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BBVA Argentina Announces Second Quarter 2025 Financial Results Schedule

BUENOS AIRES, Argentina–(BUSINESS WIRE)–
Banco BBVA Argentina S.A. (NYSE, BYMA, MAE: BBAR; LATIBEX: XBBAR) today announced that it will report its Second Quarter 2025 results.

Earnings Release

Wednesday, August 20, 2025

Time: After market close

Conference Call

Thursday, August 21, 2025

Time: 12:00 p.m. Buenos Aires time – (11:00 a.m. EST)

Quiet Period

From Wednesday, August 6, through Wednesday, August 20, 2025

Executives

Ms. Carmen Morillo Arroyo, Chief Financial Officer

Mr. Diego Cesarini, Head of ALM & Investor Relations

Ms. Belén Fourcade, Investor Relations Manager

To participate, please click here to register

About BBVA Argentina

Banco BBVA Argentina (NYSE, BYMA, MAE: BBAR; LATIBEX: XBBAR) is a subsidiary of the BBVA Group, the principal shareholder since 1996. In Argentina, it is one of the leading private financial institutions since 1886. Nationwide, Banco BBVA Argentina offers retail and corporate banking to a broad customer base, including: individuals, SME’s, and large-sized companies.

Banco BBVA Argentina’s purpose is to bring the age of opportunities to everyone, based on our customers’ real needs, providing the best solutions, and helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: “Customer comes first, we think big and we are one team.” At the same time, its responsible banking model aspires to achieve a more inclusive and sustainable society.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806043589/en/

BBVA Argentina Investor Relations

[email protected]

ir.bbva.com.ar

KEYWORDS: Latin America North America United States South America Argentina New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Posted on August 6, 2025 6:37 pm

Eagle Materials Declares Quarterly Dividend

Eagle Materials Declares Quarterly Dividend

DALLAS–(BUSINESS WIRE)–
The Board of Directors of Eagle Materials Inc. (NYSE: EXP) has declared a quarterly cash dividend of $0.25 per share, payable on October 16, 2025, to stockholders of record of its Common Stock at the close of business on September 15, 2025.

About Eagle Materials Inc.

Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads, highways and residential, commercial and industrial structures across America. Headquartered in Dallas, Texas, Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states. Visit eaglematerials.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806471646/en/

For additional information, contact at 214-432-2000.

Michael R. Haack

President and Chief Executive Officer

D. Craig Kesler

Executive Vice President, Finance and Administration and CFO

Alex Haddock

Senior Vice President, Investor Relations, Strategy and Corporate Development

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Building Systems Manufacturing Other Manufacturing Other Construction & Property Construction & Property

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TriplePoint Venture Growth BDC Corp. Announces Second Quarter 2025 Financial Results

Highest Level of Closed Commitments and Fundings Since Fiscal Year 2022

Net Increase in Net Assets Resulting from Operations of $0.33 per Share for the Second Quarter

Declares Third Quarter 2025 Distribution of $0.23 per Share

MENLO PARK, Calif.–(BUSINESS WIRE)–
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” “TPVG,” “we,” “us,” or “our”), a leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries, today announced its financial results for the second quarter ended June 30, 2025 and the declaration by its Board of Directors of its third quarter 2025 distribution of $0.23 per share.

Second Quarter 2025 Highlights

• Signed $241.5 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $160.1 million of new debt commitments, representing a 109% increase from the prior quarter and the highest amount in three years;

• Funded $78.5 million in debt investments, representing a 188% increase from the prior quarter and the highest level of funding activity in the last 10 quarters, to nine portfolio companies with a 12.3% weighted average annualized yield at origination;

• Grew the debt investment portfolio to $663.8 million at cost, up from $632.4 million in the prior quarter;

• Achieved a 14.5% weighted average annualized portfolio yield on debt investments for the quarter¹;

• Earned net investment income of $11.3 million, or $0.28 per share;

• Net increase in net assets resulting from operations of $13.2 million, or $0.33 per share;

• Realized a 13.0% return on average equity, based on net investment income during the quarter;

• Five debt portfolio companies raised an aggregate $216.0 million of capital in private financings during the quarter;

• Weighted average investment ranking of 2.17 on the debt investment portfolio as of quarter’s end;

• Net asset value of $348.7 million, or $8.65 per share, as of June 30, 2025 compared to $347.0 million, or $8.62 per share, as of March 31, 2025;

• Total liquidity of $312.5 million and total unfunded commitments of $184.7 million;

• Ended the quarter with a 1.22x gross leverage ratio and a 1.04x net leverage ratio;

• Declared a third quarter distribution of $0.23 per share, payable on September 30, 2025; bringing total declared distributions to $16.88 per share since the Company’s initial public offering;

• Subsequent to quarter-end, our investment adviser, TriplePoint Advisers LLC (the “Adviser”,) amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025; and

• Our sponsor, TPC, announced a discretionary share purchase program to acquire up to $14 million of the Company’s outstanding common stock in the open market.

Year to Date 2025 Highlights

• Signed $556.9 million of term sheets with venture growth stage companies at TPC and TPVG closed $236.6 million of new debt commitments;

• Funded $106.2 million in debt investments to 12 portfolio companies with a 12.6% weighted average annualized portfolio yield at origination, and funded $1.1 million in direct equity investments in private rounds of financing to five portfolio companies;

• Earned net investment income of $22.0 million, or $0.55 per share;

• Net increase in net assets resulting from operations of $25.9 million, or $0.64 per share;

• Paid distributions of $0.60 per share;

• Nine debt portfolio companies raised an aggregate $352.5 million of capital in private financings;

• Achieved a 14.5% weighted average annualized portfolio yield on debt investments^[1];

• In April 2025, DBRS, Inc. confirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend
  
  outlook; and

• Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $42.0 million, or $1.04 per share, as of June 30, 2025.

_____________

1 Please see the last table in this press release, titled “Weighted Average Portfolio Yield on Debt Investments,” for more information on the calculation of the weighted average annualized portfolio yield on debt investments.

“Our debt investment portfolio grew in the second quarter driven by robust commitments and fundings,” said Jim Labe, chairman and chief executive officer of TPVG. “The pipeline at TPC remains strong and we continue on the path of increased scale, diversification and sector rotation to capitalize on the strong demand from venture-growth stage companies in favorable sectors.”

“We have implemented several steps that further strengthen our alignment with shareholders and demonstrate the continued support from our Sponsor, TriplePoint Capital,” said Sajal Srivastava, president and chief investment officer of the Company. “Going forward, our focus remains on continuing to position TPVG well for the future, as we seek to build long term shareholder value.”

PORTFOLIO AND INVESTMENT ACTIVITY

During the three months ended June 30, 2025, the Company entered into $160.1 million of new debt commitments with eight portfolio companies, funded debt investments totaling $78.5 million to nine portfolio companies, acquired warrants in nine portfolio companies with a cost basis of $1.0 million, and made direct equity investments of $1.1 million in five portfolio companies. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.3% at origination. During the quarter, the Company received $43.7 million of principal prepayments, $1.3 million of early repayments and $11.3 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the second quarter was 14.5%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The return on average equity for the second quarter was 13.0% based on net investment income. The Company calculates return on average equity as the annualized rate of net investment income recognized during the period divided by the Company’s average net asset value during the period.

As of June 30, 2025, the Company held debt investments in 46 portfolio companies, warrants in 106 portfolio companies and equity investments in 52 portfolio companies. The total cost and fair value of these investments were $753.7 million and $717.9 million, respectively.

