28 $0.15 $0.31 $0.09 
Discontinued Operations— $0.05 $2.60 $0.12 
Net Income$0.28 $0.19 $2.90 $0.22 
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations$0.28 $0.15 $0.30 $0.09 
Discontinued Operations— $0.05 $2.58 $0.12 
Net Income$0.28 $0.19 $2.88 $0.21 
See Notes to Consolidated Financial Statements.
1

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
September 30, 2025December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents$919,582 $303,065 
Restricted cash, current (Note 18)
— 19,366 
Trade receivables, less allowance for doubtful accounts of $328 and $401
13,553 8,006 
Other receivables6,532 13,267 
Inventory (Note 14)
16,203 30,879 
Prepaid expenses9,639 9,566 
Assets held for sale (excluding discontinued operations) (Note 19)
3,386 5,371 
Other current assets4,026 53 
Current assets of discontinued operations (Note 2)
— 47,320 
Total current assets972,921 436,893 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,313,047 2,384,345 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
INVESTMENTS (NOTE 13)
109,536 109,610 
PROPERTY, PLANT AND EQUIPMENT
Land5,581 5,581 
Buildings24,493 24,493 
Machinery and equipment6,948 4,876 
Construction in progress1,312 779 
Total property, plant and equipment, gross38,334 35,729 
Less — accumulated depreciation(20,384)(18,297)
Total property, plant and equipment, net17,950 17,432 
RESTRICTED CASH, NON-CURRENT (NOTE 18)
677 676 
RIGHT-OF-USE ASSETS18,228 18,588 
OTHER ASSETS59,530 78,276 
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS (NOTE 2)
— 428,599 
TOTAL ASSETS$3,491,889 $3,474,419 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$13,566 $16,914 
Current maturities of long-term debt, net (Note 7)
199,969 — 
Accrued taxes9,350 1,840 
Accrued payroll and benefits12,166 15,317 
Accrued interest7,702 5,228 
Dividend and distribution payable— 271,815 
Deferred revenue25,509 20,902 
Other current liabilities14,297 9,359 
Current liabilities of discontinued operations (Note 2)
— 47,335 
Total current liabilities282,559 388,710 
LONG-TERM DEBT, NET (NOTE 7)
845,119 1,044,410 
LONG-TERM LEASE LIABILITY15,587 16,260 
LONG-TERM DEFERRED REVENUE11,219 10,697 
OTHER NON-CURRENT LIABILITIES12,458 11,125 
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS (NOTE 2)
— 170,841 
CONTINGENCIES (NOTE 10)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5)
46,242 51,843 
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 153,871,154 and 148,536,643 shares issued and outstanding
1,737,067 1,522,487 
Retained earnings514,226 257,254 
Accumulated other comprehensive income (loss) (Note 17)
27,412 (10,429)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY2,278,705 1,769,312 
Noncontrolling interests in consolidated affiliates (Note 5)
— 11,221 
TOTAL SHAREHOLDERS’ EQUITY2,278,705 1,780,533 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,491,889 $3,474,419 
See Notes to Consolidated Financial Statements.
2

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2025148,536,643 $1,522,487 $257,254 ($10,429)$11,221 $1,780,533 
Loss from continuing operations— — (5,592)— — (5,592)
Income from discontinued operations— — 2,122 — 385 2,507 
Net loss attributable to noncontrolling interests in the Operating Partnership— — 46 — — 46 
Dividends ($0.2725 per share) (a)
— — (42,686)— — (42,686)
Issuance of common shares from special dividend (b)7,560,983 200,454 — — — 200,454 
Issuance of common shares under incentive stock plans5,566 — — — — — 
Stock-based incentive compensation— 2,281 — — — 2,281 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(1,420)(38)— — — (38)
Repurchase of common shares made under repurchase program(95,000)— (2,623)— — (2,623)
Adjustment of noncontrolling interests in the Operating Partnership— — (4,341)— — (4,341)
Conversion of units into common shares1,000 28 — — — 28 
Pension and postretirement benefit plans— — — (2)— (2)
Foreign currency translation adjustment— — — 3,515 118 3,633 
Cash flow hedges— — — (7,441)394 (7,047)
Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership— — — 53 — 53 
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,911)(1,911)
Balance, March 31, 2025156,007,772 $1,725,212 $204,180 ($14,304)$10,207 $1,925,295 
Income from continuing operations— — 9,769 — — 9,769 
Income (loss) from discontinued operations— — 404,415 — (577)403,838 
Net income attributable to noncontrolling interests in the Operating Partnership— — (5,476)— — (5,476)
Deconsolidation of discontinued operations— — — 29,068 (10,744)18,324 
Dividends ($0.2725 per share) (a)
— — (42,387)— — (42,387)
Issuance of common shares under incentive stock plans315,017 — — — — — 
Stock-based incentive compensation— 3,628 — — — 3,628 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(98,148)(2,640)— — — (2,640)
Repurchase of common shares made under repurchase program(1,472,928)— (34,928)— — (34,928)
Adjustment of noncontrolling interests in the Operating Partnership— — 9,514 — — 9,514 
Conversion of units into common shares9,519 218 — — — 218 
Pension and postretirement benefit plans— — — (2)— (2)
Foreign currency translation adjustment— — — 16,252 590 16,842 
Cash flow hedges— — — (295)1,695 1,400 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (7)— (7)
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,171)(1,171)
Balance, June 30, 2025154,761,232 $1,726,418 $545,087 $30,712 — $2,302,217 
3

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)
Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
SharesAmount
Balance, June 30, 2025154,761,232 $1,726,418 $545,087 $30,712 — $2,302,217 
Income from continuing operations— — 43,709 — — 43,709 
Net income attributable to noncontrolling interests in the Operating Partnership— — (522)— — (522)
Dividends ($0.2725 per share) (a)
— — (42,595)— — (42,595)
Issuance of common shares under incentive stock plans2,010 — — — — — 
Stock-based incentive compensation— 2,598 — — — 2,598 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(298)(7)— — — (7)
Repurchase of common shares made under repurchase program(1,226,384)— (30,103)— — (30,103)
Adjustment of noncontrolling interests in the Operating Partnership— — (1,350)— — (1,350)
Conversion of units into common shares334,594 8,058 — — — 8,058 
Pension and postretirement benefit plans— — — (2)— (2)
Cash flow hedges— — — (3,748)— (3,748)
Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership— — — 450 — 450 
Balance, September 30, 2025153,871,154 $1,737,067 $514,226 $27,412 — $2,278,705 
(a)For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.
(b)Reflects the issuance of common shares related to the Company’s special dividend of $1.80 per common share, paid on January 30, 2025, to shareholders of record as of December 12, 2024. This dividend comprised a combination of cash and the Company’s common shares.

4

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2024148,299,117 $1,497,641 $338,244 $24,651 $17,066 $1,877,602 
Loss from continuing operations— — (4,500)— (10)(4,510)
Income from discontinued operations— — 5,877 — 939 6,816 
Net income attributable to noncontrolling interests in the Operating Partnership— — (20)— — (20)
Dividends ($0.285 per share) (a)
— — (42,777)— — (42,777)
Issuance of common shares under incentive stock plans752 — — — — — 
Stock-based incentive compensation— 3,218 — — — 3,218 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(924)(31)— — — (31)
Adjustment of noncontrolling interests in the Operating Partnership— — (291)— — (291)
Conversion of units into common shares350,376 11,511 — — — 11,511 
Pension and postretirement benefit plans— — — 9,562 — 9,562 
Foreign currency translation adjustment— — — (16,178)(773)(16,951)
Cash flow hedges— — — 4,070 (1,104)2,966 
Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership— — — 265 — 265 
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,713)(1,713)
Balance, March 31, 2024148,649,321 $1,512,339 $296,533 $22,370 $14,405 $1,845,647 
Loss from continuing operations— — (3,883)— (13)(3,896)
Income from discontinued operations— — 5,812 — 1,119 6,931 
Net income attributable to noncontrolling interests in the Operating Partnership— — (26)— — (26)
Dividends ($0.285 per share) (a)
— — (42,517)— — (42,517)
Issuance of common shares under incentive stock plans396,849 — — — — — 
Stock-based incentive compensation— 4,904 — — — 4,904 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(130,460)(4,132)— — — (4,132)
Adjustment of noncontrolling interests in the Operating Partnership— — 8,093 — — 8,093 
Conversion of units into common shares63,708 1,915 — — — 1,915 
Foreign currency translation adjustment— — — 5,728 286 6,014 
Cash flow hedges— — — (330)528 198 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (19)— (19)
Distributions to noncontrolling interests in consolidated affiliates— — — — (2,047)(2,047)
Balance, June 30, 2024148,979,418 $1,515,026 $264,012 $27,749 $14,278 $1,821,065 
5

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)
Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
SharesAmount
Balance, June 30, 2024148,979,418 $1,515,026 $264,012 $27,749 $14,278 $1,821,065 
Income (loss) from continuing operations— — 22,250 — (10)22,240 
Income from discontinued operations— — 6,899 — 1,303 8,202 
Net income attributable to noncontrolling interests in the Operating Partnership— — (391)— — (391)
Dividends ($0.285 per share) (a)
— — (42,433)— — (42,433)
Issuance of common shares under incentive stock plans848 — — — — — 
Stock-based incentive compensation— 3,906 — — — 3,906 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(222)(5)— — — (5)
Adjustment of noncontrolling interests in the Operating Partnership— — (6,476)— — (6,476)
Conversion of units into common shares20,292 643 — — — 643 
Pension and postretirement benefit plans— — — 139 — 139 
Foreign currency translation adjustment— — — 12,804 534 13,338 
Cash flow hedges— — — (17,195)1,368 (15,827)
Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership— — — 77 — 77 
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,713)(1,713)
Balance, September 30, 2024149,000,336 $1,519,570 $243,861 $23,574 $15,760 $1,802,765 
(a)For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.



























See Notes to Consolidated Financial Statements.
6

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
 20252024
OPERATING ACTIVITIES
Net income$454,231 $35,783 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations81,731 86,130 
Depreciation, depletion and amortization from discontinued operations9,081 20,533 
Non-cash cost of land and improved development from continuing operations40,046 16,176 
Non-cash cost of land and improved development from discontinued operations— 3,041 
Gain on sale of discontinued operations(404,463)— 
Stock-based incentive compensation expense8,507 12,027 
Deferred income taxes(2,571)(4,154)
Asset impairment charge7,048 — 
Pension settlement charge— 5,979 
Other15,692 51 
Changes in operating assets and liabilities:
Receivables1,514 (12,469)
Inventories235 721 
Accounts payable(1,130)5,000 
All other operating activities(5,049)4,960 
CASH PROVIDED BY OPERATING ACTIVITIES204,872 173,778 
INVESTING ACTIVITIES
Capital expenditures from continuing operations(35,024)(40,262)
Capital expenditures from discontinued operations(7,098)(12,904)
Real estate development investments(11,888)(19,073)
Net proceeds on sale of discontinued operations (a)688,300 — 
Net proceeds on sale of property, plant and equipment4,146 13 
Purchase of timberlands— (3,637)
Other4,444 1,018 
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES642,880 (74,845)
FINANCING ACTIVITIES
Dividends paid on common shares (b)(195,378)(158,094)
Distributions to noncontrolling interests in the Operating Partnership (c)(2,505)(2,192)
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(2,685)(4,167)
Repurchase of common shares made under repurchase program(67,654)— 
Distributions to noncontrolling interests in consolidated affiliates(3,082)(5,473)
Debt issuance costs(779)— 
Repayment of debt— (60,000)
CASH USED FOR FINANCING ACTIVITIES(272,083)(229,926)
EFFECT OF EXCHANGE RATE CHANGES ON CASH1,390 (135)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash577,059 (131,128)
Balance from continuing operations, beginning of year323,107 180,362 
Balance from discontinued operations, beginning of year20,093 28,012 
Total Balance, beginning of year$343,200 $208,374 
Balance from continuing operations, end of period920,259 54,967 
Balance from discontinued operations, end of period— 22,279 
Total Balance, end of period$920,259 $77,246 
(a)The nine months ended September 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.
(b)The nine months ended September 30, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025 to shareholders of record on December 12, 2024. The nine months ended September 30, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.
(c)The nine months ended September 30, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024. The nine months ended September 30, 2024 includes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
7

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
20252024
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$13,933 $24,900 
Income taxes (b)4,038 5,493 
Non-cash investing and financing activity:
Capital assets purchased on account5,372 5,091 
Issuance of common shares from special dividend200,454 — 
Issuance of Redeemable Operating Partnership Units from special distribution2,681 — 
(a)Interest paid includes patronage payments received of $7.9 million and $8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $1.5 million and $2.7 million, respectively, from discontinued operations.
(b)Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $3.8 million and $5.2 million, respectively, from discontinued operations.












































See Notes to Consolidated Financial Statements.
8

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
SALES (NOTE 4)
$177,531 $124,103 $366,990 $337,446 
Costs and Expenses
Cost of sales(119,126)(86,332)(258,984)(246,755)
Selling and general expenses(17,008)(18,276)(50,621)(57,865)
Other operating income (expense), net (Note 15)
313 (663)(1,071)(815)
(135,821)(105,271)(310,676)(305,435)
OPERATING INCOME41,710 18,832 56,314 32,011 
Interest expense, net(6,768)(9,209)(19,704)(27,186)
Interest income9,806 1,098 15,009 4,752 
Other miscellaneous (expense) income, net(1,039)11,529 (3,443)3,276 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES43,709 22,250 48,176 12,853 
Income tax (expense) benefit (Note 16)
— (10)(291)981 
INCOME FROM CONTINUING OPERATIONS43,709 22,240 47,885 13,834 
DISCONTINUED OPERATIONS, NET (NOTE 2)
Income from operations of discontinued operations, net of tax— 8,202 1,883 21,949 
Gain on sale of discontinued operations— — 404,463 — 
INCOME FROM DISCONTINUED OPERATIONS— 8,202 406,346 21,949 
NET INCOME43,709 30,442 454,231 35,783 
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates— (1,293)192 (3,328)
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS43,709 29,149 454,423 32,455 
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
Limited Partners43,272 28,858 449,879 32,131 
General Partners437 291 4,544 324 
Net income attributable to unitholders43,709 29,149 454,423 32,455 
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect of $0, $0, $0 and $0
(3,748)(21,771)(18,475)(16,106)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $1,222
(2)139 (5)9,701 
OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
— 13,338 20,475 2,402 
Cash flow hedges, net of income tax effect of $0, $2,312, $3,531 and $1,339
— 5,944 9,080 3,442 
Deconsolidation of discontinued operations, net of income tax effect of $0, $0, $0 and $0
— — 29,068 — 
Total other comprehensive (loss) income(3,750)(2,350)40,143 (561)
COMPREHENSIVE INCOME39,959 28,092 494,374 35,222 
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates— (3,195)(2,605)(4,168)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS$39,959 $24,897 $491,769 $31,054 
EARNINGS PER UNIT (NOTE 6)
BASIC EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
Continuing Operations$0.28 $0.15 $0.31 $0.09 
Discontinued Operations— $0.05 $2.60 $0.12 
Net Income$0.28 $0.19 $2.90 $0.22 
DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
Continuing Operations$0.28 $0.15 $0.30 $0.09 
Discontinued Operations— $0.05 $2.58 $0.12 
Net Income$0.28 $0.19 $2.88 $0.21 
See Notes to Consolidated Financial Statements.
9

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 September 30, 2025December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents$919,582 $303,065 
Restricted cash, current (Note 18)
— 19,366 
Trade receivables, less allowance for doubtful accounts of $328 and $401
13,553 8,006 
Other receivables6,532 13,267 
Inventory (Note 14)
16,203 30,879 
Prepaid expenses9,639 9,566 
Assets held for sale (excluding discontinued operations) (Note 19)
3,386 5,371 
Other current assets4,026 53 
Current assets of discontinued operations (Note 2)
— 47,320 
Total current assets972,921 436,893 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,313,047 2,384,345 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
INVESTMENTS (NOTE 13)
109,536 109,610 
PROPERTY, PLANT AND EQUIPMENT
Land5,581 5,581 
Buildings24,493 24,493 
Machinery and equipment6,948 4,876 
Construction in progress1,312 779 
Total property, plant and equipment, gross38,334 35,729 
Less — accumulated depreciation(20,384)(18,297)
Total property, plant and equipment, net17,950 17,432 
RESTRICTED CASH, NON-CURRENT (NOTE 18)
677 676 
RIGHT-OF-USE ASSETS18,228 18,588 
OTHER ASSETS59,530 78,276 
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS (NOTE 2)
— 428,599 
TOTAL ASSETS$3,491,889 $3,474,419 
       LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES
Accounts payable$13,566 $16,914 
Current maturities of long-term debt, net (Note 7)
199,969 — 
Accrued taxes9,350 1,840 
Accrued payroll and benefits12,166 15,317 
Accrued interest7,702 5,228 
Distribution payable— 271,815 
Deferred revenue25,509 20,902 
Other current liabilities14,297 9,359 
Current liabilities of discontinued operations (Note 2)
— 47,335 
Total current liabilities282,559 388,710 
LONG-TERM DEBT, NET (NOTE 7)
845,119 1,044,410 
LONG-TERM LEASE LIABILITY15,587 16,260 
LONG-TERM DEFERRED REVENUE11,219 10,697 
OTHER NON-CURRENT LIABILITIES12,458 11,125 
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS (NOTE 2)
— 170,841 
CONTINGENCIES (NOTE 10)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 1,742,337 and 1,986,319 Units outstanding, respectively
46,242 51,843 
CAPITAL
General partners’ capital22,492 17,772 
Limited partners’ capital2,226,733 1,759,405 
Accumulated other comprehensive income (loss) (Note 17)
29,480 (7,865)
TOTAL CONTROLLING INTEREST CAPITAL2,278,705 1,769,312 
Noncontrolling interests in consolidated affiliates (Note 5)
— 11,221 
TOTAL CAPITAL2,278,705 1,780,533 
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL$3,491,889 $3,474,419 
See Notes to Consolidated Financial Statements.
10

