<SEC-DOCUMENT>0000052827-24-000179.txt : 20240628
<SEC-HEADER>0000052827-24-000179.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628163909
ACCESSION NUMBER:		0000052827-24-000179
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAYONIER INC
		CENTRAL INDEX KEY:			0000052827
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				132607329
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06780
		FILM NUMBER:		241086362

	BUSINESS ADDRESS:	
		STREET 1:		1 RAYONIER WAY
		CITY:			WILDLIGHT
		STATE:			FL
		ZIP:			32097
		BUSINESS PHONE:		9043579100

	MAIL ADDRESS:	
		STREET 1:		1 RAYONIER WAY
		CITY:			WILDLIGHT
		STATE:			FL
		ZIP:			32097

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT RAYONIER INC /CT/
		DATE OF NAME CHANGE:	19940422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT RAYONIER INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>a2023salarieddcplan11-k.htm
<DESCRIPTION>FORM 11-K
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2024 Workiva -->
<title>Document</title></head><body><div id="iacff1cae804a4259b5d5128d78023f5e_1"></div><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="padding-right:18pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</font></div><div style="margin-bottom:24pt;padding-left:144pt;padding-right:130.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">FORM 11-K</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(Mark One)&#58;</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;  X  &#93;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">EXCHANGE ACT OF 1934</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For the year ended December&#160;31, 2023 </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">OR</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;      &#93;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">EXCHANGE ACT OF 1934</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For the transition period from __________ to __________</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">COMMISSION FILE NUMBER 1-6780</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">A. Full title of the plan and the address of the plan, if different from that of the issuer named below&#58;</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office&#58;</font></div><div style="text-align:center"><font><br></font></div><div style="margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><img alt="logocolor450pxwidthpnga46a.jpg" src="logocolor450pxwidthpnga46a.jpg" style="height:65px;margin-bottom:5pt;vertical-align:text-bottom;width:149px"></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">1 Rayonier Way</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Wildlight, Florida 32097</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Telephone Number&#58;  (904) 357-9100</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_4"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#002e5b;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS</font></div><div style="margin-bottom:9pt;padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#002e5b;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">PLAN FOR SALARIED EMPLOYEES</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#002e5b;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">AS OF DECEMBER&#160;31, 2023 AND 2022 </font></div><div style="margin-bottom:9pt;padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#002e5b;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">AND FOR THE YEAR ENDED DECEMBER&#160;31, 2023</font></div><div style="margin-bottom:9pt;padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#002e5b;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">TABLE OF CONTENTS</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.514%"><tr><td style="width:1.0%"></td><td style="width:83.907%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.893%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">PAGE</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_7" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Report of Independent Registered Public Accounting Firm</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_7" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">1</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Financial Statements&#58;</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_10" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Statements of Net Assets Available for Benefits</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_10" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">2</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_13" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Statement of Changes in Net Assets Available for Benefits</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_13" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">3</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_16" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Notes to Financial Statements</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_16" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Supplemental Schedule&#58;</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_22" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule H, Line 4i&#58; Schedule of Assets (Held at End of Year)</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_22" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">12</a></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_28" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Signature</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_28" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">13</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_31" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit Index</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_31" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">14</a></font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_7"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_4" style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Table of Contents</a></font></div><div style="text-align:center"><font><br></font></div></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To the Plan Administrator and Participants of the</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rayonier Investment and Savings Plan for Salaried Employees</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wildlight, Florida</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Opinion on the Financial Statements</font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have audited the accompanying statements of net assets available for benefits of the Rayonier Investment and Savings Plan for Salaried Employees (the &#8220;Plan&#8221;) as of December 31, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively, the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis for Opinion</font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan&#8217;s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplemental Information</font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial statements. The supplemental information is the responsibility of the Plan&#8217;s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have served as the Plan&#8217;s auditor since 2007.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; ENNIS, PELLUM &#38; ASSOCIATES, P.A.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Ennis, Pellum &#38; Associates, P.A.