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REVENUE | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of June 30, 2025 are primarily due to advances on stumpage contracts, unearned license revenue and unearned carbon capture and storage revenue. Of these performance obligations, $32.6 million is expected to be recognized within the next twelve months, with the remaining $11.8 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. CONTRACT BALANCES The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under a contract. Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract. The following table summarizes revenue recognized during the three and six months ended June 30, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue recognized from contract liability balance at the beginning of the year | $6,759 |  |  | $8,281 |  |  | $15,849 |  |  | $18,529 |
The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $19,436 |  |  | $1,259 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $20,695 |
Sawtimber | 23,404 |  |  | 19,903 |  |  |  |  |  |  | — |  |  | 1,399 |  |  |  |  |  |  | 44,706 |
Hardwood | 923 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 923 |
Total Timber Sales | 43,763 |  |  | 21,162 |  |  |  |  |  |  | — |  |  | 1,399 |  |  |  |  |  |  | 66,324 |
License Revenue, Primarily from Hunting | 5,331 |  |  | 104 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,435 |
Land-Based Solutions (a) | 2,780 |  |  | 32 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,812 |
Other Non-Timber Revenue | 1,450 |  |  | 1,085 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,535 |
Total Non-Timber Sales | 9,561 |  |  | 1,221 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,782 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 8,484 |  |  | — |  |  |  |  |  |  | 8,484 |
Unimproved Development | — |  |  | — |  |  |  |  |  |  | 3,000 |  |  | — |  |  |  |  |  |  | 3,000 |
Rural | — |  |  | — |  |  |  |  |  |  | 15,729 |  |  | — |  |  |  |  |  |  | 15,729 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 1,875 |  |  | — |  |  |  |  |  |  | 1,875 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 29,088 |  |  | — |  |  |  |  |  |  | 29,088 |
Revenue from Contracts with Customers | 53,324 |  |  | 22,383 |  |  |  |  |  |  | 29,088 |  |  | 1,399 |  |  |  |  |  |  | 106,194 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 344 |  |  | — |  |  |  |  |  |  | 344 |
Total Revenue | $53,324 |  |  | $22,383 |  |  |  |  |  |  | $29,432 |  |  | $1,399 |  |  |  |  |  |  | $106,538 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $24,027 |  |  | $1,461 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $25,488 |
Sawtimber | 25,200 |  |  | 21,439 |  |  |  |  |  |  | — |  |  | 561 |  |  |  |  |  |  | 47,200 |
Hardwood | 672 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 672 |
Total Timber Sales | 49,899 |  |  | 22,900 |  |  |  |  |  |  | — |  |  | 561 |  |  |  |  |  |  | 73,360 |
License Revenue, Primarily from Hunting | 5,284 |  |  | 130 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,414 |
Land-Based Solutions (a) | 2,586 |  |  | 10 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,596 |
Other Non-Timber Revenue | 1,556 |  |  | 1,243 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,799 |
Total Non-Timber Sales | 9,426 |  |  | 1,383 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,809 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 2,575 |  |  | — |  |  |  |  |  |  | 2,575 |
Rural | — |  |  | — |  |  |  |  |  |  | 7,470 |  |  | — |  |  |  |  |  |  | 7,470 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 5,050 |  |  | — |  |  |  |  |  |  | 5,050 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 15,095 |  |  | — |  |  |  |  |  |  | 15,095 |
Revenue from Contracts with Customers | 59,325 |  |  | 24,283 |  |  |  |  |  |  | 15,095 |  |  | 561 |  |  |  |  |  |  | 99,264 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 375 |  |  | — |  |  |  |  |  |  | 375 |
Total Revenue | $59,325 |  |  | $24,283 |  |  |  |  |  |  | $15,470 |  |  | $561 |  |  |  |  |  |  | $99,639 |
(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.
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $39,234 |  |  | $2,524 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $41,758 |
Sawtimber | 43,970 |  |  | 39,009 |  |  |  |  |  |  | — |  |  | 1,805 |  |  |  |  |  |  | 84,784 |
Hardwood | 2,451 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 2,451 |
Total Timber Sales | 85,655 |  |  | 41,533 |  |  |  |  |  |  | — |  |  | 1,805 |  |  |  |  |  |  | 128,993 |
License Revenue, Primarily From Hunting | 10,566 |  |  | 195 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,761 |
Land-Based Solutions (a) | 5,535 |  |  | 61 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,596 |
Other Non-Timber Revenue | 2,512 |  |  | 1,998 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 4,510 |
Total Non-Timber Sales | 18,613 |  |  | 2,254 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 20,867 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 11,778 |  |  | — |  |  |  |  |  |  | 11,778 |
Unimproved Development | — |  |  | — |  |  |  |  |  |  | 3,000 |  |  | — |  |  |  |  |  |  | 3,000 |
