Companies: 11,396     total market cap: $150.916 T
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Rayonier
RYN
#2725
Rank
$6.36 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$21.45
Share price
-0.46%
Change (1 day)
-0.46%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Rayonier
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-11-06

Rayonier - 10-Q quarterly report FY


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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, 2026
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 30, 2026, Rayonier Inc. had 295,091,442 Common Shares outstanding. As of October 30, 2026, Rayonier, L.P. had 1,610,399 Units outstanding.



EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2026 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, effective December 31, 2004. We operate as an umbrella partnership REIT (“UPREIT”), conducting substantially all business 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, 2026, the Company owned a 99.5% interest in the Operating Partnership, with the remaining 0.5% 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, 2026 and 2025
1
Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025
2
Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Nine Months Ended September 30, 2026 and 2025
3
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025
7
Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2026 and 2025
9
Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025
10
Consolidated Statements of Changes in Capital for the Quarters and Nine Months Ended September 30, 2026 and 2025
11
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025
13
15
2.
63
3.
93
4.
94
PART II - OTHER INFORMATION
1.
95
2.
96
5.
97
6.
98
99
 
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,
2026202520262025
SALES (NOTE 5)
$565,567 $177,531 $1,238,833 $366,990 
Costs and Expenses
Cost of sales(385,369)(119,126)(936,519)(258,984)
Selling and general expenses(26,289)(17,008)(78,701)(50,621)
Other operating (expense) income, net (Note 20)
(7,005)313 (87,747)(1,071)
(418,663)(135,821)(1,102,967)(310,676)
OPERATING INCOME146,904 41,710 135,866 56,314 
Interest expense, net(16,659)(6,768)(47,870)(19,704)
Interest income3,996 9,806 15,997 15,009 
Other miscellaneous expense, net(2,573)(1,039)(2,197)(3,443)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES131,668 43,709 101,796 48,176 
Income tax (expense) benefit (Note 22)
(7,733)— 28,869 (291)
INCOME FROM CONTINUING OPERATIONS123,935 43,709 130,665 47,885 
DISCONTINUED OPERATIONS, NET (NOTE 3)
Income from operations of discontinued operations, net of tax— — — 1,883 
Gain on sale of discontinued operations— — — 404,463 
INCOME FROM DISCONTINUED OPERATIONS— — — 406,346 
NET INCOME123,935 43,709 130,665 454,231 
Less: Net income attributable to noncontrolling interests in the Operating Partnership(667)(522)(692)(5,952)
Less: Net loss attributable to noncontrolling interests in consolidated affiliates— — — 192 
NET INCOME ATTRIBUTABLE TO RAYONIER INC.123,268 43,187 129,973 448,471 
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect of $0, $0, $374 and $0
31,578 (3,748)44,068 (18,475)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $0
(2)(2)(5)(5)
OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
— — — 20,475 
Cash flow hedges, net of income tax effect of $0, $0, $0 and $3,531
— — — 9,080 
Deconsolidation of discontinued operations, net of income tax effect of $0, $0, $0 and $0
— — — 29,068 
Total other comprehensive income (loss)31,576 (3,750)44,063 40,143 
COMPREHENSIVE INCOME155,511 39,959 174,728 494,374 
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership(838)(477)(933)(6,450)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates— — — (2,605)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $154,673 $39,482 $173,795 $485,319 
EARNINGS PER COMMON SHARE (NOTE 7)
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations$0.41 $0.28 $0.46 $0.31 
Discontinued Operations— — — $2.60 
Net Income$0.41 $0.28 $0.46 $2.90 
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations$0.41 $0.28 $0.46 $0.30 
Discontinued Operations— — — $2.58 
Net Income$0.41 $0.28 $0.46 $2.88 
See Notes to Consolidated Financial Statements.
1

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
September 30, 2026December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents$361,350 $842,944 
Trade receivables, less allowance for doubtful accounts of $516 and $209
51,334 9,101 
Other receivables17,142 7,171 
Inventory (Note 16)
138,588 6,834 
Prepaid expenses19,260 9,873 
Assets held for sale (Note 25)
2,360 5,429 
Other current assets5,035 2,403 
Total current assets595,069 883,755 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION6,001,553 2,299,484 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
INVESTMENTS (NOTE 15)
169,069 126,090 
PROPERTY, PLANT AND EQUIPMENT
Land25,019 5,581 
Buildings120,353 24,493 
Machinery and equipment355,520 6,977 
Construction in progress13,012 2,386 
Total property, plant and equipment, gross513,904 39,437 
Less — accumulated depreciation(55,244)(20,909)
Total property, plant and equipment, net458,660 18,528 
RESTRICTED CASH, NON-CURRENT (NOTE 24)
514 495 
OPERATING LEASE RIGHT-OF-USE ASSETS (NOTE 17)
27,893 16,286 
OTHER ASSETS211,254 60,015 
TOTAL ASSETS$7,464,012 $3,404,653 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$41,322 $12,775 
Current maturities of long-term debt, net (Note 8)
138,750 199,982 
Accrued taxes17,280 5,070 
Accrued payroll and benefits49,891 15,740 
Accrued interest11,374 4,517 
Deferred revenue42,747 19,260 
Other current liabilities35,547 13,937 
Total current liabilities336,911 271,281 
LONG-TERM DEBT, NET (NOTE 8)
1,716,739 845,335 
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)
55,566 1,399 
LONG-TERM DEFERRED REVENUE12,278 9,600 
LONG-TERM DEFERRED TAX LIABILITIES, NET18,857 83 
OTHER NON-CURRENT LIABILITIES51,827 26,757 
COMMITMENTS AND CONTINGENCIES (NOTE 11 and 12)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 6)
38,397 40,463 
SHAREHOLDERS’ EQUITY
Common shares, 480,000,000 shares authorized, 295,901,780 and 161,425,616 shares issued and outstanding
5,153,943 1,904,376 
Retained earnings11,104 280,873 
Accumulated other comprehensive income (Note 23)
68,390 24,486 
TOTAL SHAREHOLDERS’ EQUITY5,233,437 2,209,735 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$7,464,012 $3,404,653 








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		Shareholders’
Equity
SharesAmount
Balance, January 1, 2026161,425,616 $1,904,376 $280,873 $24,486 $2,209,735 
Net loss— — (12,514)— (12,514)
Net loss attributable to noncontrolling interests in the Operating Partnership— — 82 — 82 
Dividends ($0.26 per share) (a)
— — (81,096)— (81,096)
Dividend equivalents on deferred stock— 93 (93)— — 
Issuance of common shares associated with the merger with PotlatchDeltic, net of equity issuance costs of $0.9 million
140,872,342 3,202,571 — — 3,202,571 
Replacement equity awards granted in connection with the merger with PotlatchDeltic — precombination service portion— 24,983 — — 24,983 
Issuance of common shares under incentive stock plans903,045 — — — — 
Stock-based incentive compensation— 15,413 — — 15,413 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(45,564)(1,006)— — (1,006)
Repurchase of common shares made under repurchase program(1,480,753)— (31,068)— (31,068)
Adjustment of noncontrolling interests in the Operating Partnership— — 1 — 1 
Conversion of units into common shares637 14 — — 14 
Pension and postretirement benefit plans— — — (1)(1)
Cash flow hedges, net of tax— — — 2,256 2,256 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (14)(14)
Balance, March 31, 2026301,675,323 $5,146,444 $156,185 $26,727 $5,329,356 
Net income— — 19,243 — 19,243 
Net income attributable to noncontrolling interests in the Operating Partnership— — (106)— (106)
Dividends ($0.26 per share) (a)
— — (77,989)— (77,989)
Dividend equivalents on deferred stock— 93 (93)— — 
Issuance of common shares under incentive stock plans490,627 — — — — 
Stock-based incentive compensation— 5,853 — — 5,853 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(107,583)(2,228)— — (2,228)
Repurchase of common shares made under repurchase program(3,455,482)— (72,392)— (72,392)
Adjustment of noncontrolling interests in the Operating Partnership— — 98 — 98 
Conversion of units into common shares4,293 87 — — 87 
Pension and postretirement benefit plans— — — (2)(2)
Cash flow hedges, net of tax— — — 10,234 10,234 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (2)(2)
Balance, June 30, 2026298,607,178 $5,150,249 $24,946 $36,957 $5,212,152 
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		Shareholders’
Equity
SharesAmount
Balance, June 30, 2026298,607,178 $5,150,249 $24,946 $36,957 $5,212,152 
Net income— — 123,935 — 123,935 
Net income attributable to noncontrolling interests in the Operating Partnership— — (667)— (667)
Dividends ($0.26 per share) (a)
— — (77,258)— (77,258)
Equity issuance costs— (250)— — (250)
Dividend equivalents on deferred stock— 95 (95)— — 
Issuance of common shares under incentive stock plans145,892 — — — — 
Stock-based incentive compensation— 3,945 — — 3,945 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(4,376)(96)— — (96)
Repurchase of common shares made under repurchase program(2,846,914)— (59,782)— (59,782)
Adjustment of noncontrolling interests in the Operating Partnership— — 25 — 25 
Pension and postretirement benefit plans— — — (2)(2)
Cash flow hedges— — — 31,578 31,578 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (143)(143)
Balance, September 30, 2026295,901,780 $5,153,943 $11,104 $68,390 $5,233,437 
(a)For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 6 — Noncontrolling Interests.

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 (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, net of tax— — — (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, net of tax— — — (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 
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 (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 6 — Noncontrolling Interests.
(b)Reflects the issuance of 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.
























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,
20262025
OPERATING ACTIVITIES
Net income$130,665 $454,231 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations206,963 81,731 
Depreciation, depletion and amortization from discontinued operations— 9,081 
Non-cash cost of land and improved development19,019 40,046 
Stock-based incentive compensation expense25,211 8,507 
Deferred income taxes(28,759)(2,571)
Timber write-offs resulting from casualty events2,284 — 
Income from large disposition of timberlands(90,645)— 
Interest received under swaps with other-than-insignificant financing element(16,610)— 
Gain on sale of discontinued operations— (404,463)
Asset impairment charge— 7,048 
Other28,087 15,692 
Changes in operating assets and liabilities:
Receivables(12,052)1,514 
Inventories(5,730)235 
Accounts payable18,106 (1,130)
All other operating activities(24,325)(5,049)
CASH PROVIDED BY OPERATING ACTIVITIES252,214 204,872 
INVESTING ACTIVITIES
Capital expenditures from continuing operations(70,112)(35,024)
Capital expenditures from discontinued operations— (7,098)
Real estate development investments(16,770)(11,888)
Net proceeds from large disposition of timberlands935 — 
Purchase of timberlands(11,524)— 
Net cash consideration for merger with PotlatchDeltic(24,769)— 
Interest received under swaps with other-than-insignificant financing element16,610 — 
Net proceeds on sale of discontinued operations (a)— 688,300 
Net proceeds on sale of property, plant and equipment57 4,146 
Other9,555 4,444 
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES(96,018)642,880 
FINANCING ACTIVITIES
Repayment of debt(227,500)— 
Dividends paid on common shares (b)(236,343)(195,378)
Distributions to noncontrolling interests in the Operating Partnership (c)(1,281)(2,505)
Equity issuance costs(1,116)— 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(3,330)(2,685)
Repurchase of common shares made under repurchase program(163,243)(67,654)
Payments made under finance leases(3,547)— 
Redemption of Operating Partnership units(1,411)— 
Distributions to noncontrolling interests in consolidated affiliates— (3,082)
Debt issuance costs— (779)
CASH USED FOR FINANCING ACTIVITIES(637,771)(272,083)
EFFECT OF EXCHANGE RATE CHANGES ON CASH— 1,390 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(481,575)577,059 
Balance from continuing operations, beginning of year843,439 323,107 
Balance from discontinued operations, beginning of year— 20,093 
Total Balance, beginning of year$843,439 $343,200 
Balance from continuing operations, end of period361,864 920,259 
Balance from discontinued operations, end of period— — 
Total Balance, end of period$361,864 $920,259 
(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.
7

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
(Dollars in thousands)

(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.
(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.

Nine Months Ended September 30,
20262025
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$19,913 $13,933 
Income taxes (b)704 4,038 
Non-cash operating activity:
 Right of use assets obtained for new operating lease liabilities4,518 — 
Non-cash investing activity:
Capital assets purchased on account8,083 5,372 
Timberlands acquired in exchange for timberlands sold141,766 — 
Non-cash finance activity:
Equity consideration for the merger with PotlatchDeltic3,228,420 — 
Right of use assets obtained for new finance lease liabilities3,037 — 
Issuance of common shares from special dividend— 200,454 
Issuance of Redeemable Operating Partnership Units from special distribution— 2,681 
(a)Interest paid includes patronage refunds received of $15.4 million and $7.9 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. For additional information on patronage refunds, see Note 8 — Debt in the 2025 Form 10-K. Interest paid for the nine months ended September 30, 2025 includes $1.5 million from discontinued operations.
(b)Income taxes paid for the nine months ended September 30, 2025 includes $3.8 million 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,
2026202520262025
SALES (NOTE 5)
$565,567 $177,531 $1,238,833 $366,990 
Costs and Expenses
Cost of sales(385,369)(119,126)(936,519)(258,984)
Selling and general expenses(26,289)(17,008)(78,701)(50,621)
Other operating (expense) income, net (Note 20)
(7,005)313 (87,747)(1,071)
(418,663)(135,821)(1,102,967)(310,676)
OPERATING INCOME146,904 41,710 135,866 56,314 
Interest expense, net(16,659)(6,768)(47,870)(19,704)
Interest income3,996 9,806 15,997 15,009 
Other miscellaneous expense, net(2,573)(1,039)(2,197)(3,443)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES131,668 43,709 101,796 48,176 
Income tax (expense) benefit (Note 22)
(7,733)— 28,869 (291)
INCOME FROM CONTINUING OPERATIONS123,935 43,709 130,665 47,885 
DISCONTINUED OPERATIONS, NET (NOTE 3)
Income from operations of discontinued operations, net of tax— — — 1,883 
Gain on sale of discontinued operations— — — 404,463 
INCOME FROM DISCONTINUED OPERATIONS— — — 406,346 
NET INCOME123,935 43,709 130,665 454,231 
Less: Net loss attributable to noncontrolling interests in consolidated affiliates— — — 192 
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS123,935 43,709 130,665 454,423 
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
Limited Partners122,696 43,272 129,358 449,879 
General Partner1,239 437 1,307 4,544 
Net income attributable to unitholders123,935 43,709 130,665 454,423 
OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO CONTINUING OPERATIONS
Cash flow hedges, net of income tax effect of $0, $0, $374 and $0
31,578 (3,748)44,068 (18,475)
Pension and postretirement benefit plans, net of income tax effect of $0, $0, $0 and $0
(2)(2)(5)(5)
OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
— — — 20,475 
Cash flow hedges, net of income tax effect of $0, $0, $0 and $3,531
— — — 9,080 
Deconsolidation of discontinued operations, net of income tax effect of $0, $0, $0 and $0
— — — 29,068 
Total other comprehensive income (loss)31,576 (3,750)44,063 40,143 
COMPREHENSIVE INCOME155,511 39,959 174,728 494,374 
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates— — — (2,605)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS$155,511 $39,959 $174,728 $491,769 
EARNINGS PER UNIT (NOTE 7)
BASIC EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER, L.P.
Continuing Operations$0.41 $0.28 $0.46 $0.31 
Discontinued Operations— — — $2.60 
Net Income$0.41 $0.28 $0.46 $2.90 
DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER, L.P.
Continuing Operations$0.41 $0.28 $0.46 $0.30 
Discontinued Operations— — — $2.58 
Net Income$0.41 $0.28 $0.46 $2.88 

See Notes to Consolidated Financial Statements.
9

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
September 30, 2026December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents$361,350 $842,944 
Trade receivables, less allowance for doubtful accounts of $516 and $209
51,334 9,101 
Other receivables17,142 7,171 
Inventory (Note 16)
138,588 6,834 
Prepaid expenses19,260 9,873 
Assets held for sale (Note 25)
2,360 5,429 
Other current assets5,035 2,403 
Total current assets595,069 883,755 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION6,001,553 2,299,484 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
INVESTMENTS (NOTE 15)
169,069 126,090 
PROPERTY, PLANT AND EQUIPMENT
Land25,019 5,581 
Buildings120,353 24,493 
Machinery and equipment355,520 6,977 
Construction in progress13,012 2,386 
Total property, plant and equipment, gross513,904 39,437 
Less — accumulated depreciation(55,244)(20,909)
Total property, plant and equipment, net458,660 18,528 
RESTRICTED CASH, NON-CURRENT (NOTE 24)
514 495 
OPERATING LEASE RIGHT-OF-USE ASSETS (NOTE 17)
27,893 16,286 
OTHER ASSETS211,254 60,015 
TOTAL ASSETS$7,464,012 $3,404,653 
       LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES
Accounts payable$41,322 $12,775 
Current maturities of long-term debt, net (Note 8)
138,750 199,982 
Accrued taxes17,280 5,070 
Accrued payroll and benefits49,891 15,740 
Accrued interest11,374 4,517 
Deferred revenue42,747 19,260 
Other current liabilities35,547 13,937 
Total current liabilities336,911 271,281 
LONG-TERM DEBT, NET (NOTE 8)
1,716,739 845,335 
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 18)
55,566 1,399 
LONG-TERM DEFERRED REVENUE12,278 9,600 
LONG-TERM DEFERRED TAX LIABILITIES, NET18,857 83 
OTHER NON-CURRENT LIABILITIES51,827 26,757 
COMMITMENTS AND CONTINGENCIES (NOTE 11 and 12)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 6) 1,610,399 and 1,682,894 Units outstanding, respectively
38,397 40,463 
CAPITAL
General partners’ capital51,629 21,834 
Limited partners’ capital5,111,387 2,161,543 
Accumulated other comprehensive income (Note 23)
70,421 26,358 
TOTAL CAPITAL5,233,437 2,209,735 
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL$7,464,012 $3,404,653 







See Notes to Consolidated Financial Statements.
10

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited)
(Dollars in thousands, except per unit data)
UnitsAccumulated
Other
Comprehensive Income		Total Capital
General Partner’s CapitalLimited Partners’ Capital
Balance, January 1, 2026$21,834 $2,161,543 $26,358 $2,209,735 
Net loss(126)(12,388)— (12,514)
Distributions on units ($0.26 per unit)
(815)(80,718)— (81,533)
Issuance of common units associated with the merger with PotlatchDeltic, net of equity issuance costs of $0.9 million
32,026 3,170,545 — 3,202,571 
Replacement equity awards granted in connection with the merger with PotlatchDeltic — precombination service portion250 24,733 — 24,983 
Stock-based incentive compensation154 15,259 — 15,413 
Repurchase of units to pay withholding taxes on vested incentive stock awards(10)(996)— (1,006)
Repurchase of units made under repurchase program(311)(30,757)— (31,068)
Adjustment of Redeemable Operating Partnership Units5 501 — 506 
Conversion of units into common shares1 13 — 14 
Pension and postretirement benefit plans— — (1)(1)
Cash flow hedges, net of tax— — 2,256 2,256 
Balance, March 31, 2026$53,008 $5,247,735 $28,613 $5,329,356 
Net income192 19,051 — 19,243 
Distributions on units ($0.26 per unit)
(784)(77,641)— (78,425)
Stock-based incentive compensation59 5,794 — 5,853 
Repurchase of units to pay withholding taxes on vested incentive stock awards(23)(2,205)— (2,228)
Repurchase of units made under repurchase program(724)(71,668)— (72,392)
Adjustment of Redeemable Operating Partnership Units4 422 — 426 
Conversion of units into common shares1 86 — 87 
Pension and postretirement benefit plans— — (2)(2)
Cash flow hedges, net of tax— — 10,234 10,234 
Balance, June 30, 2026$51,733 $5,121,574 $38,845 $5,212,152 
Net income1,239 122,696 — 123,935 
Distributions on units ($0.26 per unit)
(777)(76,888)— (77,665)
Equity issuance costs(2)(248)— (250)
Stock-based incentive compensation39 3,906 — 3,945 
Repurchase of units to pay withholding taxes on vested incentive stock awards(1)(95)— (96)
Repurchase of units made under repurchase program(598)(59,184)— (59,782)
Adjustment of Redeemable Operating Partnership Units(4)(374)— (378)
Pension and postretirement benefit plans— — (2)(2)
Cash flow hedges— — 31,578 31,578 
Balance, September 30, 2026$51,629 $5,111,387 $70,421 $5,233,437 










11

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (CONTINUED)
(Unaudited)
(Dollars in thousands, except per unit data)
UnitsAccumulated
Other
Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesTotal Capital
General Partner’s 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, net of tax— — (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, net of tax— — (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.
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,
20262025
OPERATING ACTIVITIES
Net income$130,665 $454,231 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations206,963 81,731 
Depreciation, depletion and amortization from discontinued operations— 9,081 
Non-cash cost of land and improved development19,019 40,046 
Stock-based incentive compensation expense25,211 8,507 
Deferred income taxes(28,759)(2,571)
Timber write-offs resulting from casualty events2,284 — 
Income from large disposition of timberlands(90,645)— 
Interest received under swaps with other-than-insignificant financing element(16,610)— 
Gain on sale of discontinued operations— (404,463)
Asset impairment charge— 7,048 
Other28,087 15,692 
Changes in operating assets and liabilities:
Receivables(12,052)1,514 
Inventories(5,730)235 
Accounts payable18,106 (1,130)
All other operating activities(24,325)(5,049)
CASH PROVIDED BY OPERATING ACTIVITIES252,214 204,872 
INVESTING ACTIVITIES
Capital expenditures from continuing operations(70,112)(35,024)
Capital expenditures from discontinued operations— (7,098)
Real estate development investments(16,770)(11,888)
Net proceeds from large disposition of timberlands935 — 
Purchase of timberlands(11,524)— 
Net cash consideration for merger with PotlatchDeltic(24,769)— 
Interest received under swaps with other-than-insignificant financing element16,610 — 
Net proceeds on sale of discontinued operations (a)— 688,300 
Net proceeds on sale of property, plant and equipment57 4,146 
Other9,555 4,444 
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES(96,018)642,880 
FINANCING ACTIVITIES
Repayment of debt(227,500)— 
Distributions on units (b)(237,624)(197,883)
Equity issuance costs(1,116)— 
Repurchase of units to pay withholding taxes on vested incentive stock awards(3,330)(2,685)
Repurchase of units made under repurchase program(163,243)(67,654)
Payments made under finance leases(3,547)— 
Redemption of units(1,411)— 
Distributions to noncontrolling interests in consolidated affiliates— (3,082)
Debt issuance costs— (779)
CASH USED FOR FINANCING ACTIVITIES(637,771)(272,083)
EFFECT OF EXCHANGE RATE CHANGES ON CASH— 1,390 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(481,575)577,059 
Balance from continuing operations, beginning of year843,439 323,107 
Balance from discontinued operations, beginning of year— 20,093 
Total Balance, beginning of year$843,439 $343,200 
Balance from continuing operations, end of period361,864 920,259 
Balance from discontinued operations, end of period— — 
Total Balance, end of period$361,864 $920,259 

13

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
(Dollars in thousands)

(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.

