Director — Keith Duplechin and Daniel J. Englander: Messrs. Duplechin and Englander are retiring from their positions as directors.

Completion of Acquisition or Disposition of Assets The information set forth in the Introductory Note of this Current Report is incorporated herein by reference. On November 18, 2025, pursuant to the Agreement, the Registrant completed the sale to the Buyer of approximately 6,548 acres of land wholly-owned by the Registrant in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana (the “ Transaction ”). The purchase price, a…

Entry into a Material Definitive Agreement. On August 14, 2025 (the “ Effective Date ”), the Registrant entered into an Agreement of Purchase and Sale (the “ Agreement ”) with Southern Pine Plantations of Georgia, Inc., a Georgia corporation (“ Buyer ”) and Adams, Hemingway, Wilson and Rutledge, LLC, as escrow agent (“ Escrow Agent ”). The Agreement provides, among other things and subject to the terms and conditions set forth therein, for the purchase by Buyer of approximately 7,014 acres of…

CFO — Scott Stepp: Appointment of Scott Stepp as the Chief Financial Officer.

William Gray Stream: The amendment extends the employment agreement and modifies vesting schedules and performance targets.

Director — Mr. LaMure: Mr. LaMure was appointed to the Audit Committee and Nominating Committee.

Director — Edward M. Ellington II: Edward M. Ellington II is retiring from his position as a member of the board of directors.

Director — Michael White: Michael White retired from his position as a director, and Lane T. LaMure was appointed to succeed him.

The filing describes the approval and adoption of a stock incentive plan, which is not a management change.

William Gray Stream: The amendment modifies the terms of Mr. Stream's compensatory arrangement, including changes to vesting conditions and stock price targets.

Secretary — Mary L. Werner: Ms. Werner retired from the position of Secretary, and Mr. Boyer was appointed as her successor.