PotlatchDeltic Corporation (PCH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Potlatchdeltic Corporation (PCH) representa una intersección fascinante de la silvicultura sostenible, la producción de madera y la gestión estratégica de la tierra, transformando las industrias de recursos tradicionales a través de un modelo de negocio innovador que equilibra el rendimiento económico con la administración ambiental. Al aprovechar las extensas participaciones de Timberland en múltiples estados y emplear tecnologías forestales avanzadas, esta corporación dinámica crea valor a través de diversas fuentes de ingresos, desde ventas de madera y productos de madera hasta desarrollo inmobiliario y servicios de ecosistemas, lo que lo convierte en un estudio de caso convincente en empresas modernas basadas en recursos. estrategia.

PotlatchDeltic Corporation (PCH) - Modelo de negocios: asociaciones clave

Proveedores de madera y propietarios de tierras forestales

PotlatchDeltic posee aproximadamente 1.8 millones de acres de Timberland en seis estados: Arkansas, Idaho, Minnesota, Mississippi, Oregon y Utah. La compañía administra sus propios recursos forestales y colabora con los terratenientes locales.

Estado	Timberland Acres	Tipos de madera primaria
Arkansas	443,000	Pino
Idaho	232,000	Douglas Fir
Minnesota	178,000	Aspen, abeto

Fabricantes de productos de construcción y madera

PotlatchDeltic suministra madera a varios fabricantes de productos de madera a través de acuerdos de suministro a largo plazo.

• Producción de madera: 825 millones de pies de tablero anualmente
• Los socios de fabricación clave incluyen Weyerhaeuser, Georgia-Pacific
• Ingresos anuales de ventas de madera: $ 382 millones en 2022

Socios de desarrollo inmobiliario

La compañía colabora con los desarrolladores de bienes raíces regionales para monetizar los maderas no básicas.

Región	Transacciones inmobiliarias	Ingresos de ventas de tierras
Idaho	3,200 acres	$ 48.6 millones
Arkansas	2.500 acres	$ 35.2 millones

Organizaciones de certificación forestal sostenible

PotlatchDeltic mantiene certificaciones con organizaciones forestales sostenibles líderes.

• Certificado por la Iniciativa Forestal Sostenible (SFI)
• Tierras certificadas del Consejo de Administración Forestal (FSC): 415,000 acres

Empresas de transporte y logística

Las asociaciones estratégicas con proveedores de transporte permiten una distribución eficiente de madera.

Socio de logística	Volumen de transporte anual	Cobertura geográfica
Ferrocarril BNSF	450,000 toneladas	Estados Unidos occidental
J.B. Transporte de caza	350,000 toneladas	Del sur de los Estados Unidos

PotlatchDeltic Corporation (PCH) - Modelo de negocio: actividades clave

Cosecha sostenible de madera y gestión forestal

PotlatchDeltic maneja 1,8 millones de acres de Timberland en Arkansas, Idaho, Minnesota y Mississippi a partir de 2023.

Ubicación de Timberland	Total de acres	Volumen anual de cosecha
Arkansas	443,000	2.1 millones de toneladas
Idaho	192,000	1.5 millones de toneladas
Minnesota	178,000	1.3 millones de toneladas
Misisipí	235,000	1.8 millones de toneladas

Fabricación de productos de madera

La producción anual de fabricación de productos de madera incluye:

• Producción de madera: 1.100 millones de pies de tablero
• Producción de madera contrachapada: 350 millones de pies cuadrados
• Certificaciones: estándares forestales sostenibles de FSC y SFI

Desarrollo inmobiliario y ventas de tierras

Año	Ingresos de ventas de tierras	Acres vendidos
2022	$ 108.3 millones	26,400 acres
2023	$ 132.5 millones	31,700 acres

Conservación de Timberland y gestión del ecosistema

Métricas de conservación para 2023:

• Hábitats de vida silvestre protegidos: 475,000 acres
• Secuestación de carbono: 12,6 millones de toneladas métricas CO2
• Tasa de reforestación: 100% de las áreas cosechadas

Optimización de la cartera de tierras estratégicas

Categoría terrestre	Total de acres	Porcentaje de cartera
Timberland productivo	1,600,000	88.9%
Tierra de conservación	125,000	6.9%
Potencial de desarrollo	75,000	4.2%

PotlatchDeltic Corporation (PCH) - Modelo de negocio: recursos clave

Extensas tenencias de Timberland

PotlatchDeltic posee 1.8 millones de acres de Timberland en seis estados: Arkansas, Idaho, Minnesota, Mississippi, Oregon y Utah a partir de 2023.

