This note provides details about our transactions with related parties. For the years presented, our material related parties have consisted of variable interest entities.

From 2002 through 2004, we sold certain nonstrategic timberlands. As a result of these sales, buyer-sponsored and monetization variable interest entities, or special purpose entities (SPEs), were formed. We were the primary beneficiary and consolidated the assets and liabilities of the SPEs involved in these transactions.

The assets of the buyer-sponsored SPEs were financial investments which consisted of bank guarantees. These bank guarantees were in turn backed by bank notes, which were the liabilities of the monetization SPEs. Interest earned from the financial investments within the buyer-sponsored SPEs was used to pay interest accrued on the corresponding monetization SPE’s note.

We had an equity interest in the monetization SPEs, but no ownership interest in the buyer-sponsored SPEs. The following disclosures refer to assets of buyer-sponsored SPEs and liabilities of monetization SPEs. However, because these SPEs were distinct legal entities:

•	Assets of the SPEs were not available to satisfy our liabilities or obligations.
•	Liabilities of the SPEs were not our liabilities or obligations.

During first quarter 2020, we received $362 million in proceeds from our final buyer-sponsored SPE at maturity. The corresponding $302 million in liabilities of this SPE was paid in third quarter 2019. During first quarter 2019, we received $253 million in proceeds from a buyer-sponsored SPE at maturity.

Our Consolidated Statement of Operations includes interest income on buyer-sponsored SPE investments of $22 million in 2019 and interest expense on monetization SPE notes of $12 million in 2019.

We had minimal interest income on buyer-sponsored SPE investments and no interest expense on monetization SPE notes in 2020.

The weighted average interest rate on our buyer-sponsored SPEs was 5.5 percent during 2020 and 2019. The interest rate on the final monetization SPE that matured in 2019 was 5.6 percent.