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Bank of New York Mellon Corp acquired a new stake in Rayonier Inc. (NYSE:RYN – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,470,478 shares of the real estate investment trust’s stock, valued at approximately $52,572,000. Bank of New York Mellon Corp owned 0.82% of Rayonier as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RYN. Eurizon Capital SGR S.p.A. bought a new stake in shares of Rayonier in the 4th quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Rayonier by 65.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 627 shares during the period. Bayban acquired a new position in shares of Rayonier in the first quarter worth approximately $36,000. Whittier Trust Co. boosted its holdings in Rayonier by 74.0% in the first quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 969 shares during the last quarter. Finally, North Star Investment Management Corp. bought a new stake in Rayonier in the first quarter valued at approximately $51,000. 89.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets Several research firms have issued reports on RYN. Truist Financial lowered their price target on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. BMO Capital Markets reduced their price objective on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 19th. Citigroup increased their price objective on shares of Rayonier from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Finally, Weiss Ratings raised shares of Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.80.

View Our Latest Report on RYN Rayonier Stock Down 0.9% Shares of Rayonier stock opened at $20.63 on Friday. The stock’s 50-day moving average is $21.48 and its 200 day moving average is $21.23. Rayonier Inc. has a one year low of $19.49 and a one year high of $27.06. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 45.85 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91.

Rayonier (NYSE:RYN – Get Free Report) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The business had revenue of $396.51 million during the quarter, compared to the consensus estimate of $374.28 million. During the same period in the previous year, the company posted $0.06 earnings per share. The firm’s revenue for the quarter was up 272.3% on a year-over-year basis. Equities research analysts anticipate that Rayonier Inc. will post 0.44 EPS for the current year.

Rayonier Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 annualized dividend and a dividend yield of 5.0%. Rayonier’s payout ratio is currently 231.11%.

Rayonier Profile (Free Report)

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

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Posted by Defense World Staff on Aug 15th, 2026

Bank of America Corp DE increased its stake in shares of Rayonier Inc. (NYSE:RYN – Free Report) by 141.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,620,769 shares of the real estate investment trust’s stock after buying an additional 950,473 shares during the quarter. Bank of America Corp DE owned about 0.54% of Rayonier worth $33,420,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rayonier in the fourth quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rayonier by 65.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 627 shares during the last quarter. Bayban purchased a new stake in shares of Rayonier during the 1st quarter valued at approximately $36,000. Whittier Trust Co. raised its position in shares of Rayonier by 74.0% during the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 969 shares during the period. Finally, North Star Investment Management Corp. acquired a new position in Rayonier in the first quarter valued at approximately $51,000. Institutional investors and hedge funds own 89.12% of the company’s stock.

Rayonier Trading Down 0.9% Shares of RYN stock opened at $21.55 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The stock has a market capitalization of $6.41 billion, a P/E ratio of 47.90 and a beta of 0.87. The company has a 50 day moving average price of $21.47 and a 200 day moving average price of $21.34. Rayonier Inc. has a fifty-two week low of $19.49 and a fifty-two week high of $27.33.

Rayonier (NYSE:RYN – Get Free Report) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The firm’s quarterly revenue was up 272.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.06 EPS. Equities research analysts predict that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a yield of 4.8%. Rayonier’s dividend payout ratio (DPR) is 231.11%.

Analysts Set New Price Targets Several research analysts recently weighed in on RYN shares. Truist Financial lowered their price objective on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rayonier in a report on Friday, August 7th. BMO Capital Markets cut their price objective on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research report on Tuesday, May 19th. Citigroup boosted their price objective on shares of Rayonier from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Monday. Finally, Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rayonier has an average rating of “Hold” and an average target price of $24.80.

Get Our Latest Stock Report on RYN

Rayonier Company Profile (Free Report)

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

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Rayonier-PotlatchDeltic Merger Signals Industry UpsideRayonier NYSE: RYN reported second-quarter GAAP earnings of $19 million, or $0.06 per share, as contributions from the recently completed merger with PotlatchDeltic and stronger operating results across its businesses lifted adjusted EBITDA to $124 million.

Adjusted net income was $32 million, or $0.10 per share, after excluding pro forma items that were primarily related to the merger. President and CEO Mark McHugh said the company has made progress integrating PotlatchDeltic since the merger closed in late January and remains on track to achieve its run-rate synergy targets.

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3 Stocks About to Book Gains on Building Products DemandThe company also announced two timberland transactions with Resource Management Service, or RMS, intended to further its portfolio optimization strategy. Rayonier sold about 36,000 acres in southwest Washington for $145 million and concurrently acquired about 57,000 acres in Texas and Alabama for $146 million, subject to customary closing adjustments.

McHugh said the transactions were structured as a tax-efficient like-kind exchange and are expected to be accretive to timber-only cash flow, with additional potential from higher-and-better-use real estate sales and land-based solutions opportunities. The Washington sale will be treated as a large disposition and will not affect adjusted EBITDA, according to Chief Financial Officer Wayne Wasechek.

Timber Results Benefit From Higher Volumes 3 Construction Stocks Bringing Growth this FallSouthern Timber adjusted EBITDA increased 85% from the prior-year quarter to $53 million. Harvest volumes more than doubled, largely reflecting approximately 1.5 million tons of volume added through the PotlatchDeltic timberlands. Increased harvest activity more than offset lower pricing.

McHugh said sawlog demand was steady as lumber prices rose during the quarter. The company expects U.S. South sawmills to gain share from Canadian producers and gradually increase production, which it believes should support sawlog demand in its southern markets.

Pulpwood conditions remained challenging, however, as subdued demand, dry weather and salvage harvesting related to fires in Florida and Georgia added to supply. McHugh said pulpwood pricing has generally stabilized in Rayonier’s main markets, while improved containerboard pricing and mill operating rates have provided what he described as “green shoots” for possible pricing improvement in coming quarters.

About 9,300 acres of Rayonier timberlands in Georgia were affected by fires. The company recorded a roughly $2 million casualty loss during the second quarter and harvested about 50,000 tons through salvage operations. McHugh said those efforts are largely complete and that Rayonier does not expect material future business effects from the fires.

Northwest Timber adjusted EBITDA rose to $26 million from $7 million a year earlier. Volumes more than doubled, aided by 360,000 tons of incremental harvest volume from PotlatchDeltic’s Idaho timberlands. Drier-than-normal weather supported harvest activity in Idaho, while higher lumber prices contributed to stronger indexed sawlog prices.

During the question-and-answer session, Wasechek said Northwest timber pricing was also rising modestly outside the benefit from Idaho indexed logs. He said fires in the West had not created a significant impact on regional volumes, transactions or pricing.

Wood Products and Real Estate Improve Rayonier’s Wood Products business generated $25 million of adjusted EBITDA, exceeding management’s expectations and marking the segment’s strongest quarterly result since PotlatchDeltic’s third quarter of 2022.

Average lumber price realization was $505 per thousand board feet, up about 18% from $427 per thousand board feet in the first quarter, including the pre-merger period. Shipments were 314 million board feet, in line with prior guidance.

McHugh attributed improved lumber pricing primarily to supply-side conditions, including mill curtailments, higher tariffs on Canadian imports and transportation constraints. The company said it used rail alongside its trucking network to maintain customer deliveries and largely passed increased transportation costs on to customers.

Real Estate revenue totaled $54 million from sales of roughly 7,500 acres at an average price of $6,300 per acre. Segment adjusted EBITDA rose $20 million from the prior-year period to $38 million.

Rural land sales accounted for $41 million and included a 460-acre bolt-on sale to a solar developer for $4.6 million, or about $10,000 per acre. Rayonier ended the quarter with approximately 77,000 acres under option for lease or sale to solar developers.