The following table shows the total portfolio investment activity for the three and six months ended June 30, 2025 and 2024:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
(in thousands)		2025				2024				2024				2024
Beginning portfolio at fair value		$	682,012			$	773,605			$	676,249			$	802,145
New debt investments, net(a)			78,187				37,727				105,514				50,882
Scheduled principal amortization			(11,311	)			(27,884	)			(21,192	)			(34,696	)
Principal prepayments and early repayments			(44,979	)			(51,239	)			(62,761	)			(82,081	)
Net amortization and accretion of premiums and discounts and end-of-term payments			4,263				2,185				5,728				2,589
Payment-in-kind coupon			5,250				3,821				9,007				7,609
New warrant investments			997				271				1,760				436
New equity investments			1,535				404				1,982				800
Proceeds from dispositions of investments			—				(21,036	)			(2,308	)			(22,142	)
Net realized gains (losses) on investments			—				(18,943	)			2,278				(27,894	)
Net change in unrealized gains (losses) on investments			1,931				14,859				1,628				16,122
Ending portfolio at fair value		$	717,885			$	713,770			$	717,885			$	713,770
_____________
(a) Debt balance is net of fees and discounts applied to the loan at origination.

SIGNED TERM SHEETS

During the three months ended June 30, 2025, TPC entered into $241.5 million of non-binding term sheets to venture growth stage companies. These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with the allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company.

UNFUNDED COMMITMENTS

As of June 30, 2025, the Company’s unfunded commitments totaled $184.7 million, of which $27.3 million was dependent upon portfolio companies reaching certain milestones. Of the $184.7 million of unfunded commitments, $19.6 million will expire during 2025, $88.6 million will expire during 2026, and $76.5 million will expire during 2027, if not drawn prior to expiration. Since these commitments may expire without being drawn, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

RESULTS OF OPERATIONS

Total investment and other income was $23.3 million for the second quarter of 2025, representing a weighted average annualized portfolio yield of 14.5% on debt investments, as compared to $27.1 million and 15.8% for the second quarter of 2024. The decrease in total investment and other income was primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio, lower investment yields due in part to decreases in the Prime rate and less prepayment income. For the six months ended June 30, 2025, the Company’s total investment and other income was $45.7 million, as compared to $56.4 million for the six months ended June 30, 2024, representing a weighted average annualized portfolio yield on total debt investments of 14.5% and 15.6%, respectively.

For the second quarter of 2025, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $12.0 million as compared to $14.5 million for the second quarter of 2024. Total operating expenses for the second quarter of 2025 consisted of $6.7 million of interest expense and amortization of fees, $3.3 million of base management fees, $0.6 million of Administration Agreement expenses and $1.4 million of general and administrative expenses. Due to the total return requirement under the income component of our incentive fee structure, our income incentive fees were reduced by $1.0 million, and the Adviser waived the remaining $1.3 million of income incentive fees earned during the three months ended June 30, 2025. Total operating expenses for the second quarter of 2024 consisted of $8.7 million of interest expense and amortization of fees, $3.8 million of base management fees, $0.6 million of Administration Agreement expenses and $1.4 million of general and administrative expenses. Due to the total return requirement under the income component of our incentive fee structure, our income incentive fees were reduced by $2.5 million during the three months ended June 30, 2024. The Company’s total operating expenses were $23.7 million and $28.3 million for the six months ended June 30, 2025 and 2024, respectively.

For the second quarter of 2025, the Company recorded net investment income of $11.3 million, or $0.28 per share, as compared to $12.6 million, or $0.33 per share, for the second quarter of 2024. The decrease in net investment income between periods was driven primarily by lower total investment and other income. Net investment income for the six months ended June 30, 2025 was $22.0 million, or $0.55 per share, compared to $28.1 million, or $0.74 per share, for the six months ended June 30, 2024.

During the second quarter of 2025, the Company recognized net realized losses on investments of $32,000. During the second quarter of 2024, the Company recognized net realized losses on investments of $18.8 million.

Net change in unrealized gains on investments for the second quarter of 2025 was $1.9 million, consisting of $6.8 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $5.8 million of net unrealized gains from foreign currency adjustments, partially offset by $10.7 million of net unrealized losses on the debt investment portfolio resulting from fair value adjustments. Net change in unrealized gains on investments for the second quarter of 2024 was $14.9 million. The Company’s net realized and unrealized gains were $3.9 million for the six months ended June 30, 2025, compared to net realized and unrealized losses of $11.5 million for the six months ended June 30, 2024.

The Company’s net increase in net assets resulting from operations for the second quarter of 2025 was $13.2 million, or $0.33 per share, as compared to a net increase in net assets resulting from operations of $8.6 million, or $0.22 per share, for the second quarter of 2024. For the six months ended June 30, 2025, the Company’s net increase in net assets resulting from operations was $25.9 million, or $0.64 per share, as compared to a net increase in net assets resulting from operations of $16.6 million, or $0.43 per share, for the six months ended June 30, 2024.

CREDIT QUALITY

The Adviser maintains a credit watch list with portfolio companies placed into one of five credit risk categories, with Clear, or 1, being the best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another credit category.

As of June 30, 2025, the weighted average investment ranking of the Company’s debt investment portfolio was 2.17, as compared to 2.12 at the end of the prior quarter. During the quarter ended June 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $2.1 million was downgraded from White (2) to Yellow (3), and one portfolio company with a principal balance of $11.1 million was downgraded from White (2) to Orange (4).

The following table shows the credit categories for the Company’s debt investments at fair value as of June 30, 2025 and December 31, 2024:

		June 30, 2025								December 31, 2024
Credit Category (dollars in thousands)		Fair Value			Percentage of Total Debt Investments			Number of Portfolio Companies		Fair Value			Percentage of Total Debt Investments			Number of Portfolio Companies
Clear (1)		$	28,391		4.8	%		2		$	51,986		9.3	%		3
White (2)			467,423		79.0			33			392,237		70.0			31
Yellow (3)			58,307		9.9			4			84,847		15.1			4
Orange (4)			36,388		6.2			6			30,979		5.5			5
Red (5)			56		0.1			1			56		0.1			1
		$	590,565		100.0	%		46		$	560,105		100.0	%		44

NET ASSET VALUE

As of June 30, 2025, the Company’s net assets were $348.7 million, or $8.65 per share, as compared to $345.7 million, or $8.61 per share, as of December 31, 2024.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2025, the Company had total liquidity of $312.5 million, consisting of cash, cash equivalents and restricted cash of $62.5 million and available capacity under its Revolving Credit Facility of $250.0 million. As of June 30, 2025, the Company held $0.6 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.22x gross leverage ratio, a 1.04x net leverage ratio and a 1940 Act asset coverage ratio of 182%.

DISTRIBUTION

On August 5, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.23 per share for the third quarter, payable on September 30, 2025 to stockholders of record as of September 16, 2025. As of June 30, 2025, the Company had estimated spillover income of $42.0 million, or $1.04 per share.

TPC STOCK PURCHASE PROGRAM

Our sponsor, TriplePoint Capital LLC, announced a discretionary share purchase program to acquire up to $14 million of the Company’s outstanding shares of common stock at prices below the then-current NAV per share over the next twelve months subject to certain trading parameters and limitations. These purchases may occur through various methods, including in open market transactions and through privately negotiated transactions, and may be conducted in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934.

RECENT DEVELOPMENTS

Since June 30, 2025 and through August 5, 2025:

• TPC’s direct originations platform entered into $57.7 million of additional non-binding signed term sheets with venture growth stage companies;

• The Company closed $114.0 million of additional debt commitments; and

• The Company funded $20.5 million in new investments.

