International Paper Company

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 816 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• DS Smith acquisition: International Paper completed its acquisition of the entire issued and to be issued share capital of DS Smith plc on 31 Jan 2025, an enterprise value of approximately $9.9 billion. IP issued 0.1285 new IP shares for each DS Smith share, resulting in 178,126,631 new shares of IP common stock. This was a wholly owned acquisition, not a holding; DS Smith is now a consolidated subsidiary (its entities appear by name only, with no ownership-percentage column, in Exhibit 21 of the FY2025 10-K). It is recorded here as a note per the brief's instruction that a wholly owned acquisition is not a holding. The share issuance is the reason IP's shares outstanding roughly doubled: weighted-average diluted shares were 483.0 million in H1 2025 (pre-deal-weighted) versus 529.2 million weighted-average and 529,569,895 actual shares outstanding as of 31 Jul 2026 (post-deal). Every figure in this file uses the post-DS-Smith share count.
• Sylvamo: fully spun off on 1 Oct 2021 as an independent public company (Sylvamo Corporation, ticker SLVM). Nothing in the FY2025 10-K or the Q2 2026 10-Q indicates International Paper retains any Sylvamo shares; the only remaining connection is a legal contingency (a Brazilian tax dispute involving Sylvamo do Brasil Ltda., formerly an IP subsidiary before the spin-off). This is a completed exit and is recorded as a note with no row, per the brief.
• Ilim: International Paper completed the sale of its entire 50% equity interest in Ilim S.A. (the Russia-based pulp and paper joint venture, including Ilim Group) to its joint venture partners for $484 million cash on 18 Sep 2023, and separately sold all Ilim Group shares it held directly (a 2.39% stake) for $24 million, and divested other non-material residual interests. The FY2025 10-K states explicitly: 'Following the completed sales, the Company no longer has an interest in Ilim or any of its subsidiaries,' and 'The Company's remaining equity method investments are not material' (Note 11, Equity Method Investments, the only investment described in that note). This is a completed, fully sized exit and is recorded as a note with no row.
• Global Cellulose Fibers (GCF): sold to American Industrial Partners (AIP) for $1.5 billion, closed 23 Jan 2026: $1.1 billion cash plus preferred stock with a final aggregate initial liquidation preference of $168 million (the FY2025 10-K's pre-closing estimate of $190 million was superseded by the Q2 2026 10-Q's closed figure of $168 million, subject to final working capital/net debt adjustments). Because IP retains this preferred equity stake in the AIP-controlled buyer (a private entity), it is recorded as a holding (see holdings array), not merely a note; the underlying operating business itself was fully divested.
• Exhibit 21 to the FY2025 10-K (subsidiaries and joint ventures, majority owned) is a bare name-and-jurisdiction list with no ownership-percentage column, so it does not size any partly owned subsidiary; it includes the legacy DS Smith entity family (now consolidated). Searches for 'non-marketable', 'nonmarketable', 'minority interest', and 'unconsolidated' returned zero hits in the FY2025 10-K; 'variable interest entity' hits refer only to IP's own consolidated securitization VIE (Note 15), which is not an equity stake in another company. No partly owned subsidiary or other joint venture beyond the disposed Ilim and the GCF preferred stock was found.
• Register self-gate, computed on the final file as the chart computes it: summing all 11 register rows (none is_aggregate/rolls_up_into, so no reduction applies) gives 349,935,298 shares against 529,569,895 shares outstanding, or 66.08%. This is above the 25-45% (and even the 55% outer bound) the brief describes as typical. It is not believed to be a double-count or basis error: every institutional row was individually verified against that filer's own fresh Q2 2026 13F-HR infotable for cusip 460146103 (International Paper Co, common), and every row's implied price per share clusters tightly around $38.10 (the sole exceptions being the two T. Rowe Price rows, which are explicitly rescaled from thousands, and Geode at $37.96, an immaterial rounding difference), which is strong internal evidence the figures are on a consistent basis. It is corroborated independently by this project's own Q1 2026 (31 Mar 2026) 13F snapshot for IP (data/registers/IP.json), which reports 816 distinct 13F filers reporting a combined 510,219,663 shares, itself about 96% of shares outstanding at that date. International Paper appears to have unusually complete, concentrated institutional ownership (a large, liquid, index-heavy large-cap with a thin non-institutional float), which explains both figures. Corroborated first-hand by the coordinator against this project's own 13F-derived register (data/registers/IP.json, period 31 Mar 2026, built by a separate pipeline from the bulk 13F data). Its top ELEVEN holders sum to 70.42% of the same denominator against the 66.08% recorded here from eleven rows, and its total institutional ownership is 452,390,003 shares, 85.43%, so this register is CONSERVATIVE rather than inflated. The two rows that look unusual are both independently confirmed there: Capital Group appears at 115,878,423 shares, HIGHER than the 98,422,283 recorded here from its fresh Q2 filings, and T. Rowe Price Associates at 49,192,609 against 45,497,485 here, so T. Rowe genuinely does hold about 8.6% of International Paper. Vanguard (64,808,042 against 65,069,910), BlackRock and State Street all agree to within a quarter's trading. Every row implies the same $38.10 per share on 30 Jun 2026, which rules out a values-in-thousands or units error on any of them.
• Following the DS Smith acquisition, a portion of the ex-DS Smith shareholder base is UK-resident and may sit outside the reach of US Schedule 13F reporting (13F only covers US-registered institutional investment managers), which is a second, non-error reason total identified 13F ownership plus the register above may not reconcile perfectly to 100% of shares outstanding, and equally does not explain why the register total came in ABOVE the brief's typical range rather than below it.
• Market cap ($21,415,806,554 as of 18 Aug 2026) is derived by multiplying shares_outstanding (529,569,895, from the 10-K/10-Q cover page) by a market price of $40.44 sourced from a financial-data aggregator (Investing.com), not from an SEC filing; it is provided for reference only and carries aggregator-level confidence, unlike the filed holdings and register figures above.
• No new Schedule 13D or 13G was filed against International Paper since 2024 through the date of this research (19 Aug 2026), and the 2026 proxy statement's own 'Beneficial Owners of More Than Five Percent' disclosure states no reportable transactions since 1 Jan 2025 beyond the ordinary 13F/13G filings already reflected above; there is no sovereign, activist (13D), or strategic (non-institutional) holder found above 2% of the company.