美國

證券交易委員會

華盛頓特區20549

形式 10-K

委員會檔案編號 1-32729

Potlatchdeltic Corporation

（章程中規定的註冊人的確切名稱）

註冊人的電話號碼，包括地區代碼： (509) 835-1500

根據該法第12（b）條登記的證券：

根據該法第12（g）條登記的證券：無

如果註冊人是《證券法》第405條所定義的知名經驗豐富的發行人，則通過勾選標記進行驗證。 ☒ 是 否

如果註冊人無需根據該法案第13條或第15（d）條提交報告，則通過勾選標記進行驗證 是的 ☒ 不是

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。 ☒ 是 否

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-T法規第405條（本章第232.405條）要求提交的所有交互數據文件。 ☒ 是 否

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。☐

通過勾選標記檢查登記人是否已提交報告並證明其管理層根據《薩班斯-奧克斯利法案》（15 U.S.C.）第404（b）條對其財務報告內部控制有效性的評估7262（b））由編制或發佈審計報告的註冊會計師事務所執行。 ☒

如果證券是根據該法案第12（b）條登記的，請通過勾選標記表明文件中包含的登記人的財務報表是否反映了對先前發佈的財務報表錯誤的更正。 ☐

通過勾選標記檢查這些錯誤更正是否是需要根據§240.10D-1（b）對註冊人的任何執行官在相關恢復期內收到的激勵性補償進行恢復分析的重述. ☐

通過勾選標記檢查註冊人是否是空殼公司（定義見該法案第120億.2條規則）。 是的 ☒ 沒有

截至2024年6月30日，註冊人非關聯公司持有的普通股總市值約爲美元3,076.2 根據每股39.39美元的收盤價計算，價值100萬美元。

如of 2025年2月10日， 78,788 註冊人普通股（以千計）已發行，每股面值1美元。

D宣誓就職者 參考

審核員姓名： KPMG LLP 審核員地點： 華盛頓州西雅圖 核數師事務所ID： 185

Potlatchdeltic公司和合並子公司

台of含量

解釋性說明

就本報告而言，凡提及「本公司」、「本公司」、「本公司」和「本公司」時，均包括PotlatchDeltic公司及其合併子公司。

有關前瞻性信息的預防性聲明

除歷史信息外，本報告還包含1933年證券法第27A節和1934年證券交易法第21E節所指的某些前瞻性陳述。這些陳述經常提到或描述我們預期的未來財務和經營業績，包括但不限於，我們的業務戰略的成功；我們對沖工具和掉期的預期有效性；預期的養老金資產回報；對養老金計劃的要求繳款；與我們的非既得業績股票獎勵(PSA)和限制性股票單位(RSU)相關的補償成本預計實現的加權平均期間；無形資產的預期攤銷費用；現金流量對沖的淨收益金額，預計將重新分類爲未來12個月的收益；預期的納稅和遞延；預期的股票回購和股息支付；潛在的現金餘額、運營現金流和預期流動性；我們循環信貸額度下的潛在用途和估計付款；我們在與Thompson水庫有關的沉積物修復項目總成本中所佔份額的預期美元金額；對森林碳信用、碳固存和其他自然氣候解決方案(NCS)市場發展的預期；對債務義務、利息支付和債務再融資的預期；預期購買義務和其他現金承諾；對美國房地產市場、房屋維修和重建活動的預期；木材和原木市場、木材價格、木材發貨量、鋸木需求、原木供應協議原木銷售的百分比；木材採伐量、標準木材庫存、鋸木組合和定價；本新聞稿提及的其他事項包括：預期未來的農村房地產及住宅和商業房地產開發銷售價格；每英畝平均價格及已開發地塊和其他條款；滿足運營要求的現金充足；預計2025年資本支出和預期的投資回報；對阿肯色州沃爾多鋸木廠擴建和現代化項目的預期，包括產能增加和運營成本降低以及實現這些預期所需的時間；對我們有能力利用政府和企業在氣候變化問題上採取的行動和他們對減少溫室氣體排放的承諾的預期；以及類似的事宜。

前瞻性陳述可以通過它們與歷史或當前事實沒有嚴格聯繫這一事實來識別。它們經常涉及到諸如預期、可能、可能、應該、將、相信、預期、估計、期望、未來、打算、計劃、潛力、預測、努力、目標或類似的詞語或術語的使用。這些前瞻性陳述是基於我們目前的預期和假設，不是對未來事件或業績的保證。我們預期的實現和我們假設的準確性受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與前瞻性陳述中描述的大不相同。下面列出的因素和第I部分--第1A項。風險因素和第二部分--項目7.管理層對財務狀況和經營成果的討論和分析，以及其他未在此描述的因素，因爲我們目前不知道或我們目前認爲它們無關緊要，可能會導致我們的實際結果與我們的前瞻性陳述大不相同。我們沒有義務在本報告發佈之日之後更新我們的前瞻性陳述。

風險、不確定性和假設

我們的實際財務狀況、現金流、股票價格和經營結果可能與我們的歷史結果或本報告中包含的前瞻性陳述所表達或暗示的情況大不相同。可能導致或促成這種差異的重要因素包括但不限於以下因素：

PART I

項目1.BUSSEARCH

一般信息

PotlatchDeltic公司，前身爲Potlatch Corporation，前身爲Potlatch Holdings，Inc.，於2005年9月在特拉華州註冊成立，以促進重組，以符合聯邦所得稅的REIT待遇。它是1903年在緬因州成立的原來的Potlatch公司的業務的繼承者。2018年，Deltic木材公司(Deltic)合併爲Potlatch的全資子公司。合併後，Potlatch更名爲PotlatchDeltic Corporation。

我們是領先的林地REITS，在9個州開展業務，並在其中7個州擁有210萬英畝的林地。我們還擁有六家鋸木廠和一家工業級膠合板廠，一家住宅和商業房地產開發企業，以及一個農村林地銷售項目。

我們的業務分爲三個業務部門：

下面的地圖顯示了我們位於華盛頓州斯波坎的林地、製造設施、房地產開發業務和公司總部的位置。

有關我們每個業務部門的其他信息包括在本節中，以及第二部分--項目7.管理層對財務狀況和經營成果的討論和分析和附註2: 分部資料在 合併財務報表附註.

作爲REITS，我們通常不需要爲我們分配給股東的房地產投資收入繳納聯邦和州公司所得稅，包括銷售立木的收入。我們必須爲我們的應稅REIT子公司(PotlatchDeltic TRS或TRS)的運營產生的收入繳納聯邦和州公司所得稅，這些子公司主要包括我們的Wood Products製造業務和某些房地產投資活動。

業務戰略

我們的業務戰略包括以下關鍵要素：

業務細分

美國房地產市場的健康狀況對我們所有業務部門的表現都有很大影響。我們Timberland部門對鋸木的需求直接受到國內木質建築產品生產的影響。我們的木製品部門主要銷售到新的住宅建築和維修改造市場。季節性天氣模式影響美國的建築活動水平，通常表現爲冬季活動減少，這反過來又影響對原木和木製品的需求。我們的房地產部門受到各種因素的影響，包括經濟總體狀況、當地房地產市場狀況、美國的建築活動水平以及自然氣候解決方案市場的演變。在2024年、2023年或2022年，沒有第三方客戶佔我們綜合收入的10%以上。

林地部分

行業背景。 對鋸材的需求在很大程度上取決於價格、物種、等級、質量、與木材消耗設施的接近程度以及滿足客戶需求的能力。對紙漿木的需求取決於顆粒、紙張和紙漿製造業。鋸材和紙漿材都受到國內外經濟狀況、全球人口增長和其他人口因素、行業產能以及美元兌外幣匯率的影響。在當地，由於個別木製品和紙漿製造設施的擴張或關閉，木材需求和定價也會波動。

當地原木供應也隨着當前木材價格的變化而變化。原木供應和價格受到美國對新房的需求、維修和改造活動、木製品廠產能、原木和木材出口以及與天氣有關的條件或自然災害的影響的影響。木材價格上漲往往導致私人林地的採伐增加，包括以前沒有提供給商業木材經營的土地。在美國南部的大部分地區，由於過去十年住房建設不足、30多年前通過聯邦政府的激勵措施將南部行耕地轉化爲林地，以及由於改進營林實踐(轉基因苗木、種植園、施肥)而提高生產率，多年來採伐不足和延遲採伐的現成木材供過於求。所有這些因素都導致木材供應過剩，導致南部部分地區鋸木價格停滯不前。

由於幾年來毀滅性的森林大火、聯邦和省級土地的持續收割限制以及山松甲蟲造成的破壞，太平洋西北部和加拿大西部的原木供應出現了緊張局勢。這些事件導致不列顛哥倫比亞省工廠減產、工廠關閉、加拿大軟木木材生產轉移到加拿大東部省份，以及加拿大和美國生產商對美國南部現有和新工廠的投資，那裏的原木供應更多。

森林地行動公司。我們努力通過出售交付的原木和向外部客戶進行原木銷售來最大化我們林地的回報，同時可持續地管理我們的林地。我們通過向客戶提供一致可靠的高質量原木供應、規模化的數量和具有競爭力的價格來在市場上競爭。Timberland部門以市場價將其部分原木出售給我們的Wood Products工廠。2024年、2023年和2022年，對我們Wood Products設施的部門間銷售額分別約佔我們Timberland部門總收入的26%、27%和33%。該部門還向位於我們林地附近的各種森林產品公司銷售鋸木和紙漿。該細分市場的客戶規模從小型運營商到跨國公司不等。

一般來說，我們與第三方客戶簽訂的原木供應協議要求以定期調整的價格將特定數量的木材交付給指定的客戶設施，以反映市場狀況。我們北方地區的合同價格根據原木、木材、木屑和其他殘留物的現行市場價格定期按物種進行調整。此外，對於外部和內部客戶，我們將大約75%的北方鋸木銷售價格與木材價格進行索引。通常，我們南部地區的合同價格每三個月根據當時的原木市場價格進行調整，我們的南部原木供應協議的有效期爲一至五年。在2024年、2023年和2022年期間，根據與第三方簽訂的長期原木供應協議，我們的採伐總量分別約佔29%、28%和31%。我們預計，根據原木供應協議，2025年我們的總收穫量將有大致相同的百分比出售給第三方。該部門還從其他木材和非木材來源獲得收入，如狩獵租賃、娛樂許可和租賃、礦業權租賃和碳固存。

作爲礦產權益的所有者，我們通常不投資於開發或積極參與此類活動。相反，我們與運營商簽訂合同，授予他們勘探、開發和銷售能源和其他提取礦物的權利，這些礦物可能從我們的財產中生產出來，以換取租金和特許權使用費。在出售林地時，我們一般保留採礦權。

林地所有權。Timberland部門可持續管理210萬英畝林地，包括長期租約約19,000英畝。以下提供了有關2024年12月31日我們的林地的更多信息。

站立的Timberland。 當前現存可商品木材庫存的總估計量每年更新，以反映當幼林符合規定的直徑規格時，幼林重新分類爲可商品木材而產生的增加、可商品木材的年生長率，

以及購買更多的可銷售木材，並反映由於木材收穫、土地銷售以及疾病或傷亡損失等其他因素造成的變化造成的減少。這一估計是使用與行業實踐一致的方法得出的，並基於統計方法、長期研究研究和實地採樣。我們必須使用各種假設和判斷來確定我們目前的木材庫存和整個收穫週期內可獲得的木材庫存；因此，這些木材的實物數量可能與我們的估計有很大不同。估計的林地蓄積量包括環境敏感地區的木材，這些地區的林地管理方式符合最佳管理做法和國家森林做法法。

以下是關於我們截至12月31日的估計常備木材庫存的補充信息：

林地豐收。我們的短期和長期收穫計劃是我們林地管理過程中的關鍵因素。每年，我們都會制定一份收穫計劃，指定當年要收穫的林地和林木蓄積量。我們的收穫計劃考慮到了不斷變化的市場條件，旨在促進剩餘木材的增長，並反映了我們的環境管理政策。這些計劃優化了收穫計劃，納入了最佳森林管理實踐，如溪邊管理區和保留野生動物棲息地特徵的林分水平。 我們按照監管和認證要求進行所有作業，以保護水質、野生動物棲息地和工人安全。每個收穫計劃反映了我們對木材的年齡、大小和物種分佈的分析，以及我們對收穫方法、生長速度、每個物種的採伐量、預期處置、間伐操作、監管限制和其他相關信息的預期。由於可持續收穫計劃基於對天氣、木材生長速度、監管限制和其他假設的預測，其中許多是我們無法控制的，因此不能保證我們將能夠收穫我們收穫計劃中預測的數量或指定的特定木材林。

下表按區域彙總了2024年我們的木材收穫總量。

我們目前對2025年的總收成預測是基於恒定的林地持有量，並考慮了市場狀況、我們的用材林樹齡以及最近的林地銷售和收購等因素，預計約爲740萬噸。

截至2024年12月31日和2023年12月31日的年度，按地區和產品分列的詳細收成資料載於第二部分--項目7.管理層對財務狀況和經營成果的討論和分析.

