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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net loss $ (12,514) $ (3,085)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization from continuing operations 56,240 23,493
Depreciation, depletion and amortization from discontinued operations 0 4,334
Non-cash cost of land and improved development 11,985 2,399
Stock-based incentive compensation expense 15,413 2,281
Deferred income taxes (39,453) (1,048)
Interest received under swaps with other-than-insignificant financing element (4,118) 0
Other 5,703 8,754
Changes in operating assets and liabilities:    
Receivables (3,248) (687)
Inventories 8,267 (1,506)
Accounts payable 8,916 1,131
All other operating activities (12,608) (8,367)
CASH PROVIDED BY OPERATING ACTIVITIES 34,583 27,699
INVESTING ACTIVITIES    
Real estate development investments (4,541) (4,087)
Net cash consideration for merger with Pope Resources (24,769) 0
Interest received under swaps with other-than-insignificant financing element 4,118 0
Other (7,433) (2,674)
CASH USED FOR INVESTING ACTIVITIES (53,057) (21,438)
FINANCING ACTIVITIES    
Repayment of debt (27,500) 0
Dividends paid on common shares [1] (81,102) (110,442)
Distributions to noncontrolling interests in the Operating Partnership [2] (437) (1,463)
Equity issuance costs (866) 0
Repurchase of common shares to pay withholding taxes on vested incentive stock awards (1,006) (38)
Repurchase of common shares made under repurchase program (31,068) (2,623)
Payments made under finance leases (831) 0
Distributions to noncontrolling interests in consolidated affiliates 0 (1,911)
CASH USED FOR FINANCING ACTIVITIES (142,810) (116,477)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 0 28
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (161,284) (110,188)
Balance from continuing operations, beginning of year 843,439 323,107
Balance from discontinued operations, beginning of year 0 20,093
Total Balance, beginning of year 843,439 343,200
Balance from continuing operations, end of period 682,155 216,919
Balance from discontinued operations, end of period 0 16,093
Total Balance, end of period 682,155 233,012
Cash paid during the period:    
Interest [3] (9,319) (1,882)
Income taxes [4] 9 3,117
Non-cash investing and financing activity:    
Capital assets purchased on account 4,883 3,798
Total Equity Consideration Transferred   0
Issuance of common shares from special dividend 0 200,454
Issuance of Redeemable Operating Partnership Units from special distribution 0 2,681
Continuing Operations    
INVESTING ACTIVITIES    
Capital expenditures (20,432) (12,023)
Discontinued Operations    
INVESTING ACTIVITIES    
Capital expenditures $ 0 $ (2,654)
[1] The three months ended March 31, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025 to shareholders of record on December 12, 2024.
[2] The three months ended March 31, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024.
[3] Interest received includes patronage payments received of $14.8 million and $7.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2025 Form 10-K. Interest paid (received) for the three months ended March 31, 2025 includes $0.7 million from discontinued operations.
[4] Income taxes paid for the three months ended March 31, 2025 includes $2.9 million from discontinued operations.