Group 1 - The company invests thousands of hours and over $100,000 annually to identify profitable investment opportunities, resulting in over 200 five-star reviews from members [1] - The release of the Top Picks for 2026 is highlighted, with a limited-time offer for access through a 30-day money-back guarantee [1] - Samuel Smith, the lead analyst, has a diverse background in dividend stock research and holds advanced degrees in engineering and mathematics, leading the High Yield Investor group [1] Group 2 - The High Yield Investor group focuses on balancing safety, growth, yield, and value in their investment strategies [1] - The services provided include real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [1] - An active chat room for like-minded investors is part of the offerings, enhancing community engagement [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to RAYONIER INC. (Exact name of registrant as specified in its charter) North Carolina 1-6780 13-2607329 (State or other Jurisdiction of incorporation or organization ...

Core Viewpoint - The article discusses the investment potential of UPMKF shares, highlighting the author's long position in the stock and expressing a positive outlook on its performance [1]. Group 1: Company Insights - UPMKF is positioned favorably in the market, with the author indicating a beneficial long position through various means such as stock ownership and derivatives [1]. - The article emphasizes the importance of conducting thorough due diligence and research before making any investment decisions related to UPMKF [2]. Group 2: Investment Considerations - The author notes that short-term trading and options trading can be extremely risky, suggesting that these strategies may not be suitable for investors with limited capital or experience [2]. - There is a mention of specific risks associated with investing in European and Scandinavian stocks, including withholding tax risks that investors should be aware of [2].

Group 1 - The company High Yield Landlord is positioning itself for a market shift and offers access to its Top Picks for 2026, supported by over 500 five-star reviews and a 30-day money-back guarantee [1] - Jussi Askola, President of Leonberg Capital, leads the investing group High Yield Landlord, which focuses on REIT investing and provides real-time updates on its portfolio and transactions [2] Group 2 - The investing group features three distinct portfolios: core, retirement, and international, along with buy/sell alerts and a chat room for direct interaction with analysts [2]

Company Overview - Rayonier Inc. (NYSE:RYN) has completed its merger with PotlatchDeltic, resulting in a larger timberland REIT with enhanced scale and diversification [1] - The combined entity will initially retain the Rayonier name and trade under the ticker "RYN," with a new name and ticker expected in Q1 2026 [1] Market Position and Strategy - The merger significantly expands Rayonier's timberland footprint in key softwood regions in the U.S. and New Zealand, strengthening its competitive positioning and long-term asset base [1] - The company is well-positioned to benefit from improving pricing dynamics in the packaging and construction markets due to added scale and operational synergies from the merger [4] Financial Insights - Truist has lowered its price target for Rayonier to $26 from $28 while maintaining a Hold rating, citing challenges in packaging volumes in early 2026 [3] - Despite the challenges, Rayonier generates cash flow from both timber and real estate operations, providing investors with exposure to hard assets that have inflation-hedging characteristics [3] Investment Potential - Rayonier appears attractive for investors seeking durable asset-backed growth and income potential, supported by long-term demand drivers in its markets [4]

