The following table presents the carrying amount and estimated fair values of our financial instruments as of March 31, 2026 and December 31, 2025, using market information valuation methodologies we believe are appropriate under GAAP:


	March 31, 2026			December 31, 2025
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2			Level 1	Level 2
Cash and cash equivalents	$681,660	$681,660	—		$842,944	$842,944	—


Restricted cash, non-current (b)	495	495	—		495	495	—


Current maturities of long-term debt (c)	(199,996)	—	(200,000)		(199,982)	—	(200,000)
Long-term debt (c)	(1,855,051)	—	(1,814,320)		(845,335)	—	(806,080)
Interest rate swaps (d)	124,871	—	124,871		26,819	—	26,819





Noncontrolling interests in the Operating Partnership (e)	39,943	—	34,688		40,463	—	36,435

(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.