CONFERENCE CALL

The Company will host a conference call at 5:00 p.m. Eastern Time, today, August 6, 2025, to discuss its financial results for the quarter ended June 30, 2025. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through September 6, 2025, by dialing (877) 344-7529 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 4089095. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.

ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.

TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. In addition, there is no assurance that the Company or any of its affiliates will purchase additional shares of the Company’s common stock at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net leverage ratio (calculated as (i) total debt less (ii) cash, cash equivalents and restricted cash divided by total net assets), which is not prepared in accordance with GAAP. This non-GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measure to monitor and evaluate its leverage and financial condition and believes this presentation enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, this non-GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

This non-GAAP measure is not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles and should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure.

TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
	June 30, 2025				December 31, 2024
Assets	(unaudited)
Investments at fair value (amortized cost of $753,741 and $713,732, respectively)	$	717,885			$	676,249
Cash and cash equivalents		62,391				45,899
Restricted cash		147				32,828
Deferred credit facility costs		3,096				3,904
Prepaid expenses and other assets		4,731				4,160
Total assets	$	788,250			$	763,040
Liabilities
Revolving Credit Facility	$	50,000			$	5,000
2025 Notes, net		—				69,948
2026 Notes, net		199,701				199,483
2027 Notes, net		124,531				124,396
2028 Notes, net		49,362				—
Base management fee payable		3,268				3,408
Other accrued expenses and liabilities		12,711				15,118
Total liabilities	$	439,573			$	417,353
Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)	$	—			$	—
Common stock, par value $0.01 per share		403				401
Paid-in capital in excess of par value		514,956				513,719
Total distributable earnings (loss)		(166,682	)			(168,433	)
Total net assets	$	348,677			$	345,687
Total liabilities and net assets	$	788,250			$	763,040
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)		40,324				40,137
Net asset value per share	$	8.65			$	8.61

TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2025				2024				2025				2024
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
Investment income
Interest income from investments	$	22,504			$	26,590			$	44,089			$	55,118
Other income		772				517				1,641				1,263
Total investment and other income	$	23,276			$	27,107			$	45,730			$	56,381
Operating expenses
Base management fee	$	3,268			$	3,832				6,593			$	8,134
Income incentive fee		1,259				—				1,259				—
Interest expense and amortization of fees		6,732				8,702				13,103				15,713
Administration agreement expenses		629				648				1,232				1,259
General and administrative expenses		1,372				1,321				2,789				3,148
Total operating expenses before Income incentive fee waiver	$	13,260			$	14,503			$	24,976			$	28,254
Income incentive fee waiver		(1,259	)			—				(1,259	)			—
Total operating expenses net of Income incentive fee waiver	$	12,001			$	14,503			$	23,717			$	28,254
Net investment income	$	11,275			$	12,604			$	22,013			$	28,127
Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	$	(32	)		$	(18,846	)		$	2,222			$	(27,653	)
Net change in unrealized gains (losses) on investments		1,931				14,859				1,628				16,122
Net realized and unrealized gains/(losses)	$	1,899			$	(3,987	)		$	3,850			$	(11,531	)
Net increase (decrease) in net assets resulting from operations	$	13,174			$	8,617			$	25,863			$	16,596
Per share information (basic and diluted)
Net investment income per share	$	0.28			$	0.33			$	0.55			$	0.74
Net increase (decrease) in net assets per share	$	0.33			$	0.22			$	0.64			$	0.43
Weighted average shares of common stock outstanding		40,234				38,729				40,186				38,189
Regular distributions declared per share	$	0.30			$	0.40			$	0.60			$	0.80

Weighted Average Portfolio Yield
on Debt Investments
Ratios (Percentages, on an annualized basis)(1)		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2025			2024			2025			2024
Weighted average portfolio yield on debt investments(2)		14.5	%		15.8	%		14.5	%		15.6	%
Coupon income		11.5	%		11.6	%		11.5	%		11.9	%
Accretion of discount		0.9	%		0.8	%		1.0	%		0.9	%
Accretion of end-of-term payments		1.2	%		1.5	%		1.3	%		1.5	%
Impact of prepayments during the period		0.9	%		1.9	%		0.7	%		1.3	%

_____________
(1)		Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities.
(2)		The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company’s stockholders.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806326534/en/

INVESTOR RELATIONS AND MEDIA CONTACT

The IGB Group

Leon Berman

212-477-8438

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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Motorola Solutions Completes Acquisition of Silvus Technologies Holding Inc.

Adds mobile ad-hoc network leadership and extends company into a multi-billion-dollar, rapidly growing addressable market for drone and unmanned systems

CHICAGO–(BUSINESS WIRE)–
Motorola Solutions (NYSE: MSI) has completed its acquisition of Silvus Technologies Holdings Inc. (“Silvus”), a global leader in mission-critical mobile ad-hoc networks (MANET), based in Los Angeles, California.

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Silvus’ MANET technology is designed to support frontline operations in the most challenging and contested environments, enabling highly secure data, video and voice communications without the need for fixed infrastructure. Their devices mesh together to establish large, scalable and self-healing networks that adapt to continuous mobility. These robust mobile networks connect people, devices and other nodes over distance and at scale, and seamlessly support bandwidth-intensive technologies like video, sensors and drones.

“Silvus’ advanced solutions for drone and unmanned systems are trusted in the world’s most demanding defense environments, and offer vital applications for border security and public safety,” said Greg Brown, chairman and CEO, Motorola Solutions. “Their capabilities are an excellent complement to our land mobile radio and video technologies, and we look forward to bringing them to more customers around the world.”

Autonomous technologies, including drones, vehicles and robots, are increasingly deployed to safely provide a greater distance between soldiers and potential threats. Silvus’ technology allows human operators to securely control these systems with extremely low latency, helping to save lives while informing better tactical decisions.

Silvus’ wide range of customers spans defense agencies, autonomous systems manufacturers, the intelligence community, law enforcement and enterprises globally. Motorola Solutions plans to extend Silvus’ reach through its global scale and long-standing relationships with government and public safety customers around the world.

“Working with Babak and the Silvus team, we’ve seen firsthand how their expertise has created truly disruptive communications technology,” said Erik Fagan, Partner and Head of Industrial Technology, TJC. “They’ve built an exceptional company serving a critical need, and we are excited to watch their next successful chapter unfold with Motorola Solutions as a global leader in safety and security.”

“We have always respected Motorola Solutions’ leadership,” said Babak Daneshrad, PhD, CEO, Silvus Technologies. “At our core, both our companies are driven by innovation that makes the world safer. Bringing our advanced engineering teams together amplifies our ability to build more powerful solutions to serve more customers globally. I am incredibly optimistic about the future we have with Motorola Solutions.”

More information about the acquisition will be shared during Motorola Solutions’ quarterly conference call with financial analysts at 4 p.m. Central (5 p.m. Eastern) on Aug. 7. The conference call will be webcast live and a replay will be available at www.motorolasolutions.com/investors.

Download video and images from the media kit.

Transaction Terms

Under the terms of the purchase agreement, the consideration for the Silvus acquisition includes $4.4 billion in upfront consideration, comprising approximately $4.38 billion in cash (subject to customary adjustments) and approximately $20 million in restricted stock to certain employee equity holders. The terms of the purchase agreement also include the ability to earn earnout consideration of up to $600 million in the aggregate based on business performance over consecutive twelve-month periods ending in 2027 and 2028.

About Motorola Solutions | Solving for safer

Safety and security are at the heart of everything we do at Motorola Solutions. We build and connect technologies to help protect people, property and places. Our solutions foster the collaboration that’s critical for safer communities, safer schools, safer hospitals, safer businesses, and ultimately, safer nations. Learn more about our commitment to innovating for a safer future for us all at www.motorolasolutions.com.