木製品細分市場

行動。我們是美國排名前十的軟木木材製造商，產能爲12億板英尺。我們還擁有一家工業級膠合板廠，產能爲15000萬平方英尺。我們以產品質量、客戶服務和價格爲競爭基礎。我們認爲，該行業的競爭力在很大程度上是基於單個工廠的效率和逐個工廠提供具有競爭力的原材料，而不是基於運營的工廠數量。這是因爲在設施之間或設施之間轉移日誌通常是不經濟的，這可能會允許更大程度的專業化和運營效率。取而代之的是，每個工廠必須利用在相對有限的地理區域內可以獲得的原材料。由於我們的幾家工廠的部分原木來自我們擁有的林地，我們相信我們能夠有效地與擁有更多工廠或嚴格從第三方採購纖維的公司競爭。

截至2024年12月31日，我們的木製品工廠及其各自產能的描述如下：

我們的木材產品部門在阿肯色州、愛達荷州、密歇根州和明尼蘇達州的七家工廠製造和銷售木材、膠合板和殘留產品。該部門的產品主要是商品產品，通過我們的銷售團隊銷售給最終用戶、零售商或批發商，在全國範圍內分銷，主要用於住宅建築、維修和改建、工業產品和其他建築活動。 一般來說，以下因素影響木製品的銷售變現和需求：

我們在我們的木製品工廠投資維護和可自由支配的資本項目。我們正在進行的資本改進提高了生產率，增強了員工安全，並符合法規標準和環境效益。我們主要根據預期的投資回報水平來評估可自由支配的資本改善。例如，在2024年第三季度，我們完成了之前宣佈的耗資13100美元的阿肯色州沃爾多鋸木廠萬擴建和現代化的建設階段，其中包括原木堆場和刨牀的升級、新的鋸條生產線和新的連續幹窯，預計將提高鋸木廠的年產能並顯著降低其運營成本。

木材採購部。我們的採購員從我們的林地或從私人、州和聯邦來源爲我們的設施購買木纖維。我們致力於生產滿足客戶需求和質量期望的木材產品，並負責任地採購原材料。我們的所有七個設施都通過了SFI光纖採購標準認證，該標準爲我們作爲SFI計劃參與者從認證和非認證林地購買光纖提供了結構。2024年，我們所有木製品工廠的木材消費100%都通過了SFI纖維採購認證。我們一般不會簽訂購買大量原木的長期供應合同。在2024年、2023年和2022年，從我們的Timberland部門購買的產品分別約佔我們木製品部門纖維成本的35%、37%和49%。

房地產細分市場

我們房地產部門的活動主要包括出售農村土地以及房地產開發和拆分活動。

農村房地產經營。我們出售對我們的核心林地業務不具戰略意義的農村土地，或者用於娛樂、保護、商業或住宅用途的價值較高的農村土地。我們目前已經確定了大約135,000英畝的非核心林地房地產，我們打算隨着時間的推移出售。這些土地的出售可能會在十年或更長時間內發生。我們通過定期對我們的林地進行分層評估，以及隨着新的林地的收購，不斷評估我們的林地的最高價值和最佳利用。這項評估還包括確定可能更適合國家碳減排活動的土地，如森林碳抵消、碳捕獲和封存項目，以及將林地出售或租賃給第三方用於可再生能源項目，如太陽能發電設施。

我們亦不時利用機會，在我們認爲定價特別吸引的地方出售核心林地，將出售與購買更理想物業相配合，同時在同類交換交易中遞延繳稅，或滿足各種其他財務或戰略目標。偶爾，我們會在我們選擇減少市場佔有率的地區出售少量林地面積，並獲得超過持有並作爲商業林地運營可獲得的價值的價格。這些交易將根據某些因素而有所不同，包括林地的位置以及物理和運營特徵。

我們農村房地產業務的結果取決於對我們非核心林地的需求、出售物業的類型和可能的用途、這些物業的基礎以及物業銷售結束的時間。

開發房地產運營。房地產部門還從事房地產開發和銷售，有時通過我們的TRS銷售未開發的面積。例如，我們位於阿肯色州小石城Chenal山谷的開發項目是一個頂級的高檔總體規劃社區，約有4800英畝的住宅和商業物業圍繞着一個帶有兩個錦標賽高爾夫球場的鄉村俱樂部。在Chenal山谷，每個社區大約20%的面積被留作綠地，大約15%的總面積在整個開發過程中和社區之間被保留爲綠地。此外，我們在阿肯色州溫泉市的Red Oak Ridge開發項目有大約800英畝的土地可供未來開發，該項目採用了許多與Chenal Valley相同的環保做法。

住宅地塊出售給房屋建築商和個人，而商業用地出售給開發商和企業。支持住宅和商業物業發展和銷售的基礎設施和其他改善措施，是由我們直接提供和資助的，在某些情況下，也是通過房地產改善區提供和資助的。切納爾河谷的大部分核心基礎設施已經到位，因此未來的基礎設施投資主要用於開發和出售更多的財產。我們在有足夠需求的時候開發這類物業，通常每年在Chenal山谷地區開發約130個住宅地塊。截至2024年12月31日，我們約有1,200個潛在住宅地段可供未來開發和銷售，另外約270英畝可用於商業用途。

我們開發房地產的結果主要取決於房地產銷售的數量、定價和時機。定價取決於樓盤的地塊大小、類型和位置，以及新建和現有住房的庫存水平。我們在房地產市場上的競爭對手是其他地主或開發商。

季節性

我們Timberland部門的原木和紙漿銷售量在每年上半年通常較低，這是由於南部地區的冬季降雨和北部地區的春季融化限制了木材收穫作業，這是由於路基軟化和潮溼的伐木條件限制了進入伐木地點。第三季度通常是我們Timberland部門最強勁的生產季度。在建築活動較少的冬季月份，對我們製造的木製品的需求通常會下降，而在建築活動通常較高的春季、夏季和秋季，需求通常會增加。此外，由於較冷的操作條件和結冰的原木，我們的北方鋼廠在冬季的幾個月裏產量也較少。如果因惡劣天氣條件限制了出售或考慮收購的任何財產，農村房地產處置和收購可能會受到不利影響。Chenal山谷的開發房地產銷售全年都會發生，並取決於我們的住宅社區和商業地塊的開發何時基本完成。這些銷售的時機也會受到天氣和承包商可用性的影響，以便在將開發的房地產推向市場之前完成必要的基礎設施和其他改進。

企業責任實踐

我們爲我們的利益相關者提供一系列可持續的經濟、社會和環境價值，並努力爲子孫後代幫助地球做出自己的貢獻。我們可持續管理的森林在減緩氣候變化和促進生物多樣性方面發揮着關鍵作用，而我們的木製品儲存碳，直到它們的使用結束和最終腐爛。我們的使命是發展和生產資源，爲我們的生活奠定基礎，並改善我們生活、工作和娛樂的社區。我們的價值觀是安全、包容和尊重、誠信、卓越的運營、社區和環境管理。我們通過我們跨越四個支柱的戰略的鏡頭來執行我們的使命：森林、地球、人和績效。我們認識到聯合國可持續發展目標作爲共同商定的全球抱負的一部分的重要性，支持所有17個可持續發展目標，並將可持續發展目標6(清潔水和衛生)、8(體面工作和經濟增長)、12(負責任的消費和生產)、13(氣候行動)、15(陸地生命)和17(目標夥伴關係)確定爲我們可以產生最大影響的目標。我們在我們的每個支柱中制定了與可持續發展目標相關的戰略舉措和目標。保持強大的企業責任基礎是我們推動長期利益相關者價值的能力的關鍵組成部分，這些原則指導我們如何每天開展業務。

森林

可持續林業實踐. 我們的林地管理促進清潔的空氣和高質量的水和土壤，同時關心生物多樣性和野生動物棲息地。我們的林地也爲我們的社區提供了豐富的娛樂機會。我們認識到森林在應對氣候變化中的作用，我們的林地爲碳的去除、儲存和循環提供了強大的來源。此外，收穫後的樹木被製成木製品，繼續儲存它們已經封存的碳，可以取代混凝土和鋼鐵等產生更多化石燃料排放的其他建築材料。通過利用數十年的管理經驗並與科學研究組織密切合作，我們根據國際公認的森林管理標準以可持續的方式管理我們的林地，同時考慮氣候變化可能如何創造潛在的風險和機會。我們的環境、健康、安全和森林管理政策加強了我們的林地管理方法。我們在森林管理和可持續發展方面處於領先地位，我們的森林實踐受到嚴格的第三方審計和認證，進一步支持我們的可持續發展目標，包括清潔的空氣和水以及保護野生動物棲息地。

我們的林地是我們採取適當措施保護生物多樣性、水質和其他生態系統價值的工作森林。爲了成功運營，我們需要我們的森林從現在到未來長期提供可持續的木材纖維供應。我們的林地還爲我們的社區提供了獨特的環境、文化、歷史和豐富的娛樂機會。我們認識到，在我們管理的土地上，一些地區需要保護，瀕危物種需要保護。我們投入資源，努力保護這些和其他質量，同時仍在管理我們的森林，以生產經濟成熟的木材。我們的林地包括各種各樣的軟木和硬木樹種。

我們制定了內部最佳管理實踐(BMP)，其中包括監管和認證框架，並提供了實施環境保護的一致、經過測試的手段，以促進可持續林地管理。我們用這些做法來維護森林土壤的健康，保護水質和水生棲息地，促進生物多樣性。我們的森林管理員將BMP作爲我們環境管理系統的一部分。伐木承包商必須列入批准的承包商名單，並接受年度培訓，我們要求所有伐木承包商在我們土地上的森林管理活動期間執行適用的BMP，並遵循關於正在收穫的土地和最終收穫後種植的具體規定。從歷史上看，我們平均每年收穫3%至4%的森林英畝，而且100%的林地在收穫後重新造林。我們平均每年種植約3,000株萬樹苗。我們重新造林計劃的主要目標是利用可能的最好的種植樹種，這些樹種是有選擇地培育出來的，以實現卓越的抗病能力、優良的形態、高生長率並很好地適應當地的氣候和生長條件。

我們所有的林地都獲得了SFI森林管理標準的認證，我們在阿肯色州和路易斯安那州的合併林地中約有70%也獲得了FSC森林管理標準的認證。一般來說，我們能夠從我們的金融服務中心實現紙漿木材的溢價。 經認證的土地。我們還對監管發展採取積極的做法，儘可能參與標準的制定。我們與監管機構合作，制定自願保護計劃，解決環境問題，同時保持我們有效運營林地的能力。

自2000年以來，受野火影響的林地面積有所增加，特別是在加拿大西部和太平洋西北部。作爲愛達荷州最大的私人土地所有者，我們已經實施了幾種做法來幫助減輕愛達荷州林地上的野火風險。這些做法包括在我們的所有權範圍內安裝和維護一系列DIP池塘，維護我們的道路基礎設施以供訪問，以及參與消防區或

與州、聯邦和私人林地所有者達成合作協議，參與者貢獻資產和資源撲滅火災，無論火災發生在哪裏。在火災高度危險期間，我們可能會禁止營火，關閉我們林地上的通道，將收穫計劃調整到傍晚/清晨，並在伐木活動後派人到現場監測潛在的火災爆發。此外，從5月到10月，我們與伐木和營林承包商簽訂的協議要求他們在現場配備特定的消防資源，如水、水泵和手動工具。規定的焚燒是森林管理中的一個重要工具，用於清除伐木後的木質殘留物，即所謂的砍伐，並幫助爲重新種植做好準備。通過安裝防火屏障、機械打樁和焚燒樁基來管理碎石。通過蒙大拿州/愛達荷州機場集團獲得焚燒剩餘垃圾的批准，該集團評估大氣條件和正在進行的其他燃燒活動，以最大限度地減少對機場的影響。

我們的南部林地比我們的西部林地更不容易受到野火的影響，因爲它們位於溼度相對較高的地區。我們的南方採伐作業導致最終收穫時的大幅削減較少，而大幅削減的惡化速度更快。在南方，地形允許刀刃機械地散佈到土壤中，將養分歸還給土壤。這些做法不僅有助於確保我們的林地可用於未來的收穫，還可以減少野火可能造成的潛在環境影響。

環境管理。我們在可持續林地管理和保護水、土壤和野生動物方面有着悠久的優秀遺產。我們的方法包括使用先進的長期戰略收穫調度模型管理林地和重新種植收穫區域。

森林是多樣的生態系統，有植物、動物和有機體的棲息地。積極的森林管理是創造和維持廣泛的生物多樣性惠益的寶貴工具，使森林能夠保持健康和生產力。我們致力於保護我們林地上的生物多樣性，這是基於這樣的認識，即管理良好的林地爲水生、鳥類和陸地生物多樣性提供了廣泛的棲息地。我們維持和加強生物多樣性的方法有四個主要組成部分：(1)景觀管理；(2)林分多樣性；(3)保護生態獨特的地點或物種；以及(4)研究。

我們的林地是通過捕獲和過濾水爲流域內的社區提供清潔水的來源。我們林地上使用的水質BMPs通過天然植被的過濾能力和鄰近水體的侵蝕控制措施，幫助我們最大限度地減少沉積物，從而養護和保護水質。BMP包括在收穫期間離開河邊管理區、適當設計和建設伐木道路以及使用保護水質的伐木方法和設備等做法。

保護環境。作爲我們林地的保管人，我們認識到，對我們的一些林地來說，最好的結果可能是永久保護它們作爲林地。我們與廣泛的利益相關者合作，以實現我們林地的保護成果，包括州、市、縣、水務當局、部落政府以及環境/保護組織，如保護基金、自然保護協會和公共土地信託基金。我們保護了明尼蘇達州密西西比河沿岸的河濱，幫助確保了阿肯色州小石城的飲用水來源，並提供了無數機會，在我們擁有的林地上擴大公共狩獵、徒步旅行和其他公共通道。此外，我們致力於保護瀕危物種，並簽訂了棲息地保護協議，以保護瀕危物種。自2018年以來，我們約50%的農村土地銷售面積用於自然保育，其餘50%用於康樂和其他用途。

