Prior to the sale of our New Zealand operations on June 30, 2025, we maintained a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns and leases New Zealand timberland. Accordingly, we consolidated the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net loss attributable to noncontrolling interests in consolidated affiliates.”

Due to the sale of the New Zealand subsidiary, we deconsolidated its balance sheet as of June 30, 2025, and its income (loss) through the sale date have been classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss). See Note 3 — Discontinued Operations for additional information.

Noncontrolling interests in the Operating Partnership represent the third-party ownership of Redeemable Operating Partnership Units (“OP Units”). Net income attributable to these noncontrolling interests is calculated based on the weighted average OP Units outstanding during the period as a percentage of the total weighted average units outstanding to the Operating Partnership’s net income for the period.

These OP Units are classified as temporary equity in the Consolidated Balance Sheets because they are redeemable at the option of the unitholder. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Beginning noncontrolling interests in the Operating Partnership	$39,943	$58,170	$40,463	$51,843

Adjustment of noncontrolling interests in the Operating Partnership	(98)	(9,514)	(99)	(2,492)
Conversions of OP Units to common shares	(87)	(218)	(100)	(246)
Redemption of OP Units (a)	(904)	—	(904)	—
Net income attributable to noncontrolling interests in the Operating Partnership	106	5,476	24	5,430
Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership	2	7	16	(46)
Distributions to noncontrolling interests in the Operating Partnership	(435)	(568)	(873)	(1,136)
Total noncontrolling interests in the Operating Partnership	$38,527	$53,353	$38,527	$53,353

(a)During the second quarter, limited partners tendered 43,811 units for redemption, for which the Company elected cash settlement in an aggregate amount of approximately $0.9 million. These redemptions will settle on the applicable Specified Redemption Dates during the third quarter of 2026.