Rayonier Inc. (RYN): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Rayonier Inc.'s (RYN) business model right at a major inflection point, especially with the announced PotlatchDeltic merger and the recent New Zealand asset sale. Honestly, after twenty years analyzing these plays, I see a company that's aggressively shifting from pure timber to a diversified land-value generator sitting on approximately 2.0 million acres of U.S. timberland. With Q2 2025 liquidity at $892.3 million, real estate revenue hitting $91 million in Q3, and 2025 Adjusted EBITDA projected above $235 million, the old playbook is out. Below, I've broken down the nine essential building blocks-from their Key Resources to their Revenue Streams-so you can see exactly how this REIT is positioning itself for the next decade.

Rayonier Inc. (RYN) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Rayonier Inc. (RYN) has established to move its timber and real estate assets, and honestly, the scale of these partnerships is what drives the near-term story, especially with the pending merger.

PotlatchDeltic (PCH) for the announced $\text{8.2 billion}$ merger of equals

The definitive agreement to combine Rayonier and PotlatchDeltic (PCH) in an all-stock merger is a massive partnership move, creating what will be the second-largest publicly traded timber and wood products company in North America upon expected closing in late Q1 or early Q2 of 2026. Based on October 10, 2025, closing stock prices, the combined entity has a total enterprise value of approximately $\text{8.2 billion}$, with a pro forma equity market capitalization of $\text{7.1 billion}$.

Here's the quick math on the structure of this key partnership:

This deal is about scale and geographic diversity, combining $\text{3.2 million}$ acres in the South and $\text{931,000}$ acres in the Northwest for the combined entity. What this estimate hides is the integration risk, but the immediate benefit is creating a top-tier lumber manufacturer.

The Rohatyn Group (TRG) for the $\text{710 million}$ New Zealand business sale

Rayonier Inc. completed the sale of its $\text{77\%}$ interest in its New Zealand joint venture to a special purpose vehicle managed by The Rohatyn Group (TRG) on June 30, 2025. The agreed purchase price was $\text{710 million}$, subject to adjustments. This transaction allowed Rayonier to focus exclusively on its U.S. operations, simplifying the portfolio significantly.

The New Zealand joint venture managed approximately $\text{287,000}$ productive acres as of December 31, 2024, and the implied enterprise value for the entire JV was $\text{922 million}$. The net proceeds to Rayonier, after adjustments, were expected to be $\text{699 million}$. A key financial outcome of this partnership/sale was the expected decrease in Rayonier's pro forma Net Debt to pro forma Adjusted EBITDA ratio to approximately $\text{0.3x}$. Rayonier also anticipated a special dividend for 2025 of $\text{1.00}$ to $\text{1.40}$ per share, paid in a combination of cash and shares, partly funded by these proceeds.

Conservation-oriented buyers for large-scale land sales

Rayonier Inc. actively partners with conservation-oriented buyers as part of its capital allocation strategy, capitalizing on the public-private valuation disparity. For instance, in the second quarter of 2025, Real Estate sales totaled $\text{29.4 million}$, driven by the sale of $\text{3,263}$ acres at a weighted-average price of $\text{8,340}$ per acre. This contrasts with the prior year period's $\text{6,722}$ per acre. This activity supports the broader goal of asset disposition, following the announcement of a $\text{1 billion}$ disposition target, with approximately $\text{737 million}$ in dispositions completed or announced as of late 2024.

These land sales often involve specific conservation terms:

• Retaining timber harvest rights for defined periods, such as $\text{25}$ years on certain parcels.
• Selling timberland to entities like Forterra, which then transfers land to county control.
• Transferring timberland to the Washington State Department of Natural Resources.
• Granting conservation easements that preclude future development while allowing timber operations.

Energy companies for solar and Carbon Capture and Storage (CCS) leases

Rayonier Inc. leverages its land base through partnerships with energy companies for land-based solutions, which is a growing non-timber revenue stream. As of the pipeline update around February 5, 2025, Rayonier had a significant pipeline under option or lease:

• Acres under solar option: Approximately $\text{~39,000}$ acres.
• Acres under Carbon Capture and Storage (CCS) lease: Approximately $\text{~154,000}$ acres.

