CatchMark Timber Trust (CTT) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		48,888,424
Entity Central Index Key	0001341141
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 24,566	$ 11,924
Accounts receivable	7,232	8,333
Prepaid expenses and other assets	6,603	5,878
Operating lease right-of-use asset (Note 7)	2,604	2,831
Deferred financing costs	2,752	167
Timber assets (Note 3):
Timber and timberlands, net	470,441	576,680
Intangible lease assets	2	5
Investments in unconsolidated joint ventures (Note 4)	1,327	1,510
Total assets	515,527	607,328
Liabilities:
Accounts payable and accrued expenses	4,606	4,808
Operating lease liability (Note 7)	2,779	2,988
Other liabilities	20,428	32,130
Notes payable and lines of credit, net of deferred financing costs (Note 5)	337,835	437,490
Total liabilities	365,648	477,416
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 48,899 and 48,765 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	489	488
Additional paid-in capital	729,532	728,662
Accumulated deficit and distributions	(567,656)	(572,493)
Accumulated other comprehensive loss	(14,323)	(27,893)
Total stockholders’ equity	148,042	128,764
Noncontrolling Interests	1,837	1,148
Total equity	149,879	129,912
Total liabilities and equity	$ 515,527	$ 607,328

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - Class A Common Stock - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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)	48,899,000	48,765,000
Common stock, shares outstanding (in shares)	48,899,000	48,765,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues		$ 22,073	$ 24,613	$ 81,699	$ 73,342
Expenses:
Depletion		4,560	7,286	18,942	20,934
General and administrative expenses		2,954	2,768	9,648	13,059
Land rent expense		80	114	213	334
Other operating expenses		1,558	1,458	4,985	4,679
Operating costs and expenses		18,884	22,906	72,466	72,931
Other income (expense):
Interest income		1	1	2	51
Interest expense		(3,216)	(3,563)	(9,481)	(11,590)
Gain on large dispositions	[1]	23,377	0	24,136	1,274
Total other income (expense)		20,162	(3,562)	14,657	(10,265)
Income (loss) before unconsolidated joint ventures		23,351	(1,855)	23,890	(9,854)
Income (loss) from unconsolidated joint ventures (Note 4)		(43)	(2,294)	620	(4,727)
Net income (loss)		23,308	(4,149)	24,510	(14,581)
Net income attributable to noncontrolling interest		56	0	59	0
Net income (loss) attributable to common stockholders		$ 23,252	$ (4,149)	$ 24,451	$ (14,581)
Weighted-average common shares outstanding - basic (in shares)		48,441	48,766	48,412	48,833
Income (loss) per share - basic (in dollars per share)		$ 0.48	$ (0.09)	$ 0.51	$ (0.30)
Weighted-average common shares outstanding - diluted (in shares)		48,637	48,766	48,613	48,833
Income (loss) per share - diluted (in dollars per share)		$ 0.48	$ (0.09)	$ 0.50	$ (0.30)
Timber sales
Revenues:
Total revenues		$ 15,850	$ 18,060	$ 56,110	$ 52,399
Timberland sales
Revenues:
Total revenues		2,122	2,430	13,111	8,882
Expenses:
Costs and expenses		1,318	1,926	9,114	6,811
Management fees and expenses
Revenues:
Total revenues		2,984	3,118	9,313	8,950
Expenses:
Costs and expenses		1,725	1,666	5,319	5,171
Other revenues
Revenues:
Total revenues		1,117	1,005	3,165	3,111
Contract logging and hauling costs
Expenses:
Costs and expenses		$ 6,689	$ 7,688	$ 24,245	$ 21,943
[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 INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 23,308	$ (4,149)	$ 24,510	$ (14,581)
Other comprehensive income (loss):
Market value adjustment to interest rate swaps	2,414	3,799	13,595	(22,928)
Comprehensive income (loss)	25,722	(350)	38,105	(37,509)
Comprehensive income attributable to noncontrolling interest	6	0	25	0
Comprehensive income (loss) attributable to common stockholders	$ 25,716	$ (350)	$ 38,080	$ (37,509)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance, beginning of period (in shares) at Dec. 31, 2019			49,008
Balance, beginning of period at Dec. 31, 2019	$ 193,203	$ 192,641	$ 490	$ 729,274	$ (528,847)	$ (8,276)	$ 562
Issuance of common stock 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	216	$ 1	215			691
Dividends on common stock ($0.135 per share)	(6,564)	(6,564)			(6,564)
Distributions to noncontrolling interest	(84)						(84)
Repurchase of common stock (in shares)			(352)
Repurchase of common stock	(2,554)	(2,554)	$ (4)	(2,550)
Net income (loss)	(4,249)	(4,249)			(4,249)
Other comprehensive income (loss)	(24,478)	(24,478)				(24,478)
Balance, end of period (in shares) at Mar. 31, 2020			48,747
Balance, end of period at Mar. 31, 2020	156,181	155,012	$ 487	726,939	(539,660)	(32,754)	1,169
Balance, beginning of period (in shares) at Dec. 31, 2019			49,008
Balance, beginning of period at Dec. 31, 2019	193,203	192,641	$ 490	729,274	(528,847)	(8,276)	562
Issuance of common stock pursuant to:
Net income (loss)	(14,581)
Balance, end of period (in shares) at Sep. 30, 2020			48,765
Balance, end of period at Sep. 30, 2020	135,493	134,010	$ 488	727,767	(563,041)	(31,204)	1,483
Balance, beginning of period (in shares) at Mar. 31, 2020			48,747
Balance, beginning of period at Mar. 31, 2020	156,181	155,012	$ 487	726,939	(539,660)	(32,754)	1,169
Issuance of common stock pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			33
LTIP, net of forfeitures and amounts withheld for income taxes	663	538	$ 1	537			125
Dividends on common stock ($0.135 per share)	(6,524)	(6,524)			(6,524)
Distributions to noncontrolling interest	(17)						(17)
Repurchase of common stock (in shares)			(9)
Repurchase of common stock	(67)	(67)		(67)
Net income (loss)	(6,183)	(6,183)			(6,183)
Other comprehensive income (loss)	(2,249)	(2,249)				(2,249)
Balance, end of period (in shares) at Jun. 30, 2020			48,771
Balance, end of period at Jun. 30, 2020	141,804	140,527	$ 488	727,409	(552,367)	(35,003)	1,277
Issuance of common stock pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			6
LTIP, net of forfeitures and amounts withheld for income taxes	576	358		358			218
Dividends on common stock ($0.135 per share)	(6,525)	(6,525)			(6,525)
Distributions to noncontrolling interest	(12)						(12)
Net income (loss)	(4,149)	(4,149)			(4,149)
Other comprehensive income (loss)	3,799	3,799				3,799
Balance, end of period (in shares) at Sep. 30, 2020			48,765
Balance, end of period at Sep. 30, 2020	135,493	134,010	$ 488	727,767	(563,041)	(31,204)	1,483
Balance, beginning of period (in shares) at Dec. 31, 2020			48,765
Balance, beginning of period at Dec. 31, 2020	129,912	128,764	$ 488	728,662	(572,493)	(27,893)	1,148
Issuance of common stock pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			139
LTIP, net of forfeitures and amounts withheld for income taxes	129	(45)	$ 1	(46)			174
Dividends on common stock ($0.135 per share)	(6,537)	(6,537)			(6,537)
Distributions to noncontrolling interest	(28)						(28)
Net income (loss)	(551)	(550)			(550)		(1)
Other comprehensive income (loss)	15,685	15,655				15,655	30
Balance, end of period (in shares) at Mar. 31, 2021			48,904
Balance, end of period at Mar. 31, 2021	138,610	137,287	$ 489	728,616	(579,580)	(12,238)	1,323
Balance, beginning of period (in shares) at Dec. 31, 2020			48,765
Balance, beginning of period at Dec. 31, 2020	129,912	128,764	$ 488	728,662	(572,493)	(27,893)	1,148
Issuance of common stock pursuant to:
Net income (loss)	24,510
Balance, end of period (in shares) at Sep. 30, 2021			48,899
Balance, end of period at Sep. 30, 2021	149,879	148,042	$ 489	729,532	(567,656)	(14,323)	1,837
Balance, beginning of period (in shares) at Mar. 31, 2021			48,904
Balance, beginning of period at Mar. 31, 2021	138,610	137,287	$ 489	728,616	(579,580)	(12,238)	1,323
Issuance of common stock pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			2
LTIP, net of forfeitures and amounts withheld for income taxes	716	539		539			177
Dividends on common stock ($0.135 per share)	(6,537)	(6,537)			(6,537)
Distributions to noncontrolling interest	(26)						(26)
Net income (loss)	1,753	1,749			1,749		4
Other comprehensive income (loss)	(4,504)	(4,493)				(4,493)	(11)
Balance, end of period (in shares) at Jun. 30, 2021			48,906
Balance, end of period at Jun. 30, 2021	130,012	128,545	$ 489	729,155	(584,368)	(16,731)	1,467
Issuance of common stock pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			(7)
LTIP, net of forfeitures and amounts withheld for income taxes	701	377		377			324
Dividends on common stock ($0.135 per share)	(6,540)	(6,540)			(6,540)
Distributions to noncontrolling interest	(16)						(16)
Net income (loss)	23,308	23,252			23,252		56
Other comprehensive income (loss)	2,414	2,408				2,408	6
Balance, end of period (in shares) at Sep. 30, 2021			48,899
Balance, end of period at Sep. 30, 2021	$ 149,879	$ 148,042	$ 489	$ 729,532	$ (567,656)	$ (14,323)	$ 1,837