About TJC

TJC, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Aerospace & Defense, Logistics & Supply Chain and Technology & Infrastructure. With $32.0 billion of assets under management as of March 31, 2025, TJC is managed by a senior leadership team that has invested together for over 23 years on over 85 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com.

Motorola Solutions Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Motorola Solutions can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent Motorola Solutions’ views only as of today and should not be relied upon as representing Motorola Solutions’ views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, expected benefits of the transaction to Motorola Solutions and the Silvus business, the ability to expand the reach of Silvus’ offerings, and our ability to integrate and combine the two companies. Motorola Solutions cautions the reader that the risks and uncertainties, including those in Part I Item 1A of Motorola Solutions’ 2024 Annual Report on Form 10-K and in its other U.S. Securities and Exchange Commission (“SEC”) filings, which are available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investors, could cause actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions and factors that may impact forward-looking statements include, but are not limited to, Motorola Solutions’ ability to successfully integrate and operate Silvus and realize the anticipated benefits of the acquisition. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

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Media Contact

Alexandra Reynolds

[email protected]

+1 312 965 3968

Investor Contact

Tim Yocum

Motorola Solutions

[email protected]

+1 847-576-6899

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Hardware Security Data Management Government Technology Technology Law Enforcement/Emergency Services Robotics Audio/Video Defense Public Policy/Government Drones Military Telecommunications Software Networks Mobile/Wireless

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Motorola Solutions acquires Silvus Technologies, a global leader in highly sophisticated mission-critical mobile ad-hoc networks, solving the toughest communication challenges at the tactical edge

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Civitas Resources Reinstates Capital Return Program

Board increases share repurchase authorization to $750 million; Company plans $250 million accelerated share repurchase

DENVER–(BUSINESS WIRE)–
Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”) today announced that its Board of Directors has authorized reinstating a capital allocation strategy prioritizing both peer-leading return of capital to shareholders and ongoing debt reduction. Future free cash flow, after paying the Company’s $2 per share annual base dividend, is expected to be allocated equally to share repurchases and debt reduction on an annual basis.

In support of the capital return program, the Board increased the Company’s share repurchase authorization to $750 million, which represents approximately 28% of the Company’s current market capitalization. As part of the 2025 capital return, the Company plans to enter into an accelerated share repurchase (“ASR”) agreement to repurchase $250 million of Civitas’ equity. Inclusive of paid and planned dividends and repurchases for the year, the Company’s capital return to shareholders in 2025 is estimated to be approximately 21% of its current market capitalization.

Board Chair Howard A. Willard III commented, “We have taken decisive steps to strengthen Civitas, and following these important actions, we are reinstating an aggressive capital return program to take advantage of the compelling value we see in our equity today. Through the ASR program, we are targeting a rapid repurchase of a significant quantity of the Company’s outstanding shares, and we are committed to returning capital to our shareholders moving forward, with an anticipated $500 million of remaining repurchase authorization following this initial ASR.”

Strategic steps taken to position Civitas for enhanced return of capital to shareholders include:

• Optimized 2025 free cash flow with a $150 million reduction in the Company’s original capital expenditure plan

• Added 17 million barrels of oil hedges through the third quarter of 2026; Company is approximately 60% hedged on oil through the end of 2025 with a weighted average floor of $67 per barrel WTI

• Extended debt maturities and reduced revolving credit facility borrowings with $750 million issuance of unsecured Senior Notes due 2033

• Implemented a $100 million cost optimization and efficiency project to sustainably lower capital and operating costs and improve margins, and

• Accelerated deleveraging with non-core DJ Basin asset divestments totaling $435 million, exceeding the Company’s full-year target of $300 million

With these accomplishments, net debt is anticipated to be $4.5 billion around year-end 2025, consistent with the Company’s previously-communicated target.

Under the ASR agreement, the Company is expected to commence repurchases promptly, with final settlement occurring within the third quarter.

The Company will discuss its capital return program in more detail on its second quarter 2025 earnings webcast and conference call at 6:00 a.m. MT (8:00 a.m. ET) on Thursday, August 7, 2025. The webcast will be available on the Investor Relations section of the Company’s website at www.civitasresources.com. The dial-in number for the call is 888-510-2535, with passcode 4872770.

About Civitas

Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas’ proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership.

Information Regarding Forward-Looking Statements

Certain statements in this press release concerning Civitas’ future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely,” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company’s plans and commitments with respect to its capital return program and the ASR agreement. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East (including the current events involving Israel and Iran), South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management’s ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing.

Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. “Risk Factors” and “Management’s Discussion and Analysis” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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Civitas Contacts

Investor Relations:

Brad Whitmarsh, 832.736.8909, [email protected]

Media:

Rich Coolidge, [email protected]

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

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Rayonier Reports Second Quarter 2025 Results

• Second quarter net income attributable to Rayonier of $408.7 million ($2.63 per share), pro forma net income of $9.6 million ($0.06 per share), and Adjusted EBITDA of $44.9 million.

• On track to achieve full-year Adjusted EBITDA and pro forma EPS consistent with prior guidance range.

• Completed previously announced disposition of New Zealand Timber and Log Trading businesses.

• Repurchased 1.5 million shares for $34.9 million, or $23.71 per share.

• Quarter-end cash balance of $892.3 million provides significant capital allocation flexibility.

WILDLIGHT, Fla.–(BUSINESS WIRE)–
Rayonier Inc. (NYSE:RYN) today reported second quarter net income attributable to Rayonier of $408.7 million, or $2.63 per share, on revenues of $106.5 million. This compares to net income attributable to Rayonier of $1.9 million, or $0.01 per share, on revenues of $99.6 million in the prior year quarter.

The second quarter results included a $404.4 million gain on the sale of the Company’s New Zealand joint venture interest¹ and a $0.6 million loss from operations of discontinued operations (net of tax).² Excluding these items and adjusting for pro forma net income (loss) adjustments attributable to noncontrolling interests,³ second quarter pro forma net income⁴ was $9.6 million, or $0.06 per share. This compares to pro forma net loss⁴ of $2.6 million, or ($0.02) per share, in the prior year period.

The following table summarizes the current quarter and comparable prior year period results:

		Three Months Ended
	(millions of dollars, except earnings per share (EPS))	June 30, 2025						June 30, 2024
		$			EPS			$			EPS
	Revenues	$106.5						$99.6
	Net income attributable to Rayonier	$408.7			$2.63			$1.9			$0.01
	Gain on sale of discontinued operations1	(404.4	)		(2.56	)		—			—
	Loss (income) from operations of discontinued operations, net of tax2	0.6			—			(6.9	)		(0.05	)
	Net costs on legal settlements5	—			—			1.1			0.01
	Costs related to disposition initiatives6	—			—			0.2			—
	Pro forma net income (loss) adjustments attributable to noncontrolling interests3	4.8			—			1.2			0.01
	Pro forma net income (loss)4	$9.6			$0.06			($2.6	)		($0.02	)

Second quarter operating income was $14.5 million versus $4.5 million in the prior year period, while second quarter pro forma operating income⁴ was $14.5 million versus $4.7 million in the prior year period. Second quarter Adjusted EBITDA⁴ was $44.9 million versus $33.3 million in the prior year period.