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited)
(Dollars in thousands, except share data)
UnitsAccumulated
Other
Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesTotal Capital
 General Partners’ CapitalLimited Partners’ Capital
Balance, January 1, 2025$17,772 $1,759,405 ($7,865)$11,221 $1,780,533 
Loss from continuing operations(56)(5,536)— — (5,592)
Income from discontinued operations21 2,101 — 385 2,507 
Distributions on units ($0.2725 per unit)
(432)(42,822)— — (43,254)
Issuance of units from special distribution (a)2,031 201,104 — — 203,135 
Stock-based incentive compensation23 2,258 — — 2,281 
Repurchase of units to pay withholding taxes on vested incentive stock awards(1)(37)— — (38)
Repurchase of units made under repurchase program(26)(2,597)— — (2,623)
Adjustment of Redeemable Operating Partnership Units(63)(6,292)— — (6,355)
Conversion of units into common shares— 28 — — 28 
Pension and postretirement benefit plans— — (2)— (2)
Foreign currency translation adjustment— — 3,515 118 3,633 
Cash flow hedges— — (7,441)394 (7,047)
Distributions to noncontrolling interests in consolidated affiliates— — — (1,911)(1,911)
Balance, March 31, 2025$19,269 $1,907,612 ($11,793)$10,207 $1,925,295 
Income from continuing operations98 9,671 — — 9,769 
Income (loss) from discontinued operations4,044 400,371 — (577)403,838 
Deconsolidation of discontinued operations— — 29,068 (10,744)18,324 
Distributions on units ($0.2725 per unit)
(430)(42,525)— — (42,955)
Stock-based incentive compensation36 3,592 — — 3,628 
Repurchase of units to pay withholding taxes on vested incentive stock awards(26)(2,614)— — (2,640)
Repurchase of units made under repurchase program(349)(34,579)— — (34,928)
Adjustment of Redeemable Operating Partnership Units46 4,553 — — 4,599 
Conversion of units into common shares2 216 — — 218 
Pension and postretirement benefit plans— — (2)— (2)
Foreign currency translation adjustment— — 16,252 590 16,842 
Cash flow hedges— — (295)1,695 1,400 
Distributions to noncontrolling interests in consolidated affiliates— — — (1,171)(1,171)
Balance, June 30, 2025$22,690 $2,246,297 $33,230 — $2,302,217 
Income from continuing operations437 43,272 — — 43,709 
Distributions on units ($0.2725 per unit)
(431)(42,639)— — (43,070)
Stock-based incentive compensation26 2,572 — — 2,598 
Repurchase of units to pay withholding taxes on vested incentive stock awards— (7)— — (7)
Repurchase of units made under repurchase program(301)(29,802)— — (30,103)
Adjustment of Redeemable Operating Partnership Units(9)(938)— — (947)
Conversion of units into common shares80 7,978 — — 8,058 
Pension and postretirement benefit plans— — (2)— (2)
Cash flow hedges— — (3,748)— (3,748)
Balance, September 30, 2025$22,492 $2,226,733 $29,480 — $2,278,705 
(a)Reflects the issuance of units related to the Company’s special distribution of $1.80 per unit, paid on January 30, 2025, to holders of record as of December 12, 2024. This distribution comprised a combination of cash and units.

11

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)        
 UnitsAccumulated
Other
Comprehensive Income		Noncontrolling Interests in Consolidated AffiliatesTotal Capital
 General Partners’ CapitalLimited Partners’ Capital
Balance, January 1, 2024$18,325 $1,814,193 $28,018 $17,066 $1,877,602 
Loss from continuing operations(45)(4,455)— (10)(4,510)
Income from discontinued operations59 5,818 — 939 6,816 
Distributions on units ($0.285 per unit)
(434)(42,940)— — (43,374)
Stock-based incentive compensation32 3,186 — — 3,218 
Repurchase of units to pay withholding taxes on vested incentive stock awards(1)(30)— — (31)
Adjustment of Redeemable Operating Partnership Units6 545 — — 551 
Conversion of units into common shares115 11,396 — — 11,511 
Pension and postretirement benefit plans— — 9,562 — 9,562 
Foreign currency translation adjustment— — (16,178)(773)(16,951)
Cash flow hedges— — 4,070 (1,104)2,966 
Distributions to noncontrolling interests in consolidated affiliates— — — (1,713)(1,713)
Balance, March 31, 2024$18,057 $1,787,713 $25,472 $14,405 $1,845,647 
Loss from continuing operations(39)(3,844)— (13)(3,896)
Income from discontinued operations58 5,754 — 1,119 6,931 
Distributions on units ($0.285 per unit)
(430)(42,665)— — (43,095)
Stock-based incentive compensation49 4,855 — — 4,904 
Repurchase of units to pay withholding taxes on vested incentive stock awards(41)(4,091)— — (4,132)
Adjustment of Redeemable Operating Partnership Units86 8,540 — — 8,626 
Conversion of units into common shares19 1,896 — — 1,915 
Foreign currency translation adjustment— — 5,728 286 6,014 
Cash flow hedges— — (330)528 198 
Distribution to noncontrolling interests in consolidated affiliates— — — (2,047)(2,047)
Balance, June 30, 2024$17,759 $1,758,158 $30,870 $14,278 $1,821,065 
Income (loss) from continuing operations222 22,028 — (10)22,240 
Income from discontinued operations69 6,830 — 1,303 8,202 
Distributions on units ($0.285 per unit)
(430)(42,531)— — (42,961)
Stock-based incentive compensation39 3,867 — — 3,906 
Repurchase of units to pay withholding taxes on vested incentive stock awards— (5)— — (5)
Adjustment of Redeemable Operating Partnership Units(62)(6,200)— — (6,262)
Conversion of units into common shares6 637 — — 643 
Pension and postretirement benefit plans— — 139 — 139 
Foreign currency translation adjustment— — 12,804 534 13,338 
Cash flow hedges— — (17,195)1,368 (15,827)
Distributions to noncontrolling interests in consolidated affiliates— — — (1,713)(1,713)
Balance, September 30, 2024$17,603 $1,742,784 $26,618 $15,760 $1,802,765 




See Notes to Consolidated Financial Statements.
12

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
 20252024
OPERATING ACTIVITIES
Net income$454,231 $35,783 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations81,731 86,130 
Depreciation, depletion and amortization from discontinued operations9,081 20,533 
Non-cash cost of land and improved development from continuing operations40,046 16,176 
Non-cash cost of land and improved development from discontinued operations— 3,041 
Gain on sale of discontinued operations(404,463)— 
Stock-based incentive compensation expense8,507 12,027 
Deferred income taxes(2,571)(4,154)
Asset impairment charge7,048 — 
Pension settlement charge— 5,979 
Other15,692 51 
Changes in operating assets and liabilities:
Receivables1,514 (12,469)
Inventories235 721 
Accounts payable(1,130)5,000 
All other operating activities(5,049)4,960 
CASH PROVIDED BY OPERATING ACTIVITIES204,872 173,778 
INVESTING ACTIVITIES
Capital expenditures from continuing operations(35,024)(40,262)
Capital expenditures from discontinued operations(7,098)(12,904)
Real estate development investments(11,888)(19,073)
Net proceeds on sale of discontinued operations (a)688,300 — 
Net proceeds on sale of property, plant and equipment4,146 13 
Purchase of timberlands— (3,637)
Other4,444 1,018 
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES642,880 (74,845)
FINANCING ACTIVITIES
Distributions on units (b)(197,883)(160,286)
Repurchase of units to pay withholding taxes on vested incentive stock awards(2,685)(4,167)
Repurchase of units made under repurchase program(67,654)— 
Distributions to noncontrolling interests in consolidated affiliates(3,082)(5,473)
Debt issuance costs(779)— 
Repayment of debt— (60,000)
CASH USED FOR FINANCING ACTIVITIES(272,083)(229,926)
EFFECT OF EXCHANGE RATE CHANGES ON CASH1,390 (135)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash577,059 (131,128)
Balance from continuing operations, beginning of year323,107 180,362 
Balance from discontinued operations, beginning of year20,093 28,012 
Total Balance, beginning of year$343,200 $208,374 
Balance from continuing operations, end of period920,259 54,967 
Balance from discontinued operations, end of period— 22,279 
Total Balance, end of period$920,259 $77,246 
(a)The nine months ended September 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.
(b)The nine months ended September 30, 2025 includes an additional distribution of $1.80 per unit, consisting of a combination of cash and units. The cash portion of $68.7 million was paid on January 30, 2025, to holders of record on December 12, 2024. The nine months ended September 30, 2024 includes an additional cash distribution of $0.20 per unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
13

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
20252024
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$13,933 $24,900 
Income taxes (b)4,038 5,493 
Non-cash investing and financing activity:
Capital assets purchased on account5,372 5,091 
Issuance of units from special distribution203,135 — 
(a)Interest paid includes patronage payments received of $7.9 million and $8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $1.5 million and $2.7 million, respectively, from discontinued operations.
(b)Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $3.8 million and $5.2 million, respectively, from discontinued operations.











































See Notes to Consolidated Financial Statements.
14
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









1.BASIS OF PRESENTATION
The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).
The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC (the “2024 Form 10-K”).
As of September 30, 2025, the Company owned a 98.9% interest in the Operating Partnership, with the remaining 1.1% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2024 Form 10-K.
RECLASSIFICATIONS
Certain 2024 amounts have been reclassified to align with the current presentation, including reclassifications for discontinued operations and current reportable segments. In March 2025, we entered into a purchase and sale agreement to divest our entire 77% interest in our New Zealand operations. On June 30, 2025, we completed the sale. Accordingly, New Zealand’s financial results are reported as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
Our New Zealand assets and liabilities are presented separately as assets and liabilities of discontinued operations in our Consolidated Balance Sheets as of December 31, 2024.
The Consolidated Statements of Cash Flows for both 2025 and 2024 have not been restated to exclude the New Zealand operation’s cash flows.
Effective with the third quarter of 2025, we realigned our reportable segments to reflect changes in our internal management reporting structure. As a result, prior period segment information has been reclassified to conform to our current segment presentation.
Unless otherwise specified, all amounts and disclosures within these Notes to Condensed Consolidated Financial Statements pertain to the Company’s continuing operations.
See Note 2 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture and Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosures about certain costs and expenses within the notes to the financial statements. Subsequently in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies the adoption timeline. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The guidance allows for either prospective or retrospective application. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and disclosures.
15
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures, primarily affecting the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis, although early adoption and retrospective application are permitted. We will adopt the standard beginning with our annual reporting for the year ending December 31, 2025 and do not anticipate this disclosure-only ASU will impact our consolidated financial statements.
Other recent accounting pronouncements, either adopted or pending adoption and not discussed above, are not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS
On October 14, 2025, the Company announced that it entered into a definitive agreement with PotlatchDeltic Corporation (“PotlatchDeltic”) to combine in a merger of equals. The transaction is expected to close in late first quarter or early second quarter of 2026. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of both Rayonier’s shareholders and PotlatchDeltic’s shareholders.
On October 14, 2025, the Company announced that its board of directors declared a one-time, special dividend of $1.40 per common share, consisting of a combination of cash and the Company’s common shares. In addition, the Company's board of directors declared a one-time, special distribution of $1.40 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company's Redeemable Operating Partnership Units. The dividend and distribution are payable on December 12, 2025 to holders of record on October 24, 2025.


16
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








2.    DISCONTINUED OPERATIONS
On March 9, 2025, Rayonier entered into a purchase and sale agreement with Taurus Forest Holdings Limited, pursuant to which Rayonier agreed to sell its entire 77% interest in its New Zealand operations. Accordingly, in the first quarter of 2025, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, former Trading and Corporate segments were classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
On June 30, 2025, we completed the sale of our New Zealand operations for a purchase price of $710 million. Net proceeds to Rayonier, after adjusting for estimated net debt, working capital, transaction costs, and other closing adjustments, were $698.6 million. We received a final purchase price adjustment of $0.7 million during the third quarter, which was recognized as a receivable on our June 30, 2025 Consolidated Balance Sheet. In connection with the sale, we recognized a gain on disposal of discontinued operations of $404.5 million.
The following table summarizes the results of our New Zealand operations for the three and nine months ended September 30, 2025 and 2024, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Sales— $70,891 $109,332 $199,254 
Costs and Expenses
  Cost of sales— (60,870)(102,050)(172,298)
  Other operating expense, net (a)— (1,247)(3,400)(2,710)
— (62,117)(105,450)(175,008)
Operating income from discontinued operations— 8,774 3,882 24,246 
Interest expense, net— (812)(1,508)(2,390)
Interest income— 265 202 777 
Income from operations of discontinued operations before income taxes— 8,227 2,576 22,633 
Income tax expense— (25)(693)(684)
Income from operations of discontinued operations, net of tax— 8,202 1,883 21,949 
Gain on sale of discontinued operations (b)— — 404,463 — 
Income from discontinued operations— 8,202 406,346 21,949 
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership— (93)(5,375)(256)
Less: Net (income) loss from discontinued operations attributable to noncontrolling interests in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations attributable to Rayonier Inc.— $6,806 $401,163 $18,331 
(a)The nine months ended September 30, 2025 includes transaction costs of $0.2 million. The three and nine months ended September 30, 2024 include transaction costs of $0.2 million and $0.7 million, respectively.
(b)The gain on sale of discontinued operations is not subject to income tax, as it relates to a partnership interest.
17
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The major classes of the New Zealand operation’s assets and liabilities as reported on the December 31, 2024 Balance Sheet are as follows:
December 31, 2024
ASSETS
CURRENT ASSETS
  Cash and cash equivalents$20,093 
  Trade receivables, less allowance for doubtful accounts of $0
18,935 
  Inventory1,462 
  Prepaid expenses6,206 
  Other current assets624 
     Total current assets47,320 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION339,724 
PROPERTY, PLANT AND EQUIPMENT
  Buildings1,707 
  Machinery and equipment171 
     Total property, plant and equipment, gross1,878 
  Less — accumulated depreciation(935)
     Total property, plant and equipment, net943 
RIGHT-OF-USE ASSETS64,082 
OTHER ASSETS23,850 
     TOTAL ASSETS$475,919 
LIABILITIES
CURRENT LIABILITIES
  Accounts payable$9,145 
  Current maturities of long-term debt, net19,442 
  Accrued taxes2,399 
  Accrued payroll and benefits793 
  Other current liabilities15,556 
     Total current liabilities47,335 
LONG-TERM DEBT, NET45,360 
LONG-TERM LEASE LIABILITY60,038 
OTHER NON-CURRENT LIABILITIES65,443 
     TOTAL LIABILITIES$218,176 
The following table summarizes the depreciation, depletion and amortization, capital expenditures and non-cash cost of land sold and improved development of the Company’s discontinued operations for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Depreciation, depletion and amortization— $5,632 $9,081 $20,533 
Capital expenditures— 4,820 7,098 12,904 
Non-cash cost of land and improved development— — — 3,041 
18
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








3.    SEGMENT AND GEOGRAPHICAL INFORMATION
As of September 30, 2025, Rayonier operated in three reportable segments: Southern Timber, Pacific Northwest Timber, and Real Estate. Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber and Trading. On March 9, 2025, we entered into a purchase and sale agreement to sell our entire 77% interest in the New Zealand joint venture and as a result, the New Zealand operations are shown as discontinued operations for all periods presented. On June 30, 2025, we completed the sale. See Note 2 — Discontinued Operations for additional information.
Effective with the third quarter of 2025, the Company realigned its segments considering the economic characteristics of each business unit and the way the chief operating decision maker (“CODM”), the Chief Executive Officer, now internally evaluates business performance and makes capital allocation decisions. As part of the realignment, the previously reported Trading segment’s log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location. All prior period amounts have been reclassified to reflect the newly aligned segment structure.
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The CODM evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance. Total assets by segment are not used by the CODM to assess the performance of or allocate resources to the segments, therefore total assets by segment are not disclosed.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense and income, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges, costs related to disposition initiatives and Large Dispositions.
We believe that Operating income (loss), as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating income (loss) as determined in accordance with U.S. GAAP. Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income.