McHugh said solar developers have been focused on optimizing their pipelines amid interconnection costs and changes in regulatory and financial incentives. He said Rayonier’s solar-option portfolio could shrink in coming quarters but potentially consist of higher-quality projects. The company expects a larger group of option maturities beginning in 2027, which could provide greater visibility into long-term conversion rates.

The company is also evaluating data-center opportunities. McHugh said developer interest ranges from sites of several hundred acres for facility footprints to several thousand acres for projects that could include co-located power and buffer zones. He cautioned that data-center development involves more extensive site requirements and due diligence than solar projects.

Capital Allocation and Outlook Cash available for distribution totaled $177 million during the first six months of 2026, compared with $47 million in the prior-year period. Wasechek attributed the increase to PotlatchDeltic’s contribution and improved Real Estate results.

Rayonier repurchased approximately 3.5 million shares during the second quarter for $72 million, at an average price of $20.95 per share. During the first half, it repurchased 4.9 million shares for $103 million, leaving $126 million available under its authorization at quarter-end.

The company repaid a $200 million term loan at maturity in April using cash on hand. It ended the quarter with $412 million in cash and approximately $1.9 billion in debt, with net debt to enterprise value of 18% based on its quarter-end share price. McHugh said Rayonier remains committed to preserving its investment-grade credit rating and has previously targeted net debt-to-EBITDA below three times.

For the full year, Rayonier expects Southern Timber harvest volumes of 12.2 million to 12.5 million tons and Northwest Timber harvest volumes of 2 million to 2.2 million tons. Third-quarter harvest expectations are 3.1 million to 3.3 million tons in the South and approximately 600,000 tons in the Northwest.

The company expects Southern sawtimber and pulpwood prices to remain relatively stable in the third quarter. Northwest sawtimber prices are expected to rise modestly, principally due to higher indexed sawlog pricing on certain Idaho volume.

Wood Products shipments are projected to total approximately 1.1 billion board feet for the 11 months of 2026 contribution, including 320 million to 330 million board feet in the third quarter. Rayonier said its average lumber price realization through July was modestly above the second-quarter average.

For Real Estate, Rayonier expects third-quarter adjusted EBITDA of $25 million to $35 million and maintained its full-year forecast of $180 million to $200 million.

About Rayonier (NYSE:RYN)Rayonier, Inc NYSE: RYN is a publicly traded real estate investment trust specializing in timberland ownership and management. The company's core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier's timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Rayonier Inc. (RYN) Q2 2026 Earnings Call Transcript

WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) today reported second quarter net income attributable to Rayonier of $19.1 million, or $0.06 per diluted share, on revenues of $396.5 million. This compares to net income attributable to Rayonier of $408.7 million, or $2.63 per diluted share, on revenues of $106.5 million in the prior year quarter.

The second quarter results included $10.2 million of costs (net of tax) related to the merger with PotlatchDeltic1 and timber write-offs resulting from a casualty event2 of $2.3 million. Excluding these items and adjusting for pro forma net income adjustments attributable to noncontrolling interests,3 second quarter pro forma net income4 was $31.5 million, or $0.10 per diluted share. This compares to pro forma net income4 of $9.6 million, or $0.06 per diluted share, in the prior year period.

The following table summarizes results for the current quarter and the comparable prior year period. Consolidated results for the second quarter of 2026 include PotlatchDeltic’s operations for the entire period, while the prior year quarter reflects Rayonier’s results on a standalone basis.

Three Months Ended

(millions of dollars, except earnings per diluted share (EPS))

June 30, 2026

June 30, 2025

$

EPS

$

EPS

Revenues

$396.5

$106.5

Net income attributable to Rayonier

$19.1

$0.06

$408.7

$2.63

Pro forma items net of tax:

Costs related to the merger with PotlatchDeltic1

10.2

0.03

—

—

Timber write-offs resulting from casualty events2

2.3

0.01

—

—

Gain on sale of discontinued operations5

—

—

(404.4

)

(2.56

)

Loss from operations of discontinued operations6

—

—

0.6

—

Pro forma net income adjustments attributable to noncontrolling interests3

(0.1

)

—

4.8

—

Pro forma net income4

$31.5

$0.10

$9.6

$0.06

Second quarter operating income was $34.6 million versus operating income of $14.5 million in the prior year period. Second quarter operating income included $10.4 million of costs related to the merger with PotlatchDeltic1 and timber write-offs resulting from a casualty event2 of $2.3 million. Excluding these items, pro forma operating income4 was $47.2 million versus $14.5 million in the prior year period. Second quarter Adjusted EBITDA4 was $123.7 million versus $44.9 million in the prior year period.

The following table summarizes operating income, pro forma operating income,4 and Adjusted EBITDA4 for the current quarter and the comparable prior-year period.

Three Months Ended June 30,

Operating Income

Pro forma Operating Income4

Adjusted EBITDA4

(millions of dollars)

2026

2025

2026

2025

2026

2025

Southern Timber

$8.1

$12.6

$10.4

$12.6

$52.6

$28.4

Northwest Timber

12.6

1.5

12.6

1.5

26.3

6.8

Wood Products

15.1

—

15.1

—

25.0

—

Real Estate

28.3

9.8

28.3

9.8

38.3

18.6

Corporate and Other

(28.7

)

(9.3

)

(18.3

)

(9.3

)

(17.7

)

(8.9

)

Intersegment Eliminations7

(0.8

)

—

(0.8

)

—

(0.8

)

—

Total

$34.6

$14.5

$47.2

$14.5

$123.7

$44.9

Year-to-date cash provided by operating activities was $145.2 million versus $88.7 million in the prior year period. Year-to-date cash available for distribution (CAD)4 was $177.1 million, which increased $130.5 million versus the prior year period primarily due to higher Adjusted EBITDA4 ($145.9 million) and higher cash interest received (net) ($5.2 million), partially offset by higher capital expenditures ($20.4 million).

“Our second quarter results reflected solid performance across all of our business segments, as well as a full quarter of contributions from the legacy PotlatchDeltic businesses, resulting in total Adjusted EBITDA of $123.7 million,” said Mark McHugh, President and Chief Executive Officer. “We maintained a strong focus on operational execution during the quarter, while continuing to make significant progress on our integration priorities and positioning the combined company to realize the strategic and financial benefits of the merger. We also deployed capital opportunistically during the quarter, repurchasing $72 million of our common stock, which reflects our commitment to disciplined capital allocation and long-term value creation for our shareholders.”

“In our Southern Timber segment, Adjusted EBITDA increased 85% versus the prior year quarter to $52.6 million, driven primarily by the contribution of approximately 1.5 million tons of harvest volume from the legacy PotlatchDeltic timberlands. In our Northwest Timber segment, Adjusted EBITDA of $26.3 million was nearly four times higher than the prior year quarter, primarily due to 364,000 tons of incremental harvest volume from the PotlatchDeltic timberlands as well as higher indexed sawlog prices in Idaho.”

“In our Wood Products segment, Adjusted EBITDA totaled $25.0 million, as lumber price realizations strengthened throughout the quarter and reached their highest level in nearly four years. Additionally, we delivered shipment volumes in line with our targets amid a challenging transportation environment.”

“In our Real Estate segment, Adjusted EBITDA totaled $38.3 million—above the high-end of our prior quarterly guidance—reflecting strong execution and continued momentum across our real estate categories.”

Southern Timber

Second quarter sales of $107.6 million increased $54.3 million, or 102%, versus the prior year period. Harvest volumes increased 110% to 3.35 million tons versus 1.60 million tons in the prior year period, primarily driven by 1.5 million tons of incremental volume from the PotlatchDeltic timberlands. Average delivered pine sawtimber prices decreased to $44.46 per ton versus $47.87 per ton in the prior year period, largely due to changes in geographic mix from the expanded Southern Timber footprint, coupled with modestly softer market conditions. Average delivered pine pulpwood prices decreased to $30.20 per ton versus $37.35 per ton in the prior year period, reflecting geographic mix impacts associated with the expanded footprint, along with generally weaker pulpwood market conditions. Weighted-average prices on stumpage sales (including hardwood) decreased to $15.37 per ton versus $19.08 per ton in the prior year period. Operating income of $8.1 million decreased $4.5 million versus the prior year period due to higher depletion expense ($9.4 million), lower prices ($5.8 million), higher costs ($3.0 million) and a timber write-off resulting from a casualty event ($2.3 million),2 partially offset by higher volumes ($8.8 million) and higher non-timber income ($7.2 million).

