RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024
OPERATING ACTIVITIES
Income from continuing operations		$ 410,522	$ 5,341
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations		46,930	58,276
Depreciation, depletion and amortization from discontinued operations		9,081	14,901
Non-cash cost of land and improved development from continuing operations		9,302	6,331
Non-cash cost of land and improved development from discontinued operations		0	3,041
Gain on sale of discontinued operations		(404,463)	0
Stock-based incentive compensation expense		5,909	8,122
Deferred income taxes		(2,571)	(2,319)
Pension settlement charge		0	5,673
Other		9,020	1,262
Changes in operating assets and liabilities:
Receivables		4,890	(4,760)
Inventories		233	(379)
Accounts payable		(1,903)	2,385
All other operating activities		1,737	9,753
CASH PROVIDED BY OPERATING ACTIVITIES		88,687	107,627
INVESTING ACTIVITIES
Real estate development investments		(8,176)	(10,124)
Net proceeds on sale of discontinued operations (a)	[1]	687,579	0
Net proceeds on sale of property, plant and equipment		4,146	0
Other		4,241	(379)
CASH USED FOR INVESTING ACTIVITIES		658,265	(47,445)
FINANCING ACTIVITIES
Repurchase of common shares made under repurchase program		(37,551)	0
Distributions to noncontrolling interests in consolidated affiliates		(3,082)	(3,760)
CASH USED FOR FINANCING ACTIVITIES		(198,609)	(125,078)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,390	(895)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		549,733	(65,791)
Balance from continuing operations, beginning of year		323,107	180,362
Balance from discontinued operations, beginning of year		20,093	28,012
Total Balance, beginning of year		343,200	208,374
Balance from continuing operations, end of period		892,933	120,877
Balance from discontinued operations, end of period		0	21,706
Total Balance, end of period		892,933	142,583
Cash paid during the period:
Interest	[2]	9,296	15,727
Income taxes	[3]	4,038	3,839
Non-cash investing and financing activity:
Capital assets purchased on account		7,430	4,766
Issuance of common shares from special dividend		200,454	0
Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(22,427)	(28,858)
Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		(7,098)	(8,084)
Rayonier Limited Partnership
OPERATING ACTIVITIES
Income from continuing operations		410,522	5,341
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations		46,930	58,276
Depreciation, depletion and amortization from discontinued operations		9,081	14,901
Non-cash cost of land and improved development from continuing operations		9,302	6,331
Non-cash cost of land and improved development from discontinued operations		0	3,041
Gain on sale of discontinued operations		(404,463)	0
Stock-based incentive compensation expense		5,909	8,122
Deferred income taxes		(2,571)	(2,319)
Pension settlement charge		0	5,673
Other		9,020	1,262
Changes in operating assets and liabilities:
Receivables		4,890	(4,760)
Inventories		233	(379)
Accounts payable		(1,903)	2,385
All other operating activities		1,737	9,753
CASH PROVIDED BY OPERATING ACTIVITIES		88,687	107,627
INVESTING ACTIVITIES
Real estate development investments		(8,176)	(10,124)
Net proceeds on sale of discontinued operations (a)	[4]	687,579	0
Net proceeds on sale of property, plant and equipment		4,146	0
Other		4,241	(379)
CASH USED FOR INVESTING ACTIVITIES		658,265	(47,445)
FINANCING ACTIVITIES
Distributions on units	[5]	(155,298)	(117,155)
Repurchase of units to pay withholding taxes on vested incentive stock awards		(2,678)	(4,163)
Repurchase of common shares made under repurchase program		(37,551)	0
Distributions to noncontrolling interests in consolidated affiliates		(3,082)	(3,760)
CASH USED FOR FINANCING ACTIVITIES		(198,609)	(125,078)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,390	(895)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		549,733	(65,791)
Balance from continuing operations, beginning of year		323,107	180,362
Balance from discontinued operations, beginning of year		20,093	28,012
Total Balance, beginning of year		343,200	208,374
Balance from continuing operations, end of period		892,933	120,877
Balance from discontinued operations, end of period		0	21,706
Total Balance, end of period		892,933	142,583
Cash paid during the period:
Interest	[6]	9,296	15,727
Income taxes	[7]	4,038	3,839
Non-cash investing and financing activity:
Capital assets purchased on account		7,430	4,766
Issuance of common shares from special dividend		203,135	0
Rayonier Limited Partnership | Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(22,427)	(28,858)
Rayonier Limited Partnership | Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		$ (7,098)	$ (8,084)

[1] The six months ended June 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.

[2] Interest paid includes patronage payments received of $7.9 million and $8.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the six months ended June 30, 2025 and June 30, 2024 includes $1.5 million and $1.6 million, respectively, from discontinued operations.

[3] Income taxes for the six months ended June 30, 2025 and June 30, 2024 includes $3.8 million and $3.6 million, respectively, from discontinued operations.

[4] The six months ended June 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.

[5] The six months ended June 30, 2025 includes an additional distribution of $1.80 per unit, consisting of a combination of cash and units. The cash portion of $68.7 million was paid on January 30, 2025, to holders of record on December 12, 2024. The six months ended June 30, 2024 includes an additional cash distribution of $0.20 per unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

[6] Interest paid includes patronage payments received of $7.9 million and $8.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the six months ended June 30, 2025 and June 30, 2024 includes $1.5 million and $1.6 million, respectively, from discontinued operations.

[7] Income taxes for the six months ended June 30, 2025 and June 30, 2024 includes $3.8 million and $3.6 million, respectively, from discontinued operations.