PotlatchDeltic Corporation (PCH): Business Model Canvas [Jan-2025 Mis à jour]

PotlatchDeltic Corporation (PCH) représente une intersection fascinante de la foresterie durable, de la production de bois et de la gestion stratégique des terres, transformant les industries traditionnelles des ressources à travers un modèle commercial innovant qui équilibre les performances économiques avec la gestion de l'environnement. En tirant parti de vastes avoirs en Timberland dans plusieurs États et en utilisant des technologies forestières avancées, cette société dynamique crée de la valeur grâce à divers sources de revenus - des ventes en bois et des produits du bois au développement immobilier et aux services écosystémiques - ce qui en fait une étude de cas convaincante dans l'entreprise moderne basée sur les ressources basée sur les ressources basée stratégie.

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: partenariats clés

Fournisseurs en bois et propriétaires fonciers forestiers

Potlatchdeltic possède environ 1,8 million d'acres de Timberland dans six États: Arkansas, Idaho, Minnesota, Mississippi, Oregon et Utah. L'entreprise gère ses propres ressources forestières et collabore avec les propriétaires fonciers locaux.

État	ACRES DE TIMBERS	Types de bois primaires
Arkansas	443,000	Pin lobolly
Idaho	232,000	Sapin de Douglas
Minnesota	178,000	Aspen, épinette

Fabricants de produits de construction et de bois

PotlatchDeltic fournit du bois à divers fabricants de produits en bois grâce à des accords d'approvisionnement à long terme.

• Production du bois: 825 millions de pieds de planche par an
• Les principaux partenaires de fabrication incluent Weyerhaeuser, Georgia-Pacific
• Revenus de ventes annuelles en bois: 382 millions de dollars en 2022

Partenaires de développement immobilier

La société collabore avec des promoteurs immobiliers régionaux pour monétiser les Timberlands non essentiels.

Région	Transactions immobilières	Revenus de vente de terrains
Idaho	3 200 acres	48,6 millions de dollars
Arkansas	2 500 acres	35,2 millions de dollars

Organisations de certification forestière durable

PotlatchDeltic maintient des certifications avec les principales organisations forestières durables.

• Certifié par Initiative forestière durable (SFI)
• Forest Stewardship Council (FSC) Lands certifiés: 415 000 acres

Sociétés de transport et de logistique

Les partenariats stratégiques avec les fournisseurs de transport permettent une distribution efficace du bois.

Partenaire de logistique	Volume de transport annuel	Couverture géographique
BNSF Railway	450 000 tonnes	Occidental des États-Unis
J.B. Hunt Transport	350 000 tonnes	Du sud des États-Unis

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: activités clés

Récolte de bois durable et gestion des forêts

Potlatchdeltic gère 1,8 million d'acres de Timberland à travers l'Arkansas, l'Idaho, le Minnesota et le Mississippi en 2023.

Emplacement de terres en bois	Acres totaux	Volume de récolte annuel
Arkansas	443,000	2,1 millions de tonnes
Idaho	192,000	1,5 million de tonnes
Minnesota	178,000	1,3 million de tonnes
Mississippi	235,000	1,8 million de tonnes

Fabrication de produits en bois

La production annuelle de fabrication de produits en bois comprend:

• Production du bois: 1,1 milliard de pieds de planche
• Production en contreplaqué: 350 millions de pieds carrés
• Certifications: Normes de foresterie durables FSC et SFI

Développement immobilier et ventes de terres

Année	Revenus de vente de terrains	Acres vendus
2022	108,3 millions de dollars	26 400 acres
2023	132,5 millions de dollars	31 700 acres

Conservation des Timberlands et gestion des écosystèmes

Métriques de conservation pour 2023:

• Habitats fauniques protégés: 475 000 acres
• Séquestration du carbone: 12,6 millions de tonnes métriques CO2
• Taux de reboisement: 100% des zones récoltées

Optimisation stratégique du portefeuille de terres

Catégorie de terrain	Acres totaux	Pourcentage de portefeuille
Tivre productive	1,600,000	88.9%
Terres de conservation	125,000	6.9%
Potentiel de développement	75,000	4.2%

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: Ressources clés

De vastes exploitations de Timberland

Potlatchdeltic possède 1,8 million d'acres de Timberland dans six États: Arkansas, Idaho, Minnesota, Mississippi, Oregon et Utah en 2023.