Nine Months Ended September 30,
20262025
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$19,913 $13,933 
Income taxes (b)704 4,038 
Non-cash operating activity:
Right of use assets obtained for new operating lease liabilities4,518 — 
Non-cash investing activity:
Capital assets purchased on account8,083 5,372 
Timberlands acquired in exchange for timberlands sold141,766 — 
Non-cash finance activity:
Unit consideration for the merger with PotlatchDeltic3,228,420 — 
Right of use assets obtained for new finance lease liabilities3,037 — 
Issuance of units from special distribution— 203,135 
(a)Interest paid includes patronage refunds received of $15.4 million and $7.9 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. For additional information on patronage refunds, see Note 8 — Debt in the 2025 Form 10-K. Interest paid for the nine months ended September 30, 2025 includes $1.5 million from discontinued operations.
(b)Income taxes paid for the nine months ended September 30, 2025 includes $3.8 million 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, 2025, as filed with the SEC on February 23, 2026 (the “2025 Form 10-K”).
As of September 30, 2026, the Company owned a 99.5% interest in the Operating Partnership, with the remaining 0.5% interest owned by the 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.
In June 2025, we divested our entire 77% interest in our New Zealand operations. Accordingly, New Zealand’s results of operations through the sale date have been classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss), and its cash flows through the sale date are included in our Consolidated Statements of Cash Flows. See Note 3 — Discontinued Operations for additional information.
MERGER WITH POTLATCHDELTIC CORPORATION
On January 30, 2026, we completed the merger-of-equals transaction with PotlatchDeltic Corporation (“PCH” or “PotlatchDeltic”). As a result, PotlatchDeltic Corporation’s balance sheet and results of operations are included in our consolidated financial statements from and after the date of merger. See Note 2 — Merger with PotlatchDeltic Corporation, Note 8 — Debt, and Note 21 — Integration and Merger-Related Costs for further information pertaining to the merger.
As a result of the merger, we have revised our reportable business segments, adding one additional segment, Wood Products. In connection with the merger, our Pacific Northwest Timber segment has been renamed Northwest Timber to reflect the expanded geographic scope and integration of timberland assets in the region. See Note 4 — Segment and Geographical Information for further discussion of our reportable segments.
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
CASH FLOW CLASSIFICATION
We evaluate the cash flow classification of each real estate sale based on the nature of the land sold and the purpose of the sale. Proceeds from sales of productive timberland that are driven by portfolio management and/or capital allocation considerations, do not reflect a premium attributable to a higher and better use (such as rural, development or conservation use), and involve timberland generally held to grow and harvest timber rather than for resale are generally classified as investing activities, consistent with timberland acquisitions. Proceeds from all other real estate sales, including sales reflecting a premium attributable to a higher and better use, are generally classified as operating activities. See Note 4 — Segment and Geographical Information.


15
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









USE OF ESTIMATES
The Company's use of estimates in the preparation of its consolidated financial statements is described in Note 1 — Summary of Significant Accounting Policies in the 2025 Form 10-K. The estimates and assumptions underlying the Company's condensed consolidated financial statements as of and for the three and nine months ended September 30, 2026 include those used in the preliminary purchase price allocation related to the merger with PotlatchDeltic Corporation, which closed on January 30, 2026. These estimates require significant judgment, particularly with respect to the determination of fair values for acquired timberlands, property, plant and equipment, identifiable intangible assets, assumed long-term debt, and the related deferred income tax effects. The preliminary purchase price allocation is subject to revision during the measurement period as additional information becomes available, and any such adjustments could be material. See Note 2 — Merger with PotlatchDeltic Corporation for further information.
COMPANY OWNED LIFE INSURANCE
In connection with the merger, Rayonier assumed company-owned life insurance policies on the lives of certain past officers and employees of Legacy PotlatchDeltic. The cash surrender value of these policies is recognized in other assets in our Consolidated Balance Sheets. Related expense and interest income are included in selling and general expenses and interest income, respectively, in the Consolidated Statements of Income and Comprehensive Income (Loss). Cash receipts and disbursements are recorded as investing activities within the Consolidated Statements of Cash Flows.
WOOD PRODUCTS REVENUE RECOGNITION
Revenue from wood products sales is recognized when control of the product transfers to the customer. Performance obligations associated with the sale of lumber and other manufactured wood products are typically satisfied either when products are shipped (FOB shipping point) or upon delivery to the customer (FOB destination), depending on the terms of the customer contract. For wood products sales, the transaction price is typically the amount billed to the customer for the products shipped but may be reduced for estimated cash discounts and rebates. Shipping and handling costs for all wood products revenues are accounted for as cost of sales in the Consolidated Statements of Income and Comprehensive Income (Loss).
We enter into vendor-managed inventory ("VMI") arrangements with certain customers whereby inventory is shipped to a VMI warehouse. For products sold under VMI arrangements, revenue is recognized and billed when control transfers to the customer and we have no further obligations, which is generally upon the customer's withdrawal of inventory from the VMI warehouse.
WOOD PRODUCTS INVENTORY
Manufacturing inventories, consisting principally of raw materials, work-in-process, finished goods, and stores and supplies inventory, are stated at the lower of cost and net realizable value. Cost is determined using the weighted-average cost method. Inventory costs include direct materials, direct labor, and allocated manufacturing overhead. Manufacturing inventories are reviewed for excess quantities, obsolescence, and other indicators that net realizable value may be less than cost, and write-downs are recorded when cost exceeds net realizable value.
For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2025 Form 10-K.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In the first quarter of 2026, we early adopted Accounting Standards Update (“ASU”) No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 amends hedge accounting guidance to provide greater flexibility in designating and assessing hedging relationships for similar risks. The adoption of ASU 2025-09 did not have a material impact on our consolidated financial results or financial position. For additional information regarding our derivative instruments and hedging activities, refer to Note 9 — Derivative Financial Instruments and Hedging Activities.

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









ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update is intended to improve the organization and accessibility of required interim disclosures, clarify the applicability of certain interim disclosure requirements, and introduce a requirement that entities disclose, in interim reports, material events that have occurred since the most recent annual reporting period. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the new requirements prospectively or retrospectively. We are evaluating the impact that the adoption of ASU 2025-11 will have on our consolidated financial statements and related disclosures.
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. Subsequently, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of this guidance. ASU 2024-03 requires enhanced disclosure regarding specific expense categories, such as inventory costs, employee compensation, and depreciation, within the notes to the financial statements. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance allows for either prospective or retrospective application. We are evaluating the impact of adopting this new guidance on our consolidated financial statements and disclosures.
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 November 3, 2026, our Board of Directors approved a $300 million increase to the Company’s existing share repurchase authorization. As of October 30, 2026, approximately $51.2 million remained available under the existing authorization, prior to the $300 million increase. The increase had no effect on our financial position or results of operations as of and for the periods ended September 30, 2026.
17
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









2.    MERGER WITH POTLATCHDELTIC CORPORATION
On January 30, 2026, the Company acquired 100% of the outstanding common shares of PotlatchDeltic Corporation (“PotlatchDeltic”), a Delaware corporation and real estate investment trust, pursuant to the Agreement and Plan of Merger dated October 13, 2025.
PotlatchDeltic owned approximately 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi, and South Carolina and operated six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business, and a rural timberland sales program. PotlatchDeltic's operations were organized into three business segments: timberland, wood products, and real estate.
The merger created a combined entity with approximately 4.1 million acres of timberlands, providing additional scale and more geographic diversity across highly attractive and productive regions. The transaction added seven wood products manufacturing facilities, positioning the Company as a leading lumber producer. The combined platform creates a more diversified portfolio positioned to capture higher and better use value and land-based solutions opportunities across an expanded geographic footprint.
Pursuant to the Merger Agreement, each share of PotlatchDeltic common stock issued and outstanding immediately prior to the effective time was converted into the right to receive 1.8185 Rayonier common shares and $0.61 in cash. The Company issued approximately 140.9 million common shares in connection with the merger.
The following table summarizes the total consideration transferred by Rayonier in the merger:
Cash Consideration:
Number of PotlatchDeltic common shares outstanding as of January 30, 202677,466,233 
Cash consideration per PotlatchDeltic common share$0.61 
Total Cash Consideration Transferred$47,254 
Equity Consideration:
Number of PotlatchDeltic common shares outstanding as of January 30, 202677,466,233 
Exchange Ratio (a)1.8185
Shares of Rayonier Inc. common stock issued for PotlatchDeltic’s outstanding common stock140,872,342 
Rayonier share price (b)$22.74 
Equity Consideration for common stock$3,203,437 
PotlatchDeltic’s replacement awards (c)24,983 
Total Equity Consideration Transferred$3,228,420 
Total Consideration$3,275,674 
(a)The exchange ratio was adjusted from 1.7339 to 1.8185 in accordance with the Merger Agreement. This adjustment accounts for the stock component of the one-time $1.40 per share special dividend declared by Rayonier to its shareholders of record on October 24, 2025.
(b)The closing price of Rayonier common stock on the NYSE on January 30, 2026.
(c)Represents the portion of the fair value of Rayonier replacement equity awards, issued in exchange for outstanding PotlatchDeltic equity awards held by grantees, attributable to precombination services. The remaining fair value of $21.1 million, attributable to postcombination services, will be recognized as compensation expense over the remaining requisite service periods. See Note 19 — Incentive Stock Plans for additional details.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2026:
September 30, 2026
Cash consideration transferred$47,254 
Less: Cash assumed in merger(22,485)
Net cash consideration shown in Consolidated Statements of Cash Flows$24,769 
We recognized approximately $7.0 million and $87.8 million of merger-related costs during the three and nine months ended September 30, 2026, respectively. See Note 21 — Integration and Merger-Related Costs for descriptions of the components of merger-related costs. Equity issuance costs directly attributable to the share issuance of $1.1 million were capitalized as a reduction of Common Stock.
BASIS OF ACCOUNTING
The merger has been accounted for using the acquisition method in accordance with ASC 805, Business Combinations ("ASC 805"), with Rayonier as the legal and accounting acquirer. Assets acquired and liabilities assumed have been recorded at their preliminary fair values as of the acquisition date. The preliminary allocation will be finalized as soon as practicable, but no later than one year after the acquisition date. The financial statements will not be retrospectively adjusted for any provisional amount changes; rather, such adjustments will be recognized in the reporting period determined, together with the effect on earnings of changes in depletion, depreciation, amortization, or other income effects calculated as if the accounting had been completed at the acquisition date. During the three months ended September 30, 2026, the Company recorded measurement period adjustments to the preliminary purchase price allocation, as described below.
The preliminary fair value estimates required the use of significant assumptions, including projected harvest volumes and log pricing, future expected cash flows, applicable discount rates, and replacement cost estimates for manufacturing facilities and equipment. These estimates are preliminary and subject to change as additional information is obtained during the measurement period. The most significant areas for which the allocation remains open include timberlands; property, plant and equipment; higher and better use timberlands and real estate development investments; inventory; long-term debt; pension and other postretirement benefit obligations; environmental liabilities; intangible assets; and tax-related matters.
The preliminary fair value estimates represent Level 3 measurements under ASC 820, Fair Value Measurements ("ASC 820"), with the exception of certain assumed long-term debt instruments valued using observable market inputs classified as Level 2. The initial carrying amounts of certain other assets acquired and liabilities assumed approximated their fair values due to their short-term nature. See Note 10 — Fair Value Measurements for further information on the fair value hierarchy.
The fair value methodologies used were as follows:
Income Approach — Estimates fair value based on the present value of projected cash flows, discounted at rates reflecting the relative risk and time value of money. This approach was primarily used to value bare land in our timberland regions, real estate development properties and the country club, and to measure economic obsolescence of wood products property, plant and equipment.
Cost Approach — Estimates fair value based on current replacement cost, adjusted for physical deterioration and functional and economic obsolescence. This approach was primarily used for property, plant and equipment and for timberland roads and bridges.
Market Approach — Estimates fair value based on observable market prices, including prices from recent comparable transactions. This approach was primarily used to value merchantable timber, by applying current stumpage prices to estimated timber volumes, and certain land and long-term debt instruments.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









PRELIMINARY PURCHASE PRICE ALLOCATION
The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed, based on preliminary estimates of fair value as of January 30, 2026, as previously reported, the measurement period adjustments recorded during the three months ended September 30, 2026, and the preliminary allocation as adjusted are as follows:
As Previously Reported (a)Measurement Period AdjustmentsAs Adjusted September 30, 2026
Cash and cash equivalents$22,485 — $22,485 
Trade and other receivables45,254 — 45,254 
Inventory113,788 — 113,788 
Other current assets8,845 — 8,845 
Timber and timberlands3,630,527 95,520 3,726,047 
Higher and Better Use Timberlands and Real Estate Development Investments59,563 (24,513)35,050 
Property, plant and equipment564,282 (108,410)455,872 
Other assets135,229 4,044 139,273 
Total identifiable assets acquired$4,579,973 ($33,359)$4,546,614 
Accounts payable7,817 — 7,817 
Current maturities of long-term debt27,500 — 27,500 
Accrued taxes5,728 — 5,728 
Other current liabilities78,853 1,047 79,900 
Long-term debt1,009,500 — 1,009,500 
Pension and other postretirement benefits63,888 — 63,888 
Deferred income tax liabilities, net75,668 (27,804)47,864 
Other non-current liabilities35,345 (6,602)28,743 
Total liabilities assumed$1,304,299 ($33,359)$1,270,940 
Total net assets acquired$3,275,674 — $3,275,674 
(a)As previously reported in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.
Measurement Period Adjustments
The measurement period adjustments resulted from updated information obtained during the measurement period about facts and circumstances that existed as of the acquisition date, primarily from the receipt of updated third-party valuation analyses. The adjustments primarily reflect:
•an increase of $95.5 million to timber and timberlands, reflecting updated valuations of timberland assets, including bare land, pre-merchantable timber, and merchantable timber;
•a decrease of $108.4 million to property, plant and equipment, reflecting updated replacement cost and economic obsolescence estimates for the acquired wood products manufacturing facilities and the allocation of certain real estate assets between land and buildings;
•a decrease of $24.5 million to higher and better use timberlands and real estate development investments, reflecting updated valuations of real estate held for development and the allocation noted above;
•a decrease of $27.8 million to deferred income tax liabilities, reflecting the tax effect of the adjustments above; and
•other adjustments to other assets, other current liabilities, and other non-current liabilities that were not individually significant.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









The measurement period adjustments had no effect on total consideration transferred or total net assets acquired. The following table presents the effect of the measurement period adjustments on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended September 30, 2026, including the portion that related to the period from January 31, 2026 through June 30, 2026 and would have been recognized in prior periods had the adjustments been recognized as of the acquisition date:
Three Months Ended September 30, 2026Related to January 31 –
June 30, 2026
Depletion expense$10,225 $5,611 
Depreciation expense5,135 3,217 
Road amortization expense(1,355)(847)
Non-cash cost of land sold (3,246)(2,982)
Cost of sales$10,759 $4,999 
Selling, general and administrative(102)(73)
Equity in (loss) of unconsolidated joint venture(1,488)(1,488)
Other miscellaneous expense, net($1,488)($1,488)
Decrease to income before income taxes$12,145 $6,414 
Income tax benefit$988 $512 
Goodwill
The preliminary allocation did not result in the recognition of goodwill or a bargain purchase gain, as the fair value of identifiable net assets acquired approximated the total consideration transferred.
Remaining Open Items
No material contingent liabilities were recognized at the acquisition date, and we have not identified any material unrecorded pre-merger contingencies where the related asset, liability, or impairment is probable and the amount can be reasonably estimated. These estimated fair values are preliminary and subject to adjustments, which could be material. Our valuations will be finalized once additional information has been obtained and reviewed. Prior to finalization, if information becomes available indicating that such events had occurred and the amounts can be reasonably estimated, the related items will be included in the final purchase price allocation.
The fair value of trade and other receivables assumed in the merger was $45.3 million. The gross contractual amounts receivable approximated fair value, and the Company's best estimate of contractual cash flows not expected to be collected at the acquisition date was not material.
See Note 22 — Income Taxes for discussion of the release of a portion of the Company's deferred tax asset valuation allowance resulting from the merger.
REVENUE AND EARNINGS OF POTLATCHDELTIC SINCE ACQUISITION
The following table presents the revenue and net income of PotlatchDeltic included in the Company's Consolidated Statements of Income and Comprehensive Income (Loss) from the acquisition date of January 30, 2026 through September 30, 2026:
Three Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026
Revenue$293,866 $747,433 
Net income $8,122 $15,130 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









UNAUDITED PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma financial information presents the combined results of operations of Rayonier and PotlatchDeltic as if the merger had occurred on January 1, 2025. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the merger actually occurred on January 1, 2025, nor is it indicative of future results of operations.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenue$565,567 $491,710 $1,312,202 $1,224,414 
Income (loss) from continuing operations136,731 37,984 204,048 (128,651)
Income from discontinued operations, net of tax— — — 406,346 
Net income136,731 37,984 204,048 277,695 
Rayonier Inc.
Net income attributable to Rayonier Inc.$135,994 $37,746 $202,931 $276,018 
Basic earnings (loss) per share - continuing operations$0.46 $0.13 $0.68 ($0.43)
Diluted earnings (loss) per share - continuing operations$0.46 $0.13 $0.67 ($0.43)
Basic earnings per share - discontinued operations— — — $1.37 
Diluted earnings per share - discontinued operations— — — $1.37 
Basic earnings per share attributable to Rayonier Inc.$0.46 $0.13 $0.68 $0.93 
Diluted earnings per share attributable to Rayonier Inc.$0.46 $0.13 $0.67 $0.93 
Rayonier, L.P.
Net income attributable to Rayonier, L.P.$136,731 $37,984 $204,048 $277,887 
Basic earnings (loss) per unit - continuing operations$0.46 $0.13 $0.68 ($0.43)
Diluted earnings (loss) per unit - continuing operations$0.46 $0.13 $0.67 ($0.43)
Basic earnings per unit - discontinued operations— — — $1.37 
Diluted earnings per unit - discontinued operations— — — $1.37 
Basic earnings per unit attributable to Rayonier, L.P.$0.46 $0.13 $0.68 $0.93 
Diluted earnings per unit attributable to Rayonier, L.P.$0.46 $0.13 $0.67 $0.93 

22
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









The unaudited pro forma financial information above reflects the following material nonrecurring pro forma adjustments:
•    Removal from the three months ended September 30, 2026 of measurement period adjustments relating to January 31 – June 30, 2026.
•Incremental depletion and depreciation expense resulting from the fair values as adjusted of acquired timber, timberlands, and property, plant, and equipment;
• Cost of sales adjustments related to the preliminary fair value step-up of acquired wood products inventory and the elimination of PotlatchDeltic's last-in, first-out (LIFO) inventory reserves, which do not carry over under purchase accounting;
• Elimination of nonrecurring merger-related and integration costs from the 2026 periods and their allocation to the comparative 2025 pro forma periods, as summarized below:
Three Months Ended September 30,Nine Months Ended September 30,
Rayonier incurred costs$7,024 $87,778 
PotlatchDeltic pre-acquisition costs— 34,858 
Total pro forma cost shift$7,024 $122,636 
• Stock-based compensation expense adjustments associated with Rayonier replacement equity awards issued in exchange for outstanding PotlatchDeltic equity awards; and
• Income tax effects of the pro forma adjustments at a blended statutory rate of 25%.
FINANCING
In connection with the merger, the Company entered into a Second Amended and Restated Credit Agreement to consolidate and refinance debt. The Credit Agreement allows for an additional $200 million expansion of the revolver and further incremental term loans subject to leverage ratios. See Note 8 — Debt for additional details.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









