# EDGAR Filing Document

**Accession Number:** 0002048379
**File Stem:** 0000950103-26-002612
**Filing Date:** 2026-2
**Character Count:** 49690
**Document Hash:** 02085ea35825d649fdeffa11968187be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-002612.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000950103-26-002612

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RAYONIER ADVANCED MATERIALS INC.
- **CENTRAL INDEX KEY:** 0001597672
- **STANDARD INDUSTRIAL CLASSIFICATION:** PULP MILLS [2611]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 464559529
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88273
- **FILM NUMBER:** 26674307

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 RIVERPLACE BOULEVARD
- **STREET 2:** SUITE 2300
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32207
- **BUSINESS PHONE:** (904) 357-4600

**MAIL ADDRESS:**
- **STREET 1:** 1301 RIVERPLACE BOULEVARD
- **STREET 2:** SUITE 2300
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Rayonier Holding Co
- **DATE OF NAME CHANGE:** 20140121
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIPCF VIII (Cayman), Ltd.
- **CENTRAL INDEX KEY:** 0002048379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE, 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-916-8175

**MAIL ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE, 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Ex-99.A

**<u>Annex A</u>**

**TRANSACTIONS IN COMMON STOCK BY THE REPORTING PERSONS**

The following tables set forth all transactions in the Common Stock effected by the Reporting Persons in the past 60 days. All such transactions were effected in the open market through a broker and all weighted average prices per share exclude commissions.

---

| | | |
|:---|:---|:---|
| **Trade Date**<br>**(yyyy-mm-dd)**<br>| **Shares Purchased** | **Weighted Average**<br> **Price Per Share ($)** |
| 2025-12-22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22099.00 | 5.7408 |
| 20205-12-23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73311.00 | 5.7402 |
| 2025-12-24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7911.00 | 5.8165 |
| 2025-12-26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633.00 | 5.8601 |
| 2025-12-29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017.00 | 5.8594 |
| 2025-12-30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108140.00 | 5.8614 |
| 2025-12-31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124012.00 | 5.8720 |
| 2026-01-02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96743.00 | 5.8326 |
| 2026-01-05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233351.00 | 6.9820 |
| 2026-01-06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236044.00 | 6.9876 |
| 2026-01-07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300.00 | 6.9867 |
| 2026-01-09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73218.00 | 7.2832 |
| 2026-01-12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299242.00 | 7.4304 |
| 2026-01-13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60636.00 | 7.3748 |
| 2026-01-14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62574.00 | 7.7165 |
| 2026-01-15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626.00 | 7.8337 |
| 2026-01-20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123767.00 | 7.9805 |
| 2026-01-21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494.00 | 8.0000 |
| 2026-01-27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835.00 | 7.9819 |
| 2026-01-29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56844.00 | 7.9168 |
| 2026-01-30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206974.00 | 7.7579 |
| 2026-02-02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91603.00 | 7.8754 |
| 2026-02-03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200.00 | 7.8378 |
| 2026-02-04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146748.00 | 7.9940 |
| 2026-02-05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379470.00 | 7.9549 |
| 2026-02-09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78465.00 | 7.9811 |
| 2026-02-10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28402.00 | 8.1368 |
| 2026-02-11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462482.00 | 8.2097 |
| 2026-02-12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121892.00 | 8.2698 |
| 2026-02-13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44643.00 | 8.4081 |
| 2026-02-17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31083.00 | 7.7783 |
| 2026-02-18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31241.00 | 8.0024 |
| 2026-02-19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27767.00 | 7.7635 |
| 2026-02-20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72233.00 | 7.7949 |

---

## Ex-99.B

**<u>Annex B</u>**

**GENERAL PARTNERS, CONTROL PERSONS, DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS**

The following sets forth the name, position, address, principal occupation and citizenship of each general partner, control person, director and/or executive officer of the Reporting Persons (the "<u>Instruction C Persons</u>"). To the best of the Reporting Persons' knowledge, (i) none of the Instruction C Persons during the last five years has been convicted in a criminal proceeding (excluding traffic violations or other similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws and (ii) none of the Instruction C Persons owns any Common Stock or is party to any contract or agreement as would require disclosure in this Schedule 13D.