A concrete example of this partnership success is the Umbriel solar project in Polk County, Texas, developed by Longroad Energy, which spans about $\text{2500}$ acres, including $\text{583}$ acres of Rayonier land. This single project is expected to generate about $\text{13 million}$ in local tax revenue. You should expect the contribution from these land-based solutions to grow over time, as the company is focused on optimizing these high-potential properties.

Log haulers and third-party logging contractors

While specific contract values with log haulers and third-party logging contractors aren't publicly itemized for 2025, the scale of Rayonier Inc.'s operations necessitates extensive partnerships in this area. The combined entity post-PotlatchDeltic merger will operate six lumber mills with a total capacity of $\text{1.2 billion}$ board feet, meaning the logistics of moving raw material-timber-is a critical, high-volume function managed through these external relationships. The company's operational scale requires a robust network of haulers to support its timber harvest volumes across its $\text{4.2 million}$ combined acres.

Finance: draft $\text{13}$-week cash view by Friday.

Rayonier Inc. (RYN) - Canvas Business Model: Key Activities

You're looking at the core engine of Rayonier Inc. as of late 2025. It's all about managing a massive, productive land base and extracting value through multiple, distinct channels. Here's the breakdown of what they are actively doing to drive results.

Sustainable Timber Harvesting in the U.S. South and Pacific Northwest

The primary activity remains harvesting and selling timber, but the regional performance varies. In the Southern Timber segment during the third quarter of 2025, adjusted EBITDA hit $43 million, helped by a 24% increase in harvest volumes versus the prior year quarter.

The Pacific Northwest Timber segment, however, saw a tougher quarter for volume, with harvest volumes decreasing 34% compared to the prior year period in Q3 2025. This segment posted an adjusted EBITDA of $6 million for the third quarter.

Real Estate Development of Higher and Better Use (HBU) Properties

This is where Rayonier Inc. converts land value beyond just timber. The Real Estate segment contributed significantly in the third quarter of 2025, with revenue totaling $91 million from roughly 23,300 acres sold. The weighted-average price per acre for these Q3 sales was $3,500 per acre. To give you a contrast, in the second quarter of 2025, they sold 3,300 acres at a much higher average price of $8,300 per acre.

Here's a quick look at some recent operational metrics:

Managing 2.0 Million Acres of Timberland for Optimal Yield

Rayonier Inc. manages a vast footprint. As of June 30, 2025, the company owned or leased approximately 2.0 million acres of timberlands across the United States. This total breaks down into:

• - U.S. South: 1.74 million acres
• - U.S. Pacific Northwest: 307,000 acres

The company is focused on long-term stewardship, with goals including a 42% reduction in Scope 1 and 2 emissions by 2030 and ensuring 100% of forests managed for traditional forest products are certified within two years of acquisition and establishment.

Advancing Land-Based Solutions (Carbon Offsets, Solar Options)

This is an area of growing non-timber revenue. Rayonier Inc.'s forestlands sequestered an estimated 12 million metric tonnes of CO2 equivalents in 2024, against corporate emissions of roughly 2 million metric tonnes of CO2 equivalents. Total stored carbon at year-end 2024 was estimated at 628 million metric tonnes of CO2 equivalents.

The company is actively leasing land for future solutions:

• - Acreage under lease for Carbon Capture and Storage (CCS) at the end of 2024: more than 150,000 acres.
• - Acreage under option for solar development at the end of 2024: 39,000 acres.
• - New Zealand Emissions Trading Scheme (NZU) sales in 2023: $23 million.

Non-timber sales, which include these land-based solutions, saw Q4 2024 non-timber income increase by $7.4 million year-over-year, reaching $15.8 million.

Disciplined Capital Allocation, Including Share Repurchases

Capital deployment is clearly prioritized around balance sheet health and shareholder return. Following the sale of its New Zealand joint venture for a purchase price of $710 million, Rayonier Inc. continues to use proceeds for leverage reduction and returning capital. The expected special dividend for 2025 is between $1.00 to $1.40 per share.

Share repurchases have been active:

• - Q2 2025 repurchases: approximately 1.5 million shares for $34.9 million.
• - Q3 2025 repurchases: 1.2 million shares for $30 million.
• - Remaining share repurchase authorization as of September 30, 2025: $232 million.

The company finished Q3 2025 with $920 million of cash and roughly $1.1 billion of debt. Management reiterated full-year adjusted EBITDA guidance for 2025 in the range of $215 million to $235 million.

