140 added · 144 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Prior to the merger, he served as Vice President and Chief Financial Officer of PotlatchDeltic beginning in August 2023, after holding the role of Interim Vice President, Chief Financial Officer, and Chief Accounting Officer from April 2023 to August 2023.
Key milestones include the 2014 tax-free spin-off of our Performance Fibers manufacturing business and the 2020 acquisition of Pope Resources, a Delaware Limited Partnership (“Pope Resources”).
INFORMATION ABOUT OUR EXECUTIVE OFFICERS T he following information reflects our executive officers as of February 23, 2026, following the completion of the merger with PotlatchDeltic: Mark D.
Unless otherwise indicated, the disclosures in Item 1 reflect our business as of December 31, 2025, and do not include the impact of the PotlatchDeltic merger.
Following our merger with PotlatchDeltic on January 30, 2026, we are currently assessing the impact on our total workforce size, composition, and structure.
RECENT DEVELOPMENTS On January 30, 2026, we completed our merger with PotlatchDeltic Corporation (“PotlatchDeltic”) in a merger-of-equals transaction.
However, following our merger on January 30, 2026, PotlatchDeltic is now part of our consolidated operations and no longer considered a competitor.
References to the combined company or the effects of the merger are specifically noted where applicable. 2 Table of Contents OUR COMPETITIVE STRENGTHS We believe that we distinguish ourselves from other timberland owners and other alternative asset investments through the following competitive strengths: • Scale in Premier Softwood Timber Markets.
Any of our manufacturing facilities or machines could unexpectedly cease to operate for a number of reasons, including unscheduled maintenance outages, prolonged power failures, equipment failures, raw material shortages, equipment and maintenance part shortages, cyber events, labor difficulties or labor availability due to quarantine requirements, disruptions in the transportation infrastructure, fire, ice storms, floods, windstorms, tornadoes, hurricanes or other catastrophes, terrorism or threats of terrorism, government regulations and other operational problems.
Although we have taken steps to protect the security of the data maintained in our information systems, it is possible that our security measures and those of our information technology vendors will not be able to prevent the systems’ improper functioning or the improper disclosure of personally identifiable information, such as in the event of cyber-attacks.
Under the terms of the merger agreement, PotlatchDeltic stockholders received 1.8185 Rayonier common shares and $0.61 in cash for each PotlatchDeltic share held.
We believe our continued commitment to transparency around the stewardship of our assets and capital will allow us to effectively attract and deploy capital, and further enhance our reputation as a preferred industry supplier and employer. 4 Table of Contents SEGMENT INFORMATION As of December 31, 2025, Rayonier operated in three reportable business segments: Southern Timber, Pacific Northwest Timber, and Real Estate.
No longer disclosed
As of December 31, 2024 and as of the date of the filing of this Annual Report on Form 10-K, we believe the Company is in compliance with all REIT tests.
For comparison purposes, we provide inventory estimates for our Pacific Northwest and New Zealand timberlands in MBF and cubic meters, respectively, as well as in short green tons. 4 Table of Contents The following table sets forth the estimated volumes of merchantable timber inventory in short green tons for the South and Pacific Northwest as of September 30, 2024 and as of December 31, 2024 for New Zealand.
Merchantable timber inventory for the South and the Pacific Northwest are presented on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma and 109,000 acres of Large Dispositions in Washington, respectively, that closed in the fourth quarter: (volumes in thousands of SGT) Location Merchantable Inventory (a) % South 69,876 73 Pacific Northwest 7,525 8 New Zealand 18,078 19 95,479 100 (a) For all regions, depletion rate calculations for the upcoming year are based on estimated volumes of merchantable inventory at December 31, 2024.
We estimate that the gross timber inventory and merchantable timber inventory of our Southern timberlands were 83 million tons and 70 million tons, respectively, as of September 30, 2024, on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma completed in the fourth quarter.
The following table provides a breakdown of our Southern timberlands acreage and timber inventory by product and age class as of September 30, 2024, presented on a pro forma basis to exclude acreage and timber inventory sold in the Large Disposition: (volumes in thousands of SGT) (a) Age Class Acres (000’s) Pine Pulpwood Pine Sawtimber Hardwood Pulpwood Hardwood Sawtimber Total Pine Plantation 0 to 4 years (b) 269 — — — — — 5 to 9 years 199 — — — — — 10 to 14 years 182 6,789 1,816 41 — 8,646 15 to 19 years 204 10,302 5,732 127 1 16,162 20 to 24 years 185 7,557 7,782 140 3 15,482 25 to 29 years 67 2,237 4,237 83 3 6,560 30 + years 43 1,245 3,337 202 3 4,787 Total Pine Plantation 1,149 28,130 22,904 593 10 51,637 Natural Pine (Plantable) (c) 30 299 329 598 115 1,341 Natural Mixed Pine/Hardwood (d) 509 7,589 5,929 13,713 2,340 29,571 Forested Acres and Gross Inventory 1,688 36,018 29,162 14,904 2,465 82,549 Plus: Non-Forested Acres (e) 64 Gross Acres 1,752 Less: Pre-Merchantable Age Class Inventory (f) (8,709) Less: Volume in Environmentally Sensitive/Legally Restricted Areas (3,964) Merchantable Timber Inventory 69,876 (a) Table presented as of September 30, 2024 and is presented on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma.