19
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following tables summarize the segment information for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2025
Sales$66,834 $19,941 $90,756 $177,531 
   Costs and Expenses
Cut and haul costs(13,779)(8,400)— (22,179)
Depreciation, depletion and amortization(20,139)(4,637)(9,605)(34,381)
Non-cash cost of land and improved development— — (30,745)(30,745)
Other costs and expenses (a)(10,374)(5,154)(23,999)(39,527)
Reportable segment operating income$22,542 $1,750 $26,407 $50,699 
Add: Asset impairment charge (b)— — 7,048 7,048 
Add: Depreciation, depletion and amortization20,139 4,637 9,605 34,381 
Add: Non-cash cost of land and improved development— — 30,745 30,745 
Reportable segment adjusted EBITDA$42,681 $6,387 $73,805 $122,873 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (c)($8,569)
Interest, net and miscellaneous income3,038 
Depreciation, depletion and amortization(34,801)
Non-cash cost of land and improved development(30,745)
Non-operating expense(1,039)
Asset impairment charge (b)(7,048)
Net Income (d)$43,709 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources. The asset impairment charge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
(c)All other EBITDA includes general corporate expenses.
(d)As no income tax expense was recognized for the three months ended September 30, 2025, net income is equal to income before taxes.
20
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Three Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2024
Sales$62,416 $31,626 $30,061 $124,103 
   Costs and Expenses
Cut and haul costs(12,496)(10,132)— (22,628)
Port and freight costs(533)(2,618)— (3,151)
Depreciation, depletion and amortization(18,118)(7,841)(1,451)(27,410)
Non-cash cost of land and improved development— — (9,845)(9,845)
Other costs and expenses (a)(11,479)(10,193)(10,133)(31,805)
Reportable segment operating income$19,790 $842 $8,632 $29,264 
Add: Depreciation, depletion and amortization18,118 7,841 1,451 27,410 
Add: Non-cash cost of land and improved development— — 9,845 9,845 
Reportable segment adjusted EBITDA$37,908 $8,683 $19,928 $66,519 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)($9,324)
Interest, net and miscellaneous expense(8,111)
Depreciation, depletion and amortization(27,854)
Non-cash cost of land and improved development(9,845)
Non-operating income (c)11,529 
Costs related to disposition initiatives (d)(664)
Income from Continuing Operations Before Income Taxes$22,250 
Income tax expense(10)
Income from Continuing Operations$22,240 
Income from operations of discontinued operations, net of tax8,202 
Net Income$30,442 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)All other EBITDA includes general corporate expenses.
(c)Non-operating income includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
(d)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”
21
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Nine Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2025
Sales$171,102 $65,533 $130,355 $366,990 
   Costs and Expenses
Cut and haul costs(39,502)(27,580)— (67,082)
Port and freight costs— (18)— (18)
Depreciation, depletion and amortization(52,826)(15,595)(12,050)(80,471)
Non-cash cost of land and improved development— — (40,046)(40,046)
Other costs and expenses (a)(33,487)(18,802)(43,023)(95,312)
Reportable segment operating income$45,287 $3,538 $35,236 $84,061 
Add: Asset impairment charge (b)— — 7,048 7,048 
Add: Depreciation, depletion and amortization52,826 15,595 12,050 80,471 
Add: Non-cash cost of land and improved development— — 40,046 40,046 
Reportable segment adjusted EBITDA$98,113 $19,133 $94,380 $211,626 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (c)($25,377)
Interest, net and miscellaneous expense(4,695)
Depreciation, depletion and amortization(81,731)
Non-cash cost of land and improved development(40,046)
Non-operating expense (d)(3,443)
Asset impairment charge (b)(7,048)
Restructuring charges (e)(1,110)
Income from Continuing Operations Before Income Taxes$48,176 
Income tax expense(291)
Income from Continuing Operations$47,885 
Income from operations of discontinued operations, net of tax1,883 
Gain on sale of discontinued operations404,463 
Net Income$454,231 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources. The asset impairment charge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
(c)All other EBITDA includes corporate and other expenses.
(d)Non-operating expense includes $1.7 million of net costs associated with legal settlements. Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
(e)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”

22
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Nine Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2024
Sales$192,545 $83,806 $61,095 $337,446 
   Costs and Expenses
Cut and haul costs(37,681)(31,076)— (68,757)
Port and freight costs(2,883)(5,105)— (7,988)
Depreciation, depletion and amortization(56,672)(24,306)(3,821)(84,799)
Non-cash cost of land and improved development— — (16,176)(16,176)
Other costs and expenses (a)(35,388)(28,309)(32,078)(95,775)
Reportable segment operating income (loss)$59,921 ($4,990)$9,020 $63,951 
Add: Depreciation, depletion and amortization56,672 24,306 3,821 84,799 
Add: Non-cash cost of land and improved development— — 16,176 16,176 
Reportable segment adjusted EBITDA$116,593 $19,316 $29,017 $164,926 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)($29,760)
Interest, net and miscellaneous expense(22,434)
Depreciation, depletion and amortization(86,130)
Non-cash cost of land and improved development(16,176)
Non-operating income (c)3,276 
Costs related to disposition initiatives (d)(849)
Income from Continuing Operations Before Income Taxes$12,853 
Income tax benefit981 
Income from Continuing Operations$13,834 
Income from operations of discontinued operations, net of tax21,949 
Net Income$35,783 
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(b)All other EBITDA includes general corporate expenses.
(c)Non-operating income includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
(d)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”

23
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Capital Expenditures (a)
Southern Timber$10,861 $9,091 $28,580 $30,748 
Pacific Northwest Timber 1,716 2,230 6,346 9,220 
Real Estate20 65 98 217 
Corporate and other— 18 — 77 
Total Capital Expenditures$12,597 $11,404 $35,024 $40,262 
Timberland Acquisitions
Southern Timber — 3,637 — 3,637 
Total Timberland Acquisitions— $3,637 — $3,637 
Real Estate Development Investments (b)$3,712 $8,949 $11,888 $19,073 
Total Gross Capital Expenditures$16,309 $23,990 $46,912 $62,972 
(a)Excludes timberland acquisitions and real estate development investments presented separately.
(b)Represents investments in master infrastructure or entitlements in our real estate development projects. Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.

24
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








4.    REVENUE
PERFORMANCE OBLIGATIONS
We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of September 30, 2025 are primarily due to advances on stumpage contracts, unearned license revenue and unearned carbon capture and storage revenue. Of these performance obligations, $25.5 million is expected to be recognized within the next twelve months, with the remaining $11.2 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component.
CONTRACT BALANCES
The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under a contract. Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract.
The following table summarizes revenue recognized during the three and nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue recognized from contract liability balance at the beginning of the year$3,649 $2,122 $19,497 $20,377 
25
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2025
Pulpwood$22,261 $1,229 — $23,490 
Sawtimber27,860 17,102 — 44,962 
Hardwood2,080 — — 2,080 
Total Timber Sales52,201 18,331 — 70,532 
License Revenue, Primarily from Hunting5,346 230 — 5,576 
Land-Based Solutions (a)2,822 32 — 2,854 
Other Non-Timber Revenue6,465 1,348 — 7,813 
Total Non-Timber Sales14,633 1,610 — 16,243 
Improved Development— — 20,590 20,590 
Rural— — 7,311 7,311 
Timberland & Non-Strategic— — 53,500 53,500 
Deferred Revenue/Other (b)— — 8,882 8,882 
Total Real Estate Sales— — 90,283 90,283 
Revenue from Contracts with Customers66,834 19,941 90,283 177,058 
Lease Revenue— — 473 473 
Total Revenue$66,834 $19,941 $90,756 $177,531 
Three Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2024
Pulpwood$23,182 $1,318 — $24,500 
Sawtimber21,034 24,378 — 45,412 
Hardwood1,136 — — 1,136 
Total Timber Sales45,352 25,696 — 71,048 
Trading (c)397 4,378 — 4,775 
License Revenue, Primarily from Hunting5,348 290 — 5,638 
Land-Based Solutions (a)2,767 10 — 2,777 
Other Non-Timber Revenue8,552 1,252 — 9,804 
Total Non-Timber Sales17,064 5,930 — 22,994 
Improved Development— — 11,999 11,999 
Rural— — 13,766 13,766 
Conservation Easement— — 1,101 1,101 
Deferred Revenue/Other (b)— — 2,740 2,740 
Total Real Estate Sales— — 29,606 29,606 
Revenue from Contracts with Customers62,416 31,626 29,606 123,648 
Lease Revenue— — 455 455 
Total Revenue$62,416 $31,626 $30,061 $124,103 
(a)    Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
(b)    Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.    
(c)    Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
26
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Nine Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2025
Pulpwood$61,495 $3,754 — $65,249 
Sawtimber71,830 56,110 — 127,940 
Hardwood4,531 — — 4,531 
Total Timber Sales137,856 59,864 — 197,720 
Trading (a)— 1,805 — 1,805 
License Revenue, Primarily From Hunting15,912 426 — 16,338 
Land-Based Solutions (b)8,357 93 — 8,450 
Other Non-Timber Revenue8,977 3,345 — 12,322 
Total Non-Timber Sales33,246 5,669 — 38,915 
Improved Development— — 32,368 32,368 
Unimproved Development— — 3,000 3,000 
Rural — — 28,314 28,314 
Timberland & Non-Strategic— — 53,500 53,500 
Deferred Revenue/Other (c)— — 12,047 12,047 
Total Real Estate Sales— — 129,229 129,229 
Revenue from Contracts with Customers171,102 65,533 129,229 365,864 
Lease Revenue— — 1,126 1,126 
Total Revenue$171,102 $65,533 $130,355 $366,990 
Nine Months EndedSouthern TimberPacific Northwest TimberReal EstateTotal
September 30, 2024
Pulpwood$73,141 $4,329 — $77,470 
Sawtimber79,973 68,495 — 148,468 
Hardwood3,003 — — 3,003 
Total Timber Sales156,117 72,824 — 228,941 
Trading (a)1,223 7,083 — 8,306 
License Revenue, Primarily from Hunting15,907 515 — 16,422 
Land-Based Solutions (b)7,062 30 — 7,092 
Other Non-Timber Revenue12,236 3,354 — 15,590 
Total Non-Timber Sales36,428 10,982 — 47,410 
Improved Development— — 16,399 16,399 
Rural— — 29,964 29,964 
Timberland & Non-Strategic— — 610 610 
Conservation Easement— — 1,101 1,101 
Deferred Revenue/Other (c)— — 11,902 11,902 
Total Real Estate Sales— — 59,976 59,976 
Revenue from Contracts with Customers192,545 83,806 59,976 336,327 
Lease Revenue— — 1,119 1,119 
Total Revenue$192,545 $83,806 $61,095 $337,446 
(a)    Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
(b)    Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
(c)    Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.    
27
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedSouthern TimberPacific Northwest TimberTotal
September 30, 2025
Stumpage Pay-as-Cut $26,112 — $26,112 
Stumpage Lump Sum368 646 1,014 
Total Stumpage26,480 646 27,126 
Delivered Wood (Domestic)25,721 17,685 43,406 
Total Delivered25,721 17,685 43,406 
Total Timber Sales$52,201 $18,331 $70,532 
September 30, 2024
Stumpage Pay-as-Cut $20,907 — $20,907 
Stumpage Lump Sum— 3,846 3,846 
Total Stumpage20,907 3,846 24,753 
Delivered Wood (Domestic)23,733 20,612 44,345 
Delivered Wood (Export)712 1,238 1,950 
Total Delivered24,445 21,850 46,295 
Total Timber Sales$45,352 $25,696 $71,048 
28
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Nine Months EndedSouthern TimberPacific Northwest TimberTotal
September 30, 2025
Stumpage Pay-as-Cut $63,225 — $63,225 
Stumpage Lump Sum794 2,356 3,150 
Total Stumpage64,019 2,356 66,375 
Delivered Wood (Domestic)73,837 57,465 131,302 
Delivered Wood (Export)— 43 43 
Total Delivered73,837 57,508 131,345 
Total Timber Sales$137,856 $59,864 $197,720 
September 30, 2024
Stumpage Pay-as-Cut $80,531 $8 $80,539 
Stumpage Lump Sum
— 7,381 7,381 
Total Stumpage80,531 7,389 87,920 
Delivered Wood (Domestic)
70,851 61,513 132,364 
Delivered Wood (Export)
4,735 3,922 8,657 
Total Delivered75,586 65,435 141,021 
Total Timber Sales
$156,117 $72,824 $228,941 



29
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








5.    NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES
Matariki Forestry Group
Prior to the sale of our New Zealand operations on June 30, 2025, we maintained a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns and leases New Zealand timberland. Accordingly, we consolidated the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net (income) loss attributable to noncontrolling interests in consolidated affiliates.”
Due to the sale of the New Zealand subsidiary, we have deconsolidated its balance sheet as of June 30, 2025, and its income (loss) has been classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented. See Note 2 — Discontinued Operations for additional information.
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP
Noncontrolling interests in the Operating Partnership represents the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.
The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Beginning noncontrolling interests in the Operating Partnership
$53,353 $59,047 $51,843 $81,651 
Adjustment of noncontrolling interests in the Operating Partnership
1,350 6,476 (3,823)(1,325)
Conversions of Redeemable Operating Partnership Units to common shares
(8,058)(643)(8,304)(14,070)
Net income attributable to noncontrolling interests in the Operating Partnership
522 391 5,952 437 
Other comprehensive loss attributable to noncontrolling interests in the Operating Partnership
(450)(77)(496)(323)
Distributions to noncontrolling interests in the Operating Partnership
(475)(528)(1,611)(1,704)
Issuance of Redeemable Operating Partnership Units (a)— — 2,681 — 
Total noncontrolling interests in the Operating Partnership
$46,242 $64,666 $46,242 $64,666 
(a)Reflects the issuance of Redeemable Operating Partnership Units related to the Company’s special distribution of $1.80 per Operating Partnership unit, paid on January 30, 2025, to holders of record as of December 12, 2024. This distribution comprised a combination of cash and Redeemable Operating Partnership Units.
30
RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








6.    EARNINGS PER SHARE AND PER UNIT
Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc. by the weighted average number of common shares outstanding. Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests (“NCI”) in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units, noncontrolling interests in Operating Partnership units and contingently issuable shares and units.
The following table provides details of the calculation of basic earnings per common share of the Company:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic earnings per common share
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net income from continuing operations attributable to NCI in the Operating Partnership(522)(298)(577)(181)
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations attributable to Rayonier Inc.$43,187 $21,952 $47,308 $13,687 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership— (93)(5,375)(256)
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations attributable to Rayonier Inc.— $6,806 $401,163 $18,331 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net income attributable to NCI in the Operating Partnership(522)(391)(5,952)(437)
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income attributable to Rayonier Inc.$43,187 $28,758 $448,471 $32,018 
Denominator:
Denominator for basic earnings per common share - weighted average shares154,306,240 148,984,534 154,509,107 148,821,306 
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.28 $0.15 $0.31 $0.09 
Discontinued operations— $0.05 $2.60 $0.12 
Basic earnings per common share$0.28 $0.19 $2.90 $0.22 


