LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

(in thousands)	At December 31,
ORM Timber Funds debt:	2019			2018
Fund II Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020), as follows:
Interest at 4.85%	$	11,000		$	11,000
Interest at 3.84%	14,000			14,000
Fund III mortgages payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows:
Interest at 5.10% (matures December 2023)	17,980			17,980
Interest at 4.45% (matures October 2024)	14,400			14,400
Total ORM Timber Funds debt	57,380			57,380
Less unamortized debt issuance costs	(45		)	(67		)
Less current portion	(24,990		)	—
Long-term debt, less unamortized debt issuance costs and current portion - Funds	$	32,345		$	57,313

(in thousands)	At December 31,
Partnership debt:	2019			2018
$30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.30% at December 31, 2019) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)	$	16,000		16,400
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80% with monthly principal and interest payments, (matures January 2023)	2,209			2,337
$71.8 million credit facility payable to NWFCS with quarterly interest-only payments, collateralized by Partnership timberlands, with the following tranches:
Interest at 6.40% (refinanced April 2019)	—			9,800
Interest at LIBOR plus 1.60% (3.30% at December 31, 2019) (matures October 2024)	6,000			6,000
Interest at 6.05% (matures July 2025)	10,000			10,000
Interest at 3.89% (matures July 2026)	11,000			11,000
Interest at 4.13% (matures July 2028)	11,000			11,000
Interest at 5.34% (matures October 2034)	8,000			8,000
Interest at 5.34% (matures October 2035)	8,000			8,000
Interest at 5.42% (matures October 2036)	8,000			8,000
Interest at 4.35% (matures May 2031)	3,000			—
Interest at 4.49% (matures May 2031)	3,000			—
Interest at 4.60% (matures May 2031)	3,800			—
$40.0 million delayed-draw facility, quarterly interest-only payments with ultimate maturity of October 2028, collateralized by Partnership timberlands, with the following tranche:
Interest based on LIBOR plus margin of 1.60% (3.30% at December 31, 2019)	7,000			4,000
Total Partnership debt	97,009			94,537
Less unamortized debt issuance costs	(470		)	(481		)
Less current portion	(133		)	(128		)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	$	96,406		$	93,928

Principal Payments on Long-Term Debt

At December 31, 2019, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):

	Partnership		Funds
2020	$	133	$	25,000
2021	138		—
2022	143		—
2023	17,795		17,980
2024	6,000		14,400
Thereafter	72,800		—
Total	$	97,009	$	57,380