3.    DISCONTINUED OPERATIONS
On June 30, 2025, we completed the sale of our entire 77% interest in our New Zealand operations to Taurus Forest Holdings Limited for a purchase price of $710 million, resulting in net proceeds of $699.3 million and a gain on disposal of $404.5 million. The results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, former Trading and Corporate segments are classified as discontinued operations in the Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented. There was no activity related to the discontinued operations during the three and nine months ended September 30, 2026. Following the closing, we have no significant continuing involvement with the divested operations. See Note 2 to the Consolidated Financial Statements in our 2025 Form 10-K for additional information.
The following table summarizes the results of our New Zealand operations for the three and nine months ended September 30, 2026 and 2025, 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,
2026202520262025
Sales— — — $109,332 
Costs and Expenses
  Cost of sales— — — (102,050)
  Other operating expense, net (a)— — — (3,400)
— — — (105,450)
Operating income from discontinued operations— — — 3,882 
Interest expense, net— — — (1,508)
Interest income— — — 202 
Income from operations of discontinued operations before income taxes— — — 2,576 
Income tax expense— — — (693)
Income from operations of discontinued operations, net of tax— — — 1,883 
Gain on sale of discontinued operations (b)— — — 404,463 
Income from discontinued operations— — — 406,346 
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership— — — (5,375)
Less: Net loss from discontinued operations attributable to noncontrolling interests in consolidated affiliates— — — 192 
Net income from discontinued operations attributable to Rayonier Inc.— — — $401,163 
(a)The nine months ended September 30, 2025 includes transaction costs of $0.2 million.
(b)The gain on sale of discontinued operations is not subject to income tax, as it relates to a partnership interest.
The following table summarizes the depreciation, depletion and amortization and capital expenditures of our New Zealand operations for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Depreciation, depletion and amortization— — — $9,081 
Capital expenditures— — — 7,098 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









4.    SEGMENT AND GEOGRAPHICAL INFORMATION
As of September 30, 2026, Rayonier operated in four reportable segments: Southern Timber, Northwest Timber, Wood Products and Real Estate.
On January 30, 2026, we completed the merger with PotlatchDeltic Corporation, which added the Wood Products segment and expanded the geographic scope of our Pacific Northwest Timber segment, renamed Northwest Timber to reflect the addition of Idaho timberland assets. The Wood Products segment manufactures and sells lumber, plywood, and residual products at seven mills located in Arkansas, Idaho, Michigan and Minnesota. The segment’s products are largely commodity products, which are sold through our sales team to end users, retailers or wholesalers for nationwide distribution primarily for use in homebuilding, repair and remodeling, industrial products and other construction activity. Our Southern Timber and Northwest Timber segments supply a portion of the Wood Products segment’s wood fiber needs, which typically represents a sizable portion of the Southern Timber and Northwest Timber segments’ total revenues. Intersegment sales are based on prevailing market prices and are eliminated in consolidation.
The operations of our former New Zealand Timber segment are classified as discontinued operations in the prior-year comparative periods. See Note 3 — Discontinued Operations for additional information.
The chief operating decision maker (“CODM”), the Chief Executive Officer, 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 disclosed as they are not used by the CODM for resource allocation or performance assessment.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense, costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges and Large Dispositions.
Effective July 1, 2026, we revised our definition of Large Dispositions, which are excluded from Adjusted EBITDA, to transactions involving the sale of productive timberland assets that are driven by portfolio management and/or capital allocation considerations and do not reflect a premium attributable to a higher and better use (such as rural, development or conservation use). This revision did not change previously reported Adjusted EBITDA.
We believe that Operating income, as defined by U.S. GAAP, is the most appropriate earnings measurement for reconciling Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating income as determined in accordance with U.S. GAAP. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) includes the results of both reportable segments and corporate activities. Segment Operating income represents the operating results of the Company’s reportable segments only and does not include corporate-level amounts. As a result, segment Operating income may differ from the total Operating income reported in the consolidated financial statements.

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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, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
September 30, 2026
Sales from external customers (a)$97,132 $54,252 $206,199 $207,984 $565,567 
Intersegment revenue (b)10,290 19,350 — — 29,640 
Total sales (a)$107,422 $73,602 $206,199 $207,984 $595,207 
   Costs and Expenses
Freight, logging and hauling(42,875)(32,114)(26,477)— (101,466)
Fiber costs— — (82,274)— (82,274)
Manufacturing costs— — (67,565)— (67,565)
Finished goods inventory change— — 1,979 — 1,979 
Depreciation, depletion and amortization (a)(31,722)(28,642)(15,374)(35,472)(111,210)
Non-cash cost of land and improved development (a)— — — (22,710)(22,710)
Other costs and expenses (c)(12,156)(9,201)(4,843)(15,639)(41,839)
Reportable segment operating income$20,669 $3,645 $11,645 $134,163 $170,122 
Add: Depreciation, depletion and amortization31,722 28,642 15,374 4,045 79,783 
Add: Non-cash cost of land and improved development— — — 986 986 
Less: Large Dispositions (d)— — — (90,645)(90,645)
Reportable segment adjusted EBITDA$52,391 $32,287 $27,019 $48,549 $160,246 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (e)($14,362)
Intersegment eliminations (f)(1,308)
Interest, net and miscellaneous expense(12,663)
Depreciation, depletion and amortization(80,307)
Non-cash cost of land and improved development(986)
Non-operating expense(2,573)
Large Dispositions (d)90,645 
Costs related to the merger with PotlatchDeltic (g)(7,024)
Income from Continuing Operations Before Income Taxes$131,668 
Income tax expense(7,733)
Net Income$123,935 
(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development include $145.0 million, $31.4 million, and $21.7 million, respectively, from Large Dispositions.
(b)Intersegment revenue reflects logs sold from the Timber segments to Wood Products.
(c)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(d)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use). The three months ended September 30, 2026 includes the sale of approximately 36,000 acres for an aggregate sale price of $145.0 million.
(e)All other EBITDA includes corporate and other expenses.
(f)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.
(g)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

26
RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
September 30, 2025
Sales$66,834 $19,941 — $90,756 $177,531 
   Costs and Expenses
Freight, logging and hauling(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: Depreciation, depletion and amortization20,139 4,637 — 9,605 34,381 
Add: Non-cash cost of land and improved development— — — 30,745 30,745 
Add: Asset impairment charge (b)— — — 7,048 7,048 
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 corporate and other 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.
27
RAYONIER INC. AND SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









Nine Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
September 30, 2026
Sales from external customers (a)$275,105 $131,454 $510,843 $321,431 $1,238,833 
Intersegment revenue (b) 28,602 40,203 — — 68,805 
Total sales (a)$303,707 $171,657 $510,843 $321,431 $1,307,638 
   Costs and Expenses
Freight, logging and hauling(115,638)(78,707)(66,762)— (261,107)
Fiber costs— — (211,924)— (211,924)
Manufacturing costs— — (172,266)— (172,266)
Finished goods inventory change— — 7,725 — 7,725 
Depreciation, depletion and amortization (a)(107,009)(51,424)(31,940)(46,285)(236,658)
Non-cash cost of land and improved development (a)— — — (40,743)(40,743)
Other costs and expenses (c)(39,882)(25,736)(9,906)(44,615)(120,139)
Reportable segment operating income$41,178 $15,790 $25,770 $189,788 $272,526 
Add: Depreciation, depletion and amortization107,009 51,424 31,940 14,857 205,230 
Add: Non-cash cost of land and improved development— — — 19,019 19,019 
Less: Large Dispositions (d)— — — (90,645)(90,645)
Add: Timber write-offs resulting from casualty events (e)2,284 — — — 2,284 
Add: Inventory purchase price adjustment in cost of sales (f)— — 1,153 — 1,153 
Reportable segment adjusted EBITDA$150,471 $67,214 $58,863 $133,019 $409,567 
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (g)($43,822)
Intersegment eliminations (h) (3,327)
Interest, net and miscellaneous expense(31,873)
Depreciation, depletion and amortization(206,963)
Non-cash cost of land and improved development(19,019)
Non-operating expense(2,197)
Large Dispositions (d)90,645 
Costs related to the merger with PotlatchDeltic (i)(87,778)
Timber write-offs resulting from casualty events (e)(2,284)
Inventory purchase price adjustment in cost of sales (f) (1,153)
Income from Continuing Operations Before Income Taxes$101,796 
Income tax benefit (j)28,869 
Net Income$130,665 
(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development include $145.0 million, $31.4 million, and $21.7 million, respectively, from Large Dispositions.
(b)Intersegment revenue reflects logs sold from the Timber segments to Wood Products.
(c)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
(d)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use). The nine months ended September 30, 2026 includes the sale of approximately 36,000 acres for an aggregate sale price of $145.0 million.
(e)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
(f)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing. The inventory purchase price adjustment is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
(g)All other EBITDA includes corporate and other expenses.
(h)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.
28
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









(i)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”
(j)Includes a $40.3 million tax benefit from the release of a valuation allowance. See Note 22 — Income Taxes for additional information.

Nine Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
September 30, 2025
Sales$171,102 $65,533 — $130,355 $366,990 
   Costs and Expenses
Freight, logging and hauling(39,502)(27,598)— — (67,100)
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: Depreciation, depletion and amortization52,826 15,595 — 12,050 80,471 
Add: Non-cash cost of land and improved development— — — 40,046 40,046 
Add: Asset impairment charge (b)— — — 7,048 7,048 
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 and Comprehensive Income (Loss) under the caption “Other miscellaneous expense, 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 (expense) income, net.”


29
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,
2026202520262025
Capital Expenditures (a)
Southern Timber$12,546 $10,861 $38,031 $28,580 
Northwest Timber 7,350 1,716 18,284 6,346 
Wood Products4,083 — 10,152 — 
Real Estate238 20 279 98 
Corporate and other3,106 — 3,366 — 
Total Capital Expenditures$27,323 $12,597 $70,112 $35,024 
Timberland Acquisitions
Southern Timber (b)$154,149 — $154,149 — 
Northwest Timber117 — 117 — 
Total Timberland Acquisitions$154,266 — $154,266 — 
Real Estate Development Investments (c)$7,199 $3,712 $16,770 $11,888 
Total Gross Capital Expenditures$188,788 $16,309 $241,148 $46,912 
(a)Excludes timberland acquisitions and real estate development investments presented separately.
(b)Includes $142.7 million of timberlands acquired in exchange for timberlands sold (noncash), net of closing prorations; cash expenditures were $11.4 million.
(c)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.
30
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









5.    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 we expect to receive in exchange for those goods or services (“transaction price”).
Unsatisfied performance obligations as of September 30, 2026 primarily consist of advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue, hunting and other access rights on our timberlands, payments received for shipments where control of goods has not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. Of these performance obligations, $42.7 million is expected to be recognized within the next twelve months, with the remaining $12.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within one year of satisfying a performance obligation; therefore, we have elected the practical expedient not to adjust revenue 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, 2026 and 2025 that was included in the contract liability balance at the beginning of each year:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue recognized from contract liability balance at the beginning
of the year (a)		$1,071 $3,649 $14,147 $19,497 
(a)    Revenue recognized during the three and nine months ended September 30, 2026, from contract liabilities at the beginning of the year excludes amounts related to PotlatchDeltic Corporation, as the merger was completed on January 30, 2026, and PotlatchDeltic’s contract liabilities were not included in our contract liability balance as of December 31, 2025.
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 tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
September 30, 2026
Pulpwood$31,796 $609 — — — $32,405 
Sawtimber40,626 51,754 — — — 92,380 
Hardwood4,323 — — — — 4,323 
Total Timber Sales76,745 52,363 — — — 129,108 
License Revenue, Primarily from Hunting9,399 533 — — — 9,932 
Land-Based Solutions (a)2,997 11 — — — 3,008 
Other Non-Timber Revenue7,991 1,345 — — — 9,336 
Total Non-Timber Sales20,387 1,889 — — — 22,276 
Lumber— — 172,521 — — 172,521 
Plywood/Residual/Other— — 33,678 — — 33,678 
Total Wood Products Sales— — 206,199 — — 206,199 
Improved Development— — — 12,166 — 12,166 
Unimproved Development— — — 19,340 — 19,340 
Rural— — — 25,593 — 25,593 
Deferred Revenue/Other (b)— — — 5,397 — 5,397 
Large Dispositions— — — 145,000 — 145,000 
Total Real Estate Sales— — — 207,496 — 207,496 
Revenue from Contracts with Customers97,132 54,252 206,199 207,496 — 565,079 
Lease Revenue— — — 488 — 488 
Intersegment (c)10,290 19,350 — — (29,640)— 
Total Revenue$107,422 $73,602 $206,199 $207,984 ($29,640)$565,567 
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
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 
(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, as well as revenue from our country club operations.    
(c)    Intersegment revenues represent logs sold from the Timber segments to Wood Products.
32
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 Timber Northwest TimberWood ProductsReal EstateElim.Total
September 30, 2026
Pulpwood$85,033 $4,312 — — — $89,345 
Sawtimber131,176 122,016 — — — 253,192 
Hardwood8,117 — — — — 8,117 
Total Timber Sales224,326 126,328 — — — 350,654 
License Revenue, Primarily from Hunting25,921 1,260 — — — 27,181 
Land-Based Solutions (a)9,477 14 — — — 9,491 
Other Non-Timber Revenue15,381 3,852 — — — 19,233 
Total Non-Timber Sales50,779 5,126 — — — 55,905 
Lumber— — 418,345 — — 418,345 
Plywood/Residual/Other— — 92,498 — — 92,498 
Total Wood Products Sales— — 510,843 — — 510,843 
Improved Development— — — 25,192 — 25,192 
Unimproved Development— — — 19,340 — 19,340 
Rural — — — 115,761 — 115,761 
Deferred Revenue/Other (b)— — — 15,023 — 15,023 
Large Dispositions— — — 145,000 — 145,000 
Total Real Estate Sales— — — 320,316 — 320,316 
Revenue from Contracts with Customers275,105 131,454 510,843 320,316 — 1,237,718 
Lease Revenue— — — 1,115 — 1,115 
Intersegment (c)28,602 40,203 — — (68,805)— 
Total Revenue$303,707 $171,657 $510,843 $321,431 ($68,805)$1,238,833 
Nine Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
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— 1,805 — — — 1,805 
License Revenue, Primarily from Hunting15,912 426 — — — 16,338 
Land-Based Solutions (a)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 (b)— — — 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 
(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, as well as revenue from our country club operations.    
(c)    Intersegment revenues represent logs sold from the Timber segments to Wood Products.
33
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 to external customers disaggregated by contract type for the three and nine months ended September 30, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberTotal
September 30, 2026
Stumpage Pay-as-Cut $18,979 — $18,979 
Stumpage Lump Sum183 — 183 
Total Stumpage19,162 — 19,162 
Delivered Wood (Domestic)57,583 52,363 109,946 
Total Delivered57,583 52,363 109,946 
Total Timber Sales$76,745 $52,363 $129,108 
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 
Nine Months EndedSouthern TimberNorthwest TimberTotal
September 30, 2026
Stumpage Pay-as-Cut $65,651 — $65,651 
Stumpage Lump Sum2,871 2,286 5,157 
Total Stumpage68,522 2,286 70,808 
Delivered Wood (Domestic)155,804 124,042 279,846 
Total Delivered155,804 124,042 279,846 
Total Timber Sales$224,326 $126,328 $350,654 
September 30, 2025
Stumpage Pay-as-Cut $63,225 — $63,225 
Stumpage Lump Sum
794 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 



34
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









6.    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 loss attributable to noncontrolling interests in consolidated affiliates.”
Due to the sale of the New Zealand subsidiary, we deconsolidated its balance sheet as of June 30, 2025, and its income through the sale date has been classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss). See Note 3 — Discontinued Operations for additional information.
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP
Noncontrolling interests in the Operating Partnership represent the third-party ownership of Redeemable Operating Partnership Units (“OP Units”). Net income attributable to these noncontrolling interests is calculated based on the weighted average OP Units outstanding during the period as a percentage of the total weighted average units outstanding applied to the Operating Partnership’s net income for the period.
These OP Units are classified as temporary equity in the Consolidated Balance Sheets because they are redeemable at the option of the unitholder. 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,
2026202520262025
Beginning noncontrolling interests in the Operating Partnership
$38,527 $53,353 $40,463 $51,843 
Adjustment of noncontrolling interests in the Operating Partnership
(25)1,350 (125)(1,142)
Conversions of OP Units to common shares
— (8,058)(100)(8,304)
Redemption of OP Units (a)(508)— (1,411)— 
Net income attributable to noncontrolling interests in the Operating Partnership
667 522 692 5,952 
Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership
143 (450)159 (496)
Distributions to noncontrolling interests in the Operating Partnership
(407)(475)(1,281)(1,611)
Total noncontrolling interests in the Operating Partnership
$38,397 $46,242 $38,397 $46,242 
(a)During the three and nine months ended September 30, 2026, limited partners tendered 23,754 and 67,565 units, respectively, for redemption, which the Company elected to settle in cash for $0.5 million and $1.4 million, respectively. The redemptions were settled during the third quarter of 2026, and no tendered units remained unsettled as of September 30, 2026.





35
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









7.    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 performance 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,
2026202520262025
Basic earnings per common share
Numerator:
Net income from continuing operations$123,935 $43,709 $130,665 $47,885 
Less: Net income from continuing operations attributable to NCI in the Operating Partnership(667)(522)(692)(577)
Net income from continuing operations attributable to Rayonier Inc.$123,268 $43,187 $129,973 $47,308 
Net income from discontinued operations— — — $406,346 
Less: Net income from discontinued operations attributable to NCI in the Operating Partnership— — — (5,375)
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— — — 192 
Net income from discontinued operations attributable to Rayonier Inc.— — — $401,163 
Net income$123,935 $43,709 $130,665 $454,231 
Less: Net income attributable to NCI in the Operating Partnership(667)(522)(692)(5,952)
Less: Net loss attributable to NCI in consolidated affiliates— — — 192 
Net income attributable to Rayonier Inc.$123,268 $43,187 $129,973 $448,471 
Denominator:
Denominator for basic earnings per common share - weighted average shares297,707,021 154,306,240 284,949,820 154,509,107 
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.41 $0.28 $0.46 $0.31 
Discontinued operations— — — $2.60 
Basic earnings per common share$0.41 $0.28 $0.46 $2.90 


36
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,
2026202520262025
Diluted earnings per common share
Numerator:
Net income from continuing operations attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership$123,935 $43,709 $130,665 $47,885 
Net income from discontinued operations— — — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— — — 192 
Net income from discontinued operations attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership— — — $406,538 
Net income$123,935 $43,709 $130,665 $454,231 
Less: Net loss attributable to NCI in consolidated affiliates— — — 192 
Net income attributable to Rayonier Inc., before net income attributable to NCI in the Operating Partnership$123,935 $43,709 $130,665 $454,423 
Denominator:
Denominator for basic earnings per common share - weighted average shares297,707,021 154,306,240 284,949,820 154,509,107 
Add: Dilutive effect of:
Performance shares and restricted stock units556,066 194,077 522,483 192,390 
Noncontrolling interests in Operating Partnership units1,612,858 1,864,367 1,653,330 1,999,949 
Contingently issuable shares and units from special dividend— — — 841,991 
Denominator for diluted earnings per common share - adjusted weighted average shares299,875,945 156,364,684 287,125,633 157,543,437 
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations$0.41 $0.28 $0.46 $0.30 
Discontinued operations— — — $2.58 
Diluted earnings per common share$0.41 $0.28 $0.46 $2.88 


Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Performance shares and restricted stock units241,874 324,716 353,618 260,170 
Total241,874 324,716 353,618 260,170 

37
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
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 performance 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,
2026202520262025
Basic earnings per unit
Numerator:
Net income from continuing operations available to unitholders$123,935 $43,709 $130,665 $47,885 
Net income from discontinued operations— — — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— — — 192 
Net income from discontinued operations available to unitholders— — — $406,538 
Net income$123,935 $43,709 $130,665 $454,231 
Less: Net loss attributable to NCI in consolidated affiliates— — — 192 
Net income available to unitholders$123,935 $43,709 $130,665 $454,423 
Denominator:
Denominator for basic earnings per unit - weighted average units299,319,879 156,170,607 286,603,150 156,509,056 
Basic earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.41 $0.28 $0.46 $0.31 
Discontinued operations— — — $2.60 
Basic earnings per unit$0.41 $0.28 $0.46 $2.90 
38
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 unit of the Operating Partnership:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Diluted earnings per unit
Numerator:
Net income from continuing operations available to unitholders$123,935 $43,709 $130,665 $47,885 
Net income from discontinued operations— — — $406,346 
Less: Net loss from discontinued operations attributable to NCI in consolidated affiliates— — — 192 
Net income from discontinued operations available to unitholders— — — $406,538 
Net income$123,935 $43,709 $130,665 $454,231 
Less: Net loss attributable to NCI in consolidated affiliates— — — 192 
Net income available to unitholders$123,935 $43,709 $130,665 $454,423 
Denominator:
Denominator for basic earnings per unit - weighted average units299,319,879 156,170,607 286,603,150 156,509,056 
Add: Dilutive effect of unit equivalents:
Performance shares and restricted stock units556,066 194,077 522,483 192,390 
Contingently issuable shares and units from special dividend— — — 841,991 
Denominator for diluted earnings per unit - adjusted weighted average units299,875,945 156,364,684 287,125,633 157,543,437 
Diluted earnings per unit attributable to Rayonier, L.P.:
Continuing operations$0.41 $0.28 $0.46 $0.30 
Discontinued operations— — — $2.58 
Diluted earnings per unit$0.41 $0.28 $0.46 $2.88 

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Performance shares and restricted stock units241,874 324,716 353,618 260,170 
Total241,874 324,716 353,618 260,170 
39
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









8.    DEBT
Our debt consisted of the following at September 30, 2026:
September 30, 2026
Legacy Rayonier 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 5.29%
200,000 
2021 Incremental Term Loan due 2029 at a variable interest rate of 5.61%
200,000 
Debt assumed in the PotlatchDeltic merger (January 30, 2026)
Term Loan M due 2029 at a variable interest rate of 5.38%
150,000 
Term Loan Q due 2027 at a variable interest rate of 5.68%
138,750 
Term Loan R due 2030 at a variable interest rate of 5.68%
138,750 
Term Loan W due 2034 at a variable interest rate of 5.99%
100,000 
Term Loan X due 2035 at a variable interest rate of 5.99%
100,000 
Term Loan K due 2028 at a variable interest rate of 5.72%
65,000 
Term Loan O due 2030 at a variable interest rate of 5.96%
46,000 
Term Loan N due 2029 at a variable interest rate of 5.37%
40,000 
Term Loan P due 2031 at a variable interest rate of 5.88%
40,000 
Term Loan S due 2032 at a variable interest rate of 5.98%
40,000 
Term Loan T due 2033 at a variable interest rate of 5.98%
40,000 
Term Loan U due 2032 at a variable interest rate of 5.89%
38,000 
Term Loan V due 2033 at a variable interest rate of 5.94%
38,000 
Term Loan L due 2028 at a variable interest rate of 5.72%
35,000 
Total principal debt1,859,500 
Less: Current maturities of long-term debt(138,750)
Less: Unamortized discounts(1,808)
Less: Deferred financing costs(2,203)
Total long-term debt, net$1,716,739 
Principal payments due during the next five years and thereafter are as follows:
Total
2026— 
2027138,750 
2028300,000 
2029390,000 
2030184,750 
Thereafter846,000 
Total debt$1,859,500 
2026 DEBT ACTIVITY
During the nine months ended September 30, 2026, we made no borrowings on our Revolving Credit Facility. At September 30, 2026, we had available capacity of $199.0 million under the Revolving Credit Facility, net of $1.0 million reserved to secure outstanding letters of credit.