行星

負責任的製造。我們的木製品製造工藝注重安全和卓越的運營，並注意將我們的環境足跡降至最低。一支經驗豐富的專業團隊在我們的Wood Products工廠積極管理環境合規，我們實施了合規計劃，包括對員工進行環境教育和培訓。我們的木製品工廠致力於將空氣排放降至最低，監測水排放，並保護溪流和河流。我們抓住機遇，降低能源消耗，節約資源，增加可再生能源的使用。我們的所有設施都對廢物進行管理，以減少我們產生的廢物，並有機會重新利用或回收。

我們的木製品工廠使用尖端技術來最大限度地提高原木利用率。在製造過程中，會產生木材殘渣，包括鋸末、刨花、碎屑和樹皮，它們在我們的鍋爐內部用於蒸汽能源，其餘的被出售用於廣泛的用途。結果，我們的日誌幾乎100%被利用。我們從內部鍋爐和燃燒器爲Wood Products設施提供能源，以滿足所購買的電力、天然氣和丙烷的任何需求。我們交通主要由鐵路和卡車生產的木材和膠合板，用於在回收或處置之前通常具有長壽命應用的最終用途。

我們的木製品工廠在製造操作中使用的工藝水很少，我們努力減少、重複使用和回收我們所有制造地點的水，以減少消耗。水來自地表水、地下水和市政水源，主要用於給原木甲板澆水、鋸木冷卻、鍋爐補水以產生蒸汽和防火。通過廣泛的再利用和循環利用，特別是在原木甲板上，可以最大限度地減少用水量。任何排放的水都受到嚴格的監管和監測，通過強有力的抽樣計劃。整個設施的水分損失主要是由於原木澆水活動中的蒸發造成的。

碳與氣候。可持續管理的森林是通過去除、儲存和循環碳來解決氣候變化問題的一部分。樹木通過光合作用吸收大氣中的二氧化碳，並將其儲存在樹枝、樹幹、針葉和根中。使用木製品建造儲存樹木的碳，使用生物質作爲能源，將碳保留在自然循環中。然後，我們種植的樹木會生長，更新循環，增加淨碳儲量。與未經管理的森林相比，積極的森林管理可以提高大氣中的碳清除能力。隨着森林的成熟，碳固存的速度會放緩。收穫成熟的樹木，並在收穫活動後重新種植，可以增加碳吸收的速度，併產生用於木材和其他木材產品的木材。我們的森林管理實踐集中於用於實木產品的可採伐樹木的生長，這將最大限度地增加捕獲和儲存在長壽木製品中的森林碳量。與鋼和混凝土等其他建築材料相比，使用木材進行建築需要的能源更少，溫室氣體排放也更少。截至2023年底，我們的森林總共儲存了大約48700萬公噸二氧化碳當量(CO2E)，約有9,300萬公噸CO2E在可銷售的地上部分。

資源效率是我們運營的關鍵組成部分，我們致力於優化資源利用。此外，提高我們製造過程的效率和降低能源消耗的努力也減少了溫室氣體(GHG)排放。我們業務的溫室氣體排放主要由我們的Wood Products工廠排放的二氧化碳組成，這些設施使用的能源來自購買的電力和現場鍋爐和燃燒器，這些鍋爐和燃燒器利用天然氣作爲燃料或殘存木材，這些排放是生物來源的，是自然碳循環的一部分。一氧化二氮和甲烷是包括在木材燃燒能量排放計算中的溫室氣體排放。此計算還包括CO2E來自天然氣。

2024年5月，我們發佈了《2023年企業責任報告》，以及題爲《我們的2023年碳記錄》和《我們的氣候情景分析》的案例研究，其中詳細介紹了我們的碳記錄，並評估了大氣中CO變化的潛在物理影響2在氣候情景下，我們的林地上可能會有E、溫度和降水。我們每年的淨大氣碳清除量包括我們林地上的生長和收穫，以及我們在我們的工廠採購原木的採購盆地中其他土地所有者的樹木立木儲量中我們所佔的碳變化份額。2023年，包括收穫和其他庫存調整在內，地上淨碳清除量約爲640萬公噸二氧化碳，根據我們南部增長模型的校正，約爲520萬公噸二氧化碳。我們採購纖維的非所有者森林在大氣碳淨變化中的貢獻相當於大約90萬公噸二氧化碳的清除量。

使用上述參考報告中描述的方法，我們在2023年出售給外部客戶的原木平均儲存了約160萬公噸的二氧化碳，而在我們的木製品工廠製造和銷售的木材和膠合板，連同出售給我們客戶的鋸木廠殘渣，平均儲存了約160萬公噸的二氧化碳。2023年，我們的碳排放量估計爲320萬公噸二氧化碳，其中估計有77,000公噸來自我們的範圍1和範圍2的排放，使用基於市場的方法計算。其餘的排放是我們整個價值鏈的範圍3排放。

2022年12月，我們在2021年基線的基礎上制定了溫室氣體減排目標，其中包括2030年範圍1和範圍2溫室氣體減排目標爲42%，範圍3價值鏈溫室氣體減排目標爲25%。我們的減排目標符合將全球氣溫升幅與工業化前水平相比控制在1.5攝氏度以下的要求。我們還承諾實現到2050年實現溫室氣體淨零排放的目標。

我們與氣候有關的風險和機遇可以分爲兩類：實物風險和轉型風險。有形風險和機遇包括事件驅動的嚴重影響和氣候模式長期變化造成的慢性影響。我們的嚴重影響可能包括：1)洪水和極端天氣事件的潛在增加；2)降水模式的變化，包括數量、類型(雪和雨)和時間；3)土壤溼度條件的變化；4)蟲害和疾病風險的變化；以及5)野火風險的增加。慢性影響可能包括改變樹木生長的生產力和產量所帶來的潛在機會或風險。應對氣候變化和向低碳經濟轉型帶來的挑戰的政策、監管、法律、技術、市場和其他社會對策帶來了轉型風險和機會。潛在的機會可能包括增加使用大量木材等創新木製品帶來的市場機會，以及鼓勵在建築物中更多使用木質產品的政策和獎勵措施。碳抵消市場和生物循環市場的增長也可以提供機會，因爲可持續管理的森林得到了承認

作爲一種自然氣候解決方案。隨着需求的增加，可持續管理森林的碳抵消定價預計將在長期內改善，從而產生可行的選擇，通過植樹造林、改進森林管理做法或推遲收穫來建立抵消。過渡風險可能包括碳稅、碳抵消項目認證的變化、計算生物排放的方法的變化，以及諸如能源成本變化和環境管理的監管影響等業務影響。

人民

我們致力於通過我們的公司文化、公平的薪酬和全面的福利選擇，使PotlatchDeltic成爲卓越的工作場所。我們重視安全、包容和尊重、誠信、卓越運營、社區和環境管理的環境，並希望吸引具有不同背景和經驗的人才。

我們的團隊。截至2024年12月31日，我們在整個業務範圍內僱傭了1,383名團隊成員，小時工約佔員工總數的73%。我們的木製品部門僱傭了大約84%的員工，是唯一包括小時工的部門。我們其中一家鋸木廠的某些員工，約佔我們總勞動力的13%，受到一項將於2026年到期的集體談判協議的保護。

健康與安全。我們的員工是我們最大的資產。我們對員工的承諾始於將健康和安全作爲核心價值觀的強大文化。我們專注於預防職業病和傷害，沒有妥協。我們的運營有全面的安全計劃，包括安全審計、培訓、承包商安全要求以及作爲基本資本規劃一部分的年度健康和安全預算。我們定期審查安全事件、風險識別報告和「險些失手」事件，並將關鍵學習應用於整個組織。承包商的安全是我們林地安全計劃的重點。木材採伐、道路建設和卡車交通承包商必須符合嚴格的州和聯邦安全法規，並接受年度特定行業和PotlatchDeltic安全培訓。此外，我們希望我們的核心運營承包商審查培訓視頻，並遵守我們的供應商行爲準則。

員工發展。我們認識到，僱傭一支高技能和多樣化的員工隊伍是一種競爭優勢，可以帶來更好的團隊成員參與度。我們致力於所有團隊成員的發展，以支持他們在PotlatchDeltic的職業抱負。我們有正式和非正式的計劃來培養我們的員工，使他們更熟練地掌握他們目前的角色，併爲他們在整個職業生涯中在公司內擔任更多的角色做好準備。

我們一直在經歷業務的代際轉變，並專注於將多年的知識傳授給下一代工人，這爲培訓和職業發展創造了新的機會。繼任規劃對於確保我們在正確的時間擁有正確的人員擔任關鍵職位至關重要。我們每年都會在整個組織內召開繼任規劃會議，從我們的本地業務開始，一直到我們的部門和公司層面，包括我們的高管團隊。已經證明有能力並渴望擔任新的領導角色的個人與他們的經理合作，設計有意義的發展計劃，旨在使他們的發展和進步保持在正軌上。

員工敬業度。 我們爲成爲一個機會均等的僱主而感到自豪，我們致力於促進、支持和維護一種包容和公平的文化，在這種文化中，每個員工都可以爲改善業務和工作場所的結果貢獻自己的想法和獨特的觀點。這一承諾背後的原則體現在我們的政策中，包括我們的員工參與政策、人權政策、企業行爲和道德準則、平等就業機會政策和美國殘疾人法案政策。我們努力招聘、培養和保留一支能夠代表我們所在社區的員工隊伍。

我們每年審查我們的薪酬和福利計劃，以確保我們提供具有競爭力、時代性和包容性的計劃，以吸引和留住最優秀的人才，並支持我們員工及其家人的健康和福祉。我們相信薪酬公平的重要性，我們不斷評估性別薪酬公平，並酌情調整工資。截至2024年12月31日，女性佔我們受薪勞動力的33%，佔我們小時工的14%，佔我們總勞動力的19%。在整個公司，按薪酬等級劃分的男性和女性薪酬中值的平均差異不到2%。

我們能否吸引和留住一支高表現的工作隊伍，取決於幾個關鍵因素，其中最重要的是我們所在領域的合格候選人隊伍。我們的許多業務都位於農村社區，那裏的經濟是由木材工業驅動的，我們的勞動力反映了這些地區的人口統計和文化。我們繼續強調從這些當地社區尋找人才並將這些人才留在我們公司的重要性，以便我們的工作場所人口統計數據反映我們所在的社區。總體而言，21%的勞動人口是由自我認同爲一個或多個少數族裔群體成員的個人組成的。

性能

負責任的可持續性治理。我們的治理結構爲整個組織的治理以及實施我們的目標和倡議設定了框架。公共事務和首席可持續發展官總裁副主任爲我們的企業責任報告和計劃提供高級領導。董事會監督我們的公司治理，包括我們的環境和生物多樣性管理；可持續發展戰略；社會責任；健康和安全項目績效；公共政策；宣傳和政府關係；公司治理政策和實踐；人力資本管理舉措；組織文化和氣候相關的風險和機會。此外，我們在組織內建立了跨職能小組，爲我們的戰略提供意見，制定計劃以實現我們的目標，包括碳和氣候目標，並將負責任的公司治理嵌入我們的業務。

董事會組成和獨立性。與我們的使命保持一致的負責任的公司治理、融入我們價值觀的文化以及用於識別和緩解風險的嚴格系統提高了我們的競爭力，建立了彈性，併爲我們的利益相關者創造了長期價值。我們的公司治理政策和程序、強大而有效的董事會，再加上我們的文化，引導我們進行道德管理，促進對社會的尊重，對企業責任的承諾，以及健全的財務管理。我們的董事會致力於在其成員和領導層中實現多樣化的代表性。目前，我們的九名董事中有三名是女性，其中一名是種族多元化，兩名是委員會主席。

我們的董事獨立政策要求董事會由獨立董事佔多數。目前，九名董事中有七名是獨立董事。在2024年期間，董事會召開了四次會議，董事出席的董事會和委員會會議不到每個董事所在會議的75%。

《道德守則》。我們的公司行爲和道德準則(道德準則)重申了我們繼續以誠信行事的承諾。它概述了我們對所有利益相關者的責任，指導我們的決策，並概述了我們在整個價值鏈中應用的最低業務標準。我們致力於向每一位員工灌輸我們道德準則的理念。所有員工在入職時均確認已審核道德規範。此外，某些員工，包括管理層、主管和採購主管，需要完成道德規範的年度審查，並確認他們不知道自己或其他人違反了道德規範。我們還期望我們的供應商和承包商遵守相同的法律和道德標準，並在我們的供應商行爲準則中確立了這些要求。

人權。尊重人權是我們公司的基本價值觀。我們認識到，我們在促進人權方面具有重要作用。我們遵守適用的國內人權法，尊重和支持國際公認的人權，包括《聯合國商業與人權指導原則》和《聯合國世界人權宣言》承認的人權。我們對人權的承諾體現在我們的人權政策中，並得到我們的公司行爲和道德準則、供應商行爲準則、員工參與政策、森林管理政策、環境、健康和安全政策以及其他政策、標準和實踐的支持。我們尊重土著人民和傳統生計，重視利益攸關方在這些問題上的參與。我們認識到水的根本重要性，尊重獲得水的權利，包括質量、充足和可獲得性。