Second quarter Adjusted EBITDA4 of $52.6 million was 85%, or $24.2 million, above the prior year period.

Northwest Timber

Second quarter sales of $66.0 million increased $42.2 million, or 177%, versus the prior year period. Harvest volumes increased 133% to 578,000 tons versus 248,000 tons in the prior year period, driven by 364,000 tons of incremental volume from the legacy PotlatchDeltic timberlands. Average delivered prices for sawtimber increased to $119.66 per ton versus $96.17 per ton in the prior year period, primarily reflecting geographic mix due to the addition of Idaho sawtimber (most of which is indexed to lumber prices), which more than offset modestly lower prices in the Pacific Northwest. Average delivered pulpwood prices increased to $38.78 per ton versus $31.52 per ton in the prior year period, primarily due to geographic mix impacts from the addition of the legacy PotlatchDeltic timberlands. Operating income of $12.6 million increased $11.1 million versus the prior year period due to higher prices ($10.7 million), higher volumes ($8.5 million) and higher non-timber income ($0.7 million), partially offset by higher costs ($7.3 million) and higher depletion expense ($1.5 million).

Second quarter Adjusted EBITDA4 of $26.3 million was $19.5 million above the prior year period.

Wood Products

Second quarter sales totaled $196.2 million, consisting of $158.6 million of lumber sales and $37.5 million of plywood, residual, and other sales. Lumber pricing increased steadily throughout the second quarter as import duties, mill curtailments, and trucking shortages constricted supply. Lumber shipments totaled 314 MMBF, with average lumber price realizations of $505 per thousand board feet.

Second quarter operating income and Adjusted EBITDA4 were $15.1 million and $25.0 million, respectively.

Real Estate

Second quarter sales of $53.7 million increased $24.2 million versus the prior year period, while operating income of $28.3 million increased $18.5 million versus the prior year period. Sales and operating income increased primarily due to higher acres sold (7,500 acres sold versus 3,263 acres sold in the prior year period), partially offset by lower weighted-average prices ($6,290 per acre versus $8,340 per acre in the prior year period).

Improved Development sales of $6.4 million included $2.3 million from the Chenal Valley development project in Little Rock, Arkansas, $2.1 million from the Heartwood development project south of Savannah, Georgia, $1.0 million from the Wildlight development project north of Jacksonville, Florida, and $1.0 million from the sale of a 0.5-acre commercial-use parcel in Kitsap County, Washington.

Rural sales of $40.7 million consisted of 7,490 acres at an average price of $5,439 per acre, including a 459-acre sale to a solar developer for $10,100 per acre. This compares to prior year period sales of $15.7 million, which consisted of 2,926 acres at an average price of $5,376 per acre.

Second quarter Adjusted EBITDA4 of $38.3 million increased $19.7 million versus the prior year period.

Other Items

Second quarter corporate and other operating expenses of $28.7 million increased $19.4 million versus the prior year period, primarily reflecting the larger scale of the combined company and $10.4 million of costs related to the merger with PotlatchDeltic.1

Second quarter interest expense of $16.9 million increased $10.4 million versus the prior year period, primarily due to incremental debt assumed in the merger with PotlatchDeltic. Second quarter interest income of $4.9 million increased $2.5 million versus the prior year period, primarily due to a higher cash balance following the sale of the Company’s New Zealand joint venture interest in the second quarter of 2025.

Second quarter income tax expense of $2.9 million was primarily driven by income generated from the Company’s Wood Products and Real Estate development businesses.

Share Repurchases

During the second quarter, the Company repurchased approximately 3.5 million shares at an average price of $20.95 per share, or $72.4 million in total. As of June 30, 2026, the Company had $126.0 million remaining on its current share repurchase authorization.

Outlook

Consistent with the initial 2026 financial guidance we provided in February, the following full-year metrics reflect a pro rata contribution from legacy PotlatchDeltic operations for January 31, 2026 through December 31, 2026.

Southern Timber: In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.2 to 12.5 million tons, with anticipated harvest volumes of 3.1 to 3.3 million tons in the third quarter. We expect regional sawtimber and pulpwood prices to remain relatively stable for the third quarter compared to the second quarter. However, full-year and quarterly average pine prices for the combined company’s Southern Timber segment are expected to be lower than the standalone prices for Rayonier in the prior year based on the geographic mix of the combined company. Northwest Timber: In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.2 million tons, with anticipated harvest volumes of approximately 600,000 tons in the third quarter. We expect overall sawtimber prices to be modestly higher in the third quarter compared to the second quarter, primarily due to higher indexed sawlog prices on a portion of the volume coming from our Idaho timberlands. We also continue to expect that full-year 2026 average log pricing for the combined company’s Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year. Wood Products: In our Wood Products segment, we continue to expect lumber shipments to total approximately 1.1 billion board feet for the 11 months of contribution in 2026. We further expect lumber shipments in the third quarter of approximately 320 to 330 million board feet. We continue to be encouraged by the improvement in lumber prices, which has been driven largely by more favorable supply/demand dynamics in addition to broader transportation constraints. As of July month-end, our average quarter-to-date lumber price realization was modestly higher than our average price realization in the second quarter. Real Estate: We are pleased by the continued momentum in our Real Estate segment and maintain a strong pipeline of rural and improved development land sales for the balance of the year. Based on our current transaction pipeline and sales closed quarter-to-date, we expect an Adjusted EBITDA contribution in the third quarter of $25 to $35 million. For the full year, we continue to expect an Adjusted EBITDA contribution from our Real Estate segment of $180 to $200 million. Conference Call

A conference call and live audio webcast will be held on Thursday, August 6, 2026 at 10:00 AM (ET) to discuss these results. Supplemental materials and access to the conference call and live audio webcast will be available at www.rayonier.com. A replay of the webcast will be archived on the Company’s website and available shortly after the call.

Complimentary copies of Rayonier press releases and other financial documents are also available by calling (904) 357-9100.

About Rayonier

Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. Rayonier is committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through its land-based solutions business.

More information is available at www.rayonier.com.

Forward-Looking Statements - Certain statements in this press release regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, acquisition and disposition activity, including the ability to realize the intended benefits of our recent merger with PotlatchDeltic Corporation, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier’s business strategies, including the recent sale of the entities holding Rayonier’s interest in the New Zealand joint venture and the anticipated use of proceeds from such sale, and other similar statements relating to Rayonier’s future events, developments or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate,” “long-term,” “looking ahead” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.

The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: our ability to obtain the intended benefits of our merger with PotlatchDeltic Corporation, including future financial and operating results; the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any further downturn in the housing market; entry of new competitors into our markets; changes in production and production capacity in the forest products industry; unanticipated manufacturing disruptions or inefficiencies in our supply chain and/or operations; fires at our manufacturing facilities; changes in policy regarding governmental timber sales; changes in global economic conditions and geopolitical tensions, including the war in Ukraine and elevated tensions in the Middle East; business disruptions arising from government shutdowns, public health crises and outbreaks of communicable diseases; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third-party logging and trucking services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions and/or to complete dispositions; changes in timberland values; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, endangered species and development of real estate generally, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, including changes in law, policy and political factors beyond our control; the availability and cost of financing for real estate development and mortgage loans; changes in tariffs, taxes or treaties relating to the import and export of our products, our customers’ products or those of our and our customers’ competitors; changes in key management and personnel; and our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust (“REIT”) and changes in tax laws that could adversely affect beneficial tax treatment.

