Financial StatementsI am an accounting and finance professional and I never heard of TRE before today. In the financial statements for the year ended 12.31.2011 TRE recorded in Note 11, an unrealized "dilution gain" of $496 million. This "gain" is not on the income statement because as it is unrealized but you can't tell where it is on the balance sheet either. The largest asset on the balance sheet is " Timber Holdings" at $3,122,000,000. Unfortunately the disclosure on this asset is very minimal and it is not reconciled to the balance at the end of last year. If you take the balance at 12.31.09 $2,183,000,000 and the additions $ 1,358,000,000 and deduct the depletion $746,474,000 the balance at 12.31.2010 should be $2,795,893, but it isn't. It is $3,122,517, a difference of $326,624,000. The funny thing is the unrealized gain came from the Greenhart Group of which it owns 30.3% on a conversion of some notes. Oh, and Greenhart is a private company. Hard to establish FMV. They also sell assets to this company, as in the case of the New Zealand forest. There are a lot of related party and near related party transactions. I do not like this.