40
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)










Repayment of 2016 Incremental Term Loan
On April 28, 2026, the $200.0 million 2016 Incremental Term Loan matured and was repaid in full with cash on hand.
LONG-TERM DEBT ASSUMED IN THE POTLATCHDELTIC CORPORATION MERGER
On January 30, 2026, in connection with the merger, we entered into the Second Amended and Restated Credit Agreement, assuming fifteen variable-rate term loans of PotlatchDeltic Corporation (Term Loans I through X, excluding Term Loan J) with $1,037.0 million in aggregate principal at closing. These loans bear interest at 1-Month Term SOFR or Daily Simple SOFR plus margins of 1.69% to 2.30% and mature between 2027 and 2035. Also at closing, Term Loan I (principal of $27.5 million, due February 1, 2026) was repaid in full with cash on hand, and PotlatchDeltic's $300.0 million undrawn revolving credit facility was terminated.
Effective fixed rates below reflect the contractual rate, interest rate swaps, and estimated patronage payments on variable-rate debt outstanding as of September 30, 2026:
DebtPeriodic Interest RateEffective Fixed Interest Rate (a)
Legacy Rayonier Debt
2015 Term Loan
Daily Simple SOFR + 1.60%
2.11%
2021 Incremental Term Loan
Daily Simple SOFR + 1.92%
1.70%
Debt Assumed in the PotlatchDeltic Merger (January 30, 2026)
Term Loan M (b)
1-Month Term SOFR + 1.70%
1.08%
Term Loan Q
1-Month Term SOFR + 2.00%
1.48%
Term Loan R (b)
1-Month Term SOFR + 2.00%
1.62%
Term Loan W (b)
Daily Simple SOFR + 2.30%
3.24%
Term Loan X (b)
Daily Simple SOFR + 2.30%
2.99%
Term Loan K (b)
1-Month Term SOFR + 2.04%
3.76%
Term Loan O (b)
1-Month Term SOFR + 2.28%
2.06%
Term Loan N (b)
1-Month Term SOFR + 1.69%
1.92%
Term Loan P
1-Month Term SOFR + 2.20%
2.05%
Term Loan S (b)
1-Month Term SOFR + 2.30%
2.23%
Term Loan T (b)
1-Month Term SOFR + 2.30%
2.30%
Term Loan U (b)
Daily Simple SOFR + 2.20%
2.99%
Term Loan V (b)
Daily Simple SOFR + 2.25%
3.23%
Term Loan L (b)
1-Month Term SOFR + 2.04%
3.76%
(a)Effective interest rate is after consideration of interest rate swaps and estimated patronage.
(b)The applicable margin is subject to periodic adjustment based on the lender’s actual cost of funds for each funding period.


41
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









PATRONAGE REFUNDS AND INTEREST RATE SWAPS
Our term credit facilities, including the term loans assumed in the PotlatchDeltic merger, are held by Farm Credit System lenders and provide for annual patronage refunds, which are profit distributions made by the lending cooperative to its member-borrowers. We account for patronage refunds as a reduction to interest expense in the period the amounts are earned and become reasonably estimable.
We have also entered into interest rate swap agreements that fix the variable-rate exposure on the entirety of our outstanding term debt, including all term debt assumed in the PotlatchDeltic merger. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.
DEBT COVENANTS
In connection with our Second Amended and Restated Credit Agreement, we are subject to certain restrictive covenants. The most significant financial covenants, which are calculated on a trailing 12-month basis as of September 30, 2026, are summarized below:
Covenant RequirementActual RatioFavorable
Covenant EBITDA to consolidated interest expense shall not be less than
2.5 to 1
8.5 to 1
6.0
Covenant debt to covenant net worth plus covenant debt shall not exceed65%28%37%
    In addition to the financial covenants listed above, our senior notes and credit facilities include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2026, we were in compliance with all applicable covenants under our debt agreements.
9.    DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
RISK MANAGEMENT OBJECTIVE AND STRATEGY
We are exposed to market risk from changes in benchmark interest rates on our variable-rate term loans. To manage this exposure, we use variable-to-fixed interest rate swaps designated as cash flow hedges to convert floating-rate interest payments into fixed rate payments and reduce the variability of cash flows attributable to interest rate movements. We do not use derivative financial instruments for speculative or trading purposes. As of September 30, 2026, all outstanding derivatives are interest rate swaps designated as cash flow hedges.
POTLATCHDELTIC MERGER — ACQUIRED HEDGING INSTRUMENTS
In connection with the January 30, 2026 merger with PotlatchDeltic, we acquired 18 pay-fixed / receive-floating interest rate swaps with an aggregate notional amount of $1,037.0 million (the “PotlatchDeltic Merger Swaps”). One swap with a notional amount of $27.5 million matured on February 1, 2026, and 17 swaps with an aggregate notional amount of $1,009.5 million remained outstanding as of September 30, 2026.
The acquired swaps were recorded at fair value on the acquisition date and concurrently re-designated as cash flow hedges of forecasted variable-rate interest payments on the assumed loans under our Second Amended and Restated Credit Agreement. The acquisition-date fair value is being amortized to interest expense over the remaining swap terms, such that hedge accounting reflects only changes in fair value subsequent to re-designation in accumulated other comprehensive income (“AOCI”). All re-designated hedging relationships were determined to be highly effective as of September 30, 2026.
OTHER DESIGNATED SWAP ACTIVITY
Separately, in the second quarter of 2026, two legacy Rayonier interest rate swaps with an aggregate notional amount of $200.0 million matured. These swaps were originally entered into to hedge variable-rate interest payments on the 2016 Incremental Term Loan, which was repaid in full at its maturity on April 28, 2026.

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









ACCOUNTING FOR DERIVATIVES
We record derivatives as assets or liabilities in the Consolidated Balance Sheets in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). Gains and losses on derivatives designated and qualifying as cash flow hedges are recorded in AOCI and reclassified into earnings when the hedged transaction affects earnings. For derivatives not designated as hedges, changes in fair value are recognized immediately in earnings. Upon de-designation, the AOCI balance is reclassified into earnings over the original term of the forecasted transaction if the transaction remains probable, or immediately if probability is no longer met. As of September 30, 2026, all outstanding derivative instruments qualify for hedge accounting.
INTEREST RATE SWAPS
The hedged forecasted transactions are the monthly variable-rate interest payments on our combined post-merger loan portfolio, assessed on an aggregate basis for purposes of the ASC 815-20 notional adequacy (over-hedging) assessment. As of September 30, 2026, we are hedging exposure to variability in future cash flows on forecasted interest payments over a maximum period of approximately nine years.
The following table contains information on the outstanding interest rate swaps as of September 30, 2026:
Outstanding Interest Rate Swaps (a)
Start DateYears to MaturityNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on DebtTotal Effective Interest Rate (b)
 Legacy Rayonier Hedging Instruments
February 2022
3 years
$200,000 2021 Incremental Term Loan0.67%1.92%2.59%
August 2024
2 years
100,000 2015 Term Loan0.78%1.60%2.38%
August 2024
2 years
50,000 2015 Term Loan0.64%1.60%2.24%
August 2024
2 years
50,000 2015 Term Loan3.29%1.60%4.89%
Hedging Instruments Acquired in the PotlatchDeltic Merger (January 30, 2026)
January 2026
< 1 year
138,750  Term Loan Q 0.50%2.00%2.50%
January 2026
1 year
65,000  Term Loan K 2.79%2.04%4.83%
January 2026
1 year
35,000  Term Loan L 2.79%2.04%4.83%
January 2026
2 years
150,000  Term Loan M 0.43%1.70%2.13%
January 2026
3 years
40,000  Term Loan N 1.26%1.69%2.95%
January 2026
4 years
138,750  Term Loan R0.66%2.00%2.66%
January 2026
4 years
23,000  Term Loan O 0.87%2.28%3.15%
January 2026
4 years
23,000  Term Loan O 0.87%2.28%3.15%
January 2026
5 years
20,000  Term Loan P0.93%2.20%3.13%
January 2026
5 years
20,000  Term Loan P 0.93%2.20%3.13%
January 2026
6 years
20,000  Term Loan S 0.98%2.30%3.28%
January 2026
6 years
20,000  Term Loan S 0.97%2.30%3.27%
January 2026
6 years
38,000  Term Loan U 1.82%2.20%4.02%
January 2026
7 years
38,000  Term Loan V 2.02%2.25%4.27%
January 2026
7 years
40,000  Term Loan T 1.05%2.30%3.35%
January 2026
8 years
100,000  Term Loan W 1.98%2.30%4.28%
January 2026
9 years
100,000  Term Loan X 1.81%2.30%4.11%
Total Notional$1,409,500,000 
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
(b)Rate is before estimated patronage payments.

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









IMPACT ON THE CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
The following table presents the pre-tax impact of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Income Statement Location2026202520262025
Derivatives designated as cash flow hedges:
Interest rate swapsOther comprehensive income (loss), relating to continuing operations$35,033 $865 $55,567 ($4,821)
Interest expense, net3,455 4,614 11,125 13,654 
Total interest expense, net, as reported on the Consolidated Statements of Income and Comprehensive Income (Loss)(16,659)(6,768)(47,870)(19,704)
AMOUNT EXPECTED TO BE RECLASSIFIED FROM AOCI INTO EARNINGS IN THE NEXT 12 MONTHS
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 $22.9 million. These reclassified amounts are expected to offset variable interest rate payments to debt holders, resulting in no net impact on our earnings or cash flows.
NOTIONAL AMOUNTS
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2026 and December 31, 2025:
Notional Amount
September 30, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps (a)$1,409,500 $600,000 
(a)    The period-over-period increase in notional outstanding of $809.5 million is attributable to the 17 PotlatchDeltic Merger Swaps re-designated as cash flow hedges on January 30, 2026, offset by the maturity of swaps with an aggregate notional amount of $200 million related to the 2016 Term Loan, which was repaid in full at maturity on April 28, 2026.


44
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









FAIR VALUES
    The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2026 and December 31, 2025. The Company classifies the fair value of its derivative instruments as current or non-current based on the contractual settlement timing of each individual derivative:
Location on Balance SheetFair Value Assets (Liabilities) (a)
September 30, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps
Other current assets$4,928 $1,404 
Other assets151,105 25,438 
Total derivative assets$156,033 $26,842 
Other non-current liabilities— ($23)
Total derivative liabilities— ($23)
(a)    See Note 10 — 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. Our derivatives are not subject to master netting arrangements that permit a right of offset, and no collateral has been received from, or pledged to, counterparties under any of the outstanding interest rate swap agreements.
CREDIT RISK CONTINGENT FEATURES
Our interest rate swap agreements are executed under ISDA Master Agreements that contain customary credit-risk-related provisions that permit the counterparty to terminate the swap and require settlement at the net liability position upon a default on our underlying senior indebtedness. As of September 30, 2026, no derivative instruments containing such features were in a net liability position.
COUNTERPARTY CREDIT RISK
Counterparties to the Company's interest rate swap agreements are investment-grade commercial banks and Farm Credit System institutions, and the Company monitors counterparty credit quality on an ongoing basis. The Company does not consider its exposures to any individual counterparty to represent a significant concentration of credit risk.
45
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









10.    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, 2026 and December 31, 2025, using market information and valuation methodologies we believe are appropriate under GAAP:
September 30, 2026December 31, 2025
Asset (Liability) (a)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Level 1Level 2Level 1Level 2
Cash and cash equivalents$361,350 $361,350 — $842,944 $842,944 — 
Restricted cash, non-current (b)514 514 — 495 495 — 
Current maturities of long-term debt (c)(138,750)— (138,750)(199,982)— (200,000)
Long-term debt (c)(1,716,739)— (1,661,800)(845,335)— (806,080)
Interest rate swaps (d)156,033 — 156,033 26,819 — 26,819 
Noncontrolling interests in the Operating Partnership (e)38,397 — 29,567 40,463 — 36,435 
(a)We did not have Level 3 assets or liabilities at September 30, 2026 or December 31, 2025.
(b)Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermediary and cash held in escrow. See Note 24 — 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 8 — Debt for additional information.
(d)See Note 9 — 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 6 — 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.
46
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









11.    COMMITMENTS
At September 30, 2026, future minimum payments under non-cancellable commitments were as follows. Amounts include the obligations assumed in connection with the PotlatchDeltic merger. Lease, long-term debt and pension and other postretirement obligations are excluded below and presented in Note 17 — Leases, Note 8 — Debt and Note 18 — Pension and Other Postretirement Employee Benefits, respectively.
Environmental Remediation (a)Real Estate Projects (b)Cutting Contracts (c)Commitments (d)Total
2026$1,953 $14,133 $4,625 $6,293 $27,004 
20274,201 34,101 7,082 10,132 55,516 
2028655 14,870 4,067 2,741 22,333 
2029395 1,754 1,654 735 4,538 
2030320 2,760 604 609 4,293 
Thereafter2,118 7,362 742 — 10,222 
$9,642 $74,980 $18,774 $20,510 $123,906 
(a)Primarily represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages (NRD) in Port Gamble, Washington. See Note 13 — Environmental and Natural Resource Damage Liabilities for additional information.
(b)Primarily consists of payments expected to be made on our real estate development projects.
(c)Consists of payments expected to be made under timber cutting contracts to supply logs to the Company’s Wood Products manufacturing facilities.
(d)Includes other purchase obligations.

12.    CONTINGENCIES
We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we maintain 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. Except as discussed in Note 13 — Environmental and Natural Resource Damage Liabilities, 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, liquidity, or cash flows.
47
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









13.    ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES
We are subject to federal and state environmental laws that impose liability on current and former property owners for cleanup, restoration, and natural resource damages (“NRD”) generally on a strict-liability basis. For a description of the legal framework governing these obligations, see Note 13 — Environmental and Natural Resource Damage Liabilities in our 2025 Form 10-K.
Changes in environmental and NRD liabilities from December 31, 2025 to September 30, 2026 are shown below:
Port Gamble, WAOther SitesTotal
Non-current portion at December 31, 2025
$6,089— $6,089
Plus: Current portion3,181— 3,181
Total Balance at December 31, 2025
9,270— 9,270
Liabilities assumed in the merger with PotlatchDeltic— 679679 
Expenditures charged to liabilities(806)(68)(874)
Increase to liabilities (a)567— 567
Total Balance at September 30, 2026
9,0316119,642
Less: Current portion(5,798)(218)(6,016)
Non-current portion at September 30, 2026
$3,233$393$3,626
(a)The increase in liabilities resulted from revised environmental and NRD cost estimates recognized during the nine months ended September 30, 2026.
Port Gamble, Washington
Upland mill site cleanup is complete, and NRD restoration is expected to conclude within the next year. The remaining liability primarily reflects estimated costs of completing the NRD restoration and long-term monitoring of the bay, mill site, and landfills, which is expected to continue for an additional 15 to 20 years. It is reasonably possible the recorded liability may increase as restoration progresses due to changes in scope, field conditions, or regulatory requirements. Monitoring obligations may also extend in duration or scope over the multi-decade monitoring period. We do not expect any loss in excess of amounts accrued to be material to our consolidated financial position or liquidity. See Note 11 — Commitments.
48
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









14.    GUARANTEES
We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.
As of September 30, 2026, the following financial guarantees were outstanding:
Financial Commitments (a)Maximum Potential
Payment
Standby letters of credit (b)$1,020 
Surety bonds (c)71,208 
Total financial commitments$72,228 
(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)The letters of credit primarily support various insurance-related agreements. These letters of credit will expire at various dates in 2027 and will be renewed as required.
(c)Surety bonds primarily secure performance and payment obligations under timber sale contracts with federal and state agencies, collateral requirements for our real estate development projects, and environmental remediation activities at Port Gamble (Kitsap County, Washington). We also maintain bonds supporting self-insured workers' compensation programs, as well as various licenses, permits and other financial guarantees. These bonds provide financial assurance to governmental agencies, municipalities and other counterparties. Our surety bonds expire at various dates through 2028 and are expected to be renewed as required to meet ongoing obligations.

49
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









15.    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.
In the merger with PotlatchDeltic, we assumed HBU properties with an estimated fair value of $35.1 million, including assets in Chenal Valley (Little Rock, Arkansas) and other development properties. The estimated fair value reflects a $24.5 million decrease recorded during the third quarter of 2026 as a result of measurement period adjustments.
Changes in higher and better use timberlands and real estate development investments from December 31, 2025 to September 30, 2026 are shown below:
Higher and Better Use Timberlands and Real Estate Development Investments
Land and Timber Development InvestmentsTotal
Non-current portion at December 31, 2025
$84,123 $41,967 $126,090 
Plus: Current portion (a)1,850 4,984 6,834 
Total Balance at December 31, 2025
85,973 46,951 132,924 
Non-cash cost of land and improved development(2,545)(3,244)(5,789)
Amortization of parcel real estate development investments— (5,448)(5,448)
Timber depletion from harvesting activities and basis of timber sold in real estate sales(3,077)— (3,077)
Capitalized real estate development investments (b)— 34,597 34,597 
HBU properties assumed in the merger with PotlatchDeltic (c)35,050 — 35,050 
Capital expenditures (silviculture)12 — 12 
Intersegment transfers1,023 — 1,023 
Total Balance at September 30, 2026
116,436 72,856 189,292 
Less: Current portion (a)(2,935)(17,288)(20,223)
Non-current portion at September 30, 2026
$113,501 $55,568 $169,069 
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.
(b)Capitalized real estate development investments include $1.1 million of capitalized interest and $17.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are under contract or expected to be ready for market within one year.
(c)Based on preliminary estimates of fair value as of January 30, 2026, including measurement period adjustments recorded during the three months ended September 30, 2026. See Note 2 — Merger with PotlatchDeltic Corporation for additional information.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









16.    INVENTORY
The following table details the components of inventory as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Lumber, plywood and veneer$48,965 — 
Materials and supplies34,893 — 
Log inventory34,507 — 
Real estate inventory (a)20,223 6,834 
Total inventory$138,588 $6,834 
(a)Represents the cost of HBU real estate expected to be sold, including capitalized development investments. See Note 15 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

17.    LEASES
TIMBERLAND LEASES
    Our timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases.
NON-TIMBERLAND LEASES
    In addition to timberland holdings, we lease certain machinery, equipment and office space. Significant leased properties include our future corporate headquarters in Atlanta, Georgia, and regional offices in Spokane, Washington and Lufkin, Texas.
BALANCE SHEET CLASSIFICATION
The following table presents supplemental balance sheet information related to lease assets and liabilities as of September 30, 2026 and December 31, 2025:
Location on Balance SheetSeptember 30, 2026December 31, 2025
Assets
Operating lease assetsOperating lease right-of-use assets$27,893 $16,286 
Finance lease assets (a)Machinery and equipment12,761 — 
Total lease assets$40,654 $16,286 
Liabilities
Current:
Operating lease liabilitiesOther current liabilities$4,485 $2,617 
Finance lease liabilitiesOther current liabilities5,359 — 
Non-current:
Operating lease liabilitiesOther non-current liabilities23,625 13,669 
Finance lease liabilitiesOther non-current liabilities7,418 — 
Total lease liabilities$40,887 $16,286 
(a)Finance lease assets are presented net of accumulated amortization of $3.5 million as of September 30, 2026.