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)		$ 24,510	$ (14,581)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion		18,942	20,934
Basis of timberland sold, lease terminations and other	[1]	8,832	6,988
Stock-based compensation expense		2,152	3,207
Noncash interest expense		1,708	2,469
Noncash lease expense		18	28
Other amortization		120	124
Gain on large dispositions	[2]	(24,136)	(1,274)
(Income) loss from unconsolidated joint ventures		(620)	4,727
Operating distributions from unconsolidated joint ventures		0	273
Interest paid under swaps with other-than-insignificant financing element		4,306	2,904
Changes in assets and liabilities:
Accounts receivable		124	(1,092)
Prepaid expenses and other assets		(32)	(5)
Accounts payable and accrued expenses		(90)	1,959
Other liabilities		1,048	986
Net cash provided by operating activities		36,882	27,647
Cash Flows from Investing Activities:
Capital expenditures (excluding timberland acquisitions)		(3,923)	(4,332)
Investment in unconsolidated joint ventures		0	(5,000)
Distributions from unconsolidated joint ventures		803	127
Net proceeds from large dispositions		106,763	20,863
Net cash provided by investing activities		103,643	11,658
Cash Flows from Financing Activities:
Repayment of notes payable		(102,705)	(20,850)
Proceeds from notes payable		0	5,000
Financing costs paid		(349)	(1,019)
Interest paid under swaps with other-than-insignificant financing element		(4,306)	(2,904)
Dividends/distributions paid		(19,684)	(19,726)
Repurchase of common shares		(233)	(2,207)
Repurchase of common shares for minimum tax withholding		(606)	(1,052)
Net cash used in financing activities		(127,883)	(42,758)
Net change in cash and cash equivalents		12,642	(3,453)
Cash and cash equivalents, beginning of period		11,924	11,487
Cash and cash equivalents, end of period		$ 24,566	$ 8,034
[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	9 Months Ended
	Sep. 30, 2021
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 99.76% of its Common Units. CatchMark LP Holder, LLC (“CatchMark LP Holder”), a Delaware limited liability company and wholly-owned subsidiary of CatchMark Timber Trust, is a limited partner of CatchMark Timber OP and owns 0.01% of its Common Units. The remaining 0.23% of CatchMark Timber OP’s common units are owned by current and former officers and directors of CatchMark Timber Trust. In addition, CatchMark Timber Trust conducts certain aspects of its business through CatchMark Timber TRS, Inc. (“CatchMark TRS”), a Delaware corporation formed as a wholly-owned subsidiary of CatchMark Timber OP in 2006. CatchMark TRS is a 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis 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 notes included in CatchMark’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 percentage. 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 has determined that there has been no impairment to its timber assets as of September 30, 2021. Earnings Per Share Attributable to Common Stockholders Basic earnings (loss) per common share is calculated as net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings (loss) per common share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercise d and the related proceeds are then used to repurchase common shares. The following table provides the reconciliation of CatchMark's basic weighted-average common shares to diluted weighted-average common shares for the three months and nine months ended September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Weighted-average common shares outstanding - basic 48,441 48,412 Effect of potentially dilutive securities 196 201 Weighted-average common shares outstanding - diluted 48,637 48,613 Anti-dilutive shares excluded from diluted weighted-average common shares 52 37 For the three months and nine months ended September 30, 2021, potentially dilutive securities included unvested shares of service-based restricted stock and contingently issuable performance-based restricted stock and LTIP Units as of September 30, 2021. Vested Common Units have been excluded from the computation of earnings per common share because all income attributable to the Common Units has been recorded as noncontrolling interest and excluded from net income attributable to common stockholders. All potentially dilutive securities outstanding during the three months and nine months ended September 30, 2020 were anti-dilutive as a result of incurring net loss for each of the respective periods. 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 those operating segments into three reportable segments: Harvest, Real Estate and Investment Management. See Note 9 — Segment Information for additional information. Recent Accounting Pronouncements 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 entities with optional expedients and exceptions for applying GAAP to contracts, 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)

Timber Assets

Timber Assets	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Timber Assets	Timber Assets As of September 30, 2021 and December 31, 2020, timber and timberlands consisted of the following, respectively: As of September 30, 2021 (in thousands) Gross Accumulated Net Timber $ 184,635 $ 13,473 $ 171,162 Timberlands 299,099 — 299,099 Mainline roads 1,052 872 180 Timber and timberlands $ 484,786 $ 14,345 $ 470,441 As of December 31, 2020 (in thousands) Gross Accumulated Net Timber $ 278,361 $ 29,112 $ 249,249 Timberlands 327,089 — 327,089 Mainline roads 1,176 834 342 Timber and timberlands $ 606,626 $ 29,946 $ 576,680 Timberland Sales During the three months ended September 30, 2021 and 2020, CatchMark sold 1,000 and 1,200 acres of timberland for $2.1 million and $2.4 million, respectively. CatchMark's cost basis in the timberland sold was $1.2 million and $1.8 million, respectively. During the nine months ended September 30, 2021 and 2020, CatchMark sold 7,100 and 5,200 acres of timberland for $13.1 million and $8.9 million, respectively. CatchMark's cost basis in the timberland sold was $8.5 million and $6.3 million, respectively. Large Dispositions CatchMark closed two large dispositions during the nine months ended September 30, 2021. On June 23, 2021, CatchMark completed the sale of 5,000 acres of its wholly-owned timberlands in Georgia for $7.5 million. CatchMark's cost basis was $6.6 million. CatchMark recognized a gain of $0.8 million from this large disposition. Of the total net proceeds, $7.3 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. On August 11, 2021, CatchMark completed the sale of approximately 18,100 acres of its wholly-owned timberlands in Oregon (the "Bandon Disposition") for $100.0 million. CatchMark's cost basis was $76.0 million. CatchMark recognized a gain of $23.4 million from the Bandon Disposition. Of the total net proceeds, $95.4 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility and Term Loan A-3. The disposition of the Bandon property was not considered a strategic shift that had or will have a major effect on CatchMark's operations or financial results and, therefore, did not meet the requirements for presentation as discontinued operations. Condensed income statement information for the Bandon property is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Revenues $ 372 $ 2,676 $ 9,028 $ 6,181 Depletion expense $ 233 $ 1,583 $ 5,468 $ 4,084 Other operating expenses (1) $ 357 $ 1,592 $ 5,875 $ 4,182 $ (218) $ (499) $ (2,315) $ (2,085) (1) Excludes general and administrative expense and interest expense, which are not allocated to the property level. CatchMark closed one large disposition during the nine months ended September 30, 2020 . On January 31, 2020, CatchMark completed the sale of 14,400 acres of its wholly-owned timberlands for $21.3 million. CatchMark's cost basis was $19.6 million and CatchMark recognized a gain of $1.3 million on the disposition. Timberland sales a nd large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In 2021 2020 Timberland Sales Alabama 1,800 2,200 Florida 500 — Georgia 4,700 1,500 South Carolina 100 1,200 Tennessee — 300 7,100 5,200 Large Dispositions Georgia 5,000 14,400 Oregon 18,100 — 23,100 14,400 Total 30,200 19,600 Current Timberland Portfolio As of September 30, 2021, CatchMark directly owned interests in 370,100 acres of timberlands in the U.S. South, 356,300 acres of which were fee-simple interests and 13,800 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of September 30, 2021 (1) Fee Lease Total Alabama 65,600 1,800 67,400 Georgia 221,100 12,000 233,100 South Carolina 69,600 — 69,600 Total 356,300 13,800 370,100 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of September 30, 2021, 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). CatchMark accounts for these investments using the equity method of accounting. On October 14, 2021, CatchMark redeemed its interests in the Triple T Joint Venture (the "Triple T Exit"). See Note 10 — Subsequent Events for further details. Triple T Joint Venture During 2018, CatchMark formed 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 at that time, in exchange for a common limited partnership interest. CatchMark, through a separate wholly-owned and consolidated subsidiary, was the sole general partner of the Triple T Joint Venture. On June 24, 2020, CatchMark invested an additional $5.0 million of equity on the same terms and conditions as its existing investment in the Triple T Joint Venture in connection with amendments to the joint venture agreement and asset management agreement. The amended asset management agreement increased the asset management fee payable to CatchMark as described below in Asset Management Fees . The amended joint venture agreement increased the 10.25% cumulative return on the Preferred Investors’ interests in the Triple T Joint Venture’s subsidiary REIT by 0.5% per quarter, subject to a maximum increase of 2.0% and subject to decreases in other circumstances. The proceeds of CatchMark’s additional $5.0 million investment, along with the proceeds from $140.0 million of borrowings under the Triple T Joint Venture’s secured, non-recourse credit facility, were used to make a payment of $145.0 million to GP in connection with an amendment to a wood supply agreement between the Triple T Joint Venture and GP. CatchMark used the equity method to account for its investment in the Triple T Joint Venture since it did not possess the power to direct the activities that most significantly impact the economic performance of the Triple T Joint Venture, and accordingly, CatchMark did not possess the first characteristic of a primary beneficiary described in GAAP. CatchMark appointed three common board members of the Triple T Joint Venture, including its Chief Executive Officer, Chief Resources Officer and Vice President - Acquisitions, which provided CatchMark with significant influence over the Triple T Joint Venture. Accordingly, pursuant to the applicable accounting literature, it was 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 provided for liquidation rights and distribution priorities that were significantly different from CatchMark's stated ownership percentage based on total equity contributions. The Preferred Investors were entitled to a minimum 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 used 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 applied HLBV using a balance sheet approach. A calculation was 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, was CatchMark's income or loss from the Triple T Joint Venture for the period. On September 1, 2021, the Triple T Joint Venture sold 300,000 acres of its East Texas timberlands for $497 million, or approximately $1,656 per acre, to an entity that is a client of Hancock Natural Resource Group, Inc. (the "Hancock Disposition"). The Triple T Joint Venture's cost basis was $407.8 million and it recognized a gain of $78.8 million on the disposition. Despite the gain on the Hancock Disposition, CatchMark recognized no equity share of income from the Triple T Joint Venture for the three months and nine months ended September 30, 2021 due to CatchMark's subordinated common limited partnership interest. Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) September 30, 2021 December 31, 2020 Triple T Joint Venture Total assets $ 1,494,831 $ 1,547,344 Total liabilities $ 648,728 $ 763,715 Total equity $ 846,103 $ 783,629 CatchMark Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture Total revenues $ 40,037 $ 44,222 $ 100,629 $ 114,091 Gain on large disposition $ 78,811 $ — $ 78,811 $ — Net income (loss) $ 71,862 $ (9,973) $ 55,556 $ (25,636) CatchMark Equity share of income (loss) $ — $ (2,689) $ — $ (5,000) As of December 31, 2020, CatchMark had recognized cumulative HLBV losses of $205.0 million, reducing the carrying value of its investment to zero. On October 14, 2021, CatchMark entered into a recapitalization and redemption agreement with the Triple T Joint Venture and the Preferred Investors for the redemption of CatchMark's common equity interest in the Triple T Joint Venture. See Note 10 — Subsequent Events for further details. 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 September 30, 2021, the Dawsonville Bluffs Joint Venture had a mitigation bank with a book basis of $2.1 million remaining in its portfolio. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) September 30, 2021 December 31, 2020 Dawsonville Bluffs Joint Venture Total assets $ 2,666 $ 3,059 Total liabilities $ 11 $ 39 Total equity $ 2,655 $ 3,020 CatchMark Carrying value of investment $ 1,327 $ 1,510 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Dawsonville Bluffs Joint Venture Total revenues $ 228 $ 1,246 $ 2,126 $ 1,246 Net income (loss) $ (85) $ 790 $ 1,240 $ 546 CatchMark Equity share of net income (loss) $ (43) $ 395 $ 620 $ 273 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2021 2020 Dawsonville Joint Venture Net cash provided by operating activities $ 1,634 $ 633 Net cash used in financing activities $ (1,605) $ (800) Net change in cash and cash equivalents $ 29 $ (167) Cash and cash equivalents, beginning of period $ 559 $ 1,441 Cash and cash equivalents, end of period $ 588 $ 1,274 For the nine months ended September 30, 2021 and 2020, CatchMark received cash distributions of $0.8 million and $0.4 million, respectively, from the Dawsonville Bluffs Joint Venture. 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 o perations of these joint ventures and their properties, including accounting, reporting and other administrative services, subject to certain major decisions that require partner approval. On June 24, 2020, in connection with its additional $5.0 million equity investment in the Triple T Joint Venture, CatchMark entered into an amended and restated asset management agreement with the Triple T Joint Venture. Prior to this amendment, for management of the Triple T Joint Venture, CatchMark received a fee equal to 1% of the Acquisition Price multiplied by 78.4%. The amended asset management agreement provided that, effective June 24, 2020, CatchMark earned an asset management fee equal to 1% of (a) the sum of the Acquisition Price and the $145.0 million paid to GP, multiplied by (b) 78.4%, and in the event the Preferred Investors have not received a return of their capital contributions plus their preferred return, then the asset management fee percentage decreased from 1% to 0.75% at October 1, 2021, and to 0.25% at July 1, 2022. On October 14, 2021, the amended and restated asset management agreement was terminated and replaced by a transition services agreement, effective September 1, 2021, under which CatchMark will provide transition services through March 2022 in exchange for a one-time payment of $5.0 million in cash. CatchMark received the payment on October 14, 2021. See Note 10 — Subsequent Events for further details. 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 m onths and nine months ended September 30, 2021 and 2020, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture (1) $ 2,789 $ 3,112 $ 9,013 $ 8,789 Dawsonville Bluffs Joint Venture (2) 195 6 300 161 $ 2,984 $ 3,118 $ 9,313 $ 8,950 (1) Includes $0.1 million of reimbursements of compensation costs for each of the three months ended September 30, 2021 and 2020. Includes $0.3 million and $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2021 and 2020, respectively. (2) Includes $0.2 million of incentive-based promote earned for exceeding investment hurdles for the three months ended September 30, 2021. Includes $0.3 million and $0.1 million of incentive-based promote for the nine months ended September 30, 2021 and 2020, respectively .