31
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following table provides details of the calculation of diluted earnings per common share of the Company:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Diluted earnings per common share
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations attributable to Rayonier Inc. used for determining diluted earnings per common share$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations attributable to Rayonier Inc. used for determining diluted earnings per common share— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income attributable to Rayonier Inc. used for determining diluted earnings per common share$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per common share - weighted average shares154,306,240 148,984,534 154,509,107 148,821,306 
Add: Dilutive effect of:
Stock options— — — 55 
Performance shares, restricted shares and restricted stock units194,077 281,407 192,390 403,444 
Noncontrolling interests in Operating Partnership units1,864,367 2,027,053 1,999,949 2,088,013 
Contingently issuable shares and units from special dividend— — 841,991 — 
Denominator for diluted earnings per common share - adjusted weighted average share156,364,684 151,292,994 157,543,437 151,312,818 
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.28 $0.15 $0.30 $0.09 
Discontinued operations— $0.05 $2.58 $0.12 
Diluted earnings per common share$0.28 $0.19 $2.88 $0.21 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units324,716 149,609 260,170 149,446 
32
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding. Diluted EPU is calculated by dividing net income available to unitholders of Rayonier, L.P. by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares, restricted stock units and contingently issuable shares and units.
The following table provides details of the calculation of basic earnings per unit of the Operating Partnership:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic earnings per unit
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations available to unitholders$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations available to unitholders— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income available to unitholders$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per unit - weighted average units156,170,607 151,011,587 156,509,056 150,909,319 
Basic earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.28 $0.15 $0.31 $0.09 
Discontinued operations— $0.05 $2.60 $0.12 
Basic earnings per unit$0.28 $0.19 $2.90 $0.22 
33
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following table provides details of the calculation of diluted earnings per unit of the Operating Partnership:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Diluted earnings per unit
Numerator:
Net income from continuing operations$43,709 $22,240 $47,885 $13,834 
Less: Net loss from continuing operations attributable to NCI in consolidated affiliates— 10 — 34 
Net income from continuing operations available to unitholders$43,709 $22,250 $47,885 $13,868 
Net income from discontinued operations— $8,202 $406,346 $21,949 
Less: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates— (1,303)192 (3,362)
Net income from discontinued operations available to unitholders— $6,899 $406,538 $18,587 
Net income$43,709 $30,442 $454,231 $35,783 
Less: Net (income) loss attributable to NCI in consolidated affiliates— (1,293)192 (3,328)
Net income available to unitholders$43,709 $29,149 $454,423 $32,455 
Denominator:
Denominator for basic earnings per unit - weighted average units156,170,607 151,011,587 156,509,056 150,909,319 
Add: Dilutive effect of unit equivalents:
Stock options— — — 55 
Performance shares, restricted shares and restricted stock units194,077 281,407 192,390 403,444 
Contingently issuable shares and units from special dividend— — 841,991 — 
Denominator for diluted earnings per unit - adjusted weighted average units156,364,684 151,292,994 157,543,437 151,312,818 
Diluted earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.28 $0.15 $0.30 $0.09 
Discontinued operations— $0.05 $2.58 $0.12 
Diluted earnings per unit$0.28 $0.19 $2.88 $0.21 

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units324,716 149,609 260,170 149,446 
34
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








7.    DEBT
Our debt consisted of the following at September 30, 2025:
September 30, 2025
Debt
Senior Notes due 2031 at a fixed interest rate of 2.75%
$450,000 
2015 Term Loan borrowings due 2028 at a variable interest rate of 5.94%
200,000 
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.09%
200,000 
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.26%
200,000 
Total principal debt1,050,000 
Less: Current maturities of long-term debt, net of deferred financing costs of $31
(199,969)
Less: Unamortized discounts(2,167)
Less: Deferred financing costs(2,745)
Total long-term debt, net$845,119 
The following table contains information on the outstanding variable rate debt as of September 30, 2025:
DebtPeriodic Interest RateEffective Fixed Interest Rate (a)
2015 Term Loan
Daily Simple SOFR + 1.60%
2.11%
2016 Incremental Term Loan
Daily Simple SOFR + 1.75%
2.39%
2021 Incremental Term Loan
Daily Simple SOFR + 1.92%
1.72%
(a)    Effective interest rate is after consideration of interest rate swaps and estimated patronage.
Principal payments due during the next five years and thereafter are as follows:
Total
2025— 
2026$200,000 
2027— 
2028200,000 
2029200,000 
Thereafter450,000 
Total debt$1,050,000 
2025 DEBT ACTIVITY
REVOLVING CREDIT FACILITY
In August 2025, we amended and restated our credit agreement, primarily to extend the maturity date of the Revolving Credit Facility. The maturity of the $300 million Revolving Credit Facility was extended from June 2026 to August 2030.
In connection with the amendment, we concurrently modified the following terms:
•The commitment under the Revolving Credit Facility was reduced from $300 million to $200 million.
•The 0.1% credit spread adjustment previously added to the Revolving Credit Facility during the 2022 transition from LIBOR to SOFR was eliminated.
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RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








•The 0.1% credit spread adjustment on each of our three Term Loans was merged into the respective Term loan’s base rate. This modification resulted in no change to the all-in fixed rate for each Term loan.
In connection with the amendments, we recorded deferred financing costs in the amount of $0.8 million, which will be amortized to interest expense over the term of the extended credit agreement.
During the nine months ended September 30, 2025, we made no borrowings or repayments on our Revolving Credit Facility. At September 30, 2025, we had available borrowings of $192.4 million under the Revolving Credit Facility, net of $7.6 million securing outstanding letters of credit.
DEBT COVENANTS
In connection with our 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.
The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2025, are calculated on a trailing 12-month basis:
Covenant RequirementActual RatioFavorable
Covenant EBITDA to consolidated interest expense should not be less than
2.5 to 1
10.9 to 1
8.4
Covenant debt to covenant net worth plus covenant debt shall not exceed65%33%32%
    In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. Prior to the sale of our New Zealand subsidiary, we obtained a consent agreement from the lenders party to the aforementioned term loan and incremental term loan agreements, as well as our revolving credit facility, which provided a one-time modification to waive certain disposition-related covenants contained therein. Therefore, the consideration received from the New Zealand disposition did not count towards our defined disposition limits. At September 30, 2025, we were in compliance with all applicable covenants.
36
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








8.    DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Our financial results are subject to market risk from potential changes in interest rates. To manage this exposure, we utilize derivative financial instruments.
We account for derivative financial instruments under ASC Topic 815, Derivatives and Hedging, (“ASC 815”), and record them at fair value as assets or liabilities in the Consolidated Balance Sheets. The accounting for changes in their fair value depends on their intended use. Gains and losses on derivatives that are designated and qualify as cash flow hedges are initially recorded in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into earnings when the hedged transaction occurs. Changes in the fair value of derivatives not designated as hedges, or those that cease to be effective, are recognized immediately in earnings.
INTEREST RATE PRODUCTS
We are exposed to cash flow interest rate risk on our variable-rate debt. To hedge this exposure, we use variable-to-fixed interest rate swaps. For these swaps, the gains or losses from changes in their fair value are reported in AOCI and are reclassified to interest expense in the period the hedged interest payments affect earnings.
In the event that a cash flow hedge is de-designated or terminated while the hedged item remains, the unrealized gain or loss on the hedge at the time of de-designation remains in AOCI and is amortized to interest expense on a straight-line basis over the remaining life of the hedged item. Conversely, if the hedged item becomes ineffective, the related gain or loss is immediately reclassified from AOCI to earnings.
INTEREST RATE SWAPS
The following table contains information on the outstanding interest rate swaps as of September 30, 2025:
Outstanding Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on DebtTotal Effective Interest Rate (b)
April 201610 years$100,000 2016 Incremental Term Loan1.50%1.75%3.25%
April 201610 years100,000 2016 Incremental Term Loan1.51%1.75%3.26%
February 20227 years200,000 
2021 Incremental Term Loan
0.67%1.92%2.59%
August 20244 years100,000 2015 Term Loan0.78%1.60%2.38%
August 20244 years50,000 2015 Term Loan0.64%1.60%2.24%
August 20244 years50,000 2015 Term Loan3.29%1.60%4.89%
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
(b)Rate is before estimated patronage payments.

The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Income Statement Location2025202420252024
Derivatives designated as cash flow hedges:
Interest rate productsOther comprehensive income (loss), relating to continuing operations$865 ($14,949)($4,821)$5,273 
Interest expense, net(4,614)(6,822)(13,654)(21,379)
37
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








During the next 12 months, the amount of the AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $11.9 million. The following table provides details of these expected reclassifications:
Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges:
Interest rate products (a)$11,908 
Total estimated net gain on derivatives contracts$11,908 
(a)    These reclassified amounts are expected to perfectly offset variable interest rate payments to debt holders, resulting in no net impact on our earnings or cash flows.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024:
Notional Amount
September 30, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Interest rate swaps$600,000 $600,000 
    The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024:
Location on Balance SheetFair Value Assets / (Liabilities) (a)
September 30, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Interest rate swapsOther current assets$2,634 — 
Other assets27,548 49,353 
Total derivative assets$30,182 $49,353 
(a)    See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES
We present derivative financial instruments at their gross fair values in the Consolidated Balance Sheets. These instruments are not subject to master netting arrangements that would permit the right of offset.
38
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








9.    FAIR VALUE MEASUREMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2025 and December 31, 2024, using market information valuation methodologies we believe are appropriate under GAAP:
 September 30, 2025December 31, 2024
Asset (Liability) (a)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Level 1Level 2Level 1Level 2
Cash and cash equivalents$919,582 $919,582 — $303,065 $303,065 — 
Restricted cash, current (b)— — — 19,366 19,366 — 
Restricted cash, non-current (b)677 677 — 676 676 — 
Current maturities of long-term debt (c)(199,969)— (200,000)— — — 
Long-term debt (c)(845,119)— (804,100)(1,044,410)— (980,970)
Interest rate swaps (d)30,182 — 30,182 49,353 — 49,353 
Noncontrolling interests in the Operating Partnership (e)46,242 — 46,242 51,843 — 51,843 
(a)We did not have Level 3 assets or liabilities at September 30, 2025 or December 31, 2024.
(b)Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information.
(c)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information.
(d)See Note 8 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.
(e)Noncontrolling interests in the Operating Partnership, representing ownership of Rayonier, L.P. units by parties other than the Company, are classified as temporary equity and are neither assets nor liabilities on the Company’s Consolidated Balance Sheets. See Note 5 — Noncontrolling Interests for additional information.

We use the following methods and assumptions in estimating the fair value of our financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.
Debt — The fair value of fixed-rate debt is determined using quoted market prices for debt with comparable terms and maturities. For variable-rate debt, the carrying value approximates fair value as the interest rate adjusts with market changes.
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows for each instrument at prevailing interest rates.
Noncontrolling interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined by using the period-end closing price of Rayonier Inc. common shares.
39
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








10.    CONTINGENCIES
We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

11.    ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES
Federal and state environmental laws in our operating areas hold current and former property owners liable for cleanup or restoration. These laws often impose “strict liability,” meaning owners or operators didn’t necessarily cause, and may not have even been aware of, the release of contaminated materials. Similarly, certain environmental laws allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners for natural resource damages (“NRD”) resulting from releases of contaminants on or from their property, regardless of culpability for the release. Like cleanup liability, NRD liability can attach to property due to such contamination.

Changes in environmental and NRD liabilities from December 31, 2024 to September 30, 2025 are shown below:
Port Gamble, WA
Non-current portion at December 31, 2024
$3,610
Plus: Current portion4,283
Total Balance at December 31, 2024
7,893
Expenditures charged to liabilities(4,109)
Increase to liabilities (a)2,688
Total Balance at September 30, 2025
6,472
Less: Current portion(2,284)
Non-current portion at September 30, 2025
$4,188
(a)The increase in liabilities resulted from revised environmental and NRD cost estimates recognized during the nine months ended September 30, 2025.

Upland mill site cleanup activities have been completed, and we anticipate that NRD restoration will be completed within the next year. Monitoring activities associated with the Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years. NRD costs are subject to change as the restoration projects progress. It is reasonably possible that these components of the liability may increase as construction continues. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount.

We do not currently anticipate any material loss in excess of the amounts accrued; however, we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.
40
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








12.    GUARANTEES
We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.
As of September 30, 2025, the following financial guarantees were outstanding:
Financial Commitments (a)Maximum Potential
Payment
Standby letters of credit (b)$7,646 
Surety bonds (c)45,790 
Total financial commitments$53,436 
(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement as the guarantees are dependent on our own performance.
(b)Approximately $6.3 million of the standby letters of credit provide credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements. These letters of credit will expire at various dates in 2025 and 2026 and will be renewed as required.
(c)Surety bonds primarily secure performance obligations for various operational activities and provide collateral for our Wildlight (Nassau County, Florida) and Heartwood (Richmond Hill, Georgia) development projects. These surety bonds expire on various dates through 2027 and are expected to be renewed as required.
41
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)










13.    HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS
We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.
Changes in higher and better use timberlands and real estate development investments from December 31, 2024 to September 30, 2025 are shown below:
Higher and Better Use Timberlands and Real Estate Development Investments
 Land and Timber Development InvestmentsTotal
Non-current portion at December 31, 2024
$86,832 $22,778 $109,610 
Plus: Current portion (a)1,402 28,206 29,608 
Total Balance at December 31, 2024
88,234 50,984 139,218 
Non-cash cost of land and improved development(1,197)(24,286)(25,483)
Amortization of parcel real estate development investments— (4,210)(4,210)
Timber depletion from harvesting activities and basis of timber sold in real estate sales(1,832)— (1,832)
Capitalized real estate development investments (b)— 15,681 15,681 
Capital expenditures (silviculture)98 — 98 
Intersegment transfers9,315 — 9,315 
Other (c)(7,048)— (7,048)
Total Balance at September 30, 2025
87,570 38,169 125,739 
Less: Current portion (a)(2,491)(13,712)(16,203)
Non-current portion at September 30, 2025
$85,079 $24,457 $109,536 
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 14 — Inventory for additional information.
(b)Capitalized real estate development investments include $0.7 million of capitalized interest and $3.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.
(c)Other includes a $7.0 million non-cash asset impairment charge recognized on certain Higher and Better Use Timberland assets located in Washington, which were acquired in the 2020 merger with Pope Resources. The Company identified indicators of impairment, principally observed decreases in the market value of the underlying real property assets. Accordingly, the Company performed a long-lived asset impairment analysis and determined that the carrying value of these assets exceeded their estimated fair value. The resulting impairment charge was measured as the amount by which the carrying value of the impaired assets exceeded their estimated fair value. The estimated fair value was determined using projected discounted future cash flows, incorporating relevant and updated market data as of the measurement date.

42
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








14.    INVENTORY
As of September 30, 2025 and December 31, 2024, our inventory consisted entirely of finished goods, as follows:
 September 30, 2025December 31, 2024
Finished goods inventory
Real estate inventory (a)$16,203 $29,608 
Log inventory— 1,271 
Total inventory$16,203 $30,879 
(a)Represents the cost of HBU real estate expected to be sold, including capitalized development investments. See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

15.    OTHER OPERATING INCOME (EXPENSE), NET
Other operating income (expense), net consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Gain (loss) on sale or disposal of property, plant and equipment$23 — ($105)$13 
Restructuring charges (a)— — (1,110)— 
Costs related to disposition initiatives (b)— (664)— (849)
Miscellaneous income, net290 1 144 21 
Total$313 ($663)($1,071)($815)
(a)Restructuring charges include severance costs related to workforce optimization initiatives.
(b)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.

43
RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








16.    INCOME TAXES

Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of September 30, 2025, Rayonier owns a 98.9% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.
Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax.
PROVISION FOR INCOME TAXES
The Company’s tax expense for continuing operations is principally related to state income tax. The following table contains the income tax (expense) benefit recognized on the Consolidated Statements of Income and Comprehensive Income (Loss):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Income tax (expense) benefit (a)— ($10)($291)$981 
(a)The nine months ended September 30, 2024 included a $1.2 million income tax benefit related to the pension settlement.
ANNUAL EFFECTIVE TAX RATE
The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items for its continuing operations:
 Nine Months Ended
September 30,
20252024
Annualized effective tax rate after discrete items0.6%(7.6%)
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RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








17.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2025 and the year ended December 31, 2024. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
Foreign currency translation (losses) gainsNet investment hedges of New Zealand subsidiaryCash flow hedgesEmployee benefit plansTotal Rayonier, L.P.Allocation of Operating PartnershipTotal Rayonier Inc.
Balance as of December 31, 2023
($19,533)$1,321 $55,846 ($9,616)$28,018 ($3,367)$24,651 
Other comprehensive (loss) income before reclassifications(31,616)— 13,713 (a)5,251 (12,652)163 (12,489)
Amounts reclassified from accumulated other comprehensive (loss) income— — (27,826)4,595 (b)(23,231)640 (22,591)
Net other comprehensive (loss) income(31,616)— (14,113)9,846 (35,883)803 (35,080)
Balance as of December 31, 2024
($51,149)$1,321 $41,733 $230 ($7,865)($2,564)($10,429)
Other comprehensive income (loss) before reclassifications19,766 — 1,265 (a)— 21,031 (93)20,938 
Amounts reclassified from accumulated other comprehensive (loss) income— — (12,749)(5)(b)(12,754)589 (12,165)
Amounts reclassified from accumulated other comprehensive (loss) income due to deconsolidation of discontinued operations31,383 (c)(1,321)(c)(994)(c)— 29,068 — 29,068 
Net other comprehensive income (loss)51,149 (1,321)(12,478)(5)37,345 496 37,841 
Balance as of
September 30, 2025
— — $29,255 $225 $29,480 ($2,068)$27,412 
(a)The nine months ended September 30, 2025 includes $4.8 million of other comprehensive loss related to interest rate products. The year ended December 31, 2024 included $21.8 million of other comprehensive income related to interest rate products. See Note 8 — Derivative Financial Instruments and Hedging Activities for additional information.
(b)This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. The year ended December 31, 2024 includes a pension settlement charge of $4.6 million, net of tax of $1.2 million.
(c)The nine months ended September 30, 2025 includes $29.1 million of other comprehensive loss related to the deconsolidation of discontinued operations that was reclassified from AOCI to gain on sale of discontinued operations in the Consolidated Statements of Income and Comprehensive Income (Loss).
45
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)