Financial Data and Key Metrics Changes - The company reported full-year Adjusted EBITDA of $248 million for 2025, an 8% increase from 2024, exceeding prior guidance [5][6] - Fourth-quarter Adjusted EBITDA was $62 million, down from $95 million in the prior year period [10][6] - Pro forma net income for the full year was $89 million, or $0.57 per share, while fourth-quarter pro forma net income was $32 million, or $0.20 per share [6][9] Business Line Data and Key Metrics Changes - Southern Timber segment generated fourth-quarter Adjusted EBITDA of $32 million, down 8% year-over-year due to lower net stumpage realizations [7][12] - Pacific Northwest Timber segment reported fourth-quarter Adjusted EBITDA of $5 million, a 24% decline from the prior year, primarily due to a 26% decrease in harvest volumes [16][12] - Real estate segment achieved full-year Adjusted EBITDA of $127 million, significantly above guidance, with fourth-quarter Adjusted EBITDA of $33 million [18][19] Market Data and Key Metrics Changes - The company noted that rural HBU markets remained strong, contributing to the real estate segment's performance [6][19] - Pulpwood pricing in the Atlantic region faced downward pressure due to increased supply and mill closures, impacting overall demand [15][52] - The Pacific Northwest is expected to see tightening log markets due to improving demand from sawmills and constraints on Canadian supply [18][17] Company Strategy and Development Direction - The merger with PotlatchDeltic is expected to create a premier land resources company with a diversified timberland portfolio and enhanced operational efficiencies [3][4] - The company plans to focus on disciplined capital allocation and synergies from the merger to create long-term shareholder value [4][29] - The leadership team is implementing best practices from both companies to optimize organizational structure and enhance operational efficiency [4][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term value creation potential from the merger, despite current market challenges in timber and lumber [28][29] - The company anticipates improved demand and pricing in local markets as sawmills ramp up production in response to higher lumber prices [15][18] - Management highlighted the importance of addressing the underbuilt housing stock in the U.S. as a long-term driver for timber demand [52] Other Important Information - The company repurchased approximately 110,000 shares at an average price of $26.31 per share prior to the merger announcement [11] - The company paid a special dividend of $1.40 per share due to taxable gains from the sale of its New Zealand joint venture [11] - The company finished 2025 with $843 million in cash and $1.1 billion in debt, maintaining a conservative leverage profile [12] Q&A Session Summary Question: Can you provide insights on the drivers for real estate sales in 2026? - Management noted that real estate sales are lumpy and significantly impacted by larger transactions, with strong premiums to timberland value driving performance [34][36] Question: What factors influenced the initial harvest guidance for the combined companies? - Management indicated that the guidance reflects a partial year contribution from PotlatchDeltic and aligns with Rayonier's historical sustainable yield [48][49] Question: Are there signs of stabilization in the pulpwood market? - Management acknowledged challenges in the southern timber segment but expressed optimism for long-term demand growth due to housing market dynamics [51][52] Question: What is the company's stance on M&A opportunities in the current market? - Management stated that while the timberland M&A market remains competitive, the focus is on share repurchases as the best use of capital at this time [60][61] Question: How does the company view the integration of wood products within the timberlands portfolio? - Management believes that the integrated model will benefit shareholders over time, with a focus on evaluating investment opportunities based on return potential [76][77]

Financial Data and Key Metrics Changes - The company reported full-year Adjusted EBITDA of $248 million for 2025, an 8% increase from 2024, exceeding prior guidance [5][6] - Pro forma net income for the year was $89 million, or $0.57 per share, with fourth-quarter Adjusted EBITDA of $62 million and pro forma net income of $32 million, or $0.20 per share [6][9] - Cash available for distribution (CAD) increased to $199 million in 2025 from $141 million in the prior year, driven by higher Adjusted EBITDA and lower cash interest expenses [10][12] Business Line Data and Key Metrics Changes - Southern Timber segment generated fourth-quarter Adjusted EBITDA of $32 million, down 8% year-over-year due to lower stumpage realizations, despite higher harvest volumes [7][13] - Pacific Northwest Timber segment reported fourth-quarter Adjusted EBITDA of $5 million, a 24% decline from the prior year, primarily due to a 26% decrease in harvest volumes [16][17] - Real estate segment achieved Adjusted EBITDA of $127 million for 2025, significantly above guidance, with fourth-quarter revenue of $42 million from approximately 3,800 acres sold [18][19] Market Data and Key Metrics Changes - The Southern Timber segment faced challenges with pulpwood pricing, which was down 27% year-over-year due to weaker demand and recent mill closures [14][15] - In the Pacific Northwest, average delivered domestic sawlog pricing decreased 3% year-over-year, while pulpwood pricing increased 26% due to reduced availability of sawmill residuals [17] - The real estate market showed strong demand for rural and development properties, with significant premiums to timberland value, particularly in Texas and Florida [36][38] Company Strategy and Development Direction - The merger with PotlatchDeltic is expected to create a premier land resources company with a diversified timberland portfolio and enhanced operational efficiencies [3][4] - The company aims to focus on disciplined capital allocation and synergies from the merger, with an estimated $40 million in run-rate synergies by the end of year two [29][30] - The company is optimistic about long-term value creation through land-based solutions, including solar and carbon capture projects [28][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the timber and lumber markets, despite current challenges [27][52] - The company anticipates improved demand and pricing in the Southern Timber segment as supply tightens due to hurricane impacts [15][52] - For 2026, the company expects full-year harvest volumes to increase due to the merger, with a conservative outlook on pricing in the Southern Timber segment [22][23] Other Important Information - The company repurchased approximately 110,000 shares at an average price of $26.31 prior to the merger announcement, with $230 million remaining on the share repurchase authorization [11][12] - A special dividend of $1.40 per share was paid, reflecting taxable gains from the sale of a New Zealand joint venture [11][12] Q&A Session Summary Question: Can you provide insights on the real estate segment's performance and expectations for 2026? - Management noted that real estate sales are lumpy and significantly impacted by larger transactions, with strong premiums to timberland value driving outperformance [34][36] Question: What factors influenced the initial harvest guidance for the combined companies? - The guidance reflects a partial year contribution from PotlatchDeltic and aligns with Rayonier's historical sustainable yield [48][49] Question: Are there signs of stabilization in the pulpwood market? - Management indicated that while recent pressures have been challenging, they expect long-term improvements as supply tightens due to hurricane impacts [51][52] Question: What is the company's stance on M&A opportunities in the current market? - The timberland M&A market remains competitive, but the company sees share repurchases as a more attractive use of capital at this time [60][61] Question: How does the company view the integration of wood products within the timberlands portfolio? - Management believes that the integrated model will benefit shareholders over time, with a focus on maximizing returns on capital allocation [76][77]