利益相關者的參與。我們認識到我們利益相關者的不同利益，並相信我們在公司內外的關係是我們價值創造和成功的重要組成部分。我們經常與廣泛的利益攸關方接觸，包括投資者和分析師、員工、社區、客戶、政府代表、土著人民、行業協會、非政府組織、研究組織和供應商。我們的參與通常有三個主要目標：共享信息、促進有意義的對話以及建立和維持可持續的關係。通過提供圍繞我們的戰略、成就和目標的信息，我們允許內部和外部利益相關者做出明智的決策。這種接觸進一步幫助我們了解、確定優先順序並管理我們作爲一個組織的影響和我們在系統性變革方面的機會。有意義的利益相關者參與也是我們負責任的治理戰略的關鍵部分，促進對問題的更多知識和認識，邀請對見解和趨勢的反饋，並培養信任和合作。

風險管理。爲我們的業務做出正確的決策需要了解風險。我們使用嚴格的流程來管理我們的風險，其中包括環境、安全、社會、法律、運營和公共政策等領域的風險，以便我們的領導者和員工能夠做出明智和明智的決策。我們有一個全面的程序來識別和評估廣泛的風險，包括環境、社會和治理主題。PotlatchDeltic利用企業風險管理(ERM)框架來識別、評估和減輕公司面臨的重大風險。董事會審計委員會和高級管理人員對公司面臨的風險負有主要責任。在可行的情況下，識別、評估和緩解與環境問題、人權和氣候變化相關的具體風險，作爲我們企業風險管理進程的一部分。此外，我們的環境管理體系(EMS)和企業責任審查每年在業務單位層面進行，評估業務風險和機會，包括與氣候有關的風險和與環境、社會和治理主題相關的機會。

我們定期進行內部審計，以幫助確保遵守環境、安全、財務、披露和其他法規、自願標準和我們自己的公司政策。當審計發現改進機會時，我們制定、實施和跟蹤改進行動計劃。一家獨立的公共會計師事務所持續審計我們的會計流程、財務報告和內部控制。我們的全面網絡安全計劃始終專注於保護公司、我們的員工、客戶、合作伙伴和供應商免受網絡攻擊導致的敏感數據和信息的丟失或失竊。我們的網絡安全防禦戰略包括訪問控制、監控、員工培訓和入侵應對。我們還維護並定期更新其他公司政策，這些政策指導我們的業務，通知我們的員工，並幫助管理我們識別的風險。

有關我們的計劃和計劃的更多詳細信息，請參閱我們的網站Http://www.potlatchdeltic.com/corporate-responsibility。本網頁及本公司網站上的其他資料並不包括在本10-K表格年度報告內，亦不構成本年度報告的任何部分。

環境合規性和法規

在我們的業務運作中，我們受到多種法律法規的約束。我們還參與對我們的林地的自願認證，以幫助維持其整體質量，包括保護野生動物和水質。法律法規或認證標準的變化可能會對我們的業務產生重大影響。

影響我們林地的法規。頒佈新的環境法律或法規，或更改現有法律或法規，特別是與空氣、野生動物、水質和氣候變化有關的法律或法規，或對其解釋和執行，可能需要我們支付巨額費用，或可能對我們的林地管理、採伐活動和製造業務產生不利影響。影響某些州當前或未來收穫和森林管理活動的森林實踐法律和條例包括：

我們的業務受到聯邦《清潔水法》(CWA)的約束，該法案對向美利堅合衆國水域排放污染物進行了監管。對於我們的林地，這通常要求我們的營林活動遵守適用的法規和限制。聯邦機構的規則制定和《公約》下的相關訴訟繼續重新界定該法案的管轄範圍。

我們擁有林地的每個州都制定了最佳管理做法，以減少森林做法對水質和水生生境的影響。各州和地方政府可能會採取額外和更嚴格的規定，以達到《公約》規定的水質標準，保護魚類和野生動物棲息地和人類健康，或實現其他公共政策目標。這些要求可能會改變或限制我們的一些營林活動，特別是在某些地區的林地上使用殺蟲劑和除草劑，這可能會增加我們某些地區所需的聯邦和州許可的數量，並增加運營成本。懸而未決的和未來的聯邦和州規則制定，以及由此帶來的司法挑戰，可能會使我們或多或少地付出遵守CWA和類似州法律的代價，我們無法預測這些問題的最終解決方案。

同樣，根據1973年《瀕危物種法》(ESA)，一些原產於我們林地的物種已被列爲受威脅或瀕危物種，或已被提議列入其中一種或另一種狀態。因此，我們在這些物種棲息地或鄰近棲息地的活動可能會受到木材採伐的限制，

植樹造林活動以及道路的建設和使用。儘管CWA、ESA和相關法規還沒有，我們預計2025年也不會對我們的運營產生實質性影響，但它們未來可能會這樣做。

影響我們製造業務的法規。我們的製造業務受聯邦和州法律法規的約束，包括與空氣排放、暴雨水和廢水排放、固體和危險廢物管理、場地補救和瀕危物種有關的法律和法規。我們還必須遵守聯邦《職業安全與健康法》以及與我們員工的健康和安全相關的類似州法規的要求。我們維持環境和安全合規計劃，並定期對我們的設施進行內部和獨立的第三方審計，以監督這些法律和法規的遵守情況。我們的資本項目通常旨在增強安全性、延長設施的使用壽命、降低成本和提高效率、增加產能並遵守監管標準。

根據《清潔空氣法》(CAA)和我們現場特定的空氣運營許可，我們的Wood Products工廠密切監控運營參數和空氣排放，包括有害空氣污染物，以幫助將這些排放降至最低。根據CWA以及州和聯邦水質標準，我們必須遵守排放限制和在每個地點建立的其他規定，以通過國家污染物排放消除系統處理水和雨水排放。懸而未決的和未來的聯邦和州規則制定，以及由此帶來的司法挑戰，可能會使我們或多或少地付出遵守聯邦和州環境法的成本，我們無法預測這些問題的最終解決方案。

我們的木製品工廠有環境合規程序，這些程序建立了最佳實踐、計劃和程序，以推動持續遵守有關空氣排放、水排放和廢物處理的聯邦、州和地方法規。我們通過計劃、培訓、監控和績效評估，以及定期的內部合規審計和糾正措施流程，不斷改進我們的合規計劃。我們分享通過這些流程確定的關鍵發現和最佳實踐，以推動整個木製品部門的改進。

合規性。我們的製造設施和林地運營目前基本上符合適用的環境法律和法規。然而，我們不能肯定，導致重大環境責任的情況不會被發現。遵守環境法規是我們業務中的一個重要因素，可能需要大量的資本支出以及額外的運營成本。如中所討論的注1：重要會計政策摘要 在 合併財務報表附註, 我們已同意自願作爲非聯邦贊助商參與明尼蘇達州污染控制局(MPCA)的沉積物污染修復項目之一，該項目位於我們2002年出售給第三方的一處前物業下游的一個水庫裏。

此時此刻，我們相信，目前與保護瀕危物種以及空氣和水質量相關的聯邦和州法律法規不會對我們的財務狀況、運營結果或流動性產生實質性的不利影響。然而，我們預計，與環境、自然資源、氣候變化和林業業務有關的日益嚴格的法律和法規的頒佈可能會對我們的業務造成額外的限制，導致成本增加、額外的資本支出和業務靈活性降低。

可用信息

我們向美國證券交易委員會(美國證券交易委員會)提交或提供給美國證券交易委員會(SEC)的定期報告和最新報告，在我們以電子方式向美國證券交易委員會(美國證券交易委員會)存檔或提供信息後，在合理可行的範圍內儘快免費提供給我們的網站www.PotlatchDeltic.com(在「投資者-金融信息-美國證券交易委員會備案」下)。我們網站上的信息並未通過引用納入本10-K表格年度報告中，因此不應被視爲本報告的一部分。

有關我們高管的信息

截至2025年2月10日，我們高管的信息如下：

埃裏克·J·克里默斯(61歲)自2013年3月以來一直在董事工作，2021年1月以來一直擔任我們的總裁兼首席執行官。Cremers先生還曾於2013年3月至2020年12月擔任總裁兼首席運營官，2013年3月至2013年8月擔任財務長，並於2012年2月至2013年3月擔任執行副總裁總裁兼財務長。克里默斯先生於2007年加入公司，擔任總裁副總裁兼財務長。

韋恩·瓦塞切克(54歲)自2023年8月起擔任副總裁兼財務長。瓦塞切克先生還曾於2023年4月至2023年8月擔任臨時副總裁總裁、臨時財務長兼首席會計官，並於2018年11月至2023年8月擔任財務總監兼首席會計官。

阿什莉·T·克里布(56歲)自2021年7月以來一直擔任木製品副總裁總裁。此前，她曾在羅斯堡森林產品公司擔任過各種職務，包括2019年2月至2021年7月擔任首席商務官高級副總裁，2018年2月至2019年2月擔任結構產品副總裁總裁，2017年1月至2018年2月擔任結構產品業務董事。

達林·R·鮑爾(59歲)自2017年12月起擔任森林地副總裁。2012至2017年12月，他擔任我們愛達荷州森林地業務的經理。

威廉·R·德魯(58歲)自2018年2月起擔任房地產副總裁，2012年2月至2018年2月擔任房地產和萊克州林地副總裁。

米歇爾·L·泰勒(Michele L.Tyler)，56歲，自2019年8月起擔任副總裁、總法律顧問兼公司秘書。

安娜.E.託瑪，現年63歲，自2022年2月起擔任總裁副公共事務及首席可持續發展官(前身爲首席可持續發展官)，2019年3月至2022年2月出任總裁副公共事務，2018年4月至2019年3月出任董事公共事務。

羅伯特·L·施瓦茨(52歲)自2014年5月起擔任人力資源部總裁副主任，2009年2月至2014年4月擔任董事人力資源部部長。

格倫·F·史密斯(48歲)自2023年10月以來一直擔任首席會計官，並從2022年9月至2023年10月擔任企業會計董事。他之前從2017年2月起擔任CatchMark Timber Trust，Inc.的首席會計官，直到該公司於2022年9月與該公司合併。

本公司高級職員的任期於本公司董事會年會屆滿，每位高級職員任職至高級職員的繼任者獲正式委任及符合資格爲止，或直至高級職員去世、辭職、退休、董事會罷免或本公司附例另有規定的較早者爲止。

項目1A. 風險影響因素

我們受到各種風險和事件的影響，這些風險和事件可能對我們的業務、我們的財務狀況、我們的經營結果、我們的現金流和我們普通股的價格產生不利影響。投資我們的普通股涉及很大程度的風險。下面描述的風險應與本報告中包含的其他信息一起仔細考慮，特別是在關於前瞻性信息的警示聲明, 第1部分-項目1.業務，而且 第二部分--項目7.管理層對財務狀況和經營成果的討論和分析，以及我們向美國證券交易委員會提交的其他公開聲明、報告、登記聲明、招股說明書、信息聲明和其他文件中不時提出的要求，以評估我們、我們的業務和對我們證券的投資。

下面討論的風險並不是我們面臨的唯一風險，我們在這裏和其他地方對這些風險的描述不應被認爲是詳盡的。我們目前不知道的或我們目前認爲不重要的其他風險也可能對我們的業務、我們的財務狀況、我們的經營結果、我們的現金流和我們普通股的價格產生不利影響。

行業和商業風險

經濟狀況

我們業務的週期性可能會對我們的運營結果產生不利影響。

我們業務的財務表現受我們業務的週期性影響。木製品、木材和房地產市場受到各種我們無法控制的因素的影響。我們的業務尤其依賴於美國房地產市場的健康狀況，特別是對

新房和房屋維修和改建，受經濟狀況變化、就業水平變化、消費者信心、金融市場、利率、住房負擔能力、獲得負擔得起的抵押貸款融資和信貸可用性(包括購房者有資格獲得抵押貸款的能力)、供應鏈中斷、勞動力和可開發土地的可用性、通脹、人口變化、天氣條件和其他因素的影響而波動。這些經濟狀況的任何下滑或停滯，或供應鏈、天氣或其他非財務狀況的中斷，都可能導致我們的產品銷量下降、成本上升和利潤率下降。

由於需求波動，我們木製品的歷史價格一直不穩定，特別是在最近幾年，我們對我們木製品價格變化的時間和幅度的直接影響有限。在我們的Timberland業務中，我們在愛達荷州的鋸木價格變現受到木材價格波動的影響，因爲我們根據長期供應協議爲這些鋸木的很大一部分編制了索引，滯後於木材價格四周。房地產需求可能受到利率、信貸可獲得性、經濟狀況、消費者偏好變化、工資增長有限、消費者信心和可開發土地可獲得性等因素變化的影響，以及聯邦、州和地方土地使用和環境保護法的影響。這些因素對我們未來經營和財務表現的潛在影響是高度不確定、不可預測和不受我們控制的。因此，我們過去的表現可能不能預示未來的結果。

商品產品

我們的木製品是從其他生產商廣泛獲得的商品。如果不能在我們的市場上有效競爭，可能會對我們的財務業績產生不利影響。

由於商品產品從生產者到生產者幾乎沒有區別的性質，對這些產品的競爭主要是基於價格，這是由供求關係決定的，以及來自替代產品的競爭。我們產品的價格受到許多我們無法控制的因素的影響，我們對市場價格變化的時間和幅度沒有任何影響，而市場價格往往是波動的。我們在這些產品方面的盈利能力在一定程度上取決於我們的成本管理，特別是原材料、勞動力和能源成本，這些成本是我們運營成本的重要組成部分。這些成本可能會因我們無法控制的因素而波動，這些因素包括但不限於需求變化、供應鏈中斷以及通貨膨脹或通貨緊縮，所有這些都可能對我們的運營業績和現金流產生實質性的不利影響。過去幾年，美國經歷了高水平的通脹。雖然通脹在2024年期間繼續放緩，但它增加了我們的運營成本，未來可能會這樣做，特別是燃料、能源、勞動力以及維修和維護成本，我們可能無法將增加的成本完全轉嫁給客戶。

