Financial Analysis

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. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Our debt consisted of the following at December 31, 2025 and 2024: 2025 2024 Debt: Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 5.44% (a) 200,000 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 5.59% (a) 200,000 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 5.76% (a) 200,000 200,000 Total principal debt 1,050,000 1,050,000 Less: Current maturities of long-term debt, net of deferred financing costs of $18 (199,982) Less: Unamortized discounts (2,078) (2,431) Less: Deferred financing costs (2,605) (3,159) Total long-term debt, net $845,335 $1,044,410 (a) Reflects variable interest rates as of December 31, 2025 . Principal payments due during the next five years and thereafter are as follows: Total 2026 $200,000 2027 2028 200,000 2029 200,000 2030 Thereafter 450,000 Total debt $1,050,000 2.75% SENIOR NOTES ISSUED MAY 2021 In May 2021, Rayonier, L.P. issued $450 million of 2.75% Senior Notes due 2031, guaranteed by certain subsidiaries. Semi-annual payments of interest are due on these notes through maturity. The Senior Notes due 2031 were issued at 99.195% of their face value. Net proceeds, after deducting approximately $3.9 million of underwriting discounts and issuance costs, were approximately $442.5 million. The discount and debt issuance costs are being amortized to interest expense over the term o …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2025 , 2024 and 2023 : Year Ended Southern Timber Pacific Northwest Timber Real Estate Total December 31, 2025 Pulpwood $80,694 $5,070 $85,764 Sawtimber 94,949 71,219 166,168 Hardwood 6,183 6,183 Total Timber Sales 181,826 76,289 258,115 Trading (a) 1,805 1,805 License Revenue, primarily from Hunting 21,189 782 21,971 Land Based Solutions (b) 11,230 106 11,336 Other Non-Timber Revenue 14,064 4,582 18,646 Total Non-Timber Sales 46,483 7,275 53,758 Improved Development 47,160 47,160 Unimproved Development 5,080 5,080 Rural 48,581 48,581 Timberland & Non-Strategic 53,500 53,500 Deferred Revenue/Other (c) 16,841 16,841 Total Real Estate Sales 171,162 171,162 Revenue from Contracts with Customers 228,309 83,564 171,162 483,035 Lease Revenue 1,450 1,450 Total Revenue $228,309 $83,564 $172,612 $484,485 December 31, 2024 Pulpwood $94,820 $5,473 $100,293 Sawtimber 99,636 89,726 189,362 Hardwood 4,967 4,967 Total Timber Sales 199,423 95,199 294,622 Trading (a) 1,223 7,233 8,456 License Revenue, primarily from Hunting 21,164 942 22,106 Land Based Solutions (b) 14,518 50 14,568 Other Non-Timber Revenue 15,314 4,595 19,909 Total Non-Timber Sales 52,219 12,820 65,039 Improved Development 30,754 30,754 Unimproved Development 12,400 12,400 Rural 72,913 72,913 Timberland & Non-Strategic 610 610 Conservation Easements 1,101 1,101 Deferred Revenue/Other ( …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

INCENTIVE STOCK PLANS Approved by shareholders on May 18, 2023, the 2023 Rayonier Incentive Stock Plan (the Stock Plan) authorizes up to 3.0 million shares for equity-based awards. At December 31, 2025, 1.6 million shares remained available for future grants. The Stock Plan provides for the reuse of shares from forfeited or cancelled awards, including those withheld for taxes, and allows for new common shares to be issued upon exercise or vesting. No further grants may be made under prior plans. The Company recognizes compensation expense on a straight-line basis over the requisite service period or retirement eligibility and accounts for forfeitures as they occur. A summary of our stock-based incentive compensation cost is presented below: 2025 2024 2023 Selling and general expenses $9,432 $12,778 $12,710 Cost of sales 1,133 1,122 986 Timber and Timberlands, net (a) 264 332 306 Other operating expense, net 175 Total stock-based incentive compensation $11,004 $14,232 $14,002 Tax benefit recognized related to stock-based incentive compensation expense (b) $521 $695 $677 (a) Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b) A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future. FAIR VALUE CALCULATIONS BY AWARD RESTRICTED STOCK UNITS & RESTRICTED STOCK Restricted stock units granted to employees generally vest ratably over four years. Special purpos …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 at December 31, 2025 and 2024, using market information valuation methodologies we believe are appropriate under GAAP: December 31, 2025 December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Asset (Liability) (a) Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $842,944 $842,944 $303,065 $303,065 Restricted cash, current (b) 19,366 19,366 Restricted cash, non-current (b) 495 495 676 676 Current maturities of long-term debt (c) (199,982) (200,000) Long-term debt (c) (845,335) (806,080) (1,044,410) (980,970) Interest rate swaps (d) 26,819 26,819 49,353 49,353 Noncontrolling interests in the Operating Partnership (e) 40,463 36,435 51,843 51,843 (a) We did not have Level 3 assets or liabilities at December 31, 2025 and 2024. (b) Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermediary and cash held in escrow. S …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 December 31, 2025, Rayonier owns a 99.0% int erest 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 unitholders income tax return. Certain activities, including log trading and specific real estate operations, such as the entitlement, development and sale of HBU properties, are conducted through our TRS, which are subject to federal and state corporate income tax. PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS Income from continuing operations before income taxes for each of the three years ended December 31 follows: 2025 2024 2023 Domestic - U.S. $74,594 $339,838 $159,607 Total $74,594 $339,838 $159,607 The provision for income tax (expense) benefit for each of the three years ended December 31 follows: 2025 2024 2023 Current U.S. federal ($137) State (390) (200) (292) (527) (200) (292) Deferred U.S. federal 5,296 (2,260) 8,386 State 281 1,211 1,187 5,577 (1,049) 9,573 Changes in valuation allowance (5,577) 2,271 (9,574) Total ($527) $1,022 ($293) A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES TIMBERLAND LEASES Our timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. OTHER NON-TIMBERLAND LEASES In addition to timberland holdings, we lease properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details our undiscounted lease obligations as of December 31, 2025 by type of lease and year of expiration: Year of Expiration Lease Obligations Total 2026 2027 2028 2029 2030 Thereafter Operating lease liabilities $21,475 $2,708 $2,555 $2,213 $2,184 $2,174 $9,641 Total Undiscounted Cash Flows $21,475 $2,708 $2,555 $2,213 $2,184 $2,174 $9,641 Imputed interest (5,189) Balance at December 31, 2025 $16,286 Less: Current portion (2,617) Non-current portion at December 31, 2025 $13,669 The following table details components of our lease cost for the years ended December 31, 2025, 2024, and 2023: Year Ended December 31, Lease Cost Components 2025 2024 2023 Operating lease cost $3,308 $3,627 $4,449 Variable lease cost (a) 383 395 533 Total lease cost (b) $3,691 $4,022 $4,982 (a) The majority of timberland leases are subject to increases or decreases based on either 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 ba …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

RECENTLY ADOPTED ACCOUNTING STANDARDS We adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures retrospectively for the year ended December 31, 2025. This standard requires enhanced disaggregation of information in the effective tax rate reconciliation and additional disclosures regarding income taxes paid. As this update relates specifically to financial statement disclosures, the adoption did not have a material impact on our consolidated financial results or financial position. See Note 21 Income Taxes for additional information. 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 navigability of required interim disclosures, clarify applicability, and establish a principle requiring entities to disclose events occurring since the most recent annual reporting period that have a material impact on the entity. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively or retrospectively. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and disclosures. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. Th …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS We previously sponsored a qualified non-contributory defined benefit pension plan and an unfunded excess benefit plan, both of which have been terminated and fully settled. The Defined Benefit Plan was settled in March 2024 through the purchase of annuity contracts. In connection with the plans settlement, we made a cash contribution of $2.7 million to fully fund the plan. Additionally, a pre-tax non-cash pension settlement charge of $5.7 million was recognized as a component of AOCI due to actuarial losses in the year ended December 31, 2024. The unfunded plan was settled in the third quarter of 2024 with lump sum cash payments of $1.2 million. A pre-tax non-cash pension settlement charge related to the actuarial losses was recognized in 2024 as a component of AOCI. See Note 25 Accumulated Other Comprehensive Income (Loss) for additional information. The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: Pension Postretirement 2025 2024 2025 2024 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $63,142 $1,404 $1,491 Service cost 3 3 Interest cost 535 76 70 Actuarial gain (5,046) (7) (145) Benefits paid (742) (16) (15) Expenses paid (10) Settlement (57,879) Projected benefit obligation at end of yea …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE 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 years ended December 31, 2025 and 2024 that was included in the contract liability balance at the beginning of each year: Year Ended December 31, 2025 2024 Revenue recognized from contract liability balance at the beginning of the year $19,523 $26,534 The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2025 , 2024 and 2023 : Year Ended Southern Timber Pacific Northwest Timber Real Estate Total December 31, 2025 Pulpwood $80,694 $5,070 $85,764 Sawtimber 94,949 71,219 166,168 Hardwood 6,183 6,183 Total Timber Sales 181,826 76,289 258,115 Trading (a) 1,805 1,805 License Revenue, primarily from Hunting 21,189 782 21,971 Land Based Solutions (b) 11,230 106 11,336 Other Non-Timber Revenue 14,064 4,582 18,646 Total Non-Timber Sales 46,483 7,275 53,758 Improved Development 47,160 47,160 Unimproved Development 5,080 5,080 Rural 48,581 48,581 Timberland & No …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT AND GEOGRAPHICAL INFORMATION As of December 31, 2025, and for all periods presented, we operated in three reportable segments: Southern Timber, Pacific Northwest Timber and Real Estate. In June 2025, we completed the sale of our 77% interest in the New Zealand joint venture. Consequently, these operations are classified as discontinued operations for all periods presented. See Note 2 Discontinued Operations for additional information. Effective with the third quarter of 2025, we realigned our reportable segments to reflect how our chief operating decision maker (CODM), the Chief Executive Officer, evaluates performance and allocates capital. As part of the realignment, the previously reported Trading segments log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location for all periods presented. Intersegment sales are based on estimated fair market value, and are eliminated in consolidation. The CODM evaluates segment performance using Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (Adjusted EBITDA). 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 and inc …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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

CommitmentsAndContingenciesDisclosureTextBlock

DEBT Our debt consisted of the following at September 30, 2025: September 30, 2025 Debt Senior Notes due 2031 at a fixed interest rate of 2.75% $450,000 2015 Term Loan borrowings due 2028 at a variable interest rate of 5.94% 200,000 2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.09% 200,000 2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.26% 200,000 Total principal debt 1,050,000 Less: Current maturities of long-term debt, net of deferred financing costs of $31 (199,969) Less: Unamortized discounts (2,167) Less: Deferred financing costs (2,745) Total long-term debt, net $845,119 The following table contains information on the outstanding variable rate debt as of September 30, 2025: Debt Periodic Interest Rate Effective Fixed Interest Rate (a) 2015 Term Loan Daily Simple SOFR + 1.60% 2.11 % 2016 Incremental Term Loan Daily Simple SOFR + 1.75% 2.39 % 2021 Incremental Term Loan Daily Simple SOFR + 1.92% 1.72 % (a) Effective interest rate is after consideration of interest rate swaps and estimated patronage. Principal payments due during the next five years and thereafter are as follows: Total 2025 2026 $200,000 2027 2028 200,000 2029 200,000 Thereafter 450,000 Total debt $1,050,000 2025 DEBT ACTIVITY REVOLVING CREDIT FACILITY In August 2025, we amended and restated our credit agreement, primarily to extend the maturity date of the Revolving Credit Facility. The maturity of the $300 million Revolving Credit Facility …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2025 and 2024: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total September 30, 2025 Pulpwood $22,261 $1,229 $23,490 