FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

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 intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information.

(c)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 7 — Debt for additional information.

(d)See Note 8 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(e)Noncontrolling interests in the Operating Partnership, representing ownership of Rayonier, L.P. units by parties other than the Company, are classified as temporary equity and are neither assets nor liabilities on the Company’s Consolidated Balance Sheets. See Note 5 — Noncontrolling Interests for additional information.