我們的木材產品市場競爭激烈，擁有比我們大得多的財務資源的公司在我們的每一項業務中都與我們競爭。此外，我們的木製品設施是資本密集型的，這導致了較高的固定成本，只要價格足以覆蓋可變成本，通常就會導致持續生產。這些條件導致了激烈的價格競爭，特別是在需求減少的時期。我們的一些木製品競爭對手目前可能是比我們更低的成本生產商，或者可能受益於相對於美元的疲軟貨幣，因此，這些競爭對手可能沒有我們受到價格下降的不利影響。木材產品還面臨着來自各種替代產品的激烈競爭，包括非木材和工程木材產品。如果替代產品或其他國內外供應商的競爭壓力顯著增加，我們的業務可能會受到不利影響。

第三方伐木和交通承包商

我們的運營受到第三方記錄儀可用性、交通可用性以及這些第三方成本變化的影響。

我們的Timberland業務依賴於第三方伐木和交通承包商的可用性。我們的木製品業務依賴於第三方交通供應商，包括有軌電車和卡車交通。我們的林地主要位於農村地區，那裏的熟練伐木和交通勞動力可能有限，再加上勞動力市場緊張，增加了吸引和留住足夠的熟練勞動力用於伐木和交通的難度。由於木材行業持續多年的經營狀況疲軟，在某些市場上採伐和運送原木的承包商減少了。某些市場缺乏可用的第三方承包商，導致伐木和交通費用在過去和今後可能全面增加。由於原木需求大幅和(或)持續增加而導致的收穫水平的任何增加，都可能使現有的第三方伐木和交通承包商的供應更加緊張。這種增加的需求反過來可能會增加原木供應和交付的成本，或者通過限制我們收穫木材和向市場交付原木的能力，阻止我們充分利用有利的市場條件。

此外，我們的第三方承包商還受到幾個他們無法控制的事件的影響，例如交通基礎設施中斷、勞動力問題、對伐木工人和卡車司機的競爭加劇以及有軌電車的可用性。伐木機和卡車司機短缺，或第三方交通提供商未能及時將我們的產品交付給我們的工廠和客戶，都可能損害我們的供應鏈，對我們的客戶關係產生負面影響，並對我們的財務狀況、運營結果和我們的聲譽產生實質性的不利影響。此外，勞動力、燃料、設備成本的增加，包括購買設備的債務融資成本，以及其他運營成本的增加，已經並可能繼續通過增加這些服務的成本來影響並繼續負面影響我們的財務業績，還可能導致這些服務的可獲得性全面減少。

林地行動

我們的經營業績和現金流受到木材供求的重大影響。

影響木材價格和需求的各種因素，包括地方、國家和國際一級可獲得性的變化，所有這些因素都可能因地區、木材類型(鋸木或紙漿原木)和品種而異。在地方一級，供應量可能會波動，取決於天氣條件和當地林地所有者的收穫策略的變化，以及由於不尋常的蟲害、風暴或火災等事件而偶爾進行的高木材打撈工作。我們的林地主要分佈在阿拉巴馬州、阿肯色州、佐治亞州、愛達荷州、路易斯安那州、密西西比州和南卡羅來納州。因此，我們可能容易受到這些地區的不利經濟和其他事態發展的影響，包括行業放緩、工廠關閉和削減、企業裁員或裁員、企業搬遷、人口結構變化、房地產和其他稅收的增加以及監管的加強，任何這些都可能對我們產生實質性的不利影響。此外，隨着全國對紙張的需求持續下降，紙漿廠的關閉和削減對我們運營的某些地區的紙漿和木屑的需求和定價產生了不利影響。此外，世界其他地區的需求可能會影響我們競爭市場的木材價格。例如，儘管我們不向海外市場銷售，但海外需求可以間接影響北美木材和木材市場的定價和供應。此外，我們還與第三方客戶達成協議，以定期調整的價格向其工廠供應特定數量的木材，以反映市場狀況，其中包括愛達荷州的一個客戶，在那裏，我們將出售的鋸木價格與木材價格進行索引。如果這些客戶選擇不續簽原木供應協議，可能會影響我們的財務狀況和運營結果。

在美國南部，大多數林地是私人所有的。從歷史上看，木材價格上漲往往導致私人林地的採伐量大幅增加，包括以前沒有提供給商業性伐木作業的土地，從而導致供應的短期增加，這往往會緩和價格上漲。原木價格下降往往會導致收成水平降低，從而導致短期供應量減少，從而使價格降幅趨於緩和。在南方，在過去十年中，木材增長率超過了收穫量，這導致該區域可收穫木材供應過剩，是將木材價格保持在相對較低水平的一個促成因素。

在愛達荷州，與我們運營的南部各州相比，政府擁有的林地比例更大。20多年來，環境問題和其他因素限制了聯邦機構的木材銷售，聯邦機構歷史上一直是美國林產行業的主要木材供應商，特別是在西部。大幅增加國有土地木材銷售的政策的任何逆轉，包括開放聯邦土地進行間伐和增加採伐以降低火災風險，都可能對我們的運營結果和現金流產生實質性的不利影響。

我們可能無法收穫木材，或者由於市場、天氣、氣候變化或監管條件，我們可能選擇減少收穫水平，其中任何一項都可能對我們的運營結果和現金流產生不利影響。

我們的財務業績和現金流在很大程度上取決於我們繼續以足夠的水平收穫木材的能力。由於合同伐木工人的可獲得性、工廠配額、削減和關閉、與保護野生動物和水資源相關的監管要求，以及影響我們進入林地能力的天氣事件和條件，我們的木材收穫水平和銷售不時受到限制，未來可能也是如此。由於其他因素，包括承包商的可獲得性、美國移民政策、降水不足或過多、火災、蟲害、疾病和自然災害造成的破壞，以及冰暴、風暴、龍捲風、颶風和洪水等重大地區性或地區性天氣事件，我們及時有效地重新種植採伐區域的能力也可能會影響未來的木材收穫水平。全球氣候條件的變化可能會加劇其中一個或多個因素。不能保證影響我們林地的任何損害都是局部的，或者隻影響有限百分比的木材。疾病、惡劣天氣條件和其他自然災害也會降低苗木存活率，影響木材生長週期和林地生產力，所有這些都已經影響並可能在未來影響原木的採伐水平和交付。

正如森林產品行業的典型情況一樣，我們承擔我們擁有的立材因火災和某些其他危險而損失的所有風險，因爲此類損失的保險要麼不可用，要麼成本過高。因此，

此類事件導致我們的木材庫存減少，可能會對我們的財務狀況、經營業績和現金流產生不利影響。此外，我們的物業集中在愛達荷州和美國南部，這使得我們更容易受到單一自然災害、疾病或蟲害、購買原木的木製品製造設施暫時或永久關閉以及其他可能對我們的木材生產產生負面影響的因素的不利影響。

木材採伐活動還須遵守有關保護魚類、野生動物、水和其他資源的一些聯邦、州和地方法規。法規、政府機構的政策和指導方針以及相關訴訟可能會限制木材採伐活動並增加成本。例如，聯邦和州法律保護受威脅、瀕危和「瀕危」物種，採伐和修路活動可能受到適用環境法、州林業實踐法、保護土著人民權利的法律和其他類似法規的限制。因此，如果長時間限制我們在很大一部分林地上採伐，我們的經營業績和現金流可能會受到實質性的不利影響。

由於天氣影響伐木和交通條件，我們通常在冬季和早春經歷季節性較低的收穫活動。在短期內，我們可能會根據市場情況調整我們的木材收穫水平。從長遠來看，我們的木材收穫水平將受到額外林地的收購、現有林地的出售以及收穫從一個地區轉移到另一個地區的影響。此外，未來的木材收穫水平可能會受到長期可持續產量估計值變化的影響，原因是營林技術的進步、監管限制和其他我們無法控制的因素。

我們對木材庫存和增長率的估計可能不準確，幷包括計算此類估計所固有的風險，這可能會削弱我們實現預期收入的能力。

無論是管理我們現有的林地，還是評估潛在的林地收購，我們都會做出並依賴於對可銷售木材庫存的重要估計。其中包括可合法和經濟地採伐的木材庫存估計數、基於內部和行業研究的木材增長率以及最終產品產量。木材生長率和估產是由森林生物計量學家和其他專家利用對特定財產上的樹木樣本的統計測量得出的。這些估計是預測我們預期的木材收成、收入和預期現金流的核心。然而，未來的增長和產量估計本身就是不準確和不確定的，受許多外部變量的影響，這些變量可能會進一步影響其準確性，其中包括疾病、蟲害、自然災害、降雨量、天氣模式的變化和產品銷售規格的變化。如果這些估計不準確，我們以可持續或有利可圖的方式管理林地的能力可能會受到不利影響。

木製品業務

我們其中一個製造設施的重大中斷可能會阻止我們滿足客戶需求，減少我們的銷售額，或對我們的運營結果和財務狀況產生負面影響。

我們的任何製造設施或機器都可能由於大量事件而意外停止運行，這些事件包括計劃外維護中斷、長時間停電、設備故障、原材料短缺、設備和維護部件短缺、網絡事件、勞動力短缺或由於感染流感或其他疾病的人員的隔離要求而導致的勞動力短缺、交通基礎設施中斷、道路、橋樑、鐵軌和隧道等交通基礎設施中斷、火災(如2021年6月阿肯色州奧拉鋸木廠火災)、冰暴、洪水、風暴、龍捲風、颶風或其他災難、恐怖主義或恐怖主義威脅、政府監管以及其他運營問題。

我們無法預測任何此類停機的持續時間或設施損壞的程度。停機和設施損壞使我們無法滿足客戶對我們產品的需求和/或要求我們進行計劃外支出。如果我們的一臺機器或設施發生重大停機，我們實現生產目標和滿足客戶需求的能力可能會受到影響，導致銷售額和收入下降。儘管有些風險不能投保，有些保險範圍有限，但我們爲我們的製造設施購買了火災、洪水、風暴、地震和災難性設備故障等事件造成的損害和業務中斷損失保險，但須遵守適用的免賠額。然而，此類保險可能不足以或成本過高，無法爲我們將來的所有損害和損失提供保險。

我們的資本投資可能不會產生預期的財務影響。

我們投資於木製品工廠的維護和可自由支配的資本改善。我們根據預期的投資回報水平評估可自由支配的資本改善。例如，在2024年第三季度，我們在阿肯色州沃爾多鋸木廠完成了耗資13100美元的萬擴建和現代化項目的建設階段，其中包括原木堆場和刨牀的升級、新的鋸切生產線和新的連續乾式窯。我們預計，到2025年年中，鋸木廠將達到預期的新的年產能27500萬板英尺/年。不能保證該項目將增加鋸木廠的年產能或大幅降低其運營成本。我們還可能在項目啓動階段期間和之後遇到低於預期的生產率和產能，以及低於預期的投資回報，並且啓動階段的時間可能比預期的要長。此外，我們Wood Products工廠未來可自由支配的資本項目可能無法達到我們預期的投資回報水平，或經歷其他可能對我們的運營業績和現金流產生重大不利影響的因素。

房地產運營

我們房地產需求的變化以及房地產交易時間的延遲可能會影響我們的收入和經營業績。

許多因素，包括信貸可獲得性、融資成本、住宅和商業房地產開發放緩、支持政府和其他實體購買保護性土地的資金可獲得性、分區規則、政府激勵、人口遷移、可供出售的土地類型和位置以及人口結構的變化，可能會減少對我們房地產的需求，並對我們的運營結果產生負面影響。投資者購買林地興趣的變化可能會降低我們銷售非核心林地的能力，也可能對我們的經營業績產生負面影響。有關房地產的使用、開發和合格購買者的現行法律的解釋或執行的變化，或新法律的頒佈，可能會導致新的或更大的成本、延誤和負債，這可能對我們的房地產業務、盈利能力或財務狀況產生重大不利影響。

我們的大多數房地產開發項目都集中在少數幾個市場。

我們在阿肯色州中部有房地產開發項目，特別是在阿肯色州的小石城和阿肯色州的溫泉。這些房地產開發項目特別容易受到經濟低迷、不利天氣條件或該特定地區可能發生的其他不利事件的影響，以及來自附近商業和住宅開發項目的競爭。我們的經營結果可能會受到住宅建築和房地產行業週期性的影響。影響這些行業的因素包括人口增長、總體和當地經濟狀況、天氣、氣候影響、就業水平、消費者信心和收入、住房需求、新的和現有的住房庫存水平、可開發土地的可用性、融資的可獲得性和成本、抵押貸款利率和喪失抵押品贖回權，以及政府對環境、分區、房地產稅和其他地方政府收費的監管變化。此外，信貸收緊和經濟衰退可能會推遲或阻止商業和住宅房地產活動，並可能影響我們的經營業績。

法律、環境和監管合規風險

環境法律法規

我們的企業受到廣泛的環境法律法規的約束。

我們受制於一系列與環境保護有關的一般性和特定行業的法律和法規，包括但不限於以下法律和法規：

We have incurred, and we expect to continue to incur, significant capital, operating and other expenditures to comply with applicable environmental laws and regulations. We also have incurred and could incur in the future substantial costs, such as civil or criminal fines, sanctions and enforcement actions (including orders limiting our operations or requiring installation of pollution control equipment or other remedial actions), cleanup and closure costs, and third-party claims for property damage and personal injury as a result of violations of, or liabilities under, environmental laws and regulations on properties we currently own or have owned in the past. Because environmental regulations and agency interpretations of them are constantly evolving, we will continue to incur costs to maintain compliance with those laws and our compliance costs could increase materially. In addition, air emissions, stormwater, and surface water management regulations may present liabilities and are subject to change. Future compliance with existing and new laws, regulations, environmental permits, and other requirements may disrupt our business operations, divert resources, increase the cost of compliance and potential liabilities, and require significant expenditures.