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Jacksonville, Florida</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">June 28, 2024</font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_10"></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES </font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AS OF DECEMBER 31,</font></div><div style="text-align:center"><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:67.860%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.102%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.396%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ASSETS</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments, at fair value (Notes 2 and 3)</font></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$114,914,654</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$99,711,506</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments, at contract value (Note 2)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,100&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,920&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total investments</font></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114,917,754&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,713,426&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Receivables&#58;</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes receivables from participants</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">423,631&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">304,691&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Employer contributions</font></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">81,239&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">111,639&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued dividends and unsettled trades</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">47,842&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,107&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total receivables</font></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">552,712&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">417,437&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL ASSETS                           </font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">115,470,466&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100,130,863&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">LIABILITIES</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payables&#58;</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued investment fees</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,017)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,782)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL LIABILITIES                          </font></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,017)</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,782)</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NET ASSETS AVAILABLE FOR BENEFITS</font></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$115,454,449</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$100,117,081</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying notes are an integral part of these financial statements.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_13"></div><hr style="page-break-after:always"><div style="min-height:81pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES </font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">FOR THE YEAR ENDED DECEMBER 31, </font></div><div style="text-align:center"><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:82.501%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.299%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ADDITIONS TO NET ASSETS&#58;</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net appreciation in fair value of investments</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$12,675,095</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Participant contributions</font></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,221,027</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest and dividends (Note 4)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,762,427&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Employer contributions</font></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,590,737&#160;</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rollover contributions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,769,395&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest on notes receivable from participants</font></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,726&#160;</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,039,407&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">DEDUCTIONS FROM NET ASSETS&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Distributions to participants</font></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,702,039)</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,702,039)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NET INCREASE</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,337,368&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net assets available for benefits&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Beginning of year</font></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100,117,081&#160;</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">End of year</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$115,454,449</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying notes are an integral part of these financial statements.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt"><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_4" style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Table of Contents</a></font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Description of the Plan</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following brief description of the Rayonier Investment and Savings Plan for Salaried Employees (the &#8220;Plan&#8221;) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan&#8217;s provisions.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan is a defined contribution plan covering all eligible salaried employees of Rayonier Inc. and Subsidiaries (&#8220;Sponsor&#8221; or the &#8220;Company&#8221;). Salaried employees are eligible to participate in the Plan immediately and are, absent an election by the participant, automatically enrolled after completing 45 days of eligible service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;).</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Empower Retirement (&#8220;Empower&#8221;) serves as the record keeper and administers the Plan&#8217;s assets for the benefit of participants. The trust forming part of the Plan (the &#8220;Trust&#8221;) maintains the Plan&#8217;s investments in Rayonier Inc. common stock and is administered by Empower Trust Company, LLC.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Contributions</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants may contribute up to 100 percent of eligible compensation, which includes their annual bonus. Contributions may be made on a before-tax basis, Roth after-tax basis, after-tax basis or a combination thereof. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company makes a standard matching contribution of 60 percent of the first six percent of each participant&#8217;s eligible compensation contributed to the Plan, with a matching true-up contribution made annually. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Employees may, at the Company&#8217;s discretion, receive a contribution (&#8220;enhanced retirement contribution&#8221;) of three percent of their eligible compensation in addition to the standard matching contribution each pay period. The compensation used to calculate the enhanced retirement contribution includes overtime and additional straight time in addition to base pay and annual bonus. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Each year, participants may contribute up to the maximum allowed by the Internal Revenue Code (&#8220;IRC&#8221;). In addition, the Plan allows for &#8220;catch-up&#8221; contributions by participants age 50 years and older as of the end of the Plan year. The Plan permits rollovers from other qualified plans into the Plan.