<u>Lightship Capital GP, LLC</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Citizenship** | **Present Principal**<br> **Occupation** | **Business Address** |
| Dino Cusumano | President | USA | General Partner,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Richard Dennis | Vice President | USA | Partner, American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Jan Trnka-Amrhein | Vice President | USA | Partner, American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Stanley Edme | Secretary and Vice President | USA | Partner and Chief Compliance Officer,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Louis Tedesco | Secretary and Vice President | USA | Partner and Chief Financial Officer,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |

---

<u>AIPCF VIII (Cayman), Ltd.</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Citizenship** | **Present Principal**<br> **Occupation** | **Business Address** |
| Kim Marvin | Director | USA | General Partner,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Dino Cusumano | Director | USA | General Partner,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |
| Justin Fish | Director | USA | General Partner,<br> American Industrial Partners | 450 Lexington Avenue, 40th Floor, New York,<br> New York 10017 |

---

## Exhibit 99.1

**<u>Exhibit 1</u>**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Date: February 24, 2026

---

| | |
|:---|:---|
| **LIGHTSHIP CAPITAL III LP** | **LIGHTSHIP CAPITAL III LP** |
| By | Lightship Capital III GP, LLC as general partner |

---

---

| | |
|:---|:---|
| By: | /s/ Stanley Edme |
|  | Name: Stanley Edme |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **LIGHTSHIP CAPITAL III GP, LLC** | **LIGHTSHIP CAPITAL III GP, LLC** |
| By: | /s/ Stanley Edme |
|  | Name: Stanley Edme |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **AIPCF VIII (CAYMAN), L.P.** | **AIPCF VIII (CAYMAN), L.P.** |
| By: | AIPCF VIII (Cayman), Ltd. as general partner |
| By: | /s/ Stanley Edme |
|  | Name: Stanley Edme |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **AIPCF VIII (CAYMAN), LTD.** | **AIPCF VIII (CAYMAN), LTD.** |
| By: | /s/ Stanley Edme |
|  | Name: Stanley Edme |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **AIPCF VIII CREDIT OPPORTUNITY FUND, LP** | **AIPCF VIII CREDIT OPPORTUNITY FUND, LP** |
| By | AIPCF VIII (Cayman), L.P. as general partner |
| By | AIPCF VIII (Cayman), Ltd. as general partner |
| By: | /s/ Stanley Edme |
|  | Name: Stanley Edme |
|  | Title: Vice President |

---

## Exhibit 99.2

**<u>Exhibit 2</u>**

<u>HIGHLY CONFIDENTIAL</u>

<br> November 18th, 2025

<br> Board of Directors

Rayonier Advanced Materials Inc.

1301 Riverplace Boulevard, Suite 2300

Jacksonville, FL 32207

*<br> Delivered via e-mail* 

<br> Dear Board of Directors:

On behalf of American Industrial Partners ("AIP"), we are pleased to submit this preliminary, non-binding proposal for the acquisition of Rayonier Advanced Materials Inc., together with its direct and indirect subsidiaries, ("RYAM" or the "Company") in a take-private transaction, as more fully described below (the "Transaction").

Using publicly available information, we have completed extensive due diligence on RYAM, including reviewing the Company's investor disclosures and SEC filings, as well as focused industry, capacity, end market, and competitor research and analysis, including third party market work and supply-demand analysis by cellulose specialties grade. We have also leveraged our deep existing knowledge of the Company and broader industry, particularly through our historical investments in both RYAM's public debt and equity. Most notably, during 2020 and 2021, AIP was likely RYAM's largest bondholder, owning nearly $200 million of face value of RYAM's unsecured and secured notes that were outstanding at the time. Based on our recent deep due diligence as well as a deep historical understanding of both the Company and industry, we have high conviction that RYAM is a strong fit for our investment model. We are attracted to the Company's leading market positions, global presence with exposure to growing end markets and geographies, tenured customer relationships, diversified revenue streams and product offerings, and strong management team. We also believe there is an opportunity for long term growth and value creation under AIP's ownership that would benefit the Company's employees, their communities, and other stakeholders.