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit Credit Agreement Amendment CatchMark is party to a credit agreement dated as of December 1, 2017, as amended on August 22, 2018, June 28, 2019, February 12, 2020, May 1, 2020, and August 4, 2021 with a syndicate of lenders, including CoBank, which serves as the administrative agent (the "Amended Credit Agreement"). Prior to the amendment dated August 4, 2021 (the “Amendment”), the credit agreement provided for borrowing under credit facilities consisting of the following: • a $35.0 million five-year revolving credit facility (the “Revolving Credit Facility”); • a $150.0 million seven-year multi-draw term credit facility (the “Multi-Draw Term Facility”); • a $100.0 million ten-year term loan (the “Term Loan A-1”); • a $100.0 million nine-year term loan (the “Term Loan A-2”); • a $68.6 million ten-year term loan (the “Term Loan A-3”); and • a $140.0 million seven-year term loan (the "Term Loan A-4"). The Amendment , a mong other things: (1) consented to CatchMark’s prepayment of the outstanding balance on its Multi-Draw Term Facility and Term Loan A-3 with the proceeds from the Bandon Disposition, and after the outstanding balance of any Multi-Draw Term Facility and Term Loan A-3 have been repaid in full, permits CatchMark to retain up to $5.0 million of such remaining proceeds for working capital purposes; (2) permits CatchMark, for a period of 18 months from the effective date of the Amendment, to, upon the repayment of the outstanding Term Loan A-3, reborrow Term Loan A-3 using borrowing mechanics substantially similar to those that apply to the Revolving Credit Facility, the proceeds of which shall be used solely to finance acquisitions of additional real property, all as set forth in the Amendment, with the same pricing and maturity date as the existing Term Loan A-3; and (3) extended the maturity date of the Revolving Credit Facility from December 1, 2022 to August 4, 2026. CatchMark accounted for the Amendment as debt modification in accordance with ASC 470-50. Of the $322,000 financing costs incurred, $289,000 was deferred and, together with the existing deferred financing costs, is amortized over the remaining term of the respective facility. Approximately $33,000 of third-party related financing costs was expensed. Credit Facilities During the second and the third quarters of 2021, CatchMark repaid $7.3 million and $95.4 million, respectively, of its outstanding debt balances with net proceeds from large dispositions (see Note 3 — Timber Assets) . As of September 30, 2021 and December 31, 2020, C atchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate September 30, 2021 December 31, 2020 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.83% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 1.98% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% —% — 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.78% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 1.90% —% — 34,086 Total principal balance $ 340,000 $ 442,705 Less: net unamortized deferred financing costs (2,165) (5,215) Total $ 337,835 $ 437,490 (1) 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 a result of reducing the Multi-Draw Term Facility and the Term Loan A -3 balances to zero, CatchMark reclassified $2.5 million of unamortized deferred financing costs from Notes Payable and Lines of Credit, where it was presented as a direct reduction from debt liabilities, to Deferred Financing Costs asset on the accompanying consolidated balance sheets. As of September 30, 2021, CatchMark had access to additional borrowing of $253.6 million, consisting of $35.0 million under the Revolving Credit Facility, $150.0 million under the Multi-Draw Term Facility and $68.6 million under Term Loan A-3. On October 14, 2021, CatchMark further amended the Amended Credit Agreement and o n October 15, 2021, CatchMark paid down $40.0 million of its outstanding debt balances with proceeds from the Triple T Exit transaction. See Note 10 — Subsequent Events for further details. 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 1.90%, in each case depending on CatchMark's LTV ratio, and will terminate and all amounts outstanding under the facility due and payable on August 4, 2026. 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 1.90%, 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. For the three months ended September 30, 2021 and 2020 , CatchMark recognized $0.2 million and $0.1 million of unused commitment fees as interest expense on its consolidated statements of operations, respectively. For each of the nine months ended September 30, 2021, and 2020, CatchMark recognized $0.4 million of unused commitment fees as interest expense on its consolidated statements of operations, respectively. CatchMark’s obligations under the Amended 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, these obligations are jointly and severally guaranteed by CatchMark and all of its subsidiaries pursuant to the terms of the Amended 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 e ligible debt balance. For the three months ended September 30, 2021 and 2020, CatchMark accrued $0.8 million and $0.9 million, respectively, as patronage dividends receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. For each of the nine months ended September 30, 2021 and 2020, CatchMark accrued $2.7 million, as patronage dividends receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. In March 2021, CatchMark received patronage dividends of $4.1 million on its patronage eligible borrowings. Of the total patronage dividends received, $3.1 million was received in cash and $1.0 million was received in equity of the Patronage Banks. As of September 30, 2021 and December 31, 2020, 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: September 30, 2021 December 31, 2020 Accounts receivable $ 2,727 $ 3,597 Prepaid expenses and other assets (1) 4,311 3,335 Total $ 7,038 $ 6,932 (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 50% at any time; • require maintenance of a FCCR of not less than 1.05:1.00 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 p ermits 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 Amended Credit Agreement. However, if CatchMark has suffered a bankruptcy event or a change of control, the Amended 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. See Note 10 — Subsequent Events for details of an amendment CatchMark entered into on October 14, 2021. CatchMark was in compliance with the financial covenants of the Amended Credit Agreement as of September 30, 2021. Interest Paid and Fair Value of Outstanding Debt During the three months and nine months ended September 30, 2021 and 2020, CatchMark made the following cash interest payments on its borrowings: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash paid for interest $ 2,000 $ 2,200 $ 6,600 $ 9,200 Included in the interest payments for the three months ended September 30, 2021, were unused commitment fees of $0.1 million. No unused commitment fee was paid during the three months ended September 30, 2020. Included in the interest payments for the nine months ended September 30, 2021 and 2020, were unused commitment fees of $0.4 million and $0.3 million, respectively. As of September 30, 2021 and December 31, 2020, the weighted-average interest rate on CatchMark's borrowings, after consideration of its interest rate swaps (see Note 6 — Interest Rate Swaps ), was 3.55% and 3.25%, respectively. After further consideration of expected patronage dividends, CatchMark's weighted-average interest rate as of September 30, 2021 and December 31, 2020 wa s 2.70% an d 2.45%, respectively. As of September 30, 2021 and December 31, 2020, the fair value of CatchMark's outstanding debt approximated its book value. The fair value was estimated based on discounted cash flow analysis using the current market borrowing rates for similar types of borrowing arrangements as of the measurement dates.