Rural | — |  |  | — |  |  |  |  |  |  | 21,003 |  |  | — |  |  |  |  |  |  | 21,003 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 3,165 |  |  | — |  |  |  |  |  |  | 3,165 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 38,946 |  |  | — |  |  |  |  |  |  | 38,946 |
Revenue from Contracts with Customers | 104,268 |  |  | 43,787 |  |  |  |  |  |  | 38,946 |  |  | 1,805 |  |  |  |  |  |  | 188,806 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 653 |  |  | — |  |  |  |  |  |  | 653 |
Total Revenue | $104,268 |  |  | $43,787 |  |  |  |  |  |  | $39,599 |  |  | $1,805 |  |  |  |  |  |  | $189,459 |
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  | Trading |  |  |  |  |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $49,958 |  |  | $3,012 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | $52,970 |
Sawtimber | 58,940 |  |  | 44,116 |  |  |  |  |  |  | — |  |  | 3,532 |  |  |  |  |  |  | 106,588 |
Hardwood | 1,867 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 1,867 |
Total Timber Sales | 110,765 |  |  | 47,128 |  |  |  |  |  |  | — |  |  | 3,532 |  |  |  |  |  |  | 161,425 |
License Revenue, Primarily from Hunting | 10,559 |  |  | 225 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 10,784 |
Land-Based Solutions (a) | 4,294 |  |  | 20 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 4,314 |
Other Non-Timber Revenue | 3,684 |  |  | 2,102 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 5,786 |
Total Non-Timber Sales | 18,537 |  |  | 2,347 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | 20,884 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 4,400 |  |  | — |  |  |  |  |  |  | 4,400 |
Rural | — |  |  | — |  |  |  |  |  |  | 16,198 |  |  | — |  |  |  |  |  |  | 16,198 |
Timberland & Non-Strategic | — |  |  | — |  |  |  |  |  |  | 610 |  |  | — |  |  |  |  |  |  | 610 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | 9,162 |  |  | — |  |  |  |  |  |  | 9,162 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 30,370 |  |  | — |  |  |  |  |  |  | 30,370 |
Revenue from Contracts with Customers | 129,302 |  |  | 49,475 |  |  |  |  |  |  | 30,370 |  |  | 3,532 |  |  |  |  |  |  | 212,679 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 664 |  |  | — |  |  |  |  |  |  | 664 |
Total Revenue | $129,302 |  |  | $49,475 |  |  |  |  |  |  | $31,034 |  |  | $3,532 |  |  |  |  |  |  | $213,343 |
(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 and six months ended June 30, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Trading |  |  |  | Total |  |  |  |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $19,132 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | $19,132 |  |  |  |  |
Stumpage Lump Sum | — |  |  | 561 |  |  |  |  |  |  | — |  |  |  |  | 561 |  |  |  |  |
Total Stumpage | 19,132 |  |  | 561 |  |  |  |  |  |  | — |  |  |  |  | 19,693 |  |  |  |  |
Delivered Wood (Domestic) | 24,631 |  |  | 20,601 |  |  |  |  |  |  | 1,399 |  |  |  |  | 46,631 |  |  |  |  |
Total Delivered | 24,631 |  |  | 20,601 |  |  |  |  |  |  | 1,399 |  |  |  |  | 46,631 |  |  |  |  |
Total Timber Sales | $43,763 |  |  | $21,162 |  |  |  |  |  |  | $1,399 |  |  |  |  | $66,324 |  |  |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $26,095 |  |  | $5 |  |  |  |  |  |  | — |  |  |  |  | $26,100 |  |  |  |  |
Stumpage Lump Sum | — |  |  | 1,554 |  |  |  |  |  |  | — |  |  |  |  | 1,554 |  |  |  |  |
Total Stumpage | 26,095 |  |  | 1,559 |  |  |  |  |  |  | — |  |  |  |  | 27,654 |  |  |  |  |
Delivered Wood (Domestic) | 22,005 |  |  | 21,341 |  |  |  |  |  |  | 14 |  |  |  |  | 43,360 |  |  |  |  |
Delivered Wood (Export) | 1,799 |  |  | — |  |  |  |  |  |  | 547 |  |  |  |  | 2,346 |  |  |  |  |
Total Delivered | 23,804 |  |  | 21,341 |  |  |  |  |  |  | 561 |  |  |  |  | 45,706 |  |  |  |  |
Total Timber Sales | $49,899 |  |  | $22,900 |  |  |  |  |  |  | $561 |  |  |  |  | $73,360 |  |  |  |  |
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Trading |  |  |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $37,113 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | $37,113 |
Stumpage Lump Sum | 426 |  |  | 1,711 |  |  |  |  |  |  | — |  |  |  |  | 2,137 |
Total Stumpage | 37,539 |  |  | 1,711 |  |  |  |  |  |  | — |  |  |  |  | 39,250 |
Delivered Wood (Domestic) | 48,116 |  |  | 39,779 |  |  |  |  |  |  | 1,696 |  |  |  |  | 89,591 |
Delivered Wood (Export) | — |  |  | 43 |  |  |  |  |  |  | 109 |  |  |  |  | 152 |
Total Delivered | 48,116 |  |  | 39,822 |  |  |  |  |  |  | 1,805 |  |  |  |  | 89,743 |
Total Timber Sales | $85,655 |  |  | $41,533 |  |  |  |  |  |  | $1,805 |  |  |  |  | $128,993 |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $59,624 |  |  | $8 |  |  |  |  |  |  | — |  |  |  |  | $59,632 |
Stumpage Lump Sum | — |  |  | 3,535 |  |  |  |  |  |  | — |  |  |  |  | 3,535 |
Total Stumpage | 59,624 |  |  | 3,543 |  |  |  |  |  |  | — |  |  |  |  | 63,167 |
Delivered Wood (Domestic) | 47,118 |  |  | 40,901 |  |  |  |  |  |  | 22 |  |  |  |  | 88,041 |
Delivered Wood (Export) | 4,023 |  |  | 2,684 |  |  |  |  |  |  | 3,510 |  |  |  |  | 10,217 |
Total Delivered | 51,141 |  |  | 43,585 |  |  |  |  |  |  | 3,532 |  |  |  |  | 98,258 |
Total Timber Sales | $110,765 |  |  | $47,128 |  |  |  |  |  |  | $3,532 |  |  |  |  | $161,425 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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