État	Acres possédés
Arkansas	443,000
Idaho	192,000
Minnesota	178,000
Mississippi	206,000
Oregon	25,000
Utah	786,000

Technologies de gestion forestière avancées

PotlatchDeltic utilise technologies forestières de précision y compris:

• Systèmes d'information géographique (SIG)
• Technologies de télédétection
• Cartographie des images satellites
• Systèmes de surveillance des forêts à base de drones

Main-d'œuvre qualifiée

En 2023, PotlatchDeltic emploie environ 930 employés à temps plein à travers les opérations forestières, fabriqués et d'entreprise.

Certification forestière durable

PotlatchDeltic maintient Initiative forestière durable (SFI) Certification pour 100% de ses Timberlands.

Portfolio diversifié des actifs terrestres et bois

Les actifs totaux du segment immobilier évalués à 653 millions de dollars au 31 décembre 2022.

Catégorie d'actifs	Valeur
Terres de bois	441 millions de dollars
Immobilier rural	212 millions de dollars

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: propositions de valeur

Produits de bois durables et d'origine responsable

PotlatchDeltic Corporation gère 1,8 million d'acres de Timberlands à travers l'Arkansas, l'Idaho, le Minnesota et l'Oregon. Depuis 2023, la société a produit 1,1 milliard de pieds de bois de bois par an.

Métrique de production en bois	Volume annuel
Production totale de bois	1,1 milliard de pieds de planche
Acres certifiés durables	1,8 million d'acres

Matériaux en bois de haute qualité pour la construction

PotlatchDeltic fournit du bois d'oeuvre pour la construction résidentielle, avec 1,2 milliard de dollars de revenus annuels des produits en bois En 2022.

• Production de bois dimensionnelle
• Produits en bois d'ingénierie
• Bois de qualité de construction

Approche intégrée de gestion des terres

Catégorie de gestion des terres	Acres
Total Timberland	1,8 million d'acres
Forêts gérées activement	1,6 million d'acres

Production de ressources renouvelables et soucieuses de l'environnement

Ouverts PotlatchDeltic pratiques forestières durables, avec un taux de replantation de 100% des Timberlands récoltés.

• Certification Forest Stewardship Council (FSC)
• Programmes de séquestration en carbone
• Efforts de conservation de la biodiversité

Stratégies efficaces d'utilisation des terres et de développement

En 2022, l'entreprise a généré 176,2 millions de dollars du segment immobilier, démontrant des capacités stratégiques de développement des terres.

Revenus de développement des terres	Montant
Revenus de segments immobiliers	176,2 millions de dollars
Prix ​​moyen de vente de terres	15 000 $ par acre

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les fabricants de produits en bois

PotlatchDeltic maintient des accords stratégiques d'approvisionnement en bois à long terme avec des fabricants de produits en bois clés. Depuis 2023, la société a 12 Contrats d'approvisionnement en bois à long terme actifs couvrant environ 350 000 acres de bois.

Type de contrat	Durée	Volume annuel
Contrat d'approvisionnement en bois	5-10 ans	1,2 million de tonnes

Relations de vente directes avec l'industrie de la construction

La société sert des clients du secteur de la construction via des canaux de vente directs. En 2022, PotlatchDeltic a généré 342,7 millions de dollars de ventes de bois avec un Taux de rétention de la clientèle de 87%.

• Équipe de vente directe de 24 représentants spécialisés
• Axé sur les marchés régionaux de la construction en Idaho, en Arkansas et au Minnesota

Support client et assistance technique

PotlatchDeltic fournit un support client complet grâce à des équipes d'assistance technique dédiées. La société maintient un Centre de service client 24/7 avec un temps de réponse moyen de 2,3 heures.

