<SEC-DOCUMENT>0001398344-25-015656.txt : 20250814
<SEC-HEADER>0001398344-25-015656.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814160511
ACCESSION NUMBER:		0001398344-25-015656
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clearwater Paper Corp
		CENTRAL INDEX KEY:			0001441236
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD MILLS [2631]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				203594554
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84531
		FILM NUMBER:		251218722

	BUSINESS ADDRESS:	
		STREET 1:		601 WEST RIVERSIDE AVENUE
		STREET 2:		SUITE 1100
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99201
		BUSINESS PHONE:		509.344.5900

	MAIL ADDRESS:	
		STREET 1:		601 WEST RIVERSIDE AVENUE
		STREET 2:		SUITE 1100
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Potlatch Forest Products CORP
		DATE OF NAME CHANGE:	20080728

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHEASTERN ASSET MANAGEMENT INC/TN/
		CENTRAL INDEX KEY:			0000807985
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		EIN:				620951781
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		5100 POPLAR AVENUE
		STREET 2:		SUITE 2450
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38137
		BUSINESS PHONE:		9017612474

	MAIL ADDRESS:	
		STREET 1:		5100 POPLAR AVENUE
		STREET 2:		SUITE 2450
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38137

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROFESSIONAL PORTFOLIO MANAGEMENT INC
		DATE OF NAME CHANGE:	19890314

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHEASTERN ASSET MANAGEMENT INC
		DATE OF NAME CHANGE:	19880622
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: SOUTHEASTERN ASSET MANAGEMENT INC/TN/ -->
          <cik>0000807985</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001441236</issuerCik>
        <issuerName>Clearwater Paper Corp</issuerName>
        <issuerCusip>18538R103</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>601 WEST RIVERSIDE AVENUE</com:street1>
          <com:street2>SUITE 1100</com:street2>
          <com:city>SPOKANE</com:city>
          <com:stateOrCountry>WA</com:stateOrCountry>
          <com:zipCode>99201</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Southeastern Asset Management, Inc.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>TN</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1472.00</soleVotingPower>
        <sharedVotingPower>936449.00</sharedVotingPower>
        <soleDispositivePower>1472.00</soleDispositivePower>
        <sharedDispositivePower>936449.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>937921.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.8</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Longleaf Partners Small-Cap Fund</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>MA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>936449.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>936449.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>936449.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.8</classPercent>
      <typeOfReportingPerson>IV</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>O. Mason Hawkins</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Clearwater Paper Corp</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>601 WEST RIVERSIDE AVENUE, SUITE 1100, SPOKANE, WA, 99201</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(1) Southeastern Asset Management, Inc., ("Southeastern")
(2) Longleaf Partners Small-Cap Fund, ("Longleaf")
(3) Mr. O. Mason Hawkins, ("Mr. Hawkins")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>For all Reporting Persons:
5100 Poplar Avenue, Suite 2450, Memphis, TN 38137</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(1)  Southeastern - Tennessee
(2)  Longleaf - Massachusetts
(3)  Mr. Hawkins - United States of America</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IV</typeOfPersonFiling>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>(1) Southeastern - 937921
(2) Longleaf - 936449
(3) Mr. Hawkins - 0</amountBeneficiallyOwned>
        <classPercent>(1) Southeastern - 5.8 %
(2) Longleaf - 5.8 %
(3) Mr. Hawkins - 0</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>(1) Southeastern - 1472
(2) Longleaf - 0
(3) Mr. Hawkins - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>(1) Southeastern - 936449
(2) Longleaf - 936449
(3) Mr. Hawkins - 0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>(1) Southeastern - 1472
(2) Longleaf - 0
(3) Mr. Hawkins - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>(1) Southeastern - 936449
(2) Longleaf - 936449
(3) Mr. Hawkins - 0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>Not Applicable.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>Not Applicable.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>Not Applicable.</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>N</notApplicableFlag>
        <groupDissolutionNotice>Not Applicable.</groupDissolutionNotice>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Joint Filing Agreement

In accordance with Rule 13d-1 (k) under the Securities Exchange Act of 1934, the persons or entities named below agree to the joint filing on behalf of each of them of this Schedule 13G with respect to the Securities of the Issuer and further agree that this joint filing agreement be included as an exhibit to this Schedule 13G.  In evidence thereof, the undersigned hereby execute this Agreement as of August 14, 2025.

Southeastern Asset Management, Inc.
By /s/ Andrew R. McCarroll
Andrew R. McCarroll, General Counsel

Longleaf Partners Small-Cap Fund
By: Southeastern Asset Management, Inc.
/s/ Andrew R. McCarroll
Andrew R. McCarroll, General Counsel

O. Mason Hawkins, Individually
/s/ O. Mason Hawkins</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Southeastern Asset Management, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew R. McCarroll</signature>
        <title>Andrew R. McCarroll, General Counsel</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Longleaf Partners Small-Cap Fund</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew R. McCarroll</signature>
        <title>Andrew R. McCarroll, General Counsel</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>O. Mason Hawkins</reportingPersonName>
      <signatureDetails>
        <signature>/s/ O. Mason Hawkins</signature>
        <title>O. Mason Hawkins, Individually</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