We envision likely combining RYAM with Global Cellulose Fibers ("GCF"), a leading global producer of high-quality fluff pulp for a wide range of personal care applications including feminine care, incontinence, and infant diapers, which AIP agreed to acquire from International Paper in August 2025. The combination would create the leading global participant in the cellulose specialties and fluff pulp industries with an opportunity to unlock significant growth from further downstream investments such as renewable power, bioethanol, crude tall oil, among others. Our investment thesis for GCF is to invest in a myriad of growth and operating enhancement opportunities, such as volume de-bottlenecking activities, ROIC-based capital expenditures, byproduct revenue stream monetization, fiber procurement improvement, new product development, product mix optimization productivity improvements, and inorganic growth opportunities.

For your background, AIP is an operationally oriented middle-market private equity firm comprised primarily of engineers and operators with deep expertise across a variety of industrial sectors. Our firm has been active in private equity investing for over 20 years and manages approximately USD $17 billion of investor capital today. AIP has extensive experience partnering with global corporations and has

![](image_002.jpg)

executed more than 50 transactions alongside corporate counterparties which include AGCO, Alcoa, Anixter International, Armstrong World Industries, Arrium Corporation, Carlisle Companies, Domtar, Dover, Emerson Electric, Federal Signal, GATX, General Electric, Hubbell, Ingersoll Rand, L3 Corporation, Masco, Monsanto, Navistar, Novelis, PPG, Raytheon, Sequa, Shanghai Electric, Thor Industries, Veolia, and Weyerhaeuser, among others.

Additionally, AIP has multiple decades of experience integrating scaled add-on and merger transactions. Recent examples include the combination of Vertex with Vectrus to create V2X, Seabulk Tankers with Crowley's tanker segment to create Fairwater, Gerber Technology with Lectra, ACPI with Masco Cabinetry, and the combination of Rand Logistics with American Steamship Company. AIP is currently investing from American Industrial Partners Capital Fund VIII, LP, a $5.1 billion pool of capital.

**<u>Terms of our Proposed Transaction</u>** 

We propose acquiring 100% of the outstanding shares of RYAM for $11.00 to 12.00 per share in cash, which reflects both our existing knowledge of the business and its forward outlook as well as expected operational and cost synergies between RYAM and GCF. Our proposal assumes that RYAM's public disclosures provide an accurate and complete reflection of the state of its operations, outlook, and liability profile, and that the Company runs its businesses and financial policies consistent with today through the Transaction closing.

We believe that our proposed Transaction is a compelling opportunity for RYAM shareholders and provides the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;· Near-term attractive cash-certain value realization: 99-117% premium to the Company's closing share price as of November 17,
2025, as well as a premium to the 5-year-high share price

&nbsp;&nbsp;&nbsp;&nbsp;· A fast and confidential due diligence process involving a targeted group of managers and locations to minimize disruption to the Company
and risk of leaks

&nbsp;&nbsp;&nbsp;&nbsp;· A fully committed final bid with no financing conditionality in the transaction documentation, and straightforward path to closing
given the lack of material competitive overlap with AIP

&nbsp;&nbsp;&nbsp;&nbsp;· A customary post-signing go-shop period built into the Transaction agreement to ensure shareholder value maximization

The purchase of the Company would be made through a newly formed entity created for the Transaction and financed through a combination of debt and AIP equity. Importantly, AIP's purchase of RYAM would not be contingent on closing GCF.

As described above, the Transaction will not be subject to a financing contingency. It is not AIP's practice to rely on excessive leverage, and we would be careful to match the operating characteristics and needs of the Company to the capital structure for the Transaction. AIP has extensive relationships with several U.S. and international money center banks, investment banks, and other providers of long-term capital. AIP can underwrite and commit to the equity component out of our current American Industrial Partners Capital Fund VIII, L.P.

