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SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION As of March 31, 2026, Rayonier operated in four reportable segments: Southern Timber, Northwest Timber, Wood Products and Real Estate. On January 30, 2026, we completed the merger with PotlatchDeltic Corporation, which added the Wood Products segment and expanded the geographic scope of our Pacific Northwest Timber segment, renamed Northwest Timber to reflect the addition of Idaho timberland assets. The Wood Products segment manufactures and sells lumber, plywood, and residual products at seven mills located in Arkansas, Idaho, Michigan and Minnesota. The segment’s products are largely commodity products, which are sold through our sales team to end users, retailers or wholesalers for nationwide distribution primarily for use in homebuilding, repair and remodeling, industrial products and other construction activity. Our Southern Timber and Northwest Timber segments supply a portion of the Wood Products segment’s wood fiber needs, which typically represents a sizable portion of the Southern Timber and Northwest Timber segments’ total revenues. Intersegment sales are based on estimated fair market value and are eliminated in consolidation. The operations of our former New Zealand Timber segment are classified as discontinued operations in the prior-year comparative periods. See Note 3 — Discontinued Operations for additional information. The chief operating decision maker (“CODM”), the Chief Executive Officer, 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 disclosed as they are not used by the CODM for resource allocation or performance assessment. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, income from operations of discontinued operations, restructuring charges, and Large Dispositions. We believe that Operating (loss) income, as defined by U.S. GAAP, is the most appropriate earnings measurement for reconciling Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating loss as determined in accordance with U.S. GAAP. Operating (loss) income as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) includes the results of both reportable segments and corporate activities. Segment Operating income (loss) represents the operating results of the company’s reportable segments only and does not include corporate-level amounts. As a result, segment Operating income (loss) may differ from the total Operating income (loss) reported in the consolidated financial statements. The following tables summarize the segment information for the three months ended March 31, 2026 and 2025:
Three Months Ended | Southern Timber |  | Northwest Timber |  | Wood Products |  | Real Estate |  |  |  | Total
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |
Sales from external customers | $81,052 |  |  | $27,469 |  |  | $108,483 |  |  | $59,783 |  |  |  |  | $276,787 |
Intersegment revenue (a) | 7,641 |  |  | 4,599 |  |  | — |  |  | — |  |  |  |  | 12,240 |
Total sales | $88,693 |  |  | $32,068 |  |  | $108,483 |  |  | $59,783 |  |  |  |  | $289,027 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Freight, logging and hauling | (30,331) |  |  | (16,128) |  |  | (13,176) |  |  | — |  |  |  |  | (59,635) |
Fiber costs | — |  |  | — |  |  | (49,304) |  |  | — |  |  |  |  | (49,304) |
Manufacturing costs | — |  |  | — |  |  | (40,842) |  |  | — |  |  |  |  | (40,842) |
Finished goods inventory change | — |  |  | — |  |  | 2,372 |  |  | — |  |  |  |  | 2,372 |
Depreciation, depletion and amortization | (33,114) |  |  | (9,031) |  |  | (6,666) |  |  | (6,863) |  |  |  |  | (55,674) |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | (11,985) |  |  |  |  | (11,985) |
Other costs and expenses (b) | (12,854) |  |  | (7,358) |  |  | (1,891) |  |  | (13,563) |  |  |  |  | (35,666) |
Reportable segment operating income (loss) | $12,394 |  |  | ($449) |  |  | ($1,024) |  |  | $27,372 |  |  |  |  | $38,293 |
Add: Depreciation, depletion and amortization | 33,114 |  |  | 9,031 |  |  | 6,666 |  |  | 6,863 |  |  |  |  | 55,674 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | 11,985 |  |  |  |  | 11,985 |
Add: Inventory purchase price adjustment in cost of sales (c) | — |  |  | — |  |  | 1,153 |  |  | — |  |  |  |  | 1,153 |
Reportable segment adjusted EBITDA | $45,508 |  |  | $8,582 |  |  | $6,795 |  |  | $46,220 |  |  |  |  | $107,105 |
Reconciliation of reportable segment results to consolidated loss before taxes
All other EBITDA (d) | ($11,771) |
Intersegment eliminations (e) | (1,207) |
Interest, net and miscellaneous expense | (7,145) |
Depreciation, depletion and amortization | (56,240) |
Non-cash cost of land and improved development | (11,985) |
Non-operating income | 854 |
Costs related to the merger with PotlatchDeltic (f) | (70,402) |
Inventory purchase price adjustment in cost of sales (c) | (1,153) |
Loss from Continuing Operations Before Income Taxes | ($51,944) |
Income tax benefit (g) | 39,430 |
Net Loss | ($12,514) |
(a)Intersegment revenue reflects logs sold from the Timber segments to Wood Products. (b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (c)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing. The inventory purchase price adjustment is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.” (d)All other EBITDA includes corporate and other expenses. (e)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period. (f)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (g)Includes a $40.3 million tax benefit from our valuation allowance release. See Note 22 — Income Taxes for additional information.
Three Months Ended | Southern Timber |  | Northwest Timber |  | Wood Products |  | Real Estate |  |  |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $50,944 |  |  | $21,811 |  |  | — |  |  | $10,167 |  |  |  |  | $82,922 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Freight, logging and hauling | (12,521) |  |  | (9,358) |  |  | — |  |  | — |  |  |  |  | (21,879) |
Depreciation, depletion and amortization | (16,899) |  |  | (5,606) |  |  | — |  |  | (564) |  |  |  |  | (23,069) |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | (2,399) |  |  |  |  | (2,399) |
Other costs and expenses (a) | (11,374) |  |  | (6,553) |  |  | — |  |  | (8,154) |  |  |  |  | (26,081) |
Reportable segment operating income (loss) | $10,150 |  |  | $294 |  |  | — |  |  | ($950) |  |  |  |  | $9,494 |
Add: Depreciation, depletion and amortization | 16,899 |  |  | 5,606 |  |  | — |  |  | 564 |  |  |  |  | 23,069 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | 2,399 |  |  |  |  | 2,399 |
Reportable segment adjusted EBITDA | $27,049 |  |  | $5,900 |  |  | — |  |  | $2,013 |  |  |  |  | $34,962 |
Reconciliation of reportable segment results to consolidated loss before taxes
All other EBITDA (b) |  |  |  |  |  |  |  |  |  |  | ($7,901) |
Interest, net and miscellaneous expense | (3,518) |
Depreciation, depletion and amortization | (23,493) |
Non-cash cost of land and improved development | (2,399) |
Non-operating expense (c) | (1,842) |
Restructuring charges (d) | (1,110) |
Loss from Continuing Operations Before Income Taxes | ($5,301) |
Income tax expense | (291) |
Loss from Continuing Operations | ($5,592) |
Income from operations of discontinued operations, net of tax | 2,507 |
Net Loss | ($3,085) |
(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 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 income (expense), net.” (d)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 expense, net.”
|  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Capital Expenditures (a) |  |  |  |  |  |  |
Southern Timber |  |  |  |  | $13,975 |  |  | $9,615 |
Northwest Timber |  |  |  |  | 4,010 |  |  | 2,366 |
Wood Products |  |  |  |  | 2,434 |  |  | — |
Real Estate |  |  |  |  | 13 |  |  | 42 |
Total Capital Expenditures |  |  |  |  | $20,432 |  |  | $12,023 |
(a)Excludes real estate development investments of $4.5 million and $4.1 million in the three months ended March 31, 2026 and 2025, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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