The following table summarizes operating income (loss), pro forma operating income (loss),⁴ and Adjusted EBITDA⁴ for the current quarter and comparable prior year period:

		Three Months Ended June 30,
		Operating Income (Loss)						Pro forma Operating Income (Loss)4						Adjusted EBITDA4
	(millions of dollars)	2025			2024			2025			2024			2025			2024
	Southern Timber	$12.6			$17.1			$12.6			$17.1			$28.4			$33.9
	Pacific Northwest Timber	1.6			(1.5	)		1.6			(1.5	)		7.0			5.9
	Real Estate	9.8			0.5			9.8			0.5			18.6			4.5
	Trading	(0.1	)		—			(0.1	)		—			(0.1	)		—
	Corporate and Other	(9.3	)		(11.6	)		(9.3	)		(11.4	)		(8.9	)		(11.0	)
	Total	$14.5			$4.5			$14.5			$4.7			$44.9			$33.3

Year-to-date cash provided by operating activities was $88.7 million versus $107.6 million in the prior year period. Year-to-date cash available for distribution (CAD)⁴ was $46.7 million, which increased $8.3 million versus the prior year period due to lower cash interest paid (net) ($7.9 million) and lower capital expenditures ($6.4 million), partially offset by lower Adjusted EBITDA⁴ ($6.0 million).

“During the second quarter, we generated total Adjusted EBITDA of $44.9 million—representing a 35% increase compared to the prior year period—as stronger results in our Real Estate and Pacific Northwest Timber segments were partially offset by lower results in our Southern Timber segment,” said Mark McHugh, President and CEO.

“Second quarter Adjusted EBITDA in our Real Estate segment improved $14.1 million versus the prior year period, exceeding our expectations entering the quarter due to the accelerated timing of certain transactions. In our Timber segments, Adjusted EBITDA declined 11% versus the prior year quarter, as timber markets continued to be constrained by challenging end-market demand as well as elevated salvage volume resulting from Hurricane Helene in 2024.”

“Overall, we still anticipate total full-year Adjusted EBITDA results in line with our prior guidance, as further detailed later in this release.”

“The second quarter also marked a significant milestone in our asset disposition and capital structure realignment plan, as we closed on the sale of our New Zealand joint venture interest in June—bringing total disposition activity to $1.45 billion since the plan was announced in November 2023. With the New Zealand transaction now complete, our financial flexibility has been significantly enhanced, and we are well-positioned to execute on strategies to create shareholder value moving forward, including additional share repurchases.”

Southern Timber

Second quarter sales of $53.3 million decreased $6.0 million, or 10%, versus the prior year period. Harvest volumes decreased 5% to 1.60 million tons versus 1.67 million tons in the prior year period, primarily due to softer mill demand coupled with the impact of the Large Disposition we completed in Oklahoma in late 2024. Average pine sawtimber stumpage realizations decreased 9% to $26.75 per ton versus $29.28 per ton in the prior year period due to a combination of softer demand from Southern sawmills, competing log supply from salvage timber, and an unfavorable shift in geographic mix. Average pine pulpwood stumpage realizations decreased 25% to $13.05 per ton versus $17.38 per ton in the prior year period, driven by the continued impact of salvage volume on the market, softer demand from pulp mills due to maintenance outages and reduced capacity, and an unfavorable shift in geographic mix. Overall, weighted-average net stumpage realizations (including hardwood) decreased 14% to $19.18 per ton versus $22.21 per ton in the prior year period. Operating income of $12.6 million decreased $4.5 million versus the prior year period due to lower net stumpage realizations ($4.8 million) and lower volumes ($0.9 million), partially offset by lower costs ($0.8 million), higher non-timber income ($0.2 million), and lower depletion expense ($0.2 million).

Second quarter Adjusted EBITDA⁴ of $28.4 million was 16%, or $5.5 million, below the prior year period.

Pacific Northwest Timber

Second quarter sales of $22.4 million decreased $1.9 million, or 8%, versus the prior year period. Harvest volumes decreased 15% to 248,000 tons versus 293,000 tons in the prior year period due to the impact of the Large Dispositions completed in the fourth quarter of 2024. Average delivered prices for domestic sawtimber increased 6% to $96.17 per ton versus $90.70 per ton in the prior year period due to strong demand from domestic lumber mills in anticipation of additional duties on Canadian lumber, as well as a favorable geographic mix resulting from recent Large Dispositions. Average delivered pulpwood prices increased 4% to $31.52 per ton versus $30.20 per ton in the prior year period due to modestly improved supply/demand dynamics. Operating income of $1.6 million versus an operating loss of ($1.5) million in the prior year period was driven by lower costs ($2.2 million), lower depletion expense ($1.0 million), and higher net stumpage realizations ($0.5 million), partially offset by lower volumes ($0.4 million) and lower non-timber income ($0.2 million).

Second quarter Adjusted EBITDA⁴ of $7.0 million was 17%, or $1.0 million, above the prior year period.

Real Estate

Second quarter sales of $29.4 million increased $14.0 million versus the prior year period, while operating income of $9.8 million increased $9.3 million versus the prior year period. Sales and operating income increased versus the prior year period primarily due to higher acres sold_{(3,263 acres sold versus 1,494 acres sold in the prior year period) and higher weighted-average prices ($8,340 per acre versus $6,722 per acre in the prior year period).}

Improved Development sales of $8.5 million included $5.2 million from the Heartwood development project south of Savannah, Georgia and $3.3 million from the Wildlight development project north of Jacksonville, Florida. Sales in Heartwood included a 23-acre commercial parcel for $5.2 million ($225,000 per acre). Sales in Wildlight consisted of two commercial parcels totaling 3.1 acres ($1.1 million per acre). This compares to Improved Development sales of $2.6 million in the prior year period.

Unimproved Development sales of $3.0 million consisted of a 311-acre transaction in Flagler County, Florida for $9,635 per acre. There were no unimproved development sales in the prior year period.

Rural sales of $15.7 million consisted of 2,926 acres at an average price of $5,376 per acre. This compares to prior year period sales of $7.5 million, which consisted of 1,439 acres at an average price of $5,189 per acre.

Second quarter Adjusted EBITDA⁴ of $18.6 million increased $14.0 million versus the prior year period.

Trading

Second quarter sales of $1.4 million increased $0.8 million versus the prior year period, primarily due to higher volumes. Sales volumes were 18,000 tons in the second quarter compared to 5,000 tons in the prior year period. The Trading segment generated an operating loss of $0.1 million versus breakeven results in the prior year period.

Other Items

Second quarter corporate and other operating expenses of $9.3 million decreased $2.3 million versus the prior year period, primarily due to lower compensation and benefits expenses.

Second quarter interest expense of $6.5 million decreased $2.5 million versus the prior year period, primarily due to lower average outstanding debt. Second quarter interest income of $2.3 million increased $0.6 million versus the prior year period, primarily due to higher cash on hand following the Large Dispositions completed in late 2024.

Share Repurchases

During the second quarter, the Company repurchased approximately 1.5 million shares at an average price of $23.71 per share, or $34.9 million in total. As of June 30, 2025, the Company had approximately 154.8 million common shares and 2.1 million redeemable operating partnership units outstanding. As of June 30, the Company had $262.4 million remaining on its current share repurchase authorization.

Outlook

“Based on our year-to-date results and our expectations for the balance of the year, we are on-track to achieve full-year Adjusted EBITDA and pro forma EPS consistent with our prior guidance range,” added McHugh.

“In our Southern Timber segment, we expect full-year harvest volumes toward the lower end of our prior guidance range, although we expect materially higher volumes in the second half versus the first half of the year. We further expect that pine net stumpage realizations will be modestly higher in the second half of the year as compared to the first half due to reduced salvage volume on the market, more normalized demand conditions following several extended mill outages, and favorable geographic mix. Overall, we anticipate significantly higher results in the second half versus the first half of the year, with full-year Adjusted EBITDA near the lower end of our prior guidance range.”