As the owner and operator of land and manufacturing operations, we have been and may be in the future liable under environmental laws for cleanup, closure and other damages resulting from the presence and release of hazardous substances on or from our properties or operations we currently own or have owned and operated in the past. In addition, we lease some of our properties to third-party operators or may enter into future leases for the purpose of exploring, developing and extracting oil and gas, brine, and lithium in exchange for fees and royalty payments. These operations may create risk of environmental liabilities for any unlawful discharge of oil, gas or other chemicals into the air, soil or water. Generally, these third-party operators indemnify us against any such liability, and we require that they maintain liability insurance during the term of our lease with them. However, if for any reason an unlawful discharge occurs and our third-party operators are not able to honor their indemnity obligations, or if the required liability insurance is not in effect or is insufficient to cover losses, then it is possible that we could be held responsible for costs associated with environmental liability caused by such third-party operators.

The amount and timing of environmental expenditures is difficult to predict, and in some cases, our liability may exceed forecasted amounts or the value of the property itself. The discovery of additional contamination or the imposition of additional cleanup obligations at our current or previously owned sites or third-party sites may result in significant additional costs. For example, in 2023, we executed a project agreement to voluntarily participate as a non-federal sponsor in connection with one of the Minnesota Pollution Control Agency's (MPCA) sediment contamination remediation projects in a reservoir downstream of one of our former properties that we sold to a third party in 2002. Additional information regarding this matter is included in Note 1: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements contained in this report and incorporated herein by reference.

Similarly, threatened and endangered species restrictions apply to activities that would adversely impact a protected species or significantly degrade its habitat. A number of species on our timberlands have been, and in the future may be, protected under these laws. If current or future regulations, such as those with mandates for biodiversity or increased protection of wildlife habitats and endangered species become more restrictive, the amount of our timberlands subject to harvest restrictions could increase.

Increasing interest, expectations, and regulations with respect to corporate responsibility matters by our various stakeholders could adversely affect our business and operating results.

Certain investors, regulators, customers, and other market participants, as well as the public at large, are continuing to place a greater emphasis on businesses’ corporate responsibility practices and related reporting. Our reputation or brand could be adversely impacted by a failure (or perceived failure) to operate our business in line with others’ expectations regarding corporate responsibility practices and reporting. This may include, without limitation: failure to maintain certain ethical, social and environmental practices for our operations and activities, or failure to require our suppliers or other third parties to do so; our environmental impact; the practices of our employees, agents, customers, suppliers, or other third parties (including others in our industry) with respect to any of the foregoing, actual or perceived; consumer perception of statements made by us, our executives and employees, agents, customers, suppliers, or other third parties (including others in our industry); and/or our responses to any of the foregoing.

Public awareness and focus on ethical, social and environmental issues has led to ongoing regulatory efforts to mandate certain corporate responsibility practices and require additional disclosure of corporate responsibility matters, such as GHG emissions, forestry and water management practices, and human capital management. As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, customer requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters. Increased regulations, customer requirements, or industry standards could increase the complexity and scope of matters we must control, assess and report, alter the environment our business operates in, significantly raise compliance costs, including remediation of any issues discovered, divert resources and

damage our reputation, any of which could negatively impact our business, results of operations, financial condition and competitive position. At the same time, stakeholders and regulators have increasingly expressed or pursued opposing views, legislation and investment expectations with respect to environmental, social and governance initiatives, including the enactment or proposal of “anti-ESG” and/or “anti-DEI” legislation or policies. These opposing views may also be adopted by our investors. Conflicting regulations and expectations across the jurisdictions in which we operate may create enhanced compliance risks and costs. These changing and inconsistent rules, regulations and stakeholder expectations have resulted in, and are likely to continue to result in, increased general and administrative expenses and increased management time and attention to comply with or meet those regulations and expectations. Additionally, if our corporate responsibility practices do not meet evolving investor or other stakeholder expectations and standards or if we are unable to satisfy all stakeholders, our reputation, our ability to attract or retain employees, our sales and our attractiveness as an investment, business partner or as an acquirer could be negatively impacted.

In 2022, we voluntarily announced our GHG reduction goals to meet growing expectations from companies to reduce GHG emissions. We recognize these goals are subject to risks and uncertainties depending on climate change and other factors outside of our control. We also recognize transitional risks associated with changes in voluntary standards and customer preferences in connection with concerns about climate change. Our inability, or a perception of our inability, to achieve progress toward our environmental goals could adversely impact our business or damage our reputation.

Additionally, environmental groups or other interested parties may threaten or file lawsuits to prevent us from obtaining permits, harvesting timber under contract with federal or state agencies, implementing capital improvements, or pursuing operating plans, potentially delaying harvesting on our timberlands or affecting investments in our Wood Products facilities. The failure, or perception of failure, to meet corporate responsibility goals could damage our reputation, erode investor or customer confidence, and negatively impact our operations and the market price of our common stock.

Climate Conditions

Changes in climate conditions could significantly harm our timberland assets and Wood Products manufacturing facilities and have a negative impact on our results of operations, cash flows and financial condition.

Climate change represents an urgent global challenge that has the potential to cause significant disruptions to our business and results of operations, cash flows and profitability. We are committed to do our part to mitigate climate change, and we believe that working forests are part of the solution. Scientific research indicates that emissions of greenhouse gases continue to alter the composition of the global atmosphere in ways that are affecting and are expected to continue affecting the global climate. Over the past several years, changing weather patterns and climatic conditions due to natural and man-made causes have added to the unpredictability and frequency of natural disasters, such as wildfires, hurricanes, tornadoes, earthquakes, hailstorms, snow and ice storms, the spread of disease, and insect infestations. Global temperature increases can result in significant regional differences in weather patterns that affect tree growth. Changes in precipitation resulting in droughts have made and could in the future make wildfires more frequent or more severe. Any of these natural disasters could affect our timberlands and wood products manufacturing facilities, timber growth rates, productivity of our timberlands, or our harvest operations or cause variations in the cost and supply of raw materials for both our timberlands and wood products operations. The need to rebuild or the desire to move away from certain areas following a natural disaster could affect the housing market, which may or may not be in the markets where our wood products are sold.

Governmental response to climate change at the international, federal and state levels may affect our financial condition, results of operations, cash flows and profitability.

There continue to be enacted and proposed numerous international, U.S. federal and state-level initiatives to address domestic and global climate issues. We anticipate increases in legal and reporting requirements at the state, federal and international level regarding climate change and energy access, renewable energy and fuel standards, and the monetization of carbon capture, storage and sequestration. For example, in September 2024, the governor of the State of California signed into law Senate Bill (SB) 219, Greenhouse Gases: Climate Corporate Accountability: Climate-Related Financial Risk that amended certain climate related disclosure requirements passed in 2023 under the Climate Corporate Data Accountability Act (SB 253) and the Greenhouse Gases Climate-Related Financial Risk Act (SB 261) requiring increased climate-related reporting by companies to which these laws apply. New disclosure and reporting requirements related to GHG emissions and climate change may negatively impact our business by diverting resources, increasing our compliance costs, and potentially harming our reputation.

Future laws and regulations in response to climate change could limit harvest levels for commercial timberland operators, which could in turn adversely affect our timberland operations as well as potentially lead to significant increases in capital investments and the cost of energy, wood fiber and other raw materials for our Wood Products

facilities. Any one or more of these developments, as well as other unforeseeable governmental responses to climate change, could have a material adverse effect on our results of operations, cash flows and profitability. There can be no assurance that our commitments to undertake continuous improvements to our manufacturing facilities to meet or exceed future applicable legal requirements will be successful, that regulation in the future will not have a negative competitive impact or that economic returns will reflect our capital investments. Given the political significance and uncertainty surrounding the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Failure to successfully manage new or pending regulatory and legal matters and resolve such matters without significant liability or damage to our reputation may materially adversely impact our financial condition, results of operations and cash flows.

Legal Matters

Legal matters, disputes and proceedings, if determined or concluded in a manner adverse to our interests, could have a material adverse effect on our financial condition.

We are, from time to time, involved in legal matters, disputes and proceedings (collectively, "legal matters"). It is possible that there could be adverse judgments against us in some legal matters or that we may agree to settle a matter, and that we could be required to take a charge and make cash payments for all or a portion of any related awards of damages that could materially and adversely affect our results of operations or cash flows for the quarter or year in which we record or pay it. If any of the losses we experience in connection with such legal matters are not covered by insurance, we could be required to pay such losses out of cash on hand or borrowed funds, which could have a material adverse effect on our financial position.

Indebtedness and Capital Structure Risks

Access to Capital

We depend on external sources of capital for future growth.

Our ability to finance growth depends on external sources of capital to a significant degree. Our ability to access such capital on favorable terms could be negatively affected by a number of factors, many of which are outside of our control, including a decline in general market conditions, decreased market liquidity, a downgrade to our debt rating by third-party rating agencies, increases in interest rates, an unfavorable market perception of our growth potential, a decrease in our current or estimated future earnings or a decrease in the market price of our common stock. In addition, our ability to access additional capital may also be limited by the terms of our existing indebtedness, which, among other things, restricts our incurrence of debt and the payment of dividends. Any of these factors, individually or in combination, could prevent us from being able to obtain the capital we require on terms that are acceptable to us and the failure to obtain necessary capital could materially adversely affect our future growth. For additional details, see Liquidity and Capital Resources in Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Indebtedness

Our indebtedness could materially adversely affect our ability to generate sufficient cash to pay dividends to stockholders and fulfill our debt obligations, our ability to respond to changes in our business and our ability to incur additional indebtedness to fund future needs.

Our debt requires interest and principal payments. At December 31, 2024, the total outstanding principal on our long-term debt was approximately $1.0 billion. Subject to the limits contained in our debt instruments, we may be able to incur additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions or for other purposes. If we do so, the risks related to our indebtedness could increase.

Our indebtedness, combined with our other financial obligations and contractual commitments, could have important consequences for stockholders. If we are unable to generate sufficient cash flow from operations to service our debt, we may be required to, among other things: refinance or restructure all or a portion of our debt; reduce or delay planned capital or operating expenditures; reduce, suspend or eliminate our dividend payments and/or our stock repurchase program; or sell selected assets. Such measures might not be sufficient to enable us to service our debt. In addition, any such refinancing, restructuring or sale of assets might not be available on economically favorable terms or at all, and if prevailing interest rates at the time of any such refinancing or restructuring are higher than our current rates, interest expense related to such refinancing or restructuring would increase.

Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing and have an adverse effect on the market price of our securities.

Credit rating agencies rate our debt securities on factors that include our operating results, actions that we take level of outstanding debt, and their view of the general outlook for our industry and the economy. Actions taken by the rating agencies can include maintaining, upgrading or downgrading the current rating or placing us on a watch list for possible future downgrading. Downgrading the credit rating of our debt securities or placing us on a watch list for possible future downgrading could limit our access to the credit markets, increase our cost of financing and have an adverse effect on the market price of our securities. For additional detail on our credit ratings, see Liquidity and Capital Resources in Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Ownership of our Common Stock

The price of our common stock may be volatile and influenced by several factors, many of which are beyond our control.

The market price of our common stock may be influenced by several factors, many of which are beyond our control, including those described herein under Risk Factors and the following:

There has been significant volatility in the market price and trading volume of securities of companies operating in the forest products industry that often has been unrelated to individual company operating performance. Some companies that have experienced volatile market prices for their securities have had securities litigation brought against them. If litigation of this type is brought against us, it could result in substantial costs and divert management’s attention and resources.

Additionally, stockholder activism regarding our governance, strategic direction and operations could result in negative impacts to our business by adversely affecting our ability to effectively and timely implement our strategies and initiatives. Any perceived uncertainties as to our future direction resulting from such a situation could result in the loss of potential business opportunities, be exploited by our competitors, cause concern to our current or potential customers and make it more difficult to attract and retain qualified personnel, all of which could negatively impact our business. In addition, the actions of activist stockholders may cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals of our business.

Certain provisions of our certificate of incorporation and bylaws and of Delaware law may make it difficult for stockholders to change the composition of our board of directors and may discourage hostile takeover attempts that some of our stockholders may consider to be beneficial.

Certain provisions of our certificate of incorporation and bylaws and of Delaware law may have the effect of delaying or preventing changes in control if our board of directors determines that such changes in control are not in our best interest and that of our stockholders. Our certificate of incorporation and bylaws include, among other things, the following provisions:

While these provisions have the effect of encouraging persons seeking to acquire control of our company to negotiate with our board of directors, they could enable the board of directors to hinder or frustrate a transaction that stockholders might believe to be in their best interests and, in that case, may prevent or discourage attempts to remove and replace incumbent directors. We are also subject to Delaware laws that could have similar effects. One of these laws prohibits us from engaging in a business combination with a significant stockholder unless specific conditions are met.