For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC.

Non-GAAP Financial Measures - To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Rayonier uses certain non-GAAP measures, including “cash available for distribution,” “pro forma operating income (loss),” “pro forma net income,” and “Adjusted EBITDA,” which are defined and further explained in this communication. Reconciliation of such measures to the nearest GAAP measures can also be found in this communication. Rayonier’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

RAYONIER INC. AND SUBSIDIARIES

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

June 30, 2026 (unaudited)

(millions of dollars, except per share information)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2026

2026

2025

2026

2025

  SALES

$396.5

$276.8

$106.5

$673.3

$189.5

Costs and Expenses

Cost of sales

(320.8

)

(230.3

)

(74.9

)

(551.2

)

(139.9

)

Selling and general expenses

(30.8

)

(21.8

)

(16.9

)

(52.4

)

(33.6

)

Other operating expense, net

(10.3

)

(70.4

)

(0.2

)

(80.7

)

(1.4

)

OPERATING INCOME (LOSS)

34.6

(45.7

)

14.5

(11.0

)

14.6

Interest expense, net

(16.9

)

(14.3

)

(6.5

)

(31.3

)

(12.9

)

Interest income

4.9

7.2

2.3

12.0

5.2

Other miscellaneous (expense) income, net

(0.5

)

0.9

(0.5

)

0.4

(2.4

)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

22.1

(51.9

)

9.8

(29.9

)

4.5

Income tax (expense) benefit

(2.9

)

39.4

—

36.6

(0.3

)

INCOME (LOSS) FROM CONTINUING OPERATIONS

19.2

(12.5

)

9.8

6.7

4.2

(Loss) income from operations of discontinued operations, net of tax

—

—

(0.6

)

—

1.9

Gain on sale of discontinued operations

—

—

404.4

—

404.4

INCOME FROM DISCONTINUED OPERATIONS

—

—

403.8

—

406.3

NET INCOME (LOSS)

19.2

(12.5

)

413.6

6.7

410.5

Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership

(0.1

)

0.1

(5.5

)

—

(5.4

)

Less: Net loss attributable to noncontrolling interests in consolidated affiliates

—

—

0.6

—

0.2

NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.

$19.1

($12.4

)

$408.7

$6.7

$405.3

EARNINGS (LOSS) PER COMMON SHARE

BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.

Continuing Operations

$0.06

($0.05

)

$0.06

$0.02

$0.03

Discontinued Operations

—

—

$2.57

—

$2.59

Net Income (Loss)

$0.06

($0.05

)

$2.63

$0.02

$2.62

DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.

Continuing Operations

$0.06

($0.05

)

$0.06

$0.02

$0.03

Discontinued Operations

—

—

$2.56

—

$2.57

Net Income (Loss)

$0.06

($0.05

)

$2.63

$0.02

$2.60

Pro forma net income per share (a)

$0.10

$0.07

$0.06

$0.18

$0.04

Weighted Average Common Shares used for determining

Basic EPS

300,735,729

255,954,391

155,536,320

278,468,765

154,612,221

Diluted EPS (b)

302,924,904

255,954,391

157,727,916

280,648,358

158,142,596

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2026 (unaudited)

(millions of dollars)

June 30,

December 31,

2026

2025

  Assets

Cash and cash equivalents

$411.8

$842.9

Inventory

125.3

6.8

Assets held for sale

59.1

5.4

Other current assets

85.0

28.6

Timber and timberlands, net of depletion and amortization

5,791.1

2,299.5

Higher and better use timberlands and real estate development investments

188.4

126.1

Property, plant and equipment

611.7

39.4

Less - accumulated depreciation

(39.1

)

(20.9

)

Net property, plant and equipment

572.6

18.5

Restricted cash, non-current

10.5

0.5

Operating lease right-of-use assets

23.9

16.3

Other assets

196.0

60.1

$7,463.7

$3,404.7

Liabilities, Noncontrolling Interests in the Operating Partnership and Shareholders’ Equity

Current maturities of long-term debt

—

200.0

Other current liabilities

191.2

71.3

Long-term debt

1,855.3

845.3

Pension and other postretirement benefits, non-current

60.2

1.4

Other non-current liabilities

106.3

36.5

Noncontrolling interests in the Operating Partnership

38.5

40.5

Total shareholders’ equity

5,212.2

2,209.7

$7,463.7

$3,404.7

  B

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

June 30, 2026 (unaudited)

(millions of dollars, except share information)

Common Shares

Retained

Earnings

Accumulated

Other

Comprehensive

Income

Shareholders’

Equity

Shares

Amount

  Balance, January 1, 2026

161,425,616

$1,904.3

$280.9

$24.5

$2,209.7

Net loss

—

—

(12.5

)

—

(12.5

)

Net loss attributable to noncontrolling interests in the Operating Partnership

—

—

0.1

—

0.1

Dividends ($0.26 per share)

—

—

(81.1

)

—

(81.1

)

Issuance of common shares associated with the merger with PotlatchDeltic, net of equity issuance costs of $0.9 million

140,872,342

3,202.6

—

—

3,202.6

Replacement equity awards granted in connection with the merger with PotlatchDeltic — precombination service portion

—

25.0

—

—

25.0

Issuance of common shares under incentive stock plans

903,045

—

—

—

—

Stock-based incentive compensation

—

15.4

—

—

15.4

Repurchase of common shares made under repurchase program

(1,480,753

)

—

(31.1

)

—

(31.1

)

Other (a)

(44,927

)

(0.8

)

(0.1

)

2.2

1.3

Balance, March 31, 2026

301,675,323

$5,146.5

$156.2

$26.7

$5,329.4

Net income

—

—

19.2

—

19.2

Net income attributable to noncontrolling interests in the Operating Partnership

—

—

(0.1

)

—

(0.1

)

Dividends ($0.26 per share)

—

—

(77.9

)

—

(77.9

)

Issuance of common shares under incentive stock plans

490,627

—

—

—

—

Stock-based incentive compensation

—

5.9

—

—

5.9

Repurchase of common shares made under repurchase program

(3,455,482

)

—

(72.4

)

—

(72.4

)

Adjustment of noncontrolling interests in the Operating Partnership

—

—

0.1

—

0.1

Other (a)

(103,290

)

(2.2

)

(0.1

)

10.3

8.0

Balance, June 30, 2026

298,607,178

$5,150.2

$25.0

$37.0

$5,212.2

  Common Shares

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Noncontrolling

Interests in

Consolidated

Affiliates

Shareholders’

Equity

Shares

Amount

  Balance, January 1, 2025

148,536,643

$1,522.5

$257.2

($10.4

)

$11.2

$1,780.5

Loss from continuing operations

—

—

(5.6

)

—

—

(5.6

)

Income from discontinued operations

—

—

2.1

—

0.4

2.5

Net loss attributable to noncontrolling interests in the Operating Partnership

—

—

0.1

—

—

0.1

Dividends ($0.2725 per share)

—

—

(42.7

)

—

—

(42.7

)

Issuance of common shares from special

dividend (b)

7,560,983

200.4

—

—

—

200.4

Issuance of common shares under incentive stock plans

5,566

—

—

—

—

—

Stock-based incentive compensation

—

2.3

—

—

—

2.3

Repurchase of common shares made under repurchase program

(95,000

)

—

(2.6

)

—

—

(2.6

)

Adjustment of noncontrolling interests in the Operating Partnership

—

—

(4.3

)

—

—

(4.3

)

Other (a)

(420

)

—

—

(3.9

)

(1.4

)

(5.3

)

Balance, March 31, 2025

156,007,772

$1,725.2

$204.2

($14.3

)