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021, 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 2.0830% one-month LIBOR 75,000 $ 275,000 As of September 30, 2021, CatchMark’s interest rate swaps effectively fixed the interest rate on $275.0 million of its $340.0 million variable-rate debt at 3.95% , 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. All of CatchMark's outstanding interest rate swaps during the nine months ended September 30, 2021 and 2020 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 September 30, 2021 and December 31, 2020: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (17,279) $ (30,029) During the three months ended September 30, 2021 and 2020, CatchMark recognized a change in fair value of its interest rate swaps of $2.2 million and $3.4 million, as other comprehensive income, respectively. During the nine months ended September 30, 2021 and 2020, CatchMark recognized a change in fair value of its interest rate swaps of $12.8 million as other comprehensive income and $24.2 million as other comprehensive loss, respectively. During the three months ended September 30, 2021 and 2020, CatchMark reclassified $0.2 million and $0.4 million from accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. During the nine months ended September 30, 2021 and 2020, CatchMark reclassified $0.8 million and $1.3 million fr om accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. These reclassifications were netted with the market value adjustment to interest rate swaps in the consolidated statements of comprehensive income (loss). Pursuant to the terms of its interest rate swaps, CatchMark paid $1.5 million and $1.4 million during the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, CatchMark paid $4.3 million and $2.9 million, respectively. All amounts were included in interest expense in the consolidated statements of operations. As of September 30, 2021, CatchMark estimated that approximately $6.0 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock in 2007, 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. For 2021, WestRock is required to purchase a minimum of 380,800 tons and we are committed to make available for purchase by WestRock a minimum of 443,200 tons of timber under the Mahrt Timber Agreements. For the nine months ended September 30, 2021, WestRock purchased 303,000 tons under the Mahrt Timber Agreements, which represented 12% of CatchMark's net timber sales revenue. 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, 2022, and is automatically extended for one-year periods unless written notice is provided by CatchMark or FRC to the other party at least 120 days prior to the current expiration. The FRC Timberland Operating Agreement may be terminated by either party with mutual consent or by CatchMark with or without cause upon providing 120 days’ prior written notice. 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 throu gh November 30, 2022 for the U.S. South region and is automatically extended for one-year periods unless written notice is provided by CatchMark or AFM to the other party at least 120 days prior to the current expiration. The AFM Timberland Operating Agreement may be terminated by either party with mutual consent or by CatchMark with or without cause upon providing 120 days’ prior written notice. The AFM Timberland Operating Agreement for the Pacific Northwest region terminated as of the close of the Bandon Disposition, except for limited administrative services which will terminate as of December 31, 2021. Obligations under Operating Leases CatchMark's offic e 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 right-of-use (“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. CatchMark recorded $110,000 and $108,400 of operating lease expense for the three months ended September 30, 2021 and 2020, respectively. For each of the nine months ended September 30, 2021 and 2020, CatchMark recorded $328,000 and $325,000 of operating lease expense, respectively. For the three months ended September 30, 2021 and 2020, CatchMark paid $105,000 and $100,000, respectively, in cash for its office lease. For the nine months ended September 30, 2021 and 2020, CatchMark paid $312,000 a nd $297,000, respec tively, in cash for its office lease, which was included in operating cash flows on its consolidated statements of cash flows. CatchMark had the following future annual payments for its operating lease as of September 30, 2021 and December 31, 2020: As of ( in thousands ) September 30, 2021 December 31, 2020 Required payments 2021 $ 103 412 2022 424 424 2023 435 435 2024 447 447 2025 459 459 Thereafter 1,414 1,414 $ 3,282 $ 3,591 Less: imputed interest (503) Operating lease liability $ 2,779 Remaining lease term (years) 7.2 Discount rate 4.58 % CatchMark holds leasehold interests in 13,800 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 September 30, 2021, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2021 $ 11 2022 261 $ 272 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	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Long-Term Incentive Plans On June 24, 2021, CatchMark's stockholders approved a long-term incentive plan (the "2021 Incentive Plan") at its 2021 annual meeting of stockholders. The 2021 Incentive Plan replaced CatchMark's 2017 long-term incentive plan. The 2021 Incentive Plan allows for the award of options, stock appreciation rights, restricted stock, RSUs, deferred stock units, performance awards, other stock-based awards, LTIP Units or any other right or interest relating to stock or cash to the employees, directors, and consultants of CatchMark or its affiliates. A total of 2.0 million shares of CatchMark's common stock are reserved and available for issuance pursuant to awards granted under the 2021 Incentive Plan. Service-based Restricted Stock Grants to Employees During the three months ended September 30, 2021 , CatchMark did not issue any shares of service-based restricted stock to its employees. During the nine months ended September 30, 2021, CatchMark granted 148,817 shares of service-based restricted stock to its employees, vesting in equal installments over a four-year period. The fair value of $1.6 million was determined based on the closing price of CatchMark's common stock on the grant date and is amortized evenly over the vesting period. A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the nine months ended September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 374,822 $ 10.51 Granted 148,817 $ 10.77 Vested (124,745) $ 10.54 Forfeited (875) $ 10.74 Unvested at September 30, 2021 398,019 $ 10.60 Performance-based Awards During the three months ended September 30, 2021 , CatchMark did not make any performance-based grants. On March 11, 2021, CatchMark granted 202,930 performance-based LTIP Units to its executive officers and 44,180 shares of performance-based restricted stock to its eligible officers (the "2021 Performance-based Grant"). The issuance represents the maximum number of LTIP Units or shares of restricted stock that could be earned based on the relative performance of CatchMark's TSR against pre-established benchmarks over a three-year performance period from January 1, 2021 to December 31, 2023. The total compensation cost of the 2021 Performance-based Grant was $1.5 million and will be amortized over a weighted-vesting period of 3.5 years. A rollforward of CatchMark's unvested, performance-based LTIP Units grants for the nine months ended September 30, 2021 is as follows: Number of Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 349,703 $ 6.03 Granted 202,930 $ 6.26 Vested (7,705) $ 1.31 Forfeited (39,020) $ 1.82 Unvested at September 30, 2021 505,908 $ 6.52 A rollforward of CatchMark's unvested, performance-based restricted stock grants for the nine months ended September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 31,526 $ 4.90 Granted 44,180 $ 6.26 Vested — $ — Forfeited (7,937) $ 1.84 Unvested at September 30, 2021 67,769 $ 6.14 Equity Grants to Independent Directors A rollforward of CatchMark's unvested restricted stock and LTIP Unit grants to the directors for the nine months ended September 30, 2021 is as follows: Restricted Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Unvested as of December 31, 2020 20,744 $ 8.17 25,302 $ 8.30 Granted 5,838 $ 11.99 23,353 $ 11.99 Vested (20,744) $ 8.17 (25,302) $ 8.30 Forfeited — $ — — $ — Unvested as of September 30, 2021 5,838 $ 11.99 23,353 $ 11.99 Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense for the three months and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 General and administrative expenses (1) $ 624 $ 520 $ 1,760 $ 2,900 Forestry management expenses 142 110 392 307 Total (2) $ 766 $ 630 $ 2,152 $ 3,207 (1) The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020. (2) The three months and nine months ended September 30, 2021 includes $0.3 million and $0.9 million of stock-based compensation recognized as noncontrolling interest, respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information As of September 30, 2021, 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 Nine Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 16,967 $ 19,065 $ 59,275 $ 55,510 Real Estate 2,122 2,430 13,111 8,882 Investment Management 2,984 3,118 9,313 8,950 Total $ 22,073 $ 24,613 $ 81,699 $ 73,342 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 Nine Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 7,077 $ 8,502 $ 25,371 $ 24,497 Real Estate 1,974 2,272 12,451 8,342 Investment Management 2,951 3,653 10,046 9,363 Corporate (2,138) (2,028) (7,490) (7,479) Total $ 9,864 $ 12,399 $ 40,378 $ 34,723 A reconciliation of Adjusted EBITDA to GAAP net income (loss) is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Adjusted EBITDA $ 9,864 $ 12,399 $ 40,378 $ 34,723 Subtract: Depletion 4,560 7,286 18,942 20,934 Interest expense (1) 2,679 2,865 7,773 9,121 Amortization (1) 577 747 1,846 2,621 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 10 140 113 140 Basis of timberland sold, lease terminations and other (3) 1,165 1,991 8,832 6,988 Stock-based compensation expense 766 630 2,152 3,207 Gain on large dispositions (4) (23,377) — (24,136) (1,274) HLBV loss from unconsolidated joint venture (5) — 2,689 — 5,000 Post-employment benefits (6) 11 10 34 2,307 Other (7) 165 190 312 260 Net income (loss) $ 23,308 $ (4,149) $ 24,510 $ (14,581) (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. (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 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 paid in installments over agreed-upon periods of time.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Triple T Exit On October 14, 2021, CatchMark entered into a recapitalization and redemption agreement with the Triple T Joint Venture and the preferred limited partners of Triple T Joint Venture for the redemption of CatchMark’s common equity interests in the Triple T Joint Venture in exchange for $35.0 million in cash (the “Triple T Exit”). The amended and restated asset management agreement between CatchMark and the Triple T Joint Venture was terminated and replaced by a transition services agreement, effective September 1, 2021 through March 2022, under which CatchMark will provide transition services in exchange for a service fee of $5.0 million, which will be recognized as asset management fee revenue on a straight-line basis over the term of the transition services agreement. Credit Agreement Amendment and Debt Repayments On October 14, 2021, CatchMark further amended the Amended Credit Agreement to, among other things, provide for consent to the Triple T Exit and permit CatchMark to retain the net proceeds from higher-and-better use timberland sales until it exceeds 3% of the aggregate value of the timberlands before any repayment of the outstanding debt is required. On October 15, 2 021, CatchMark used the proceeds from the Triple T Exit of $35.0 million and the $5.0 million transition services fee to pay down $40.0 million of its outstanding debt balances as follows: (dollar amounts in thousands) Repayments Outstanding Credit Facility Maturity Date Term Loan A-1 12/23/2024 $ 15,294 $ 84,706 Term Loan A-2 12/1/2026 10,294 89,706 Term Loan A-4 8/22/2025 14,412 125,588 Total $ 40,000 $ 300,000 Dividend Declaration On October 15, 2021, CatchMark declared a cash dividend of $0.075 per share for its common stockholders of record on November 30, 2021, payable on December 15, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis 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.
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 percentage. 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.
Impairment Testing	Impairment TestingASC 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.
Earnings Per Share Attributable to Common Stockholders	Earnings Per Share Attributable to Common StockholdersBasic earnings (loss) per common share is calculated as net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings (loss) per common share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares.
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 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 entities with optional expedients and exceptions for applying GAAP to contracts, 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Weighted Average Common Shares	The following table provides the reconciliation of CatchMark's basic weighted-average common shares to diluted weighted-average common shares for the three months and nine months ended September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Weighted-average common shares outstanding - basic 48,441 48,412 Effect of potentially dilutive securities 196 201 Weighted-average common shares outstanding - diluted 48,637 48,613 Anti-dilutive shares excluded from diluted weighted-average common shares 52 37