“In our Pacific Northwest Timber segment, we expect full-year harvest volumes consistent with our prior guidance. Weighted-average log pricing is expected to be modestly higher in the second half of the year versus the first half due to the anticipated effect of increased duties on Canadian lumber imports. Overall, we anticipate full-year Adjusted EBITDA consistent with our prior guidance range.”

“Turning to our Real Estate segment, we remain encouraged by our transaction pipeline and expect significant closing activity over the balance of the year. We currently expect an Adjusted EBITDA contribution of $50 to $65 million in the third quarter. However, given the magnitude of certain anticipated closings, it is possible that a substantial portion of this contribution could shift to the fourth quarter. Overall, we now expect full-year Adjusted EBITDA in our Real Estate segment to be at or modestly above the high end of our prior guidance range.”

“Based on the foregoing, we currently anticipate third quarter net income attributable to Rayonier of $29 to $44 million, EPS of $0.18 to $0.28, and Adjusted EBITDA of $80 to $100 million.”

Conference Call

A conference call and live audio webcast will be held on Thursday, August 7, 2025 at 10:00 AM (ET) to discuss these results.

Access to the 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.

Investors may listen to the conference call by dialing 888-604-9366 (domestic) or 517-308-9338 (international), passcode: RAYONIER. A replay of the conference call will be available one hour following the call until Sunday, September 7, 2025, by dialing 800-510-0118 (domestic) or 203-369-3808 (international), passcode: 1139.

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

1		“Gain on sale of discontinued operations” reflects the net gain recognized on the sale of the Company’s New Zealand joint venture interest.
2		“Loss (income) from operations of discontinued operations, net of tax” includes loss (income) generated by the Company’s New Zealand joint
3		“Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests.
4		“Pro forma net income (loss),” “Pro forma revenues (sales),” “Pro forma operating income (loss),” “Adjusted EBITDA” and “CAD” are non-GAAP measures defined and reconciled to GAAP in the attached exhibits.
5		“Net cost on legal settlements” reflects the net loss from litigation regarding insurance claims.
6		“Costs related to disposition initiatives” include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.

About Rayonier

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States. As of June 30, 2025, Rayonier owned or leased under long-term agreements approximately 2.0 million acres of timberlands located in the U.S. South (1.74 million acres) and U.S. Pacific Northwest (307,000 acres). 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, Rayonier’s business strategies, 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” 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: 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 global economic conditions and geopolitical tensions, including the war in Ukraine and ongoing tensions in the Middle East; business disruptions arising from 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 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 (loss),” 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, 2025 (unaudited)
(millions of dollars, except per share information)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
SALES	$106.5			$82.9			$99.6			$189.5			$213.3
Costs and Expenses
Cost of sales	(74.9	)		(65.0	)		(74.3	)		(139.9	)		(160.4	)
Selling and general expenses	(16.9	)		(16.7	)		(20.6	)		(33.6	)		(39.6	)
Other operating expense, net	(0.2	)		(1.1	)		(0.2	)		(1.4	)		(0.1	)
OPERATING INCOME	14.5			0.1			4.5			14.6			13.2
Interest expense, net	(6.5	)		(6.4	)		(9.0	)		(12.9	)		(18.0	)
Interest income	2.3			2.9			1.8			5.2			3.7
Other miscellaneous expense, net	(0.5	)		(1.9	)		(1.2	)		(2.4	)		(8.3	)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	9.8			(5.3	)		(3.9	)		4.5			(9.4	)
Income tax (expense) benefit	—			(0.3	)		—			(0.3	)		1.0
INCOME (LOSS) FROM CONTINUING OPERATIONS	9.8			(5.6	)		(3.9	)		4.2			(8.4	)
(Loss) income from operations of discontinued operations, net of tax	(0.6	)		2.5			6.9			1.9			13.7
Gain on sale of discontinued operations	404.4			—			—			404.4			—
INCOME FROM DISCONTINUED OPERATIONS	403.8			2.5			6.9			406.3			13.7
NET INCOME (LOSS)	413.6			(3.1	)		3.0			410.5			5.3
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership	(5.5	)		0.1			—			(5.4	)		—
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates	0.6			(0.4	)		(1.1	)		0.2			(2.0	)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$408.7			($3.4	)		$1.9			$405.3			$3.3
EARNINGS PER COMMON SHARE
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations	$0.06			($0.04	)		($0.03	)		$0.03			($0.06	)
Discontinued Operations	$2.57			$0.01			$0.04			$2.59			$0.08
Net Income	$2.63			($0.02	)		$0.01			$2.62			$0.02
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations	$0.06			($0.04	)		($0.03	)		$0.03			($0.06	)
Discontinued Operations	$2.56			$0.01			$0.04			$2.57			$0.08
Net Income	$2.63			($0.02	)		$0.01			$2.60			$0.02
Pro forma net income (loss) per share (a)	$0.06			($0.02	)		($0.02	)		$0.04			($0.01	)
Weighted Average Common Shares used for determining
Basic EPS	155,536,320			153,677,854			148,910,214			154,612,221			148,738,795
Diluted EPS (b)	157,727,916			153,677,854			148,910,214			158,142,596			148,738,795

(a)		Pro forma net income per share is a non-GAAP measure. See Schedule F for definition and reconciliation to the nearest GAAP measure.
(b)		Diluted earnings per share is calculated based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average number of shares that would have been outstanding assuming all potentially dilutive securities (including Redeemable Operating Partnership Units) were converted into shares of common stock at the earliest date possible. For the periods in which net earnings (loss) from continuing operations was a loss, the effect of anti-dilutive securities was excluded in the denominator of calculating diluted EPS. As of June 30, 2025, there were 154,761,232 common shares and 2,076,931 Redeemable Operating Partnership Units outstanding.
A

RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2025 (unaudited)
(millions of dollars)
		June 30,			December 31,
		2025			2024
Assets
Cash and cash equivalents		$892.3			$303.1
Restricted cash, current		—			19.4
Assets held for sale		4.7			5.4
Current assets of discontinued operations		—			47.3
Other current assets		63.0			61.7
Timber and timberlands, net of depletion and amortization		2,345.2			2,384.3
Higher and better use timberlands and real estate development investments		115.2			109.6
Property, plant and equipment		36.6			35.7
Less – accumulated depreciation		(19.3	)		(18.3	)
Net property, plant and equipment		17.3			17.4
Restricted cash, non-current		0.7			0.7
Right-of-use assets		18.2			18.6
Non-current assets of discontinued operations		—			428.6
Other assets		57.7			78.3
		$3,514.3			$3,474.4
Liabilities, Noncontrolling Interests in the Operating Partnership and Shareholders’ Equity
Current maturities of long-term debt		200.0			—
Dividend and distribution payable		—			271.8
Current liabilities of discontinued operations		—			47.3
Other current liabilities		74.3			69.6
Long-term debt		844.9			1,044.4
Long-term lease liability		15.5			16.3
Non-current liabilities of discontinued operations		—			170.8
Other non-current liabilities		24.0			21.9
Noncontrolling interests in the Operating Partnership		53.4			51.8
Total Rayonier Inc. shareholders’ equity		2,302.2			1,769.3
Noncontrolling interests in consolidated affiliates		—			11.2
Total shareholders’ equity		2,302.2			1,780.5
		$3,514.3			$3,474.4
B

RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
June 30, 2025 (unaudited)
(millions of dollars, except share information)
	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 (a)	7,560,983			200.4			—			—			—			200.4
Issuance of 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 (b)	(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 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 (b)	(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