$10.2

$1,925.3

Income from continuing operations

—

—

9.8

—

—

9.8

Income (loss) from discontinued operations

—

—

404.4

—

(0.6

)

403.8

Net income attributable to noncontrolling interests in the Operating Partnership

—

—

(5.5

)

—

—

(5.5

)

Deconsolidation of discontinued operations

—

—

—

29.1

(10.8

)

18.3

Dividends ($0.2725 per share)

—

—

(42.4

)

—

—

(42.4

)

Issuance of common shares under incentive stock plans

315,017

—

—

—

—

—

Stock-based incentive compensation

—

3.6

—

—

—

3.6

Repurchase of common shares made under repurchase program

(1,472,928

)

—

(34.9

)

—

—

(34.9

)

Adjustment of noncontrolling interests in the Operating Partnership

—

—

9.5

—

—

9.5

Other (a)

(88,629

)

(2.4

)

—

15.9

1.2

14.7

Balance, June 30, 2025

154,761,232

$1,726.4

$545.1

$30.7

—

$2,302.2

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

June 30, 2026 (unaudited)

(millions of dollars)

Six Months Ended June 30,

2026

2025

  Cash provided by operating activities:

Net income

$6.7

$410.5

Depreciation, depletion and amortization from continuing operations

126.6

46.9

Depreciation, depletion and amortization from discontinued operations

—

9.1

Non-cash cost of land and improved development

18.0

9.3

Timber write-offs resulting from casualty events

2.3

—

Stock-based incentive compensation expense

21.3

5.9

Deferred income taxes

(37.1

)

(2.6

)

Gain on sale of discontinued operations

—

(404.4

)

Other items to reconcile net income to cash provided by operating activities

26.0

9.0

Changes in working capital and other assets and liabilities

(18.6

)

5.0

145.2

88.7

Cash (used for) provided by investing activities:

Capital expenditures from continuing operations

(42.8

)

(22.4

)

Capital expenditures from discontinued operations

—

(7.1

)

Real estate development investments

(9.6

)

(8.2

)

Net cash consideration for merger with PotlatchDeltic

(24.8

)

—

Interest received under swaps with other-than-insignificant financing element

10.4

—

Net proceeds on sale of discontinued operations (a)

—

687.6

Net proceeds on sale of property, plant and equipment

—

4.1

Other

(2.5

)

4.3

(69.3

)

658.3

Cash used for financing activities:

Repayment of debt

(227.5

)

—

Dividends paid (b)

(159.1

)

(153.3

)

Distributions to noncontrolling interests in the Operating Partnership (c)

(0.9

)

(2.0

)

Equity issuance costs

(0.9

)

—

Payments made under finance leases

(2.1

)

—

Repurchase of common shares made under repurchase program

(103.5

)

(37.6

)

Distributions to noncontrolling interests in consolidated affiliates

—

(3.1

)

Other

(3.0

)

(2.6

)

(497.0

)

(198.6

)

Effect of exchange rate changes on cash and restricted cash

—

1.3

Cash, cash equivalents and restricted cash:

Change in cash, cash equivalents and restricted cash

(421.1

)

549.7

Balance from continuing operations, beginning of year

843.4

323.1

Balance from discontinued operations, beginning of year

—

20.1

Total Balance, beginning of year

843.4

343.2

Balance from continuing operations, end of period

422.3

892.9

Balance from discontinued operations, end of period

—

—

Total Balance, end of period

$422.3

$892.9

RAYONIER INC. AND SUBSIDIARIES

BUSINESS SEGMENT SALES, OPERATING INCOME (LOSS),

PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA

June 30, 2026 (unaudited)

(millions of dollars)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2026

2026

2025

2026

2025

  Sales

Southern Timber

$107.6

$88.7

$53.3

$196.3

$104.3

Northwest Timber

66.0

32.1

23.8

98.1

45.6

Wood Products

196.2

108.5

—

304.6

—

Real Estate

53.7

59.8

29.4

113.4

39.6

Intersegment Eliminations (a)

(26.9

)

(12.2

)

—

(39.2

)

—

Sales

$396.5

$276.8

$106.5

$673.3

$189.5

Operating income (loss)

Southern Timber

$8.1

$12.4

$12.6

$20.5

$22.7

Northwest Timber

12.6

(0.4

)

1.5

12.1

1.8

Wood Products

15.1

(1.0

)

—

14.1

—

Real Estate

28.3

27.4

9.8

55.6

8.8

Corporate and Other

(28.7

)

(82.8

)

(9.3

)

(111.4

)

(18.7

)

Intersegment Eliminations (a)

(0.8

)

(1.2

)

—

(2.0

)

—

Operating income (loss)

$34.6

($45.7

)

$14.5

($11.0

)

$14.6

Pro forma operating income (loss) (b)

Southern Timber

$10.4

$12.4

$12.6

$22.8

$22.7

Northwest Timber

12.6

(0.4

)

1.5

12.1

1.8

Wood Products

15.1

0.1

—

15.3

—

Real Estate

28.3

27.4

9.8

55.6

8.8

Corporate and Other

(18.3

)

(12.3

)

(9.3

)

(30.7

)

(17.6

)

Intersegment Eliminations (a)

(0.8

)

(1.2

)

—

(2.0

)

—

Pro forma operating income

$47.2

$25.9

$14.5

$73.2

$15.7

Adjusted EBITDA (b)

Southern Timber

$52.6

$45.5

$28.4

$98.1

$55.4

Northwest Timber

26.3

8.6

6.8

34.9

12.7

Wood Products

25.0

6.8

—

31.8

—

Real Estate

38.3

46.2

18.6

84.5

20.6

Corporate and Other

(17.7

)

(11.8

)

(8.9

)

(29.5

)

(16.8

)

Intersegment Eliminations (a)

(0.8

)

(1.2

)

—

(2.0

)

—

Adjusted EBITDA

$123.7

$94.1

$44.9

$217.8

$71.9

RAYONIER INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

June 30, 2026 (unaudited)

(millions of dollars, except per share information)

LIQUIDITY MEASURES:

Six Months Ended

June 30,

June 30,

2026

2025

  Cash Provided by Operating Activities

$145.2

$88.7

Working capital and other balance sheet changes

(6.1

)

(10.7

)

Costs related to the merger with PotlatchDeltic (a)

80.8

—

Capital expenditures

(42.8

)

(22.4

)

Cash provided by operating activities from discontinued operations

—

(8.9

)

Cash Available for Distribution (b)

$177.1

$46.7

Net Income

$6.7

$410.5

Interest, net and miscellaneous expense

19.2

7.7

Income tax (benefit) expense (c)

(36.6

)

0.3

Depreciation, depletion and amortization

126.6

46.9

Non-cash cost of land and improved development

18.0

9.3

Non-operating (income) expense (d)

(0.4

)

2.4

Costs related to the merger with PotlatchDeltic (a)

80.8

—

Timber write-offs resulting from casualty events (e)

2.3

—

Inventory purchase price adjustment in cost of sales (f)

1.2

—

Restructuring charges (g)

—

1.1

Income from operations of discontinued operations, net of tax (h)

—

(1.9

)

Gain on sale of discontinued operations (i)

—

(404.4

)

Adjusted EBITDA (j)

$217.8

$71.9

Cash interest received (paid), net (k)

2.6

(2.6

)

Cash taxes paid

(0.5

)

(0.3

)

Capital expenditures

(42.8

)

(22.4

)

Cash Available for Distribution (b)

$177.1

$46.7

Cash Available for Distribution (b)

$177.1

$46.7

Real estate development investments

(9.6

)

(8.2

)

Cash Available for Distribution after real estate development investments

$167.6

$38.5

  PRO FORMA NET INCOME (l):

Three Months Ended

Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

$

Per

Diluted

Share

$

Per

Diluted

Share

$

Per

Diluted

Share

$

Per

Diluted

Share

$

Per

Diluted

Share

  Net Income (Loss) Attributable to Rayonier Inc.