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Participant Accounts</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Each participant&#8217;s account is credited with the participant&#8217;s contributions and the related Company contributions. Plan earnings and losses are allocated to participant accounts based upon account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant&#8217;s vested balance.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Vesting</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants are immediately fully vested in their contributions plus actual earnings&#47;losses thereon. Participants vest in the Company matching contributions and enhanced retirement contributions at a rate of 20 percent per year of service. Full vesting occurs after five years of service.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Forfeitures</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Forfeited non-vested accounts may be used to reduce future employer contributions or to pay for administrative expenses related to the Plan</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> During 2023</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, forfeitures o</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">f $20,809 w</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ere utilized to reduce administrative expenses.  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">An insignificant amount of interest income is earned on the funds held in this account. At December&#160;31, 2023 and 2022, the balance in forfeited</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, non-vested accounts totaled</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> $53,715 </font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">a</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">nd $22,703, respectively, and remains available in money market, stable value, and guaranteed interest holdings.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Investment Options</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants direct the investment of their contributions into various investment options offered by the Plan, as listed in the accompanying schedule of assets held at the end of the year.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants are prohibited from transferring into most mutual funds and similar investment options if they have transferred into and out of the same option within the previous 60 days. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants are prohibited from contributing or transferring into the Rayonier Inc. Common Stock Fund, but transfers out may occur at any time.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Notes Receivable from Participants</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participants may borrow a minimum of $1,000 from their individual accounts. Loan amounts may not exceed the lesser of (a) 50 percent of the participant&#8217;s vested balance or (b) $50,000 reduced by the participant&#8217;s highest outstanding loan balance, if any, during the prior one-year period. In no event may a participant borrow from enhanced retirement contributions provided by the Company. Loan terms range from one to five years or up to 15 years for the purchase of a primary residence.  The loans are secured by the balance in the participant&#8217;s account and bear interest at the prime rate plus one percent. Principal and interest are paid ratably through semi-monthly payroll deductions. Loan transactions are treated as transfers between the investment funds and the loan fund.  </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Payment of Benefits and Withdrawals</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Plan benefits are payable to participants at the time of termination or retirement, in the case of becoming disabled, or to their beneficiaries in the event of death, and are based on the fully vested balance of their account. Alternatively, a participant may elect to defer distribution until their required minimum distribution date as defined by the SECURE Act, provided the participant&#8217;s vested account balance exceeds $1,000. In the event of termination of employment before retirement, a participant&#8217;s account balance will be distributed in a lump sum, or if the balance exceeds $1,000, over future periods or deferred.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Withdrawals may be made from the principal portion of a participant&#8217;s after-tax account balance at any time. Withdrawals from before-tax account balances, Roth after-tax account balances, and earnings from after-tax account balances are allowable before attaining the age of 59-1&#47;2 in the case of financial hardship. Existence of financial hardship is determined by Internal Revenue Service (&#8220;IRS&#8221;) criteria.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Summary of Significant Accounting Policies</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Basis of Accounting</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements of the Plan are prepared under the accrual method of accounting.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.</font></div><div style="margin-bottom:6pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Investment Valuation and Income Recognition</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan&#8217;s investments are stated at fair value, with the exception of fully benefit-responsive investment contracts.  See Note 3 &#8212; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">for additional information.</font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan previously held the MassMutual GIA as its stable value investment option. Fully benefit-responsive investment contracts, such as those held in the MassMutual GIA, are reported at contract value pursuant to Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-12. Contract value (generally equal to historical cost plus accrued interest) is the relevant measure for fully benefit-responsive investment contracts because it represents the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by the accounting standards update, all Plan investments in such contracts are presented at contract value in the Statements of Net Assets Available for Benefits. The MassMutual GIA was replaced with the Putnam Stable Value Fund (a common collective trust fund) as an investment option for participants in 2021, and the Putnam Stable Value Fund was replaced with the Flexpath Stable Value Fund (a common collective trust fund) in 2022. An immaterial amount of forfeitures were still held in the MassMutual GIA as of December 31, 2023 and 2022.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following&#58; (i) amendments to the plan documents (including complete or partial plan termination)&#59; (ii) breach of contract&#59; or (iii) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator does not believe the occurrence of any such event is probable.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Purchases and sales of securities are recorded on a trade-date basis. Interest income and dividends are recorded on an accrual basis. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold as well as held during the year. See Note 3 &#8212; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> for additional information.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Contributions</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Contributions from Plan participants and the matching contributions from the Company are recorded in the year in which participant compensation is earned.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Notes Receivable from Participants</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Participant loans are recorded as &#8220;Notes receivables from participants&#8221; and measured at their unpaid principal balance plus any accrued but unpaid interest in the Statements of Net Assets Available for Benefits as of December&#160;31, 2023 and 2022</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. No allowance for credit losses has been recorded </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">as of December&#160;31, 2023 and 2022. Defaulted participant loans are reclassified as distributions based upon the terms of the Plan document.