Rayonier Inc. (RYN) - Canvas Business Model: Key Resources

The foundation of Rayonier Inc.'s business model rests upon its substantial, high-quality, and strategically located real assets.

The core physical resource is its timberland base. As of June 30, 2025, Rayonier Inc. owned or leased under long-term agreements approximately 2.0 million acres of timberlands across the United States. This acreage is concentrated in two highly productive regions:

• - U.S. South: 1.74 million acres
• - U.S. Pacific Northwest: 307,000 acres

Financially, Rayonier Inc. maintained a strong liquidity position following strategic dispositions. The quarter-end cash balance as of June 30, 2025, stood at $892.3 million. This liquidity supports capital allocation flexibility, especially following the completion of the New Zealand joint venture sale.

The company's financial strength is underscored by its credit profile. S&P Global Ratings upgraded Rayonier Inc.'s issuer credit rating to BBB from BBB-. This upgrade reflects the expected sustained lower leverage profile post-dispositions.

Rayonier Inc.'s expertise is heavily weighted toward land management and monetization beyond simple timber harvesting. This includes deep knowledge in silviculture, which optimizes forest growth, and real estate entitlement, which unlocks higher and better use (HBU) value. Strategic land holdings near metropolitan growth corridors, such as the ongoing development in communities like Wildlight in Nassau County, Florida, are key. Furthermore, the company is actively monetizing land for the energy transition:

• - Acreage under option for solar development reached 39,000 acres at the end of 2024.
• - Land leased for carbon capture and storage (CCS) pore space was over 150,000 acres by the end of 2024.
• - Leasing for solar is noted to increase land value by about 10 times.

Here's a quick look at the balance sheet and operational scale as of mid-2025, post-New Zealand sale:

The company also had $262.4 million remaining on its share repurchase authorization as of June 30, 2025. This is a key resource for deploying capital opportunistically.

Rayonier Inc. (RYN) - Canvas Business Model: Value Propositions

You're looking at the core value exchange for Rayonier Inc. (RYN) as of late 2025, focusing only on the hard numbers that define what they offer to their customers and investors.

• - Stable, long-term supply of high-quality softwood timber
  • As of June 30, 2025, Rayonier Inc. owned or leased approximately 2.0 million acres of timberlands.
  • This acreage is split between the U.S. South with 1.74 million acres and the U.S. Pacific Northwest with 307,000 acres.
• - Unlocking premium value through HBU real estate development

  The Real Estate segment is clearly driving significant premium value realization.

  Metric	Q3 2025 Result	Context/Example
  Real Estate Revenue	$91 million	From roughly 23,300 acres sold in the quarter.
  Average Price Per Acre (Q3 2025)	$3,500 per acre	Included a 21,600-acre conservation sale in Florida.
  Real Estate Segment Adjusted EBITDA (Q3 2025)	$74 million	Exceeded prior guidance range of $50 million to $65 million.
  Q4 2024 Average Price Per Acre (HBU Focus)	$7,200 per acre	On 207k acres sold, delivering record Q4 Adjusted EBITDA of $63 million.

• - Diversified portfolio reducing reliance on a single log market
  • The pending merger of equals with PotlatchDeltic, expected to close in late Q1 or early Q2 2026, will create a combined portfolio spanning over 4 million acres of timberland.
  • The combined entity targets run-rate synergies of $40 million annually.
  • The company's Q3 2025 Adjusted EBITDA of $114.3 million nearly doubled the prior year period's $57.2 million, showing resilience despite softness in the Southern Timber segment.
• - Access to natural climate solutions like carbon and solar leases
  • Rayonier Inc. currently sits with 154,000 acres under Carbon Capture and Storage (CCS) lease.
  • The company expects a modest increase in carbon credit sales in 2025 as pricing stabilized.
• - REIT structure providing tax-efficient shareholder distributions

  The REIT structure facilitates distributions, supported by strong cash generation and one-time events.

  • The fourth quarter cash dividend declared was $0.2725 per common share, payable on December 31, 2025.
  • The annual dividend yield based on this regular payment was cited at 12.72%.
  • A one-time special dividend of $1.40 per common share was declared, payable on December 12, 2025, sourced from the New Zealand sale proceeds.
  • Cash Available for Distribution (CAD) for the first nine months of 2025 reached $153.5 million, up from $77.1 million in the prior year period.

Finance: draft 13-week cash view by Friday.