$19.1

$0.06

($12.4

)

($0.05

)

$408.7

$2.63

$6.7

$0.02

$405.3

$2.60

Pro Forma items net of tax:

Costs related to the merger with PotlatchDeltic (a)

10.2

0.03

69.5

0.27

—

—

79.7

0.28

—

—

Timber write-offs resulting from casualty events (e)

2.3

0.01

—

—

—

—

2.3

0.01

—

—

Inventory purchase price adjustment in cost of sales (f)

—

—

0.9

—

—

—

0.9

—

—

—

Tax benefit from valuation allowance release (m)

—

—

(40.3

)

(0.16

)

—

—

(40.3

)

(0.14

)

—

—

Loss (income) from operations of discontinued operations (h)

—

—

—

—

0.6

—

—

—

(1.9

)

(0.01

)

Gain on sale of discontinued operations (i)

—

—

—

—

(404.4

)

(2.56

)

—

—

(404.4

)

(2.56

)

Restructuring charges (g)

—

—

—

—

—

—

—

—

1.1

0.01

Net cost on legal settlements (n)

—

—

—

—

—

—

—

—

1.7

0.01

Pro forma net income (loss) adjustments attributable to noncontrolling interests (o)

(0.1

)

—

(0.2

)

—

4.8

—

(0.3

)

—

5.1

—

Pro Forma Net Income

$31.5

$0.10

$17.4

$0.07

$9.6

$0.06

$48.9

$0.18

$6.9

$0.04

  PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (p) (j):

Three Months Ended

Southern

Timber

Northwest

Timber

Wood

Products

Real

Estate

Corporate

and

Other

Intersegment

Eliminations

Total

  June 30, 2026

Operating income

$8.1

$12.6

$15.1

$28.3

($28.7

)

($0.8

)

$34.6

Costs related to the merger with PotlatchDeltic (a)

—

—

—

—

10.4

—

10.4

Timber write-offs resulting from casualty events (e)

2.3

—

—

—

—

—

2.3

Pro forma operating income

$10.4

$12.6

$15.1

$28.3

($18.3

)

($0.8

)

$47.2

Depreciation, depletion and amortization

42.2

13.8

9.9

3.9

0.6

—

70.4

Non-cash cost of land and improved development

—

—

—

6.0

—

—

6.0

Adjusted EBITDA

$52.6

$26.3

$25.0

$38.3

($17.7

)

($0.8

)

$123.7

March 31, 2026

Operating income (loss)

$12.4

($0.4

)

($1.0

)

$27.4

($82.8

)

($1.2

)

($45.7

)

Costs related to the merger with PotlatchDeltic (a)

—

—

—

—

70.4

—

70.4

Inventory purchase price adjustment in cost of sales (f)

—

—

1.2

—

—

—

1.2

Pro forma operating income (loss)

$12.4

($0.4

)

$0.1

$27.4

($12.3

)

($1.2

)

$25.9

Depreciation, depletion and amortization

33.1

9.0

6.7

6.9

0.6

—

56.2

Non-cash cost of land and improved development

—

—

—

12.0

—

—

12.0

Adjusted EBITDA

$45.5

$8.6

$6.8

$46.2

($11.8

)

($1.2

)

$94.1

June 30, 2025

Operating income

$12.6

$1.5

—

$9.8

($9.3

)

—

$14.5

Depreciation, depletion and amortization

15.8

5.4

—

1.9

0.4

—

23.4

Non-cash cost of land and improved development

—

—

—

6.9

—

—

6.9

Adjusted EBITDA

$28.4

$6.8

—

$18.6

($8.9

)

—

$44.9

  PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA (p) (j):

Six Months Ended

Southern

Timber

Northwest

Timber

Wood

Products

Real

Estate

Corporate

and

Other

Intersegment

Eliminations

Total

  June 30, 2026

Operating income (loss)

$20.5

$12.1

$14.1

$55.6

($111.4

)

($2.0

)

($11.0

)

Costs related to the merger with PotlatchDeltic (a)

—

—

—

—

80.8

—

80.8

Timber write-offs resulting from casualty events (e)

2.3

—

—

—

—

—

2.3

Inventory purchase price adjustment in cost of sales (f)

—

—

1.2

—

—

—

1.2

Pro forma operating income

$22.8

$12.1

$15.3

$55.6

($30.7

)

($2.0

)

$73.2

Depreciation, depletion and amortization

75.3

22.8

16.6

10.8

1.2

—

126.6

Non-cash cost of land and improved development

—

—

—

18.0

—

—

18.0

Adjusted EBITDA

$98.1

$34.9

$31.8

$84.5

($29.5

)

($2.0

)

$217.8

June 30, 2025

Operating income

$22.7

$1.8

—

$8.8

($18.7

)

—

$14.6

Restructuring charges (g)

—

—

—

—

1.1

—

1.1

Pro forma operating income

$22.7

$1.8

—

$8.8

($17.6

)

—

$15.7

Depreciation, depletion and amortization

32.7

11.0

—

2.4

0.8

—

46.9

Non-cash cost of land and improved development

—

—

—

9.3

—

—

9.3

Adjusted EBITDA

$55.4

$12.7

—

$20.6

($16.8

)

—

$71.9

(a)

“Costs related to the merger with PotlatchDeltic” include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.

(b)

“Cash Available for Distribution” (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common share dividends, distributions to Operating Partnership unitholders, common share repurchases, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods.

(c)

The six months ended June 30, 2026 includes a $40.3 million tax benefit from the release of a valuation allowance.

(d)

The six months ended June 30, 2025 includes $1.7 million of net costs associated with legal settlements.

(e)

“Timber write-offs resulting from casualty events” includes the write-off of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged.

(f)

“Inventory purchase price adjustment in cost of sales” reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing.

(g)

“Restructuring charges” include severance costs related to workforce optimization initiatives.

(h)

“Income (loss) from operations of discontinued operations, net of tax” includes income (loss) generated by the Company’s New Zealand joint venture interest, which was classified as discontinued operations prior to its June 30, 2025 disposition.

(i)

“Gain on sale of discontinued operations" reflects the net gain recognized on the sale of the Company’s New Zealand joint venture interest.

(j)

“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating (income) expense, costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company’s ongoing operating results.

(k)

“Cash interest received (paid), net” includes patronage refunds received of $15.4 million and $7.9 million during the six months ended June 30, 2026 and June 30, 2025, respectively. In addition, cash interest received (paid), net includes cash interest received of $11.9 million and $5.2 million during the six months ended June 30, 2026 and June 30, 2025, respectively.

(l)

“Pro forma net income” is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, a tax benefit from valuation allowance release, income (loss) from operations of discontinued operations (net of tax), gain on sale of discontinued operations, net costs associated with legal settlements, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results.

(m)

“Tax benefit from valuation allowance release" reflects a non-cash release of Rayonier's pre-existing valuation allowance, triggered by deferred tax liabilities recognized in the PotlatchDeltic purchase price allocation.

(n)

“Net cost on legal settlements” reflects the net loss from litigation regarding insurance claims.

(o)

“Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests.

(p)

“Pro forma operating income (loss)” is defined as operating income (loss) adjusted for costs related to the merger with PotlatchDeltic, timber write-offs resulting from casualty events, an inventory purchase price adjustment in cost of sales, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results.

  F

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Rayonier (RYN - Free Report) , which belongs to the Zacks Building Products - Wood industry.

This forest products company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 41.67%.