	Common Shares						Retained Earnings			Accumulated Other Comprehensive Income			Noncontrolling Interests in Consolidated Affiliates			Shareholders’ Equity
	Shares			Amount
Balance, January 1, 2024	148,299,117			$1,497.7			$338.2			$24.6			$17.1			$1,877.6
Loss from continuing operations	—			—			(4.5	)		—			—			(4.5	)
Income from discontinued operations	—			—			5.9			—			0.9			6.8
Dividends ($0.285 per share)	—			—			(42.8	)		—			—			(42.8	)
Issuance of shares under incentive stock plans	752			—			—			—			—			—
Stock-based incentive compensation	—			3.2			—			—			—			3.2
Adjustment of noncontrolling interests in the Operating Partnership	—			—			(0.3	)		—			—			(0.3	)
Other (b)	349,452			11.4			—			(2.2	)		(3.6	)		5.6
Balance, March 31, 2024	148,649,321			$1,512.3			$296.5			$22.4			$14.4			$1,845.6
Loss from continuing operations	—			—			(3.9	)		—			—			(3.9	)
Income from discontinued operations	—			—			5.8			—			1.1			6.9
Dividends ($0.285 per share)	—			—			(42.5	)		—			—			(42.5	)
Issuance of shares under incentive stock plans	396,849			—			—			—			—			—
Stock-based incentive compensation	—			4.9			—			—			—			4.9
Adjustment of noncontrolling interests in the Operating Partnership	—			—			8.1			—			—			8.1
Other (b)	(66,752	)		(2.2	)		—			5.4			(1.2	)		2.0
Balance, June 30, 2024	148,979,418			$1,515.0			$264.0			$27.8			$14.3			$1,821.1

(a)		Reflects the issuance of shares related to the Company’s special dividend of $1.80 per common share, paid on January 30, 2025, to shareholders of record as of December 12, 2024. This dividend comprised a combination of cash and the Company’s common shares.
(b)		Primarily includes shares purchased from employees in non-open market transactions to pay withholding taxes associated with the vesting of shares granted under the Company’s Incentive Stock Plan, pension and post-retirement benefit plan adjustments, foreign currency translation adjustments, mark-to-market adjustments of qualifying cash flow hedges, distributions to noncontrolling interests in consolidated affiliates and the allocation of other comprehensive income to noncontrolling interests in the Operating Partnership. The six months ended June 30, 2025 and June 30, 2024 also includes the redemption of 10,519 and 414,084 Redeemable Operating Partnership Units, respectively, for an equal number of Rayonier Inc. common shares.
C

RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
June 30, 2025 (unaudited)
(millions of dollars)
	Six Months Ended June 30,
	2025			2024
Cash provided by operating activities:
Net income	$410.5			$5.3
Depreciation, depletion and amortization from continuing operations	46.9			58.3
Depreciation, depletion and amortization from discontinued operations	9.1			14.9
Non-cash cost of land and improved development from continuing operations	9.3			6.4
Non-cash cost of land and improved development from discontinued operations	—			3.0
Gain on sale of discontinued operations	(404.4	)		—
Stock-based incentive compensation expense	5.9			8.1
Deferred income taxes	(2.6	)		(2.3	)
Other items to reconcile net income to cash provided by operating activities	9.0			6.9
Changes in working capital and other assets and liabilities	5.0			7.0
	88.7			107.6
Cash provided by (used for) investing activities:
Capital expenditures from continuing operations	(22.4	)		(28.9	)
Capital expenditures from discontinued operations	(7.1	)		(8.0	)
Real estate development investments	(8.2	)		(10.1	)
Net proceeds on sale of discontinued operations (a)	687.6			—
Net proceeds on sale of property, plant and equipment	4.1			—
Other	4.3			(0.4	)
	658.3			(47.4	)
Cash used for financing activities:
Dividends paid (b)	(153.3	)		(115.5	)
Distributions to noncontrolling interests in the Operating Partnership (c)	(2.0	)		(1.7	)
Repurchase of common shares made under repurchase program	(37.6	)		—
Distributions to noncontrolling interests in consolidated affiliates	(3.1	)		(3.8	)
Other	(2.6	)		(4.1	)
	(198.6	)		(125.1	)
Effect of exchange rate changes on cash and restricted cash	1.3			(0.9	)
Cash, cash equivalents and restricted cash:
Change in cash, cash equivalents and restricted cash	549.7			(65.8	)
Balance from continuing operations, beginning of year	323.1			180.4
Balance from discontinued operations, beginning of year	20.1			28.0
Total Balance, beginning of year	343.2			208.4
Balance from continuing operations, end of period	892.9			120.9
Balance from discontinued operations, end of period	—			21.7
Total Balance, end of period	$892.9			$142.6

(a)		The six months ended June 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.
(b)		The six months ended June 30, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025, to shareholders of record on December 12, 2024. The six months ended June 30, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.
(c)		The six months ended June 30, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024. The six months ended June 30, 2024 includes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
D

RAYONIER INC. AND SUBSIDIARIES
BUSINESS SEGMENT SALES, OPERATING INCOME,
PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA
June 30, 2025 (unaudited)
(millions of dollars)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Sales
Southern Timber	$53.3			$50.9			$59.3			$104.3			$129.3
Pacific Northwest Timber	22.4			21.4			24.3			43.8			49.5
Real Estate	29.4			10.2			15.5			39.6			31.0
Trading	1.4			0.4			0.6			1.8			3.5
Sales	$106.5			$82.9			$99.6			$189.5			$213.3
Operating income (loss)
Southern Timber	$12.6			$10.1			$17.1			$22.7			$40.1
Pacific Northwest Timber	1.6			0.7			(1.5	)		2.3			(5.8	)
Real Estate	9.8			(1.0	)		0.5			8.8			0.4
Trading	(0.1	)		(0.5	)		—			(0.6	)		—
Corporate and Other	(9.3	)		(9.3	)		(11.6	)		(18.7	)		(21.5	)
Operating income	$14.5			$0.1			$4.5			$14.6			$13.2
Pro forma operating income (loss) (a)
Southern Timber	$12.6			$10.1			$17.1			$22.7			$40.1
Pacific Northwest Timber	1.6			0.7			(1.5	)		2.3			(5.8	)
Real Estate	9.8			(1.0	)		0.5			8.8			0.4
Trading	(0.1	)		(0.5	)		—			(0.6	)		—
Corporate and Other	(9.3	)		(8.2	)		(11.4	)		(17.6	)		(21.3	)
Pro forma operating income	$14.5			$1.2			$4.7			$15.7			$13.4
Adjusted EBITDA (a)
Southern Timber	$28.4			$27.0			$33.9			$55.4			$78.7
Pacific Northwest Timber	7.0			6.4			5.9			13.3			10.6
Real Estate	18.6			2.0			4.5			20.6			9.1
Trading	(0.1	)		(0.5	)		—			(0.6	)		—
Corporate and Other	(8.9	)		(7.9	)		(11.0	)		(16.8	)		(20.4	)
Adjusted EBITDA	$44.9			$27.1			$33.3			$71.9			$78.0

(a)		Pro forma operating income (loss) and Adjusted EBITDA are non-GAAP measures. See Schedule F for definitions and reconciliations.
E

