v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Our debt consisted of the following at March 31, 2026:
March 31, 2026
Debt
Senior Notes due 2031 at a fixed interest rate of 2.75%
$450,000 
2015 Term Loan borrowings due 2028 at a variable interest rate of 5.25%
200,000 
2016 Incremental Term Loan due 2026 at a variable interest rate of 5.40%
200,000 
2021 Incremental Term Loan due 2029 at a variable interest rate of 5.57%
200,000 
Debt assumed in the PotlatchDeltic merger (January 30, 2026)
Term Loan M due 2029 at a variable interest rate of 5.37%
150,000 
Term Loan Q due 2027 at a variable interest rate of 5.67%
138,750 
Term Loan R due 2030 at a variable interest rate of 5.67%
138,750 
Term Loan W due 2034 at a variable interest rate of 5.95%
100,000 
Term Loan X due 2035 at a variable interest rate of 5.95%
100,000 
Term Loan K due 2028 at a variable interest rate of 5.71%
65,000 
Term Loan O due 2030 at a variable interest rate of 5.95%
46,000 
Term Loan N due 2029 at a variable interest rate of 5.36%
40,000 
Term Loan P due 2031 at a variable interest rate of 5.87%
40,000 
Term Loan S due 2032 at a variable interest rate of 5.97%
40,000 
Term Loan T due 2033 at a variable interest rate of 5.97%
40,000 
Term Loan U due 2032 at a variable interest rate of 5.85%
38,000 
Term Loan V due 2033 at a variable interest rate of 5.90%
38,000 
Term Loan L due 2028 at a variable interest rate of 5.71%
35,000 
Total principal debt2,059,500 
Less: Current maturities of long-term debt, net of deferred financing costs of $4
(199,996)
Less: Unamortized discounts(1,989)
Less: Deferred financing costs(2,464)
Total long-term debt, net$1,855,051 
Principal payments due during the next five years and thereafter are as follows:
Total
2026$200,000 
2027138,750 
2028300,000 
2029390,000 
2030184,750 
Thereafter846,000 
Total debt$2,059,500 
2026 DEBT ACTIVITY
During the three months ended March 31, 2026, we made no borrowings on our Revolving Credit Facility. At March 31, 2026, we had available capacity of $198.8 million under the Revolving Credit Facility, net of $1.2 million reserved to securing outstanding letters of credit.
Repayment of 2016 Incremental Term Loan
On April 28, 2026, the $200.0 million 2016 Incremental Term Loan matured and was repaid in full with cash on hand.
LONG-TERM DEBT ASSUMED IN THE POTLATCHDELTIC CORPORATION MERGER
On January 30, 2026, in connection with the merger, we entered into the Second Amended and Restated Credit Agreement, assuming fifteen variable-rate term loans of PotlatchDeltic Corporation (Term Loans I through X, excluding Term Loan J) with $1,037.0 million in aggregate principal at closing. These loans bear interest at Adjusted 1-Month Term SOFR, 1-Month Term SOFR, or Daily Simple SOFR plus margins of 1.59% to 2.30% and mature between 2027 and 2035. Also at closing, Term Loan I (principal of $27.5 million, due February 1, 2026) was repaid in full with cash on hand, and PotlatchDeltic's $300.0 million undrawn revolving credit facility was terminated.
Effective fixed rates below reflect the contractual rate, interest rate swaps, and estimated patronage payments on variable-rate debt outstanding as of March 31, 2026:
DebtPeriodic Interest RateEffective Fixed Interest Rate (a)
Pre-existing Debt
2015 Term Loan
Daily Simple SOFR + 1.60%
2.11%
2016 Incremental Term Loan
Daily Simple SOFR + 1.75%
2.96%
2021 Incremental Term Loan
Daily Simple SOFR + 1.92%
1.70%
Debt Assumed in the PotlatchDeltic Merger (January 30, 2026)
Term Loan M (b)
Adj. 1-Month Term SOFR + 1.60%
0.98%
Term Loan Q
1-Month Term SOFR + 2.00%
1.48%
Term Loan R (b)
1-Month Term SOFR + 2.00%
1.62%
Term Loan W (b)
Daily Simple SOFR + 2.30%
3.24%
Term Loan X (b)
Daily Simple SOFR + 2.30%
2.99%
Term Loan K (b)
Adj. 1-Month Term SOFR + 1.94%
3.66%
Term Loan O (b)
Adj. 1-Month Term SOFR + 2.18%
1.96%
Term Loan N (b)
Adj. 1-Month Term SOFR + 1.59%
1.82%
Term Loan P
Adj. 1-Month Term SOFR + 2.10%
1.95%
Term Loan S (b)
1-Month Term SOFR + 2.30%
2.23%
Term Loan T (b)
1-Month Term SOFR + 2.30%
2.30%
Term Loan U (b)
Daily Simple SOFR + 2.20%
2.99%
Term Loan V (b)
Daily Simple SOFR + 2.25%
3.23%
Term Loan L (b)
Adj. 1-Month Term SOFR + 1.94%
3.66%
(a)Effective interest rate is after consideration of interest rate swaps and estimated patronage.
(b)The applicable margin is subject to periodic adjustment based on the lender’s actual cost of funds for each funding period.
PATRONAGE REFUNDS AND INTEREST RATE SWAPS
Our term credit facilities, including the term loans assumed in the PotlatchDeltic merger, are held by Farm Credit System lenders and provide for annual patronage refunds, which are profit distributions made by the lending cooperative to its member-borrowers. We account for patronage refunds as a reduction to interest expense in the period the amounts are earned and become reasonably estimable.
We have also entered into interest rate swap agreements that fix the variable-rate exposure on the entirety of our outstanding term debt, including all term debt assumed in the PotlatchDeltic merger. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.
DEBT COVENANTS
In connection with our Second Amended and Restated Credit Agreement, we are subject to certain restrictive covenants. The most significant financial covenants, which are calculated on a trailing 12-month basis as of March 31, 2026, are summarized below:
Covenant RequirementActual RatioFavorable
Covenant EBITDA to consolidated interest expense shall not be less than
2.5 to 1
7.4 to 1
4.9
Covenant debt to covenant net worth plus covenant debt shall not exceed65%30%35%
    In addition to the financial covenants listed above, our senior notes and credit facilities include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2026, we were in compliance with all applicable covenants under our debt agreements.