For the most recent quarter, Rayonier was expected to post earnings of $0.06 per share, but it reported $0.07 per share instead, representing a surprise of 16.67%. For the previous quarter, the consensus estimate was $0.12 per share, while it actually produced $0.2 per share, a surprise of 66.67%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for Rayonier lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Rayonier currently has an Earnings ESP of +66.67%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #2 (Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on August 5, 2026.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Posted by Defense World Staff on Jul 26th, 2026

Allspring Global Investments Holdings LLC acquired a new position in shares of Rayonier Inc. (NYSE:RYN – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 102,880 shares of the real estate investment trust’s stock, valued at approximately $2,146,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new position in shares of Rayonier in the fourth quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. raised its stake in Rayonier by 65.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 627 shares in the last quarter. Bayban bought a new stake in Rayonier in the 1st quarter valued at about $36,000. Hartford Financial Management Inc. boosted its holdings in Rayonier by 49.7% in the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 575 shares during the period. Finally, Whittier Trust Co. boosted its holdings in Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 969 shares during the period. Institutional investors and hedge funds own 89.12% of the company’s stock.

Analyst Ratings Changes RYN has been the subject of several recent research reports. BMO Capital Markets cut their price target on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, May 19th. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Truist Financial cut their target price on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Citigroup decreased their price target on Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. Finally, Weiss Ratings cut shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rayonier has an average rating of “Hold” and an average target price of $24.60.

Read Our Latest Research Report on RYN

Rayonier Stock Performance NYSE RYN opened at $21.59 on Friday. Rayonier Inc. has a fifty-two week low of $19.49 and a fifty-two week high of $27.33. The stock has a market cap of $6.49 billion, a PE ratio of 7.15 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.21 and a current ratio of 2.53. The firm’s fifty day moving average price is $21.14 and its two-hundred day moving average price is $21.52.

Rayonier (NYSE:RYN – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $276.79 million during the quarter, compared to analysts’ expectations of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The company’s revenue was up 233.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.02) EPS. On average, equities analysts expect that Rayonier Inc. will post 0.36 EPS for the current fiscal year.

Rayonier Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Wednesday, September 16th. Rayonier’s dividend payout ratio (DPR) is presently 34.44%.

Rayonier Company Profile (Free Report)

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

Read More Five stocks we like better than Rayonier Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding RYN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Inc. (NYSE:RYN – Free Report).

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Posted by Defense World Staff on Jul 26th, 2026

Bollard Group LLC reduced its position in Rayonier Inc. (NYSE:RYN – Free Report) by 73.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,766 shares of the real estate investment trust’s stock after selling 27,276 shares during the period. Bollard Group LLC’s holdings in Rayonier were worth $201,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Rayonier by 65.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 627 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Rayonier during the fourth quarter worth about $34,000. Bayban acquired a new stake in shares of Rayonier in the 1st quarter worth about $36,000. Hartford Financial Management Inc. raised its holdings in shares of Rayonier by 49.7% in the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 575 shares during the last quarter. Finally, Whittier Trust Co. lifted its position in Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 969 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company’s stock.

Rayonier Stock Up 1.3% Rayonier stock opened at $21.59 on Friday. Rayonier Inc. has a fifty-two week low of $19.49 and a fifty-two week high of $27.33. The stock has a market cap of $6.49 billion, a PE ratio of 7.15 and a beta of 0.88. The firm’s 50-day simple moving average is $21.14 and its 200 day simple moving average is $21.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.21 and a current ratio of 2.53.

Rayonier (NYSE:RYN – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The firm had revenue of $276.79 million during the quarter, compared to analyst estimates of $280.92 million. During the same quarter last year, the business posted ($0.02) EPS. The company’s revenue for the quarter was up 233.9% on a year-over-year basis. Research analysts predict that Rayonier Inc. will post 0.36 EPS for the current fiscal year.

Rayonier Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 annualized dividend and a dividend yield of 4.8%. Rayonier’s dividend payout ratio is currently 34.44%.

Wall Street Analyst Weigh In A number of equities analysts have issued reports on RYN shares. BMO Capital Markets cut their price target on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, May 19th. Citigroup lowered their price objective on Rayonier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Weiss Ratings lowered Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Finally, Truist Financial decreased their price target on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.60.

Get Our Latest Research Report on Rayonier

Rayonier Profile (Free Report)

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

Featured Stories Five stocks we like better than Rayonier Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24

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I have high conviction in real assets right now. I detail why I believe that quality real asset investments will be worth materially more over time. I also share two of my highest conviction real asset investments of the moment.

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WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) announced today that the Company’s board of directors has declared a third quarter cash dividend of $0.26 per common share. The dividend is payable on September 30, 2026, to shareholders of record on September 16, 2026.

The Company also announced today that the Company’s board of directors, in its capacity as the board of directors of the general partner of Rayonier, L.P., has declared a third quarter cash distribution of $0.26 per operating partnership unit. The cash distribution is payable on September 30, 2026, to holders of record on September 16, 2026.

About Rayonier

Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. Rayonier is committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through its land-based solutions business. More information is available at www.rayonier.com.

More News From Rayonier

Back to Newsroom

Rayonier is rated a hold post-PotlatchDeltic merger, with favorable upside but muted market sentiment and integration risks. RYN's vast, geographically diverse timberland portfolio offers long-term land appreciation potential, yet revenue and EBITDA margin trends remain weak. Dividend yield approaches 5%, but safety is questionable with a high payout ratio and 60% YoY FFO decline; growth is not compelling.

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (NYSE: RYAM) today announced the completion of the grant of the employment enducement award to Daniel M. Krawczyk, President and Chief Executive Officer, as previously disclosed in the Company's current report on Form 8-K filed with the Securities and Exchange Commission (the "Commission") on June 22, 2026. Mr. Krawczyk was awarded 202,184 leveraged performance units (“LPUs”), at target, effective June 23, 2026, with the actu.

Demand Follows Rejection by Board of 100% Premium Acquisition Offer

Company is Plagued by its Capital Structure, Overhead Burden, Rotating Management, and Misaligned Board

Sale of the Company is Best Path Forward to Unlock Significant Asset Value

, /PRNewswire/ -- Mill Pond Capital, LLC, which owns approximately 3% of the outstanding common shares of Rayonier Advanced Materials Inc. (NYSE: RYAM) ("RYAM" or the "Company"), today sent a letter to the Company's Board of Directors (the "Board") urging the Board to conduct a full sale of RYAM.  

The full text of the letter follows:

June 17, 2026

Ms. Julie Dill, Non-Executive Chair
and Fellow Members of the Board of Directors
Rayonier Advanced Materials
1301 Riverplace Blvd., Suite 2300
Jacksonville, Florida 32207

Dear Ms. Dill and Fellow Board Members:

I first became a shareholder of Rayonier Advanced Materials ("RYAM" or the "Company") in 2019 and currently own approximately 3% of the Company's outstanding common shares, making me one of the Company's larger shareholders. I have a successful history of investing in commodity-related businesses and, like each of you on RYAM's Board of Directors (the "Board"), have served on public company boards in the commodity space.

I am writing today following a private letter I sent on May 8, 2026, and a subsequent call with Chair Dill, in which I stated my belief that a full sale of RYAM is the best path forward for the Company. This limited engagement from Chair Dill produced only the assurance that the Board is "working to do what is best for shareholders." After seven years of receiving that assurance — and being unable to present my views to the broader Board — I am no longer content to wait for a different result.

The Scorecard Is Simple

I invested in RYAM believing the Company possessed genuinely excellent assets that were poorly managed – a fixable problem. What I underestimated was how durable RYAM's financial underperformance would prove to be inside a subscale public company with structural disadvantages no management team can fully overcome.

RYAM has reported a loss from continuing operations every year since 2019. Guidance has rarely been met. The Company has cycled through three CEOs – and currently does not have a CEO in the seat – all while paying out tens of millions of dollars in compensation and director fees. One dollar invested in RYAM at its launch as a public company in June 2014 is today worth less than $0.25. The same dollar invested in the S&P 500, with dividends reinvested, would have grown to nearly $5.00. That is not a rough patch. It is a verdict.

