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 and New Zealand. As of December 31, 2020, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S. South (1.73 million acres), U.S. Pacific Northwest (507,000 acres) and New Zealand (417,000 acres). The Company also acts as the managing member in a private equity timber fund business with three funds comprising approximately 141,000 acres. On a look-through basis, the Company's ownership in the timber fund business equates to approximately 17,000 acres.

Investor	Date	% Owned	Market Value	Shares	Chg. Shares	Chg. Shares %	% Portfolio
The Vanguard Group, Inc.	2025-09-30	13.46999%	$550.18M	20.7M	-225.5K	-1.1%	0.0%
BlackRock, Inc.	2025-09-30	9.553%	$390.19M	14.7M	-57.9K	-0.4%	—
Government Pension Fund Global	2025-06-30	8.92458%	$364.52M	13.7M	—	—	0.0%
Norges Bank Investment Management	2025-06-30	8.92157%	$364.40M	13.7M	—	—	0.0%
Cohen & Steers Capital Management, Inc.	2025-09-30	8.33776%	$340.56M	12.8M	-203.4K	-1.6%	0.5%
T. Rowe Price Group, Inc.
Cohen & Steers Real Estate Securities Fund, Inc.
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iShares Trust - iShares Core S&P Mid-Cap ETF
Legal & General Investment Management Limited
Pictet Asset Management Limited
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Geode Capital Management, LLC
JP Morgan Asset Management
Victory Capital Management Inc.

Rayonier Inc.

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