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Risks and Uncertainties</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants&#8217; account balances and the amounts reported in the Statements of Net Assets Available for Benefits.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Payment of Benefits</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Benefits are recorded when paid.</font></div><div style="margin-bottom:6pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Operating Expenses</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Certain expenses of maintaining the Plan are paid by the Sponsor</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Fees charged by the individual funds and participant specific expenses are deducted from the participant&#8217;s balance and included within &#8220;Net appreciation in fair value of investments&#8221; in the Statement of Changes in Net Assets Available for Benefits.</font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsequent Events</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Plan has evaluated events and transactions that occurred after the balance sheet date but before the financial statements were issued. No events occurred that warranted disclosure.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Fair Value Measurements</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Financial assets and liabilities disclosed in the financial statements on a recurring basis are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date (an exit price). The guidance establishes a three-level hierarchy that prioritizes the inputs used to measure fair value as follows&#58;</font></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-58.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Level 1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> - Quoted prices in active markets for identical assets or liabilities.</font></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-45pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Level 2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. </font></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-45pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Level 3</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</font></div><div style="text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following table sets forth by level, within the fair value hierarchy, the Plan&#8217;s investments at fair value, as of December&#160;31, 2023&#58;</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.795%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 1</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 2</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 3</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investments at Fair Value&#58;</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Rayonier Inc. Common Stock Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,227,856&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,227,856&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mutual Funds</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,564,982&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,564,982&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Investments in the Fair Value Hierarchy</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,792,838&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,792,838&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investments Measured at Net Asset Value (a)&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Pooled Separate Investment Accounts</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,408,094&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Common Collective Trust Funds</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,713,722&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Investments at Net Asset Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34,121,816&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Investments at Fair Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114,914,654&#160;</font></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:8.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.487%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.487%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.714%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.</font></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-top:6pt;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following table sets forth by level, within the fair value hierarchy, the Plan&#8217;s investments at fair value, as of December&#160;31, 2022&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:47.291%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.065%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 1</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 2</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level 3</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investments at Fair Value&#58;</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Rayonier Inc. Common Stock Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,309,150&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,309,150&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mutual Funds</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57,660,687&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57,660,687&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Investments in the Fair Value Hierarchy</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,969,837&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,969,837&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investments Measured at Net Asset Value (a)&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pooled Separate Investment Accounts</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,750,766&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Common Collective Trust Funds</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,990,903&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Investments at Net Asset Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,741,669&#160;</font></td><td style="background-color:#e0e0e0;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Investments at Fair Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,711,506&#160;</font></td><td style="background-color:#e0e0e0;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:8.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.487%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.487%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.714%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The asset or liability&#8217;s measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The fair value of </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rayonier Inc. Common Stock Fund </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">is measured using the unit value calculated from the observable market price of the stock plus the cost of the short-term investment fund, which approximates fair value. These non-pooled separate investment accounts are deemed to be Level 1 investments. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Mutual Funds</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded and to be Level 1 investments.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Common Collective Trust Funds</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> are</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">measured using the unit value calculated based on the net asset value (&#8220;NAV&#8221;) of the underlying assets as a practical expedient. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded&#59; however, the unit price calculation is based on observable market inputs of the funds&#8217; underlying assets. As of December&#160;31, 2023 and 2022, there were no unfunded commitments. There are no participant redemption restrictions for these investments and participants can transact daily in these funds. Plan level withdrawal of the common collective trust funds requires a five day written notice and is subject to obtaining the cash requirement available on the liquidation date.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Pooled Separate Investment Accounts</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> are</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">measured using the unit value calculated based on the NAV of the underlying pool of securities as a practical expedient. The NAV is based on the fair value of the underlying investments held by each fund less liabilities. Purchases and sales may occur daily within these accounts. As of December&#160;31, 2023 and 2022, there were no unfunded commitments. Should the Plan initiate a full redemption on any of the pooled separate investment accounts, the redemption period is immediate. </font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation </font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</font></div><div style="text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following table summarizes the Plan&#8217;s investments measured at fair value based on NAV per share, as of December&#160;31, 2023 and 2022&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.546%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="9" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, </font></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Common Collective Trust Funds&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Stable Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$21,053,751&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$22,967,041&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Small Cap Growth</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,431,773&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,030,336&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Emerging Markets</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,228,198</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">993,526</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Common Collective Trust Funds</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$23,713,722</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$24,990,903</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Pooled Separate Investment Accounts&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Large Cap Value</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,830,858&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,647,707&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mid Cap Index</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,396,773&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,508,322&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;Multi Sector Bond</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,180,463&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,594,737&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Pooled Separate Investment Accounts</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$10,408,094</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$8,750,766</font></td></tr></table></div><div style="margin-bottom:6pt;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">4.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Stock Dividends</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan received regular cash dividends of $1.34 per share on Rayonier Inc. stock owned, totaling $318,310 for the year ended December&#160;31, 2023.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">5.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Party-in-Interest Transactions</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Certain Plan investments are in Rayonier Inc. common stock&#59; which comprises approximately 7% of the total investments. As Rayonier Inc. is the Sponsor, these transactions also qualify as party-in-interest transactions. At December&#160;31, 2023 and 2022, the Plan held 232,798 and 243,957 shares of Rayonier Inc. common stock, respectively, which represented 0.2 percent and 0.2 percent, respectively, of the total shares outstanding. In addition, the Plan Sponsor paid certain expenses totaling $33,000.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Empower Retirement, the Plan&#8217;s record keeper, received compensation from the plan. Accordingly, these transactions qualify as party-in-interest transactions.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan issues notes to participants, which are secured by the balances in the participants&#8217; accounts. These transactions qualify as party-in-interest transactions.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">6.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Plan Termination</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts.</font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">7.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Concentration of Investments</font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan is concentrated in the following investments as of December&#160;31, 2023 and 2022&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.531%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.777%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.699%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="9" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,</font></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investment  </font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Description</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock iShares S&#38;P 500 Index Fund</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20&#160;</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19&#160;</font></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Flexpath Stable Value CL I1</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Common Collective Trust Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">8.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Tax Status</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan has adopted a Non-Standardized Pre-Approved Profit Sharing&#47;Money Purchase&#47;CODA Plan Document. The Non-Standardized Pre-Approved Plan received a favorable opinion letter from the IRS on June 30, 2020. The letter states the Non-Standardized Pre-Approved Plan is designed in accordance with applicable sections of the IRC. The Plan Administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.  </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions&#59; however, there are currently no audits for any tax periods in progress.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">9.</font><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Reconciliation of Financial Statements to Form 5500</font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following tables are a reconciliation of net assets available for benefits according to the financial statements as compared to Form 5500 as of December&#160;31, 2023 and 2022&#58;  </font></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:84.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.542%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net assets available for benefits per the financial statements</font></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$115,454,449</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Add&#58; Accrued investment fees at December 31, 2023</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">16,017&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Less&#58; Contributions receivable at December 31, 2023</font></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">81,239&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Less&#58; Dividend receivable at December 31, 2023</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">47,842</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net assets available for benefits per Form 5500</font></td><td colspan="3" style="background-color:#e0e0e0;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$115,341,385</font></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:84.