AIP has a long-standing history of partnering with talented management teams. We believe the RYAM employees and management team are a critical part of the Company's future success.

**<u>Due Diligence</u>**

As mentioned, we have completed extensive outside-in analysis of RYAM to date. We believe that upon execution of a mutually acceptable confidentiality agreement, we can expeditiously complete our diligence and commit to a Transaction through targeted access to senior management, key facility visits,

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| | |
|:---|:---|
| ![](image_003.jpg) | Page 2 |

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and access to selected financial, commercial, and operational data. We understand the need to conduct our diligence in a way that maintains strict confidentiality and limits the burden on the Company and the number of employees aware of the exercise.

We pride ourselves on a straightforward and committed approach to transactions and we are differentiated by our speed, certainty, and transparency. With the appropriate mutual commitment of resources, we expect to confirm our valuation (and of course narrow it to a single share price) and enter into a binding Transaction agreement within the timeframe outlined below. The following critical processes related to the Transaction would ideally occur in parallel to enable us to enter into a binding agreement in approximately 8 weeks assuming the dedicated attention of all parties involved:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Activity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Estimated Timetable** |
| &nbsp;&nbsp;&nbsp;Business Diligence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 weeks |
| &nbsp;&nbsp;&nbsp;Accounting Diligence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 weeks |
| &nbsp;&nbsp;&nbsp;Legal, ESG & Tax Diligence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 weeks |
| &nbsp;&nbsp;&nbsp;Labor & Benefits Diligence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 weeks |
| &nbsp;&nbsp;&nbsp;Risk Management / Insurance, Environmental & IT Diligence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 weeks |
| &nbsp;&nbsp;&nbsp;Fully Committed Debt Financing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 weeks |

---

<br> We will tailor our diligence timeline based on guidance from the Board of Directors and to align with management's schedules, including upcoming holidays.

**<u>Bilateral Discussions</u>** 

We are aware of the significant commitment of resources on both sides to engage on this expedited timetable and to do so in a confidential and constructive manner. AIP has already invested significant time and effort in our diligence, and this initial bid reflects high conviction in RYAM being an excellent fit for our investment model. We would continue to invest both time and money and make this Transaction a key priority for the firm. Our expectation is a focused bilateral discussion and we would anticipate a customary go-shop period (along with customary bid protections) after announcing the Transaction.

We have retained Davis Polk & Wardwell LLP as legal counsel and intend to onboard other specialists with whom we regularly work to complete the other due diligence areas in an expeditious manner. If this letter proposal is acceptable to the Company's board of directors, AIP and our advisors are prepared to engage as soon as practicable.

**<u>Approval and Conditions</u>** 

Our proposal has been reviewed and approved by our Investment Committee which directs AIP's funds on a blind pool basis. Entry into a definitive agreement would not require any further approvals by AIP other than by the Investment Committee following satisfactory completion of due diligence and negotiation of relevant Transaction agreements (which we would envision could be advanced in parallel with due diligence).

With respect to regulatory matters, we have engaged our long-standing regulatory counsel at Baker Botts, LLP and are confident that the proposed transaction will secure all necessary antitrust/competition law and foreign direct investment ("FDI") clearances on a timely basis and without any material issues or delays. AIP and Baker Botts LLP have extensive experience preparing and submitting merger control and FDI filings and engaging proactively with regulatory authorities around the world. We look forward to working with you to submit necessary filings and secure timely approvals for the proposed transaction. Please see Exhibit A from Baker Botts LLP for further information.

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|:---|:---|
| ![](image_003.jpg) | Page 3 |

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We currently expect the consummation of the Transaction would be subject to customary closing conditions including approval by RYAM shareholders as well as customary regulatory approvals made within necessary regions (which we would expect to receive within statutory review or waiting periods as AIP does not own any portfolio companies with material competitive overlap).