Rayonier Inc. (RYN) - Canvas Business Model: Customer Relationships

You're looking at how Rayonier Inc. manages its relationships with the various parties that buy its timber, lease its land, and invest in its stock as of late 2025. It's a mix of long-term industrial contracts, opportunistic real estate deals, and direct communication with shareholders.

The foundation of many customer relationships is the sheer scale of the asset base. As of September 30, 2025, Rayonier Inc. owned or leased under long-term agreements approximately 2.0 million acres of timberlands across the United States. This breaks down into about 1.72 million acres in the U.S. South and 307,000 acres in the U.S. Pacific Northwest.

Direct sales contracts with sawmills and pulp mills are the bread and butter for the Forest Resources segment. While specific contract values aren't public, the scale of the managed land dictates the volume of these B2B relationships. The company is on track to achieve full-year Adjusted EBITDA at or above the higher end of its prior guidance range of $215 million to $235 million for 2025, driven largely by momentum in the Real Estate business, which includes HBU sales.

Long-term lease agreements with industrial and energy partners are a growing area of focus, particularly for land-based solutions. For instance, as of the second quarter of 2025, Rayonier Inc. had 154,000 acres under lease for carbon capture and storage initiatives. Furthermore, over 40,000 acres were under solar options, showing direct engagement with the energy sector for non-timber revenue streams.

Broker-assisted transactions for rural and HBU (Higher and Better Use) land sales are managed through the Real Estate segment. The success in this area is significant; the Real Estate segment generated adjusted EBITDA of $74 million in the third quarter of 2025, a substantial increase from the prior year period. This segment's strong results, along with a large contribution from a conservation sale, are key drivers for the company's revised 2025 outlook. The company also completed a major disposition, selling its New Zealand joint venture interest for $710 million on June 30, 2025, with net proceeds expected to be around $699 million.

Investor relations is highly focused on consistent dividend and capital returns, a core expectation for a REIT. The company declared a fourth quarter 2025 cash dividend of $0.2725 per common share, payable on December 31, 2025. Rayonier Inc. also announced a one-time special dividend for 2025, expected to be between $1.00 to $1.40 per share, paid as a combination of cash and shares. The company actively uses share repurchases as a capital return tool; in the third quarter of 2025, they repurchased 1.2 million shares for $30.1 million at an average price of $24.55 per share. As of September 30, 2025, $232.3 million remained authorized for further buybacks.

High-touch engagement is evident in the handling of large, strategic sales, such as conservation deals. The significant increase in Real Estate segment adjusted EBITDA in the third quarter of 2025 reflects a large contribution from a conservation sale in Florida. This type of transaction requires detailed, direct engagement with specific buyers, contrasting with the high-volume timber sales.

Here's a quick look at the asset base and capital deployment activity as of late 2025:

The company's capital allocation priorities continue to include maintaining an investment-grade balance sheet, growing the dividend over time, and investing in growth opportunities. You can see the focus on returning capital through the declared dividends and the ongoing share buyback program.

Rayonier Inc. (RYN) - Canvas Business Model: Channels

You're mapping out how Rayonier Inc. gets its product and capital to the market, so let's look at the hard numbers for their distribution and funding channels as of late 2025.

Direct Sales Force for Timber and Log Distribution

The direct sales force moves the harvested timber, focusing on stumpage realizations and log pricing across the Southern and Pacific Northwest Timber segments. For the third quarter of 2025, the Southern Timber segment generated Adjusted EBITDA of $43 million, which was up 13% from the prior year quarter due to operational execution. This was supported by a 24% increase in harvest volumes versus the prior year quarter in that segment.

In the Pacific Northwest Timber segment, third quarter Adjusted EBITDA was $6.4 million, a decline of 26% relative to the prior year period, despite average delivered pulpwood prices increasing 20% to $36.12 per ton versus the prior year period. For comparison, second quarter Pacific Northwest sawlog prices were $96/ton (up 6%) and pulpwood was $32/ton (up 4%).

Internal Real Estate Team for Land Development and Sales

Rayonier Inc.'s internal Real Estate team drives value through development and strategic land sales, often involving large, lumpy transactions. The third quarter of 2025 saw Real Estate segment sales of $90.8 million, a significant increase of $60.7 million versus the prior year period, driven by higher acres sold. The segment's Adjusted EBITDA for the third quarter was $74 million, exceeding the prior guidance range of $50 million to $65 million.