Timber Assets (Tables)

Timber Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Timber and Timberlands, Excluding Assets Held for Sale and Land Acreage By State	As of September 30, 2021 and December 31, 2020, timber and timberlands consisted of the following, respectively: As of September 30, 2021 (in thousands) Gross Accumulated Net Timber $ 184,635 $ 13,473 $ 171,162 Timberlands 299,099 — 299,099 Mainline roads 1,052 872 180 Timber and timberlands $ 484,786 $ 14,345 $ 470,441 As of December 31, 2020 (in thousands) Gross Accumulated Net Timber $ 278,361 $ 29,112 $ 249,249 Timberlands 327,089 — 327,089 Mainline roads 1,176 834 342 Timber and timberlands $ 606,626 $ 29,946 $ 576,680 Acres by state as of September 30, 2021 (1) Fee Lease Total Alabama 65,600 1,800 67,400 Georgia 221,100 12,000 233,100 South Carolina 69,600 — 69,600 Total 356,300 13,800 370,100 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
Schedule of Timberland Sales and Large Dispositions by State	Timberland sales a nd large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In 2021 2020 Timberland Sales Alabama 1,800 2,200 Florida 500 — Georgia 4,700 1,500 South Carolina 100 1,200 Tennessee — 300 7,100 5,200 Large Dispositions Georgia 5,000 14,400 Oregon 18,100 — 23,100 14,400 Total 30,200 19,600
Schedule of Assets Held For Sale and Income Statement Information	Condensed income statement information for the Bandon property is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Revenues $ 372 $ 2,676 $ 9,028 $ 6,181 Depletion expense $ 233 $ 1,583 $ 5,468 $ 4,084 Other operating expenses (1) $ 357 $ 1,592 $ 5,875 $ 4,182 $ (218) $ (499) $ (2,315) $ (2,085)

Unconsolidated Joint Ventures (

Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Financial Information, Equity Method Investments and Fees Earned	Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) September 30, 2021 December 31, 2020 Triple T Joint Venture Total assets $ 1,494,831 $ 1,547,344 Total liabilities $ 648,728 $ 763,715 Total equity $ 846,103 $ 783,629 CatchMark Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture Total revenues $ 40,037 $ 44,222 $ 100,629 $ 114,091 Gain on large disposition $ 78,811 $ — $ 78,811 $ — Net income (loss) $ 71,862 $ (9,973) $ 55,556 $ (25,636) CatchMark Equity share of income (loss) $ — $ (2,689) $ — $ (5,000) As of (in thousands) September 30, 2021 December 31, 2020 Dawsonville Bluffs Joint Venture Total assets $ 2,666 $ 3,059 Total liabilities $ 11 $ 39 Total equity $ 2,655 $ 3,020 CatchMark Carrying value of investment $ 1,327 $ 1,510 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Dawsonville Bluffs Joint Venture Total revenues $ 228 $ 1,246 $ 2,126 $ 1,246 Net income (loss) $ (85) $ 790 $ 1,240 $ 546 CatchMark Equity share of net income (loss) $ (43) $ 395 $ 620 $ 273 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2021 2020 Dawsonville Joint Venture Net cash provided by operating activities $ 1,634 $ 633 Net cash used in financing activities $ (1,605) $ (800) Net change in cash and cash equivalents $ 29 $ (167) Cash and cash equivalents, beginning of period $ 559 $ 1,441 Cash and cash equivalents, end of period $ 588 $ 1,274 During the three m onths and nine months ended September 30, 2021 and 2020, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture (1) $ 2,789 $ 3,112 $ 9,013 $ 8,789 Dawsonville Bluffs Joint Venture (2) 195 6 300 161 $ 2,984 $ 3,118 $ 9,313 $ 8,950 (1) Includes $0.1 million of reimbursements of compensation costs for each of the three months ended September 30, 2021 and 2020. Includes $0.3 million and $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2021 and 2020, respectively. (2) Includes $0.2 million of incentive-based promote earned for exceeding investment hurdles for the three months ended September 30, 2021. Includes $0.3 million and $0.1 million of incentive-based promote for the nine months ended September 30, 2021 and 2020, respectively .

Notes Payable and Lines of Cr_2

Notes Payable and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of September 30, 2021 and December 31, 2020, C atchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate September 30, 2021 December 31, 2020 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.83% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 1.98% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% —% — 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.78% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 1.90% —% — 34,086 Total principal balance $ 340,000 $ 442,705 Less: net unamortized deferred financing costs (2,165) (5,215) Total $ 337,835 $ 437,490 (1) 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. On October 15, 2 021, CatchMark used the proceeds from the Triple T Exit of $35.0 million and the $5.0 million transition services fee to pay down $40.0 million of its outstanding debt balances as follows: (dollar amounts in thousands) Repayments Outstanding Credit Facility Maturity Date Term Loan A-1 12/23/2024 $ 15,294 $ 84,706 Term Loan A-2 12/1/2026 10,294 89,706 Term Loan A-4 8/22/2025 14,412 125,588 Total $ 40,000 $ 300,000
Schedule of Patronage Dividend Classification	As of September 30, 2021 and December 31, 2020, 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: September 30, 2021 December 31, 2020 Accounts receivable $ 2,727 $ 3,597 Prepaid expenses and other assets (1) 4,311 3,335 Total $ 7,038 $ 6,932 (1) Represents cumulative patronage dividends received as equity in the Patronage Banks.
Schedule of Cash Interest Payments on Borrowings	During the three months and nine months ended September 30, 2021 and 2020, CatchMark made the following cash interest payments on its borrowings: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash paid for interest $ 2,000 $ 2,200 $ 6,600 $ 9,200

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	As of September 30, 2021, 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 2.0830% one-month LIBOR 75,000 $ 275,000 The following table presents information about CatchMark's interest rate swaps measured at fair value as of September 30, 2021 and December 31, 2020: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (17,279) $ (30,029)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020: As of ( in thousands ) September 30, 2021 December 31, 2020 Required payments 2021 $ 103 412 2022 424 424 2023 435 435 2024 447 447 2025 459 459 Thereafter 1,414 1,414 $ 3,282 $ 3,591 Less: imputed interest (503) Operating lease liability $ 2,779 Remaining lease term (years) 7.2 Discount rate 4.58 %
Summary of Operating Lease Future Annual Payments, LTC Lease	As of September 30, 2021, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2021 $ 11 2022 261 $ 272

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Award Activity	A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the nine months ended September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 374,822 $ 10.51 Granted 148,817 $ 10.77 Vested (124,745) $ 10.54 Forfeited (875) $ 10.74 Unvested at September 30, 2021 398,019 $ 10.60 A rollforward of CatchMark's unvested, performance-based restricted stock grants for the nine months ended September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 31,526 $ 4.90 Granted 44,180 $ 6.26 Vested — $ — Forfeited (7,937) $ 1.84 Unvested at September 30, 2021 67,769 $ 6.14
Schedule of Unvested Performance-based LTIP Units Activity	A rollforward of CatchMark's unvested, performance-based LTIP Units grants for the nine months ended September 30, 2021 is as follows: Number of Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 349,703 $ 6.03 Granted 202,930 $ 6.26 Vested (7,705) $ 1.31 Forfeited (39,020) $ 1.82 Unvested at September 30, 2021 505,908 $ 6.52
Schedule of Unvested Restricted Stock and LTIP Unit Activity to Directors	A rollforward of CatchMark's unvested restricted stock and LTIP Unit grants to the directors for the nine months ended September 30, 2021 is as follows: Restricted Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Unvested as of December 31, 2020 20,744 $ 8.17 25,302 $ 8.30 Granted 5,838 $ 11.99 23,353 $ 11.99 Vested (20,744) $ 8.17 (25,302) $ 8.30 Forfeited — $ — — $ — Unvested as of September 30, 2021 5,838 $ 11.99 23,353 $ 11.99
Schedule of Stock-Based Compensation Expense	A summary of CatchMark's stock-based compensation expense for the three months and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 General and administrative expenses (1) $ 624 $ 520 $ 1,760 $ 2,900 Forestry management expenses 142 110 392 307 Total (2) $ 766 $ 630 $ 2,152 $ 3,207 (1) The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020. (2) The three months and nine months ended September 30, 2021 includes $0.3 million and $0.9 million of stock-based compensation recognized as noncontrolling interest, respectively.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents revenues by reportable segment: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 16,967 $ 19,065 $ 59,275 $ 55,510 Real Estate 2,122 2,430 13,111 8,882 Investment Management 2,984 3,118 9,313 8,950 Total $ 22,073 $ 24,613 $ 81,699 $ 73,342 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 Nine Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 7,077 $ 8,502 $ 25,371 $ 24,497 Real Estate 1,974 2,272 12,451 8,342 Investment Management 2,951 3,653 10,046 9,363 Corporate (2,138) (2,028) (7,490) (7,479) Total $ 9,864 $ 12,399 $ 40,378 $ 34,723 A reconciliation of Adjusted EBITDA to GAAP net income (loss) is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Adjusted EBITDA $ 9,864 $ 12,399 $ 40,378 $ 34,723 Subtract: Depletion 4,560 7,286 18,942 20,934 Interest expense (1) 2,679 2,865 7,773 9,121 Amortization (1) 577 747 1,846 2,621 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 10 140 113 140 Basis of timberland sold, lease terminations and other (3) 1,165 1,991 8,832 6,988 Stock-based compensation expense 766 630 2,152 3,207 Gain on large dispositions (4) (23,377) — (24,136) (1,274) HLBV loss from unconsolidated joint venture (5) — 2,689 — 5,000 Post-employment benefits (6) 11 10 34 2,307 Other (7) 165 190 312 260 Net income (loss) $ 23,308 $ (4,149) $ 24,510 $ (14,581) (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. (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 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 paid in installments over agreed-upon periods of time.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Schedule of Debt Repayment and Debt Outstanding	As of September 30, 2021 and December 31, 2020, C atchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate September 30, 2021 December 31, 2020 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.83% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 1.98% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% —% — 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.78% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 1.90% —% — 34,086 Total principal balance $ 340,000 $ 442,705 Less: net unamortized deferred financing costs (2,165) (5,215) Total $ 337,835 $ 437,490 (1) 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. On October 15, 2 021, CatchMark used the proceeds from the Triple T Exit of $35.0 million and the $5.0 million transition services fee to pay down $40.0 million of its outstanding debt balances as follows: (dollar amounts in thousands) Repayments Outstanding Credit Facility Maturity Date Term Loan A-1 12/23/2024 $ 15,294 $ 84,706 Term Loan A-2 12/1/2026 10,294 89,706 Term Loan A-4 8/22/2025 14,412 125,588 Total $ 40,000 $ 300,000