We may not continue to repurchase our common stock pursuant to our repurchase program, and any such repurchases may not enhance long-term stockholder value. Stock repurchases could also increase the volatility of the price of our common stock and could diminish our cash reserves to a level which may impact our ability to pursue possible future strategic opportunities and acquisitions or meet future obligations.

On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchases (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under a previous repurchase program.

Total stock repurchased under the 2022 Repurchase Program for the years ended December 31, 2024 and 2023, was 846,845 shares and 556,115 shares, respectively, for approximately $35.0 million and $25.0 million, respectively (excluding transaction fees). At December 31, 2024, we had remaining authorization of $90.0 million for future stock repurchases under the 2022 Repurchase Program. The timing and amount of repurchases, if any, will depend upon several factors, including market and business conditions, our liquidity and capital resources, the trading price of our common stock and the nature of other investment opportunities.

The 2022 Repurchase Program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. The timing and amount of repurchases, if any, will depend upon several factors, including market and business conditions, our liquidity and capital resources, the trading price of our common stock and the nature of other investment opportunities. The 2022 Repurchase Program may be limited, suspended or discontinued at any time without prior notice. In addition, repurchases of our common stock pursuant to our 2022 Repurchase Program could cause our stock price to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our stock. Further, our 2022 Repurchase Program could diminish our cash reserves to a level which may impact our ability to pursue possible future strategic opportunities and acquisitions or meet future obligations. There can be no assurance that any stock repurchases will enhance stockholder value because the market price of our common stock may decline below levels at which we repurchased shares of stock. Although our 2022 Repurchase Program is intended to enhance long-term stockholder value, there is no assurance that it will do so and short-term stock price fluctuations could reduce the program’s effectiveness.

REIT and Tax Risks

If we fail to remain qualified as a REIT, income from our timberlands will be subject to taxation at regular corporate rates and we will have reduced cash available for dividends to our stockholders.

Qualification as a REIT involves the application of highly technical and complicated provisions of the IRC to our operations, including satisfaction of certain asset, income, organizational, dividend, stockholder ownership and other requirements, on an ongoing basis. Given the highly complicated nature of the rules governing REITs, the ongoing importance of factual determinations and the possibility of future changes in our circumstances, no assurance can be given that we will remain qualified as a REIT.

If in any taxable year we fail to remain qualified as a REIT, unless we are entitled to relief under the IRC:

Any such corporate tax liability could be substantial and would reduce the amount of cash available for dividends to our stockholders, which in turn could have an adverse impact on the value of our common stock. As a result, net income and the cash available for dividends to our stockholders could be reduced for at least five years.

Additionally, federal and state tax laws are constantly under review by persons involved in the legislative process, the Internal Revenue Service (IRS), the United States Department of the Treasury, and state taxing authorities. Changes to tax laws could adversely affect our stockholders or increase our effective tax rates. We cannot predict with certainty whether, when, in what forms, or with what effective dates, the tax laws applicable to us or our stockholders may be changed.

To maintain our REIT qualification, we are generally required to distribute all our REIT taxable income to our stockholders.

Generally, REITs are required to distribute 90% of their ordinary taxable income and (to avoid an excise tax) 95% of their net capital gains income. Capital gains may be retained by the REIT but would be subject to corporate income taxes. If capital gains were retained rather than distributed, our shareholders would be deemed to have received a taxable distribution (about which we would notify them), with a credit or refund for any federal income tax paid by the company. Our REIT income, however, consists primarily of net capital gains resulting from payments received under timber cutting contracts with our TRS and third parties, rather than ordinary taxable income. Therefore, unlike most REITs, we believe that we are not required to distribute material amounts of cash since substantially all of our taxable income is treated as capital gains income.

To our knowledge, no REIT has chosen to pay tax on the undistributed portion of capital gains and we believe it is impractical to do so due to tight reporting deadlines, among other challenges. As a result, our ability to retain REIT cash for use in the business is generally limited by the required distribution rules and our practice of distributing the REIT’s taxable income to stockholders.

Certain of our business activities are potentially subject to a prohibited transactions tax on 100% of our net income derived from such activities, which would reduce our cash flow and impair our ability to pay dividends.

REITs are generally intended to be passive entities and can thus only engage in those activities permitted by the IRC, which for us generally include owning and managing a timberland portfolio, growing timber and selling standing timber.

Certain activities that generate non-qualifying REIT income could constitute “prohibited transactions.” Prohibited transactions are defined by the IRC generally to be sales or other dispositions of property to customers in the ordinary course of a trade or business unless such transactions qualify for a safe harbor exception. Accordingly, the manufacture and sale of wood products, certain types of timberland sales, certain natural climate solutions activities, the sale of developed real estate, and the harvest and sale of logs are conducted through one or more of our wholly-owned TRSs, the net income of which is subject to corporate-level tax.

By conducting our business in this manner, we believe we will satisfy the REIT requirements and thus avoid the 100% tax that could be imposed if a REIT were to conduct a prohibited transaction. We may not always be successful, however, in limiting such activities to our TRS. Therefore, we could be subject to the 100% prohibited transactions tax if such instances were to occur, which could adversely affect our cash flow and impair our ability

to pay quarterly dividends. Additionally, if the IRS were to successfully assert that any of our activities conducted at the REIT constituted prohibited transactions, we could be subject to the 100% tax on the net income of such activities.

Our ability to pay dividends and service our indebtedness using cash generated through our taxable REIT subsidiary may be limited.

Returning cash to shareholders through a secure, regular dividend and opportunistic share repurchases is an important and durable part of our capital allocation strategy. Our board of directors, in its sole discretion, determines the amount, timing and frequency of dividends to be made to stockholders based on consideration of a number of factors, including, but not limited to, our results of operations, cash flow and capital requirements, economic conditions in our industry and in the markets for our products, REIT requirements, borrowing capacity, debt covenant restrictions, timber prices, harvest levels on our timberlands, market demand for timberlands, including timberland properties we have identified as potentially having a higher and better use, and future acquisitions and dispositions. For a description of debt covenants that could limit our ability to pay dividends to stockholders in the future, see Liquidity and Capital Resources in Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Consequently, the level of future dividends to our stockholders may fluctuate and any reduction in the dividend rate may adversely affect our stock price.

Further, the rules with which we must comply to maintain our status as a REIT limit the amount of dividends our REIT can receive from our TRS. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from sales of our standing timber and other types of real estate income. No more than 25% of our gross income may consist of dividends from our TRS and other non-qualifying types of income. This requirement may limit our ability to receive dividends from our TRS and may impact our ability to pay dividends to stockholders and service the REIT's indebtedness using cash from our TRS.

To maintain our REIT qualification, we are required to limit the size of our taxable REIT subsidiary.

Our TRS enables us to engage in non-REIT qualifying business activities, such as our wood products manufacturing operations and certain real estate investments. However, no more than 20% of the value of our REIT gross assets may be represented by securities of our TRS under the REIT rules. We must comply with the 20% limit on a quarterly basis. We believe our TRS’s securities comprise a higher percentage of our REIT’s gross assets than most other REITs, which may limit our ability to grow our TRS.

Our high degree of leverage to volatile lumber prices, coupled with limits on the amount of dividends our REIT can receive from our TRS, also means our TRS can accumulate significant amounts of cash. Cash accumulated and retained by our TRS increases the value of our TRS’s securities and IRS rules may limit our ability to sufficiently rebalance the TRS's assets. The limitations on our ability to reduce the value of our TRS means we have a higher risk than other REITs that we will not comply with the 20% gross assets limit and fail to retain our REIT qualification in the future. While we intend to monitor the value of our investments in the stock and securities of our TRS to ensure compliance with the 20% gross assets limitation, we cannot provide assurance that we will always be able to comply with the limitation so as to maintain REIT status.

Furthermore, our use of our TRS may cause the market to value our common shares differently than the shares of other REITs that may not use taxable REIT subsidiaries at all, or as extensively as we use them.

General Risk Factors

We may be unsuccessful in developing, participating or competing in natural climate solutions (NCS) markets.

NCS opportunities, such as carbon credits, solar leases, carbon capture and storage, lithium development, bioenergy, and emerging technologies that allow wood fiber to be used in applications ranging from biofuels to bioplastics, are evolving and expanding. We believe growth in NCS markets could provide opportunities to further maximize the use of our timberlands, increase our timberland values, generate increased revenues and profitability, and drive long-term stockholder value. We have several NCS initiatives underway, including the sale or lease of land for solar energy, land and mineral leases for lithium development and certification and sale of carbon credits. The success of these endeavors is subject to many known and unknown risks. Known risks include, but are not limited to, market acceptance of our products and services, changes to demand for our products and services as these new markets evolve over time, and political and regulatory developments that may make it more costly, or impossible, to pursue these business opportunities. There can be no assurance that we will be able to successfully execute on our NCS initiatives and/or compete in these markets in accordance with our expectations, which could result in an adverse effect on our business, financial results, and stockholder value.

Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations.

We use information systems to carry out our operational activities and maintain our business records. Some systems are internally managed, and some are maintained by third-party service providers. In the ordinary course of our business, we collect and store small amounts of sensitive data, including personally identifiable information. We also use information technology for electronic communications between our facilities, personnel, customers and suppliers, to process financial information and results of operations for internal reporting purposes and to comply with regulatory, legal and tax requirements.

Attempted cyber-attacks and other cyber incidents are occurring more frequently, are constantly evolving in nature, are becoming more sophisticated and disruptive to business operations, and are being made by groups and individuals with a wide range of motives and expertise. There can be no assurance that our security measures and controls will be effective against the risks we face from cyber-attacks, including from: computer hackers; foreign governments and cyber terrorists; malicious code (such as malware, viruses and ransomware); an intentional or unintentional personnel action; a natural disaster; a hardware or software corruption, failure or error; a telecommunications system failure; a service provider failure or error; or any one or more other causes of a security breach, failure or disruption. The increased prevalence and sophistication of Artificial Intelligence (AI) tools, such as AI-enabled malware, could increase the risks of cyber-attacks to our systems and to those of our third-party service providers.

We have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks. If our IT systems are significantly disrupted, shut down or otherwise compromised for any reason, or if our data is destroyed, misappropriated or inappropriately disclosed, our financial results or our business operations, or both, could be negatively affected. We could suffer significant losses or incur significant liabilities, including without limitation damage to our reputation, loss of customer confidence or goodwill and significant expenditures of time and money to address and remediate resulting damages to affected individuals or business partners or to defend ourselves in resulting litigation or other legal proceedings by affected individuals, business partners or regulators, and may have limited remedies against third-party service providers in the event of service disruptions. We maintain cyber liability insurance, which may be subject to certain exceptions and may not be sufficient to cover the financial, legal, business or reputational losses that may result from an interruption or breach of our systems.

See Part I – Item 1C. Cybersecurity below for more information about our cybersecurity programs.

Our new integrated enterprise resource planning systems (ERP) may not perform as intended.

During 2024, we completed the implementation of new integrated ERP systems that replaced certain components of our existing operating and financial systems. The new ERP systems are critical to our ability to provide accurate and timely operating and financial information to our management, track purchases from and payments to our vendors, and accurately maintain our financial records. We have invested significant resources in the planning and project management of the system implementations.

Implementation of new IT systems, including replacement of legacy systems with new or upgraded versions, could also pose a significant risk to our business, as any such implementation can involve system failure, reliance on third party software providers, potential loss or corruption of our important data, security or internal control failures, delays, cost overruns and operational disruption. Any disruptions, delays or deficiencies in the ongoing maintenance of the new ERP systems could adversely affect our ability to operate our business, accurately maintain books and records or otherwise timely file our financial statements with the SEC. Additionally, if the new ERP systems are not designed or implemented properly or if they do not operate as intended, the effectiveness of our internal control over financial reporting could be adversely affected or our ability to assess it adequately could be delayed.

We may be unsuccessful in carrying out our acquisition strategy.

Our real property holdings are primarily timberlands, and we may make additional timberlands and other forest products asset acquisitions in the future. We intend to strategically pursue acquisitions and strategic divestitures when market conditions warrant. The markets for timberland and forest products assets are highly competitive given how infrequently such assets become available for purchase. As a result, many real estate investors have built up their cash positions and face aggressive competition to purchase quality timberland assets. A significant number of entities and resources competing for high-quality timberland properties support relatively high acquisition prices for such properties, which may reduce the number of acquisition opportunities available to, or affordable for, us.

As with any investment, our acquisitions may not perform in accordance with our expectations, including achieving expected returns on the investment, revenue growth, cost savings, synergies, business opportunities and growth prospects. In addition, we anticipate financing such acquisitions through cash from operations, borrowings under our unsecured credit facilities, proceeds from equity or debt offerings or proceeds from strategic asset dispositions, or any combination thereof. The failure to identify, complete and successfully integrate acquisitions into our operations could adversely affect our operating results, cash flows, financial condition and the market price of our common stock. Additionally, our inability to finance future acquisitions on favorable terms, or at all, could adversely affect our ability to successfully execute strategic acquisitions and thereby adversely affect our results of operations.

Our financial condition and results of operations may be materially adversely affected by a global health crisis such as coronavirus (COVID-19).