Estado	Acres de propiedad
Arkansas	443,000
Idaho	192,000
Minnesota	178,000
Misisipí	206,000
Oregón	25,000
Utah	786,000

Tecnologías avanzadas de gestión forestal

PotlatchDeltic utiliza Tecnologías forestales de precisión incluido:

• Sistemas de información geográfica (SIG)
• Tecnologías de teledetección
• Mapeo de imágenes satelitales
• Sistemas de monitoreo forestal a base de drones

Fuerza laboral hábil

A partir de 2023, PotlatchDeltic emplea aproximadamente 930 empleados a tiempo completo en operaciones forestales, de fabricación y corporativas.

Certificación forestal sostenible

PotlatchDeltic mantiene Iniciativa forestal sostenible (SFI) Certificación para el 100% de sus Timberlands.

Cartera de activos de tierra y madera diversificados

Los activos totales del segmento inmobiliario valorados en $ 653 millones al 31 de diciembre de 2022.

Categoría de activos	Valor
Timberland	$ 441 millones
Bienes raíces rurales	$ 212 millones

PotlatchDeltic Corporation (PCH) - Modelo de negocio: propuestas de valor

Productos de madera sostenibles y de origen responsable

Potlatchdeltic Corporation administra 1,8 millones de acres de Timberlands en Arkansas, Idaho, Minnesota y Oregon. A partir de 2023, la compañía produjo 1,100 millones de pies de madera de la Junta anualmente.

Métrica de producción de madera	Volumen anual
Producción total de madera	1.100 millones de pies de tablero
Acres sostenibles certificados	1.8 millones de acres

Materiales de madera de alta calidad para la construcción

PotlatchDeltic suministra madera para la construcción residencial, con $ 1.2 mil millones en ingresos anuales de productos de madera a partir de 2022.

• Producción de madera dimensional
• Productos de madera de ingeniería
• Madera de grado de construcción

Enfoque integrado de gestión de tierras

Categoría de gestión de tierras	Acres
Total Timberland	1.8 millones de acres
Bosques administrados activamente	1.6 millones de acres

Producción de recursos renovables y ambientalmente conscientes

Implementos potlatchdeltic prácticas forestales sostenibles, con una tasa de replantación del 100% de Timberlands cosechados.

• Certificación del Consejo de Administración Forestal (FSC)
• Programas de secuestro de carbono
• Esfuerzos de conservación de la biodiversidad

Estrategias eficientes de uso de la tierra y desarrollo

En 2022, la compañía generó $ 176.2 millones del segmento de bienes raíces, demostrando capacidades estratégicas de desarrollo de la tierra.

Ingresos del desarrollo de la tierra	Cantidad
Ingresos del segmento inmobiliario	$ 176.2 millones
Precio promedio de venta de tierras	$ 15,000 por acre

PotlatchDeltic Corporation (PCH) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con fabricantes de productos de madera

PotlatchDeltic mantiene acuerdos estratégicos de suministro de madera a largo plazo con fabricantes clave de productos de madera. A partir de 2023, la compañía tiene 12 Contratos activos de suministro de madera a largo plazo cubriendo aproximadamente 350,000 acres de Timberland.

Tipo de contrato	Duración	Volumen anual
Acuerdo de suministro de madera	5-10 años	1.2 millones de toneladas

Relaciones directas de ventas con la industria de la construcción

La compañía atiende a clientes del sector de la construcción a través de canales de venta directos. En 2022, PotlatchDeltic generó $ 342.7 millones en ventas de madera con un Tasa de retención de clientes del 87%.

• Equipo de ventas directas de 24 representantes especializados
• Centrado en los mercados de construcción regionales en Idaho, Arkansas y Minnesota

Atención al cliente y asistencia técnica

PotlatchDeltic proporciona atención al cliente integral a través de equipos de asistencia técnica dedicados. La compañía mantiene un Centro de servicio al cliente 24/7 con un tiempo de respuesta promedio de 2.3 horas.

Canal de soporte	Tiempo de respuesta	Interacciones de soporte anual
Soporte telefónico	2.3 horas	8,750 interacciones
Soporte por correo electrónico	4.1 horas	5,620 interacciones

Informes de sostenibilidad transparente

La compañía publica informes detallados de sostenibilidad para mantener la confianza del cliente. En 2022, PotlatchDeltic lanzó un Informe integral de sostenibilidad de 78 páginas cubriendo el rendimiento ambiental y social.