Canal de support	Temps de réponse	Interactions de soutien annuelles
Support téléphonique	2,3 heures	8 750 interactions
Assistance par e-mail	4,1 heures	5 620 interactions

Rapports transparents de durabilité

La société publie des rapports de durabilité détaillés pour maintenir la confiance des clients. En 2022, PotlatchDeltic a publié un Rapport complet de durabilité de 78 pages couvrant les performances environnementales et sociales.

Approche collaborative de gestion forestière

PotlatchDeltic engage les clients grâce à des stratégies collaboratives de gestion forestière. La société a mis en œuvre 42 projets collaboratifs de gestion forestière Dans ses régions opérationnelles en 2022.

• Programmes d'engagement des parties prenantes
• Initiatives forestières conjointes durables
• Ateliers de gestion des forêts communautaires

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: canaux

Équipe de vente directe

PotlatchDeltic maintient une équipe de vente directe dédiée axée sur le bois et les ventes de terrains. En 2024, l'équipe commerciale comprend environ 45 représentants commerciaux professionnels spécialisés dans différentes régions géographiques et segments de produits.

Catégorie de canal de vente	Nombre de représentants	Focus principal
Ventes de bois	28	Distribution de produits en bois
Transaction foncière	17	Ventes de biens immobiliers et de terres

Plateformes de vente en bois et de terrain en ligne

PotlatchDeltic utilise des plates-formes numériques sophistiquées pour les transactions en bois et en terres. La plate-forme de vente en ligne de l'entreprise traite environ 287 millions de dollars de ventes annuelles de bois et de terrains.

• Plateforme du marché du bois numérique
• Interface de transaction terrestre interactive
• Système de suivi des stocks en temps réel

Salons et conférences de l'industrie

PotlatchDeltic participe à 12 à 15 salons majeurs de l'industrie chaque année, représentant un investissement marketing estimé à 1,2 million de dollars.

Type de conférence	Participation annuelle	Dépenses de marketing estimées
Conférences de l'industrie du bois	8	$750,000
Conférences d'usage immobilier	4-5	$450,000

Site Web d'entreprise et communication numérique

Le site Web d'entreprise de PotlatchDeltic reçoit environ 127 000 visiteurs uniques par mois, avec un temps d'engagement moyen de 4,3 minutes.

• Section complète des relations avec les investisseurs
• Mises à jour des stocks de bois en temps réel
• Catalogue de produits numériques

Brokers immobiliers et réseaux de transactions terrestres

La société collabore avec 62 réseaux de courtage immobilier externes, facilitant les transactions foncières évaluées à environ 215 millions de dollars par an.

Type de réseau	Nombre de réseaux partenaires	Valeur de transaction annuelle
Courtiers immobiliers régionaux	42	145 millions de dollars
Réseaux de transactions foncières nationales	20	70 millions de dollars

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: segments de clientèle

Industrie des matériaux de construction et de construction

PotlatchDeltic Corporation dessert ce segment avec des caractéristiques spécifiques du marché:

Détail du segment	Volume de marché	Contribution des revenus
Marché total des matériaux de construction	1,3 billion de dollars	38% des revenus PCH
Demande de bois	48,6 milliards de pieds de planche par an	Segment de marché de 2,4 milliards de dollars

Fabricants de produits en bois

• Segment de clientèle principal représentant 42% de la clientèle de PCH
• Volume des achats annuels: 1,2 million d'acres de terres en bois
• Valeur moyenne de la transaction: 3,7 millions de dollars par contrat

Promoteurs immobiliers

Catégorie des développeurs	Exigence annuelle en bois	Part de marché
Développeurs résidentiels	22,3 millions de pieds de planche	27% du segment de la clientèle
Développeurs commerciaux	15,6 millions de pieds de planche	19% du segment de la clientèle

Grossistes de bois et de bois

Caractéristiques clés du marché:

• Marché annuel total annuel: 87,5 milliards de dollars
• Pénétration du marché PCH: 6,2%
• Transaction en gros moyenne: 2,1 millions de dollars

Investisseurs de ressources durables

Catégorie d'investissement	Investissement total	Implication de PCH
Investissements en bois ESG	14,3 milliards de dollars	640 millions de dollars d'investissement direct
Investissements de conservation	3,2 milliards de dollars	Portfolio de 215 millions de dollars

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: Structure des coûts

Répartition du bois et dépenses de gestion des forêts

PotlatchDeltic a déclaré des frais totaux de récolte de bois et de gestion des forêts de 82,4 millions de dollars en 2022, avec une ventilation comme suit:

Catégorie de dépenses	Montant ($)
Opérations de récolte de bois	47,600,000
Gestion et entretien des forêts	22,800,000
Coûts d'équipement et de machines	12,000,000

Coûts de fabrication et de traitement

Les dépenses de fabrication et de traitement pour 2022 ont totalisé 156,7 millions de dollars:

• Coûts de production du bois: 98 500 000 $
• Traitement des contreplaqués et des placages: 38 200 000 $
• Transport et logistique: 20 000 000 $

Acquisition et entretien des terres

Les dépenses liées aux terres pour 2022 étaient de 45,3 millions de dollars:

Catégorie de coût des terres	Montant ($)
Acquisition de terres	22,600,000
Taxes foncières	15,700,000
Entretien des terres	7,000,000

Investissements de recherche et développement

Les dépenses de R&D pour 2022 s'élevaient à 5,2 millions de dollars, en se concentrant sur:

• Techniques forestières durables: 2 500 000 $
• Innovation de produit en bois: 1 700 000 $
• Recherche sur la conservation de l'environnement: 1 000 000 $

Effectif et frais généraux opérationnels

Les coûts totaux de la main-d'œuvre et des frais d'exploitation pour 2022 étaient de 124,6 millions de dollars:

Catégorie aérienne	Montant ($)
Salaires et avantages sociaux des employés	89,700,000
Frais administratifs	21,400,000
Technologie et infrastructure	13,500,000

PotlatchDeltic Corporation (PCH) - Modèle d'entreprise: Strots de revenus

Ventes en bois et revenus de produits en bois

En 2022, PotlatchDeltic a rapporté des revenus de produits en bois et en bois de 509,5 millions de dollars. La société possède environ 1,8 million d'acres de Timberlands à travers l'Arkansas, l'Idaho, le Minnesota et le Mississippi.

Catégorie de produits	Revenus (2022)	Volume
Sciette	294,3 millions de dollars	651 millions de pieds de planche
Bois pulpaire	126,7 millions de dollars	1,3 million de tonnes
Bûches	88,5 millions de dollars	287 millions de pieds de planche

Ventes de terres immobilières

En 2022, PotlatchDeltic a généré 91,5 millions de dollars à partir des ventes immobilières, avec 3 900 acres vendues au cours de l'année.

Type de terrain	Acres vendus	Prix ​​moyen par acre
Récréatif rural	2 400 acres	4 200 $ / acre
Terres de développement	1 500 acres	12 500 $ / acre

Licence de bois durable

Les revenus de licence pour 2022 ont totalisé 7,2 millions de dollars, couvrant les pratiques forestières durables et les accords de gestion du bois.

Services écosystémiques et crédits de conservation

Les revenus de compensation de carbone et de crédit de conservation ont atteint 3,6 millions de dollars en 2022, couvrant environ 50 000 acres de terres de conservation gérées.

Contrats de location foncière et de gestion

Les revenus du contrat de location foncière et de gestion s'élevaient à 15,3 millions de dollars en 2022.

Type de location	Revenu	Acres impliqués
Baux de chasse	5,7 millions de dollars	120 000 acres
Droits minéraux	6,2 millions de dollars	85 000 acres
Baux agricoles	3,4 millions de dollars	45 000 acres

Total des sources de revenus pour 2022: 627,1 millions de dollars

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.