A Structural Problem That Management Alone Cannot Solve

Part of this is not a management problem — it is an arithmetic problem. RYAM carries approximately $55 to $60 million in annual corporate overhead, an enormous, fixed cost for a small-cap company. A strategic acquirer with an existing platform could eliminate a meaningful portion of that overhead on day one. That single fact goes a long way toward explaining why a sale creates value that no standalone operating plan can replicate. The assets are not the problem. The structure is.

The Board's Own Recent Record

In November 2025, a credible buyer offered to acquire RYAM at $11 to $12 per share, representing a premium of approximately 100% to the prevailing stock price. The Board rejected the proposal. The receipt of the 100% premium offer and the Board's response were not made public by the Company but rather by the buyer in a securities filing earlier this year. 

In January 2026, RYAM named a new CEO who lasted just over 100 days before resigning in April 2026. Boards make difficult calls, and reasonable people can disagree about any single decision. But seven-plus years of losses, three CEOs, a rejected 100% premium offer not disclosed to shareholders, and a company now without permanent leadership is not a streak of bad luck. It is a pattern, and patterns tell you something.

Skin in the Game

In 2025, RYAM paid its Board members over $1.3 million in total compensation, per the Company's March 2026 Proxy Statement. A review of SEC Form 4 filings shows that over their collective tenures – the average tenure of the current directors is approximately six years – those same Board members purchased fewer than 80,000 shares in the open market, representing roughly $500,000 at cost. I am not suggesting bad faith. But there is a meaningful difference between being paid to oversee a company and choosing to invest your own money in it. The people who are deciding whether to sell this business have not, while serving on this Board, put their own money behind the belief that they should keep running it. That is worth sitting with.

What I Am Asking For

RYAM's assets are irreplaceable – specialty cellulose operations serving growing global markets in pharmaceuticals, food, filtration, and performance materials – rendering them exceptionally attractive to the right partner. The problem has never been the assets. Seven-plus years of evidence has made clear that the combination of capital structure, overhead burden, rotating management, and a misaligned Board cannot unlock the significant asset value embedded within RYAM.

At least one credible acquirer has, on an unsolicited basis, expressed serious interest in these assets and has articulated a clear strategic rationale for combining them with a complementary platform. Given the quality, scarcity, and multi-billion-dollar replacement cost of RYAM's assets – the Company trades for a fraction of its replacement cost – I imagine there are likely additional interested parties. The math is not complicated: combine the business with a strategic acquirer, eliminate the duplicative overhead, and you have a company that not only works, but thrives.

The strategic review was the right call. Now finish it. Sell the Company.

Shareholders have been patient for more than seven years. These assets deserve an owner who can do right by them.

Respectfully,
Daniel Farb
Managing Member
Mill Pond Capital, LLC

This letter contains the author's opinions and forward-looking views. Historical performance figures are based on the author's calculations from publicly available data. All financial figures referenced are sourced from publicly available corporate filings.

Contacts
Investors: 
Daniel Farb
Mill Pond Capital, LLC
[email protected]
(617) 901-1943

Media:
Sam Fisher
Gasthalter & Co. 
(212) 257-4170

SOURCE Mill Pond Capital, LLC

During the quarter, we had no new purchases and exited three holdings: Louisiana-Pacific, PayPal and Walt Disney. CNH, a leading global agriculture and construction equipment manufacturer, was a contributor for the quarter. Life-sciences company Avantor detracted for the quarter.

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (“RYAM” or the “Company”) today announced that the Company is engaged in a formal process to explore strategic alternatives to maximize shareholder value. In connection with the strategic alternatives review, the Company has engaged Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel.

The Company also announced that its Board of Directors (“Board”) has established an interim Office of the Chief Executive Officer (“OFC”) following the resignation of President and CEO Scott M. Sutton, effective immediately. The OFC will comprise current executives to guide the Company through this transition period, including Marcus J. Moeltner, Chief Financial Officer and Senior Vice President of Finance; Michael Osborne, Vice President of Manufacturing Operations; Christian Ribeyrolle, Senior Vice President of Biomaterials; and R. Colby Slaughter, Senior Vice President, General Counsel and Corporate Secretary.

Lisa M. Palumbo, Non-Executive Chair of RYAM’s Board of Directors, stated, “The Board and management are focused on ways to maximize value for the Company’s stockholders. As we have recently received unsolicited indications of interest, we believe now this is the right time to evaluate options that may further advance that goal. Marcus, Michael, Christian and Colby are seasoned and highly capable leaders who have proven track records of success with RYAM. I am confident that they are well positioned to provide continuity and maintain momentum as the team continues to execute on our value-creating strategy, and the Board works with a leading executive search firm to identify a permanent successor.”

Additionally, a committee of the Board will support the OFC as part of the strategic review process. The strategic review will consider a range of potential strategic, business and financial alternatives, which may include, among other things, a sale of all or part of the Company, a strategic investment, a merger or other business combination, or other strategic or financial alternatives, as well as continuing to execute on the Company’s standalone strategic plan.

The Board remains confident that its approach—which is grounded in disciplined governance, transparency, and a commitment to sustainable value creation—is in the best interests of stockholders, customers, employees and all stakeholders. The Board has not set a timetable for completion of the strategic review and does not intend to provide updates unless and until it is determined that disclosure is appropriate or required by law. There can be no assurance that the strategic alternatives review process will result in any transaction or other strategic change.

Office of the CEO – Member Biographies

Marcus J. Moeltner has served as RYAM’s Chief Financial Officer and Senior Vice President, Finance since July 2019, bringing 35 years of experience across the forest and consumer products industries, including leadership roles at Tembec, Grant Forest Products, and Kimberly‑Clark.

Michael Osborne is Vice President of Manufacturing at RYAM, a role he assumed in April 2023, bringing more than 30 years of manufacturing and leadership experience across Georgia‑Pacific, Arizona Chemical, and Kraton Pine Chemicals, where he most recently served as Vice President, Global Manufacturing.

Christian Ribeyrolle became Vice President Biomaterials in November 2021 following a more than 35-year career in the paper and cellulose specialty business. He started at Tembec in 2003 as General Manager of the Tartas plant in France and went on to lead the HPC Business Unit. He then joined RYAM following the acquisition of Tembec in November 2017.

R. Colby Slaughter has served as RYAM’s Vice President, General Counsel and Corporate Secretary of the Company since March 21, 2020. Prior to that, he was appointed Assistant General Counsel in May 2016. He joined the Company’s predecessor, Rayonier Inc., in January 2013 as Senior Counsel, a role he continued in following the Company’s 2014 spinoff from Rayonier Inc. until his promotion in 2016.

About RYAM

RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications. RYAM’s specialized assets, capable of creating the world’s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, high-yield pulp and various value-added derivatives, including paperboard, biofuels, bioelectricity and lignin. With manufacturing operations in the U.S., Canada and France, RYAM generated $1.5 billion of revenue in 2025. More information is available at www.RYAM.com.

Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as “may”, “intend”, “believe”, “expect”, “anticipate”, “continue”, or other comparable words and references to future periods. These statements involve a number of risks and uncertainties and RYAM cautions that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in RYAM’s Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions.

More News From Rayonier Advanced Materials Inc.

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The market expects Trex (TREX - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis maker of fencing and decking products is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of -15%.

Revenues are expected to be $339.28 million, down 0.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.31% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Trex?For Trex, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.37%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Trex will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Trex would post a loss of$0.01 per share when it actually produced earnings of $0.04, delivering a surprise of +500.00%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Trex doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsRayonier (RYN - Free Report) , another stock in the Zacks Building Products - Wood industry, is expected to report earnings per share of $0.06 for the quarter ended March 2026. This estimate points to a year-over-year change of +400%. Revenues for the quarter are expected to be $282.95 million, up 241.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Rayonier has been revised 5.3% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Rayonier will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.