Organization - Narrative (Detai

Organization - Narrative (Details) - CatchMark Timber OP	9 Months Ended
	Sep. 30, 2021
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	99.76%
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	0.23%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Weighted-average common shares outstanding - basic (in shares)	48,441	48,766	48,412	48,833
Effect of potentially dilutive securities (in shares)	196		201
Weighted-average common shares outstanding - diluted (in shares)	48,637	48,766	48,613	48,833
Anti-dilutive shares excluded from diluted weighted-average common shares (in shares)	52		37

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Gross	$ 484,786	$ 606,626
Accumulated Depletion or Amortization	14,345	29,946
Net	470,441	576,680
Timber
Property, Plant and Equipment [Line Items]
Gross	184,635	278,361
Accumulated Depletion or Amortization	13,473	29,112
Net	171,162	249,249
Timberlands
Property, Plant and Equipment [Line Items]
Gross	299,099	327,089
Accumulated Depletion or Amortization	0	0
Net	299,099	327,089
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	1,052	1,176
Accumulated Depletion or Amortization	872	834
Net	$ 180	$ 342

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details) $ in Thousands		Aug. 11, 2021USD ($)a	Jun. 23, 2021USD ($)a	Jan. 31, 2020USD ($)a	Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)a	Sep. 30, 2021USD ($)adisposition	Sep. 30, 2020USD ($)adisposition
Property, Plant and Equipment [Line Items]
Revenue, timberland sold					$ 22,073	$ 24,613	$ 81,699	$ 73,342
Gain on large disposition	[1]				23,377	0	24,136	1,274
Net proceeds from large dispositions							106,763	20,863
Timberland sales
Property, Plant and Equipment [Line Items]
Revenue, timberland sold					$ 2,122	$ 2,430	$ 13,111	$ 8,882
Timber
Property, Plant and Equipment [Line Items]
Acres of timberland sold, excluding large disposition | a					1,000	1,200	7,100	5,200
Cost basis of timberland sold					$ 1,200	$ 1,800	$ 8,500	$ 6,300
Timberland dispositions, large dispositions | a							23,100	14,400
Area of land, owned interests | a	[2]				370,100		370,100
Area of land, held in fee simple interests | a	[2]				356,300		356,300
Area of land, held in leasehold interests | a	[2]				13,800		13,800
Timber | Timberland sales
Property, Plant and Equipment [Line Items]
Revenue, timberland sold					$ 2,100	$ 2,400	$ 13,100	$ 8,900
Timber, Large Disposition
Property, Plant and Equipment [Line Items]
Cost basis of timberland sold			$ 6,600	$ 19,600
Number of large dispositions closed | disposition							2	1
Timberland dispositions, large dispositions | a			5,000	14,400
Gain on large disposition			$ 800	$ 1,300
Net proceeds from large dispositions			7,300
Timber, Large Disposition | Bandon Property
Property, Plant and Equipment [Line Items]
Cost basis of timberland sold		$ 76,000
Timberland dispositions, large dispositions | a		18,100
Gain on large disposition		$ 23,400
Net proceeds from large dispositions		95,400
Timber, Large Disposition | Timberland sales
Property, Plant and Equipment [Line Items]
Revenue, timberland sold			$ 7,500	$ 21,300
Timber, Large Disposition | Timberland sales | Bandon Property
Property, Plant and Equipment [Line Items]
Revenue, timberland sold		$ 100,000
[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.
[2]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Timber Assets - Income Statemen

Timber Assets - Income Statement Information, Disposal (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Bandon Property - Timber - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 372	$ 2,676	$ 9,028	$ 6,181
Depletion expense		233	1,583	5,468	4,084
Other operating expenses	[1]	357	1,592	5,875	4,182
Total		$ (218)	$ (499)	$ (2,315)	$ (2,085)
[1]	Excludes general and administrative expense and interest expense, which are not allocated to the property level.

Timber Assets - Timberland Sale

Timber Assets - Timberland Sales and Large Dispositions (Details) - Timber - a	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Timberland Sales	7,100	5,200
Large Dispositions	23,100	14,400
Total	30,200	19,600
Alabama
Property, Plant and Equipment [Line Items]
Timberland Sales	1,800	2,200
Florida
Property, Plant and Equipment [Line Items]
Timberland Sales	500	0
Georgia
Property, Plant and Equipment [Line Items]
Timberland Sales	4,700	1,500
Large Dispositions	5,000	14,400
South Carolina
Property, Plant and Equipment [Line Items]
Timberland Sales	100	1,200
Tennessee
Property, Plant and Equipment [Line Items]
Timberland Sales	0	300
Oregon
Property, Plant and Equipment [Line Items]
Large Dispositions	18,100	0

Timber Assets - Schedule of T_2

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber	Sep. 30, 2021a	[1]
Property, Plant and Equipment [Line Items]
Fee	356,300
Lease	13,800
Total	370,100
Alabama
Property, Plant and Equipment [Line Items]
Fee	65,600
Lease	1,800
Total	67,400
Georgia
Property, Plant and Equipment [Line Items]
Fee	221,100
Lease	12,000
Total	233,100
South Carolina
Property, Plant and Equipment [Line Items]
Fee	69,600
Lease	0
Total	69,600
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures -

Unconsolidated Joint Ventures - Narrative (Details)		Sep. 01, 2021USD ($)a$ / a	Jun. 24, 2020USD ($)	Sep. 30, 2021USD ($)ajoint_venture	Sep. 30, 2020USD ($)a	Sep. 30, 2021USD ($)ajoint_venture	Sep. 30, 2020USD ($)a	Dec. 31, 2018USD ($)a	Jul. 01, 2022	Oct. 14, 2021USD ($)	Oct. 01, 2021	Dec. 31, 2020USD ($)	Jun. 23, 2020	Jul. 31, 2018USD ($)boardOfDirectorMember	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with unrelated parties | joint_venture				2		2
Revenue, timberland sold				$ 22,073,000	$ 24,613,000	$ 81,699,000	$ 73,342,000
Gain on disposition	[1]			23,377,000	0	24,136,000	1,274,000
Carrying value of investment				1,327,000		1,327,000						$ 1,510,000
Timberland sales
Schedule of Equity Method Investments [Line Items]
Revenue, timberland sold				$ 2,122,000	$ 2,430,000	$ 13,111,000	$ 8,882,000
Timber
Schedule of Equity Method Investments [Line Items]
Acres of land | a	[2]			370,100		370,100
Acres of timberland sold | a				1,000	1,200	7,100	5,200
Cost basis of timberland sold				$ 1,200,000	$ 1,800,000	$ 8,500,000	$ 6,300,000
Timber | Timberland sales
Schedule of Equity Method Investments [Line Items]
Revenue, timberland sold				2,100,000	2,400,000	13,100,000	8,900,000
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenue, timberland sold				40,037,000	44,222,000	100,629,000	114,091,000
Gain on disposition				78,811,000	$ 0	78,811,000	0
Triple T Joint Venture | Hancock Disposition | Timber
Schedule of Equity Method Investments [Line Items]
Acres of timberland sold | a		300,000
Cost basis of timberland sold		$ 407,800,000
Gain on disposition		78,800,000
Triple T Joint Venture | Hancock Disposition | Timber | Timberland sales
Schedule of Equity Method Investments [Line Items]
Revenue, timberland sold		$ 497,000,000
Revenue, price per acre | $ / a		1,656
Triple T Timberlands
Schedule of Equity Method Investments [Line Items]
Acres of land | a								1,100,000
Payments to acquire timberland								$ 1,390,000,000
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest			$ 5,000,000											$ 200,000,000
Ownership percentage														21.60%
Number of common board members | boardOfDirectorMember														3
HLBV cumulative loss from unconsolidated joint venture												205,000,000
Carrying value of investment				0		0						0
Annual asset management fee, percentage			1.00%										1.00%
Triple T Joint Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Transition service one-time payment, received										$ 5,000,000
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									0.25%		0.75%
Triple T Joint Venture | Wood Supply Agreement | GP
Schedule of Equity Method Investments [Line Items]
Payment for supply agreement			$ 145,000,000
Triple T Joint Venture | Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Proceeds from borrowings			$ 140,000,000
Triple T Joint Venture | Preferred Investors
Schedule of Equity Method Investments [Line Items]
Ownership percentage			78.40%										78.40%
Cumulative return on preferred investors' interests percentage			10.25%
Cumulative return on preferred investors' interests percentage, quarterly increase			0.50%
Cumulative return on preferred investors' interests percentage, maximum increase			2.00%
Dawsonville Bluffs
Schedule of Equity Method Investments [Line Items]
Ownership percentage															50.00%
Carrying value of investment				1,327,000		1,327,000						$ 1,510,000
Mitigation bank credits, book basis				$ 2,100,000		2,100,000
Cash distributions received						$ 800,000	$ 400,000
[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.
[2]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures_2

Unconsolidated Joint Ventures - Schedule of Condensed Balance Sheet Information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Joint Venture:
Total assets	$ 515,527,000	$ 607,328,000
Total liabilities	365,648,000	477,416,000
Total equity	148,042,000	128,764,000
CatchMark
Carrying value of investment	1,327,000	1,510,000
Triple T Joint Venture
CatchMark
Carrying value of investment	0	0
Dawsonville Bluffs
CatchMark
Carrying value of investment	1,327,000	1,510,000
Triple T Joint Venture
Joint Venture:
Total assets	1,494,831,000	1,547,344,000
Total liabilities	648,728,000	763,715,000
Total equity	846,103,000	783,629,000
Dawsonville Bluffs Joint Venture
Joint Venture:
Total assets	2,666,000	3,059,000
Total liabilities	11,000	39,000
Total equity	$ 2,655,000	$ 3,020,000

Unconsolidated Joint Ventures_3

Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Joint Venture:
Total revenues		$ 22,073			$ 24,613			$ 81,699	$ 73,342
Gain on large disposition	[1]	23,377			0			24,136	1,274
Net income (loss)		23,308	$ 1,753	$ (551)	(4,149)	$ (6,183)	$ (4,249)	24,510	(14,581)
CatchMark
Equity share of net income (loss)		(43)			(2,294)			620	(4,727)
Triple T Joint Venture
CatchMark
Equity share of net income (loss)		0			(2,689)			0	(5,000)
Dawsonville Bluffs
CatchMark
Equity share of net income (loss)		(43)			395			620	273
Triple T Joint Venture
Joint Venture:
Total revenues		40,037			44,222			100,629	114,091
Gain on large disposition		78,811			0			78,811	0
Net income (loss)		71,862			(9,973)			55,556	(25,636)
Dawsonville Bluffs Joint Venture
Joint Venture:
Total revenues		228			1,246			2,126	1,246
Net income (loss)		$ (85)			$ 790			$ 1,240	$ 546
[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.