**<u>Non-Binding Nature, Confidentiality</u>** 

Our indication of interest in the proposed Transaction is a non-binding proposal and subject to diligence and negotiation. Whether or not the terms set forth in our indication of interest or the Transaction proposed herein is consummated, the parties agree that this indication of interest is confidential and they will not disclose or reveal the existence or terms of the indication of interest or any aspect of our negotiations to any third party other than attorneys, accountants, bankers and other advisors who need to know such information in connection with evaluating and/or negotiating the proposed Transaction and are provided such information on a similar confidential basis. Notwithstanding the foregoing, AIP acknowledges that RYAM, as a publicly held company, is subject to certain disclosure requirements under applicable securities laws and stock exchange rules and, therefore, AIP agrees that RYAM may disclose (after reasonable prior notice to AIP and with AIP's prior approval) the existence or terms of the indication of interest or any aspect of our negotiations or the transactions contemplated hereby if RYAM reasonably determines, based on the opinion of its external counsel, that such disclosure is necessary under such securities laws or stock exchange rules.

**<u>Conclusion</u>** 

Please do not hesitate to contact me to discuss our proposed Transaction. I would be enthusiastic to meet at your convenience, either on teleconference or in person, along with the other senior leaders from AIP to walk through our firm, our investment thesis, and this letter and proposed Transaction.

Yours truly,

/s/ Toni Rinnevaara

Toni Rinnevaara

Partner & Chief Investment Officer

American Industrial Partners<br>

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|:---|:---|
| ![](image_003.jpg) | Page 4 |

---

**<u>Exhibit A – Memorandum from Baker Botts LLP</u>** 

Based on the information available to us and our work to date we believe there are several strong arguments that would result in prompt reviews and unconditional clearances in the U.S. and internationally.

***There is very limited competitive overlap between GCF and RYAM***. Based on our analysis to date and publicly available information about RYAM's product mix, GCF does not produce any products that overlap with RYAM's Cellulose Specialties, Paperboard or High-Yield Pulp.

***Where there is overlap, RYAM is a small player and many other competitors will remain***. The only competitive overlap is in fluff pulp, which is a secondary business for RYAM. We estimate that RYAM accounts for less than 5% of North American fluff pulp capacity and an even smaller percentage of global capacity. Given RYAM's de minimis position and the large number of competitors that will remain, we do not anticipate significant questions or concerns about this limited product overlap.

***There is significant product differentiation and complementarity***. As noted, GCF does not overlap with the vast majority of RYAM's revenue, including its primary business segments. As such, the authorities will view the proposed transaction as complementary and a product line extension by AIP and GCF.

***There are no supply links between RYAM and AIP's portfolio companies.*** While Attindas (a portfolio company of AIP Capital Fund VII) is a small consumer of fluff pulp, it does not purchase any fluff pulp from RYAM today. In addition, we are unaware of any actual (or potential) supply relationships between RYAM and AIP's other portfolio companies. As a result, there should be no concerns about vertical integration between RYAM and AIP's portfolio companies.

With respect to foreign direct investment (FDI), to the extent any reviews are required, RYAM is a US-based publicly-traded company and AIP Capital Fund VIII is ultimately controlled by four U.S. citizens. As such we do not anticipate any FDI-related issues, delays or concerns.

We look forward to working with RYAM and its regulatory counsel to develop these arguments and position the transaction for prompt and efficient regulatory reviews and clearances.

---

| | |
|:---|:---|
| ![](image_003.jpg) | Page 5 |

---

## Exhibit 99.3

**Exhibit 3**

![](image_004.jpg)

December 11, 2025<br>

Mr. Toni Rinnevaara

Partner & Chief Investment Officer

American Industrial Partners

<br> Dear Toni:

We write in response to your letter dated November 18, 2025 to the Board of Directors of Rayonier Advanced Materials Inc. (the "Company") regarding a proposal for the acquisition of the Company.

The Board of the Directors of the Company has reviewed your proposal and has determined that pursuit of the transaction contemplated by your proposal at this time is not in the best interest of the Company and its stockholders.