RAYONIER INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
June 30, 2025 (unaudited)
(millions of dollars, except per share information)
LIQUIDITY MEASURES:
		Six Months Ended
		June 30,			June 30,
		2025			2024
Cash Provided by Operating Activities		$88.7			$107.6
Cash provided by operating activities from discontinued operations		(8.9	)		(23.3	)
Working capital and other balance sheet changes		(10.7	)		(17.0	)
Capital expenditures		(22.4	)		(28.9	)
Cash Available for Distribution (a)		$46.7			$38.4
Net Income		$410.5			$5.3
Income from operations of discontinued operations, net of tax (b)		(1.9	)		(13.7	)
Gain on sale of discontinued operations (c)		(404.4	)		—
Interest, net and miscellaneous income		7.7			14.3
Income tax expense (benefit) (d)		0.3			(1.0	)
Depreciation, depletion and amortization		46.9			58.3
Non-cash cost of land and improved development		9.3			6.4
Non-operating expense (e)		2.4			8.3
Restructuring charges (f)		1.1			—
Costs related to disposition initiatives (g)		—			0.2
Adjusted EBITDA (h)		$71.9			$78.0
Cash interest paid, net (i)		(2.6	)		(10.5	)
Cash taxes paid		(0.3	)		(0.3	)
Capital expenditures		(22.4	)		(28.9	)
Cash Available for Distribution (a)		$46.7			$38.4
Cash Available for Distribution (a)		$46.7			$38.4
Real estate development investments		(8.2	)		(10.1	)
Cash Available for Distribution after real estate development investments		$38.5			$28.2

PRO FORMA NET INCOME (LOSS) (j):
		Three Months Ended																		Six Months Ended
		June 30, 2025						March 31, 2025						June 30, 2024						June 30, 2025						June 30, 2024
		$			Per Diluted Share			$			Per Diluted Share			$			Per Diluted Share			$			Per Diluted Share			$			Per Diluted Share
Net Income (Loss) Attributable to Rayonier Inc.		$408.7			$2.63			($3.4	)		($0.02	)		$1.9			$0.01			$405.3			$2.60			$3.3			$0.02
Loss (income) from operations of discontinued operations, net of tax (b)		0.6			—			(2.5	)		(0.02	)		(6.9	)		(0.05	)		(1.9	)		(0.01	)		(13.7	)		(0.09	)
Gain on sale of discontinued operations (c)		(404.4	)		(2.56	)		—			—			—			—			(404.4	)		(2.56	)		—			—
Restructuring charges (f)		—			—			1.1			0.01			—			—			1.1			0.01			—			—
Net costs on legal settlements (k)		—			—			1.7			0.01			1.1			0.01			1.7			0.01			2.4			0.02
Costs related to disposition initiatives (g)		—			—			—			—			0.2			—			—			—			0.2			—
Pension settlement charge, net of tax (l)		—			—			—			—			—			—			—			—			4.5			0.03
Pro forma net income (loss) adjustments attributable to noncontrolling interests (m)		4.8			—			0.4			—			1.2			0.01			5.1			—			2.1			0.01
Pro Forma Net Income (Loss)		$9.6			$0.06			($2.7	)		($0.02	)		($2.6	)		($0.02	)		$6.9			$0.04			($1.3	)		($0.01	)

PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (n) (h):
Three Months Ended		Southern Timber			Pacific Northwest Timber			Real Estate			Trading			Corporate and Other			Total
June 30, 2025
Operating income (loss)		$12.6			$1.6			$9.8			($0.1	)		($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			$7.0			$18.6			($0.1	)		($8.9	)		$44.9
March 31, 2025
Operating income (loss)		$10.1			$0.7			($1.0	)		($0.5	)		($9.3	)		$0.1
Restructuring charges (f)		—			—			—			—			1.1			1.1
Pro forma operating income (loss)		$10.1			$0.7			($1.0	)		($0.5	)		($8.2	)		$1.2
Depreciation, depletion and amortization		16.9			5.6			0.6			—			0.4			23.5
Non-cash cost of land and improved development		—			—			2.4			—			—			2.4
Adjusted EBITDA		$27.0			$6.4			$2.0			($0.5	)		($7.9	)		$27.1
June 30, 2024
Operating income (loss)		$17.1			($1.5	)		$0.5			—			($11.6	)		$4.5
Costs related to disposition initiatives (g)		—			—			—			—			0.2			0.2
Pro forma operating income (loss)		$17.1			($1.5	)		$0.5			—			($11.4	)		$4.7
Depreciation, depletion and amortization		16.8			7.4			0.6			—			0.4			25.2
Non-cash cost of land and improved development		—			—			3.4			—			—			3.4
Adjusted EBITDA		$33.9			$5.9			$4.5			—			($11.0	)		$33.3

PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (n) (h):
Six Months Ended		Southern Timber			Pacific Northwest Timber			Real Estate			Trading			Corporate and Other			Total
June 30, 2025
Operating income (loss)		$22.7			$2.3			$8.8			($0.6	)		($18.7	)		$14.6
Restructuring charges (f)		—			—			—			—			1.1			1.1
Pro forma operating income (loss)		$22.7			$2.3			$8.8			($0.6	)		($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			$13.3			$20.6			($0.6	)		($16.8	)		$71.9
June 30, 2024
Operating income (loss)		$40.1			($5.8	)		$0.4			—			($21.5	)		$13.2
Costs related to disposition initiatives (g)		—			—			—			—			0.2			0.2
Pro forma operating income (loss)		$40.1			($5.8	)		$0.4			—			($21.3	)		$13.4
Depreciation, depletion and amortization		38.6			16.5			2.4			—			0.9			58.3
Non-cash cost of land and improved development		—			—			6.4			—			—			6.4
Adjusted EBITDA		$78.7			$10.6			$9.1			—			($20.4	)		$78.0

(a)		“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 stock dividends, distributions to Operating Partnership unitholders, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods.
(b)		“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.
(c)		“Gain on sale of discontinued operations” reflects the net gain recognized on the sale of the Company’s New Zealand joint venture interest.
(d)		The six months ended June 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement.
(e)		The six months ended June 30, 2025 includes $1.7 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements.
(f)		“Restructuring charges” include severance costs related to workforce optimization initiatives.
(g)		“Costs related to disposition initiatives” include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023.
(h)		“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges, costs related to disposition initiatives 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.
(i)		“Cash interest paid, net” includes patronage refunds received of $7.9 million and $8.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. In addition, cash interest paid, net includes cash interest received of $5.2 million and $3.7 million during the six months ended June 30, 2025 and June 30, 2024, respectively.
(j)		“Pro forma net income (loss)” is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of income (loss) from operations of discontinued operations (net of tax), gain on sale of discontinued operations, net costs associated with legal settlements, restructuring charges, pension settlement charges, costs related to disposition initiatives 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.
(k)		“Net costs on legal settlements” reflects the net loss from litigation regarding insurance claims.
(l)		“Pension settlement charge, net of tax” reflects the net loss recognized in connection with the termination and settlement of the Company’s defined benefit plan.
(m)		“Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests.
(n)		“Pro forma operating income (loss)” is defined as operating income (loss) adjusted for restructuring charges, costs related to disposition initiatives 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

RAYONIER INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA GUIDANCE June 30, 2025 (unaudited)
ADJUSTED EBITDA GUIDANCE (a):
		3Q 2025 Guidance
		Low			High
Net Income to Adjusted EBITDA Reconciliation
Net income		$29.0		–	$45.0
Less: Net income attributable to noncontrolling interests in the Operating Partnership		(0.4	)	–	(0.6	)
Net income attributable to Rayonier Inc.		$28.6		–	$44.4
Interest expense, net		6.0		–	7.0
Interest and other miscellaneous income, net		(9.0	)	–	(10.0	)
Income tax expense		—		–	—
Depreciation, depletion and amortization		30.0		–	32.0
Non-cash cost of land and improved development		24.0		–	26.0
Net income attributable to noncontrolling interests		0.4		–	0.6
Adjusted EBITDA		$80.0		–	$100.0
Diluted Earnings per Share		$0.18		–	$0.28

(a)		“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense 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.
G

 

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Collin Mings

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