Unconsolidated Joint Ventures_4

Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Net cash provided by operating activities	$ 36,882	$ 27,647
Net cash used in financing activities	(127,883)	(42,758)
Net change in cash and cash equivalents	12,642	(3,453)
Cash and cash equivalents, beginning of period	11,924	11,487
Cash and cash equivalents, end of period	24,566	8,034
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash provided by operating activities	1,634	633
Net cash used in financing activities	(1,605)	(800)
Net change in cash and cash equivalents	29	(167)
Cash and cash equivalents, beginning of period	559	1,441
Cash and cash equivalents, end of period	$ 588	$ 1,274

Unconsolidated Joint Ventures_5

Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021		Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Fees earned		$ 22,073		$ 24,613	$ 81,699		$ 73,342
Management services
Schedule of Equity Method Investments [Line Items]
Fees earned		2,984		3,118	9,313		8,950
Management services | Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned	[1]	2,789		3,112	9,013		8,789
Reimbursed compensation costs, included in fees earned		100		100	300		400
Management services | Dawsonville Bluffs
Schedule of Equity Method Investments [Line Items]
Fees earned		195	[2]	$ 6	300	[2]	161	[2]
Incentive-based promotion earned, included in fees earned		$ 200			$ 300		$ 100
[1]	Includes $0.1 million of reimbursements of compensation costs for each of the three months ended September 30, 2021 and 2020. Includes $0.3 million and $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2021 and 2020, respectively.
[2]	Includes $0.2 million of incentive-based promote earned for exceeding investment hurdles for the three months ended September 30, 2021. Includes $0.3 million and $0.1 million of incentive-based promote for the nine months ended September 30, 2021 and 2020, respectively .

Notes Payable and Lines of Cr_3

Notes Payable and Lines of Credit - Credit Agreement Amendment - Narrative (Details) - USD ($)	Oct. 15, 2021	Aug. 04, 2021	May 01, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of notes payable							$ 102,705,000	$ 20,850,000
Outstanding balance				$ 340,000,000			340,000,000		$ 442,705,000
Reclassified from unamortized deferred financing costs				2,165,000			2,165,000		5,215,000
Reclassified to deferred financing costs				2,752,000			2,752,000		167,000
Scenario, Adjustment
Debt Instrument [Line Items]
Debt financing costs, deferred				2,500,000			2,500,000
Reclassified from unamortized deferred financing costs				(2,500,000)			(2,500,000)
Subsequent Event
Debt Instrument [Line Items]
Outstanding balance	$ 300,000,000
Repayment of outstanding debt	40,000,000
Amended Credit Agreement
Debt Instrument [Line Items]
Working capital requirement (up to)		$ 5,000,000
Debt financing costs		322,000
Debt financing costs, deferred		289,000
Third-party related financing costs expensed		$ 33,000
Additional borrowing capacity				253,600,000			253,600,000
Unused commitment fee, paid				200,000		$ 100,000	400,000	$ 400,000
Amended Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Repayment of outstanding debt	40,000,000
Amended Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing			$ 35,000,000
Debt term			5 years
Additional borrowing capacity				35,000,000			35,000,000
Amount of credit facility allowed to be used for timberland acquisitions (not to exceed)							$ 5,000,000
Amended Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate							base rate
Amended Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate							0.50%
Amended Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate							1.20%
Amended Credit Agreement | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate							LIBOR
Amended Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate							1.50%
Amended Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate							1.90%
Amended Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing			$ 150,000,000
Debt term			7 years
Repayments of notes payable				95,400,000	$ 7,300,000
Outstanding balance				0			$ 0		34,086,000
Additional borrowing capacity				150,000,000			$ 150,000,000
Interest rate							1.90%
Amended Credit Agreement | Multi-Draw Term Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion							0.15%
Amended Credit Agreement | Multi-Draw Term Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion							0.35%
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate							base rate
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate							0.50%
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate							1.20%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate							LIBOR
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate							1.50%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate							1.90%
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maximum amounts available for borrowing			$ 100,000,000
Debt term			10 years
Outstanding balance				100,000,000			$ 100,000,000		100,000,000
Interest rate							1.75%
Amended Credit Agreement | Term Loan A-1 | Subsequent Event
Debt Instrument [Line Items]
Outstanding balance	84,706,000
Repayment of outstanding debt	15,294,000
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]
Maximum amounts available for borrowing			$ 100,000,000
Debt term			9 years
Outstanding balance				100,000,000			$ 100,000,000		100,000,000
Interest rate							1.90%
Amended Credit Agreement | Term Loan A-2 | Subsequent Event
Debt Instrument [Line Items]
Outstanding balance	89,706,000
Repayment of outstanding debt	10,294,000
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]
Maximum amounts available for borrowing			$ 68,600,000
Debt term			10 years
Reborrowing requirement, period		18 months
Outstanding balance				0			$ 0		68,619,000
Additional borrowing capacity				68,600,000			$ 68,600,000
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]
Maximum amounts available for borrowing			$ 140,000,000
Debt term			7 years
Outstanding balance				$ 140,000,000			$ 140,000,000		$ 140,000,000
Interest rate							1.70%
Amended Credit Agreement | Term Loan A-4 | Subsequent Event
Debt Instrument [Line Items]
Outstanding balance	125,588,000
Repayment of outstanding debt	$ 14,412,000
Amended Credit Agreement | 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 - Schedule of Long-Term Debt Outstanding (Details) - USD ($)		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal balance		$ 340,000,000	$ 442,705,000
Less: net unamortized deferred financing costs		(2,165,000)	(5,215,000)
Total		$ 337,835,000	437,490,000
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Interest Rate		1.75%
Current Interest Rate	[1]	1.83%
Total principal balance		$ 100,000,000	100,000,000
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
Interest Rate		1.90%
Current Interest Rate	[1]	1.98%
Total principal balance		$ 100,000,000	100,000,000
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
Interest Rate		2.00%
Current Interest Rate	[1]	0.00%
Total principal balance		$ 0	68,619,000
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
Interest Rate		1.70%
Current Interest Rate	[1]	1.78%
Total principal balance		$ 140,000,000	140,000,000
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
Interest Rate		1.90%
Current Interest Rate	[1]	0.00%
Total principal balance		$ 0	$ 34,086,000
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of Interest Rate		LIBOR
[1]	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_5

Notes Payable and Lines of Credit - Patronage Dividends - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Patronage refund accrual		$ 0.8	$ 0.9	$ 2.7	$ 2.7
Patronage dividends received	$ 4.1
Patronage dividends received in cash	3.1
Patronage dividends received in equity of the Patronage Banks	$ 1

Notes Payable and Lines of Cr_6

Notes Payable and Lines of Credit - Patronage Dividends - Schedule of Patronage Dividend Classification (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total		$ 7,038	$ 6,932
Accounts receivable
Debt Instrument [Line Items]
Total		2,727	3,597
Prepaid expenses and other assets
Debt Instrument [Line Items]
Total	[1]	$ 4,311	$ 3,335
[1]	Represents cumulative patronage dividends received as equity in the Patronage Banks.

Notes Payable and Lines of Cr_7

Notes Payable and Lines of Credit - Debt Covenants - Narrative (Details) - Amended Credit Agreement	9 Months Ended
	Sep. 30, 2021
Debt Instrument [Line Items]
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%

Notes Payable and Lines of Cr_8

Notes Payable and Lines of Credit - Schedule of Interest Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Cash paid for interest	$ 2	$ 2.2	$ 6.6	$ 9.2

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Unused commitment fees, paid	$ 100,000	$ 0	$ 400,000	$ 300,000
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.55%		3.55%		3.25%
Weighted-average interest rate, after patronage refunds	2.70%		2.70%		2.45%

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)derivative	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)derivative	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Outstanding Balance as of October 15, 2021	$ 340,000,000		$ 340,000,000		$ 442,705,000
Change in fair value, other comprehensive gain (loss), interest rate swaps	2,414,000	$ 3,799,000	13,595,000	$ (22,928,000)
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 275,000,000		$ 275,000,000
Derivative, fixed interest rate	3.95%		3.95%
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	2		2
Change in fair value, other comprehensive gain (loss), interest rate swaps	$ 2,200,000	3,400,000	$ 12,800,000	(24,200,000)
Reclassification from accumulated other comprehensive loss to interest expense	200,000	400,000	800,000	1,300,000
Payments for interest rate swaps	1,500,000	$ 1,400,000	4,300,000	$ 2,900,000
Amount to be reclassified from accumulated other comprehensive loss to interest expense net 12 months	$ 6,000,000		$ 6,000,000