We face risks related to public health epidemics and other outbreaks, including the global outbreak of a novel strain of COVID-19 and its variants. We, our suppliers, contractors and customers modified business practices for the continued health and safety of our employees during the COVID-19 pandemic. If a resurgence of COVID-19 or another severe global health crisis occurs, we or our suppliers, contractors, customers and others may be restricted or prevented from conducting business activities for indefinite or intermittent periods of time, including as a result of employee health and safety concerns, shutdowns, supply chain disruptions, shelter in place orders, travel restrictions and other actions and restrictions that may be prudent or required by governmental authorities. The full extent to which a global health crisis could impact our business and operating results depends on future developments that are highly uncertain and cannot be accurately predicted and may also trigger the occurrence of, or exacerbate, other risks discussed herein, any of which could have a material adverse effect on our business, results of operation, cash flows and financial condition.

Our defined benefit pension plans are currently underfunded.

We have a qualified defined benefit pension plan covering certain of our current and former employees which, at December 31, 2024, was 85.2% funded. Future actions involving our qualified and unqualified defined benefit and other postretirement plans, such as annuity buyouts and lump-sum payouts, could cause us to incur significant pension and postretirement settlement and curtailment charges and may require significant cash contributions to maintain a legally required funded status.

The measurement of the pension benefit obligation, determination of pension plan net periodic costs and the requirements for funding our pension plans are based on a number of actuarial assumptions, including the expected rate of return on plan assets and the discount rate applied to the pension obligation. Changes in plan asset returns and long-term interest rates could increase our costs under our defined benefit pension plans and may significantly affect future contribution requirements. It is unknown what the actual investment return on our pension assets will be in future years and what interest rates may be at any given point in time. We cannot therefore provide any assurance of what our actual pension plan costs will be in the future, or if we will be required under applicable law to make future material plan contributions. See Note 15: Savings Plans, Pension Plans and Other Postretirement Employee Benefits in the Notes to Consolidated Financial Statements for additional information regarding these plans.

A strike or other work stoppage, or our inability to renew collective bargaining agreements timely and on favorable terms, could adversely affect our financial results.

Certain employees at one of our sawmills, representing approximately 13% of our total workforce, are covered under a collective bargaining agreement that expires in 2026. If our unionized workers were to engage in a strike or other work stoppage, or other non-unionized operations were to become unionized, we could experience a significant disruption of operations at our facilities or higher ongoing labor costs. A strike or other work stoppage in the facilities of any of our major customers or suppliers could also have similar effects on us.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Pursuant to the company’s incident response plan, if a significant cybersecurity incident occurs that may have a material effect on the company’s business or its financial statements, management will discuss the incident and management’s mitigation and remediation plan for such incident with the audit committee. As of the date of this report, we have not identified any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, financial results, or long-term financial condition. For more information on cybersecurity risks, see the risk factor entitled “Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations” in Part I – Item 1. Business, Item 1A. Risk Factors contained in this report.

ITEM 2. PROPERTIES

Information on our locations and facilities is included above in Part I – Item 1. Business under each of the respective segment headers.

ITEM 3. LEGAL PROCEEDINGS

We believe there is no pending or threatened litigation that could have a material adverse effect on our financial position, results of operations or liquidity.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock trades on The Nasdaq Global Select Market (Nasdaq) with the ticker symbol “PCH.” There were approximately 2,131 stockholders of record as of February 10, 2025.

RECENT SALE OF UNREGISTERED SECURITIES

None.

ISSUER PURCHASES OF EQUITY SECURITIES AND USE OF PROCEEDS

On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under a previously authorized repurchase program. The 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason.

Shares under the 2022 Repurchase Program may be repurchased in open market transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Exchange Act), or through privately negotiated transactions.

We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2024 and 2023.

The following table provides information with respect to purchases of common stock made by the company during the fourth quarter of 2024:

EQUITY COMPENSATION PLAN INFORMATION

Information required by this item with respect to equity compensation plans is included under the caption “Equity Compensation Plan Information” in our definitive Proxy Statement to be filed with the SEC on or about March 27, 2025, and is incorporated herein by reference.

Company Stock Price Performance

The following graph and table show comparison of cumulative total stockholder returns for our company, the NAREIT Equity Index, the Standard & Poor’s 500 Composite Index and a group of four companies that we refer to as our peer group index for the five-year period ended December 31, 2024. The total stockholder return assumes $100 invested at December 31, 2019, with quarterly reinvestment of all dividends.

Our peer group index for 2024 consists of Rayonier Inc., St. Joe Co., UFP Industries and Weyerhaeuser Co. Returns are weighted based on market capitalizations as of the beginning of each year. Our 2022 and 2021 returns include the impacts of special dividends of $0.95 per share and $4.00 per share, respectively. See Note 3: Earnings Per Share in the Notes to Consolidated Financial Statements for additional information.

The performance graph above is being furnished solely to accompany this Report pursuant to Item 201(e) of Regulation S-K and is not being filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended and is not to be incorporated by reference into any of our filings, whether made before or after the date hereof, regardless of any general incorporation in such filing.

ITEM 6. [Reserved]

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

The following discussion is intended to promote understanding of our results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, Part I – Item 1. Business, Item 1A. Risk Factors and Part II – Item 8. Financial Statements and Supplementary Data contained in this report. This section generally discusses the results of operations for 2024 compared to 2023. For a discussion comparing our results of operations and liquidity and capital resources for the year ended December 31, 2023 to 2022, refer to this same section (Part II, Item 7) in our 2023 annual report on Form 10-K as filed with the SEC on February 15, 2024.

Our Company

We are a leading timberland REIT with ownership of 2.1 million acres of timberland. We also own six sawmills and an industrial grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. Our operations are organized into three business segments: Timberlands, Wood Products and Real Estate. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and represent a significant portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. In the discussion of our consolidated results of operations, our revenues and expenses are reported after elimination of intersegment revenues and expenses. In the Business Segment Results discussion below, each segment’s revenues and expenses, as applicable, are presented before elimination of intersegment revenues and expenses.

Our business segments have been and will continue to be influenced by a variety of factors, including tariffs, quotas and trade agreements, changes in timber prices and in harvest levels from our timberlands, competition, timberland valuations, demand for our non-strategic timberland for higher and better use purposes, lumber prices, weather conditions, disruptions or inefficiencies in our supply chain including the availability of transportation, the efficiency and level of capacity utilization of our Wood Products manufacturing operations, changes in our principal expenses such as log costs, inflation, asset dispositions or acquisitions, impact of pandemics, fires at our Wood Product facilities or on our timberlands, other natural disasters, government regulation and enforcement actions, and other factors.

Additionally, governments and businesses across the globe are taking action on climate change and are making significant commitments towards reducing greenhouse gas emissions to net zero. Achieving these commitments will require governments and companies to take major steps to modify operations, invest in low-carbon activities and purchase offsets to reduce environmental impacts. We believe we are well positioned to provide products and services that entities may utilize to achieve these commitments through natural climate solutions, including selling or leasing timberlands to third parties for renewable energy projects such as for solar power generation facilities, selling pulpwood and sawmill residuals for green energy production, forest carbon offsets, carbon capture and storage projects, and other emerging technologies that allow wood fiber to be used in applications ranging from biofuels to bioplastics.

Non-GAAP Measures

To supplement our financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), we present certain non-GAAP measures on a consolidated basis, including Total Adjusted EBITDDA and Cash Available for Distribution (CAD), which are defined and further explained and reconciled to the nearest GAAP measure in the Liquidity and Performance Measures section below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, and are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Our definitions of these non-GAAP measures may differ from similarly titled measures and may not be comparable to other similarly titled measures presented by other companies due to potential inconsistencies in methods of calculation.

See Note 2: Segment Information in the Notes to the Consolidated Financial Statements for information related to the use of segment Adjusted EBITDDA.

Business and Economic Conditions Affecting Our Operations

The demand for timber is directly affected by the underlying demand for lumber and other wood products, as well as by the demand for pulp, paper and packaging. Our Timberlands and Wood Products segments are impacted by both demand for new homes and home improvement and repair of existing homes in the United States. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, our Idaho log market is typically in balance but can be tensioned from time to time, while Southern log markets have more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies.

Rural real estate dispositions and acquisitions can also be adversely affected when access to any properties to be sold or considered for acquisition is limited due to adverse weather conditions. Development real estate sales occur throughout the year and are dependent upon when our development of residential neighborhoods and commercial lots are substantially completed. The timing of these sales can also be impacted by contractor availability to complete the necessary infrastructure and other improvements.

The operating results of our Timberlands, Wood Products and Real Estate business segments have been and will continue to be affected by the cyclical nature of the forest products industry and the real estate industry. Log and pulpwood sales volumes in our Timberlands segment are typically lower in the first half of each year as winter rains in the Southern region and spring thaw in the Northern region limit timber harvesting operations due to softened roadbeds and wet logging conditions that restrict access to logging sites. The third quarter is typically our Timberlands segment's strongest production quarter. Demand for our manufactured wood products typically decreases in the winter months when construction activity is slower, while demand typically increases during the spring, summer and fall when construction activity is generally higher.

Interest rates affect our business primarily through their impact on mortgage rates, the broader U.S. economy, and our capital allocation strategies. Although mortgage rates are not directly set by the U.S. Federal Reserve, they tend to follow the movement of 10-year U.S. Treasury bonds, which are influenced by investor expectations regarding future Federal Reserve monetary policy. Data from Freddie Mac shows that from the end of 2011 to the end of 2021, the average 30-year fixed mortgage rate remained below 4.0%. However, it began rising in the first quarter of 2022, peaking at around 7.8% in October 2023. The Federal Reserve reduced key benchmark interest rates by 100 basis points between late September and December 2024. Despite this, stronger-than-expected economic growth and uncertainties around long-term inflation and the U.S. deficit have kept mortgage rates elevated, ending 2024 at approximately 6.85%. Factors such as inflation, unemployment, and the overall economic climate can influence the Federal Reserve's decisions regarding short-term borrowing rates.

Single-family housing supply remains below the historical average, with affordability continuing to hinder home ownership. In January 2025, the U.S. Census Bureau reported 1.5 million total housing starts in December 2024 on a seasonally-adjusted basis, nearly 16% higher than November and the highest rate since February 2024. While the increase was largely driven by multi-family units, single-family housing starts averaged about 1.0 million units on a seasonally-adjusted annual basis in the fourth quarter of 2024, a 3.3% increase from the third quarter of 2024. Additionally, authorized building permits for single-family homes averaged nearly 980,000 units on a seasonally-adjusted annual basis during the fourth quarter of 2024, consistent with the 2024 annual average.

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reported that builder confidence for newly constructed single-family homes rose to 47 in January 2025, up from a low during 2024 of 39 in August. Despite the increase in confidence, builders continue to face challenges, including elevated mortgage rates, concerns over inflation, government regulation, and persistent supply-side issues such as a shortage of buildable lots, skilled labor, and rising material costs. These factors are driving up the cost of home construction. Nonetheless, we remain optimistic about the long-term outlook for housing, as the market continues to grapple with an undersupply of homes, historically low inventory levels, and a large millennial demographic entering their prime home-buying years.

The repair and remodel sector is the largest market segment for lumber demand. Near term headwinds on the repair and remodel market appear to have been driven by elevated interest rates, which raise the cost of discretionary projects, coupled with the low turnover of existing homes, which typically spurs repair and remodel activity. While spending on residential home remodeling moderated during 2024, the sector is expected to grow at a mild pace throughout 2025. We believe long-term favorable underlying fundamentals, including a strong labor market, solid household balance sheets, strong levels of home equity, an aging existing housing stock, and expected increases in sales of existing homes will support repair and remodel demand for our products.

In our Timberlands segment, a significant portion of our Idaho sawlog prices are indexed on a four-week lag to lumber prices. The Northern region experienced a decrease in sawlog prices during 2024 because of lower indexed lumber prices compared to the prior year. In the Southern region, sawlog and pulpwood prices have been relatively stable year over year. Our total harvest volume in 2024 was 7.6 million tons and we expect to harvest approximately 7.4 million tons during 2025, with approximately 80% of the volume in the Southern region.

During the third quarter of 2024, we completed the construction phase of the expansion and modernization of our Waldo, Arkansas sawmill (the Waldo Modernization Project). The Waldo Modernization Project included upgrades to the log yard and planer, a new saw line, and a new continuous dry kiln and is expected to increase the sawmill’s annual capacity and reduce its operating costs significantly. The sawmill, which continued to operate during the construction, took limited downtime early in the third quarter to tie in the new equipment and restarted in mid-August 2024. We anticipate the sawmill will reach its expected new annual capacity run rate of 275 million board feet per year by mid-year of 2025.

During 2024, our Wood Products segment was challenged by a relatively weak lumber pricing environment which only began to improve towards the latter half of the year. Despite the pricing challenges, we shipped just over 1.1 billion board feet of lumber during 2024. For 2025, we expect to ship approximately 1.2 billion board feet of lumber, which takes into account the expected production ramp-up at the Waldo sawmill.

Our Real Estate segment benefited from increased rural land sales, including the sale of 34,100 acres of four-year average age Southern timberlands for $56.7 million to Forest Investment Associates (FIA), and higher average sales price per residential lot sold in Chenal Valley. We expect to sell approximately 26,000 rural acres and 130 residential lots in Chenal Valley during 2025.

Consolidated Results

The following table sets forth year-over-year changes in items included in our Consolidated Statements of Operations. Our Business Segment Results provide a more detailed discussion of our segments.