SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

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 segment’s 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 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 used by the CODM to assess the performance of or allocate resources to the segments, therefore total assets by segment are not disclosed.

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 income, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges, costs related to disposition initiatives and Large Dispositions.

We believe that Operating income (loss), as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating income (loss) as determined in accordance with U.S. GAAP. Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income.

The following tables summarize the segment information 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
Sales	$66,834	$19,941	$90,756	$177,531
Costs and Expenses
Cut and haul costs	(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: Asset impairment charge (b)	—	—	7,048	7,048
Add: Depreciation, depletion and amortization	20,139	4,637	9,605	34,381
Add: Non-cash cost of land and improved development	—	—	30,745	30,745
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 income				3,038
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 general corporate 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.

Three Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Total
September 30, 2024
Sales	$62,416	$31,626	$30,061	$124,103
Costs and Expenses
Cut and haul costs	(12,496)	(10,132)	—	(22,628)
Port and freight costs	(533)	(2,618)	—	(3,151)
Depreciation, depletion and amortization	(18,118)	(7,841)	(1,451)	(27,410)
Non-cash cost of land and improved development	—	—	(9,845)	(9,845)
Other costs and expenses (a)	(11,479)	(10,193)	(10,133)	(31,805)
Reportable segment operating income	$19,790	$842	$8,632	$29,264
Add: Depreciation, depletion and amortization	18,118	7,841	1,451	27,410
Add: Non-cash cost of land and improved development	—	—	9,845	9,845
Reportable segment adjusted EBITDA	$37,908	$8,683	$19,928	$66,519
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)				($9,324)
Interest, net and miscellaneous expense				(8,111)
Depreciation, depletion and amortization				(27,854)
Non-cash cost of land and improved development				(9,845)
Non-operating income (c)				11,529
Costs related to disposition initiatives (d)				(664)
Income from Continuing Operations Before Income Taxes				$22,250
Income tax expense				(10)
Income from Continuing Operations				$22,240
Income from operations of discontinued operations, net of tax				8,202
Net Income				$30,442

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)All other EBITDA includes general corporate expenses.

(c)Non-operating income includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”

(d)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”

Nine Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Total
September 30, 2025
Sales	$171,102	$65,533	$130,355	$366,990
Costs and Expenses
Cut and haul costs	(39,502)	(27,580)	—	(67,082)
Port and freight costs	—	(18)	—	(18)
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: Asset impairment charge (b)	—	—	7,048	7,048
Add: Depreciation, depletion and amortization	52,826	15,595	12,050	80,471
Add: Non-cash cost of land and improved development	—	—	40,046	40,046
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 tax				1,883
Gain on sale of discontinued operations				404,463
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 (Loss) under the caption “Other miscellaneous (expense) income, 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 income (expense), net.”

Nine Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Total
September 30, 2024
Sales	$192,545	$83,806	$61,095	$337,446
Costs and Expenses
Cut and haul costs	(37,681)	(31,076)	—	(68,757)
Port and freight costs	(2,883)	(5,105)	—	(7,988)
Depreciation, depletion and amortization	(56,672)	(24,306)	(3,821)	(84,799)
Non-cash cost of land and improved development	—	—	(16,176)	(16,176)
Other costs and expenses (a)	(35,388)	(28,309)	(32,078)	(95,775)
Reportable segment operating income (loss)	$59,921	($4,990)	$9,020	$63,951
Add: Depreciation, depletion and amortization	56,672	24,306	3,821	84,799
Add: Non-cash cost of land and improved development	—	—	16,176	16,176
Reportable segment adjusted EBITDA	$116,593	$19,316	$29,017	$164,926
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (b)				($29,760)
Interest, net and miscellaneous expense				(22,434)
Depreciation, depletion and amortization				(86,130)
Non-cash cost of land and improved development				(16,176)
Non-operating income (c)				3,276
Costs related to disposition initiatives (d)				(849)
Income from Continuing Operations Before Income Taxes				$12,853
Income tax benefit				981
Income from Continuing Operations				$13,834
Income from operations of discontinued operations, net of tax				21,949
Net Income				$35,783

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)All other EBITDA includes general corporate expenses.

(c)Non-operating income includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous (expense) income, net.”

(d)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Capital Expenditures (a)
Southern Timber	$10,861	$9,091	$28,580	$30,748
Pacific Northwest Timber	1,716	2,230	6,346	9,220
Real Estate	20	65	98	217
Corporate and other	—	18	—	77
Total Capital Expenditures	$12,597	$11,404	$35,024	$40,262
Timberland Acquisitions
Southern Timber	—	3,637	—	3,637
Total Timberland Acquisitions	—	$3,637	—	$3,637
Real Estate Development Investments (b)	$3,712	$8,949	$11,888	$19,073
Total Gross Capital Expenditures	$16,309	$23,990	$46,912	$62,972

(a)Excludes timberland acquisitions and real estate development investments presented separately.

(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.