FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and estimated fair values of our financial instruments at December 31, 2025 and 2024, using market information valuation methodologies we believe are appropriate under GAAP:


	December 31, 2025			December 31, 2024
	Carrying Amount	Fair Value		Carrying Amount	Fair Value
Asset (Liability) (a)		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$842,944	$842,944	—	$303,065	$303,065	—

Restricted cash, current (b)	—	—	—	19,366	19,366	—
Restricted cash, non-current (b)	495	495	—	676	676	—
Current maturities of long-term debt (c)	(199,982)	—	(200,000)	—	—	—

Long-term debt (c)	(845,335)	—	(806,080)	(1,044,410)	—	(980,970)

Interest rate swaps (d)	26,819	—	26,819	49,353	—	49,353





Noncontrolling interests in the Operating Partnership (e)	40,463	—	36,435	51,843	—	51,843

(a)We did not have Level 3 assets or liabilities at December 31, 2025 and 2024.

(b)Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermediary and cash held in escrow. See Note 22 — 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 8 — Debt for additional information.

(d)See Note 9 — 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 6 — Noncontrolling Interests for additional information.