---

| |
|:---|
| Best regards, |
| /s/ Lisa M. Palumbo |
| Lisa M. Palumbo |
| Chair of the Board of Directors |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**RAYONIER ADVANCED MATERIALS INC.**

*(Name of Issuer)*

**Common stock, par value $0.01 per share**

*(Title of Class of Securities)*

**75508B104**

*(CUSIP Number)*

**c/o AIP, LLC**<br>450 Lexington Avenue<br>40th Floor<br>New York NY 10017<br>(212) 916-8171

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/20/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **75508B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lightship Capital III LP** | Name of reporting person<br>**Lightship Capital III LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3400000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3400000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0742%** | Percent of class represented by amount in Row (11)<br>**5.0742%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **75508B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lightship Capital III GP, LLC** | Name of reporting person<br>**Lightship Capital III GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3400000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3400000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0742%** | Percent of class represented by amount in Row (11)<br>**5.0742%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **75508B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**AIPCF VIII (Cayman), L.P.** | Name of reporting person<br>**AIPCF VIII (Cayman), L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3400000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3400000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0742%** | Percent of class represented by amount in Row (11)<br>**5.0742%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **75508B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**AIPCF VIII (Cayman), Ltd.** | Name of reporting person<br>**AIPCF VIII (Cayman), Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3400000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3400000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0742%** | Percent of class represented by amount in Row (11)<br>**5.0742%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **75508B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**AIPCF VIII Credit Opportunity Holding LP** | Name of reporting person<br>**AIPCF VIII Credit Opportunity Holding LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3400000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3400000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | Aggregate amount beneficially owned by each reporting person<br>**3400000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0742%** | Percent of class represented by amount in Row (11)<br>**5.0742%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common stock, par value $0.01 per share

**(b) Name of Issuer:**
RAYONIER ADVANCED MATERIALS INC.

**(c) Address of Issuer's Principal Executive Offices:**
1301 Riverplace Boulevard, Suite 2300, Jacksonville, FL, 32207

This statement relates to shares of common stock, par value $0.01 per share (the "Common Stock"), of Rayonier Advanced Materials Inc., a Delaware corporation (the "Issuer"). The Issuer's principal executive office is located at 1301 Riverplace Boulevard, Suite 2300, Jacksonville, FL 32207.

**Item 4. Purpose of Transaction**

AIP purchased the Shares because it believes they represent an attractive investment opportunity.  AIP currently has no plans or proposals with respect to any of the matters set forth in Item 4.  Depending on market conditions, AIP's perception of the Issuer's prospects, and other factors, AIP may acquire additional shares of Common Stock, or may dispose of any of the Shares.

On November 18, 2025, prior to purchasing any of the Shares, AIP sent a letter to the Issuer in which AIP proposed to acquire all of the issued and outstanding Common Stock for $11-12 per share in cash, subject to the terms and conditions set forth therein (the "Proposal").  A copy of the Proposal is filed as Exhibit 2 to this Schedule 13D, and the information set forth in the Proposal is incorporated by reference herein.  AIP indicated in the Proposal that it envisioned likely combining the Issuer with its now-acquired portfolio company Global Cellulose Fibers ("GCF"), a leading global producer of high-quality fluff pulp for a wide range of personal care applications including feminine care, incontinence, and infant diapers that AIP agreed to acquire from International Paper in August 2025.  On December 18, 2025, AIP received a letter from the Issuer rejecting the Proposal.  A copy of this letter is filed as Exhibit 3 to this Schedule 13D, and the information set forth in this letter is incorporated by reference herein.  Subsequent to receiving the Issuer's letter, AIP determined that despite the Issuer's lack of interest in a sale transaction, the Common Stock represents an attractive investment opportunity consistent with its fund's investment objectives, which permit investing in public securities for capital appreciation.  AIP does not intend to pursue any transactions that would be opposed by the Issuer's Board of Directors, but it or GCF would be an interested participant if the Board of Directors determined to explore a potential sale transaction.

