5 unchanged sentences
Common share ordinary cash dividends during the years ended December 31, 2025, 2024 and 2023 aggregated to $1.09, $1.14 and $1.14, respectively.
−Removed: The year ended December 31, 2024 excludes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares, which was paid January 30, 2025 to shareholders of record on December 12, 2024.
−Removed: The cash component of the special dividend (other than cash paid in lieu of fractional shares) did not exceed 25% in the aggregate, with the balance paid in the Company’s common shares.
−Removed: The year ended December 31, 2023 excludes an additional cash dividend of $0.20 per common share, which was paid January 12, 2024 to shareholders of record on December 29, 2023.
−Removed: The company intends to continue to declare ordinary cash dividends on its common shares;
−Removed: however, there can be no assurances as to the timing and amounts of future dividends.
−Removed: See the subsequent events section of Note 1 — Summary of Significant Accounting Policies for additional information regarding our quarterly dividend rate.
+Added: The year ended December 31, 2025 excludes an additional dividend of $1.40 per common share, paid December 12, 2025, to shareholders of record on October 24, 2025.
+Added: The year ended December 31, 2024 excludes an additional dividend of $1.80 per common share, paid January 30, 2025, to shareholders of record on December 12, 2024.
+Added: Both the 2025 and 2024 special dividends consisted of a combination of cash and the Company’s common shares, with the cash component (excluding cash for fractional shares) not exceeding 25% of the aggregate value.
+Added: The year ended December 31, 2023 excludes an additional cash dividend of $0.20 per common share, paid January 12, 2024, to shareholders of record on December 29, 2023.
+Added: While the Company intends to continue declaring ordinary cash dividends, there can be no assurances as to the timing or amounts of future payments.
+Added: See the subsequent events section of Note 1 — Summary of Significant Accounting Polici es for additional information regarding our quarterly dividend rate.
Including institutional holders, there were approximately 5,950 shareholders of record of our common shares on February 13, 2026.
1 unchanged sentence
From time to time, the Company may issue common shares in exchange for units in the Operating Partnership.
−Removed: Such shares are issued based on an exchange ratio of one common share for each unit in the Operating Partnership.
−Removed: During the quarter ended December 31, 2024, the Company issued 23,203 common shares in exchange for an equal number of units in the Operating Partnership pursuant to the Operating Partnership agreement.
+Added: Such shares are issued based on an exchange ratio of one common share for each unit, pursuant to the agreement of the Operating Partnership.
+Added: During the quarter ended December 31, 2025, the Company issued 137,765 common shares in exchange for an equal number of units.
ISSUER REPURCHASES OF EQUITY SECURITIES
−Removed: In December 2024, the Board of Directors approved the repurchase of up to $300 million of Rayonier’s common shares (the “new repurchase program”) to be made at management’s discretion.
−Removed: The new authorization replaced and superseded the Company’s prior $100 million share repurchase program.
−Removed: Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions.
+Added: In December 2024, the Board of Directors authorized a $300 million share repurchase program (the “repurchase program”).
+Added: Repurchases may occur at management’s discretion from time to time on the open market or through privately negotiated transactions.
The new repurchase program has no time limit and may be suspended for periods or discontinued at any time.
−Removed: There were no shares repurchased under the new repurchase program in the fourth quarter of 2024.
−Removed: As of December 31, 2024, there was $300.0 million, or approximately 11,494,253 shares based on the period-end closing stock price of $26.10, remaining under this program.
+Added: During the fourth quarter of 2025, the Company repurchased 109,964 shares under this program.
+Added: As of December 31, 2025, $229.5 million remained available for future repurchases, representing approximately 10,598,280 shares based on the period-end closing stock price of $21.65.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended December 31, 2025:
4 unchanged sentences
Total 119,565 109,964
−Removed: (a) Includes 359 shares repurchased to satisfy tax withholding requirements related to the vesting of shares under the Rayonier Incentive Stock Plan in October and November.
−Removed: The price per share surrendered is based on the closing price of the Company’s common shares on the respective vesting dates of the awards.
−Removed: (b) Purchases made in open-market transactions under the prior $100 million share repurchase program announced on February 10, 2016.
−Removed: (c) Maximum number of shares authorized to be purchased at the end of October, November and December are based on month-end closing stock prices of $31.23, $31.87 and $26.10, respectively.
+Added: (a) Includes 9,601 shares repurchased to satisfy tax withholding obligations arising from the vesting of shares under the Rayonier Incentive Stock Plan.
+Added: The repurchase price per share was based on the Company’s common share closing price on the respective vesting dates.
+Added: (b) Consists of purchases made in open-market transactions under the $300 million repurchase program announced on December 2, 2024.
+Added: (c) The maximum number of shares authorized to be purchased under the repurchase program at the end of October, November, and December is based on the month-end closing stock prices of $22.07, $22.21 and $21.65, respectively.
Rayonier, L.P.
3 unchanged sentences
DISTRIBUTIONS
−Removed: The ordinary distribution rate on the Operating Partnership’s units is equal to the ordinary cash dividend rate on Rayonier Inc.’s common shares for dividends.
−Removed: The year ended December 31, 2024 excluded an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of $0.45 per unit in cash and $1.35 per unit in Redeemable Operating Partnership Units, which was paid January 30, 2025 to holders of record on December 12, 2024.
−Removed: The year ended December 31, 2023 excluded an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, which was paid January 12, 2024 to holders of record on December 29, 2023.
+Added: The ordinary distribution rate on the Operating Partnership’s units is equal to the ordinary cash dividend rate on Rayonier Inc.’s common shares.
+Added: The year ended December 31, 2025 excludes an additional distribution of $1.40 per Redeemable Operating Partnership Unit, paid December 12, 2025, to holders of record on October 24, 2025.
+Added: This distribution consisted of $0.35 per unit in cash and $1.05 per unit in Redeemable Operating Partnership Units.
+Added: The year ended December 31, 2024 excludes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, paid January 30, 2025, to holders of record on December 12, 2024.
+Added: This distribution consisted of $0.45 per unit in cash and $1.35 per unit in Redeemable Operating Partnership Units.
+Added: The year ended December 31, 2023 excludes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, paid January 12, 2024, to holders of record on December 29, 2023.
See the subsequent events section of Note 1 — Summary of Significant Accounting Policies for additional information regarding our quarterly distribution rate.
3 unchanged sentences
Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their Operating Partnership units for cash or, at our election, shares of Rayonier Common Stock on a one-for-one basis.
−Removed: During the quarter ended December 31, 2024, 23,203 Operating Partnership units held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
+Added: During the quarter ended December 31, 2025, 137,765 units in the Operating Partnership were redeemed by limited partners in exchange for an equal number of shares of Rayonier Common Stock.
STOCK PERFORMANCE GRAPH
12 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.