Enfoque de gestión forestal colaborativa

PotlatchDeltic involucra a los clientes a través de estrategias colaborativas de gestión forestal. La empresa tiene implementó 42 proyectos de gestión forestal colaborativa en sus regiones operativas en 2022.

• Programas de participación de las partes interesadas
• Iniciativas forestales sostenibles conjuntas
• Talleres de gestión forestal comunitaria

PotlatchDeltic Corporation (PCH) - Modelo de negocios: canales

Equipo de ventas directas

PotlatchDeltic mantiene un equipo de ventas directo dedicado centrado en la ventas de madera y tierras. A partir de 2024, el equipo de ventas comprende aproximadamente 45 representantes profesionales de ventas especializados en diferentes regiones geográficas y segmentos de productos.

Categoría de canal de ventas	Número de representantes	Enfoque principal
Ventas de madera	28	Distribución de productos de madera
Transacción terrestre	17	Venta de bienes raíces y tierras

Plataformas de ventas de madera y tierras en línea

PotlatchDeltic utiliza plataformas digitales sofisticadas para transacciones de madera y tierra. La plataforma de ventas en línea de la compañía procesa aproximadamente $ 287 millones en ventas anuales de madera y tierras.

• Plataforma de mercado de madera digital
• Interfaz de transacción de tierra interactiva
• Sistema de seguimiento de inventario en tiempo real

Ferias y conferencias comerciales de la industria

PotlatchDeltic participa en 12-15 ferias comerciales de la industria principales anualmente, lo que representa una inversión de marketing estimada de $ 1.2 millones.

Tipo de conferencia	Participación anual	Gasto de marketing estimado
Conferencias de la industria maderera	8	$750,000
Conferencias de uso de la tierra inmobiliaria	4-5	$450,000

Sitio web corporativo y comunicación digital

El sitio web corporativo de PotlatchDeltic recibe aproximadamente 127,000 visitantes únicos mensualmente, con un tiempo promedio de participación del sitio de 4.3 minutos.

• Sección integral de relaciones con los inversores
• Actualizaciones de inventario de madera en tiempo real
• Catálogo de productos digitales

Corredores de bienes raíces y redes de transacciones de tierras

La compañía colabora con 62 redes de corretaje inmobiliario externas, facilitando las transacciones de tierras valoradas en aproximadamente $ 215 millones anuales.

Tipo de red	Número de redes de socios	Valor de transacción anual
Corredores de bienes raíces regionales	42	$ 145 millones
Redes nacionales de transacciones de tierras	20	$ 70 millones

PotlatchDeltic Corporation (PCH) - Modelo de negocios: segmentos de clientes

Industria de construcción y materiales de construcción

PotlatchDeltic Corporation sirve a este segmento con características específicas del mercado:

Detalle de segmento	Volumen de mercado	Contribución de ingresos
Mercado total de materiales de construcción	$ 1.3 billones	38% de los ingresos por PCH
Demanda de madera	48.6 mil millones de pies de tablero anualmente	Segmento de mercado de $ 2.4 mil millones

Fabricantes de productos de madera

• Segmento principal de clientes que representa el 42% de la base de clientes de PCH
• Volumen de adquisición anual: 1.2 millones de acres de Timberland
• Valor de transacción promedio: $ 3.7 millones por contrato

Desarrolladores inmobiliarios

Categoría de desarrollador	Requisito de madera anual	Cuota de mercado
Desarrolladores residenciales	22.3 millones de pies de tablero	27% del segmento de clientes
Desarrolladores comerciales	15.6 millones de pies de tablero	19% del segmento de clientes

Mayoristas de madera y madera

Características clave del mercado:

• Mercado mayorista anual total: $ 87.5 mil millones
• Penetración del mercado de PCH: 6.2%
• Transacción mayorista promedio: $ 2.1 millones

Inversores de recursos sostenibles

Categoría de inversión	Inversión total	Participación de PCH
ESG Timber Investments	$ 14.3 mil millones	$ 640 millones de inversión directa
Inversiones de conservación	$ 3.2 mil millones	Portafolio de $ 215 millones