The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2025 and September 30, 2024:
Details about accumulated other comprehensive income (loss) componentsAmount reclassified from accumulated other comprehensive (loss) incomeAffected line item in the Income Statement
September 30, 2025September 30, 2024
Realized loss on foreign currency exchange contracts$1,592 $1,742 Income from operations of discontinued operations, net of tax
Realized loss on foreign currency option contracts40 13 Income from operations of discontinued operations, net of tax
Noncontrolling interests(376)(404)Comprehensive loss attributable to noncontrolling interests
Realized gain on interest rate contracts(13,654)(21,379)Interest expense, net
Income tax effect from net loss on foreign currency contracts(351)(378)Income from operations of discontinued operations, net of tax
Net gain on cash flow hedges reclassified from accumulated other comprehensive loss($12,749)($20,406)

46
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









18.    RESTRICTED CASH
Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary and cash held in escrow. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales.
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
September 30,December 31,September 30,
202520242024
Restricted cash, current:
Restricted cash deposited with LKE intermediary— $19,366 — 
Total restricted cash, current:— 19,366 — 
Restricted cash, non-current:
Restricted cash held in escrow677 676 676 
Restricted cash deposited with LKE intermediary— — 2,345 
Total restricted cash, non-current:677 676 3,021 
Total restricted cash shown in the Consolidated Balance Sheets677 20,042 3,021 
Cash and cash equivalents919,582 303,065 51,946 
Total cash, cash equivalents and restricted cash from continuing operations shown in the Consolidated Statements of Cash Flows$920,259 $323,107 $54,967 

19.    ASSETS HELD FOR SALE (EXCLUDING DISCONTINUED OPERATIONS)
Assets held for sale (excluding discontinued operations) comprise properties not included in inventory that are expected to be sold within 12 months and meet the held-for-sale criteria of ASC 360-10-45-9. The basis of these properties was $3.4 million and $5.4 million, as of September 30, 2025, and December 31, 2024, respectively. As the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized during the nine months ended September 30, 2025.
47

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)
When we refer to “Rayonier” or “the Company” we mean Rayonier Inc. and its consolidated subsidiaries. References to the “Operating Partnership” mean Rayonier, L.P. and its consolidated subsidiaries. References to “we,” “us,” or “our,” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership. References herein to “Notes to Financial Statements” refer to the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P. included in Item 1 of this report.
This MD&A is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors which may affect future results. Our MD&A should be read in conjunction with our Consolidated Financial Statements included in Item 1 of this report, our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and information contained in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”).
In March 2025, we entered into a purchase and sale agreement to divest our entire 77% interest in the New Zealand joint venture. On June 30, 2025, we completed the sale. Accordingly, the New Zealand joint venture’s financial results are reported as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
Unless otherwise noted, amounts and disclosures throughout this MD&A relate to our continuing operations. See Note 2 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture.
Effective during the third quarter of 2025, the previously reported Trading segment’s log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber and Pacific Northwest Timber segments. All prior amounts have been reclassified to reflect the newly aligned segment structure. See Note 3 — Segment and Geographical Information for additional information.
FORWARD-LOOKING STATEMENTS
Certain statements in this document regarding anticipated financial outcomes, including our earnings guidance, if any, business and market conditions, outlook, expected dividend rate, our acquisition and disposition activity, including the ability to realize the intended benefits of our proposed merger with PotlatchDeltic Corporation and the risk that we may fail to complete the proposed merger on the terms contemplated or at all, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of our business strategies, including the recent sale of the entities holding our interest in the New Zealand joint venture and the anticipated use of proceeds from such sale, and other similar statements relating to our future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The risk factors contained in Item 1A — Risk Factors in our 2024 Form 10-K, as well as the risk factor contained in Part II, Item 1A — Risk Factors in this quarterly report on Form 10-Q, and similar discussions included in other reports that we subsequently file with the SEC, among others, could cause actual results or events to differ materially from our historical experience and those expressed in forward-looking statements made in this document.
Forward-looking statements are only as of the date they are made, and we undertake no duty to update our forward-looking statements except as required by law. You are advised, however, to review any subsequent disclosures we make on related subjects in subsequent reports filed with the SEC.

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NON-GAAP MEASURES
To supplement our financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP measures, including “Cash Available for Distribution,” and “Adjusted EBITDA,” which are defined and further explained in Performance and Liquidity Indicators below. Reconciliation of such measures to the nearest GAAP measures can also be found in Performance and Liquidity Indicators below. Our definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
OBJECTIVE
The objective of the Management’s Discussion and Analysis is to detail material information, events, uncertainties and other factors impacting the Company and the Operating Partnership and to provide investors an understanding of “Management’s perspective.” Item 2, Management’s Discussion and Analysis highlights the critical areas for evaluating our performance which includes a discussion on the reportable segments, liquidity and capital, and critical accounting estimates. The MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and notes.

OUR COMPANY
    We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the United States. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We conduct our business through an umbrella partnership real estate investment trust (“UPREIT”) structure in which our assets are owned by our Operating Partnership and its subsidiaries. Rayonier manages the Operating Partnership as its sole general partner. Our revenues, operating income and cash flows are primarily derived from the following core business segments: Southern Timber, Pacific Northwest Timber, and Real Estate. Due to the sale of our entire 77% interest in the New Zealand joint venture, the results of our New Zealand operations have been reflected as discontinued operations. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments and Note 2 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture. As of September 30, 2025, we owned or leased under long-term agreements approximately 2.0 million acres of timberlands located in the U.S. South (1.72 million acres) and U.S. Pacific Northwest (307,000 acres).
SEGMENT INFORMATION
    The Southern Timber and Pacific Northwest Timber segments include all activities related to the harvesting of timber and other value-added activities such as the licensing of properties for hunting, the leasing of properties for mineral extraction and cell towers, revenue from land-based solutions such as carbon capture and storage and solar energy, and log trading activities conducted from the U.S. South and Pacific Northwest.
    The Real Estate segment includes all land sales disaggregated into six sales categories: Improved Development, Unimproved Development, Rural, Timberland & Non-Strategic, Conservation Easements and Large Dispositions. It also includes residential and commercial lease activity, primarily in the town of Port Gamble, Washington.
ENVIRONMENTAL MATTERS
For a full description of our environmental matters, see Item 1 - “Business” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our sustainability report located at our Responsible Stewardship webpage.

49

CRITICAL ACCOUNTING ESTIMATES
    The preparation of financial statements requires us to make estimates, assumptions and judgments that affect our assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data and trends, current fact patterns, expectations and other sources of information we believe are reasonable. Actual results may differ from these estimates. For a full description of our critical accounting policies, see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
See Note 1 — Basis of Presentation for a summary of recently issued accounting standards.
INDUSTRY AND MARKET CONDITIONS
    The demand for timber is directly related to the underlying demand for pulp, paper, packaging, lumber and other wood products. The significant majority of timber sold in our Southern Timber segment is consumed domestically. With a higher proportion of pulpwood, our Southern Timber segment relies heavily on downstream markets for pulp and paper, lumber, and to a lesser extent wood pellets. Our Pacific Northwest Timber segment relies primarily on domestic lumber customers but demand for log exports to Asia-Pacific countries can also contribute to demand in the region. The Southern Timber and Pacific Northwest Timber segments are sensitive to the strength of U.S. lumber markets, which are closely tied to housing starts. The strength of U.S. lumber markets could also be affected by a 10% ad valorem duty on softwood timber and lumber imports that came into effect on October 14, 2025, following an investigation authorized under Section 232 of the Trade Expansion Act of 1962 arising from Executive Order 14223 Addressing the Threat to National Security from Imports of Timber, Lumber, and Their Derivative Products (March 1, 2025). These tariffs, along with increased duties on Canadian lumber from the sixth administrative review of the anti-dumping and countervailing order on softwood lumber from Canada, could increase lumber prices and/or increase U.S. domestic production of wood products to meet domestic demand, which could likewise increase domestic log demand and pricing. However, this could potentially be partially offset by softer end-market demand due to increased construction costs and/or weaker overall market conditions stemming from changes in trade policy and/or broader economic uncertainty.
Pricing within our timber segments is subject to broad macroeconomic influences and local market conditions. Residential construction activity is a key macroeconomic factor. Locally, prices can fluctuate based on weather patterns, available log inventories, mill demand, and access to export markets. Currently, in our Southern Timber segment, pine stumpage realizations continue to be constrained by softer overall demand for pulpwood and sawtimber, recent mill closures and the lingering effects of significant salvage activity earlier in the year. Meanwhile, the Pacific Northwest Timber segment has seen generally stable weighted-average delivered log prices due to balanced supply and demand. While Executive Order 14225, Immediate Expansion of American Timber Production (March 1, 2025) could increase the supply of available timber from federal lands, any potential impacts would likely be most prevalent in the Pacific Northwest. Further, despite the potential long-term increase in the supply of available timber, significant logistical and infrastructure-related challenges will likely limit near-term market impacts.
We are also subject to the risk of price fluctuations in key operational costs, which primarily include logging and transportation (cut and haul). Additionally, our cost of sales is significantly influenced by the cost basis of timber sold (depletion) and real estate sold. Depletion represents the amortization of capitalized site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs. The cost basis of real estate sold includes land costs and direct development and construction expenses for specific projects, including infrastructure, roadways, utilities, amenities and other improvements. While our timber and real estate sales are not directly subject to tariffs, to the extent that goods and/or services that we purchase in our operations are impacted by tariffs, this could lead to higher costs in our operations if vendors look to pass-through any such increased costs resulting from tariffs. Other costs include amortization of capitalized road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, fire prevention and real estate commissions and closing costs.
Our Real Estate segment is exposed to changes in interest and mortgage rates, which could negatively impact buyer demand. However, our improved development projects, Wildlight, north of Jacksonville, Florida, and Heartwood, south of Savannah, Georgia, continue to benefit from favorable migration and demographic trends, which have so far outweighed the impacts of higher interest rates.
For additional information on market conditions impacting our business, see Results of Operations.
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DISCUSSION OF TIMBER INVENTORY AND SUSTAINABLE YIELD
    See Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield in our 2024 Form 10-K.
OUR TIMBERLANDS
    Our timber operations are disaggregated into two geographically distinct segments: Southern Timber and Pacific Northwest Timber. The following tables provide a breakdown of our timberland holdings as of September 30, 2025 and December 31, 2024.
(acres in 000s)As of September 30, 2025As of December 31, 2024
OwnedLeasedTotalOwnedLeasedTotal
Southern
Alabama248 3 251 250 3 253 
Arkansas— 1 1 — 2 2 
Florida337 30 367 360 35 395 
Georgia610 49 659 611 49 660 
Louisiana146 — 146 146 — 146 
South Carolina15 — 15 15 — 15 
Texas276 — 276 279 — 279 
1,632 83 1,715 1,661 89 1,750 
Pacific Northwest
Oregon6 — 6 6 — 6 
Washington299 2 301 299 3 302 
305 2 307 305 3 308 
New Zealand (a)— — — 178 234 412 
Total1,937 85 2,022 2,144 326 2,470 
(a)Represents legal acres owned and leased by our 77% New Zealand joint venture interest, which was sold on June 30, 2025. See Note 2 — Discontinued Operations for additional information.





















51


The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2024 to September 30, 2025:
(acres in 000s)Acres Owned
December 31, 2024
AcquisitionsSales
September 30, 2025
Southern
Alabama250 — (2)248 
Florida360 — (23)337 
Georgia611 — (1)610 
Louisiana146 — — 146 
South Carolina15 — — 15 
Texas279 — (3)276 
1,661 — (29)1,632 
Pacific Northwest
Oregon6 — — 6 
Washington299 — — 299 
305 — — 305 
New Zealand (a)178 — (178)— 
Total 2,144 — (207)1,937 
(a)Represents legal acres owned by our 77% New Zealand joint venture interest, which was sold on June 30, 2025. See Note 2 — Discontinued Operations for additional information.

(acres in 000s)Acres Leased
December 31, 2024
New LeasesSold/Expired Leases (a)
September 30, 2025
Southern
Alabama3 — — 3 
Arkansas2 — (1)1 
Florida35 — (5)30 
Georgia49 — — 49 
89 — (6)83 
Pacific Northwest
Washington (b)3 — (1)2 
New Zealand (c)234— (234)— 
Total 326 — (241)85 
(a)Southern includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres. New Zealand includes the impact of the sale of our New Zealand subsidiary.
(b)Primarily timber reservations acquired in the merger with Pope Resources.
(c)Represents legal acres leased by our 77% New Zealand joint venture interest, which was sold on June 30, 2025. See Note 2 — Discontinued Operations for additional information.

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RESULTS OF OPERATIONS
CONSOLIDATED RESULTS
The following table provides key financial information by segment and on a consolidated basis:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Financial Information (in millions)2025202420252024
Sales
Southern Timber$66.8 $62.4 $171.1 $192.5 
Pacific Northwest Timber19.9 31.6 65.5 83.8 
Real Estate
Improved Development20.6 12.0 32.4 16.4 
Unimproved Development — — 3.0 — 
Rural7.3 13.8 28.3 30.0 
Timberland & Non-Strategic53.5 — 53.5 0.6 
Conservation Easement— 1.1 — 1.1 
Deferred Revenue/Other (a)9.4 3.2 13.2 13.0 
Total Real Estate90.8 30.1 130.4 61.1 
Total Sales$177.5 $124.1 $367.0 $337.4 
Operating Income (Loss)
Southern Timber$22.5 $19.8 $45.3 $59.9 
Pacific Northwest Timber1.8 0.8 3.5 (5.0)
Real Estate (b)26.4 8.6 35.2 9.0 
Corporate and Other (c)(9.0)(10.4)(27.7)(31.9)
Operating Income41.7 18.8 56.3 32.0 
Interest expense, net(6.8)(9.2)(19.7)(27.2)
Interest income9.8 1.1 15.0 4.8 
Other miscellaneous (expense) income, net (d)(1.0)11.5 (3.4)3.3 
Income tax (expense) benefit (e)— — (0.3)1.0 
Income from continuing operations43.7 22.2 47.9 13.9 
Income from operations of discontinued operations, net of tax — 8.2 1.9 21.9 
Gain on sale of discontinued operations— — 404.4 — 
Income from discontinued operations— 8.2 406.3 21.9 
Net Income43.7 30.4 454.2 35.8 
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates— (1.3)0.2 (3.3)
Net Income Attributable to Rayonier, L.P.$43.7 $29.1 $454.4 $32.5 
Less: Net income attributable to noncontrolling interests in the Operating Partnership(0.5)(0.3)(5.9)(0.5)
Net Income Attributable to Rayonier Inc.$43.2 $28.8 $448.5 $32.0 
Adjusted EBITDA (f)
Southern Timber$42.7 $37.9 $98.1 $116.6 
Pacific Northwest Timber6.4 8.7 19.1 19.3 
Real Estate73.8 19.9 94.4 29.0 
Corporate and Other(8.6)(9.3)(25.4)(29.8)
Total Adjusted EBITDA$114.3 $57.2 $186.2 $135.2 
(a)Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to residential and commercial lease revenue.
(b)The three and nine months ended September 30, 2025 includes a $7.0 million asset impairment charge.
(c)The nine months ended September 30, 2025 includes $1.1 million of restructuring charges. The three and nine months ended September 30, 2024 includes $0.7 million and $0.8 million, respectively, of costs related to disposition initiatives.
(d)The nine months ended September 30, 2025 includes $1.7 million of net costs associated with legal settlements. The three months ended September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges.
(e)The nine months ended September 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
(f)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
53
Three Months Ended
September 30,		Nine Months Ended
September 30,
Southern Timber Overview *2025202420252024
Sales Volume (in thousands of tons) (a)
Pine Pulpwood912 909 2,558 2,851 
Pine Sawtimber901 583 2,251 2,207 
Total Pine Volume1,813 1,492 4,809 5,058 
Hardwood131 79 314 194 
Total Volume1,944 1,570 5,123 5,252 
% Delivered Volume (vs. Total Volume)32%36%35%32%
% Pine Sawtimber Volume (vs. Total Pine Volume)50%39%47%44%
% Export Volume (vs. Total Volume) (b)— ——1%
Net Stumpage Pricing (dollars per ton) (a)(c)
Pine Pulpwood$13.77 $17.21 $13.65 $17.13 
Pine Sawtimber26.73 27.46 26.50 29.38 
Weighted Average Pine$20.20 $21.22 $19.66 $22.48 
Hardwood14.43 12.35 13.10 12.47 
Weighted Average Total$19.81 $20.77 $19.26 $22.11 
Summary Financial Data (in millions of dollars)
Timber Sales$52.2 $45.4 $137.9 $156.1 
Less: Cut and Haul(13.8)(12.5)(39.5)(37.7)
Less: Port and Freight— (0.4)— (2.4)
Net Stumpage Sales$38.4 $32.5 $98.4 $116.0 
Trading Sales— 0.4 — 1.2 
Land-Based Solutions (d)2.8 2.8 8.4 7.1 
Other Non-Timber Sales11.8 13.9 24.9 28.1 
Total Sales$66.8 $62.4 $171.1 $192.5 
Operating Income$22.5 $19.8 $45.3 $59.9 
(+) Depreciation, depletion and amortization20.1 18.1 52.8 56.7 
Adjusted EBITDA (e)$42.7 $37.9 $98.1 $116.6 
Other Data
Period-End Acres (in thousands)1,715 1,843 1,715 1,843 
*Prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S.South due to the elimination of the Trading segment.
(a)Excludes log trading activities.
(b)Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
(c)Pulpwood and sawtimber product pricing for composite stumpage sales is estimated based on market data.
(d)Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
(e)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.


