RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024
OPERATING ACTIVITIES
Income from continuing operations		$ 454,231	$ 35,783
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations		81,731	86,130
Depreciation, depletion and amortization from discontinued operations		9,081	20,533
Non-cash cost of land and improved development from continuing operations		40,046	16,176
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		8,507	12,027
Deferred income taxes		(2,571)	(4,154)
Asset impairment charge		7,048	0
Pension settlement charge		0	5,979
Other		15,692	51
Changes in operating assets and liabilities:
Receivables		1,514	(12,469)
Inventories		235	721
Accounts payable		(1,130)	5,000
All other operating activities		(5,049)	4,960
CASH PROVIDED BY OPERATING ACTIVITIES		204,872	173,778
INVESTING ACTIVITIES
Real estate development investments		(11,888)	(19,073)
Net proceeds on sale of discontinued operations	[1]	688,300	0
Net proceeds on sale of property, plant and equipment		4,146	13
Purchase of timberlands		0	(3,637)
Other		4,444	1,018
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		642,880	(74,845)
FINANCING ACTIVITIES
Repurchase of common shares made under repurchase program		(67,654)	0
Distributions to noncontrolling interests in consolidated affiliates		(3,082)	(5,473)
Debt issuance costs		(779)	0
Repayment of debt		0	(60,000)
CASH USED FOR FINANCING ACTIVITIES		(272,083)	(229,926)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,390	(135)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		577,059	(131,128)
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		920,259	54,967
Balance from discontinued operations, end of period		0	22,279
Total Balance, end of period		920,259	77,246
Cash paid during the period:
Interest	[2]	13,933	24,900
Income taxes	[3]	4,038	5,493
Non-cash investing and financing activity:
Capital assets purchased on account		5,372	5,091
Issuance of common shares from special dividend		200,454	0
Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(35,024)	(40,262)
Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		(7,098)	(12,904)
Rayonier Limited Partnership
OPERATING ACTIVITIES
Income from continuing operations		454,231	35,783
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization from continuing operations		81,731	86,130
Depreciation, depletion and amortization from discontinued operations		9,081	20,533
Non-cash cost of land and improved development from continuing operations		40,046	16,176
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		8,507	12,027
Deferred income taxes		(2,571)	(4,154)
Asset impairment charge		7,048	0
Pension settlement charge		0	5,979
Other		15,692	51
Changes in operating assets and liabilities:
Receivables		1,514	(12,469)
Inventories		235	721
Accounts payable		(1,130)	5,000
All other operating activities		(5,049)	4,960
CASH PROVIDED BY OPERATING ACTIVITIES		204,872	173,778
INVESTING ACTIVITIES
Real estate development investments		(11,888)	(19,073)
Net proceeds on sale of discontinued operations	[4]	688,300	0
Net proceeds on sale of property, plant and equipment		4,146	13
Purchase of timberlands		0	(3,637)
Other		4,444	1,018
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		642,880	(74,845)
FINANCING ACTIVITIES
Distributions on units	[5]	(197,883)	(160,286)
Repurchase of units to pay withholding taxes on vested incentive stock awards		(2,685)	(4,167)
Repurchase of common shares made under repurchase program		(67,654)	0
Distributions to noncontrolling interests in consolidated affiliates		(3,082)	(5,473)
Debt issuance costs		(779)	0
Repayment of debt		0	(60,000)
CASH USED FOR FINANCING ACTIVITIES		(272,083)	(229,926)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,390	(135)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		577,059	(131,128)
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		920,259	54,967
Balance from discontinued operations, end of period		0	22,279
Total Balance, end of period		920,259	77,246
Cash paid during the period:
Interest	[6]	13,933	24,900
Income taxes	[7]	4,038	5,493
Non-cash investing and financing activity:
Capital assets purchased on account		5,372	5,091
Issuance of common shares from special dividend		203,135	0
Rayonier Limited Partnership | Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(35,024)	(40,262)
Rayonier Limited Partnership | Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		$ (7,098)	$ (12,904)

[1] 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.

[2] Interest paid includes patronage payments received of $7.9 million and $8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $1.5 million and $2.7 million, respectively, from discontinued operations.

[3] Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $3.8 million and $5.2 million, respectively, from discontinued operations.

[4] 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.

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

[6] Interest paid includes patronage payments received of $7.9 million and $8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $1.5 million and $2.7 million, respectively, from discontinued operations.

[7] Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $3.8 million and $5.2 million, respectively, from discontinued operations.