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v3.25.1

REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Contract Balances | The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024 | Balance Sheet Location
Contract assets |  |  |  |
Trade receivables, net | $10,414 |  |  | $8,006 |  | Trade receivables
Contract liabilities |  |  |  |
Deferred revenue, current | 17,732 |  |  | 20,902 |  | Deferred revenue
Deferred revenue, non-current | 12,354 |  |  | 10,697 |  | Long-term deferred revenue
The following table summarizes revenue recognized during the three months ended March 31, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Revenue recognized from contract liability balance at the beginning of the year |  |  |  |  | $9,089 |  |  | $10,235 |
Schedule of Disaggregation of Revenue by Product | The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $19,798 |  |  | $1,265 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $21,063 |
Sawtimber | 20,565 |  |  | 19,106 |  |  |  |  |  |  | — |  |  | 407 |  |  |  |  |  |  | 40,078 |
Hardwood | 1,529 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,529 |
Total Timber Sales | 41,892 |  |  | 20,371 |  |  |  |  |  |  | — |  |  | 407 |  |  |  |  |  |  | 62,670 |
License Revenue, Primarily From Hunting | 5,235 |  |  | 91 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,326 |
Land-Based Solutions (a) | 2,755 |  |  | 30 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,785 |
Other Non-Timber Revenue | 1,062 |  |  | 912 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,974 |
Total Non-Timber Sales | 9,052 |  |  | 1,033 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,085 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 3,294 |  |  | — |  |  |  |  |  |  | 3,294 |
Rural | — |  |  | — |  |  |  |  |  |  | 5,274 |  |  | — |  |  |  |  |  |  | 5,274 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 1,290 |  |  | — |  |  |  |  |  |  | 1,290 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 9,858 |  |  | — |  |  |  |  |  |  | 9,858 |
Revenue from Contracts with Customers | 50,944 |  |  | 21,404 |  |  |  |  |  |  | 9,858 |  |  | 407 |  |  |  |  |  |  | 82,613 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 309 |  |  | — |  |  |  |  |  |  | 309 |
Total Revenue | $50,944 |  |  | $21,404 |  |  |  |  |  |  | $10,167 |  |  | $407 |  |  |  |  |  |  | $82,922 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $25,931 |  |  | $1,551 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $27,482 |
Sawtimber | 33,740 |  |  | 22,677 |  |  |  |  |  |  | — |  |  | 2,970 |  |  |  |  |  |  | 59,387 |
Hardwood | 1,195 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,195 |
Total Timber Sales | 60,866 |  |  | 24,228 |  |  |  |  |  |  | — |  |  | 2,970 |  |  |  |  |  |  | 88,064 |
License Revenue, Primarily from Hunting | 5,275 |  |  | 95 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,370 |
Land-Based Solutions (a) | 1,710 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,710 |
Other Non-Timber Revenue | 2,127 |  |  | 869 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,996 |
Total Non-Timber Sales | 9,112 |  |  | 964 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,076 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 1,825 |  |  | — |  |  |  |  |  |  | 1,825 |
Rural | — |  |  | — |  |  |  |  |  |  | 8,728 |  |  | — |  |  |  |  |  |  | 8,728 |
Timberland & Non-Strategic | — |  |  | — |  |  |  |  |  |  | 610 |  |  | — |  |  |  |  |  |  | 610 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 4,112 |  |  | — |  |  |  |  |  |  | 4,112 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 15,275 |  |  | — |  |  |  |  |  |  | 15,275 |
Revenue from Contracts with Customers | 69,978 |  |  | 25,192 |  |  |  |  |  |  | 15,275 |  |  | 2,970 |  |  |  |  |  |  | 113,415 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 289 |  |  | — |  |  |  |  |  |  | 289 |
Total Revenue | $69,978 |  |  | $25,192 |  |  |  |  |  |  | $15,564 |  |  | $2,970 |  |  |  |  |  |  | $113,704 |
(a) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts. (b) Includes deferred revenue adjustments, builder price participation and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Trading |  |  |  | Total |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $17,982 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | $17,982 |  |  |  |  |
Stumpage Lump Sum | 426 |  |  | 1,150 |  |  |  |  |  |  | — |  |  |  |  | 1,576 |  |  |  |  |
Total Stumpage | 18,408 |  |  | 1,150 |  |  |  |  |  |  | — |  |  |  |  | 19,558 |  |  |  |  |
Delivered Wood (Domestic) | 23,484 |  |  | 19,178 |  |  |  |  |  |  | 297 |  |  |  |  | 42,959 |  |  |  |  |
Delivered Wood (Export) | — |  |  | 43 |  |  |  |  |  |  | 110 |  |  |  |  | 153 |  |  |  |  |
Total Delivered | 23,484 |  |  | 19,221 |  |  |  |  |  |  | 407 |  |  |  |  | 43,112 |  |  |  |  |
Total Timber Sales | $41,892 |  |  | $20,371 |  |  |  |  |  |  | $407 |  |  |  |  | $62,670 |  |  |  |  |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $33,530 |  |  | $3 |  |  |  |  |  |  | — |  |  |  |  | $33,533 |  |  |  |  |
Stumpage Lump Sum | — |  |  | 1,981 |  |  |  |  |  |  | — |  |  |  |  | 1,981 |  |  |  |  |
Total Stumpage | 33,530 |  |  | 1,984 |  |  |  |  |  |  | — |  |  |  |  | 35,514 |  |  |  |  |
Delivered Wood (Domestic) | 25,113 |  |  | 19,559 |  |  |  |  |  |  | 7 |  |  |  |  | 44,679 |  |  |  |  |
Delivered Wood (Export) | 2,223 |  |  | 2,685 |  |  |  |  |  |  | 2,963 |  |  |  |  | 7,871 |  |  |  |  |
Total Delivered | 27,336 |  |  | 22,244 |  |  |  |  |  |  | 2,970 |  |  |  |  | 52,550 |  |  |  |  |
Total Timber Sales | $60,866 |  |  | $24,228 |  |  |  |  |  |  | $2,970 |  |  |  |  | $88,064 |  |  |  |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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