Pope Resources, A Delaware Limited Partnership (Pope Resources) is engaged primarily in managing timber resources on its own properties, as well as those owned by others. The Company operates through three business segments: Fee Timber, Timberland Management and Real Estate. The Fee Timber operations consist of growing and harvesting timber from approximately 205,000 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 2,500 acres in the west Puget Sound region of Washington. Its subsidiaries, ORM, Inc. and Olympic Resource Management LLC (ORMLLC), facilitate the Timberland Management activities. Its Real Estate holdings are located primarily in the Washington counties of Pierce, Kitsap and Jefferson with sales of land.