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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)










LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION
    The following table details our undiscounted lease obligations as of September 30, 2026 by type of lease and year:
Operating LeasesFinance Leases
2026$2,994 $1,610 
20275,448 5,334 
20285,746 3,664 
20294,537 2,282 
20304,169 744 
Thereafter22,022 120 
Total undiscounted cash flows$44,916 $13,754 
Less: Lease incentive (a)(5,959)— 
Less: Imputed interest(10,847)(977)
Total lease liabilities at September 30, 2026
$28,110 $12,777 
(a)Represents a tenant improvement allowance for our Atlanta, Georgia corporate headquarters, expected to be received from the landlord in 2027.
In July 2026, an approximately 12-year operating lease for our future corporate headquarters in Atlanta, Georgia commenced. Total undiscounted lease payments of approximately $14.9 million are included in the lease maturity table above, and the related tenant improvement allowance is presented as a lease incentive.
The following table details components of our lease cost for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
Lease Cost Components2026202520262025
Operating lease cost$1,455 $222 $3,219 $1,160 
Finance lease cost:
Amortization of leased assets1,392 — 3,495 — 
Interest expense164 — 426 — 
Variable lease cost (a)88 28 237 251 
Total lease cost (b)$3,099 $250 $7,377 $1,411 
(a)The majority of our timberland leases are subject to increases or decreases based on the Consumer Price Index, Producer Price Index or market rates.
(b)Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Related costs are recognized on a straight-line basis over the lease term. Short-term lease expense was not material for the three and nine months ended September 30, 2026 and 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









The following table provides supplemental cash flow information related to leases for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30,
Supplemental Cash Flow Information Related to Leases20262025
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows from operating leases$2,743$937
     Operating cash flows from finance leases426—
     Investing cash flows from operating leases173259
Financing cash flows from finance leases3,547—
Total cash paid for amounts included in the measurement of lease liabilities$6,889$1,196
Lease liabilities assumed in the PotlatchDeltic merger:
Operating leases$7,733—
Finance leases13,446—
Total lease liabilities arising from right-of-use assets assumed in the PotlatchDeltic merger$21,179—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$4,518—
Finance leases3,037—
Total right-of-use assets obtained in exchange for new lease liabilities$7,555—
Weighted-average remaining lease term (years):
Operating leases810
Finance leases3— 
Weighted-average discount rate:
Operating leases6%6%
Finance leases5%— 

We apply the following practical expedients as allowed under ASC 842:
Practical ExpedientDescription
Short-term leasesWe do not record right-of-use assets or liabilities for short-term leases (leases that, at the commencement date, have a lease term of 12 months or less and do not include a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease componentsWe elect, for all classes of underlying assets, not to separate non-lease components from the associated lease components and to account for them as a single lease component.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)










18.    PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS
The net pension and postretirement benefit costs for the three and nine months ended September 30, 2026 and 2025 are presented below:
PensionPostretirement
Three Months Ended
September 30,		Three Months Ended
September 30,
Components of Net Periodic Benefit CostIncome Statement Location2026202520262025
Service CostSelling and general expenses$1,110 — $7 $1 
Service CostCost of sales101 — — — 
Interest CostOther miscellaneous expense, net3,142 — 200 19 
Expected return on plan assetsOther miscellaneous expense, net(2,864)— — — 
Amortization of net (gain) lossOther miscellaneous expense, net— — (2)(2)
Net periodic benefit cost$1,489 — $205 $18 
PensionPostretirement
Nine Months Ended
September 30,		Nine Months Ended
September 30,
Components of Net Periodic Benefit CostIncome Statement Location2026202520262025
Service CostSelling and general expenses$2,960 — $18 $2 
Service CostCost of sales269 — 1 — 
Interest CostOther miscellaneous expense, net8,378 — 541 57 
Expected return on plan assetsOther miscellaneous expense, net(7,638)— — — 
Amortization of net (gain) lossOther miscellaneous expense, net— — (5)(5)
Net periodic benefit cost$3,969 — $555 $54 
PLANS ASSUMED IN MERGER WITH POTLATCHDELTIC
Upon our merger with PotlatchDeltic Corporation, we assumed one qualified defined benefit pension plan, two nonqualified pension plans, and two other postretirement benefit plans. The expected return on plan assets for the qualified plan assumed is 6.5%. The discount rate used to measure the projected benefit obligation as of January 30, 2026, was 5.65% for the qualified and nonqualified pension plans and 5.50% for the other postretirement benefit plans.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









FAIR VALUE OF PENSION PLAN ASSETS AND OBLIGATIONS
Consistent with accounting for the merger as the acquirer in a business combination (see Note 2 — Merger with PotlatchDeltic Corporation), pension assets and benefit obligations for plans assumed from PotlatchDeltic were remeasured to reflect their fair value as of the merger date. This included updating asset values and reviewing discount rates to reflect market conditions as of the date of the merger. The following represents the fair values of these items as of January 30, 2026:
•$181.0 million qualified pension plan assets
•$197.0 million qualified pension plan projected benefit obligation
•$33.9 million nonqualified pension plan projected benefit obligation
•$14.0 million other postretirement accumulated benefit obligation
During the nine months ended September 30, 2026, we contributed approximately $7.3 million to the qualified pension plan and do not expect to make any additional required contributions during the remainder of 2026. The nonqualified plans are unfunded; we paid benefits of approximately $1.7 million directly during the nine months ended September 30, 2026 and expect to pay approximately $1.0 million during the remainder of 2026. We paid approximately $0.8 million of other postretirement benefits during the nine months ended September 30, 2026 and expect to pay approximately $1.0 million during the remainder of 2026.
19.    INCENTIVE STOCK PLANS
A summary of our stock-based incentive compensation cost for the three and nine months ended September 30, 2026 and 2025 is presented below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Other operating (expense) income, net (a) $622 — $13,571 $205 
Selling and general expenses2,701 2,250 8,936 7,262 
Cost of sales540 282 2,392 845 
Timber and Timberlands, net (b)82 66 312 195 
Total stock-based incentive compensation$3,945 $2,598 $25,211 $8,507 
Tax benefit recognized related to stock-based incentive compensation expense$248 $135 $1,220 $391 
(a)The 2026 amounts represent accelerated stock-based incentive compensation cost resulting from the merger with PotlatchDeltic, included in integration and merger-related costs. See Note 21 — Integration and Merger-Related Costs.
(b)Represents amounts capitalized as part of the overhead allocation of timber-related costs.
REPLACEMENT AWARDS FROM THE MERGER WITH POTLATCHDELTIC
In connection with the merger with PotlatchDeltic, Rayonier issued replacement awards in exchange for outstanding PotlatchDeltic equity awards based on the exchange ratio specified in the merger agreement. The replacement awards consisted of:
• 1,509,498 unvested restricted stock units issued to employees and directors;
• 234,882 vested deferred restricted stock units issued to employees and directors; and
• 280,588 vested deferred compensation stock equivalent units issued to directors.
PotlatchDeltic performance share awards were converted into time‑based replacement restricted stock units at the greater of (i) target performance or (ii) actual performance as of January 30, 2026. The original PotlatchDeltic performance awards were canceled upon exchange, and no performance conditions carried over to the replacement awards.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









In accordance with ASC 805, the portion of replacement award fair value attributable to pre-merger services was included in consideration transferred, with the remainder recognized as post‑merger compensation expense over the applicable remaining service periods. The total fair value of the replacement awards was approximately $46.1 million, allocated as follows:
• $25.0 million attributable to pre-merger services (included in consideration transferred); and
• $21.1 million attributable to post-merger services (recognized prospectively as compensation expense over the remaining service period).
See Note 2 — Merger with PotlatchDeltic Corporation for additional information.
REPLACEMENT RESTRICTED STOCK UNITS
The replacement restricted stock units consist of (i) 1,509,498 unvested awards subject to remaining service-based vesting and (ii) 234,882 vested awards that have been deferred and will settle upon a participant’s separation from service or other defined settlement event.
The following acceleration events occurred in connection with the merger, with the related expense recorded within integration and merger-related costs (see Note 21 — Integration and Merger-Related Costs):
• Director awards: 52,024 replacement restricted stock units held by non-employee directors vested in full at closing on January 30, 2026 pursuant to the change-in-control provisions of the underlying award agreements, resulting in $0.3 million of expense in the first quarter of 2026. No unrecognized compensation cost remains related to the director awards.
• Employee awards: During the three and nine months ended September 30, 2026, 98,648 and 733,672 replacement restricted stock units held by employees vested in full — either upon qualifying terminations of employment or pursuant to change-in-control provisions in PotlatchDeltic equity plans — resulting in $0.2 million and $10.7 million of expense, respectively. Replacement restricted stock units are credited with dividend equivalents in the form of additional restricted stock units, which vest and are settled in the same manner as the underlying awards; the vested unit figures above exclude 2,461 and 3,852 of these additional units that vested during the three and nine months ended September 30, 2026. In addition, during the three and nine months ended September 30, 2026, the Company recognized $0.1 million and $0.2 million of expense for replacement restricted stock units held by employees whose qualifying terminations are scheduled to occur in subsequent periods. This expense is recognized over the revised requisite service periods through the scheduled termination dates.
As of September 30, 2026, total unrecognized compensation cost related to the unvested replacement restricted stock units was approximately $5.6 million, expected to be recognized over a weighted-average remaining service period of approximately 20 months, subject to acceleration upon qualifying terminations.
A summary of the replacement restricted stock units granted on January 30, 2026 as a result of the merger is as follows:
Three Months EndedNine Months Ended
September 30, 2026September 30, 2026
Replacement restricted stock units granted— 1,744,380 
Weighted average price of replacement restricted stock units granted— $22.74 
Replacement restricted stock units vested as a result of acceleration (a)98,648 785,696 
Grant date fair value of replacement restricted stock units vested$22.74 $22.74 
Intrinsic value of replacement restricted stock units outstanding (b)$15,479 $15,479 
(a)Excludes 2,461 and 3,852 additional restricted stock units credited as dividend equivalents on the replacement awards that vested during the three and nine months ended September 30, 2026, respectively.
(b)Intrinsic value is based on the closing market price of the Company’s common shares at September 30, 2026.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









REPLACEMENT DEFERRED COMPENSATION STOCK EQUIVALENT UNITS
The replacement deferred compensation stock equivalent units represent vested awards originally issued under PotlatchDeltic’s deferred compensation plans, under which participants elected to defer cash or equity compensation into notional share-based accounts. The units settle in shares (or cash equivalent) upon a participant’s separation from service or other defined settlement event.
Because these awards were fully vested at the merger date, their entire fair value was attributed to pre-merger services and included in consideration transferred. Accordingly, no unrecognized compensation cost remains, and no compensation expense was recognized during the three and nine months ended September 30, 2026.
A summary of the replacement deferred compensation stock equivalent units granted on January 30, 2026 as a result of the merger is as follows:
Three Months EndedNine Months Ended
September 30, 2026September 30, 2026
Replacement deferred compensation stock equivalent units granted— 280,588 
Weighted average price of deferred compensation stock equivalent units granted— $22.74 
Intrinsic value of replacement deferred compensation stock equivalent units outstanding (a)$1,652 $1,652 
(a)Intrinsic value is based on the closing market price of the Company’s common shares at September 30, 2026.
MODIFICATION AND ACCELERATION OF LEGACY RAYONIER AWARDS
PERFORMANCE SHARE UNITS
In connection with the merger, all Rayonier performance share units outstanding as of the merger were deemed achieved at the greater of (i) target performance or (ii) actual performance as of January 30, 2026, and converted into 487,361 time-based restricted stock unit awards. The modification was accounted for in accordance with ASC 718. Because the fair value of the awards immediately before and after the modification was substantially the same, no incremental compensation cost resulted.
RESTRICTED STOCK UNITS
During the three and nine months ended September 30, 2026, the Company recognized $0.3 million and $2.4 million, respectively, of accelerated expense related to Legacy Rayonier restricted stock units held by employees whose employment terminated, or is contractually scheduled to terminate, in connection with the merger. Of these awards, 5,984 and 162,208 restricted stock units vested during the respective periods. This expense is recognized within integration and merger-related costs.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









20.    OTHER OPERATING (EXPENSE) INCOME, NET
The following table provides the composition of other operating (expense) income, net for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Gain (loss) on sale or disposal of property, plant and equipment$18 $23 $50 ($105)
Costs related to the merger with PotlatchDeltic (a)(7,024)— (87,778)— 
Restructuring charges (b)— — — (1,110)
Miscellaneous income (expense), net1 290 (19)144 
Total($7,005)$313 ($87,747)($1,071)
(a)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. See Note 2 — Merger with PotlatchDeltic Corporation and Note 21 — Integration and Merger-Related Costs for additional information.
(b)Restructuring charges include severance costs related to workforce optimization initiatives.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









21.    INTEGRATION AND MERGER-RELATED COSTS
On January 30, 2026, we completed our merger with PotlatchDeltic Corporation and concurrently began formulating and implementing integration plans. During the three and nine months ended September 30, 2026, we incurred integration and merger-related costs consisting of (i) employee-related costs, including those for employees whose employment terminated or is expected to terminate, (ii) accelerated stock-based compensation (see Note 19), and (iii) non-recurring professional service fees directly attributable to the merger. We expect the majority of these costs to be incurred within the next twelve months. These costs are recorded within Other operating (expense) income, net, and are not allocated to our reportable segments (see Note 20).
The following table summarizes integration and merger-related costs incurred during the three and nine months ended September 30, 2026:
Three Months EndedNine Months Ended
September 30, 2026September 30, 2026
Employee-related costs$4,697 $38,462 
Accelerated stock-based compensation (Note 19)
622 13,571 
Professional services1,423 34,427 
Other integration costs282 1,318 
Total integration and merger-related costs$7,024 $87,778 
Changes in accrued employee-related costs associated with the merger during the nine months ended September 30, 2026 are summarized in the table below. Charges represent termination benefits recognized upon communication of termination, along with other compensation costs recognized ratably over the required service period. Employee-related costs paid as incurred, such as relocation and outplacement costs, are not reflected in the table. Accelerated stock-based compensation of $13.6 million is excluded as it is a non-cash charge with no corresponding accrued liability (see Note 19). Professional services and other integration costs are also excluded, as these are acquisition-related costs expensed as incurred under ASC 805 and do not represent exit or disposal cost obligations; the amounts accrued but unpaid at September 30, 2026 are not material.
Employee-Related Costs
Balance, December 31, 2025— 
     Charges26,020 
     Cash payments(14,613)
Balance, March 31, 2026$11,407 
Charges7,420 
Cash payments(5,140)
Balance, June 30, 2026$13,687 
Charges3,937 
Cash payments(3,870)
Balance, September 30, 2026$13,754 
The current portion of accrued employee-related costs is recorded within “Accrued payroll and benefits” on our Consolidated Balance Sheets. The majority of accrued employee-related costs as of September 30, 2026 are expected to be paid within one year. Total expected charges have not yet been determined. Estimates will be provided in future periods as integration plans are finalized.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









22.    INCOME TAXES

Rayonier is a REIT under the Internal Revenue Code and generally is not subject to U.S. federal or state income tax on income distributed to shareholders. As of September 30, 2026, Rayonier owned a 99.5% 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 unitholders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.
Certain operations, including wood products manufacturing, log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS(s). The TRS subsidiaries are subject to United States federal and state corporate income tax. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences and discrete items.
PROVISION FOR INCOME TAXES
The Company’s interim income tax provision is computed in accordance with ASC 740‑270, Income Taxes—Interim Reporting. Following the merger, management determined that estimating an annual effective tax rate for 2026 was not a reasonable basis for allocating income tax expense due to the increased complexity in forecasting annual taxable income of the newly merged companies. Accordingly, in 2026, the Company is recording income tax expense based on year‑to‑date pre-tax income and applicable statutory tax rates, with discrete items recognized in the period incurred. As a result, the Company is not disclosing an estimated annual effective tax rate for 2026 interim periods.
This change in methodology is applied prospectively and does not have a material impact on the Company's consolidated financial statements for the periods presented. The Company's effective tax rate is generally lower than the 21% U.S. statutory rate primarily due to its qualification as a REIT, whereby the majority of consolidated income is generated at the REIT level and not subject to U.S. federal or state income taxes. Income attributable to the TRS is subject to corporate income tax at applicable statutory rates.
RELEASE OF VALUATION ALLOWANCE FOLLOWING MERGER
The Company assesses the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that some or all of such deferred tax assets will not be realized.
In connection with the PotlatchDeltic merger, the Company reassessed the realizability of its deferred tax assets. As a result of the transaction, the Company recorded net deferred tax liabilities, primarily related to taxable temporary differences associated with acquired tangible assets. These taxable temporary differences are expected to reverse in periods that support the realization of existing deferred tax assets. Based on this reassessment that it is more likely than not that certain deferred tax assets will be realized, the Company released a portion of its valuation allowance, resulting in an income tax benefit of $40.3 million upon completion of the merger on January 30, 2026.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)









23.    ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table presents the changes in AOCI by component for the nine months ended September 30, 2026 and the year ended December 31, 2025. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
Foreign currency translation adjustmentsNet investment hedges of New Zealand subsidiaryCash flow hedgesEmployee benefit plansTotal Rayonier, L.P.Allocation of Operating PartnershipTotal Rayonier Inc.
Balance as of December 31, 2024
($51,149)$1,321 $41,733 $230 ($7,865)($2,564)($10,429)
Other comprehensive income before reclassifications19,766 — 2,256 (a)7 22,029 (104)21,925 
Amounts reclassified from AOCI— — (16,868)(6)(b)(16,874)796 (16,078)
Amounts reclassified from AOCI 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)(15,606)1 34,223 692 34,915 
Balance as of December 31, 2025
— — $26,127 $231 $26,358 ($1,872)$24,486 
Other comprehensive income before reclassifications— — 55,193 (a)— 55,193 (306)54,887 
Amounts reclassified from AOCI— — (11,125)(5)(b)(11,130)147 (10,983)
Net other comprehensive income (loss)— — 44,068 (5)44,063 (159)43,904 
Balance as of
September 30, 2026
— — $70,195 $226 $70,421 ($2,031)$68,390 
(a)The nine months ended September 30, 2026 includes $55.2 million of other comprehensive income related to interest rate products. The year ended December 31, 2025 included $3.8 million of other comprehensive loss related to interest rate products. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.
(b)This component of other comprehensive income (loss) is included in the computation of net periodic pension and postretirement costs. See Note 18 — Pension and Other Postretirement Employee Benefits for additional information.
(c)The year ended December 31, 2025 includes $29.1 million reclassified from AOCI to “Gain on sale of discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss) upon deconsolidation of our New Zealand operations on June 30, 2025.
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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, 2026 and September 30, 2025:
Details about accumulated other comprehensive income componentsAmount reclassified from accumulated other comprehensive incomeAffected line item in the Income Statement
September 30, 2026September 30, 2025
Realized gain on interest rate contracts($11,125)($13,654)Interest expense, net
Noncontrolling interests— (376)Comprehensive income attributable to noncontrolling interests
Realized loss on foreign currency exchange contracts— 1,592 Income from operations of discontinued operations, net of tax
Realized loss on foreign currency option contracts— 40 Income from operations of discontinued operations, net of tax
Income tax effect from net loss on foreign currency contracts— (351)Income from operations of discontinued operations, net of tax
Net gain on cash flow hedges reclassified from accumulated other comprehensive income($11,125)($12,749)

24.    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,
202620252025
Restricted cash, non-current:
Restricted cash held in escrow$495 $495 $677 
Restricted cash deposited with LKE intermediary19 — — 
Total restricted cash, non-current514 495 677 
Total restricted cash shown in the Consolidated Balance Sheets514 495 677 
Cash and cash equivalents361,350 842,944 919,582 
Total cash, cash equivalents and restricted cash from continuing operations shown in the Consolidated Statements of Cash Flows$361,864 $843,439 $920,259 
25.    ASSETS HELD FOR SALE
Assets held for sale 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 $2.4 million and $5.4 million, as of September 30, 2026, and December 31, 2025, 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, 2026.
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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, 2025 (the “2025 Form 10-K”), and information contained in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”).
In June 2025, we completed the sale of our 77% interest in a New Zealand joint venture. The results of these operations are reflected as discontinued operations in the prior-year comparative periods. See Note 3 — Discontinued Operations for additional information.
On January 30, 2026, Rayonier completed its merger with PotlatchDeltic Corporation (“PCH” or “PotlatchDeltic”) in a merger-of-equals transaction. Under the terms of the merger agreement, PotlatchDeltic stockholders received 1.8185 Rayonier common shares and $0.61 in cash for each PotlatchDeltic share held, and we issued approximately 140.9 million Rayonier common shares in connection with the closing. As the accounting acquirer, our consolidated financial statements as of and for the nine months ended September 30, 2026 include PotlatchDeltic results from January 31, 2026 through September 30, 2026. See Note 2 — Merger with PotlatchDeltic Corporation for additional information pertaining to the merger.
As a result of the merger, we added a Wood Products segment and renamed our Pacific Northwest Timber segment to Northwest Timber. See Note 4 — Segment and Geographical Information for further discussion of our reportable segments.
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 recent merger with PotlatchDeltic Corporation (“PotlatchDeltic”), expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of our business strategies, 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,” “long-term,” “looking ahead” 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 2025 Form 10-K, 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 include 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 land resources real estate investment trust (“REIT”) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. We are focused on managing our timberlands on a sustainable basis while optimizing our overall portfolio value by delivering land to its highest and best use. We also operate six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. We are committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through our land-based solutions business. 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, Northwest Timber, Wood Products, 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 4 — Segment and Geographical Information for further discussion of our reportable segments and Note 3 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture. As of September 30, 2026, we owned or leased under long-term agreements approximately 4.1 million acres of timberlands located in the U.S. South (3.2 million acres) and U.S. Northwest (894 thousand acres).
SEGMENT INFORMATION
    The Southern Timber and 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 Northwest.
    The Wood Products segment manufactures and sells lumber, plywood, and residual products at seven mills located in Arkansas, Idaho, Michigan, and Minnesota.
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, as well as revenue from our country club operations in Chenal Valley.
Our Southern Timber and Northwest Timber segments supply a portion of our Wood Products segment’s wood fiber needs. These intersegment sales typically represent a sizable portion of the Southern Timber and Northwest Timber segments’ total revenues. Our other segments generally do not generate intersegment revenues. Intersegment sales are based on prevailing market prices and are eliminated in consolidation.