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2021USD ($)
Derivative [Line Items]
Pay Rate	3.95%
Notional Amount	$ 275,000,000
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	Sep. 30, 2021	Dec. 31, 2020
Interest rate swaps | Designated as Hedging Instrument | Other liabilities
Derivatives designated as hedging instruments:
Derivative liabilities, fair value	$ (17,279)	$ (30,029)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)aT	Sep. 30, 2020USD ($)	Dec. 31, 2021T	Dec. 31, 2007state	Dec. 31, 2020USD ($)	Jan. 01, 2019USD ($)
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		$ 2,604,000		$ 2,604,000				$ 2,831,000	$ 3,400,000
Operating lease liability		2,779,000		2,779,000				$ 2,988,000	$ 3,400,000
Operating lease expense		110,000	$ 108,400	328,000	$ 325,000
Cash paid for office leases		105,000	$ 100,000	312,000	$ 297,000
Legal proceedings		$ 0		$ 0
Timber
Commitments and Contingencies [Line Items]
Area of land, held in leasehold interests | a	[1]	13,800		13,800
WestRock Corporation | Revenue Benchmark | Customer Concentration Risk | Timber sales
Commitments and Contingencies [Line Items]
Timber sold, Mahrt Timber Agreements, percentage of net timber sales revenue				12.00%
WestRock Corporation
Commitments and Contingencies [Line Items]
Timber sold, Mahrt Timber Agreements | T				303,000
WestRock Corporation | Forecast | Subsequent Event
Commitments and Contingencies [Line Items]
Minimum availability required | T						443,200
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
WestRock Corporation | Forecast | Subsequent Event
Commitments and Contingencies [Line Items]
Minimum purchase requirement | T						380,800
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, Current Year (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2019
Required payments, Current Year
2021	$ 103
2022	424	$ 412
2023	435	424
2024	447	435
2025	459	447
Thereafter	1,414
Total Required Payments	3,282	3,591
Less: imputed interest	(503)
Operating lease liability	$ 2,779	$ 2,988	$ 3,400
Remaining lease term (years)	7 years 2 months 12 days
Discount rate	4.58%

Commitments and Contingencies_3

Commitments and Contingencies - Operating Lease Future Annual Payments, Prior Year (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Required payments, Prior Year
2021	$ 424	$ 412
2022	435	424
2023	447	435
2024	459	447
2025		459
Thereafter		1,414
Total Required Payments	$ 3,282	$ 3,591

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Future Annual Payments, LTC Lease (Details) - Timber $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
2021	$ 11
2022	261
Total Required Payments	$ 272

Stock-based Compensation - Long

Stock-based Compensation - Long-Term Incentive Plans - Narrative (Details) shares in Millions	Jun. 24, 2021shares
2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	2

Stock-based Compensation - Serv

Stock-based Compensation - Service-based Restricted Stock Grants to Employees - Narrative (Details) - Service-based Restricted Stock $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares) | shares	148,817
Award vesting period	4 years
Granted in period, fair value | $	$ 1.6
Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Vesting Period Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%

Stock-based Compensation - Perf

Stock-based Compensation - Performance-based Awards - Narrative (Details) - USD ($) $ in Millions	Mar. 11, 2021	Sep. 30, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, unrecognized compensation expense		$ 5.6	$ 5.6
Nonvested awards, unrecognized compensation expense, period for recognition			2 years 4 months 24 days
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares)			202,930
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares)			44,180
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, unrecognized compensation expense	$ 1.5
Nonvested awards, unrecognized compensation expense, period for recognition	3 years 6 months
Executive Officer | Performance-Based Restricted Stock and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares)		0
Executive Officer | Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares)	202,930
Performance measurement period	3 years
Executive Officer | Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares)	44,180
Performance measurement period	3 years

Stock-based Compensation - Roll

Stock-based Compensation - Rollforward of Unvested Non-Option Award Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Service-based Restricted Stock
Number of Shares
Unvested, beginning of period (in shares) | shares	374,822
Granted in period (in shares) | shares	148,817
Vested (in shares) | shares	(124,745)
Forfeited (in shares) | shares	(875)
Unvested, end of period (in shares) | shares	398,019
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 10.51
Granted (in dollars per share) | $ / shares	10.77
Vested (in dollars per share) | $ / shares	10.54
Forfeited (in dollars per share) | $ / shares	10.74
Unvested, end of period (in dollars per share) | $ / shares	$ 10.60
Performance-Based LTIP Units
Number of Shares
Unvested, beginning of period (in shares) | shares	349,703
Granted in period (in shares) | shares	202,930
Vested (in shares) | shares	(7,705)
Forfeited (in shares) | shares	(39,020)
Unvested, end of period (in shares) | shares	505,908
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 6.03
Granted (in dollars per share) | $ / shares	6.26
Vested (in dollars per share) | $ / shares	1.31
Forfeited (in dollars per share) | $ / shares	1.82
Unvested, end of period (in dollars per share) | $ / shares	$ 6.52
Performance-Based LTIP Units | Director | Share-based Payment Arrangement, Nonemployee
Number of Shares
Unvested, beginning of period (in shares) | shares	25,302
Granted in period (in shares) | shares	23,353
Vested (in shares) | shares	(25,302)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	23,353
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 8.30
Granted (in dollars per share) | $ / shares	11.99
Vested (in dollars per share) | $ / shares	8.30
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 11.99
Performance-Based Restricted Stock
Number of Shares
Unvested, beginning of period (in shares) | shares	31,526
Granted in period (in shares) | shares	44,180
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(7,937)
Unvested, end of period (in shares) | shares	67,769
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 4.90
Granted (in dollars per share) | $ / shares	6.26
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	1.84
Unvested, end of period (in dollars per share) | $ / shares	$ 6.14
Share-based Payment Arrangement | Director | Share-based Payment Arrangement, Nonemployee | Restricted Common Stock
Number of Shares
Unvested, beginning of period (in shares) | shares	20,744
Granted in period (in shares) | shares	5,838
Vested (in shares) | shares	(20,744)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	5,838
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 8.17
Granted (in dollars per share) | $ / shares	11.99
Vested (in dollars per share) | $ / shares	8.17
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 11.99

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 766		$ 630	$ 2,152		$ 3,207
Recognized as noncontrolling interest	300			900
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]
Total	624		520	1,760		2,900	[1]
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 142	[2]	$ 110	$ 392	[2]	$ 307
[1]	The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020.
[2]	The three months and nine months ended September 30, 2021 includes $0.3 million and $0.9 million of stock-based compensation recognized as noncontrolling interest, respectively.

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Share-based Payment Arrangement [Abstract]
Nonvested awards, unrecognized compensation expense	$ 5.6
Nonvested awards, unrecognized compensation expense, period for recognition	2 years 4 months 24 days

Segment Information - Schedule

Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 22,073	$ 24,613	$ 81,699	$ 73,342
Harvest
Segment Reporting Information [Line Items]
Total revenues	16,967	19,065	59,275	55,510
Real Estate
Segment Reporting Information [Line Items]
Total revenues	2,122	2,430	13,111	8,882
Investment Management
Segment Reporting Information [Line Items]
Total revenues	$ 2,984	$ 3,118	$ 9,313	$ 8,950

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total	$ 9,864	$ 12,399	$ 40,378	$ 34,723
Operating Segments | Harvest
Segment Reporting Information [Line Items]
Total	7,077	8,502	25,371	24,497
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total	1,974	2,272	12,451	8,342
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total	2,951	3,653	10,046	9,363
Corporate
Segment Reporting Information [Line Items]
Total	$ (2,138)	$ (2,028)	$ (7,490)	$ (7,479)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 9,864			$ 12,399			$ 40,378	$ 34,723
Subtract:
Depletion		4,560			7,286			18,942	20,934
Interest expense	[1]	2,679			2,865			7,773	9,121
Amortization	[1]	577			747			1,846	2,621
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture	[2]	10			140			113	140
Basis of timberland sold, lease terminations and other	[3]	1,165			1,991			8,832	6,988
Stock-based compensation expense								2,152	3,207
Gain on large dispositions	[4]	(23,377)			0			(24,136)	(1,274)
HLBV loss from unconsolidated joint venture	[5]	0			2,689			0	5,000
Other	[6]	165			190			312	260
Net income (loss)		23,308	$ 1,753	$ (551)	(4,149)	$ (6,183)	$ (4,249)	24,510	(14,581)
Chief Executive Officer
Subtract:
Post-employment benefits	[7]	11			10			34	2,307
Dawsonville Bluffs Joint Venture
Subtract:
Stock-based compensation expense		$ 766			$ 630			$ 2,152	$ 3,207
[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.
[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 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]	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.
[7]	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 paid in installments over agreed-upon periods of time.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2021	Oct. 14, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)			$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135
Subsequent Event
Subsequent Event [Line Items]
Repayment of outstanding debt	$ 40,000
Cash dividend declared, per share (in dollars per share)	$ 0.075
Subsequent Event | Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Repayment of outstanding debt	$ 40,000
Debt covenant terms, loan repayment minimum sale requirement, percent (exceeds)		3.00%
Subsequent Event | Triple T Joint Venture
Subsequent Event [Line Items]
Proceeds from equity method investment, terminated		$ 35,000
Transition service one-time payment, received		$ 5,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Debt Repayment and Debt Outstanding (Details) - USD ($) $ in Thousands	Oct. 15, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Outstanding Balance as of October 15, 2021		$ 340,000	$ 442,705
Amended Credit Agreement | Term Loan A-1
Subsequent Event [Line Items]
Outstanding Balance as of October 15, 2021		100,000	100,000
Amended Credit Agreement | Term Loan A-2
Subsequent Event [Line Items]
Outstanding Balance as of October 15, 2021		100,000	100,000
Amended Credit Agreement | Term Loan A-4
Subsequent Event [Line Items]
Outstanding Balance as of October 15, 2021		$ 140,000	$ 140,000
Subsequent Event
Subsequent Event [Line Items]
Repayments	$ 40,000
Outstanding Balance as of October 15, 2021	300,000
Subsequent Event | Amended Credit Agreement
Subsequent Event [Line Items]
Repayments	40,000
Subsequent Event | Amended Credit Agreement | Term Loan A-1
Subsequent Event [Line Items]
Repayments	15,294
Outstanding Balance as of October 15, 2021	84,706
Subsequent Event | Amended Credit Agreement | Term Loan A-2
Subsequent Event [Line Items]
Repayments	10,294
Outstanding Balance as of October 15, 2021	89,706
Subsequent Event | Amended Credit Agreement | Term Loan A-4
Subsequent Event [Line Items]
Repayments	14,412
Outstanding Balance as of October 15, 2021	$ 125,588