The Land-Based Solutions business pipeline, as of early 2025, included approximately ~39,000 acres under solar option and approximately ~154,000 acres under carbon capture and storage (CCS) lease.

Here's a breakdown of the Real Estate activity from the second and third quarters of 2025:

Third-Party Real Estate Brokers and Land Agents

Third-party agents facilitate sales that are often categorized as Rural or Timberland & Non-Strategic. In the third quarter of 2025, Rural sales totaled $7.3 million, consisting of 1,520 acres at an average price of $4,811 per acre. Also in Q3 2025, Timberland & Non-Strategic sales were $53.5 million from a 21,601-acre transaction in Florida sold at $2,477 per acre. For context, second quarter Rural sales were $15.7 million across 2,926 acres at an average price of $5,376 per acre.

Public Markets for Equity and Debt Financing

Rayonier Inc. actively uses public markets to manage its capital structure, especially following major asset sales. The company completed the sale of its New Zealand joint venture interest in the second quarter of 2025 for a purchase price of $710 million, with expected net proceeds of $699 million. As of June 30, 2025, the quarter-end cash balance stood at $892.3 million, with total debt at $1.1 billion. The S&P credit rating was upgraded from BBB- to BBB following these actions.

Capital return to shareholders via buybacks was evident in the third quarter, with 1,226,384 shares repurchased for $30.1 million, averaging $24.55 per share. This followed a second quarter where 1.5 million shares were repurchased for $34.9 million at an average price of $23.71 per share. The company continues to anticipate a special dividend for 2025 in the range of $1.00 to $1.40 per share, payable in a combination of cash and shares.

Digital Platforms for Investor and defintely Corporate Communications

Corporate and investor communications rely on digital channels for timely information dissemination. Rayonier Inc.'s earnings statements and financial supplements are available on their website at rayonier.com. The 2025 Annual Meeting of Shareholders was held on May 15, 2025, at the headquarters in Wildlight, Florida. Proxy materials for that meeting were furnished to shareholders over the internet, with the site listed as www.proxyvote.com.

Rayonier Inc. (RYN) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Rayonier Inc.'s resources as of late 2025, which is a mix of traditional wood product manufacturers and increasingly, land-use partners.

The timber harvesting side of the business directly serves traditional wood product customers. For instance, in the Pacific Northwest Timber segment during the second quarter of 2025, the average delivered prices for domestic sawtimber were $96.17 per ton, reflecting strong demand from domestic lumber mills.

For pulpwood and chips, the second quarter of 2025 saw average delivered pulpwood prices rise to $31.52 per ton.

The Real Estate segment serves developers and other land purchasers. In the second quarter of 2025, this segment generated revenue of $29 million from the sale of approximately 3,300 acres at an average price of $8,300 per acre.

The customer base is segmented across the operational areas, and the third quarter of 2025 results give us a clear view of the financial weight of these customer groups:

The Real Estate segment's strong third quarter performance included a significant contribution from a conservation sale in Florida, indicating that conservation groups are a key customer type for large land transactions.

Rayonier Inc. also serves customers seeking land for non-timber uses, though specific 2025 financial metrics for these are less granularly broken out than for timber sales. The company anticipates a modest increase in carbon credit sales for the full year 2025.

Here's a look at some of the specific pricing realized from timber customers in the first half of 2025:

• Average delivered sawtimber price (PNW, Q2 2025): $96.17 per ton.
• Average delivered pulpwood price (Q2 2025): $31.52 per ton.
• Average pine sawtimber stumpage realization (Southern Timber, Q2 2025): decreased 9% to $26.75 per ton.
• Weighted-average net stumpage realizations (All timber, Q2 2025): decreased 14% to $19.18 per ton.

The Real Estate segment's ability to generate $73.8 million in Adjusted EBITDA in Q3 2025, partly from a conservation sale, shows the financial importance of land-use customers beyond traditional wood product buyers.

You should track the Southern Timber segment closely; its Q2 2025 harvest volumes were 1.60 million tons, down 5% year-over-year, partly due to a disposition in Oklahoma.

Rayonier Inc. (RYN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Rayonier Inc.'s operations as of late 2025, based on their recent filings. Honestly, for a timber REIT, the land itself is the biggest factor, which translates directly into fixed costs.