54
Three Months Ended
September 30,		Nine Months Ended
September 30,
Pacific Northwest Timber Overview *2025202420252024
Sales Volume (in thousands of tons) (a)
Pulpwood33 42 113 145 
Domestic Sawtimber (b)177 268 606 756 
Export Sawtimber— 9 1 28 
Total Volume210 319 719 929 
% Delivered Volume (vs. Total Volume)94%78%93%85%
% Sawtimber Volume (vs. Total Volume)84%87%84%84%
% Export Volume (vs. Total Volume) (c)1%8%1%7%
Delivered Log Pricing (in dollars per ton) (a)
Pulpwood$36.12 $30.14 $32.39 $29.85 
Domestic Sawtimber100.16 95.27 95.37 90.06 
Export Sawtimber (d)— 138.00 84.07 137.77 
Weighted Average Log Price$89.91 $88.06 $85.50 $82.13 
Summary Financial Data (in millions of dollars)
Timber Sales$18.3 $25.7 $59.9 $72.8 
Less: Cut and Haul(8.4)(10.1)(27.6)(31.1)
Less: Port and Freight— (0.6)— (1.8)
Net Stumpage Sales$9.9 $15.0 $32.3 $39.9 
Trading Sales— 4.4 1.8 7.1 
Land-Based Solutions— — 0.1 — 
Other Non-Timber Sales1.6 1.5 3.8 3.9 
Total Sales$19.9 $31.6 $65.5 $83.8 
Operating Income (Loss)$1.8 $0.8 $3.5 ($5.0)
(+) Depreciation, depletion and amortization4.6 7.8 15.6 24.3 
Adjusted EBITDA (e)$6.4 $8.7 $19.1 $19.3 
Other Data
Period-End Acres (in thousands)307 417 307 417 
Sawtimber (in dollars per MBF) (a)(f)$738 $663 $722 $660 
*Prior periods have been retrospectively adjusted for financial impacts of log trading activities in the U.S. Pacific Northwest due to the elimination of the Trading segment.
(a)Excludes log trading activities.
(b)Includes volumes sold to third-party exporters.
(c)Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
(d)Pricing is reported on a CFR basis (i.e., inclusive of export costs and freight).
(e)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
(f)Delivered Sawtimber excluding chip-n-saw.
55
Three Months Ended
September 30,		Nine Months Ended
September 30,
Real Estate Overview *2025202420252024
Sales (in millions of dollars)
Improved Development (a)$20.6 $12.0 $32.4 $16.4 
Unimproved Development— — 3.0 — 
Rural7.3 13.8 28.3 30.0 
Timberland & Non-Strategic53.5 — 53.5 0.6 
Conservation Easement— 1.1 — 1.1 
Deferred Revenue/Other (b)9.4 3.2 13.2 13.0 
Total Sales$90.8 $30.1 $130.4 $61.1 
Acres Sold
Improved Development (a)227.1 116.0 331.5 176.9 
Unimproved Development — — 311 — 
Rural1,520 2,800 5,398 5,737 
Timberland & Non-Strategic21,601 — 21,601 430 
Total Acres Sold23,348 2,916 27,642 6,344 
Gross Price per Acre (dollars per acre)
Improved Development (a)$90,675 $103,421 $97,656 $92,701 
Unimproved Development — — 9,635 — 
Rural4,811 4,916 5,245 5,223 
Timberland & Non-Strategic2,477 — 2,477 1,421 
Weighted Average (Total)$3,486 $8,835 $4,239 $7,405 
Weighted Average (Adjusted) (c)$2,630 $4,916 $3,106 $4,958 
Operating Income$26.4 $8.6 $35.2 $9.0 
(+) Asset impairment charge (d)7.0 — 7.0 — 
(+) Depreciation, depletion and amortization9.6 1.5 12.1 3.8 
(+) Non-cash cost of land and improved development30.7 9.8 40.0 16.2 
Adjusted EBITDA (e)$73.8 $19.9 $94.4 $29.0 
* All periods presented exclude results from our 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Note 2 — Discontinued Operations for additional information.
(a)Reflects land with capital invested in infrastructure improvements.
(b)Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to residential and commercial lease revenue.
(c)Excludes Improved Development.
(d)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
(e)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
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Three Months Ended
September 30,		Nine Months Ended
September 30,
Capital Expenditures By Segment (in millions of dollars) *2025202420252024
Timber Capital Expenditures
Southern Timber
Reforestation, silviculture and other capital expenditures$7.0 $5.5 $17.9 $19.6 
Property taxes2.2 2.0 5.9 5.9 
Lease payments0.1 0.1 0.4 0.6 
Allocated overhead1.6 1.5 4.4 4.7 
Subtotal Southern Timber$10.9 $9.1 $28.6 $30.7 
Pacific Northwest Timber
Reforestation, silviculture and other capital expenditures0.9 1.0 4.0 5.1 
Property taxes0.1 0.1 0.3 0.4 
Allocated overhead0.7 1.1 2.1 3.7 
Subtotal Pacific Northwest Timber$1.7 $2.2 $6.3 $9.2 
Total Timber Segments Capital Expenditures$12.6 $11.3 $34.9 $40.0 
Real Estate— 0.1 0.1 0.2 
Corporate— — — 0.1 
Total Capital Expenditures$12.6 $11.4 $35.0 $40.3 
Timberland Acquisitions
Southern Timber— 3.6 — 3.6 
Timberland Acquisitions— $3.6 — $3.6 
Real Estate Development Investments (a)
$3.7 $8.9 $11.9 $19.1 
*All periods presented exclude results from our 77% New Zealand joint venture interest, which was sold on June 30, 2025 and is reflected as Discontinued Operations in the Consolidated Financial Statements. See Note 2 — Discontinued Operations for additional information.
(a)Represents investments in master infrastructure or entitlements in our real estate development projects. Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.
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Three Months Ended
September 30,		Nine Months Ended
September 30,
Discontinued Operations *2025202420252024
Summary Financial Data by Historical Segment (in millions of dollars)
New Zealand Timber
Timber Sales— $57.9 $101.6 $149.2 
Less: Cut and Haul— (23.3)(42.1)(60.8)
Less: Port and Freight— (21.1)(30.7)(51.3)
Net Stumpage Sales— $13.5 $28.9 $37.1 
Carbon Credit Sales— 8.6 — 16.4 
Other Non-Timber Sales— 0.3 0.5 0.6 
Total New Zealand Timber Sales— $66.8 $102.2 $166.3 
Real Estate
Land Sales— — — 15.5 
Total Real Estate Sales— — — $15.5 
Trading
Trading Sales— 3.8 6.6 16.6 
Non-Timber Sales— 0.4 0.5 1.1 
Total Trading Sales— $4.2 $7.2 $17.7 
Corporate / Intersegment Eliminations
Non-Timber Sales— (0.1)— (0.2)
Total Corporate / Intersegment Eliminations— ($0.1)— ($0.2)
Total sales from discontinued operations— $70.9 $109.3 $199.3 
Income from operations of discontinued operations, net of tax— $8.2 $1.9 $21.9 
Gain on sale of discontinued operations— — 404.4 — 
Income from discontinued operations— $8.2 $406.3 $21.9 
*Due to the Company's sale of the entities that hold its entire 77% New Zealand joint venture interest, which was completed on June 30, 2025, New Zealand operating results are classified as Discontinued Operations in our Consolidated Financial Statements for all periods presented.

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    The following tables summarize sales, operating income (loss) and Adjusted EBITDA variances for September 30, 2025 versus September 30, 2024 (millions of dollars):
SalesSouthern TimberPacific Northwest TimberReal EstateTotal
Three Months Ended
September 30, 2024
$62.4 $31.6 $30.1 $124.1 
Volume7.4 (9.5)173.7 171.6 
Price(1.8)0.1 (119.0)(120.7)
Non-timber sales (a)(2.0)0.1 — (1.9)
Other0.8 (b)(2.4)(b)6.0 (c)4.4 
Three Months Ended
September 30, 2025
$66.8 $19.9 $90.8 $177.5 
(a)For the Southern Timber segment, includes sales from carbon capture and storage ("CCS") and solar energy contracts.
(b)Includes variance due to stumpage versus delivered sales.
(c)Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue.

SalesSouthern TimberPacific Northwest TimberReal EstateTotal
Nine Months Ended
September 30, 2024
$192.5 $83.8 $61.1 $337.4 
Volume(4.1)(13.3)150.2 132.8 
Price(14.5)0.8 (81.2)(94.9)
Non-timber sales (a)(2.0)0.1 — (1.9)
Other(0.8)(b)(5.9)(b)0.3 (c)(6.4)
Nine Months Ended
September 30, 2025
$171.1 $65.5 $130.4 $367.0 
(a)For the Southern Timber segment, includes sales from carbon capture and storage ("CCS") and solar energy contracts.
(b)Includes variance due to stumpage versus delivered sales.
(c)Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue.

Operating IncomeSouthern TimberPacific Northwest TimberReal EstateCorporate and OtherTotal
Three Months Ended
September 30, 2024
$19.8 $0.8 $8.6 ($10.4)$18.8 
Volume3.7 (1.4)101.6 — 103.9 
Price (a)(1.8)0.1 (119.0)— (120.7)
Cost0.4 1.6 (6.3)0.8 (3.5)
Non-timber income (b)(1.5)0.1 — — (1.4)
Depreciation, depletion & amortization1.9 0.6 1.0 — 3.5 
Non-cash cost of land and improved development— — 41.2 — 41.2 
Other (c)— — (0.7)0.7 — 
Three Months Ended
September 30, 2025
$22.5 $1.8 $26.4 ($9.0)$41.7 
(a)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(b)For the Southern Timber segment, includes income from carbon capture and storage (“CCS”) and solar energy contracts.
(c)Real Estate includes a $7.0 million asset impairment charge in the current year. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue. Corporate and Other includes $0.7 million of costs related to disposition initiatives in the prior year period.
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Operating Income (Loss)Southern TimberPacific Northwest TimberReal EstateCorporate and OtherTotal
Nine Months Ended
September 30, 2024
$59.9 ($5.0)$9.0 ($31.9)$32.0 
Volume(1.5)(1.6)90.6 — 87.5 
Price (a)(14.5)1.7 (81.2)— (94.0)
Cost 0.3 5.0 (5.9)4.4 3.8 
Non-timber income (b)(1.4)0.1 — — (1.3)
Depreciation, depletion & amortization2.5 3.3 3.3 0.1 9.2 
Non-cash cost of land and improved development— — 22.5 — 22.5 
Other (c)— — (3.1)(0.3)(3.4)
Nine Months Ended
September 30, 2025
$45.3 $3.5 $35.2 ($27.7)$56.3 
(a)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(b)For the Southern Timber segment, includes income from carbon capture and storage (“CCS”) and solar energy contracts.
(c)Real Estate includes a $7.0 million asset impairment charge in the current year. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue. Corporate and Other includes $1.1 million of restructuring charges in the current period, compared to $0.8 million of costs related to disposition initiatives in the prior year period.

Adjusted EBITDA (a)Southern TimberPacific Northwest TimberReal EstateCorporate and OtherTotal
Three Months Ended
September 30, 2024
$37.9 $8.7 $19.9 ($9.3)$57.2 
Volume7.7 (4.1)173.7 — 177.3 
Price (b)(1.8)0.1 (119.0)— (120.7)
Cost 0.4 1.6 (6.3)0.8 (3.5)
Non-timber income (c)(1.5)0.1 — — (1.4)
Other (d)— — 5.5 — 5.5 
Three Months Ended
September 30, 2025
$42.7 $6.4 $73.8 ($8.6)$114.3 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(c)For the Southern Timber segment, includes income from carbon capture and storage (“CCS”) and solar energy contracts.
(d)Real Estate includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue.

Adjusted EBITDA (a) Southern TimberPacific Northwest TimberReal EstateCorporate and OtherTotal
Nine Months Ended
September 30, 2024
$116.6 $19.3 $29.0 ($29.8)$135.2 
Volume(2.9)(7.0)150.2 — 140.3 
Price (b)(14.5)1.7 (81.2)— (94.0)
Cost0.3 5.0 (5.9)4.4 3.8 
Non-timber income (c)(1.4)0.1 — — (1.3)
Other (d)— — 2.3 — 2.3 
Nine Months Ended
September 30, 2025
$98.1 $19.1 $94.4 ($25.4)$186.2 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(c)For the Southern Timber segment, includes income from carbon capture and storage (“CCS”) and solar energy contracts.
(d)Real Estate includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales in addition to Conservation Easement sales and residential and commercial lease revenue.
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SOUTHERN TIMBER
    Third quarter sales of $66.8 million increased $4.4 million, or 7%, versus the prior year period. Harvest volumes increased 24% to 1.94 million tons versus 1.57 million tons in the prior year period, as production improved due to drier weather conditions and increased demand for green logs as salvage operations in our Atlantic region subsided. Average pine sawtimber stumpage realizations decreased 3% to $26.73 per ton versus $27.46 per ton in the prior year period due to a combination of softer demand from Southern sawmills and lingering effects on log pricing following significant salvage activity earlier this year. Average pine pulpwood stumpage realizations decreased 20% to $13.77 per ton versus $17.21 per ton in the prior year period, driven by softer demand from pulp mills following recent mill closures, the lingering effects of salvage activity, and a less favorable geographic mix. Overall, weighted-average net stumpage realizations (including hardwood) decreased 5% to $19.81 per ton versus $20.77 per ton in the prior year period, as lower pulpwood pricing was partially offset by a higher proportion of sawtimber volume. Operating income of $22.5 million increased $2.8 million versus the prior year period due to higher volumes ($3.7 million), lower depletion expense ($1.9 million), and lower costs ($0.4 million), partially offset by lower net stumpage realizations ($1.8 million) and lower non-timber income ($1.5 million). Third quarter Adjusted EBITDA of $42.7 million was 13%, or $4.8 million, above the prior year period.

Year-to-date sales of $171.1 million decreased $21.4 million, or 11%, versus the prior year period. Harvest volumes decreased 2% to 5.12 million tons versus 5.25 million tons in the prior year period, primarily due to softer mill demand coupled with the impact of the Large Disposition we completed in Oklahoma in late 2024. Average pine sawtimber stumpage realizations decreased 10% to $26.50 per ton versus $29.38 per ton in the prior year period due to a combination of softer demand from Southern sawmills and competing log supply from salvage timber. Average pine pulpwood stumpage realizations decreased 20% to $13.65 per ton versus $17.13 per ton in the prior year period, driven by the impact of salvage volume on the market and softer demand from pulp mills. Overall, weighted-average stumpage realizations (including hardwood) decreased 13% to $19.26 per ton versus $22.11 per ton in the prior year period. Operating income of $45.3 million decreased $14.6 million versus the prior year period due to lower net stumpage realizations ($14.5 million), lower volumes ($1.5 million), and lower non-timber income ($1.4 million), partially offset by lower depletion expense ($2.5 million) and lower costs ($0.3 million). Year-to-date Adjusted EBITDA of $98.1 million was 16%, or $18.5 million, below the prior year period.
PACIFIC NORTHWEST TIMBER
Third quarter sales of $19.9 million decreased $11.7 million, or 37%, versus the prior year period. Harvest volumes decreased 34% to 210,000 tons versus 319,000 tons in the prior year period, primarily due to the impact of the Large Dispositions completed in the fourth quarter of 2024. Average delivered prices for domestic sawtimber increased 5% to $100.16 per ton versus $95.27 per ton in the prior year period, primarily due to a favorable species mix. Average delivered pulpwood prices increased 20% to $36.12 per ton versus $30.14 per ton in the prior year period, primarily due to reduced sawmill residuals on the market. Operating income of $1.8 million increased $0.9 million versus the prior year period due to lower costs ($1.6 million), lower depletion expense ($0.6 million), higher net stumpage realizations ($0.1 million), and higher non-timber income ($0.1 million), partially offset by lower volumes ($1.4 million). Third quarter Adjusted EBITDA of $6.4 million was 26%, or $2.3 million, below the prior year period.

