RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 919,582	$ 303,065
Restricted cash, current (Note 18)	0	19,366
Trade receivables, less allowance for doubtful accounts of $328 and $401	13,553	8,006
Other receivables	6,532	13,267
Inventory (Note 14)	16,203	30,879
Prepaid expenses	9,639	9,566
Assets held for sale (excluding discontinued operations) (Note 19)	3,386	5,371
Other current assets	4,026	53
Current assets of discontinued operations (Note 2)	0	47,320
Total current assets	972,921	436,893
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,313,047	2,384,345
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	109,536	109,610
PROPERTY, PLANT AND EQUIPMENT
Land	5,581	5,581
Buildings	24,493	24,493
Machinery and equipment	6,948	4,876
Construction in progress	1,312	779
Total property, plant and equipment, gross	38,334	35,729
Less — accumulated depreciation	(20,384)	(18,297)
Total property, plant and equipment, net	17,950	17,432
RESTRICTED CASH, NON-CURRENT (NOTE 18)	677	676
RIGHT-OF-USE ASSETS	18,228	18,588
OTHER ASSETS	59,530	78,276
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS (NOTE 2)	0	428,599
TOTAL ASSETS	3,491,889	3,474,419
CURRENT LIABILITIES
Accounts payable	13,566	16,914
Current maturities of long-term debt, net (Note 7)	199,969	0
Accrued taxes	9,350	1,840
Accrued payroll and benefits	12,166	15,317
Accrued interest	7,702	5,228
Deferred revenue	25,509	20,902
Other current liabilities	14,297	9,359
Current liabilities of discontinued operations (Note 2)	0	47,335
Total current liabilities	282,559	388,710
LONG-TERM DEBT, NET (NOTE 7)	845,119	1,044,410
LONG-TERM LEASE LIABILITY	15,587	16,260
LONG-TERM DEFERRED REVENUE	11,219	10,697
OTHER NON-CURRENT LIABILITIES	12,458	11,125
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS (NOTE 2)	0	170,841
CONTINGENCIES (NOTE 10)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 1,742,337 and 1,986,319 Units outstanding, respectively	46,242	51,843
CAPITAL
Accumulated other comprehensive income (Note 18)	27,412	(10,429)
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	3,491,889	3,474,419
Rayonier Limited Partnership
CURRENT ASSETS
Cash and cash equivalents	919,582	303,065
Restricted cash, current (Note 18)	0	19,366
Trade receivables, less allowance for doubtful accounts of $328 and $401	13,553	8,006
Other receivables	6,532	13,267
Inventory (Note 14)	16,203	30,879
Prepaid expenses	9,639	9,566
Assets held for sale (excluding discontinued operations) (Note 19)	3,386	5,371
Other current assets	4,026	53
Current assets of discontinued operations (Note 2)	0	47,320
Total current assets	972,921	436,893
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,313,047	2,384,345
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	109,536	109,610
PROPERTY, PLANT AND EQUIPMENT
Land	5,581	5,581
Buildings	24,493	24,493
Machinery and equipment	6,948	4,876
Construction in progress	1,312	779
Total property, plant and equipment, gross	38,334	35,729
Less — accumulated depreciation	(20,384)	(18,297)
Total property, plant and equipment, net	17,950	17,432
RESTRICTED CASH, NON-CURRENT (NOTE 18)	677	676
RIGHT-OF-USE ASSETS	18,228	18,588
OTHER ASSETS	59,530	78,276
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS (NOTE 2)	0	428,599
TOTAL ASSETS	3,491,889	3,474,419
CURRENT LIABILITIES
Accounts payable	13,566	16,914
Current maturities of long-term debt, net (Note 7)	199,969	0
Accrued taxes	9,350	1,840
Accrued payroll and benefits	12,166	15,317
Accrued interest	7,702	5,228
Distribution payable	0	271,815
Deferred revenue	25,509	20,902
Other current liabilities	14,297	9,359
Current liabilities of discontinued operations (Note 2)	0	47,335
Total current liabilities	282,559	388,710
LONG-TERM DEBT, NET (NOTE 7)	845,119	1,044,410
LONG-TERM LEASE LIABILITY	15,587	16,260
LONG-TERM DEFERRED REVENUE	11,219	10,697
OTHER NON-CURRENT LIABILITIES	12,458	11,125
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS (NOTE 2)	0	170,841
CONTINGENCIES (NOTE 10)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 1,742,337 and 1,986,319 Units outstanding, respectively	46,242	51,843
CAPITAL
General partners’ capital	22,492	17,772
Limited partners’ capital	2,226,733	1,759,405
Accumulated other comprehensive income (Note 18)	29,480	(7,865)
TOTAL CONTROLLING INTEREST CAPITAL	2,278,705	1,769,312
Noncontrolling interests in consolidated affiliates (Note 5)	0	11,221
TOTAL CAPITAL	2,278,705	1,780,533
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$ 3,491,889	$ 3,474,419