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DEBT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at March 31, 2026:
| March 31, 2026
Debt |
Senior Notes due 2031 at a fixed interest rate of 2.75% | $450,000 |
2015 Term Loan borrowings due 2028 at a variable interest rate of 5.25% | 200,000 |
2016 Incremental Term Loan due 2026 at a variable interest rate of 5.40% | 200,000 |
2021 Incremental Term Loan due 2029 at a variable interest rate of 5.57% | 200,000 |
Debt assumed in the PotlatchDeltic merger (January 30, 2026)
Term Loan M due 2029 at a variable interest rate of 5.37% | 150,000 |
Term Loan Q due 2027 at a variable interest rate of 5.67% | 138,750 |
Term Loan R due 2030 at a variable interest rate of 5.67% | 138,750 |
Term Loan W due 2034 at a variable interest rate of 5.95% | 100,000 |
Term Loan X due 2035 at a variable interest rate of 5.95% | 100,000 |
Term Loan K due 2028 at a variable interest rate of 5.71% | 65,000 |
Term Loan O due 2030 at a variable interest rate of 5.95% | 46,000 |
Term Loan N due 2029 at a variable interest rate of 5.36% | 40,000 |
Term Loan P due 2031 at a variable interest rate of 5.87% | 40,000 |
Term Loan S due 2032 at a variable interest rate of 5.97% | 40,000 |
Term Loan T due 2033 at a variable interest rate of 5.97% | 40,000 |
Term Loan U due 2032 at a variable interest rate of 5.85% | 38,000 |
Term Loan V due 2033 at a variable interest rate of 5.90% | 38,000 |
Term Loan L due 2028 at a variable interest rate of 5.71% | 35,000 |
Total principal debt | 2,059,500 |
Less: Current maturities of long-term debt, net of deferred financing costs of $4 | (199,996) |
Less: Unamortized discounts | (1,989) |
Less: Deferred financing costs | (2,464) |
Total long-term debt, net | $1,855,051 |
Effective fixed rates below reflect the contractual rate, interest rate swaps, and estimated patronage payments on variable-rate debt outstanding as of March 31, 2026:
Debt |  |  | Periodic Interest Rate | Effective Fixed Interest Rate (a)
Pre-existing Debt |  |  |
2015 Term Loan |  |  | Daily Simple SOFR + 1.60% | 2.11 | %
2016 Incremental Term Loan |  |  | Daily Simple SOFR + 1.75% | 2.96 | %
2021 Incremental Term Loan |  |  | Daily Simple SOFR + 1.92% | 1.70 | %
Debt Assumed in the PotlatchDeltic Merger (January 30, 2026) |  |  |
Term Loan M (b) |  |  | Adj. 1-Month Term SOFR + 1.60% | 0.98 | %
Term Loan Q |  |  | 1-Month Term SOFR + 2.00% | 1.48 | %
Term Loan R (b) |  |  | 1-Month Term SOFR + 2.00% | 1.62 | %
Term Loan W (b) |  |  | Daily Simple SOFR + 2.30% | 3.24 | %
Term Loan X (b) |  |  | Daily Simple SOFR + 2.30% | 2.99 | %
Term Loan K (b) |  |  | Adj. 1-Month Term SOFR + 1.94% | 3.66 | %
Term Loan O (b) |  |  | Adj. 1-Month Term SOFR + 2.18% | 1.96 | %
Term Loan N (b) |  |  | Adj. 1-Month Term SOFR + 1.59% | 1.82 | %
Term Loan P |  |  | Adj. 1-Month Term SOFR + 2.10% | 1.95 | %
Term Loan S (b) |  |  | 1-Month Term SOFR + 2.30% | 2.23 | %
Term Loan T (b) |  |  | 1-Month Term SOFR + 2.30% | 2.30 | %
Term Loan U (b) |  |  | Daily Simple SOFR + 2.20% | 2.99 | %
Term Loan V (b) |  |  | Daily Simple SOFR + 2.25% | 3.23 | %
Term Loan L (b) |  |  | Adj. 1-Month Term SOFR + 1.94% | 3.66 | %
(a)Effective interest rate is after consideration of interest rate swaps and estimated patronage. (b)The applicable margin is subject to periodic adjustment based on the lender’s actual cost of funds for each funding period.
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows:
| Total |  |
2026 | $200,000 |  |  |
2027 | 138,750 |  |  |
2028 | 300,000 |  |  |
2029 | 390,000 |  |  |
2030 | 184,750 |  |  |
Thereafter | 846,000 |  |  |
Total debt | $2,059,500 |  |  |
Schedule of Debt Covenants | The most significant financial covenants, which are calculated on a trailing 12-month basis as of March 31, 2026, are summarized below:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense shall not be less than | 2.5 to 1 |  | 7.4 to 1 |  | 4.9
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 30 | % |  | 35 | %

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