PotlatchDeltic Corporation (PCH) - Modelo de negocio: Estructura de costos

Gastos de cosecha de madera y manejo forestal

PotlatchDeltic informó que la recolección total de madera y los gastos de gestión forestal de $ 82.4 millones en 2022, con un desglose de la siguiente manera:

Categoría de gastos	Monto ($)
Operaciones de recolección de madera	47,600,000
Manejo y mantenimiento forestales	22,800,000
Costos de equipos y maquinaria	12,000,000

Costos de fabricación y procesamiento

Los gastos de fabricación y procesamiento para 2022 totalizaron $ 156.7 millones:

• Costos de producción de madera: $ 98,500,000
• Procesamiento de madera contrachapada y chapa: $ 38,200,000
• Transporte y logística: $ 20,000,000

Adquisición y mantenimiento de tierras

Los gastos relacionados con la tierra para 2022 fueron de $ 45.3 millones:

Categoría de costos de tierra	Monto ($)
Adquisición de tierras	22,600,000
Impuestos a la propiedad	15,700,000
Mantenimiento de la tierra	7,000,000

Inversiones de investigación y desarrollo

Los gastos de I + D para 2022 ascendieron a $ 5.2 millones, centrándose en:

• Técnicas forestales sostenibles: $ 2,500,000
• Innovación de productos de madera: $ 1,700,000
• Investigación de conservación ambiental: $ 1,000,000

Fuerza laboral y gastos generales operativos

La fuerza laboral total y los costos generales operativos para 2022 fueron de $ 124.6 millones:

Categoría de gastos generales	Monto ($)
Salarios y beneficios de los empleados	89,700,000
Gastos administrativos	21,400,000
Tecnología e infraestructura	13,500,000

PotlatchDeltic Corporation (PCH) - Modelo de negocios: flujos de ingresos

Ventas de madera e ingresos por productos de madera

En 2022, PotlatchDeltic informó ingresos por productos de madera y madera de $ 509.5 millones. La compañía posee aproximadamente 1.8 millones de acres de Timberlands en Arkansas, Idaho, Minnesota y Mississippi.

Categoría de productos	Ingresos (2022)	Volumen
SAWTIMBER	$ 294.3 millones	651 millones de pies de tablero
Madera para pasta de papel	$ 126.7 millones	1.3 millones de toneladas
Registro	$ 88.5 millones	287 millones de pies de tablero

Venta de tierras inmobiliarias

En 2022, PotlatchDeltic generó $ 91.5 millones de las ventas de bienes raíces, con 3.900 acres vendidos durante el año.

Tipo terrestre	Acres vendidos	Precio promedio por acre
Recreativo rural	2.400 acres	$ 4,200/acre
Tierra de desarrollo	1.500 acres	$ 12,500/acre

Licencias de madera sostenibles

Los ingresos por licencias para 2022 totalizaron $ 7.2 millones, cubriendo prácticas forestales sostenibles y acuerdos de gestión de madera.

Servicios del ecosistema y créditos de conservación

Los ingresos por el crédito de compensación de carbono y la conservación alcanzaron los $ 3.6 millones en 2022, cubriendo aproximadamente 50,000 acres de tierras de conservación administradas.

Contratos de arrendamiento y gestión de tierras

Los ingresos por contratos de arrendamiento y gestión de tierras ascendieron a $ 15.3 millones en 2022.

Tipo de arrendamiento	Ganancia	Acres involucrados
Arrendamientos de caza	$ 5.7 millones	120,000 acres
Derechos minerales	$ 6.2 millones	85,000 acres
Arrendamientos agrícolas	$ 3.4 millones	45,000 acres

Flujos de ingresos totales para 2022: $ 627.1 millones

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose PotlatchDeltic Corporation (PCH) over the competition. It's about stability, product quality, and smart asset management, which is what you expect from a leading timberland Real Estate Investment Trust (REIT).

The first proposition is the inherent stability derived from the timberland base. PotlatchDeltic Corporation manages approximately 2.1 million acres of timberlands across states like Idaho and the Southern U.S.. This real asset base underpins the business, offering a foundation for consistent, sustainable cash flow, even when commodity markets fluctuate. For instance, the Timberlands segment generated an Adjusted EBITDDA of $41.0 million in the third quarter of 2025.

Next, consider the tangible products. PotlatchDeltic Corporation provides high-quality lumber and plywood, with manufacturing facilities operating with a stated capacity of 1.2 billion annual board feet of lumber. Critically, this production is 100% U.S.-produced. While the market saw price softness, the average lumber price in Q3 2025 was $396 per thousand board feet (MBF), and shipments reached 333 million board feet that quarter.

