Pope Resources, A Delaware Limited Partnership is engaged primarily in managing timber resources on its own properties, as well as those owned by others. The Company operates in three business segments: Fee Timber, Timberland Management and Real Estate. The Fee Timber operations consist of growing and harvesting timber from the 191,000 acres that the Company owns or co-owns with its timber fund investors as tree farms. The Timberland Management segment is engaged in organizing and managing private equity timber funds using capital invested by third parties and the Company. The Real Estate segment's operations are focused on a portfolio of approximately 2,600 acres in the west Puget Sound region of Washington. The Real Estate segment's activities consist of investing in and later reselling properties, and holding properties for later development and sale and managing commercial properties.