Year-to-date sales of $65.5 million decreased $18.3 million, or 22%, versus the prior year period. Harvest volumes decreased 23% to 719,000 tons versus 929,000 tons in the prior year period, primarily due to the impact of the Large Dispositions completed in the fourth quarter of 2024. Average delivered prices for domestic sawtimber increased 6% to $95.37 per ton versus $90.06 per ton in the prior year period, primarily due to improved demand from domestic lumber mills in anticipation of additional duties on Canadian lumber and a favorable geographic mix. Average delivered pulpwood prices increased 9% to $32.39 per ton versus $29.85 per ton in the prior year period, primarily due to reduced sawmill residuals and modestly improved supply/demand dynamics. Operating income of $3.5 million versus an operating loss of $5.0 million in the prior year period was driven by lower costs ($5.0 million), lower depletion expense ($3.3 million), higher net stumpage realizations ($1.7 million), and higher non-timber income ($0.1 million), partially offset by lower volumes ($1.6 million). Year-to-date Adjusted EBITDA of $19.1 million was 1%, or $0.2 million, below the prior year period.



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REAL ESTATE
Third quarter sales of $90.8 million increased $60.7 million versus the prior year period, while operating income of $26.4 million increased $17.8 million versus the prior year period. Sales and operating income increased versus the prior year period primarily due to higher acres sold (23,348 acres sold versus 2,916 acres sold in the prior year period) partially offset by lower weighted-average prices ($3,486 per acre versus $8,835 per acre in the prior year period).
Improved Development sales of $20.6 million included $16.5 million from the Wildlight development project north of Jacksonville, Florida, $3.7 million from the Heartwood development project south of Savannah, Georgia, and $0.4 million from the sale of a two-acre commercial-use parcel in Kitsap County, Washington ($206,000 per acre). Sales in Wildlight consisted of three residential pod sales totaling 212 acres ($78,000 per acre), while sales in Heartwood consisted of a 14-acre parcel for a senior living community ($271,000 per acre). This compares to Improved Development sales of $12.0 million in the prior year period.
Rural sales of $7.3 million consisted of 1,520 acres at an average price of $4,811 per acre. This compares to prior year period sales of $13.8 million, which consisted of 2,800 acres at an average price of $4,916 per acre.
Timberland & Non-Strategic sales of $53.5 million consisted of a 21,601-acre transaction in Florida sold to a conservation-oriented buyer for $2,477 per acre. This property was deemed non-strategic due to its low plantability, young age-class distribution, and distance from core holdings in the region. There were no Timberland & Non-Strategic sales in the prior year period.
Third quarter Adjusted EBITDA of $73.8 million increased $53.9 million versus the prior year period.
Year-to-date sales of $130.4 million increased $69.3 million versus the prior year period, while operating income of $35.2 million increased $26.2 million versus the prior year period. Sales and operating income increased in the first nine months primarily due to higher acres sold (27,642 acres sold versus 6,344 acres sold in the prior year period), partially offset by lower weighted-average prices ($4,239 per acre versus $7,405 per acre in the prior year period). Year-to-date Adjusted EBITDA of $94.4 million increased $65.4 million versus the prior year period.
OTHER ITEMS
CORPORATE AND OTHER EXPENSE
    Third quarter corporate and other operating expenses of $9.0 million decreased $1.4 million versus the prior year period, primarily due to lower compensation and benefits expenses and $0.7 million of costs related to disposition initiatives in the prior year quarter.
Year-to-date corporate and other operating expenses of $27.7 million decreased $4.2 million versus the prior year period, primarily due to lower compensation and benefits expenses. The current year period includes $1.1 million of restructuring charges, while the prior year period included $0.8 million of costs related to disposition initiatives. The restructuring charges were related to our previously announced workforce optimization initiative, which was effectuated during the first quarter.
INTEREST EXPENSE, NET
    Third quarter and year-to-date interest expense of $6.8 million and $19.7 million decreased $2.4 million and $7.5 million, respectively, versus the prior year period, primarily due to lower average outstanding debt.
INTEREST INCOME
Third quarter and year-to-date interest income of $9.8 million and $15.0 million increased $8.7 million and $10.3 million, respectively, versus the prior year period, primarily due to a higher cash balance following the Large Dispositions completed in late 2024 and the sale of the Company’s New Zealand joint venture interest in the second quarter of 2025.

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OTHER MISCELLANEOUS (EXPENSE) INCOME, NET
Third quarter other miscellaneous expense of $1.0 million compares to prior year period other miscellaneous income of $11.5 million, which included $12.0 million of net recoveries associated with legal settlements, partially offset by $0.3 million of pension settlement charges.
Year-to-date other miscellaneous expense of $3.4 million includes $1.7 million of net costs associated with legal settlements. This compares to prior year period other miscellaneous income of $3.3 million, which included $9.6 million of net recoveries associated with legal settlements, partially offset by $6.0 million of pension settlement charges.
INCOME TAX (EXPENSE) BENEFIT
    Year-to-date income tax expense of $0.3 million versus income tax benefit of $1.0 million in the prior year period was primarily due to a $1.2 million tax benefit associated with the Company’s pension plan termination and settlement in the prior year period.
INCOME FROM DISCONTINUED OPERATIONS
Discontinued operations relates to the sale of our New Zealand joint venture, which was completed on June 30, 2025. Third quarter prior year period income from operations of discontinued operations, net of tax was $8.2 million.
Year-to-date income of $406.3 million includes a $404.4 million gain on the sale of the Company’s New Zealand joint venture interest and $1.9 million of income from operations of discontinued operations, net of tax. This compares to prior year period income from operations of discontinued operations, net of tax of $21.9 million. See Note 2 — Discontinued Operations for additional information.
SHARE REPURCHASES
During the third quarter, the Company repurchased approximately 1.2 million shares at an average price of $24.55 per share, or $30.1 million in total. As of September 30, 2025, the Company had approximately 153.9 million common shares outstanding, 1.7 million Redeemable Operating Partnership Units outstanding, and $232.3 million remaining on its current share repurchase authorization.
Year-to-date, the Company repurchased approximately 2.8 million shares at an average price of $24.21 per share, or $67.7 million in total.
OUTLOOK
In our Southern Timber segment, we expect lower anticipated harvest volumes and continued softness in end-market demand. In our Pacific Northwest Timber segment, the anticipated improvement in lumber markets following the increase in duties on Canadian lumber imports has been slower to materialize than previously expected. In our Real Estate segment, we remain encouraged by our transaction pipeline for the remainder of the year.
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LIQUIDITY AND CAPITAL RESOURCES
    Our principal source of cash is cash flow from operations, primarily the harvesting of timber and sales of real estate. As an UPREIT, our main use of cash is dividends and unitholder distributions. We also use cash to maintain the productivity of our timberlands through replanting and silviculture. Our operations have generally produced consistent cash flow and required limited capital resources. Short-term borrowings have helped fund working capital needs, while acquisitions of timberlands generally require funding from external sources or Large Dispositions.
SUMMARY OF LIQUIDITY AND FINANCING COMMITMENTS
September 30,December 31,
(millions of dollars)20252024
Cash and cash equivalents$919.6 $303.1 
Total debt (a)1,050.0 1,050.0 
Noncontrolling interests in the Operating Partnership
46.2 51.8 
Shareholders’ equity2,278.7 1,780.5 
Total capitalization (total debt plus permanent and temporary equity)3,374.9 2,882.3 
Debt to capital ratio31%36%
Net debt to enterprise value (b)(c)3%16%
(a)Total debt as of September 30, 2025 and December 31, 2024 reflects principal on long-term debt and current maturities of long-term debt, gross of deferred financing costs and unamortized discounts.
(b)Net debt is calculated as total debt less cash and cash equivalents.
(c)Enterprise value based on market capitalization (including Rayonier, L.P. “OP” units) plus net debt based on Rayonier’s share price of $26.54 and $26.10 as of September 30, 2025 and December 31, 2024, respectively.
AT-THE-MARKET (“ATM”) EQUITY OFFERING PROGRAM
On November 4, 2022 we entered into a new distribution agreement with a group of sales agents through which we may sell common shares, from time to time, having an aggregate sales price of up to $300 million (the “2022 ATM Program”). As of September 30, 2025, $269.7 million remains available for issuance under the 2022 ATM Program. There were no common shares issued under the ATM program during the three and nine months ended September 30, 2025 and 2024.

CASH FLOWS
The following table summarizes our cash flows from operating, investing and financing activities for the nine months ended September 30, 2025 and 2024:
(millions of dollars)20252024
Cash provided by (used for):
Operating activities$204.9 $173.8 
Investing activities642.9 (74.8)
Financing activities(272.1)(229.9)

CASH PROVIDED BY OPERATING ACTIVITIES
    Cash provided by operating activities increased $31.1 million from the prior year period, primarily due to higher operating results and changes in working capital.
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
    Cash provided by investing activities was $642.9 million in the current period compared to cash used for investing activities of $74.8 million in the prior year period, due to net proceeds on the sale of the Company’s New Zealand joint venture interest ($688.3 million), higher cash provided by the sale of property, plant and equipment and other investing activities ($7.6 million), lower real estate development investments ($7.2 million), lower capital expenditures from discontinued operations ($5.8 million), lower capital expenditures from continuing operations ($5.2 million) and lower cash used for timberland acquisitions ($3.6 million).
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CASH USED FOR FINANCING ACTIVITIES
    Cash used for financing activities increased $42.2 million from the prior year period. This is primarily due to increases in share repurchases ($66.2 million), higher dividends paid on common shares ($37.3 million), higher debt issuance costs ($0.8 million) and higher distributions to noncontrolling interests in the Operating Partnership ($0.3 million), partially offset by lower repayments of debt ($60.0 million) and lower distributions to noncontrolling interests in consolidated affiliates ($2.4 million).
FUTURE USES OF CASH
We expect future uses of cash to include working capital requirements, principal and interest payments on long-term debt, lease payments, capital expenditures, real estate development investments, timberland acquisitions, dividends on Rayonier Inc. common shares and distributions on Rayonier, L.P. units, and repurchases of the Company’s common shares to satisfy other commitments.

Significant long-term uses of cash include the following (in millions):
Future uses of cash (in millions)TotalPayments Due by Period
20252026-20272028-2029Thereafter
Long-term debt (a)$850.0 — — $400.0 $450.0 
Current maturities of long-term debt (b)200.0 — 200.0 — — 
Interest payments on long-term debt (c)158.7 15.4 78.3 46.2 18.8 
Operating leases — timberland (d)23.0 2.2 5.5 4.2 11.1 
Operating leases — PP&E, offices (d)0.4 0.1 0.3 — — 
Commitments — real estate projects76.2 13.7 38.3 14.8 9.4 
Commitments — environmental remediation (e)6.5 0.8 2.2 0.6 2.9 
Commitments — other (f)2.6 0.5 1.5 0.2 0.4 
Total $1,317.4 $32.7 $326.1 $466.0 $492.6 
(a)The book value of long-term debt, net of deferred financing costs and unamortized discounts, is currently recorded at $845.1 million on our Consolidated Balance Sheets, but upon maturity the liability will be $850.0 million. See Note 7 - Debt for additional information.
(b)The book value of current maturities of long-term debt is currently recorded on our Consolidated Balance Sheets net of an immaterial amount of deferred financing costs. See Note 7 - Debt for additional information.
(c)Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of September 30, 2025 and excludes the impact of hedging.
(d)Excludes anticipated renewal options.
(e)Commitments — environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages in Port Gamble, Washington. See Note 11 - Environmental and Natural Resource Damage Liabilities for additional information.
(f)Commitments — other includes other purchase obligations.

We expect to fund future uses of cash with a combination of existing cash balances, cash generated by operating activities, the remaining issuances available under the Company’s ATM Program, Large Dispositions and the use of our Revolving Credit Facility. We believe we have sufficient sources of funding to meet our business requirements for the next 12 months and in the longer term.


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EXPECTED 2025 EXPENDITURES
Capital expenditures in 2025 are expected to be between $50 million and $54 million, excluding any strategic timberland acquisitions we may make. Capital expenditures are expected to primarily consist of seedling planting, fertilization and other silvicultural activities, property taxes, lease payments, allocated overhead and other capitalized costs. Aside from capital expenditures, we may also acquire timberland as we actively evaluate acquisition opportunities.
We anticipate real estate development investments in 2025 to be between $22 million and $26 million, net of reimbursements from community development bonds. Expected real estate development investments are primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida and Heartwood, our mixed-use development project located in Richmond Hill just south of Savannah, Georgia.
Our 2025 dividend payments on Rayonier Inc. common shares and distributions to Rayonier, L.P. unitholders, excluding the additional dividend and distribution paid on January 30, 2025 to holders of record on December 12, 2024 and the additional dividend and distribution payable on December 12, 2025 to holders of record on October 24, 2025, are expected to be approximately $170 million and $2 million, respectively, assuming no change in the quarterly dividend rate of $0.2725 per share or partnership unit, or material changes in the number of shares or partnership units outstanding.
Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, as well as general market conditions and other considerations including capital allocation priorities.
OFF-BALANCE SHEET ARRANGEMENTS
We utilize off-balance sheet arrangements to provide credit support for certain suppliers and vendors in case of their default on critical obligations, and collateral for outstanding claims under our previous workers’ compensation self-insurance programs. These arrangements consist of standby letters of credit and surety bonds. As part of our ongoing operations, we also periodically issue guarantees to third parties. Off-balance sheet arrangements are not considered a source of liquidity or capital resources and do not expose us to material risks or material unfavorable financial impacts. See Note 12 — Guarantees for details on the letters of credit and surety bonds as of September 30, 2025.

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SUMMARY OF GUARANTOR FINANCIAL INFORMATION
In May 2021, Rayonier, L.P. issued $450 million of 2.75% Senior Notes due 2031 (the “Senior Notes due 2031”). Rayonier TRS Holdings Inc., Rayonier Inc., and Rayonier Operating Company, LLC agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. in regards to the Senior Notes due 2031. As a general partner of Rayonier, L.P., Rayonier Inc. consolidates Rayonier, L.P. and has no material assets or liabilities other than its interest in Rayonier, L.P. These notes are unsecured and unsubordinated and will rank equally with all other unsecured and unsubordinated indebtedness from time to time outstanding.
Rayonier, L.P. is a limited partnership, in which Rayonier Inc. is the general partner. The operating subsidiaries of Rayonier, L.P. conduct all of our operations. Rayonier, L.P.’s most significant assets are its interest in operating subsidiaries, which have been excluded in the table below to eliminate intercompany transactions between the issuer and guarantors and to exclude investments in non-guarantors. As a result, our ability to make required payments on the notes depends on the performance of our operating subsidiaries and their ability to distribute funds to us. There are no material restrictions on dividends from the operating subsidiaries.
The summarized balance sheet information for the consolidated obligor group of debt issued by Rayonier, L.P. for the nine months ended September 30, 2025 and year ended December 31, 2024 are provided in the table below:
(in millions)September 30, 2025December 31, 2024
Current assets$931.1 $311.9 
Non-current assets69.7 93.1 
Current liabilities224.2 293.8 
Non-current liabilities2,424.8 2,341.5 
Due to non-guarantors1,555.8 1,273.3 
The summarized results of operations information for the consolidated obligor group of debt issued by Rayonier, L.P. for the nine months ended September 30, 2025 and year ended December 31, 2024 are provided in the table below:
(in millions)September 30, 2025December 31, 2024
Cost and expenses($23.7)($35.4)
Operating loss(23.7)(35.4)
Net loss(27.1)(60.2)
Revenue from non-guarantors476.3 1,263.0 
LIQUIDITY FACILITIES
See Note 7 — Debt for information on liquidity facilities and other outstanding debt, as well as information on covenants that must be met in connection with our Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement and Revolving Credit Facility.
RESTRICTED CASH
See Note 18 — Restricted Cash for further information regarding the funds deposited with a third-party intermediary and cash held in escrow.