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ENVIRONMENTAL MATTERS
For a full description of our environmental matters, see Item 1 — “Business” in our 2025 Form 10-K.
CRITICAL ACCOUNTING ESTIMATES
    The preparation of financial statements requires us to make estimates, assumptions, and judgments that affect our assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data, market trends, current fact patterns, and other information we believe are reasonable under the circumstances. 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 2025 Form 10-K.
BUSINESS COMBINATIONS
We account for business combinations using the acquisition method of accounting, under which all assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, are recorded at their respective fair values as of the acquisition date. The excess of the purchase price over fair values of identifiable assets and liabilities is recorded as goodwill. The preliminary allocation of purchase price in a business combination uses significant assumptions and estimates. Critical estimates include, but are not limited to, future expected cash flows, including revenues and expenses, and applicable discount rates. While we believe our estimates and assumptions to be reasonable, they are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). Pursuant to ASC 805, our financial statements are not retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We also record, in the same period’s financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to provisional amounts, calculated as if the accounting had been completed at the acquisition date.
DETERMINING THE ADEQUACY OF PENSION AND OTHER POSTRETIREMENT BENEFIT ASSETS AND LIABILITIES
In connection with the merger with PotlatchDeltic Corporation on January 30, 2026, we assumed one qualified defined benefit pension plan, two nonqualified pension plans, and two other postretirement employee benefit ("OPEB") plans. Under ASC 805, the assumed benefit obligations and plan assets were remeasured at fair value as of the acquisition date, and net periodic benefit cost in the post-acquisition period is based on assumptions established at that date.
Measurement of the benefit obligations and net periodic benefit cost requires significant judgment. The most significant assumption is the discount rate, which is set at the measurement date by matching spot rates on high-quality corporate bonds to expected benefit cash flows, with the involvement of actuarial specialists. Other significant assumptions include the expected long-term return on plan assets, mortality rates, and, for the OPEB plans, health care cost trend rates. Net periodic benefit cost for the post-acquisition period reflects a discount rate of 5.65% for the pension plans and 5.50% for the OPEB plans, and an expected return on plan assets of 6.50% for the qualified pension plan. Holding other assumptions constant, a 25 basis point decrease in the discount rate would increase the acquisition-date projected benefit obligation by approximately $5.8 million and have a minimal impact on 2026 net periodic benefit cost. See Note 18 — Pension and Other Postretirement Employee Benefits for additional information.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
See Note 1 — Basis of Presentation for a summary of recently issued accounting standards.

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INDUSTRY AND MARKET CONDITIONS
    
The demand for timber is related to the underlying demand for lumber, pulp, paper, packaging, and other wood products. Our Southern Timber segment harvests both sawtimber and pulpwood, with end-market exposure to domestic sawmills (including certain of our own sawmills in the U.S. South), pulp, paper, packaging, wood pellets, and oriented strandboard (OSB). Our Northwest Timber segment relies primarily on domestic lumber customers, though log exports to Asia-Pacific countries also contribute to regional demand.
The Southern Timber and Northwest Timber segments are sensitive to the strength of U.S. lumber markets, which are closely tied to housing starts, and repair and remodel activity. A portion of our Southern Timber and Northwest Timber harvest is supplied to the Company's own mills. Additionally, a portion of our Northwest Timber harvest is tied to lumber price indices, which results in more direct exposure to lumber market movements than is typical of our other timber sales.
Our Wood Products segment produces dimensional lumber and industrial-grade plywood at six sawmills and one plywood mill, with demand driven primarily by U.S. new residential construction and repair-and-remodel activity, the latter of which tends to be less cyclical and is influenced by existing home sales, homeowner equity, and the age of the housing stock.
On October 14, 2025, a 10% ad valorem duty on softwood timber and lumber imports became effective under Executive Order 14223 and the resulting Section 232 proclamation. This duty, together with reduced overall North American lumber capacity, has supported domestic lumber prices and incentivized domestic wood products production. In October 2026, the U.S. Department of Commerce issued final results of the seventh administrative review (“AR7”) of the anti-dumping and countervailing duty orders on softwood lumber from Canada, which lowered the combined duty rate applicable to most Canadian producers to 24.75%, effective October 19, 2026. Although lower than under the prior review, AR7 duties remain elevated relative to historical levels, and the Section 232 duty continues to apply, bringing the combined rate on most Canadian softwood lumber imports to approximately 35%. A reduction in these duties could adversely impact domestic lumber prices, wood products production, and log demand and pricing.
Pricing within our timber segments is subject to broad macroeconomic influences and local market conditions. 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 overall softer demand for pulpwood, due in part to recent mill closures. Meanwhile, weighted-average delivered log prices in the Northwest Timber segment have been supported by balanced supply and demand dynamics, though the addition of Idaho timberlands following the merger with PotlatchDeltic has increased the segment's overall sensitivity to lumber price movements. 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 Northwest. However, logistical, legal and infrastructure-related challenges would 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 hauling. 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. Diesel fuel prices, which directly affect our logging and transportation costs, remain elevated as a result of geopolitical tensions in the Middle East and related disruptions to global energy markets, resulting in upward pressure on operating costs. 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.
Changes in interest and mortgage rates may impact our Real Estate segment by affecting buyer demand. However, our development projects, including Wildlight, north of Jacksonville, Florida; Heartwood, south of Savannah, Georgia; and Chenal Valley in Little Rock, Arkansas, continue to experience solid demand as favorable trends in their respective markets have helped offset the effects 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 2025 Form 10-K. Note that this discussion reflects Rayonier’s legacy timberlands only and does not include the legacy timberlands of PotlatchDeltic. A combined discussion will be included in our 2026 Form 10-K.
OUR TIMBERLANDS
    Our timber operations are disaggregated into two geographically distinct segments: Southern Timber and Northwest Timber. The following table provides a breakdown of our timberland holdings as of September 30, 2026 and December 31, 2025:
(acres in 000s)As of September 30, 2026As of December 31, 2025
OwnedLeasedTotalOwnedLeasedTotal
Southern
Alabama394 15 409 248 2 250 
Arkansas936 1 937 — 1 1 
Florida336 6 342 336 10 346 
Georgia797 48 845 609 48 657 
Louisiana175 — 175 146 — 146 
Mississippi126 5 131 — — — 
South Carolina63 — 63 15 — 15 
Texas302 — 302 275 — 275 
3,129 75 3,204 1,629 61 1,690 
Northwest
Idaho623 — 623 — — — 
Oregon6 — 6 6 — 6 
Washington263 2 265 299 2 301 
892 2 894 305 2 307 
Total4,021 77 4,098 1,934 63 1,997 























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The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2025 to September 30, 2026:
(acres in 000s)Acres Owned
December 31, 2025
Acquisitions (a)Sales
September 30, 2026
Southern
Alabama248 151 (5)394 
Arkansas— 937 (1)936 
Florida336 4 (4)336 
Georgia609 194 (6)797 
Louisiana146 29 — 175 
Mississippi— 126 — 126 
South Carolina15 51 (3)63 
Texas275 30 (3)302 
1,629 1,522 (22)3,129 
Northwest
Idaho— 623 — 623 
Oregon6 — — 6 
Washington299 — (36)263 
305 623 (36)892 
Total 1,934 2,145 (58)4,021 

(acres in 000s)Acres Leased
December 31, 2025
New Leases (a)Sold/Expired Leases
September 30, 2026
Southern
Alabama2 13 — 15 
Arkansas1 — — 1 
Florida10 — (4)6 
Georgia48 — — 48 
Mississippi— 5 — 5 
61 18 (4)75 
Northwest
Washington (b)2 — — 2 
Total 63 18 (4)77 
(a)Includes approximately 2,084 thousand acres owned and 18 thousand acres leased assumed in connection with the merger with PotlatchDeltic on January 30, 2026.
(b)Primarily timber reservations acquired in the merger with Pope Resources.





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WOOD PRODUCTS FACILITIES
Our Wood Products segment manufactures lumber, plywood, and residual products at seven mills located in Arkansas, Idaho, Michigan, and Minnesota. The following table provides a breakdown of our Wood Products facilities and their respective capacities as of September 30, 2026:
Annual Capacity (a)
Sawmills
Waldo, Arkansas275 
Warren, Arkansas220 
St. Maries, Idaho185 
Gwinn, Michigan185 
Ola, Arkansas150 
Bemidji, Minnesota140 
Total MMBF (b)1,155 
Plywood Mill
St. Maries, Idaho150 
Total MMSF (b)150 
(a)Capacity represents the proven annual production capabilities of the facility under normal operating conditions and producing a normal product mix. Normal operating conditions are based on the configuration, efficiency and the number of shifts worked at each individual facility. In general, the definition includes two shifts per day for four days per week (10 hours per shift) at each facility, which is consistent with industry-wide recognized measures. Production can exceed capacity due to efficiency gains and overtime.
(b)MMBF stands for million board feet; MMSF stands for million square feet, 3/8-inch panel thickness basis.
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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)2026202520262025
Sales
Southern Timber$107.4 $66.8 $303.7 $171.1 
Northwest Timber73.6 19.9 171.7 65.5 
Wood Products206.2 — 510.8 — 
Real Estate (a)208.0 90.8 321.4 130.4 
Intersegment Eliminations (b)(29.6)— (68.8)— 
Total Sales$565.6 $177.5 $1,238.8 $367.0 
Operating Income
Southern Timber (c)$20.7 $22.5 $41.2 $45.3 
Northwest Timber3.6 1.8 15.8 3.5 
Wood Products (d)11.6 — 25.8 — 
Real Estate (a)134.2 26.4 189.8 35.2 
Corporate and Other (e)(21.9)(9.0)(133.3)(27.7)
Intersegment Eliminations (b)(1.3)— (3.3)— 
Operating Income146.9 41.7 135.9 56.3 
Interest expense, net(16.7)(6.8)(47.9)(19.7)
Interest income4.0 9.8 16.0 15.0 
Other miscellaneous expense, net (f)(2.5)(1.0)(2.2)(3.4)
Income tax (expense) benefit (g)(7.8)— 28.9 (0.3)
Income from Continuing Operations123.9 43.7 130.7 47.9 
Income from operations of discontinued operations, net of tax — — — 1.9 
Gain on sale of discontinued operations— — — 404.4 
Income from Discontinued Operations— — — 406.3 
Net Income123.9 43.7 130.7 454.2 
Less: Net loss attributable to noncontrolling interests in consolidated affiliates— — — 0.2 
Net Income Attributable to Rayonier, L.P.$123.9 $43.7 $130.7 $454.4 
Less: Net income attributable to noncontrolling interests in the Operating Partnership(0.6)(0.5)(0.7)(5.9)
Net Income Attributable to Rayonier Inc.$123.3 $43.2 $130.0 $448.5 
Adjusted EBITDA (h)
Southern Timber$52.4 $42.7 $150.5 $98.1 
Northwest Timber32.3 6.4 67.2 19.1 
Wood Products27.0 — 58.9 — 
Real Estate48.5 73.8 133.0 94.4 
Corporate and Other(14.4)(8.6)(43.8)(25.4)
Intersegment Eliminations (b)(1.3)— (3.3)— 
Total Adjusted EBITDA$144.6 $114.3 $362.4 $186.2 
(a)Sales and operating income for the three and nine months ended September 30, 2026 include $145.0 million and $90.6 million, respectively, from Large Dispositions. Operating income for the three and nine months ended September 30, 2025 includes a $7.0 million asset impairment charge.
(b)Intersegment Eliminations represents logs sold by the Timber segments to Wood Products, and includes the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.
(c)The nine months ended September 30, 2026 includes $2.3 million of timber write-offs resulting from casualty events.
(d)The nine months ended September 30, 2026 includes a $1.2 million inventory purchase price adjustment in cost of sales.
(e)The three and nine months ended September 30, 2026 include $7.0 million and $87.8 million, respectively, of costs related to the merger with PotlatchDeltic. The nine months ended September 30, 2025 includes $1.1 million of restructuring charges.
(f)The nine months ended September 30, 2025 includes $1.7 million of net costs associated with legal settlements.
(g)The nine months ended September 30, 2026 includes a $40.3 million tax benefit from the release of a valuation allowance.
(h)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,
Southern Timber Overview *2026202520262025
Sales Volume (in thousands of tons)
Delivered Pine Pulpwood836 367 2,120 1,031 
Delivered Pine Sawtimber865 254 2,565 732 
Stumpage Pine1,114 1,192 4,039 3,046 
Total Pine Volume2,814 1,813 8,723 4,809 
Delivered Hardwood67 8 119 17 
Stumpage Hardwood143 123 317 298 
Total Volume3,025 1,944 9,159 5,123 
% Delivered Volume (vs. Total Volume)58%32%52%35%
% Pine Sawtimber Volume (vs. Total Pine Volume)49%50%53%47%
Log Pricing (dollars per ton)
Delivered Pine Pulpwood$31.14 $36.47 $30.57 $37.18 
Delivered Pine Sawtimber45.31 47.45 44.78 47.66 
Weighted Average Delivered Pine$38.34 $40.97 $38.35 $41.53 
Delivered Hardwood39.69 36.32 39.81 37.35 
Weighted Average Delivered Total$38.39 $40.91 $38.39 $41.50 
Stumpage Pine15.82 20.77 16.20 19.82 
Stumpage Hardwood11.53 14.61 10.69 13.13 
Weighted Average Stumpage Total$15.33 $20.20 $15.79 $19.22 
Summary Financial Data (in millions of dollars)
Timber Sales$87.0 $52.2 $252.9 $137.9 
Less: Logging and Hauling(42.9)(13.8)(115.6)(39.5)
Net Stumpage Sales$44.2 $38.4 $137.3 $98.4 
Land-Based Solutions (a)(b)3.0 2.8 9.5 8.4 
Other Non-Timber Sales (b)17.4 11.8 41.3 24.9 
Total Sales$107.4 $66.8 $303.7 $171.1 
Operating Income$20.7 $22.5 $41.2 $45.3 
(+) Timber write-offs resulting from casualty events (c)— — 2.3 — 
(+) Depreciation, depletion and amortization31.7 20.1 107.0 52.8 
Adjusted EBITDA (d)$52.4 $42.7 $150.5 $98.1 
Other Data
Period-End Acres (in thousands)3,204 1,715 3,204 1,715 
*As a result of the merger with PotlatchDeltic, we have revised our reporting to include delivered log pricing to reflect the prevalent mode of sale in our Southern Timber segment.
(a)Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
(b)Q1 and Q2 2026 amounts have been reclassified from Land-Based Solutions to Other Non-Timber Sales. Total Sales are unchanged.
(c)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged.
(d)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,
Northwest Timber Overview2026202520262025
Sales Volume (in thousands of tons) (a)
Pulpwood20 33 115 113 
Domestic Sawtimber (b)551 177 1,395 606 
Export Sawtimber— — — 1 
Total Volume571 210 1,510 719 
% Delivered Volume (vs. Total Volume)100%94%97%93%
% Sawtimber Volume (vs. Total Volume)96%84%92%84%
% Export Volume (vs. Total Volume) (c)— 1%—1%
Delivered Log Pricing (in dollars per ton) (a)
Pulpwood$30.66 $36.12 $36.51 $32.39 
Domestic Sawtimber129.12 100.16 117.91 95.37 
Export Sawtimber (d)— — — 84.07 
Weighted Average Log Price$125.69 $89.91 $111.79 $85.50 
Summary Financial Data (in millions of dollars)
Timber Sales$71.7 $18.3 $166.5 $59.9 
Less: Logging and Hauling(32.1)(8.4)(78.7)(27.6)
Net Stumpage Sales$39.6 $9.9 $87.8 $32.3 
Trading Sales— — — 1.8 
Land-Based Solutions— — — 0.1 
Other Non-Timber Sales1.9 1.6 5.13.8 
Total Sales$73.6 $19.9 $171.7 $65.5 
Operating Income$3.6 $1.8 $15.8 $3.5 
(+) Depreciation, depletion and amortization28.6 4.6 51.4 15.6 
Adjusted EBITDA (e)$32.3 $6.4 $67.2 $19.1 
Other Data
Period-End Acres (in thousands)894 307 894 307 
(a)Excludes log trading activities.
(b)Includes volumes sold to third-party exporters.
(c)Estimated percentage of export volume includes direct exports and log sales to third-party exporters.
(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.
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Three Months Ended
September 30,		Nine Months Ended
September 30,
Wood Products Overview2026202520262025
Volume and Pricing Data
Lumber Shipments (MMBF) (a)327 —840—
Lumber Price Realization (in dollars per MBF) (b)$528 —$498—
Summary Financial Data (in millions of dollars)
Lumber Sales$172.5 —$418.3—
Plywood/Residual/Other33.7 —92.5—
Total Sales$206.2 —$510.8—
Costs and Expenses
Freight, logging and hauling($26.5)—($66.8)—
Fiber costs(82.3)—(211.9)—
Manufacturing costs(67.6)—(172.3)—
Finished goods inventory change2.0 —7.7—
Depreciation, depletion and amortization(15.4)—(31.9)—
Other costs and expenses(4.8)—(9.9)—
Total Costs and Expenses($194.6)—($485.1)—
Operating Income$11.6 —$25.8—
(+) Inventory purchase price adjustment in cost of sales (c)— —1.2—
(+) Depreciation, depletion and amortization15.4 —31.9—
Adjusted EBITDA (d)$27.0 —$58.9—
(a)Lumber shipments, inclusive of pre-merger PotlatchDeltic shipments, were 928 MMBF for the nine months ended September 30, 2026.
(b)Lumber price realizations, inclusive of pre-merger PotlatchDeltic shipments, were $489 per MBF for the nine months ended September 30, 2026.
(c)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing.
(d)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,
Real Estate Overview2026202520262025
Sales (in millions of dollars)
Improved Development (a)$12.2 $20.6 $25.2 $32.4 
Unimproved Development19.3 — 19.3 3.0 
Rural25.6 7.3 115.8 28.3 
Timberland & Non-Strategic— 53.5 — 53.5 
Deferred Revenue/Other (b)5.9 9.4 16.1 13.2 
Large Dispositions (c)145.0 — 145.0 — 
Total Sales$208.0 $90.8 $321.4 $130.4 
Acres Sold
Improved Development (a)262 227 312 331 
Unimproved Development 1,730 — 1,730 311 
Rural5,135 1,520 20,280 5,398 
Timberland & Non-Strategic— 21,601 — 21,601 
Large Dispositions (c)35,996 — 35,996 — 
Total Acres Sold43,123 23,348 58,318 27,642 
Gross Price per Acre (dollars per acre)
Improved Development (a)$46,482 $90,675 $80,860 $97,656 
Unimproved Development 11,177 — 11,177 9,635 
Rural4,984 4,811 5,708 5,245 
Timberland & Non-Strategic— 2,477 — 2,477 
Large Dispositions (c)4,028 — 4,028 — 
Weighted Average (Total) (d)$8,012 $3,486 $7,181 $4,239 
Weighted Average (Adjusted) (e)$6,545 $2,630 $6,138 $3,106 
Total Sales (Excluding Large Dispositions)$63.0 $90.8 $176.4 $130.4 
Operating Income$134.2 $26.4 $189.8 $35.2 
(–) Large Dispositions (c)(90.6)— (90.6)— 
(+) Asset impairment charge (f)— 7.0 — 7.0 
(+) Depreciation, depletion and amortization4.0 9.6 14.9 12.1 
(+) Non-cash cost of land and improved development1.0 30.7 19.0 40.0 
Adjusted EBITDA (g)$48.5 $73.8 $133.0 $94.4 
(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, as well as residential and commercial lease revenue and revenue from our country club operations.
(c)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations, that exceed $50 million and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use).
(d)Excludes Large Dispositions.
(e)Excludes Improved Development and Large Dispositions.
(f)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.
(g)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) 2026202520262025
Timber Capital Expenditures
Southern Timber
Reforestation, silviculture and other capital expenditures$6.4 $7.0 $22.6 $17.9 
Property taxes3.5 2.2 8.7 5.9 
Lease payments0.4 0.1 0.5 0.4 
Allocated overhead2.3 1.6 6.2 4.4 
Subtotal Southern Timber$12.5 $10.9 $38.0 $28.6 
Northwest Timber
Reforestation, silviculture and other capital expenditures6.2 0.9 13.3 4.0 
Property taxes0.6 0.1 1.7 0.3 
Allocated overhead0.5 0.7 3.3 2.1 
Subtotal Northwest Timber$7.4 $1.7 $18.3 $6.3 
Total Timber Segments Capital Expenditures$19.9 $12.6 $56.3 $34.9 
Wood Products4.1 — 10.2 — 
Real Estate0.2 — 0.3 0.1 
Corporate3.1 — 3.4 — 
Total Capital Expenditures$27.3 $12.6 $70.1 $35.0 
Timberland Acquisitions
Southern Timber (a)$154.1 — $154.1 — 
Northwest Timber0.1 — 0.1 — 
Timberland Acquisitions$154.3 — $154.3 — 
Real Estate Development Investments (b)
$7.2 $3.7 $16.8 $11.9 
(a)Includes $142.7 million of timberlands acquired in exchange for timberlands sold (noncash), net of closing prorations; cash expenditures were $11.4 million.
(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.
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Three Months Ended
September 30,		Nine Months Ended
September 30,
Discontinued Operations *2026202520262025
Summary Financial Data by Historical Segment (in millions of dollars)
New Zealand Timber
Timber Sales— — — $101.6 
Less: Cut and Haul— — — (42.1)
Less: Port and Freight— — — (30.7)
Net Stumpage Sales— — — $28.9 
Non-Timber Sales— — — 0.5 
Total New Zealand Timber Sales— — — $102.2 
Trading
Trading Sales— — — 6.6 
Non-Timber Sales— — — 0.5 
Total Trading Sales— — — $7.2 
Total sales from discontinued operations— — — $109.3 
Income from operations of discontinued operations, net of tax— — — $1.9 
Gain on sale of discontinued operations— — — 404.4 
Income from discontinued operations— — — $406.3 
*Due to our sale of the entities that held our 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 the nine months ended September 30, 2025.