The Real Estate segment is where the company actively works to unlock superior value from its land holdings, which is a key differentiator. You saw this clearly in the third quarter of 2025, where the average price for rural land sales hit $3,280 per acre. That quarter, they sold 15,636 acres of rural land. This segment's performance is dynamic; Real Estate Adjusted EBITDDA jumped to $63.1 million in Q3 2025 from $22.7 million in Q2 2025.

The value proposition extends to future-facing opportunities. PotlatchDeltic Corporation is positioned to benefit from exposure to natural climate solutions (NCS), specifically mentioning solar and carbon credits as areas of leverage. This taps into long-term environmental and regulatory tailwinds.

Finally, shareholder returns are a core promise. PotlatchDeltic Corporation boasts a long-term dividend track record, maintained for 55 consecutive years. For the latest reported period, the company maintained a quarterly dividend of $0.45 per share, equating to an annualized dividend run rate of approximately $139 million. The dividend yield as of late 2025 was around 4.63%.

Here's a quick look at the Q3 2025 operational metrics that support these value propositions:

Metric Category	Specific Data Point	Value (Late 2025)
Timberland Base	Total Acres Managed	2.1 million acres
Real Estate Sales (Rural)	Acres Sold Q3 2025	15,636 acres
Real Estate Sales (Rural)	Average Price Per Acre Q3 2025	$3,280 per acre
Wood Products	Average Lumber Price Q3 2025	$396 per MBF
Wood Products	Lumber Shipments Q3 2025	333 million board feet
Financial Health	Liquidity as of September 30, 2025	$388 million
Shareholder Return	Quarterly Dividend Per Share	$0.45

The company's focus is clearly on balancing the stability of its vast timber assets with the higher-margin, opportunistic monetization of its Real Estate segment, all while supporting a significant shareholder return policy. The value is spread across three distinct, yet synergistic, business lines.

• Stable cash flow from 2.1 million acres of timberland.
• 100% U.S.-produced lumber and plywood capacity.
• Rural land sales averaging $3,280 per acre in Q3 2025.
• Exposure to natural climate solutions like solar and carbon credits.
• Dividend maintained for 55 consecutive years.
• Quarterly dividend of $0.45 per share.

Finance: draft 13-week cash view by Friday.

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Customer Relationships

You're looking at how PotlatchDeltic Corporation, or PCH, manages its interactions across its diverse customer base, which spans commodity buyers, real estate investors, and shareholders. Honestly, the relationships are segmented by business line, which makes sense given their structure as a timberland REIT with significant wood products and real estate arms.

Transactional relationships for commodity lumber sales

For commodity lumber sales, the relationship is primarily transactional. This is the nature of the business when you are a top 10 manufacturer of lumber in the United States, shipping high volumes into competitive markets. The Wood Products segment, which includes lumber and plywood, reported revenue of $601.9 million for the nine months ended September 30, 2024, based on shipping over 1.1 billion board feet of lumber in that period. These sales are highly sensitive to market pricing, meaning the focus is on efficient execution and price realization rather than deep, long-term partnership building for the bulk of the volume.

Dedicated sales teams for large-scale rural land transactions

When it comes to large-scale rural land transactions, PotlatchDeltic Corporation shifts to a more dedicated, direct engagement model. The company uses an ongoing land stratification process to identify parcels that have a higher and better use than simple timberland management. These sales often involve specific counterparties, such as conservation groups or adjacent landowners looking to consolidate holdings. For instance, the Real Estate segment saw revenue jump to $170.6 million for the nine months ended September 30, 2024, largely driven by a major 34,100-acre rural sale. These deals require dedicated internal expertise to manage the complex due diligence and environmental considerations, like the conservation transaction completed with the Arkansas Game & Fish Commission adjacent to the Gulf Mountain Wildlife Management Area.

Broker-assisted sales for residential lots and commercial properties

For the development side, specifically the residential lots and commercial properties within master-planned communities like Chenal Valley (which spans 6,700 acres), the relationship is managed through a structured, broker-assisted channel. PotlatchDeltic Corporation relies on a carefully selected Preferred Broker Network to interface with individual buyers seeking recreational properties or homesites. For the development business, which sells both residential and commercial property, this network helps manage the sales process for lots where approximately 60% of the Chenal Valley acreage is designated for residential use. This approach allows PCH to maintain a lean direct sales force while leveraging local market expertise.

