Pope Resources, A Delaware Limited Partnership manages timber resources in the United States. It operates in three segments: Fee Timber, Timberland Management & Consulting, and Real Estate. The Fee Timber segment is involved in growing, harvesting, and marketing timber to domestic manufacturers and export brokers consisting of 201,000 timberland acres that it own or manage as tree farms. The Timberland Management & Consulting segment provides management, acquisition, disposition, and consulting services to third-party owners of timberland. This segment is also engaged in raising investment capital for the funds, as well as acquiring and managing properties on behalf of the funds. The Real Estate segment is involved in securing entitlements and/or infrastructure for the development; selling the entitled property to a party who would construct improvements; negotiating conservation easements; and leasing residential and commercial properties, as well as a commercial office building. This