Financial Data and Key Metrics Changes - The company reported full-year Adjusted EBITDA of $248 million for 2025, an 8% increase over 2024, exceeding prior guidance [5][6] - Fourth-quarter Adjusted EBITDA was $62 million, down from $95 million in the prior year period [11][6] - Pro forma net income for the full year was $89 million, or $0.57 per share, with fourth-quarter pro forma net income of $32 million, or $0.20 per share [6][10] Business Segment Data and Key Metrics Changes - Southern Timber segment generated fourth-quarter Adjusted EBITDA of $32 million, down 8% from the prior year, due to lower net stumpage realizations [8][13] - Pacific Northwest Timber segment reported fourth-quarter Adjusted EBITDA of $5 million, a 24% decline from the prior year, primarily due to a 26% decrease in harvest volumes [18][17] - Real estate segment achieved full-year Adjusted EBITDA of $127 million, significantly above the original guidance range, with fourth-quarter Adjusted EBITDA of $33 million [19][20] Market Data and Key Metrics Changes - The company noted that rural HBU markets remained strong, contributing to the real estate segment's performance [6][20] - Pulpwood pricing in the Atlantic region was under pressure due to mill closures and increased supply, with average pricing down 27% compared to the prior year [14][16] - The company expects improved demand and pricing in local markets as sawmills ramp up production in response to higher lumber prices [15][19] Company Strategy and Development Direction - The merger with PotlatchDeltic is expected to create a premier land resources company with a diversified timberland portfolio and enhanced operational efficiencies [3][4] - The company plans to focus on disciplined capital allocation and creating long-term value through synergies from the merger [4][32] - The company is optimistic about the long-term value creation potential from land-based solutions, including solar and carbon capture projects [31][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the merger's ability to deliver strategic and financial benefits, despite challenging market conditions [4][29] - The company anticipates a tightening of supply in the timber market due to the impact of Hurricane Helene, which should support improved market conditions over time [17][56] - Management remains optimistic about the long-term demand for timber, driven by an underbuilt housing stock and expected growth in housing starts [56][57] Other Important Information - The company repurchased approximately 110,000 shares at an average price of $26.31 per share prior to the merger announcement [12] - The company paid a special dividend of $1.40 per share due to taxable gains from the sale of its New Zealand joint venture [12] - The company finished the year with $843 million in cash and $1.1 billion in debt, maintaining a conservative leverage profile [13] Q&A Session Summary Question: Insights on real estate performance and drivers for 2026 - Management noted that real estate sales are lumpy and significantly impacted by larger transactions, with strong premiums to timberland value driving performance [37][39] Question: Share repurchase strategy and capital structure considerations - Management indicated that share repurchases are attractive given the stock price discount to net asset value, with $230 million remaining on the authorization [43][46] Question: Initial harvest guidance for the combined companies - Management explained that the guidance reflects a partial year contribution from PotlatchDeltic and is generally in line with historical sustainable yields [52][53] Question: Pulpwood market dynamics and pricing outlook - Management acknowledged challenges in the pulpwood market but expressed optimism for long-term improvements as supply pressures subside [56][79] Question: Opportunities in timberland M&A and wood products investments - Management stated that the timberland M&A market remains competitive, and while they will evaluate opportunities, share repurchases currently present the best value [64][66]

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Q4 2025 Financial Supplement February 2026 Safe Harbor Statement 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 sales," "pro forma operating income (loss)," "pro forma net income," and "Adjusted EBITDA," which are defined and further explained in this communication. Reconciliation of ...