Here's a quick look at the scale of their land-related customer interactions:

Segment	Metric	Value	Context/Customer Type
Timberlands Owned	Total Acres Managed	2.1 million acres	Stewardship/Long-term resource management
Rural Real Estate Sales	Conservation Acres Since 2004	257,660 acres	Conservation/Recreational Buyers
Development (Chenal Valley)	Total Acreage	6,700 acres	Residential/Commercial Lot Buyers
Wood Products	Lumber Capacity (Pro Forma)	1.2 billion board feet	Commodity/Industrial Buyers

Investor relations for managing the 4.63% dividend yield expectation

Managing investor relationships centers heavily on the REIT structure and the commitment to shareholder returns. As of late 2025, the market expectation is anchored by the annual dividend of $1.80 per share, translating to a reported yield of 4.63%. This dividend is paid quarterly, with the most recent payment being $0.450 per share, following the ex-dividend date of Sep 15, 2025. The relationship management involves communicating the strength of the underlying assets-the 2.1 million acres of timberland-and the strategic rationale behind capital allocation, especially in light of the pending merger with Rayonier Inc., where PotlatchDeltic shareholders are set to own approximately 46% of the combined entity. Transparency here is key to maintaining investor confidence in the yield.

Long-term contracts with key industrial wood customers

While much of the wood products business is transactional, PotlatchDeltic Corporation does engage in long-term supply agreements, particularly within its Timberlands segment, which provides a natural hedge. In the Northern region, a significant portion of sawlog sales is indexed to the price of lumber under these long-term supply agreements. This contractual relationship stabilizes a portion of the input cost for their own mills and provides predictable volume commitments for industrial customers. Although specific contract details from 2025 aren't public, the structure itself defines a relationship based on price linkage and volume stability, contrasting with the spot market sales.

You should review the pro forma combined entity's projected capital allocation strategy post-merger, as that will define the next evolution of shareholder communication. Finance: draft 13-week cash view by Friday.

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Channels

You're looking at how PotlatchDeltic Corporation moves its product, from logs to finished lumber and land deals, out to the market. It's a mix of direct sales, development partners, and digital shareholder outreach.

Direct Sales and Manufacturing Output

The Wood Products segment channels its output, which includes lumber and plywood, through direct means, supported by its manufacturing footprint. PotlatchDeltic operates seven manufacturing facilities that produce lumber or plywood, including six sawmills and one industrial-grade plywood mill. The Waldo, Arkansas sawmill, after its modernization, achieved a targeted run rate for an annual nameplate capacity of 275 million board feet as of the first quarter of 2025. For the third quarter of 2025, the Wood Products segment shipped between 290 and 300 million board feet of lumber, contributing $165.88 million in segment revenue. For the nine months ending September 30, 2024, the segment shipped over 1.1 billion board feet of lumber.

The Timberlands segment's harvest volume feeds this channel, with 1.88 million tons harvested in the third quarter of 2025. This segment generated $107.99 million in revenue for Q3 2025.

Here's a look at the Wood Products output metrics:

Metric	Q3 2025 Value	Period/Context
Lumber Shipments (Million Board Feet)	290 to 300	Q3 2025 Estimate
Wood Products Revenue (Millions)	$165.88	Q3 2025
Waldo Mill Capacity (Million Board Feet)	275	Annual Nameplate (Post-Ramp-up)
Average Lumber Price (per MBF)	$396	Q3 2025

Real Estate Development and Lot Sales

The Real Estate segment utilizes channels involving brokers and agents for its development lots, alongside direct sales for rural land. For the full year 2025, PotlatchDeltic plans to sell approximately 26,000 rural acres and 130 residential lots in Chenal Valley. The third quarter of 2025 showed significant activity in this channel:

• Rural land sold: 15,636 acres.
• Average rural price per acre: $3,280.
• Residential lots sold: 55.
• Average residential price per lot: $138,938.
• Commercial acres sold: 13.
• Average commercial price per acre: $532,942.

The Real Estate segment's revenue for Q3 2025 was $69.58 million. For context, in the nine months ending September 30, 2024, the segment sold 51,470 acres of rural real estate.

Rural Land Sales Program

The rural land sales program targets both individual and institutional buyers, often involving large acreage transactions. For example, a major 34,100-acre sale significantly boosted Real Estate revenue in a prior period. The company continues to execute on this, as seen by the Q3 2025 rural land sales volume. The Real Estate segment's revenue reached $170.6 million in the nine months ending September 30, 2024, up by $82.6 million year-over-year, largely due to rural sales.