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PERFORMANCE AND LIQUIDITY INDICATORS
The discussion below is presented to enhance the reader’s understanding of our operating performance, liquidity, and ability to generate cash and satisfy rating agency and creditor requirements. This information includes two measures of financial results: Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) and Cash Available for Distribution (“CAD”). These measures are not defined by Generally Accepted Accounting Principles (“GAAP”), and the discussion of Adjusted EBITDA and CAD is not intended to conflict with or change any of the GAAP disclosures described above.
Management uses Adjusted EBITDA as a performance measure. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company’s ongoing operating results. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense and income, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges, costs related to disposition initiatives and Large Dispositions.
Management uses CAD as a liquidity measure. CAD is a non-GAAP measure of cash generated during a period that is available for common share dividends, distributions to Operating Partnership unitholders, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is not necessarily indicative of the CAD that may be generated in future periods.
We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income (Loss) for the segments, as those are the most comparable GAAP measures for each. The following table provides a reconciliation of Net Income to Adjusted EBITDA for the respective periods (in millions of dollars):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Net Income to Adjusted EBITDA Reconciliation
Net Income$43.7 $30.4 $454.2 $35.8 
Income from operations of discontinued operations, net of tax (a)— (8.2)(1.9)(21.9)
Gain on sale of discontinued operations (b)— — (404.4)— 
Interest, net and miscellaneous (income) expense(3.0)8.1 4.7 22.4 
Income tax expense (benefit) (c)— — 0.3 (1.0)
Depreciation, depletion and amortization34.8 27.9 81.7 86.1 
Non-cash cost of land and improved development30.7 9.8 40.0 16.2 
Non-operating expense (income) (d)1.0 (11.5)3.4 (3.3)
Asset impairment charge (e)7.0 — 7.0 — 
Restructuring charges (f)— — 1.1 — 
Costs related to disposition initiatives (g)— 0.7 — 0.8 
Adjusted EBITDA$114.3 $57.2 $186.2 $135.2 
(a)Income from operations of discontinued operations, net of tax includes income generated by the Company's New Zealand joint venture interest, which was classified as discontinued operations prior to its June 30, 2025 disposition.
(b)Gain on sale of discontinued operations reflects the net gain recognized on the sale of the Company’s New Zealand joint venture interest.
(c)The nine months ended September 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
(d)The nine months ended September 30, 2025 includes $1.7 million of net costs associated with legal settlements. The three months ended September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges.
(e)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
(f)Restructuring charges include severance costs related to workforce optimization initiatives.
(g)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.
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The following tables provide a reconciliation of Operating Income (Loss) by segment to Adjusted EBITDA by segment for the respective periods (in millions of dollars):
Three Months EndedSouthern TimberPacific Northwest TimberReal EstateCorporate
and
Other		Total
September 30, 2025
Operating income$22.5 $1.8 $26.4 ($9.0)$41.7 
Depreciation, depletion and amortization20.1 4.6 9.6 0.4 34.8 
Non-cash cost of land and improved development— — 30.7 — 30.7 
Asset impairment charge (a)— — 7.0 — 7.0 
Adjusted EBITDA $42.7 $6.4 $73.8 ($8.6)$114.3 
September 30, 2024
Operating income$19.8 $0.8 $8.6 ($10.4)$18.8 
Depreciation, depletion and amortization18.1 7.8 1.5 0.4 27.9 
Non-cash cost of land and improved development— — 9.8 — 9.8 
Costs related to disposition initiatives (b)— — — 0.7 0.7 
Adjusted EBITDA$37.9 $8.7 $19.9 ($9.3)$57.2 
(a)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
(b)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.
Nine Months EndedSouthern TimberPacific Northwest TimberReal EstateCorporate
and
Other		Total
September 30, 2025
Operating income$45.3 $3.5 $35.2 ($27.7)$56.3 
Depreciation, depletion and amortization52.8 15.6 12.1 1.3 81.7 
Non-cash cost of land and improved development— — 40.0 — 40.0 
Asset impairment charge (a)— — 7.0 — 7.0 
Restructuring charges (b)— — — 1.1 1.1 
Adjusted EBITDA $98.1 $19.1 $94.4 ($25.4)$186.2 
September 30, 2024
Operating income (loss)$59.9 ($5.0)$9.0 ($31.9)$32.0 
Depreciation, depletion and amortization56.7 24.3 3.8 1.3 86.1 
Non-cash cost of land and improved development— — 16.2 — 16.2 
Costs related to disposition initiatives (c)— — — 0.8 0.8 
Adjusted EBITDA$116.6 $19.3 $29.0 ($29.8)$135.2 
(a)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
(b)Restructuring charges include severance costs related to workforce optimization initiatives.
(c)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.


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The following table provides a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):
Nine Months Ended September 30,
 20252024
Cash provided by operating activities$204.9 $173.8 
Cash provided by operating activities from discontinued operations(8.9)(38.9)
Capital expenditures (a)(35.0)(40.3)
Working capital and other balance sheet changes(7.5)(17.5)
CAD$153.5 $77.1 
Mandatory debt repayments— — 
CAD after mandatory debt repayments$153.5 $77.1 
Cash provided by (used for) investing activities$642.9 ($74.8)
Cash used for financing activities($272.1)($229.9)
(a)Capital expenditures exclude timberland acquisitions and real estate development investments.

The following table provides supplemental cash flow data (in millions of dollars):
Nine Months Ended September 30,
 20252024
Real Estate Development Investments ($11.9)($19.1)
Distributions to noncontrolling interests in consolidated affiliates(3.1)(5.5)
Purchase of timberlands— (3.6)


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Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    We are exposed to various market risks, including changes in interest rates and commodity prices. Our objective is to minimize the economic impact of these market risks. We use derivatives in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. Derivatives are managed by a senior executive committee whose responsibilities include initiating, managing and monitoring resulting exposures. We do not enter into financial instruments for trading or speculative purposes.
Interest Rate Risk
    We are exposed to interest rate risk through our variable rate debt due to changes in SOFR. However, we use interest rate swaps to manage our exposure to interest rate movements on our term credit agreements by swapping existing and anticipated future borrowings from floating rates to fixed rates. As of September 30, 2025, we had $600 million of U.S. variable rate debt outstanding on our term credit agreements.
The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at September 30, 2025 was also $600 million. Refer to Note 8 — Derivative Financial Instruments and Hedging Activities for additional information regarding these interest rate swaps. At this current borrowing and derivatives level, a hypothetical one-percentage point increase/decrease in interest rates would result in no corresponding increase/decrease in interest payments and expense over a 12-month period.
    The fair market value of our fixed interest rate debt is also subject to interest rate risk. The estimated fair value of our fixed rate debt at September 30, 2025 was $404.1 million compared to the $450.0 million principal amount. We use interest rates of debt with similar terms and maturities to estimate the fair value of our debt. Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at September 30, 2025 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $20 million and $21 million, respectively.
    We estimate the periodic effective interest rate on our fixed and variable rate debt to be approximately 2.4% after consideration of interest rate swaps and estimated patronage and excluding unused commitment fees on the Revolving Credit Facility.
        The following table summarizes our outstanding debt, interest rate swaps and average interest rates, by year of expected maturity and their fair values at September 30, 2025:
(Dollars in thousands)20252026202720282029ThereafterTotalFair Value
Variable rate debt:
Principal amounts— $200,000 — $200,000 $200,000 — $600,000 $600,000 
Average interest rate (a)(b)— 6.09%— 5.94%6.26%— 6.10%
Fixed rate debt:
Principal amounts— — — — — $450,000 $450,000 $404,100 
Average interest rate (b)— — — — —2.75%2.75%
Interest rate swaps:
Notional amount— $200,000 — $200,000 $200,000 — $600,000 $30,182 
Average pay rate (b)—1.50%— 1.37%0.67%— 1.18%
Average receive rate (c)—4.34%— 4.34%4.34%— 4.34%
(a)    Excludes estimated patronage refunds.
(b)    Interest rates as of September 30, 2025.
(c)    Average Daily Simple SOFR rate as of September 30, 2025 based on a 30-day look back period.

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Item 4.    CONTROLS AND PROCEDURES
Rayonier Inc.
DISCLOSURE CONTROLS AND PROCEDURES
Rayonier’s management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by the Company in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of September 30, 2025.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
In the quarter ended September 30, 2025, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in our internal control over financial reporting that would materially affect or are reasonably likely to materially affect our internal control over financial reporting.

Rayonier, L.P.
DISCLOSURE CONTROLS AND PROCEDURES
The Operating Partnership is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by Rayonier, L.P. in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Operating Partnership’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of September 30, 2025.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
In the quarter ended September 30, 2025, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in internal control over financial reporting that would materially affect or are reasonably likely to materially affect internal control over financial reporting.

PART II.    OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS

The information set forth in Note 10 — Contingencies and in Note 11 — Environmental and Natural Resource Damage Liabilities in the “Notes to Consolidated Financial Statements” under Item 1 of Part I of this report is incorporated herein by reference.
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Item 1A.     RISK FACTORS
Our operations are subject to a number of risks. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in this Quarterly Report on Form 10-Q. If any of the events described in the following risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. The information presented below updates the risk factors set forth in Part I, “Item 1A. Risk Factors,” of our 2024 Form 10-K.
We are subject to various risks related to the proposed merger transaction with PotlatchDeltic.
As described elsewhere in this quarterly report on Form 10-Q, the Company has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PotlatchDeltic Corporation, a Delaware corporation (“PotlatchDeltic”), pursuant to which the Company and PotlatchDeltic will combine in a merger of equals transaction. The risks, contingencies and other uncertainties that could result in the failure of the transactions anticipated in the Merger Agreement (the “Proposed Merger Transactions”) to be completed or, if completed, that could have a material adverse effect on the results of operations, cash flows and financial position of the Company following the Proposed Merger Transactions, and any anticipated benefits of the Proposed Merger Transactions to the Company, include:

•the failure to obtain necessary regulatory or other approvals of the Proposed Merger Transactions, which could result in a material delay in, or the abandonment of, the Proposed Merger Transactions or otherwise have a material adverse effect on Rayonier or PotlatchDeltic, or if obtained, the possibility of Rayonier being subjected to conditions that could reduce or delay the expected cost savings and other benefits of the Proposed Merger Transactions;

•the failure to obtain necessary Rayonier and PotlatchDeltic shareholder approvals in connection with the transactions contemplated by the Proposed Merger Transaction;

•the failure to satisfy required closing conditions or complete the Proposed Merger Transactions in a timely manner or at all, which may also result in unanticipated expenditures of funds and other resources and/or reduce the benefit of the Proposed Merger Transactions, even if ultimately consummated;

•the risk that if consummation of the Proposed Merger Transactions is delayed or not completed at all for any reason, the Company will have expended time and resources that could have otherwise been spent on the Company’s existing business and the pursuit of other opportunities that could have been beneficial to the Company, and the Company’s ongoing business and financial results may therefore be adversely affected;

•the effect of the announcement of the Proposed Merger Transactions on each company’s ability to retain and hire key personnel, maintain business relationships, and on operating results and business generally;

•the risk that the Company may not be able to maintain its investment grade rating;

•the fact that the Merger Agreement restricts the Company from entering into certain corporate transactions and taking other specified actions without the consent of PotlatchDeltic, and generally requires the Company to use commercially reasonable efforts to carry on its business in the ordinary course through the completion of the Merger, and that these restrictions could be in place for an extended period of time if completion of the Merger is delayed and could prevent the Company from pursuing attractive business opportunities that may arise prior to the completion of the Proposed Merger Transactions;

•the risk that litigation relating to the Proposed Merger Transactions, if any, could result in an injunction preventing the completion of the Proposed Merger Transactions and/or substantial costs;

•the fact that the Merger Agreement limits the Company’s ability to pursue alternatives to the Proposed Merger Transactions, may discourage other companies from trying to acquire the Company and, in specified circumstances, could require the Company to pay PotlatchDeltic a termination fee;

•the potential impact of the Proposed Merger Transactions on the stock price of the Company and the dividends expected to be paid to Company shareholders in the future;

•the failure to realize projected cost savings and other benefits from the Proposed Merger Transactions;

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•the incurrence of significant pre- and post-transaction related costs in connection with the Proposed Merger Transactions that are, and will be, incurred regardless of whether the Proposed Merger Transactions are completed, including, among others, fees paid to financial, legal and accounting advisors and filing fees, as well as costs related to formulating and implementing integration plans; and

•the occurrence of any event giving rise to the right of a party to terminate the Merger Agreement.
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Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Rayonier Inc.
REGISTERED SALES OF EQUITY SECURITIES

From time to time, the Company may issue common shares in exchange for units in the Operating Partnership. Such shares are issued based on an exchange ratio of one common share for each unit in the Operating Partnership. During the quarter ended September 30, 2025, the Company issued 334,594 common shares in exchange for an equal number of units in the Operating Partnership pursuant to the agreement of the Operating Partnership.
ISSUER REPURCHASES OF EQUITY SECURITIES

In December 2024, the Board of Directors approved the repurchase of up to $300 million of Rayonier’s common shares (the “new repurchase program”) to be made at management’s discretion. The new authorization replaced and superseded the Company’s prior $100 million share repurchase program. Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The new repurchase program has no time limit and may be suspended for periods or discontinued at any time. There were 1,226,384 shares repurchased under this program in the third quarter of 2025. As of September 30, 2025, there was $232.3 million, or approximately 8,754,564 shares based on the period-end closing stock price of $26.54, remaining under this program.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended September 30, 2025:
PeriodTotal Number of Shares Purchased (a)Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c)
July 1 to July 31630,068 $23.50 629,995 10,624,024 
August 1 to August 31300,007 25.27 299,893 9,135,016 
September 1 to September 30296,607 26.04 296,496 8,754,564 
Total1,226,682 1,226,384 
(a)Includes 298 shares repurchased to satisfy tax withholding obligations arising from the vesting of shares under the Rayonier Incentive Stock Plan. The repurchase price for each share was based on the Company’s common share closing price on the respective vesting dates.
(b)Purchases made in open-market transactions under the $300 million share repurchase program announced on December 2, 2024.
(c)Maximum number of shares authorized to be purchased under the new share repurchase program at the end of July, August and September are based on month-end closing stock prices of $23.31, $26.28, and $26.54, respectively.

Rayonier, L.P.
UNREGISTERED SALES OF EQUITY SECURITIES

There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended September 30, 2025.
ISSUER REPURCHASES OF EQUITY SECURITIES

Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their units in the Operating Partnership for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis. During the quarter ended September 30, 2025, 334,594 units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.

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Item 5.    OTHER INFORMATION
Insider Trading Arrangements and Policies

None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended September 30, 2025, as such terms are defined under item 408(a) of Regulation S-K.

Retention Award

On November 4, 2025, the Board of Directors of Rayonier and the Compensation and Management Development Committee of the Board of Directors of Rayonier jointly approved a special cash retention award payable to April Tice, Senior Vice President and Chief Financial Officer of Rayonier, in the amount of $850,000 (the “Retention Award”) pursuant to a retention agreement with the Company (the “Retention Agreement”) in order to incentivize Ms. Tice to remain employed with the Company following the completion of the Proposed Merger Transactions described elsewhere in this report. Under the Retention Agreement, the Retention Award will vest on the second anniversary of the closing of the Proposed Merger Transactions (the “Retention Date”). In the event Ms. Tice is terminated from the Company without “cause” (as defined in Rayonier’s Executive Severance Pay Plan in which Ms. Tice participates), Ms. Tice will be entitled to full payment of the Retention Award, subject to certain conditions provided for in the Retention Agreement. In the event Ms. Tice’s employment is terminated prior to the Retention Date for any other reason except as provided for above, or if the Merger Agreement is terminated without the occurrence of the Proposed Merger Transactions, Ms. Tice will forfeit the right to receive the Retention Award. The Retention Agreement does not modify any existing employment, severance or other agreement between the Company and Ms. Tice.

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Table of Contents
Item 6.    EXHIBITS
2.1 Incorporated by reference to Exhibit 2.1 to the Registrant’s October 14, 2025 Form 8-K
10.1 Incorporated by reference to Exhibit 10.1 to the Registrant’s August 20, 2025 Form 8-K
10.2 Filed herewith
10.3 Incorporated by reference to Exhibit 10.1 to the Registrant’s October 14, 2025 Form 8-K
10.4 Incorporated by reference to Exhibit 10.2 to the Registrant’s October 14, 2025 Form 8-K
10.5 Filed herewith
22.1 Incorporated by reference to Exhibit 22.1 to the Registrant’s June 30, 2022 Form 10-Q
31.1 Filed herewith
31.2 Filed herewith
31.3 Filed herewith
31.4 Filed herewith
32.1 Furnished herewith
32.2 Furnished herewith
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Table of Contents
101 
The following financial information from Rayonier Inc. and Rayonier, L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, formatted in Inline Extensible Business Reporting Language (“iXBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 of Rayonier Inc.; (ii) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 of Rayonier Inc.; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2025 and 2024 of Rayonier Inc.; (iv) the Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 of Rayonier Inc.; (v) the Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 of Rayonier, L.P.; (vi) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 of Rayonier, L.P.; (vii) the Consolidated Statements of Changes in Capital for the Nine Months Ended September 30, 2025 and 2024 of Rayonier, L.P.; (viii) the Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 of Rayonier, L.P.; and (ix) the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P.
Filed herewith
104 
The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended September 30, 2025, formatted in Inline XBRL (included as Exhibit 101).
Filed herewith
† Schedules (or similar attachments) have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Rayonier hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the Securities and Exchange Commission.
* Management contract or compensatory plan.
78
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
RAYONIER INC.
By:
/s/ APRIL TICE
April Tice
Senior Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial and Accounting Officer)
Date: November 7, 2025

RAYONIER, L.P.
By: RAYONIER INC., its sole general partner
By:
/s/ APRIL TICE
April Tice
Senior Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial and Accounting Officer)
Date: November 7, 2025





79

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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