High fixed costs related to timberland ownership (property taxes, silviculture)

While specific, standalone figures for property taxes and silviculture (timber management) aren't broken out in the most recent reports, the costs associated with holding the land base are substantial. We see evidence of cost management in operational segments; for instance, in the Pacific Northwest Timber segment during the second quarter of 2025, lower costs of $2.2 million contributed to improved operating income. Also, depletion expense, which relates to the cost of timber harvested, decreased by $1.0 million in that same segment.

Operating expenses for harvesting and transportation

These costs fluctuate with harvest volumes and market logistics. In the Pacific Northwest Timber segment for Q2 2025, harvest volumes decreased 15% to 248,000 tons compared to the prior year period. Lower volumes were cited as a partial offset to operating income in that segment.

Real estate development and entitlement costs

The process of developing land, especially in areas like Florida and Washington, carries significant, often unpredictable, costs. A non-GAAP metric reported for Q2 2025 includes a $24.0 million figure for non-cash cost of land and improved development. Management has noted the process is lengthy, uncertain, and costly.

Interest expense on $1.1 billion in debt (Q2 2025)

Rayonier Inc. maintained a significant debt load, which directly impacts interest expense. As of June 30, 2025, the company reported approximately $1.1 billion in debt. The interest expense for the second quarter of 2025 was $6.5 million. This was a decrease from the prior year, primarily due to lower average outstanding debt. The weighted average cost of that debt stood at 2.4% at quarter end.

Corporate overhead and REIT compliance costs

General administrative costs saw reductions following strategic initiatives. Second quarter corporate and other operating expenses for Q2 2025 were $9.3 million, a decrease of $2.3 million year-over-year, largely due to lower compensation and benefits expenses. As a REIT, compliance is a necessary, ongoing expense, though specific compliance costs aren't itemized separately from general overhead in the provided data. Rayonier Inc. is tracking toward a full-year 2025 Adjusted EBITDA guidance between $270 million and $300 million.

Here's a quick look at some key financial context from Q2 2025:

The company also repurchased approximately 1.5 million shares for $34.9 million during the second quarter.

Rayonier Inc. (RYN) - Canvas Business Model: Revenue Streams

You're looking at how Rayonier Inc. (RYN) is pulling in cash as of late 2025. It's definitely not just about chopping down trees anymore; the mix is shifting, especially with that big New Zealand sale settling things down.

The core timber business still drives significant revenue through its two main geographic areas. For the third quarter of 2025, the Southern Timber segment brought in sales of $66.8 million and generated adjusted EBITDA of $42.7 million. The Pacific Northwest Timber segment, still dealing with market softness, posted sales of $19.9 million and adjusted EBITDA of $6.4 million for the same quarter.

The Real Estate segment is a major highlight, showing a step change in earnings power. For Q3 2025, Real Estate revenue hit $91 million, or more precisely, $90.8 million. This was on the sale of roughly 23,300 acres, which included a large 21,600 acre conservation sale in Florida. Within that segment, sales from the improved development category alone totaled $21 million.

Here's a quick look at how those key segments stacked up in Q3 2025:

Rayonier Inc. (RYN) is also banking on non-timber income. Management is actively focusing on capitalizing on land-based solutions. This includes exploring revenue opportunities from things like utility-scale solar projects, carbon capture initiatives, and carbon offsets.

You can't forget the impact of capital events on shareholder returns. Following the $710 million sale of its New Zealand joint venture interests, Rayonier Inc. (RYN) declared a one-time special dividend of $1.40 per share. This distribution, payable on December 12, 2025, is structured with the cash component not exceeding 25% in aggregate, with the balance paid in common shares.

Looking at the full-year picture, management reiterated its expectation for the full-year 2025 Adjusted EBITDA to be at or above the higher end of its prior guidance range of $215 million to $235 million.

• Timber sales from Southern Timber and Pacific Northwest segments (Q3 2025 Sales: Southern $66.8 million, Pacific Northwest $19.9 million).
• Real Estate sales, including rural and HBU development (Q3 2025 revenue: $91 million or $90.8 million).
• Non-timber income from easements, hunting leases, and land-based solutions (Strategic focus on utility-scale solar, carbon capture, and offsets).
• Special dividends from asset dispositions (e.g., $1.40 per share special dividend declared, with cash not exceeding 25%).
• Full-year 2025 Adjusted EBITDA expected at or above the high end of the $215 million to $235 million range.

Finance: draft 13-week cash view by Friday.