Shareholder Communication Channel

PotlatchDeltic Corporation maintains a dedicated Investor Relations portal for shareholder communication and regulatory filings. This channel communicates key financial actions, such as the declaration of a quarterly distribution of $0.45 per share, payable on December 31, 2025, to stockholders of record as of December 15, 2025. This distribution reflects a current yield of 4.63%. The company has a history of maintaining these payments for 55 consecutive years. The portal provided immediate access to the Third Quarter 2025 Results (reported 11/03/25) and the announcement regarding the merger with Rayonier (10/14/25). The CUSIP number for the common stock is 737630-103.

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Customer Segments

You're analyzing the customer base for PotlatchDeltic Corporation as of late 2025. This company serves distinct groups across its Timberlands, Wood Products, and Real Estate segments. Honestly, understanding who is buying what, and at what price point, is key to seeing where the near-term revenue stability lies.

The customer segments are diverse, ranging from large-scale construction firms needing bulk materials to private individuals seeking rural acreage. The Real Estate segment, in particular, shows clear transactional activity across different buyer types in the third quarter of 2025.

Here's a breakdown of the primary customer groups and the latest concrete numbers we have for them:

• Residential home builders and construction companies (primary lumber buyers).
• Institutional and private investors seeking a timberland REIT.
• Individual buyers of rural land for recreation and conservation.
• Real estate developers for residential and commercial projects.
• Industrial customers for specialized wood products and fiber.

The Wood Products segment directly serves customers needing construction materials. For instance, in the third quarter of 2025, PotlatchDeltic Corporation shipped between 290 and 300 million board feet of lumber. The average realized price for lumber was under pressure, settling at $396 per thousand board feet (MBF) in Q3 2025, a 12% decrease from the prior quarter. This segment generated $165.88 million in revenue for Q3 2025, which includes sales of residuals alongside lumber.

The Timberlands segment's harvest volume also feeds industrial users and mills. In Q3 2025, the total harvest volume for the Timberlands segment was 1.88 million tons. Northern sawlog prices saw an increase of 16.4% to $128 per ton in Q3 2025.

For the Real Estate segment, the buyers of rural land are highly active, often for recreation or conservation purposes. You can see the transaction details below:

Customer Type	Metric	Q2 2025 Data	Q3 2025 Data
Individual Rural Land Buyers	Acres Sold	7,457 acres	15,636 acres
Individual Rural Land Buyers	Average Price Per Acre	$3,108 per acre	$3,280 per acre
Residential Developers	Lots Sold	18 lots	55 lots
Residential Developers	Average Price Per Lot	$102,222 per lot	$138,938 per lot
Commercial Developers	Commercial Acres Sold	N/A	13 acres
Commercial Developers	Average Price Per Acre	N/A	$532,942 per acre

The Real Estate segment's strong performance in Q3 2025, which saw Adjusted EBITDDA increase by $40.4 million compared to Q2 2025, was primarily driven by these rural land sales and increased sales in Chenal Valley.

Finally, institutional and private investors are focused on PotlatchDeltic Corporation as a Timberland REIT. They are interested in the stability of the asset base and capital returns. As of September 30, 2025, the company maintained strong liquidity of $388 million. During Q2 2025, the company returned capital by repurchasing 1,418,800 shares for $55.9 million, averaging $39 per share. The current annual dividend run rate stands at $139 million.

The company also operates six sawmills and an industrial-grade plywood mill, which serve industrial customers needing specialized wood products and residuals.

Finance: draft 13-week cash view by Friday.

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive PotlatchDeltic Corporation's operations as of late 2025. These costs are heavily tied to managing vast timberland assets and running a complex wood products manufacturing chain. Honestly, the structure reflects a balance between land stewardship and industrial processing.

Significant forest management and reforestation costs are inherent to owning over 2.1 million acres of timberlands. These costs are cyclical, tied to the timing of silviculture activities. For instance, in the second quarter of 2025, forest management costs increased due to seasonally higher activity within the Timberlands segment. This ongoing investment is crucial for future harvests.