In connection with its investment, the Reporting Persons may engage in discussions with management, the board of directors of the Issuer (the "Board"), other shareholders of the Issuer and other relevant parties concerning the business, assets, capitalization, financial condition, operations, management, strategy, potential business combinations and strategic alternatives, and future plans of the Issuer.  The Reporting Persons may consider, formulate, discuss and seek to engage with the Issuer or its stockholders regarding various plans or proposals intended to enhance stockholder value or enhance the value of the Issuer's assets, including plans or proposals that may involve strategic transactions or an acquisition of the Issuer.  Any such actions or transactions may be taken, advocated by, or involve the Reporting Persons alone or in conjunction with other shareholders, financing sources and/or other third parties, and could include proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

In addition, if the Reporting Persons become aware that the Issuer or the Board (or any committee thereof) are considering any of the alternatives referred to in subsections (a) through (j) of Item 4 of Schedule 13D and are offered the opportunity to do so, depending on various factors, the Reporting Persons (or any affiliate thereof) may be highly likely to engage in discussions with management of the Issuer, potential financing sources, and potential partners or other participants in a bid for some or all of the Issuer's assets or shares or otherwise change their intention with respect to any or all of the matters referred to in subsections (a) through (j) of Item 4 of Schedule 13D.  Further, if offered the opportunity to do so in any such circumstances by the Issuer or the Board (or any committee thereof), the Reporting Persons (or any affiliate thereof) may also be highly likely to (i) enter into nondisclosure agreement with the Issuer or thereafter other agreements (including financing agreements or engagement letters with financial advisors, financing sources or other consultants or advisors) relating to any such discussions, (ii) enter into discussions and negotiations with the Issuer and/or the Board (or any committee thereof) or (iii) submit additional proposals with respect to the acquisition of some or all of the Issuer's assets or shares and related matters in connection therewith, to the extent deemed warranted in connected with any such process or discussions or negotiations, and conduct due diligence on the Issuer and its subsidiaries, although, in the case of each of the foregoing, such discussions, negotiations and proposals may not represent or result in the Reporting Persons formulating a plan or proposal relating to the matters covered by this Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the shares of Common Stock beneficially owned by the Reporting Persons.  The percentages used in this Schedule 13D are calculated based upon a total of 67,005,593 shares of Common Stock outstanding as of November 3, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 27, 2025, filed with the Securities and Exchange Commission on November 5, 2025.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which the Reporting Persons have the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

**(c)**
Information concerning transactions in the shares of Common Stock effected by the Reporting Persons during the past sixty days is set forth in Annex A hereto and is incorporated herein by reference. All of the transactions in shares of Common Stock listed hereto were effected in the open market through various brokerage entities.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule 13D and any amendments thereto. A copy of such agreement is attached as Exhibit 1 to this Schedule 13D and is incorporated by reference herein.

Except as set forth herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons or between the Reporting Persons and any other person with respect to the Common Stock.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lightship Capital III LP

**Signature:** /s/ Stanley Edme

**Name/Title:** By: Lightship Capital III GP, LLC, its general partner Stanley Edme / Vice President

**Date:** 02/25/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lightship Capital III GP, LLC

**Signature:** /s/ Stanley Edme

**Name/Title:** Stanley Edme / Vice President

**Date:** 02/25/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** AIPCF VIII (Cayman), L.P.

**Signature:** /s/ Stanley Edme

**Name/Title:** By: AIPCF VIII (Cayman), Ltd., its general partner Stanley Edme / Vice President

**Date:** 02/25/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** AIPCF VIII (Cayman), Ltd.

**Signature:** /s/ Stanley Edme

**Name/Title:** Stanley Edme / Vice President

**Date:** 02/25/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** AIPCF VIII Credit Opportunity Holding LP

**Signature:** /s/ Stanley Edme

**Name/Title:** By: AIPCF VIII (Cayman), L.P., its general partner By: AIPCF VIII (Cayman), Ltd., its general partner Stanley Edme / Vice President

**Date:** 02/25/2026