Investor sentiment surveys from JP Morgan show 62% of asset managers plan to increase their exposure to timberland in 2025, citing its defensive properties and positive correlation with climate-focused investment themes. Timberland Bancorp shareholders have received returns of 17% over twelve months (even including dividends), which isn't far from the general market return. We should note here that the five-year TSR is more impressive, at 17% per year. More recently, the share price growth has slowed. But it has to be said the overall picture is one of good long term and short term performance. Arguably that makes Timberland Bancorp a stock worth watching. It's always interesting to track share price performance over the longer term. But to understand Timberland Bancorp better, we need to consider many other factors. For instance, we've identified 1 warning sign for Timberland Bancorp that you should be aware of. That 4.4% botanic payout is the starting point for expected return. Log prices, sensitive to homebuilding demands, are extremely volatile, but over the long pull they, and the residual value of cleared land, should keep up with inflation. Add in inflation and a 7% nominal return is within reach. Forestry asset owners are monetizing carbon offsets at rates approaching $17/ton CO₂.