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.542%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net assets available for benefits per the financial statements</font></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$100,117,081</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Add&#58; Accrued investment fees at December 31, 2022</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">13,782&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Less&#58; Contributions receivable at December 31, 2022</font></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">111,639&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Less&#58; Dividend receivable at December 31, 2022</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,076</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net assets available for benefits per Form 5500</font></td><td colspan="3" style="background-color:#dbdbdb;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$100,018,148</font></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES TO FINANCIAL STATEMENTS</font></div><div><font><br></font></div></div><div style="margin-bottom:3pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following table is a reconciliation of changes in net assets available for benefits according to the financial statements as compared to Form 5500 for the year ended December&#160;31, 2023&#58;</font></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:84.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.542%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Increase in net assets available for benefits per the financial statements</font></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$15,337,368</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Change in accrued investment fees</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,235&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Change in accrued contribution receivable</font></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">30,400</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Change in accrued dividend receivable</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(46,766)</font></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net income per Form 5500</font></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$15,323,237</font></td></tr></table></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_22"></div><hr style="page-break-after:always"><div style="min-height:108pt;width:100%"><div><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_4" style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Table of Contents</a></font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SCHEDULE H, LINE 4i&#58; SCHEDULE OF ASSETS (HELD AT END OF YEAR)</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AS OF DECEMBER 31, 2023</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PLAN NUMBER 100</font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EMPLOYER IDENTIFICATION NUMBER 13-2607329</font></div><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:4.503%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.405%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.518%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.928%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.518%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.421%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(a)</font></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(b) Identity of Issue</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(c) Description</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(d) Cost</font></td><td colspan="3" style="background-color:#002e5b;padding:0 1pt"></td><td colspan="3" style="background-color:#002e5b;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(e) Current Value</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">iShares S&#38;P 500 Index K</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$23,363,134</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Flexpath Stable Value CL I1</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Common Collective Trust Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21,053,751</font></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">*</font></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rayonier Inc. Common Stock Fund (1)</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Company Stock</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,227,856&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2040 K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,975,658&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2025 K</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,366,756&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Principal Blue Chip R6</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,272,471&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2035 K</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,437,232&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vanguard Mid Cap Index Admiral</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pooled Separate Investment Account</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,396,773&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2030 K</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,837,538&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2045 K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,328,115&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vanguard Intermediate Term Bond Index Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,906,212&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">iShares MSCI EAFE International Index K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,892,814&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MFS Value R6</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pooled Separate Investment Account</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,830,858&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index Retirement K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,763,258&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allspring Special Small Cap Value R6</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,642,143&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2050 K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,201,782&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mass Mutual Total Return Bond I</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pooled Separate Investment Account</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,081,856&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2055 K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,937,278&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">American Funds EuroPacific Growth R6</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,932,060&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">iShares Russell 2000 Small-Cap Index K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,779,289&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Small Cap Growth L1</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Common Collective Trust Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,431,773&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Emerging Markets CIT</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Common Collective