We estimate that the gross timber inventory and merchantable timber inventory of our Pacific Northwest timberlands were 1,981 MMBF and 971 MMBF, respectively, as of September 30, 2024, on a pro forma basis adjusted for the 109,000 acres of Large Dispositions in Washington completed in the fourth quarter.
The following table provides a breakdown of our Pacific Northwest timberlands acreage and timber inventory by product and age class as of September 30, 2024, presented on a pro forma basis to exclude acreage and timber inventory sold in the Large Dispositions: (volumes in MBF, except as noted) (a) Age Class Acres (000’s) Softwood Pulpwood (f) Softwood Sawtimber (f) Total (f) Commercial Forest 0 to 4 years (b) 28 — — — 5 to 9 years 26 — — — 10 to 14 years 25 — — — 15 to 19 years 27 — — — 20 to 24 years 28 43,557 84,911 128,468 25 to 29 years 28 64,307 223,499 287,806 30 to 34 years 25 72,107 374,742 446,849 35 to 39 years 34 89,325 512,810 602,135 40 to 44 years 11 33,746 210,591 244,337 45 to 49 years 4 8,859 56,583 65,442 50+ years 3 6,555 41,381 47,936 Total Commercial Forest 239 318,456 1,504,517 1,822,973 Non-Commercial Forest (c) 2 1,675 9,652 11,327 Productive Forested Acres 241 Restricted Forest (d) 57 23,398 123,010 146,408 Total Forested Acres and Gross Inventory 298 343,529 1,637,179 1,980,708 Plus: Non-Forested Acres (e) 10 Gross Acres 308 Less: Pre-Merchantable Age Class Inventory (863,362) Less: Restricted Forest Inventory (146,408) Total Merchantable Timber 970,938 Conversion factor for MBF to SGT 7.75 Total Merchantable Timber (thousands of SGT) 7,525 (a) Table presented as of September 30, 2024 and is presented on a pro forma basis adjusted for the 109,000 acres of Large Dispositions in Washington.
(f) Includes a minor component of hardwood in red alder and other species. 7 Table of Contents NEW ZEALAND TIMBER As of December 31, 2024, our New Zealand timberlands consisted of approximately 412,000 acres (including approximately 234,000 acres of leased lands), of which approximately 287,000 acres were designated as productive or plantation acres, meaning land that is capable of growing merchantable timber and where the harvesting of timber is not constrained by physical, environmental or regulatory restrictions.
The following table provides a breakdown of our New Zealand timberlands acreage and timber inventory by product and age class as of December 31, 2024: (volumes in thousands of m 3 , except as noted) Age Class Acres (000’s) Pulpwood (d) Sawtimber (d) Total (d) Radiata Pine 0 to 4 years (a) 65 — — — 5 to 9 years 41 — — — 10 to 14 years 40 — — — 15 to 19 years 40 — — — 20 to 24 years 52 1,807 7,372 9,179 25 to 29 years 18 699 3,618 4,317 30 + years 2 135 485 620 Total Radiata Pine 258 2,641 11,475 14,116 Other (b) 29 889 1,175 2,064 Forested Acres and Merchantable Timber Inventory 287 3,530 12,650 16,180 Conversion factor for m 3 to SGT 1.12 Total Merchantable Timber (thousands of SGT) 18,078 Plus: Non-Productive Acres (c) 125 Gross Acres 412 (a) 0 to 4 years includes clearcut acres not yet replanted.
The New Zealand market remains very competitive with around 10 entities competing for export log supply at different ports across the country. 11 Table of Contents CUSTOMERS In 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 39% of consolidated sales.
Our timber inventory by product and age class for our Southern Timber and Pacific Northwest Timber segments are presented herein as of September 30, 2024 on a pro forma basis adjusted for Large Dispositions completed in the fourth quarter.
Prior to this, she served as Vice President, Human Resources from July 2014 to October 2015, Director, Compensation, Benefits and Employee Services from 2009 to July 2014 and Director, Compensation and Employee Services from 2006 to 2009.