Manufacturing costs, which include log costs and mill operating expenses, fluctuate with production levels and commodity pricing. Log costs saw an upward pressure in early 2025, specifically due to higher indexed pricing in Idaho. Conversely, per-unit manufacturing costs benefited from the ramp-up at the Waldo, Arkansas sawmill in the first quarter of 2025, which was designed to reduce cash processing costs by approximately 30%. However, the second quarter of 2025 introduced temporary cost headwinds, including about $2.8 million in costs related to equipment upgrades at the St. Maries facility and a temporary power supply issue at Waldo.

The company continues to invest heavily in its physical assets. The planned 2025 capital expenditures are set between $60 million - $65 million, excluding timberland acquisitions. This spending is focused on maintaining and upgrading facilities, such as the ongoing work following the $131 million Waldo Modernization Project, which was completed in late 2024.

Financing costs are a necessary component. While the weighted average cost of debt is approximately 2.3%, the actual cash outlay for debt service is significant. For the first six months of 2025, the reported interest expense, net, was $24,743 thousand.

General and administrative costs, which cover corporate overhead and REIT compliance, are managed carefully. For the first quarter of 2025, Selling, general and administrative expenses were reported at $19,855 thousand. Management noted that lower general and administrative expenses contributed positively to the Total Adjusted EBITDDA improvement in Q1 2025 versus Q1 2024.

Here's a quick look at some of the key cost components we see in the latest reported periods for 2025:

Cost Category	Latest Reported Period	Amount (in thousands)
Interest Expense, net	Six Months Ended June 30, 2025	$24,743
Selling, General and Administrative Expenses	Three Months Ended March 31, 2025	$19,855
Planned Capital Expenditures (Full Year)	2025 Forecast	$60,000 - $65,000
Capital Expenditures Year-to-Date	As of June 30, 2025	$33,000

The cost structure also includes specific operational expenses that vary by segment:

• Timberlands: Includes forest management, roads, and property taxes.
• Wood Products: Includes wages, benefits, repairs, maintenance, supplies, and utilities for the six sawmills and plywood mill.
• Real Estate: Includes land sale commissions and closing costs.

Finance: review the Q3 2025 interest expense projection against the 2.3% target cost of debt by end of next week.

PotlatchDeltic Corporation (PCH) - Canvas Business Model: Revenue Streams

You're looking at how PotlatchDeltic Corporation converts its assets-primarily timberlands-into cash flow as of late 2025. The business model is clearly diversified across three main operational segments, with real estate sales acting as a significant value-capture mechanism on top of sustainable timber management.

Here's a quick look at the key financial drivers from the third quarter of 2025, which really shows where the money came from:

Revenue Stream Component	Q3 2025 Financial Metric	Amount
Wood Products Sales (Consolidated Revenue)	Revenues	$314.2 million
Timberlands Sales	Adjusted EBITDDA	$41.0 million
Real Estate Sales	Adjusted EBITDDA	$63.1 million

The total reported revenue for PotlatchDeltic Corporation in Q3 2025 hit $314.2 million, which was better than analyst projections. Honestly, the strength in land sales is what really moved the needle this quarter.

The Timberlands segment provides the foundational stability, given that timberlands represent over 80% of the gross asset value. For Q3 2025, this segment generated $41.0 million in Adjusted EBITDDA. This performance reflected seasonally higher harvest volumes, with approximately 1.9 million tons harvested during the period.

The Real Estate segment was the star performer, capturing incremental value from land holdings. This segment delivered an Adjusted EBITDDA of $63.1 million in Q3 2025. This was heavily boosted by opportunistic rural land sales, including two large transactions in Georgia. Specifically, the company sold 55 residential lots at an average price of $138,938 per lot. Also, the rural real estate business moved about 15,600 acres at an average price near $3,300 per acre.

For the Wood Products segment, the revenue line item you are tracking is the consolidated revenue figure of $314.2 million. However, you should note that this segment itself posted an Adjusted EBITDDA loss of about $(2.5) million for the quarter, primarily due to historically weak lumber prices, even though they shipped 333 million board feet of lumber.

Leasing revenue from land for natural climate solutions is an emerging stream, showing future potential rather than immediate large dollar contributions in the reported EBITDDA. PotlatchDeltic Corporation is actively developing this area. You can see the pipeline building:

• Solar developers currently have 34,000 acres under option agreements.
• The company expects this solar acreage to grow to between 40,000 and 45,000 acres by the end of 2025.
• A new lithium mineral lease was executed with Saltwerx LLC (an ExxonMobil subsidiary) covering 4,200 acres.

Finance: draft 13-week cash view by Friday.