Sawtimber 27,860 17,102 44,962 Hardwood 2,080 2,080 Total Timber Sales 52,201 18,331 70,532 License Revenue, Primarily from Hunting 5,346 230 5,576 Land-Based Solutions (a) 2,822 32 2,854 Other Non-Timber Revenue 6,465 1,348 7,813 Total Non-Timber Sales 14,633 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 Customers 66,834 19,941 90,283 177,058 Lease Revenue 473 473 Total Revenue $66,834 $19,941 $90,756 $177,531 Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total September 30, 2024 Pulpwood $23,182 $1,318 $24,500 Sawtimber 21,034 24,378 45,412 Hardwood 1,136 1,136 Total Timber Sales 45,352 25,696 71,048 Trading (c) 397 4,378 4,775 License Revenue, Primarily from Hunting 5,348 290 5,638 Land-Based Solutions (a) 2,767 10 2,777 Other Non-Timber Revenue 8,552 1,252 9,804 Total Non-Timber Sales 17,064 5,930 22,994 Improved Development 11,999 11,999 Rural 13,766 13,766 Conservation Easement 1,101 1,101 Deferred Revenue/Other (b) 2,740 2,740 Total Real Estate Sales 29,606 29,606 Revenue from Contracts …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2025 and December 31, 2024, using market information valuation methodologies we believe are appropriate under GAAP: September 30, 2025 December 31, 2024 Asset (Liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $919,582 $919,582 $303,065 $303,065 Restricted cash, current (b) 19,366 19,366 Restricted cash, non-current (b) 677 677 676 676 Current maturities of long-term debt (c) (199,969) (200,000) Long-term debt (c) (845,119) (804,100) (1,044,410) (980,970) Interest rate swaps (d) 30,182 30,182 49,353 49,353 Noncontrolling interests in the Operating Partnership (e) 46,242 46,242 51,843 51,843 (a) We did not have Level 3 assets or liabilities at September 30, 2025 or December 31, 2024. (b) Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermed …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosures about certain costs and expenses within the notes to the financial statements. Subsequently in January 2025, the FASB issued ASU No. 2025-01, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies the adoption timeline . ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The guidance allows for either prospective or retrospective application. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures, primarily affecting the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis, although early adoption and retrospective application are permitted. We will adopt the standard beginning with our annual reporting for the year ending Decemb …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (performance obligations) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (transaction price). Unsatisfied performance obligations as of September 30, 2025 are primarily due to advances on stumpage contracts, unearned license revenue and unearned carbon capture and storage revenue. Of these performance obligations, $25.5 million is expected to be recognized within the next twelve months, with the remaining $11.2 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under a contract. Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract. The following table summarizes revenue recognized during the three and nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginn …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT AND GEOGRAPHICAL INFORMATION As of September 30, 2025, Rayonier operated in three reportable segments: Southern Timber, Pacific Northwest Timber, and Real Estate. Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber and Trading. On March 9, 2025, we entered into a purchase and sale agreement to sell our entire 77% interest in the New Zealand joint venture and as a result, the New Zealand operations are shown as discontinued operations for all periods presented. On June 30, 2025, we completed the sale. See Note 2 Discontinued Operations for additional information. Effective with the third quarter of 2025, the Company realigned its segments considering the economic characteristics of each business unit and the way the chief operating decision maker (CODM), the Chief Executive Officer, now internally evaluates business performance and makes capital allocation decisions. As part of the realignment, the previously reported Trading segments log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location. All prior period amounts have been reclassified to reflect the newly aligned segment structure. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The CODM evaluates …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing