CatchMark Timber Trust (CTT) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36239
Entity Registrant Name	CATCHMARK TIMBER TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-3536671
Entity Address, Address Line One	5 Concourse Parkway
Entity Address, Address Line Two	Suite 2650
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	855
Local Phone Number	858-9794
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value Per Share
Trading Symbol	CTT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		48,742,034
Entity Central Index Key	0001341141
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 10,412	$ 11,487
Accounts receivable	5,374	7,998
Prepaid expenses and other assets	6,162	5,459
Operating lease right-of-use asset (Note 7)	3,049	3,120
Deferred financing costs	228	246
Timber assets (Note 3):
Timber and timberlands, net	606,461	633,581
Intangible lease assets, less accumulated amortization of $949 and $948 as of March 31, 2020 and December 31, 2019, respectively	8	9
Investments in unconsolidated joint ventures (Note 4)	1,478	1,965
Total assets	633,172	663,865
Liabilities:
Accounts payable and accrued expenses	6,739	3,580
Operating lease liability	3,181	3,242
Other liabilities	34,745	10,853
Notes payable and lines of credit, net of deferred financing costs (Note 5)	432,326	452,987
Total liabilities	476,991	470,662
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 48,747 and 49,008 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	487	490
Additional paid-in capital	726,939	729,274
Accumulated deficit and distributions	(539,660)	(528,847)
Accumulated other comprehensive loss	(32,754)	(8,276)
Total stockholders’ equity	155,012	192,641
Noncontrolling Interests	1,169	562
Total equity	156,181	193,203
Total liabilities and equity	$ 633,172	$ 663,865

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Intangible lease assets, accumulated amortization	$ 949	$ 948
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	48,747,000	49,008,000
Common stock, shares outstanding (in shares)	48,747,000	49,008,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues		$ 26,972	$ 22,573
Expenses:
Depletion		6,941	5,268
General and administrative expenses		7,267	3,363
Land rent expense		124	142
Other operating expenses		1,636	1,644
Operating costs and expenses		28,501	21,067
Other income (expense):
Interest income		46	30
Interest expense		(3,957)	(4,622)
Gain on large dispositions	[1]	1,279	0
Total other income (expense)		(2,632)	(4,592)
Loss before unconsolidated joint ventures		(4,161)	(3,086)
Loss from unconsolidated joint ventures (Note 4)		(88)	(27,309)
Net loss		$ (4,249)	$ (30,395)
Weighted-average common shares outstanding - basic and diluted (in shares)		48,989	49,063
Net loss per share - basic and diluted (in dollars per share)		$ (0.09)	$ (0.62)
Timber sales
Revenues:
Revenues		$ 18,166	$ 16,551
Real Estate
Revenues:
Revenues		4,779	2,090
Expenses:
Costs and expenses		3,422	1,560
Management services
Revenues:
Revenues		2,975	2,842
Expenses:
Costs and expenses		1,834	1,734
Other revenues
Revenues:
Revenues		1,052	1,090
Contract logging and hauling costs
Expenses:
Costs and expenses		$ 7,277	$ 7,356
[1]	Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,249)	$ (30,395)
Other comprehensive loss:
Market value adjustment to interest rate swaps	(24,478)	(3,941)
Comprehensive loss	$ (28,727)	$ (34,336)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Balance, beginning of period (in shares) at Dec. 31, 2018		49,127
Balance, beginning of period at Dec. 31, 2018		$ 492	$ 730,416	$ (409,260)	$ 8	$ 321,656
Balance, beginning of period at Dec. 31, 2018							$ 0
Balance, beginning of period at Dec. 31, 2018	$ 321,656
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		92
LTIP, net of forfeitures and amounts withheld for income taxes	293	$ 1	292			293
Dividends to common stockholders ($0.135 per share)	(6,578)			(6,578)		(6,578)
Repurchase of common stock (in shares)		(136)
Repurchase of common stock	(1,004)	$ (1)	(1,003)			(1,004)
Net loss	(30,395)			(30,395)		(30,395)
Other comprehensive loss	(3,941)				(3,941)	(3,941)
Balance, end of period (in shares) at Mar. 31, 2019		49,083
Balance, end of period at Mar. 31, 2019		$ 492	729,705	(446,233)	(3,933)	280,031
Balance, end of period at Mar. 31, 2019							0
Balance, end of period at Mar. 31, 2019	$ 280,031
Balance, beginning of period (in shares) at Dec. 31, 2019	49,008	49,008
Balance, beginning of period at Dec. 31, 2019	$ 192,641	$ 490	729,274	(528,847)	(8,276)	192,641
Balance, beginning of period at Dec. 31, 2019	562						562
Balance, beginning of period at Dec. 31, 2019	193,203
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		91
LTIP, net of forfeitures and amounts withheld for income taxes	907	$ 1	215			216	691
Dividends/distributions on common stock/limited partnership units ($0.135 per share/unit)	(6,648)			(6,564)		(6,564)	(84)
Repurchase of common stock (in shares)		(352)
Repurchase of common stock	(2,554)	$ (4)	(2,550)			(2,554)
Net loss	(4,249)			(4,249)		(4,249)
Other comprehensive loss	$ (24,478)				(24,478)	(24,478)
Balance, end of period (in shares) at Mar. 31, 2020	48,747	48,747
Balance, end of period at Mar. 31, 2020	$ 155,012	$ 487	$ 726,939	$ (539,660)	$ (32,754)	$ 155,012
Balance, end of period at Mar. 31, 2020	1,169						$ 1,169
Balance, end of period at Mar. 31, 2020	$ 156,181

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends/distributions on common stock/limited partnership units (in dollars per share)	$ 0.135

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net loss		$ (4,249)	$ (30,395)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion		6,941	5,268
Basis of timberland sold, lease terminations and other	[1]	3,276	1,807
Stock-based compensation expense		1,872	659
Noncash interest expense		707	250
Other amortization		51	208
Gain on large dispositions	[2]	(1,279)	0
Income from unconsolidated joint ventures		88	27,309
Operating distributions from unconsolidated joint ventures		0	179
Interest paid under swaps with other-than-insignificant financing element		340	0
Changes in assets and liabilities:
Accounts receivable		1,619	1,363
Prepaid expenses and other assets		359	513
Accounts payable and accrued expenses		2,576	(1,109)
Other liabilities		(1,042)	(805)
Net cash provided by operating activities		11,259	5,247
Cash Flows from Investing Activities:
Capital expenditures (excluding timberland acquisitions)		(2,712)	(1,259)
Distributions from unconsolidated joint ventures		400	796
Net proceeds from large dispositions		20,863	0
Net cash provided by (used in) investing activities		18,551	(463)
Cash Flows from Financing Activities:
Repayment of notes payable		(20,850)	0
Financing costs paid		(30)	(31)
Interest paid under swaps with other-than-insignificant financing element		(340)	0
Dividends/distributions paid		(6,648)	(6,578)
Repurchase of common shares		(2,052)	(1,004)
Repurchase of common shares for minimum tax withholding		(965)	(365)
Net cash used in financing activities		(30,885)	(7,978)
Net change in cash and cash equivalents		(1,075)	(3,194)
Cash and cash equivalents, beginning of period		11,487	5,614
Cash and cash equivalents, end of period		$ 10,412	$ 2,420
[1]	Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[2]	Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization CatchMark Timber Trust Inc. ("CatchMark Timber Trust") (NYSE: CTT) owns and operates timberlands located in the United States and has elected to be taxed as a REIT for federal income tax purposes. CatchMark Timber Trust acquires, owns, operates, manages, and disposes of timberland directly, through wholly-owned subsidiaries, or through joint ventures. CatchMark Timber Trust was incorporated in Maryland in 2005 and commenced operations in 2007. CatchMark Timber Trust conducts substantially all of its business through CatchMark Timber Operating Partnership, L.P. (“CatchMark Timber OP”), a Delaware limited partnership. CatchMark Timber Trust is the general partner of CatchMark Timber OP, possesses full legal control and authority over its operations, and owns 99.85% of its common partnership units. CatchMark LP Holder, LLC (“CatchMark LP Holder”), a Delaware limited liability company and wholly-owned subsidiary of CatchMark Timber Trust, is the sole limited partner of CatchMark Timber OP and owns 0.01% of its common partnership units. The remaining 0.14% of CatchMark Timber OP’s common partnership units are owned by current and former officers and directors of CatchMark Timber Trust as a result of CatchMark’s LTIP Unit compensation program (see Note 8 — Stock-based Compensation ). In addition, CatchMark Timber TRS, Inc. (“CatchMark TRS”), a Delaware corporation formed as a wholly-owned subsidiary of CatchMark Timber OP in 2006, is our taxable REIT subsidiary. Unless otherwise noted, references herein to CatchMark shall include CatchMark Timber Trust and all of its subsidiaries, including CatchMark Timber OP, and the subsidiaries of CatchMark Timber OP, including CatchMark TRS. Risks and Uncertainties CatchMark is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on CatchMark’s business and that of its customers and contractors is highly uncertain and difficult to predict, as the response to the pandemic is in its incipient stages and information is rapidly evolving. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Such economic disruption could have a material adverse effect on CatchMark’s business due to declines in sawtimber harvest volumes resulting from a deterioration in the housing market; a decline in production level at CatchMark’s customers' mills due to instances of COVID-19 among their employees or decreased demand for their products; the inability to complete timberland sales due to state and local government office closures limiting the ability of potential buyers to complete title searches and other customary due diligence; effects on key employees, including operational management personnel and those charged with preparing, monitoring and evaluating CatchMark’s financial reporting and internal controls; and market volatility and market downturns negatively impacting the trading of CatchMark’s common stock. Policymakers around the globe have responded with fiscal policy actions to support the economy; however, the magnitude and overall effectiveness of these actions remains uncertain. The severity of the impact of the COVID-19 pandemic on CatchMark’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on CatchMark’s customers, all of which are uncertain and cannot be predicted. CatchMark’s future results of operations and liquidity could be adversely impacted by uncertain customer demand and the impact of any initiatives or programs that CatchMark may undertake to address financial and operational challenges faced by its customers. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact CatchMark’s financial condition, liquidity, or results of operations is uncertain. See Note 5 — Notes Payable and Lines of Credit

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesBasis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark’s consolidated financial statements include the accounts of CatchMark and any VIE in which CatchMark is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark's consolidated financial statements also include the accounts of any entity in which CatchMark owns a controlling financial interest and any limited partnership in which CatchMark owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the audited financial statements and footnotes included in CatchMark’s Annual Report on Form 10-K for the year ended December 31, 2019. Investments in Joint Ventures For joint ventures that it does not control but exercises significant influence, CatchMark uses the equity method of accounting. CatchMark's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentages. Any difference between the carrying amount of these investments on CatchMark’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are classified as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. CatchMark evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark reduces the investment to its estimated fair value. For information on CatchMark’s unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4 — Unconsolidated Joint Ventures . Impairment Testing ASC 360-10 requires impairment testing to be completed whenever events or changes in circumstances indicate the asset's carrying value may not be recoverable. Examples of such circumstances for CatchMark include, but are not limited to, a significant decrease in market price of the timber assets, a significant adverse change in the extent or manner in which timber assets are being used, or a significant adverse change in legal factors or in the business climate that could affect the value of the timber assets. CatchMark monitors such events and changes in circumstances, and when indicators of potential impairment are present, evaluates if the carrying amounts of its timber assets exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of its timber assets (the "Recoverable Amount") and if the carrying amount exceeds the timber assets' fair value. The Recoverable Amount and fair value are estimated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable assets, or (iii) the present value of undiscounted cash flows, including estimated salvage value, using data from one harvest cycle. CatchMark completed the impairment testing as of March 31, 2020 and has determined that there has been no impairment to its timber assets. Segment Information CatchMark primarily engages in the acquisition, ownership, operation, management, and disposition of timberland properties located in the United States, either directly through wholly-owned subsidiaries or through equity method investments in affiliated joint ventures. CatchMark defines operating segments in accordance with ASC Topic 280, Segment Reporting, to reflect the manner in which its chief operating decision maker, the Chief Executive Officer, evaluates performance and allocates resources in managing the business. CatchMark has aggregated its operating segments into three reportable segments: Harvest, Real Estate and Investment Management. See Note 9 — Segment Information for additional information. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which added new disclosure requirements, eliminated and modified existing disclosure requirements on fair value measurement to improve the effectiveness of ASC 820. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU 2018-13 did not have a material effect on CatchMark's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which removed certain exceptions for intra-period tax allocation, recognition of deferred tax liabilities, and calculation of income taxes in interim periods. This ASU also added guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, and interim periods therein. CatchMark is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, which provides clarifications on seven topics related to financial instruments in the ASC. The update became effective for CatchMark upon issuance and the adoption did not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides companies with optional expedients and exceptions for applying GAAP to contract, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met.

Timber Assets

Timber Assets	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Timber Assets	Timber AssetsAs of March 31, 2020 and December 31, 2019, timber and timberlands consisted of the following, respectively: As of March 31, 2020 (in thousands) Gross Accumulated Net Timber $ 280,265 $ 6,941 $ 273,324 Timberlands 332,779 — 332,779 Mainline roads 1,121 763 358 Timber and timberlands $ 614,165 $ 7,704 $ 606,461 As of December 31, 2019 (in thousands) Gross Accumulated Net Timber $ 312,452 $ 28,064 $ 284,388 Timberlands 348,825 — 348,825 Mainline roads 1,106 738 368 Timber and timberlands $ 662,383 $ 28,802 $ 633,581 Timberland Sales During the three months ended March 31, 2020 and 2019, CatchMark sold 3,000 and 900 acres of timberland for $4.8 million and $2.1 million, respectively. CatchMark's cost basis in the timberland sold was $3.2 million and $1.4 million, respectively. Large Dispositions During the three months ended March 31, 2020, CatchMark completed the sale of 14,400 acres of its wholly-owned timberlands located in Georgia for $21.3 million. CatchMark's total cost basis was $19.6 million. Of the total net proceeds, $20.9 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. CatchMark did not complete any large dispositions during the three months ended March 31, 2019. Timberland sales and large dispositions acreage by state is listed below: Three Months Ended March 31, Acres Sold In: 2020 2019 South Timberland Sales Alabama 1,600 500 Georgia 1,200 — North Carolina — 400 South Carolina 100 — Tennessee 100 — 3,000 900 Large Dispositions Georgia 14,400 — Total 17,400 900 Current Timberland Portfolio As of March 31, 2020, CatchMark directly owned interests in 415,400 acres of timberlands in the U.S. South and Pacific Northwest, 392,800 acres of which were fee-simple interests and 22,600 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of March 31, 2020 (1) Fee Lease Total South Alabama 68,400 1,800 70,200 Florida 2,000 — 2,000 Georgia 232,400 20,800 253,200 North Carolina 100 — 100 South Carolina 71,600 — 71,600 Tennessee 200 — 200 374,700 22,600 397,300 Pacific Northwest Oregon 18,100 — 18,100 Total 392,800 22,600 415,400 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of March 31, 2020, CatchMark owned interests in two joint ventures with unrelated parties: the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture (each as defined and described below). As of March 31, 2020 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6% (1) Acreage owned by the joint venture — 1,092,000 Merchantable timber inventory (million tons) — 43.2 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory does not include current year growth. CatchMark accounts for these investments using the equity method of accounting. Triple T Joint Venture During 2018, CatchMark formed a joint venture, TexMark Timber Treasury, L.P., a Delaware limited partnership (the "Triple T Joint Venture"), with a consortium of institutional investors (the "Preferred Investors") to acquire 1.1 million acres of high-quality East Texas industrial timberlands (the “Triple T Timberlands”), for $1.39 billion (the “Acquisition Price”), exclusive of transaction costs. The Triple T Joint Venture completed the acquisition of the Triple T Timberlands in July 2018. CatchMark invested $200.0 million in the Triple T Joint Venture, equal to 21.6% of the total equity contributions, in exchange for a common limited partnership interest. CatchMark, through a separate wholly-owned and consolidated subsidiary, is the sole general partner of the Triple T Joint Venture. CatchMark uses the equity method to account for its investment in the Triple T Joint Venture since it does not possess the power to direct the activities that most significantly impact the economic performance of the Triple T Joint Venture, and accordingly, CatchMark does not possess the first characteristic of a primary beneficiary described in GAAP. CatchMark has appointed three common board members of the Triple T Joint Venture, including its Chief Executive Officer, Chief Resources Officer and Vice President - Acquisitions, which provides CatchMark with significant influence over the Triple T Joint Venture. Accordingly, pursuant to the applicable accounting literature, it is appropriate for CatchMark to apply the equity method of accounting to its investment in the Triple T Joint Venture. The Triple T Joint Venture agreement provides for liquidation rights and distribution priorities that are significantly different from CatchMark's stated ownership percentage based on total equity contributions. The Preferred Investors are entitled to a minimum 10.25% cumulative return on their equity contributions, plus a complete return of their equity contributions before any distributions may be made on CatchMark’s common limited partnership interest. As such, CatchMark uses the hypothetical-liquidation-at-book-value method (“HLBV”) to determine its equity in the earnings of the Triple T Joint Venture. The HLBV method is commonly applied to equity investments in real estate, where cash distribution percentages vary at different points in time and are not directly linked to an investor's ownership percentage. For investments accounted for under the HLBV method, applying the percentage ownership interest to GAAP net income in order to determine earnings or losses would not accurately represent the income allocation and cash flow distributions that will ultimately be received by the investors. CatchMark applies HLBV using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that CatchMark would receive if the Triple T Joint Venture were to liquidate all of its assets (at book value in accordance with GAAP) on that date and distribute the proceeds to the partners based on the contractually-defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is CatchMark's income or loss from the Triple T Joint Venture for the period. Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) March 31, 2020 December 31, 2019 Triple T Joint Venture: Total assets $ 1,560,622 $ 1,573,172 Total liabilities $ 757,078 $ 751,655 Total equity $ 803,544 $ 821,517 CatchMark: Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture: Total revenues $ 35,281 $ 35,964 Net loss $ (5,727) $ (4,281) CatchMark: Equity share of net loss $ — $ (27,488) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture: Net cash used in operating activities $ (2,651) $ (5,575) Net cash used in investing activities $ (2,745) $ (1,503) Net cash provided by (used in) financing activities $ (4) $ 100 Net change in cash and cash equivalents $ (5,400) $ (6,978) Cash and cash equivalents, beginning of period $ 39,614 $ 39,300 Cash and cash equivalents, end of period $ 34,214 $ 32,322 CatchMark had recognized cumulative HLBV losses of $200.0 million as of December 31, 2019 and did not recognize an additional equity loss in the Triple T Joint Venture during the three months ended March 31, 2020. Dawsonville Bluffs Joint Venture During 2017, CatchMark formed the Dawsonville Bluffs Joint Venture with MPERS, and each owns a 50% membership interest. CatchMark shares substantive participation rights with MPERS, including management selection and termination, and the approval of material operating and capital decisions and, as such, uses the equity method of accounting to record its investment. Income or loss and cash distributions are allocated according to the provisions of the joint venture agreement, which are consistent with the ownership percentages for the Dawsonville Bluffs Joint Venture. As of March 31, 2020, the Dawsonville Bluffs Joint Venture had a mitigation bank with a book basis of $2.6 million remaining in its portfolio. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) March 31, 2020 December 31, 2019 Dawsonville Bluffs Joint Venture: Total assets $ 3,023 $ 4,041 Total liabilities $ 68 $ 111 Total equity $ 2,955 $ 3,930 CatchMark: Carrying value of investment $ 1,478 $ 1,965 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Dawsonville Bluffs Joint Venture: Total revenues $ — $ 1,413 Net income (loss) $ (175) $ 357 CatchMark: Equity share of net income (loss) $ (88) $ 179 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Dawsonville Joint Venture: Net cash provided by (used in) operating activities $ (210) $ 1,185 Net cash used in financing activities $ (800) $ (1,949) Net change in cash and cash equivalents $ (1,010) $ (764) Cash and cash equivalents, beginning of period $ 1,441 $ 1,731 Cash and cash equivalents, end of period $ 431 $ 967 During the three months ended March 31, 2020 and 2019, CatchMark received cash distributions of $0.4 million and $1.0 million, respectively, from the Dawsonville Bluffs Joint Venture. Risks and Uncertainties related to Unconsolidated Joint Ventures CatchMark’s unconsolidated joint ventures, most notably the Triple T Joint Venture, are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Triple T Joint Venture’s business and that of its customers and contractors is highly uncertain and difficult to predict, as the response to the pandemic is in its incipient stages and information is rapidly evolving. Capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Such economic disruption could have a material adverse effect on the Triple T Joint Venture’s business due to the same reasons discussed in Note 1 — Organization with respect to CatchMark. The severity of the impact of the COVID-19 pandemic on the Triple T Joint Venture’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Triple T Joint Venture’s customers, all of which are uncertain and cannot be predicted. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the financial condition, liquidity, or results of operations of CatchMark’s unconsolidated joint ventures is uncertain. Asset Management Fees CatchMark provides asset management services to the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture. Under these arrangements, CatchMark oversees the day-to-day operations of these joint ventures and their properties, including accounting, reporting and other administrative services, subject to certain major decisions that require partner approval. For management of the Triple T Joint Venture, CatchMark receives a fee equal to a percentage of the Acquisition Price multiplied by 78.4%, which represents the percentage of the total equity contributions made to the Triple T Joint Venture by the Preferred Investors. The percentage is currently 1%. In the event the Preferred Investors have not received a return of their capital contributions plus their preferred return, then the percentage decreases from 1% to 0.75% at October 1, 2021, and to 0.5% at October 1, 2022. The fee is also subject to deferment in certain circumstances. In addition, the asset management agreement with the Triple T Joint Venture includes a "key man" provision requiring CatchMark to find a suitable replacement for Jerry Barag, CatchMark's former Chief Executive Officer, within one year of his retirement, or by January 21, 2021. If CatchMark fails to find such suitable replacement within that time period, the Preferred Investors in the Triple T Joint Venture have the right to terminate the asset management agreement. Fo r management of the Dawsonville Bluffs Joint Venture, CatchMark receives a percentage fee based on invested capital, as defined by the joint venture agreement. Additionally, CatchMark receives an incentive-based promote earned for exceeding investment hurdles. During the three months ended March 31, 2020 and 2019, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture (1) $ 2,828 $ 2,821 Dawsonville Bluffs Joint Venture (2) 147 21 $ 2,975 $ 2,842 (1) Includes $0.1 million reimbursements of compensation costs for the three months ended March 31, 2020 and 2019, respectively. (2) Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles in 2020.

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit Amended Credit Agreement As of March 31, 2020, CatchMark was party to a credit agreement dated as of December 1, 2017, as amended on August 22, 2018, June 28, 2019 and February 12, 2020 (the “Amended Credit Agreement”), with a syndicate of lenders, including CoBank. The Amended Credit Agreement provides for borrowing under credit facilities consisting of the following: • a $35.0 million five • a $200.0 million seven • a $100.0 million ten • a $100.0 million nine • a $68.6 million ten • a $140.0 million seven During the three months ended March 31, 2020, CatchMark paid down $20.9 million of its outstanding balance on the Multi-Draw Term Facility with proceeds from large dispositions. As of March 31, 2020 and December 31, 2019, CatchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate March 31, 2020 December 31, 2019 Term Loan A-1 12/23/2024 LIBOR + 1.75% 2.74 % $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.89 % 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.99 % 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 2.69 % 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 3.22 % 29,086 49,936 Total principal balance $ 437,705 $ 458,555 Less: net unamortized deferred financing costs (5,379) (5,568) Total $ 432,326 $ 452,987 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of March 31, 2020. The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage dividends. As of March 31, 2020, CatchMark had $205.9 million of borrowing capacity remaining under its credit facilities, consisting of $170.9 million under the Multi-Draw Term Facility and $35.0 million under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility may be used for general working capital, to support letters of credit, to fund cash earnest money deposits, to fund acquisitions in an amount not to exceed $5.0 million, and for other general corporate purposes. The Revolving Credit Facility bears interest at an adjustable rate equal to a base rate plus between 0.50% and 1.20% or a LIBOR rate plus between 1.50% and 2.20%, in each case depending on CatchMark's LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2022. The Multi-Draw Term Facility may be used to finance timberland acquisitions and associated expenses, to fund investment in joint ventures, to fund the repurchase of CatchMark's common stock, and to reimburse payments of drafts under letters of credit. The Multi-Draw Term Facility, which is interest only until its maturity date, bears interest at an adjustable rate equal to a base rate plus between 0.50% and 1.20% or a LIBOR rate plus between 1.50% and 2.20%, in each case depending on CatchMark's LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2024. CatchMark pays the lenders an unused commitment fee on the unused portions of the Revolving Credit Facility and the Multi-Draw Term Facility at an adjustable rate ranging from 0.15% to 0.35%, depending on the LTV Ratio. CatchMark’s obligations under the credit agreement are collateralized by a first priority lien on the timberlands owned by CatchMark’s subsidiaries and substantially all of CatchMark’s subsidiaries’ other assets in which a security interest may lawfully be granted, including, without limitation, accounts, equipment, inventory, intellectual property, bank accounts and investment property. In addition, the obligations under the credit agreement are jointly and severally guaranteed by CatchMark and all of its subsidiaries pursuant to the terms of the credit agreement. CatchMark has also agreed to guarantee certain losses caused by certain willful acts of CatchMark or its subsidiaries. Patronage Dividends CatchMark is eligible to receive annual patronage dividends from its lenders (the "Patronage Banks") under a profit-sharing program made available to borrowers of the Farm Credit System. CatchMark has received a patronage dividend on its eligible patronage loans annually since 2015. The eligibility remains the same under the Amended Credit Agreement. Therefore, CatchMark accrues patronage dividends it expects to receive based on actual patronage dividends received as a percentage of its weighted-average eligible debt balance. For the three months ended March 31, 2020 and 2019, CatchMark accrued $0.9 million and $1.0 million, respectively, as patronage dividends receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. In March 2020 and 2019, CatchMark received patronage dividends of $4.1 million and $3.3 million, respectively, on its patronage eligible borrowings. Of the total patronage dividends received in March 2020, $3.1 million was received in cash, including a $0.1 million special cash distribution for 2019, and $1.0 million was received in equity of the Patronage Banks. As of March 31, 2020 and December 31, 2019, the following balances related to the patronage dividend program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage dividends classified as: March 31, 2020 December 31, 2019 Accounts receivable $ 900 $ 3,810 Prepaid expenses and other assets (1) 3,335 2,329 Total $ 4,235 $ 6,139 (1) Represents cumulative patronage dividends received as equity in the Patronage Banks. Debt Covenants The Amended Credit Agreement contains, among others, the following financial covenants which: • limit the LTV ratio to (i) 50% at any time prior to December 31, 2021, and (ii) 45% at any time thereafter; • require maintenance of a FCCR of not less than 1.05:1.00 at any time; • require maintenance of a minimum liquidity balance of no less than $25.0 million at any time; and • limit the aggregated capital expenditures to 1% of the value of the timberlands during any fiscal year. The Amended Credit Agreement permits CatchMark to declare, set aside funds for, or pay dividends, distributions, or other payments to stockholders so long as it is not in default under the credit agreement and its minimum liquidity balance, after giving effect to the payment, is at least $25 million. However, if CatchMark has suffered a bankruptcy event or a change of control, the credit agreement prohibits CatchMark from declaring, setting aside, or paying any dividend, distribution, or other payment other than as required to maintain its REIT qualification. The Amended Credit Agreement also subjects CatchMark to mandatory prepayment from proceeds generated from dispositions of timberlands or lease terminations, which may have the effect of limiting its ability to make distributions to stockholders under certain circumstances. CatchMark was in compliance with the financial covenants of its credit agreement as of March 31, 2020. See Note 1 — Organization for discussion of uncertainties and risks to CatchMark’s financial position, liquidity and results of operations, including impacts of the global COVID-19 pandemic. Interest Paid and Fair Value of Outstanding Debt During the three months ended March 31, 2020 and 2019, CatchMark made interest payments of $4.1 million and $5.2 million, respectively, on its borrowings. Included in the interest payments for the three months ended March 31, 2020 were unused commitment fees of $0.2 million. No unused commitment fee was paid during the three months ended March 31, 2019. As of March 31, 2020 and December 31, 2019, the weighted-average interest rate on CatchMark's borrowings, after consideration of its interest rate swaps (see Note 6 — Interest Rate Swaps

Interest Rate Swaps

Interest Rate Swaps	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps CatchMark uses interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. As of March 31, 2020, CatchMark had two outstanding interest rate swaps with terms below: (dollar amounts in thousands) Notional Amount Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate 2019 Swap - 10YR 11/29/2019 11/30/2029 2.2067% one-month LIBOR $ 200,000 2019 Swap - 7YR 11/29/2019 11/30/2026 2.083% one-month LIBOR $ 75,000 $ 275,000 As of March 31, 2020, CatchMark’s interest rate swaps effectively fixed the interest rate on $275.0 million of its $437.7 million variable-rate debt at 3.98%, inclusive of the applicable spread and before consideration of expected patronage dividends. The 2019 swaps contain an other-than-insignificant financing element and, accordingly, the associated cash flows are reported as financing activities in the accompanying consolidated statements of cash flows. During the three months ended March 31, 2019, CatchMark had ten interest rate swaps that effectively fixed the interest rates on $350.0 million of CatchMark's variable-rate debt at 4.26%, inclusive of the applicable spread but before considering patronage dividends. All of CatchMark's outstanding interest rate swaps during the three months ended March 31, 2020 and 2019 qualified for hedge accounting treatment. Fair Value and Cash Paid for Interest Under Interest Rate Swaps The following table presents information about CatchMark's interest rate swaps measured at fair value as of March 31, 2020 and December 31, 2019: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (33,703) $ (8,769) As of March 31, 2020, CatchMark estimated that approximately $6.5 million will be reclassified from accumulated other comprehensive loss to interest expense over the next 12 months. During the three months ended March 31, 2020 and 2019, CatchMark recognized a change in fair value of its interest rate swaps of $24.5 million and $3.9 million, respectively, as other comprehensive loss. Pursuant to the terms of its interest rate swaps, CatchMark paid $0.3 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock, CatchMark entered into a master stumpage agreement and a fiber supply agreement (collectively, the “Mahrt Timber Agreements”) with a wholly-owned subsidiary of WestRock. The master stumpage agreement provides that CatchMark will sell specified amounts of timber and make available certain portions of our timberlands to CatchMark TRS for harvesting. The fiber supply agreement provides that WestRock will purchase a specified tonnage of timber from CatchMark TRS at specified prices per ton, depending upon the type of timber product. The prices for the timber purchased pursuant to the fiber supply agreement are negotiated every two years but are subject to quarterly market pricing adjustments based on an index published by TimberMart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. The initial term of the Mahrt Timber Agreements is October 9, 2007 through December 31, 2032, subject to extension and early termination provisions. The Mahrt Timber Agreements ensure a long-term source of supply of wood fiber products for WestRock in order to meet its paperboard and lumber production requirements at specified mills and provide CatchMark with a reliable customer for the wood products from its timberlands. WestRock can terminate the Mahrt Timber Agreements prior to the expiration of the initial term if CatchMark replaces FRC as the forest manager without the prior written consent of WestRock, except pursuant to an internalization of the company's forestry management functions. CatchMark can terminate the Mahrt Timber Agreements if WestRock (i) ceases to operate the Mahrt mill for a period that exceeds 12 consecutive months, (ii) fails to purchase a specified tonnage of timber for two In addition, either party can terminate the Mahrt Timber Agreements if the other party commits a material breach (and fails to cure within 60 days) or becomes insolvent. In addition, the Mahrt Timber Agreements provide for adjustments to both parties' obligations in the event of a force majeure, which is defined to include, among other things, lightning, fires, storms, floods, infestation and other acts of God or nature. Timberland Operating Agreements Pursuant to the terms of the timberland operating agreement between CatchMark and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates certain of CatchMark's timberlands and related timber operations, including ensuring delivery of timber to WestRock in compliance with the Mahrt Timber Agreements. In consideration for rendering the services described in the timberland operating agreement, CatchMark pays FRC (i) a management fee based on the actual acreage that FRC manages, which is payable monthly in advance, and (ii) an incentive fee based on timber harvest revenues generated by the timberlands, which is payable quarterly in arrears. The FRC Timberland Operating Agreement, as amended, is effective through March 31, 2021, and is automatically extended for one Pursuant to the terms of the timberland operating agreement between CatchMark and AFM (the "AFM Timberland Operating Agreement"), AFM manages and operates certain of CatchMark's timberlands and related timber operations, including ensuring delivery of timber to customers. In consideration for rendering the services described in the AFM Timberland Operating Agreement, CatchMark pays AFM (i) a management fee based on the actual acreage AFM manages, which is payable monthly in advance, and (ii) an incentive fee based on revenues generated by the timber operations, which is payable quarterly in arrears. The AFM Timberland Operating Agreement is effective through November 30, 2020 for the U.S. South region and December 31, 2020 for the Pacific Northwest region, and is automatically extended for one Obligations under Operating Leases CatchMark's office lease commenced in January 2019 and expires in November 2028 and qualifies as an operating lease under ASC 842. As of January 1, 2019, CatchMark recorded an operating lease ROU asset and an operating lease liability of $3.4 million on its balance sheet, which represents the net present value of lease payments over the lease term discounted using CatchMark's incremental borrowing rate at commencement date. CatchMark’s office lease contains renewal options; however, the options were not included in the calculation of the operating lease ROU asset and operating lease liability as it is not reasonably certain that CatchMark will exercise the renewal options. F or the three months ended March 31, 2020 and 2019, CatchMark recorded $108,400 and $39,400 of operating lease expens e, respectively, which was included in general and administrative expenses on its consolidated statements of operations. For the three months ended March 31, 2020 and 2019, CatchMark paid $98,000 and $21,000, respectively, in cash for its office lease, which was included in operating cash flows on its consolidated statements of cash flows. The adoption of ASC 842 did not result in a cumulative-effect adjustment to CatchMark's retained earnings, as its office lease commenced in January 2019. CatchMark had the following future annual payments for its operating lease as of March 31, 2020 and December 31, 2019: As of ( in thousands ) March 31, 2020 December 31, 2019 Required payments 2020 $ 299 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,890 $ 3,988 Less: imputed interest (709) Operating lease liability $ 3,181 Remaining lease term (years) 8.7 Discount rate 4.58 % CatchMark holds leasehold interests in 22,600 acres of timberlands under a long-term lease that expires in May 2022 (the “LTC Lease”). The LTC Lease provides CatchMark access rights to harvest timber as specified in the LTC Lease, which is, therefore, a lease of biological assets, and is excluded from the scope of ASC 842. As of March 31, 2020, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2020 $ 392 2021 408 2022 359 $ 1,159 Litigation From time to time, CatchMark may be a party to legal proceedings, claims, and administrative proceedings that arise in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. CatchMark records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, CatchMark accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, CatchMark accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, CatchMark discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, CatchMark discloses the nature and estimate of the possible loss of the litigation. CatchMark does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based Compensation - Employees On February 18, 2020, CatchMark issued 153,842 shares of service-based restricted stock to its employees including its executive officers, vesting over a four A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2020 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2019 442,401 $ 9.96 Granted 153,842 $ 10.99 Vested (206,698) $ 10.75 Forfeited — $ — Unvested at March 31, 2020 389,545 $ 9.95 Performance-based Restricted Stock Grants On February 18, 2020, CatchMark granted 23,589 shares of performance-based restricted stock to its eligible officers, which represents the maximum number of shares that could be earned based on the relative performance of CatchMark's TSR as compared to a pre-established peer group's TSR and to the Russell Microcap Index over a three y 1, 2020 to December 31, 2022. The compensation committee of the board of directors (the "Compensation Committee") will determine the earned awards after the end of the performance period, and the earned awards will vest in two Grant date market price (February 18, 2020) $ 10.99 Weighted-average fair value per granted share $ 5.93 Assumptions: Volatility 23.22 % Expected term (years) 3.0 Risk-free interest rate 1.41 % Performance-based LTIP Units Grants On February 18, 2020, CatchMark granted 197,115 units of a class of limited partnership interests (the "LTIP Units") in CatchMark Timber OP to its executive officers, which represents the maximum number of LTIP Units that could be earned based on the relative performance of CatchMark's TSR as compared to a pre-established peer group's TSR and to the Russell Microcap Index over a three om January 1, 2020 to December 31, 2022. The LTIP Units are structured to qualify as "profits interests" for federal income tax purposes that, subject to certain conditions, including vesting, are convertible by the holder into CatchMark Timber OP's common units. See Note 8 — Noncontrolling Interest in our Annual Report on Form 10-K for the year ended December 31, 2019 for further information on LTIP Units. The Compensation Committee will determine the earned awards after the end of the performance period, and the earned awards will vest in two Grant date market price (February 18, 2020) $ 10.99 Weighted-average fair value per granted share $ 5.93 Assumptions: Volatility 23.22 % Expected term (years) 3.0 Risk-free interest rate 1.41 % Accelerated Vesting of Former CEO's Outstanding Equity Awards On January 21, 2020, Jerrold Barag retired as the Chief Executive Officer of CatchMark and as a member of CatchMark's board of directors. In connection with Mr. Barag's retirement, he entered into a separation agreement (the "Separation Agreement") with CatchMark. As part of the Separation Agreement, 103,135 shares of his time-based restricted stock awards vested immediately, 46,912 shares of which were withheld to cover required tax withholding. CatchMark repurchased the remaining 56,223 fully vested shares at a per-share price of $11.05, which was the average closing price of the common stock for the five ASC 718: Compensation - Stock Compensation, CatchMark applied modification accounting and recognized the incremental fair value of these awards in the amount of $1.2 million as stock-based compensation expense in the first quarter of 2020. For complete terms and conditions of the Separation Agreement, see Form 8-K filed with the SEC on January 21, 2020. Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, (in thousands) 2020 2019 General and administrative expenses (1) $ 1,757 $ 571 Forestry management expenses 115 88 Total (2) $ 1,872 $ 659 (1) Includes $1.2 million accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO during the three months ended March 31, 2020. (2) $0.7 million of the $1.9 million stock-based compensation for the three months ended March 31, 2020 was recognized as noncontrolling interest.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information As of March 31, 2020, CatchMark had the following reportable segments: Harvest, Real Estate and Investment Management. Harvest includes wholly-owned timber assets and associated timber sales, other revenues and related expenses. Real Estate includes timberland sales, cost of timberland sales and large dispositions. Investment Management includes investment in and income (loss) from unconsolidated joint ventures and asset management fee revenues earned for the management of these joint ventures. General and administrative expenses, along with other expense and income items, are not allocated among segments. Asset information and capital expenditures by segment are not reported because CatchMark does not use these measures to assess performance. CatchMark’s investments in unconsolidated joint ventures are reported separately on the accompanying consolidated balance sheets. During the periods presented, there have been no material intersegment transactions. The following table presents revenues by reportable segment: Three Months Ended March 31, (in thousands) 2020 2019 Harvest $ 19,218 $ 17,641 Real Estate 4,779 2,090 Investment Management 2,975 2,842 Total $ 26,972 $ 22,573 Adjusted EBITDA is the primary performance measure reviewed by management to assess operating performance. The following table presents Adjusted EBITDA by reportable segment: Three Months Ended March 31, (in thousands) 2020 2019 Harvest $ 8,607 $ 7,260 Real Estate 4,518 1,957 Investment Management 2,887 3,415 Corporate (3,123) (2,470) Total $ 12,889 $ 10,162 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended March 31, (in thousands) 2020 2019 Adjusted EBITDA $ 12,889 $ 10,162 Subtract: Depletion 6,941 5,268 Interest expense (1) 3,250 4,372 Amortization (1) 758 458 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) — 395 Basis of timberland sold, lease terminations and other (3) 3,276 1,807 Stock-based compensation expense 1,872 659 Gain on large dispositions (4) (1,279) — HLBV loss from unconsolidated joint venture (5) — 27,488 Post-employment benefits (6) 2,286 — Other (7) 34 110 Net loss $ (4,249) $ (30,395) (1) For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of operating lease assets and liabilities, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (3) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (4) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (5) Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (6) Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Amendment to Amended Credit Agreement On May 1, 2020, CatchMark entered into an amendment to its Amended Credit Agreement with CoBank, which provided for, among other things: (1) the removal of the LTV ratio covenant reduction, from 50% to 45%, which would have otherwise been effective on December 31, 2021; (2) the removal of the minimum liquidity balance of $25.0 million, which enables CatchMark to draw down more proceeds for working capital or other purposes if needed under its Revolving Credit Facility; (3) a reduction in the Multi-Draw Term Facility commitment from $200 million to $150 million, which still provides CatchMark with ample capacity for future acquisitions while lowering its unused commitment fees; and (4) the ability to make additional investments in joint ventures during 2020 if CatchMark meets certain LTV ratio requirements. Dividend Declaration On May 4, 2020, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on, May 29, 2020, payable on June 15, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe consolidated financial statements of CatchMark have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark’s consolidated financial statements include the accounts of CatchMark and any VIE in which CatchMark is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark's consolidated financial statements also include the accounts of any entity in which CatchMark owns a controlling financial interest and any limited partnership in which CatchMark owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation.
Investments in Joint Ventures	Investments in Joint Ventures For joint ventures that it does not control but exercises significant influence, CatchMark uses the equity method of accounting. CatchMark's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentages. Any difference between the carrying amount of these investments on CatchMark’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are classified as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. CatchMark evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark reduces the investment to its estimated fair value.
Impairment Testing	Impairment Testing ASC 360-10 requires impairment testing to be completed whenever events or changes in circumstances indicate the asset's carrying value may not be recoverable. Examples of such circumstances for CatchMark include, but are not limited to, a significant decrease in market price of the timber assets, a significant adverse change in the extent or manner in which timber assets are being used, or a significant adverse change in legal factors or in the business climate that could affect the value of the timber assets. CatchMark monitors such events and changes in circumstances, and when indicators of potential impairment are present, evaluates if the carrying amounts of its timber
Segment Information	Segment Information CatchMark primarily engages in the acquisition, ownership, operation, management, and disposition of timberland properties located in the United States, either directly through wholly-owned subsidiaries or through equity method investments in affiliated joint ventures. CatchMark defines operating segments in accordance with ASC Topic 280, Segment Reporting,
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which added new disclosure requirements, eliminated and modified existing disclosure requirements on fair value measurement to improve the effectiveness of ASC 820. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU 2018-13 did not have a material effect on CatchMark's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which removed certain exceptions for intra-period tax allocation, recognition of deferred tax liabilities, and calculation of income taxes in interim periods. This ASU also added guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, and interim periods therein. CatchMark is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, which provides clarifications on seven topics related to financial instruments in the ASC. The update became effective for CatchMark upon issuance and the adoption did not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides companies with optional expedients and exceptions for applying GAAP to contract, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met.

Timber Assets (Tables)

Timber Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Timber and Timberlands	As of March 31, 2020 and December 31, 2019, timber and timberlands consisted of the following, respectively: As of March 31, 2020 (in thousands) Gross Accumulated Net Timber $ 280,265 $ 6,941 $ 273,324 Timberlands 332,779 — 332,779 Mainline roads 1,121 763 358 Timber and timberlands $ 614,165 $ 7,704 $ 606,461 As of December 31, 2019 (in thousands) Gross Accumulated Net Timber $ 312,452 $ 28,064 $ 284,388 Timberlands 348,825 — 348,825 Mainline roads 1,106 738 368 Timber and timberlands $ 662,383 $ 28,802 $ 633,581 Acres by state as of March 31, 2020 (1) Fee Lease Total South Alabama 68,400 1,800 70,200 Florida 2,000 — 2,000 Georgia 232,400 20,800 253,200 North Carolina 100 — 100 South Carolina 71,600 — 71,600 Tennessee 200 — 200 374,700 22,600 397,300 Pacific Northwest Oregon 18,100 — 18,100 Total 392,800 22,600 415,400 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
Schedule of Timberland Sale and Large Dispositions by State	Timberland sales and large dispositions acreage by state is listed below: Three Months Ended March 31, Acres Sold In: 2020 2019 South Timberland Sales Alabama 1,600 500 Georgia 1,200 — North Carolina — 400 South Carolina 100 — Tennessee 100 — 3,000 900 Large Dispositions Georgia 14,400 — Total 17,400 900

Unconsolidated Joint Ventures (

Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Financial Information, Equity Method Investment	As of March 31, 2020, CatchMark owned interests in two joint ventures with unrelated parties: the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture (each as defined and described below). As of March 31, 2020 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6% (1) Acreage owned by the joint venture — 1,092,000 Merchantable timber inventory (million tons) — 43.2 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory does not include current year growth. Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) March 31, 2020 December 31, 2019 Triple T Joint Venture: Total assets $ 1,560,622 $ 1,573,172 Total liabilities $ 757,078 $ 751,655 Total equity $ 803,544 $ 821,517 CatchMark: Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture: Total revenues $ 35,281 $ 35,964 Net loss $ (5,727) $ (4,281) CatchMark: Equity share of net loss $ — $ (27,488) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture: Net cash used in operating activities $ (2,651) $ (5,575) Net cash used in investing activities $ (2,745) $ (1,503) Net cash provided by (used in) financing activities $ (4) $ 100 Net change in cash and cash equivalents $ (5,400) $ (6,978) Cash and cash equivalents, beginning of period $ 39,614 $ 39,300 Cash and cash equivalents, end of period $ 34,214 $ 32,322 CatchMark had recognized cumulative HLBV losses of $200.0 million as of December 31, 2019 and did not recognize an additional equity loss in the Triple T Joint Venture during the three months ended March 31, 2020. As of (in thousands) March 31, 2020 December 31, 2019 Dawsonville Bluffs Joint Venture: Total assets $ 3,023 $ 4,041 Total liabilities $ 68 $ 111 Total equity $ 2,955 $ 3,930 CatchMark: Carrying value of investment $ 1,478 $ 1,965 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Dawsonville Bluffs Joint Venture: Total revenues $ — $ 1,413 Net income (loss) $ (175) $ 357 CatchMark: Equity share of net income (loss) $ (88) $ 179 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Dawsonville Joint Venture: Net cash provided by (used in) operating activities $ (210) $ 1,185 Net cash used in financing activities $ (800) $ (1,949) Net change in cash and cash equivalents $ (1,010) $ (764) Cash and cash equivalents, beginning of period $ 1,441 $ 1,731 Cash and cash equivalents, end of period $ 431 $ 967 Three Months Ended March 31, (in thousands) 2020 2019 Triple T Joint Venture (1) $ 2,828 $ 2,821 Dawsonville Bluffs Joint Venture (2) 147 21 $ 2,975 $ 2,842 (1) Includes $0.1 million reimbursements of compensation costs for the three months ended March 31, 2020 and 2019, respectively. (2) Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles in 2020.

Notes Payable and Lines of Cr_2

Notes Payable and Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of March 31, 2020 and December 31, 2019, CatchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate March 31, 2020 December 31, 2019 Term Loan A-1 12/23/2024 LIBOR + 1.75% 2.74 % $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.89 % 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.99 % 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 2.69 % 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 3.22 % 29,086 49,936 Total principal balance $ 437,705 $ 458,555 Less: net unamortized deferred financing costs (5,379) (5,568) Total $ 432,326 $ 452,987 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of March 31, 2020. The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage dividends.
Schedule of Patronage Dividend Classification	As of March 31, 2020 and December 31, 2019, the following balances related to the patronage dividend program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage dividends classified as: March 31, 2020 December 31, 2019 Accounts receivable $ 900 $ 3,810 Prepaid expenses and other assets (1) 3,335 2,329 Total $ 4,235 $ 6,139 (1) Represents cumulative patronage dividends received as equity in the Patronage Banks.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	As of March 31, 2020, CatchMark had two outstanding interest rate swaps with terms below: (dollar amounts in thousands) Notional Amount Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate 2019 Swap - 10YR 11/29/2019 11/30/2029 2.2067% one-month LIBOR $ 200,000 2019 Swap - 7YR 11/29/2019 11/30/2026 2.083% one-month LIBOR $ 75,000 $ 275,000 The following table presents information about CatchMark's interest rate swaps measured at fair value as of March 31, 2020 and December 31, 2019: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (33,703) $ (8,769)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Future Annual Payments, After Adopting 842	CatchMark had the following future annual payments for its operating lease as of March 31, 2020 and December 31, 2019: As of ( in thousands ) March 31, 2020 December 31, 2019 Required payments 2020 $ 299 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,890 $ 3,988 Less: imputed interest (709) Operating lease liability $ 3,181 Remaining lease term (years) 8.7 Discount rate 4.58 %
Summary of Operating Lease Future Annual Payments, Before Adopting 842	CatchMark had the following future annual payments for its operating lease as of March 31, 2020 and December 31, 2019: As of ( in thousands ) March 31, 2020 December 31, 2019 Required payments 2020 $ 299 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,890 $ 3,988 Less: imputed interest (709) Operating lease liability $ 3,181 Remaining lease term (years) 8.7 Discount rate 4.58 % As of March 31, 2020, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2020 $ 392 2021 408 2022 359 $ 1,159
Summary of Operating Lease Future Annual Payments, LTC Lease	CatchMark had the following future annual payments for its operating lease as of March 31, 2020 and December 31, 2019: As of ( in thousands ) March 31, 2020 December 31, 2019 Required payments 2020 $ 299 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,890 $ 3,988 Less: imputed interest (709) Operating lease liability $ 3,181 Remaining lease term (years) 8.7 Discount rate 4.58 % As of March 31, 2020, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2020 $ 392 2021 408 2022 359 $ 1,159

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Awards Activity	A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2020 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2019 442,401 $ 9.96 Granted 153,842 $ 10.99 Vested (206,698) $ 10.75 Forfeited — $ — Unvested at March 31, 2020 389,545 $ 9.95
Schedule of Valuation Assumptions	The fair value of $0.1 million of the performance-based restricted stock awards is amortized over the vesting period and was calculated using Monte-Carlo simulation with the following assumptions: Grant date market price (February 18, 2020) $ 10.99 Weighted-average fair value per granted share $ 5.93 Assumptions: Volatility 23.22 % Expected term (years) 3.0 Risk-free interest rate 1.41 % Grant date market price (February 18, 2020) $ 10.99 Weighted-average fair value per granted share $ 5.93 Assumptions: Volatility 23.22 % Expected term (years) 3.0 Risk-free interest rate 1.41 %
Schedule of Stock-Based Compensation Expense	A summary of CatchMark's stock-based compensation expense for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, (in thousands) 2020 2019 General and administrative expenses (1) $ 1,757 $ 571 Forestry management expenses 115 88 Total (2) $ 1,872 $ 659 (1) Includes $1.2 million accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO during the three months ended March 31, 2020.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents revenues by reportable segment: Three Months Ended March 31, (in thousands) 2020 2019 Harvest $ 19,218 $ 17,641 Real Estate 4,779 2,090 Investment Management 2,975 2,842 Total $ 26,972 $ 22,573 Adjusted EBITDA is the primary performance measure reviewed by management to assess operating performance. The following table presents Adjusted EBITDA by reportable segment: Three Months Ended March 31, (in thousands) 2020 2019 Harvest $ 8,607 $ 7,260 Real Estate 4,518 1,957 Investment Management 2,887 3,415 Corporate (3,123) (2,470) Total $ 12,889 $ 10,162 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended March 31, (in thousands) 2020 2019 Adjusted EBITDA $ 12,889 $ 10,162 Subtract: Depletion 6,941 5,268 Interest expense (1) 3,250 4,372 Amortization (1) 758 458 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) — 395 Basis of timberland sold, lease terminations and other (3) 3,276 1,807 Stock-based compensation expense 1,872 659 Gain on large dispositions (4) (1,279) — HLBV loss from unconsolidated joint venture (5) — 27,488 Post-employment benefits (6) 2,286 — Other (7) 34 110 Net loss $ (4,249) $ (30,395) (1) For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of operating lease assets and liabilities, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (3) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (4) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (5) Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (6) Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.

Organization - Narrative (Detai

Organization - Narrative (Details) - CatchMark Timber OP	3 Months Ended
	Mar. 31, 2020
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	99.85%
CatchMark LP Holder, LLC
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units, limited partner	0.01%
Current and Former Officers and Directors
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units, limited partner	0.14%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
Accounting Policies [Abstract]
Number of reportable segments	3

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross	$ 614,165	$ 662,383
Accumulated Depletion or Amortization	7,704	28,802
Net	606,461	633,581
Timber
Property, Plant and Equipment [Line Items]
Gross	280,265	312,452
Accumulated Depletion or Amortization	6,941	28,064
Net	273,324	284,388
Timberlands
Property, Plant and Equipment [Line Items]
Gross	332,779	348,825
Accumulated Depletion or Amortization	0	0
Net	332,779	348,825
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	1,121	1,106
Accumulated Depletion or Amortization	763	738
Net	$ 358	$ 368

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2020USD ($)a	Mar. 31, 2019USD ($)a
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 26,972	$ 22,573
Real Estate
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 4,779	$ 2,090
Timber
Property, Plant and Equipment [Line Items]
Acres of timberland sold, excluding large disposition | a		3,000	900
Cost basis of timberland sold		$ 3,200	$ 1,400
Acres of timberland sold, large disposition | a		17,400	900
Area of land, owned interests | a	[1]	415,400
Area of land, held in fee simple interests | a	[1]	392,800
Area of land, held in leasehold interests | a	[1]	22,600
Timber | Real Estate
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 4,800	$ 2,100
Timber Properties, Large Disposition
Property, Plant and Equipment [Line Items]
Cost basis of timberland sold		$ 19,600
Acres of timberland sold, large disposition | a		14,400
Timber Properties, Large Disposition | Multi-Draw Term Facility
Property, Plant and Equipment [Line Items]
Net proceeds used from large disposition to pay down outstanding debt		$ 20,900
Timber Properties, Large Disposition | Real Estate
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 21,300
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Timber Assets - Timberland Sale

Timber Assets - Timberland Sales and Large Dispositions (Details) - a	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Timberland Sales	3,000	900
Timber
Property, Plant and Equipment [Line Items]
Total	17,400	900
Timber | Alabama
Property, Plant and Equipment [Line Items]
Timberland Sales	1,600	500
Timber | Georgia
Property, Plant and Equipment [Line Items]
Timberland Sales	1,200	0
Large Dispositions	14,400	0
Timber | North Carolina
Property, Plant and Equipment [Line Items]
Timberland Sales	0	400
Timber | South Carolina
Property, Plant and Equipment [Line Items]
Timberland Sales	100	0
Timber | Tennessee
Property, Plant and Equipment [Line Items]
Timberland Sales	100	0

Timber Assets - Schedule of T_2

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber	Mar. 31, 2020a	[1]
Property, Plant and Equipment [Line Items]
Fee	392,800
Lease	22,600
Total	415,400
South
Property, Plant and Equipment [Line Items]
Fee	374,700
Lease	22,600
Total	397,300
South | Alabama
Property, Plant and Equipment [Line Items]
Fee	68,400
Lease	1,800
Total	70,200
South | Florida
Property, Plant and Equipment [Line Items]
Fee	2,000
Lease	0
Total	2,000
South | Georgia
Property, Plant and Equipment [Line Items]
Fee	232,400
Lease	20,800
Total	253,200
South | North Carolina
Property, Plant and Equipment [Line Items]
Fee	100
Lease	0
Total	100
South | South Carolina
Property, Plant and Equipment [Line Items]
Fee	71,600
Lease	0
Total	71,600
South | Tennessee
Property, Plant and Equipment [Line Items]
Fee	200
Lease	0
Total	200
Pacific Northwest | Oregon
Property, Plant and Equipment [Line Items]
Fee	18,100
Lease	0
Total	18,100
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures -

Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands		3 Months Ended			12 Months Ended
		Mar. 31, 2020USD ($)ajoint_venture		Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)a	Oct. 01, 2022	Oct. 01, 2021	Jul. 31, 2018USD ($)members	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with unrelated parties | joint_venture		2
HLBV loss from unconsolidated joint venture					$ 200,000
Timber
Schedule of Equity Method Investments [Line Items]
Acres of land | a	[1]	415,400
Triple T Timberlands
Schedule of Equity Method Investments [Line Items]
Acres of land | a						1,100,000
Payments to acquire timberland						$ 1,390,000
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest									$ 200,000
Ownership percentage		21.60%	[2]						21.60%
Number of common board members | members									3
HLBV loss from unconsolidated joint venture	[3]	$ 0		$ 27,488
Asset management fee, percentage		1.00%
Triple T Joint Venture | Forecast
Schedule of Equity Method Investments [Line Items]
Annual asset management fee, return of capital contributions not received plus preferred return, percentage							0.50%	0.75%
Triple T Joint Venture | Preferred Investors
Schedule of Equity Method Investments [Line Items]
Ownership percentage		78.40%
Minimum cumulative return on equity contribution, percentage									10.25%
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%								50.00%
Mitigation bank credits, book basis		$ 2,600
Cash distributions received		$ 400		$ 1,000
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
[2]	Represents our share of total partner capital contributions.
[3]	Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.

Unconsolidated Joint Ventures_2

Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) T in Millions		3 Months Ended
		Mar. 31, 2020aT		Jul. 31, 2018	Dec. 31, 2017
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%			50.00%
Acreage owned by the joint venture | a		0
Merchantable timber inventory (million tons) | T		0
Location		Georgia
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		21.60%	[1]	21.60%
Acreage owned by the joint venture | a		1,092,000
Merchantable timber inventory (million tons) | T	[2]	43.2
Location		Texas
[1]	Represents our share of total partner capital contributions.
[2]	The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory does not include current year growth.

Unconsolidated Joint Ventures_3

Unconsolidated Joint Ventures - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CatchMark:
Carrying value of investment	$ 1,478	$ 1,965
Triple T Joint Venture
Joint Venture:
Total assets	1,560,622	1,573,172
Total liabilities	757,078	751,655
Total equity	803,544	821,517
CatchMark:
Carrying value of investment	0	0
Dawsonville Bluffs Joint Venture
Joint Venture:
Total assets	3,023	4,041
Total liabilities	68	111
Total equity	2,955	3,930
CatchMark:
Carrying value of investment	$ 1,478	$ 1,965

Unconsolidated Joint Ventures_4

Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CatchMark:
Equity share of net loss	$ (88)	$ (27,309)
Triple T Joint Venture
Joint Venture:
Total revenues	35,281	35,964
Net loss	(5,727)	(4,281)
CatchMark:
Equity share of net loss	0	(27,488)
Dawsonville Bluffs Joint Venture
Joint Venture:
Total revenues	0	1,413
Net loss	(175)	357
CatchMark:
Equity share of net loss	$ (88)	$ 179

Unconsolidated Joint Ventures_5

Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net cash used in operating activities	$ 11,259	$ 5,247
Net cash used in investing activities	18,551	(463)
Net cash provided by (used in) financing activities	(30,885)	(7,978)
Net change in cash and cash equivalents	(1,075)	(3,194)
Cash and cash equivalents, beginning of period	11,487	5,614
Cash and cash equivalents, end of period	10,412	2,420
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash used in operating activities	(2,651)	(5,575)
Net cash used in investing activities	(2,745)	(1,503)
Net cash provided by (used in) financing activities	(4)	100
Net change in cash and cash equivalents	(5,400)	(6,978)
Cash and cash equivalents, beginning of period	39,614	39,300
Cash and cash equivalents, end of period	34,214	32,322
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash used in operating activities	(210)	1,185
Net cash provided by (used in) financing activities	(800)	(1,949)
Net change in cash and cash equivalents	(1,010)	(764)
Cash and cash equivalents, beginning of period	1,441	1,731
Cash and cash equivalents, end of period	$ 431	$ 967

Unconsolidated Joint Ventures_6

Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020		Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Fees earned		$ 26,972		$ 22,573
Management services
Schedule of Equity Method Investments [Line Items]
Fees earned		2,975		2,842
Management services | Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned	[1]	2,828		2,821
Reimbursed compensation costs, included in fees earned		100		100
Management services | Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned		147	[2]	$ 21
Incentive-based promotion earned, included in fees earned		$ 100
[1]	Includes $0.1 million reimbursements of compensation costs for the three months ended March 31, 2020 and 2019, respectively.
[2]	Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles in 2020.

Notes Payable and Lines of Cr_3

Notes Payable and Lines of Credit - Credit Agreement Amendment - Narrative (Details) - Amended Credit Agreement - USD ($)	Aug. 22, 2018	Mar. 31, 2020
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 205,900,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 35,000,000
Debt term	5 years
Remaining borrowing capacity		35,000,000
Amount of credit facility allowed to be used for timberland acquisitions (not to exceed)		$ 5,000,000
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate		base rate
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate		0.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate		1.20%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate		1.50%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate		2.20%
Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 200,000,000
Debt term	7 years
Remaining borrowing capacity		$ 170,900,000
Interest rate		2.20%
Multi-Draw Term Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion		0.15%
Multi-Draw Term Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion		0.35%
Multi-Draw Term Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate		base rate
Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate		0.50%
Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate		1.20%
Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate		1.50%
Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate		2.20%
Term Loan A-1
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	10 years
Interest rate		1.75%
Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Term Loan A-2
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	9 years
Interest rate		1.90%
Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Term Loan A-3
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 68,600,000
Debt term	10 years
Interest rate		2.00%
Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Term Loan A-4
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 140,000,000
Debt term	7 years
Interest rate		1.70%
Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR

Notes Payable and Lines of Cr_4

Notes Payable and Lines of Credit - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Repayments of notes payable	$ 20,850	$ 0
Multi-Draw Term Facility | Amended Credit Agreement
Debt Instrument [Line Items]
Repayments of notes payable	$ 20,900

Notes Payable and Lines of Cr_5

Notes Payable and Lines of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total principal balance		$ 437,705	$ 458,555
Less: net unamortized deferred financing costs		(5,379)	(5,568)
Total		$ 432,326	452,987
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Current Interest Rate	[1]	2.74%
Total principal balance		$ 100,000	100,000
Interest Rate		1.75%
Amended Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2026
Current Interest Rate	[1]	2.89%
Total principal balance		$ 100,000	100,000
Interest Rate		1.90%
Amended Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2027
Current Interest Rate	[1]	2.99%
Total principal balance		$ 68,619	68,619
Interest Rate		2.00%
Amended Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-4
Debt Instrument [Line Items]
Maturity Date		Aug. 22, 2025
Current Interest Rate	[1]	2.69%
Total principal balance		$ 140,000	140,000
Interest Rate		1.70%
Amended Credit Agreement | Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2024
Current Interest Rate	[1]	3.22%
Total principal balance		$ 29,086	$ 49,936
Interest Rate		2.20%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
[1]	For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of March 31, 2020. The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage dividends.

Notes Payable and Lines of Cr_6

Notes Payable and Lines of Credit - Patronage Dividends - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 4,235		$ 4,235		$ 6,139
Patronage dividends received	4,100	$ 3,300
Patronage dividends received in cash			3,100
Patronage dividends received, special cash distribution				$ 100
Patronage dividends received in equity of the Patronage Banks			1,000
Accounts receivable
Debt Instrument [Line Items]
Total	$ 900	$ 1,000	$ 900	$ 1,000	$ 3,810

Notes Payable and Lines of Cr_7

Notes Payable and Lines of Credit - Patronage Dividends - Schedule of Patronage Dividend Classification (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Total		$ 4,235	$ 6,139
Accounts receivable
Debt Instrument [Line Items]
Total		900	3,810	$ 1,000
Prepaid expenses and other assets
Debt Instrument [Line Items]
Total	[1]	$ 3,335	$ 2,329
[1]	Represents cumulative patronage dividends received as equity in the Patronage Banks.

Notes Payable and Lines of Cr_8

Notes Payable and Lines of Credit - Debt Covenants - Narrative (Details) - Amended Credit Agreement	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)	45.00%
Covenant terms, fixed charge coverage ratio (not less than)	1.05
Capital expenditure percentage of timberlands	1.00%
Maximum
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)	50.00%
Minimum
Debt Instrument [Line Items]
Covenant terms, minimum liquidity balance required (no less than)	$ 25,000,000

Notes Payable and Lines of Cr_9

Notes Payable and Lines of Credit - Interest Paid and Fair Value of Outstanding Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest payments	$ 4,100,000	$ 5,200,000
Unused commitment fees, paid	$ 200,000	$ 0
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.57%		3.87%
Weighted-average interest rate, after patronage refunds	2.77%		3.07%

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)derivative	Mar. 31, 2019USD ($)derivative	Dec. 31, 2019USD ($)
Derivative [Line Items]
Variable rate debt	$ 437,705,000		$ 458,555,000
Change in fair value, interest rate swaps	24,478,000	$ 3,941,000
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 275,000,000	$ 350,000,000
Derivative, fixed interest rate	3.98%	4.26%
Amount to be reclassified from accumulated other comprehensive loss to interest expense net 12 months	$ 6,500,000
Payments for interest rate swaps	$ 300,000
Proceeds from interest rate swaps		$ 42,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	2	10
Change in fair value, interest rate swaps	$ 24,500,000	$ 3,900,000

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Pay Rate	3.98%	4.26%
Notional Amount	$ 275,000,000	$ 350,000,000
2019 Swap - 10YR | LIBOR
Derivative [Line Items]
Term of contract	10 years
Pay Rate	2.2067%
Notional Amount	$ 200,000,000
2019 Swap - 7YR | LIBOR
Derivative [Line Items]
Term of contract	7 years
Pay Rate	2.083%
Notional Amount	$ 75,000,000

Interest Rate Swaps - Schedul_2

Interest Rate Swaps - Schedule of Interest Rate Swaps Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swap | Designated as Hedging Instrument | Other liabilities
Derivatives designated as hedging instruments:
Derivative liabilities, fair value	$ (33,703)	$ (8,769)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		3 Months Ended
		Mar. 31, 2020USD ($)astate	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Commitments and Contingencies [Line Items]
Negotiation period of timber price		2 years
Number of southern states reporting raw forest product prices | state		11
Cease to operate mill termination right, period (that exceeds)		12 months
Failure to purchase specified tonnage of timber termination right, period		2 years
Payment failure to cure termination right, period		30 days
Material breach failure to cure termination right, period		60 days
Operating lease right-of-use asset		$ 3,049,000		$ 3,120,000	$ 3,400,000
Operating Lease, Liability		3,181,000		$ 3,242,000	$ 3,400,000
Operating lease expense		108,400	$ 39,400
Cash paid for office leases		98,000	$ 21,000
Legal proceedings		$ 0
Timber
Commitments and Contingencies [Line Items]
Area of land, held in leasehold interests | a	[1]	22,600
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, term of extension option		1 year
Days notice required before automatic renewal		120 days
Operating agreement, notice of termination option		120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, term of extension option		1 year
Days notice required before automatic renewal		120 days
Operating agreement, notice of termination option		120 days
WestRock Corporation
Commitments and Contingencies [Line Items]
Material breach failure to cure termination right, period		60 days
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option		120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option		120 days
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Commitments and Contingencies_2

Commitments and Contingencies - Operating Lease Future Annual Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Operating Leases, After Adoption 842
2020	$ 299
2021	412
2022	424
2023	435
2024	447
Thereafter	1,873
Total Required Payments	3,890
Less: imputed interest	(709)
Operating lease liability	$ 3,181	$ 3,242	$ 3,400
Operating Leases, Before Adoption 842
2020		397
2021		412
2022		424
2023		435
2024		447
Thereafter		1,873
Total Required Payments		$ 3,988
Remaining lease term (years)	8 years 8 months 12 days
Discount rate	4.58%

Commitments and Contingencies_3

Commitments and Contingencies - Operating Lease Future Annual Payments, LTC Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2020		$ 397
2021		412
2022		424
Total Required Payments		$ 3,988
Timber
Lessee, Lease, Description [Line Items]
2020	$ 392
2021	408
2022	359
Total Required Payments	$ 1,159

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation - Employees - Narrative (Details) - Service-based Restricted Stock $ in Millions	Feb. 18, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares) | shares	153,842
Award vesting period	4 years
Issued in period, fair value | $	$ 1.7

Stock-based Compensation - Roll

Stock-based Compensation - Rollforward of Service-based Restricted Stock to Employees (Details) - Service-based Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of  Underlying Shares
Unvested, beginning of period (in shares) | shares	442,401
Granted (in shares) | shares	153,842
Vested (in shares) | shares	(206,698)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	389,545
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 9.96
Granted (in dollars per share) | $ / shares	10.99
Vested (in dollars per share) | $ / shares	10.75
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 9.95

Stock-based Compensation - Perf

Stock-based Compensation - Performance-based Restricted Stock Grants - Narrative (Details) - Performance-based Restricted Stock - Executive Officer $ in Millions	Feb. 18, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	23,589
Performance measurement period	3 years
Award vesting period	2 years
Granted in period, fair value | $	$ 0.1

Stock-based Compensation - Fair

Stock-based Compensation - Fair Value Assumptions (Details) - Executive Officer	Feb. 18, 2020$ / shares
Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (February 18, 2020) (in dollars per share)	$ 10.99
Weighted-average fair value per granted share (in dollars per share)	$ 5.93
Assumptions:
Volatility	23.22%
Expected term (years)	3 years
Risk-free interest rate	1.41%
Performance-based LTIP Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (February 18, 2020) (in dollars per share)	$ 10.99
Weighted-average fair value per granted share (in dollars per share)	$ 5.93
Assumptions:
Volatility	23.22%
Expected term (years)	3 years
Risk-free interest rate	1.41%

Stock-based Compensation - Pe_2

Stock-based Compensation - Performance-based LTIP Units Grants - Narrative (Details) - Performance-based LTIP Unit - Executive Officer $ in Millions	Feb. 18, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	197,115
Performance measurement period	3 years
Award vesting period	2 years
Granted in period, fair value | $	$ 1.2

Stock-based Compensation - Acce

Stock-based Compensation - Accelerated Vesting of Former CEO's Outstanding Equity Awards - Narrative (Details) $ / shares in Units, $ in Millions	Jan. 29, 2020shares	Jan. 21, 2020installmentPayment$ / sharesshares	Mar. 31, 2020USD ($)shares
Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earned and vested (in shares)			206,698
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation expense | $			$ 1.2
Chief Executive Officer | Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, number of shares (in shares)		103,135
Accelerated vesting, number of shares withheld tax withholding (in shares)		46,912
Shares repurchased during period (in shares)		56,223
Accelerated vesting, per-share price (in dollars per share) | $ / shares		$ 11.05
Accelerated vesting, per-share price, average closing price, trading period		5 days
Accelerated vesting, number of equal installments | installmentPayment		24
Chief Executive Officer | Performance-based LTIP Unit | 2017 Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares)			72,272
Earned and vested (in shares)	25,218
Chief Executive Officer | Performance-based LTIP Unit | 2018 and 2019 Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares)			142,909
Earned and vested (in shares)	32,780

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,872	[1]	$ 659
Recognized as noncontrolling interest	907		293
Noncontrolling Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized as noncontrolling interest	691
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation expense	1,200
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,757	[2]	571
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 115		$ 88
[1]	$0.7 million of the $1.9 million stock-based compensation for the three months ended March 31, 2020 was recognized as noncontrolling interest.
[2]	Includes $1.2 million accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO during the three months ended March 31, 2020.

Stock-based Compensation - St_2

Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Nonvested awards, unrecognized compensation expense	$ 6.7
Nonvested awards, unrecognized compensation expense, period for recognition	2 years 10 months 24 days

Segment Information - Schedule

Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 26,972	$ 22,573
Harvest
Segment Reporting Information [Line Items]
Revenues	19,218	17,641
Real Estate
Segment Reporting Information [Line Items]
Revenues	4,779	2,090
Investment Management
Segment Reporting Information [Line Items]
Revenues	$ 2,975	$ 2,842

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total	$ 12,889	$ 10,162
Operating Segments | Harvest
Segment Reporting Information [Line Items]
Total	8,607	7,260
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total	4,518	1,957
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total	2,887	3,415
Corporate
Segment Reporting Information [Line Items]
Total	$ (3,123)	$ (2,470)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 12,889	$ 10,162
Subtract:
Depletion		6,941	5,268
Interest expense	[1]	3,250	4,372
Amortization	[1]	758	458
Basis of timberland sold, lease terminations and other	[2]	3,276	1,807
Stock-based compensation expense		1,872	659
Gain on large dispositions	[3]	(1,279)	0
HLBV loss from unconsolidated joint venture				$ 200,000
Other	[4]	34	110
Net loss		(4,249)	(30,395)
Chief Executive Officer
Subtract:
Post-employment benefits	[5]	2,286	0
Dawsonville Bluffs Joint Venture
Subtract:
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture	[6]	0	395
Triple T Joint Venture
Subtract:
HLBV loss from unconsolidated joint venture	[7]	$ 0	$ 27,488
[1]	For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of operating lease assets and liabilities, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[2]	Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[3]	Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.
[4]	Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives.
[5]	Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents
[6]	Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture.
[7]	Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	May 04, 2020	May 01, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Aug. 22, 2018
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)					$ 0.135
Amended Credit Agreement
Subsequent Event [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)				45.00%
Amended Credit Agreement | Multi-Draw Term Facility
Subsequent Event [Line Items]
Maximum amounts available for borrowing						$ 200,000,000
Maximum | Amended Credit Agreement
Subsequent Event [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)				50.00%
Minimum | Amended Credit Agreement
Subsequent Event [Line Items]
Covenant terms, minimum liquidity balance required (no less than)				$ 25,000,000
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)	$ 0.135
Subsequent Event | Amended Credit Agreement | Multi-Draw Term Facility
Subsequent Event [Line Items]
Maximum amounts available for borrowing		$ 150,000,000	$ 200,000,000
Subsequent Event | Maximum | Amended Credit Agreement
Subsequent Event [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)		50.00%	45.00%
Subsequent Event | Minimum | Amended Credit Agreement
Subsequent Event [Line Items]
Covenant terms, minimum liquidity balance required (no less than)			$ 25,000,000
Covenant terms, minimum liquidity balanced required, removed (no less than)		$ 25,000,000