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    The following tables summarize sales, operating income and Adjusted EBITDA variances for September 30, 2026 versus September 30, 2025 (millions of dollars):
SalesSouthern TimberNorthwest TimberWood ProductsReal EstateIntersegment EliminationsTotal
Three Months Ended
September 30, 2025
$66.8 $19.9 — $90.8 — $177.5 
Volume42.8 47.0 — (56.6)— 33.2 
Price(7.8)13.4 — 31.4 — 37.0 
Non-timber sales (a)5.8 0.3 — — — 6.1 
Other(0.2)(b)(7.0)(b)206.2 (c)142.4 (d)(29.6)(e)311.8 
Three Months Ended
September 30, 2026
$107.4 $73.6 $206.2 $208.0 ($29.6)$565.6 
(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)Wood Products was a new segment beginning in Q1 2026.
(d)Includes a $145.0 million increase in Large Dispositions as well as deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations.
(e)Intersegment Eliminations represents logs sold from the Timber segments to Wood Products.

SalesSouthern TimberNorthwest TimberWood ProductsReal EstateIntersegment EliminationsTotal
Nine Months Ended
September 30, 2025
$171.1 $65.5 — $130.4 — $367.0 
Volume132.0 88.6 — (22.6)— 198.0 
Price(17.0)28.5 — 63.8 — 75.3 
Non-timber sales (a)17.5 1.3 — — — 18.8 
Other0.1 (b)(12.2)(b)510.8 (c)149.8 (d)(68.8)(e)579.7 
Nine Months Ended
September 30, 2026
$303.7 $171.7 $510.8 $321.4 ($68.8)$1,238.8 
(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)Wood Products was a new segment beginning in Q1 2026.
(d)Includes a $145.0 million increase in Large Dispositions as well as deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations.
(e)Intersegment Eliminations represents logs sold from the Timber segments to Wood Products.


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Operating IncomeSouthern TimberNorthwest TimberWood ProductsReal EstateCorporate and OtherIntersegment EliminationsTotal
Three Months Ended
September 30, 2025
$22.5 $1.8 — $26.4 ($9.0)— $41.7 
Volume5.2 12.2 — (36.8)— — (19.4)
Price (a)(7.8)13.4 — 31.4 — — 37.0 
Cost(4.7)(7.3)— 5.3 (5.8)— (12.5)
Non-timber income (b)6.1 0.2 — — — — 6.3 
Depreciation, depletion & amortization(0.6)(16.7)— (1.0)(0.1)— (18.4)
Non-cash cost of land and improved development— — — 17.9 — — 17.9 
Other (c)— — 11.6 91.0 (7.0)(1.3)94.3 
Three Months Ended
September 30, 2026
$20.7 $3.6 $11.6 $134.2 ($21.9)($1.3)$146.9 
(a)For Timber segments, price is presented on a gross basis and reflects prices excluding logging, hauling, 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)Wood Products was a new segment beginning in Q1 2026. Real Estate includes a $90.6 million increase in operating income from Large Dispositions in the current year period and a $7.0 million asset impairment charge in the prior year period. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations. Corporate and Other includes $7.0 million of costs related to the merger with PotlatchDeltic in the current year period. Intersegment Eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.

Operating IncomeSouthern TimberNorthwest TimberWood ProductsReal EstateCorporate and OtherIntersegment EliminationsTotal
Nine Months Ended
September 30, 2025
$45.3 $3.5 — $35.2 ($27.7)— $56.3 
Volume20.5 20.1 — (13.6)— — 27.0 
Price (a)(17.0)28.5 — 63.8 — — 75.3 
Cost (10.0)(17.8)— 2.2 (18.4)— (44.0)
Non-timber income (b)18.1 1.2 — — — — 19.3 
Depreciation, depletion & amortization(13.4)(19.7)— (4.9)(0.5)— (38.5)
Non-cash cost of land and improved development— — — 14.8 — — 14.8 
Other (c)(2.3)— 25.8 92.3 (86.7)(3.3)25.8 
Nine Months Ended
September 30, 2026
$41.2 $15.8 $25.8 $189.8 ($133.3)($3.3)$135.9 
(a)For Timber segments, price is presented on a gross basis and reflects prices excluding logging, hauling, 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)Southern Timber includes $2.3 million of timber write-offs resulting from casualty events in the current year period. Wood Products was a new segment beginning in Q1 2026. Real Estate includes a $90.6 million increase in operating income from Large Dispositions in the current year period and a $7.0 million asset impairment charge in the prior year period. Real Estate also includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations. Corporate and Other includes $87.8 million of costs related to the merger with PotlatchDeltic in the current year period, compared to $1.1 million of restructuring charges in the prior year period. Intersegment Eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.








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Adjusted EBITDA (a)Southern TimberNorthwest TimberWood ProductsReal EstateCorporate and OtherIntersegment EliminationsTotal
Three Months Ended
September 30, 2025
$42.7 $6.4 — $73.8 ($8.6)— $114.3 
Volume16.1 19.6 — (55.2)— — (19.5)
Price (b)(7.8)13.4 — 31.4 — — 37.0 
Cost (4.7)(7.3)— 5.3 (5.8)— (12.5)
Non-timber income (c)6.1 0.2 — — — — 6.3 
Other (d)— — 27.0 (6.8)— (1.3)18.9 
Three Months Ended
September 30, 2026
$52.4 $32.3 $27.0 $48.5 ($14.4)($1.3)$144.6 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price is presented on a gross basis and reflects prices excluding logging, hauling, 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)Wood Products was a new segment beginning in Q1 2026. Real Estate includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations. Intersegment Eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.

Adjusted EBITDA (a) Southern TimberNorthwest TimberWood ProductsReal EstateCorporate and OtherIntersegment EliminationsTotal
Nine Months Ended
September 30, 2025
$98.1 $19.1 — $94.4 ($25.4)— $186.2 
Volume61.3 36.2 — (21.9)— — 75.6 
Price (b)(17.0)28.5 — 63.8 — — 75.3 
Cost(10.0)(17.8)— 2.2 (18.4)— (44.0)
Non-timber income (c)18.1 1.2 — — — — 19.3 
Other (d)— — 58.9 (5.5)— (3.3)50.1 
Nine Months Ended
September 30, 2026
$150.5 $67.2 $58.9 $133.0 ($43.8)($3.3)$362.4 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price is presented on a gross basis and reflects prices excluding logging, hauling, 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)Wood Products was a new segment beginning in Q1 2026. Real Estate includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales, as well as residential and commercial lease revenue and revenue from our country club operations. Intersegment Eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.


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SOUTHERN TIMBER
    Third quarter sales of $107.4 million increased $40.6 million, or 61%, versus the prior year period. Harvest volumes increased 56% to 3.02 million tons versus 1.94 million tons in the prior year period, primarily driven by 1.4 million tons of incremental volume from the PotlatchDeltic timberlands. Average delivered pine sawtimber prices decreased to $45.31 per ton versus $47.45 per ton in the prior year period, primarily reflecting a shift in geographic mix from the expansion of our Southern Timber footprint, as well as modestly softer market conditions. Average delivered pine pulpwood prices decreased to $31.14 per ton versus $36.47 per ton in the prior year period, reflecting geographic mix impacts and generally weaker pulpwood market conditions. Weighted-average prices on stumpage sales (including hardwood) decreased to $15.33 per ton versus $20.20 per ton in the prior year period. Operating income of $20.7 million decreased $1.9 million versus the prior year period due to lower prices ($7.8 million), higher costs ($4.7 million), and higher depletion expense ($0.6 million), partially offset by higher non-timber income ($6.1 million) and higher volumes ($5.2 million). Third quarter Adjusted EBITDA of $52.4 million was 23%, or $9.7 million, above the prior year period.

Year-to-date sales of $303.7 million increased $132.6 million, or 78%, versus the prior year period. Harvest volumes increased 79% to 9.16 million tons versus 5.12 million tons in the prior year period, primarily driven by 3.9 million tons of incremental volume from the PotlatchDeltic timberlands. Average delivered pine sawtimber prices decreased to $44.78 per ton versus $47.66 per ton in the prior year period, primarily reflecting changes in geographic mix associated with the expanded Southern Timber footprint, as well as modestly weaker market conditions. Average delivered pine pulpwood prices decreased to $30.57 per ton versus $37.18 per ton in the prior year period, reflecting geographic mix impacts from the expanded footprint, as well as softer pulpwood markets. Overall, weighted-average prices on stumpage sales (including hardwood) decreased to $15.79 per ton versus $19.22 per ton in the prior year period, largely attributable to the geographic mix shift due to the merger. Operating income of $41.2 million decreased $4.1 million versus the prior year period due to lower prices ($17.0 million), higher depletion expense ($13.4 million), higher costs ($10.0 million) and a timber write-off resulting from a casualty event in the second quarter ($2.3 million), partially offset by higher volumes ($20.5 million) and higher non-timber income ($18.1 million). Year-to-date Adjusted EBITDA of $150.5 million was 53%, or $52.4 million, above the prior year period.
NORTHWEST TIMBER
Third quarter sales of $73.6 million increased $53.7 million, or 269%, versus the prior year period. Harvest volumes increased 171% to 571,000 tons versus 210,000 tons in the prior year period, driven by 368,000 tons of incremental volume from the PotlatchDeltic timberlands. Average delivered prices for sawtimber increased to $129.12 per ton versus $100.16 per ton in the prior year period, primarily reflecting geographic mix due to the addition of Idaho sawtimber, which more than offset modestly lower prices in the Pacific Northwest. Operating income of $3.6 million increased $1.9 million versus the prior year period due to higher prices ($13.4 million), higher volumes ($12.2 million), and higher non-timber income ($0.2 million), partially offset by higher depletion expense ($16.7 million) and higher costs ($7.3 million). The elevated depletion expense recognized in the third quarter primarily reflects a cumulative catch-up adjustment related to revisions to the preliminary purchase price allocation for the PotlatchDeltic merger. Third quarter Adjusted EBITDA of $32.3 million was $25.9 million above the prior year period.

Year-to-date sales of $171.7 million increased $106.1 million, or 162%, versus the prior year period. Harvest volumes increased 110% to 1.51 million tons versus 719,000 tons in the prior year period, primarily driven by 847,000 tons of incremental volume from the PotlatchDeltic timberlands. Average delivered prices for sawtimber increased to $117.91 per ton versus $95.37 per ton in the prior year period, primarily reflecting geographic mix due to the addition of Idaho sawtimber, which more than offset modestly lower prices in the Pacific Northwest. Operating income of $15.8 million increased $12.3 million versus the prior year period due to higher prices ($28.5 million), higher volumes ($20.1 million) and higher non-timber income ($1.2 million), partially offset by higher depletion expense ($19.7 million) and higher costs ($17.8 million). Year-to-date depletion expense includes a cumulative catch-up adjustment recognized in the third quarter related to revisions to the preliminary purchase price allocation for the PotlatchDeltic merger. Year-to-date Adjusted EBITDA of $67.2 million was 251%, or $48.1 million, above the prior year period.




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WOOD PRODUCTS
Third quarter sales totaled $206.2 million, consisting of $172.5 million of lumber sales and $33.7 million of plywood, residual, and other sales. Lumber price realizations remained strong during the third quarter as import duties and tariffs, mill curtailments, and trucking shortages constricted supply. Lumber shipments totaled 327 MMBF, with average lumber price realizations of $528 per thousand board feet. Third quarter operating income and Adjusted EBITDA were $11.6 million and $27.0 million, respectively.
Year-to-date sales totaled $510.8 million, consisting of $418.3 million of lumber sales and $92.5 million of plywood, residual, and other sales. Lumber price realizations improved sequentially throughout the year, as capacity curtailments and seasonal restocking drove higher prices in the first quarter, and import duties and tariffs, mill curtailments, and trucking shortages constricted supply in the second and third quarters. Lumber shipments totaled 840 MMBF, with average lumber price realizations of $498 per thousand board feet. Year-to-date operating income and Adjusted EBITDA were $25.8 million and $58.9 million, respectively.
REAL ESTATE
Third quarter sales of $208.0 million increased $117.2 million versus the prior year period, while operating income of $134.2 million increased $107.8 million versus the prior year period. Third quarter sales and operating income included $145.0 million and $90.6 million, respectively, from Large Dispositions. Sales and operating income increased primarily due to higher acres sold (43,123 acres sold versus 23,348 acres sold in the prior year period) and higher weighted-average prices ($4,687 per acre versus $3,486 per acre in the prior year period).
Improved Development sales of $12.2 million included $6.1 million from the Chenal Valley development project in Little Rock, Arkansas, $5.2 million from the Wildlight development project north of Jacksonville, Florida, and $0.8 million from the Heartwood development project south of Savannah, Georgia.
Unimproved Development sales of $19.3 million consisted of 1,730 acres at an average price of $11,177 per acre, including a 1,720-acre sale in St. Johns County, Florida for $10,809 per acre. There were no Unimproved Development sales in the prior year period.
Rural sales of $25.6 million consisted of 5,135 acres at an average price of $4,984 per acre. This compares to prior year period sales of $7.3 million, which consisted of 1,520 acres at an average price of $4,811 per acre.
There were no Timberland & Non-Strategic sales in the third quarter, while the prior year period included sales of $53.5 million, consisting of 21,601 acres at an average price of $2,477 per acre.
Third quarter Adjusted EBITDA of $48.5 million decreased $25.3 million versus the prior year period.
Year-to-date sales of $321.4 million increased $191.1 million versus the prior year period, while operating income of $189.8 million increased $154.6 million versus the prior year period. Year-to-date sales and operating income included $145.0 million and $90.6 million, respectively, from Large Dispositions in the third quarter. The prior year period operating income included a $7.0 million asset impairment charge. Sales and operating income increased in the first nine months primarily due to higher acres sold (58,318 acres sold versus 27,642 acres sold in the prior year period), as well as higher weighted-average prices ($5,235 per acre versus $4,239 per acre in the prior year period). Year-to-date Adjusted EBITDA of $133.0 million increased $38.6 million versus the prior year period.
OTHER ITEMS
CORPORATE AND OTHER EXPENSE
    Third quarter corporate and other operating expenses of $21.9 million increased $12.9 million versus the prior year period, primarily reflecting the larger scale of the combined company and $7.0 million of costs related to the merger with PotlatchDeltic.
Year-to-date corporate and other operating expenses of $133.3 million increased $105.6 million versus the prior year period, primarily reflecting the larger scale of the combined company and $87.8 million of costs related to the merger with PotlatchDeltic. The prior year period included $1.1 million of restructuring charges.
INTEREST EXPENSE, NET
    Third quarter and year-to-date interest expense of $16.7 million and $47.9 million increased $9.9 million and $28.2 million, respectively, versus the prior year period, primarily due to incremental debt assumed in the merger with PotlatchDeltic.
INTEREST INCOME
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Third quarter interest income of $4.0 million decreased $5.8 million versus the prior year period, primarily due to a lower average cash balance as a result of share repurchases, debt repayments and merger-related expenditures.
Year-to-date interest income of $16.0 million increased $1.0 million versus the prior year period. A higher average cash balance in the first half of 2026 following the sale of the Company’s New Zealand joint venture interest in the second quarter of 2025 was partially offset by a lower average cash balance in the third quarter of 2026 as a result of share repurchases, debt repayments and merger-related expenditures.
OTHER MISCELLANEOUS EXPENSE, NET
Third quarter other miscellaneous expense of $2.5 million compares to prior year period other miscellaneous expense of $1.0 million.
Year-to-date other miscellaneous expense of $2.2 million compares to prior period other miscellaneous expense of $3.4 million, which included $1.7 million of net costs associated with legal settlements.
INCOME TAX (EXPENSE) BENEFIT
    Third quarter income tax expense of $7.8 million was primarily driven by income generated from the Company’s Wood Products and Real Estate development businesses.
Year-to-date income tax benefit of $28.9 million versus $0.3 million of income tax expense in the prior year period was primarily driven by a $40.3 million benefit associated with the release of a valuation allowance, partially offset by income tax expense on income generated from the Company’s Wood Products and Real Estate development businesses. The valuation allowance was primarily related to net operating losses generated by our taxable REIT subsidiary, which are now expected to be utilized following the merger with PotlatchDeltic.
INCOME FROM DISCONTINUED OPERATIONS
Discontinued operations relates to the sale of our New Zealand joint venture, which was completed on June 30, 2025. There was no income from discontinued operations in the first nine months of 2026.
The prior period year-to-date income of $406.3 million included a $404.4 million gain on the sale of our New Zealand joint venture interest and $1.9 million of income from operations of discontinued operations, net of tax. See Note 3 — Discontinued Operations for additional information.
SHARE REPURCHASES
During the third quarter, the Company repurchased approximately 2.8 million shares at an average price of $21.00 per share, or $59.8 million in total. As of September 30, 2026, the Company had $66.2 million remaining on its 2024 share repurchase authorization. On November 3, 2026, the Company’s Board of Directors approved a new $300 million share repurchase authorization, which is incremental to the remaining capacity under the 2024 authorization. See Note 1 — Basis of Presentation for additional information regarding this subsequent event.
Year-to-date, the Company repurchased approximately 7.8 million shares at an average price of $20.97 per share, or $163.2 million in total.
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OUTLOOK
In our Southern Timber segment, we expect full-year harvest volumes of 12.2 to 12.4 million tons, with anticipated harvest volumes of 3.0 to 3.2 million tons in the fourth quarter. We expect regional sawtimber and pulpwood prices to remain relatively stable for the fourth quarter compared to the third quarter. However, full-year and quarterly average pine prices for the combined company’s Southern Timber segment are expected to be lower than the standalone prices for Rayonier in the prior year based on the geographic mix of the combined company.
In our Northwest Timber segment, we expect full-year harvest volumes of 2.0 to 2.1 million tons, with anticipated harvest volumes of 500,000 to 550,000 tons in the fourth quarter. We expect overall sawtimber prices to be lower in the fourth quarter compared to the third quarter, primarily due to lower sawlog prices in Idaho. We also continue to expect that full-year 2026 average log pricing for the combined company’s Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year.
In our Wood Products segment, we continue to expect lumber shipments to total approximately 1.1 billion board feet for the 11 months of contribution in 2026, including approximately 295 to 305 million board feet in the fourth quarter. We expect fourth quarter lumber realizations to be lower than the third quarter, reflecting softer market conditions and typical seasonal demand patterns.
In our Real Estate segment, momentum has continued, and we maintain a strong pipeline of rural and improved development land sales 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, sale of lumber and plywood and sales of real estate and is highly dependent on the selling prices and volumes of our products and can vary from period to period. As an UPREIT, our main use of cash is dividends on Rayonier Inc. common shares and distributions on Rayonier, L.P. units. We also use cash to maintain the productivity of our timberlands through replanting and silviculture, and to maintain and improve our Wood Products manufacturing facilities through capital expenditures and other investments. Acquisitions generally require funding from external sources or Large Dispositions.
SUMMARY OF LIQUIDITY AND FINANCING COMMITMENTS
September 30,December 31,
(millions of dollars)20262025
Cash and cash equivalents$361.4 $842.9 
Total debt (a)1,859.5 1,050.0 
Noncontrolling interests in the Operating Partnership
38.4 40.5 
Shareholders’ equity5,233.4 2,209.7 
Total capitalization (total debt plus permanent and temporary equity)7,131.3 3,300.2 
Debt to capital ratio26%32%
Net debt to enterprise value (b)(c)22%6%
(a)Total debt as of September 30, 2026 and December 31, 2025 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 $18.36 and $21.65 as of September 30, 2026 and December 31, 2025, respectively.