Trust Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,228,198&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pimco Income Instl</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pooled Separate Investment Account</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,098,607&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2060 K</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">848,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BlackRock Lifepath Index 2065 K</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">74,941&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MassMutual US Govt Mny Mkt R5 (1)</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mutual Fund</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,291&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MassMutual GIA (1)</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Guaranteed Interest Account</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="2" style="background-color:#e0e0e0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,100&#160;</font></td><td style="background-color:#e0e0e0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">*</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Notes Receivable from Participants (2)</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Participant Loans</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">423,631&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;padding:0 1pt"></td><td colspan="3" style="background-color:#e0e0e0;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$115,341,385</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</font></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">This investment is closed to participant contributions.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2)</font></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">The loans bear fixed interest rates which range from 4.25 percent to 9.50 percent with maturities through October 2038.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Denotes party-in-interest transaction.</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">**</font></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments are participant directed, thus cost information is not required.</font></td></tr></table></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Independent Auditors&#8217; Report.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_28"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_4" style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Table of Contents</a></font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SIGNATURE</font></div></div><div><font><br></font></div><div style="margin-bottom:24pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension and Saving Plan Committee for the Rayonier Investment and Savings Plan for Salaried Employees has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="padding-left:144pt;padding-right:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Rayonier Investment and Savings Plan for Salaried Employees</font></div><div style="margin-bottom:24pt;padding-left:144pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;(Name of Plan)</font></div><div style="margin-bottom:24pt;padding-left:144pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.631%"><tr><td style="width:1.0%"></td><td style="width:11.141%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:49.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.000%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SHELBY L. PYATT</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Shelby L. Pyatt</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Plan Administrator</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="padding-left:144pt"><font><br></font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> June&#160;28, 2024 </font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13</font></div></div></div><div id="iacff1cae804a4259b5d5128d78023f5e_31"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div style="-sec-extract:summary"><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#iacff1cae804a4259b5d5128d78023f5e_4" style="-sec-extract:exhibit;color:#3051f2;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:underline">Table of Contents</a></font></div><div style="text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">EXHIBIT INDEX</font></div></div><div style="-sec-extract:summary"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.397%"><tr><td style="width:1.0%"></td><td style="width:12.982%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.591%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.824%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.591%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.312%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">EXHIBIT NO.</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">DESCRIPTION</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LOCATION</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #002e5b;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #002e5b;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="exhibit23-salaried2023.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consent of Independent Registered Public Accounting Firm</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #002e5b;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Filed herewith</font></td></tr></table></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="-sec-extract:summary;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit23-salaried2023.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2024 Workiva -->
<title>Document</title></head><body><div id="i8b99ebbe2eca498ca1c5afd3734e8787_1"></div><div style="min-height:42.75pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">EXHIBIT 23</font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#002e5b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 033-52437 and 033-65291) of Rayonier Inc. of our report dated June&#160;28, 2024, relating to the financial statements and supplemental schedule of the Rayonier Investment and Savings Plan for Salaried Employees which appear in this Form 11-K for the year ended December&#160;31, 2023.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Ennis, Pellum &#38; Associates, P.A.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ennis, Pellum &#38; Associates, P.A.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Jacksonville, Florida</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">June&#160;28, 2024 </font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logocolor450pxwidthpnga46a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logocolor450pxwidthpnga46a.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" #' <(# 2(  A$! Q$!_\0
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M 4W;3J* (O+]>?PI8X]K$YI^VC%+T$+7!_%3XU^$/@MI]E>^,-7CTBVO)3#
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M\?6@J?6C^Q\#_)^8_P"U,7_.?HG:_P#!6A-P^U_#J15[F'4PQ_(QBO1_ O\
MP4Z^&/B2ZB@UJTU7PPSG'G7$8FB7ZE"2/RK\I#\O4TJX)S6,\AP4UI&WS-(Y
MOBHZMW1_03X4\7:)XWT6VU;0=6M-8TVX7='=6<RR(WMD'K[=:V\CUK\4_P!D
M3]I#5?@#\2[!FNY)?"NI3);ZG9.V8PK''G*.S+QSW&:_:6.X2XMTEB8.CJ&5
MAT((R#7Q68Y?/ 5%#=/8^PP.-CC*?-U6Y-N'K2[@>AKX[_;4_;6U#]GGQ+HG
MAWPO9:?JFL30-=WJWX=EAC)Q&!M888D,?H!ZU\W?\/4OB:.GAWPW_P!^I_\
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MT/VM6LY'\N55/S(R$D=#VQR!731S_#U*D8<C5S&IDU:G!SYT['Y>G*FOM?\
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MJ]_H/YU]!?M[?\G4>,_]^'_T2E?/J]_H/YUI@O\ =:?^&)&,_P!XGZGZZ?\
M!,O_ )-CMO\ L*W?\UKZPKY/_P""9?\ R;';_P#85N_YK7UC7YAC_P#>JGJS
M]#P7^[P]#XR_X*C:>ES\ =-N&7+VVLPLA],HZG^=?E/_ !&OUB_X*@/C]G6
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M9F/' &:_%E;ZYVA1<2@>F\TUKB>3(,LDF1R-Q/'^0?RKYFGP^J<U/VFS[?\
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MU/UT_P""9?\ R;';_P#85N_YK7UC7R=_P3+_ .38[?\ ["MW_-:^L:_,,?\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
C%%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