CASH FLOWS
The following table summarizes our cash flows from operating, investing and financing activities for the nine months ended September 30, 2026 and 2025:
(millions of dollars)20262025
Cash provided by (used for):
Operating activities$252.2 $204.9 
Investing activities(96.0)642.9 
Financing activities(637.8)(272.1)

CASH PROVIDED BY OPERATING ACTIVITIES
    Cash provided by operating activities increased $47.3 million from the prior year period, primarily due to improved operating results and contributions from the legacy PotlatchDeltic operations, partially offset by merger-related costs and working capital changes.
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES
    Cash used for investing activities was $96.0 million in the current period compared to cash provided by investing activities of $642.9 million in the prior year period. This is due to net proceeds from the sale of the New Zealand joint venture interest in the prior year period ($688.3 million), higher capital expenditures from continuing operations ($35.1 million), the net cash consideration transferred in our merger with PotlatchDeltic ($24.8 million), higher cash used for timberland acquisitions ($11.5 million) and higher real estate development investments ($4.9 million), partially offset by interest received under swaps with other-than-insignificant financing elements ($16.6 million), lower capital expenditures from discontinued operations ($7.1 million), higher cash provided by the sale of property, plant and equipment and other investing activities ($1.0 million) and higher proceeds from Large Dispositions ($0.9 million).
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CASH USED FOR FINANCING ACTIVITIES
    Cash used for financing activities increased $365.7 million from the prior year period. The increase was due to repayments of debt ($227.5 million), higher share repurchases ($96.2 million), higher dividends paid on common shares ($41.0 million), primarily due to an increase in outstanding shares from the PotlatchDeltic merger, higher finance lease payments ($3.5 million), payments for Operating Partnership unit redemptions ($1.4 million) and equity issuance costs ($1.1 million), partially offset by lower distributions to noncontrolling interests in consolidated affiliates ($3.1 million), lower distributions to noncontrolling interests in the Operating Partnership ($1.2 million) and lower debt issuance costs ($0.8 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, acquisitions, dividends on Rayonier Inc. common shares and distributions on Rayonier, L.P. units, repurchases of the Company’s common shares, or other expenditures as needed.

Significant long-term uses of cash include the following (in millions):
Future uses of cash (in millions)TotalPayments Due by Period
20262027-20282029-2030Thereafter
Long-term debt (a)$1,720.7 — $300.0 $574.7 $846.0 
Current maturities of long-term debt (b)138.8 — 138.8 — — 
Interest payments on long-term debt (c)373.4 26.2 164.4 99.9 82.9 
Operating leases — timberland (d)21.4 2.2 5.2 4.2 9.8 
Operating leases — PP&E, offices (d)23.2 0.9 6.3 4.1 11.9 
Finance leases — PP&E (d)13.8 1.6 9.0 3.1 0.1 
Commitments — real estate projects (e)75.0 14.1 49.0 4.5 7.4 
Commitments — environmental remediation (f)9.6 2.0 4.8 0.7 2.1 
Commitments — cutting contracts (g)18.8 4.6 11.2 2.3 0.7 
Commitments — other (h)20.5 6.3 12.9 1.3 — 
Total $2,415.2 $57.9 $701.6 $694.8 $960.9 
(a)The book value of long-term debt, net of deferred financing costs and unamortized discounts, is recorded at $1,716.7 million on our Consolidated Balance Sheets, but upon maturity the liability will be $1,720.7 million. See Note 8 — Debt for additional information.
(b)The book value of current maturities of long-term debt is recorded at $138.8 million on our Consolidated Balance Sheets.
(c)Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of September 30, 2026 and excludes the impact of hedging.
(d)Excludes anticipated renewal options.
(e)Commitments — real estate projects primarily consists of payments expected to be made on real estate development projects.
(f)Commitments — environmental remediation primarily represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages in Port Gamble, Washington. See Note 13 — Environmental and Natural Resource Damage Liabilities for additional information.
(g)Commitments — cutting contracts consists of payments expected to be made under timber cutting contracts to supply logs to the Company’s Wood Products manufacturing facilities.
(h)Commitments — other includes other purchase obligations.

We expect to fund these requirements with a combination of existing cash balances, cash generated by operating activities, Large Dispositions, and our Revolving Credit Facility. We believe we have sufficient liquidity to meet our business requirements for the next 12 months and the foreseeable future.


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EXPECTED 2026 EXPENDITURES
Capital expenditures in 2026 are expected to range between $100 million and $104 million, excluding strategic acquisitions. Capital expenditures primarily consist of seedling planting, fertilization and other silvicultural activities; maintenance and discretionary capital projects at our Wood Products facilities; property taxes; lease payments; and allocated overhead. Aside from these recurring expenditures, we continue to actively evaluate opportunistic investments.
We anticipate real estate development investments in 2026 to range between $26 million and $30 million, net of reimbursements from community development bonds. These investments are primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida; Heartwood, our mixed-use development project located in Richmond Hill just south of Savannah, Georgia; and our master-planned community at Chenal Valley in Little Rock, Arkansas.
Our 2026 dividend payments on Rayonier Inc. common shares and distributions to Rayonier, L.P. unitholders are expected to be approximately $313 million and $2 million, respectively, assuming no change in the quarterly dividend rate of $0.26 per share or partnership unit, or material changes in the number of shares or partnership units outstanding.
Cash contributions to the qualified pension plan in 2026 are expected to total approximately $7.3 million, all of which was contributed during the nine months ended September 30, 2026. Additionally, the nonqualified plans are unfunded; expected benefit payments to be made directly by Rayonier in 2026 are approximately $2.7 million. Expected other postretirement benefit payments in 2026 are approximately $1.8 million. See Note 18 — Pension and Other Postretirement Employee Benefits for additional information.
Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, 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, collateral for outstanding claims under our current and former workers’ compensation self-insurance programs, and financial assurance for performance obligations related to timber sales and harvesting operations, real estate development, and environmental remediation. 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. These 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 14 — Guarantees for details on the letters of credit and surety bonds as of September 30, 2026.

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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”). At issuance, Rayonier Inc., Rayonier TRS Holdings Inc., and Rayonier Operating Company, LLC agreed to irrevocably, fully and unconditionally guarantee, jointly and severally, the obligations of Rayonier, L.P. with respect to the Senior Notes due 2031.
On February 13, 2026, in connection with the merger with PotlatchDeltic Corporation, the Company executed a Second Supplemental Indenture pursuant to which PotlatchDeltic Forest Holdings, LLC, PotlatchDeltic Land & Lumber, LLC, PotlatchDeltic Timber, LLC, PotlatchDeltic REIT Southeastern, LLC, and PotlatchDeltic Manufacturing, LLC (collectively, the “PotlatchDeltic Guarantors”) became additional guarantors of the Senior Notes due 2031. The Senior Notes due 2031 are now guaranteed, jointly and severally, by Rayonier Inc., Rayonier TRS Holdings Inc., Rayonier Operating Company, LLC, and the PotlatchDeltic Guarantors (collectively, the “Guarantors”).
As the general partner of Rayonier, L.P., Rayonier Inc. consolidates Rayonier, L.P. and has no material assets or liabilities other than its interest in the partnership. These notes are unsecured and unsubordinated and will rank equally with all other unsecured and unsubordinated indebtedness outstanding from time to time.
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; however, these have been excluded from the table below to eliminate intercompany transactions between the issuer and guarantors and to exclude investments in non-guarantors. Consequently, the Company’s ability to make required payments on the notes depends on the performance of the operating subsidiaries and their ability to distribute funds to us. There are no material restrictions on dividends from these operating subsidiaries.
Because the PotlatchDeltic Guarantors joined the obligor group during the first quarter of 2026, the summarized financial information as of September 30, 2026 reflects the expanded obligor group, while the December 31, 2025 information reflects only Rayonier, L.P. and the original three guarantors. The two periods are therefore not presented on a comparable obligor-group basis.
The summarized balance sheet information for the consolidated obligor group of debt issued by Rayonier, L.P. for the nine months ended September 30, 2026 and year ended December 31, 2025 are provided in the table below:
(in millions)September 30, 2026December 31, 2025
Current assets$547.7 $854.0 
Non-current assets661.1 65.3 
Current liabilities269.7 221.2 
Non-current liabilities3,785.0 2,518.0 
Due to non-guarantors1,935.5 1,650.6 
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, 2026 and year ended December 31, 2025 are provided in the table below:
(in millions)September 30, 2026December 31, 2025
Cost and expenses($796.6)($37.4)
Operating loss(71.1)(37.4)
Net loss(96.3)(39.2)
Revenue from non-guarantors512.9 593.8 

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LIQUIDITY FACILITIES
See Note 8 — Debt for details on our liquidity facilities and other outstanding debt, including the financial covenants, associated with our Senior Notes due 2031 and our Second Amended and Restated Credit Agreement.
RESTRICTED CASH
See Note 24 — Restricted Cash for further information regarding funds deposited with a third-party intermediary and cash held in escrow.

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, change or serve as a substitute to 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, costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges and Large Dispositions.
Effective July 1, 2026, we revised our definition of Large Dispositions to sales of productive timberland, driven by portfolio management and/or capital allocation considerations, that exceed $50 million and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use). Previously, Large Dispositions were defined as sales of productive timberland assets that exceeded $20 million in size and did not reflect a demonstrable premium relative to timberland value. We revised the definition to reflect the increased scale of our timberland portfolio following the merger with PotlatchDeltic, and we believe the revised definition better distinguishes transactions that are not indicative of our ongoing operating performance. The revised definition had no effect on the periods presented.
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, common share repurchases, 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.
In compliance with SEC requirements for non-GAAP measures, we reduce CAD by mandatory debt repayments, resulting in a measure entitled “Adjusted CAD.” When mandatory debt repayments or other required cash settlements are incurred, CAD is reduced for such amounts. CAD and Adjusted CAD are not necessarily indicative of the CAD that may be generated in future periods.

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We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income 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,
2026202520262025
Net Income to Adjusted EBITDA Reconciliation
Net Income$123.9 $43.7 $130.7 $454.2 
Interest, net and miscellaneous expense (income)12.7 (3.0)31.9 4.7 
Income tax expense (benefit) (a)7.8 — (28.9)0.3 
Depreciation, depletion and amortization80.3 34.8 206.9 81.7 
Non-cash cost of land and improved development1.0 30.7 19.0 40.0 
Non-operating expense (b)2.5 1.0 2.2 3.4 
Large Dispositions (c)(90.6)— (90.6)— 
Costs related to the merger with PotlatchDeltic (d)7.0 — 87.8 — 
Timber write-offs resulting from casualty events (e)— — 2.3 — 
Inventory purchase price adjustment in cost of sales (f)— — 1.2 — 
Asset impairment charge (g)— 7.0 — 7.0 
Restructuring charges (h)— — — 1.1 
Income from operations of discontinued operations, net of tax (i)— — — (1.9)
Gain on sale of discontinued operations (j)— — — (404.4)
Adjusted EBITDA$144.6 $114.3 $362.4 $186.2 
(a)The nine months ended September 30, 2026 includes a $40.3 million tax benefit from the release of a valuation allowance.
(b)The nine months ended September 30, 2025 includes $1.7 million of net costs associated with legal settlements.
(c)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations, that exceed $50 million and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use).
(d)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.
(e)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged.
(f)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing.
(g)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.
(h)Restructuring charges include severance costs related to workforce optimization initiatives.
(i)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.
(j)Gain on sale of discontinued operations reflects the net gain recognized on the sale of the Company’s New Zealand joint venture interest.
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The following tables provide a reconciliation of Operating Income by segment to Adjusted EBITDA by segment for the respective periods (in millions of dollars):
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateCorporate
and
Other		Intersegment EliminationsTotal
September 30, 2026
Operating income$20.7 $3.6 $11.6 $134.2 ($21.9)($1.3)$146.9 
Depreciation, depletion and amortization31.7 28.6 15.4 4.0 0.5 — 80.3 
Non-cash cost of land and improved development— — — 1.0 — — 1.0 
Costs related to the merger with PotlatchDeltic (a)— — — — 7.0 — 7.0 
Large Dispositions (b)— — — (90.6)— — (90.6)
Adjusted EBITDA $52.4 $32.3 $27.0 $48.5 ($14.4)($1.3)$144.6 
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 (c)— — — 7.0 — — 7.0 
Adjusted EBITDA$42.7 $6.4 — $73.8 ($8.6)— $114.3 
(a)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.
(b)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations, that exceed $50 million and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use).
(c)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.

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Nine Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateCorporate
and
Other		Intersegment EliminationsTotal
September 30, 2026
Operating income$41.2 $15.8 $25.8 $189.8 ($133.3)($3.3)$135.9 
Depreciation, depletion and amortization107.0 51.4 31.9 14.9 1.7 — 206.9 
Non-cash cost of land and improved development— — — 19.0 — — 19.0 
Costs related to the merger with PotlatchDeltic (a)— — — — 87.8 — 87.8 
Timber write-offs resulting from casualty events (b)2.3 — — — — — 2.3 
Inventory purchase price adjustment in cost of sales (c)— — 1.2 — — — 1.2 
Large Dispositions (d)— — — (90.6)— — (90.6)
Adjusted EBITDA $150.5 $67.2 $58.9 $133.0 ($43.8)($3.3)$362.4 
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 (e)— — — 7.0 — — 7.0 
Restructuring charges (f)— — — — 1.1 — 1.1 
Adjusted EBITDA$98.1 $19.1 — $94.4 ($25.4)— $186.2 
(a)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.
(b)Timber write-offs resulting from casualty events includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged.
(c)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing.
(d)Large Dispositions are defined as sales of productive timberland, driven by portfolio management and/or capital allocation considerations, that exceed $50 million and do not reflect a premium attributable to a higher and better use (such as a rural, development or conservation use).
(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.
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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,
20262025
Cash provided by operating activities$252.2 $204.9 
Costs related to the merger with PotlatchDeltic (a)87.8 — 
Capital expenditures (b)(70.1)(35.0)
Working capital and other balance sheet changes17.5 (7.5)
Cash provided by operating activities from discontinued operations— (8.9)
CAD$287.4 $153.5 
Mandatory debt repayments(227.5)— 
Adjusted CAD$59.9 $153.5 
Cash (used for) provided by investing activities($96.0)$642.9 
Cash used for financing activities($637.8)($272.1)
(a)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.
(b)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,
20262025
Real Estate Development Investments ($16.8)($11.9)
Purchase of timberlands(11.5)— 
Distributions to noncontrolling interests in consolidated affiliates— (3.1)


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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 derivative instruments in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. These activities are managed by a senior executive committee that is responsible for 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, driven by changes in SOFR. To manage this exposure, we utilize interest rate swaps to convert existing and anticipated future floating-rate borrowings under our term credit agreements to fixed rates. As of September 30, 2026, we had $1.4 billion of variable-rate debt outstanding, which was fully hedged by interest rate swaps with an aggregate notional amount of $1.4 billion. Consequently, a hypothetical one-percentage point increase/decrease in interest rates would result in no corresponding change to our interest payments or interest expense over a 12-month period. Refer to Note 9 — Derivative Financial Instruments and Hedging Activities for additional information regarding these interest rate swaps.
    The fair market value of our fixed-interest rate debt is also subject to interest rate risk. As of September 30, 2026, the estimated fair value of our fixed-rate debt was $391.1 million, compared to a principal amount of $450.0 million. We estimate the fair value of our debt using market interest rates for debt with similar terms and maturities. Generally, the fair market value of fixed-rate debt increases as interest rates fall and decreases as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at September 30, 2026 would result in a corresponding decrease/increase in the fair value of our fixed-rate debt of approximately $16 million and $17 million, respectively.
    We estimate the weighted-average effective interest rate on our combined fixed and variable-rate debt to be approximately 2.3%. This estimate accounts for the impact of interest rate swaps and the reduction in cost provided by estimated patronage, and excludes unused commitment fees related to our Revolving Credit Facility.
    The following table summarizes our outstanding debt, interest rate swaps, and average interest rates by year of expected maturity, along with the respective fair values at September 30, 2026:
(Dollars in thousands)20262027202820292030ThereafterTotalFair Value
Variable-rate debt:
Principal amounts— $138,750 $300,000 $390,000 $184,750 $396,000$1,409,500 $1,409,500 
Average interest rate (a)(b)— 5.68%5.44%5.50%5.75%5.97%5.67%
Fixed-rate debt:
Principal amounts— — — — — $450,000$450,000 $391,050 
Average interest rate (b)— — — — —2.75%2.75%
Interest rate swaps:
Notional amount— $138,750 $300,000 $390,000 $184,750 $396,000$1,409,500 $156,033 
Average pay rate (b)— 0.50%1.84%0.64%0.71%1.62%1.17%
Average receive rate (c)— 3.68%3.69%3.69%3.68%3.69%3.69%
(a)    Excludes estimated patronage refunds.
(b)    Interest rates as of September 30, 2026.
(c)    Weighted average of (i) Daily Simple SOFR rate on a 25-day lookback and (ii) 1-Month Term SOFR rate, each as of September 30, 2026, weighted by the respective notional amounts.

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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, 2026.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
On January 30, 2026, the Company completed its merger with PotlatchDeltic. In connection with the merger, management is in the process of assessing the internal control environment of the acquired operations. Consistent with SEC guidance, we may exclude PotlatchDeltic's internal controls from our assessment of internal control over financial reporting in our Annual Report on Form 10-K for the year ending December 31, 2026, subject to required disclosures regarding the significance of the excluded operations. We will include PotlatchDeltic's internal controls within the scope of our assessment no later than our Annual Report on Form 10-K for the fiscal year ending December 31, 2027. We have implemented appropriate oversight procedures to monitor internal controls during the integration period. Other than activities related to the integration of PotlatchDeltic, there were no other changes in our internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. As of September 30, 2026, PotlatchDeltic constituted 61% of the Company’s total assets and approximately 52% and 60% of the Company’s revenues for the three and nine months ended September 30, 2026, respectively.

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, 2026.

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CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
On January 30, 2026, the Operating Partnership completed its merger with PotlatchDeltic. In connection with the merger, management is in the process of assessing the internal control environment of the acquired operations. Consistent with SEC guidance, we may exclude PotlatchDeltic's internal controls from our assessment of internal control over financial reporting in our Annual Report on Form 10-K for the year ending December 31, 2026, subject to required disclosures regarding the significance of the excluded operations. We will include PotlatchDeltic's internal controls within the scope of our assessment no later than our Annual Report on Form 10-K for the fiscal year ending December 31, 2027. We have implemented appropriate oversight procedures to monitor internal controls during the integration period. Other than activities related to the integration of PotlatchDeltic, there were no other changes in our internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. As of September 30, 2026, PotlatchDeltic constituted 61% of the Operating Partnership’s total assets and approximately 52% and 60% of the Operating Partnership’s revenues for the three and nine months ended September 30, 2026, respectively.

PART II.    OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS

The information set forth in Note 12 — Contingencies and in Note 13 — 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 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, pursuant to the agreement of the Operating Partnership. During the quarter ended September 30, 2026, the Company did not issue any common shares in exchange for units in the Operating Partnership.
ISSUER REPURCHASES OF EQUITY SECURITIES

In December 2024, the Board of Directors authorized a $300 million share repurchase program (the “repurchase program”). Repurchases may occur at management’s discretion from time to time on the open market or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. During the third quarter of 2026, the Company repurchased 2,846,914 shares under this program. As of September 30, 2026, $66.2 million remained available for future repurchases, representing approximately 3,606,222 shares based on the period-end closing stock price of $18.36.
On November 3, 2026, the Company’s Board of Directors approved a new $300 million share repurchase authorization, which is incremental to the remaining capacity under the 2024 authorization. See Note 1 — Basis of Presentation for additional information regarding this subsequent event.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended September 30, 2026:
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 311,049,457 $21.53 1,046,801 4,750,108 
August 1 to August 311,050,435 $21.32 1,050,000 3,954,847 
September 1 to September 30751,398 $19.82 750,113 3,606,222 
Total2,851,290 2,846,914 
(a)Includes 4,376 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)Consists of purchases made in open-market transactions under the $300 million share repurchase program announced on December 2, 2024.
(c)The maximum number of shares authorized to be purchased under the repurchase program at the end of July, August and September is based on the month-end closing stock prices of $21.78, $20.50, and $18.36, 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, 2026.

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ISSUER REPURCHASES OF EQUITY SECURITIES

Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their Operating Partnership units for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis. During the quarter ended September 30, 2026, no units held by limited partners were redeemed in exchange for shares of Rayonier Common Stock. During the quarter, limited partners tendered 23,754 units for redemption, which the Company elected to settle in cash for approximately $0.5 million. These units, together with the 43,811 units tendered during the second quarter of 2026, settled on their Specified Redemption Dates during the third quarter of 2026 for an aggregate cash amount of approximately $1.4 million. No tendered units remained unsettled as of September 30, 2026.

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, 2026, as such terms are defined under Item 408(a) of Regulation S-K.



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Item 6.    EXHIBITS
22.1 Incorporated by reference to Exhibit 22.1 to the Registrant’s December 31, 2025 Form 10-K
31.1 Filed herewith
31.2 Filed herewith
31.3 Filed herewith
31.4 Filed herewith
32.1 Furnished herewith
32.2 Furnished herewith
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, 2026, 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, 2026 and 2025 of Rayonier Inc.; (ii) the Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 of Rayonier Inc.; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Nine Months Ended September 30, 2026 and 2025 of Rayonier Inc.; (iv) the Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 of Rayonier Inc.; (v) the Consolidated Statements of Income and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2026 and 2025 of Rayonier, L.P.; (vi) the Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 of Rayonier, L.P.; (vii) the Consolidated Statements of Changes in Capital for the Quarters and Nine Months Ended September 30, 2026 and 2025 of Rayonier, L.P.; (viii) the Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 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 for the quarter ended September 30, 2026, formatted in Inline XBRL (included as Exhibit 101).
Filed herewith

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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 Accounting Officer
(Duly Authorized Officer, Principal Accounting Officer)
Date: November 6, 2026

RAYONIER, L.P.
By: RAYONIER INC., its sole general partner
By:/s/ APRIL TICE
April Tice
Senior Vice President and Chief Accounting Officer
(Duly Authorized Officer, Principal Accounting Officer)
Date: November 6, 2026





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