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REVENUE | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE 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 years ended December 31, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31,
| 2025 |  | 2024
Revenue recognized from contract liability balance at the beginning of the year | $19,523 |  |  | $26,534 |
The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2025, 2024 and 2023:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  |  |  |  |  |  |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $80,694 |  |  | $5,070 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | $85,764 |
Sawtimber | 94,949 |  |  | 71,219 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 166,168 |
Hardwood | 6,183 |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 6,183 |
Total Timber Sales | 181,826 |  |  | 76,289 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 258,115 |
Trading (a) | — |  |  | 1,805 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 1,805 |
License Revenue, primarily from Hunting | 21,189 |  |  | 782 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 21,971 |
Land Based Solutions (b) | 11,230 |  |  | 106 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 11,336 |
Other Non-Timber Revenue | 14,064 |  |  | 4,582 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 18,646 |
Total Non-Timber Sales | 46,483 |  |  | 7,275 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 53,758 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 47,160 |  |  |  |  |  |  |  |  | 47,160 |
Unimproved Development | — |  |  | — |  |  |  |  |  |  | 5,080 |  |  |  |  |  |  |  |  | 5,080 |
Rural | — |  |  | — |  |  |  |  |  |  | 48,581 |  |  |  |  |  |  |  |  | 48,581 |
Timberland & Non-Strategic | — |  |  | — |  |  |  |  |  |  | 53,500 |  |  |  |  |  |  |  |  | 53,500 |
Deferred Revenue/Other (c) | — |  |  | — |  |  |  |  |  |  | 16,841 |  |  |  |  |  |  |  |  | 16,841 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 171,162 |  |  |  |  |  |  |  |  | 171,162 |
Revenue from Contracts with Customers | 228,309 |  |  | 83,564 |  |  |  |  |  |  | 171,162 |  |  |  |  |  |  |  |  | 483,035 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 1,450 |  |  |  |  |  |  |  |  | 1,450 |
Total Revenue | $228,309 |  |  | $83,564 |  |  |  |  |  |  | $172,612 |  |  |  |  |  |  |  |  | $484,485 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $94,820 |  |  | $5,473 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | $100,293 |
Sawtimber | 99,636 |  |  | 89,726 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 189,362 |
Hardwood | 4,967 |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 4,967 |
Total Timber Sales | 199,423 |  |  | 95,199 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 294,622 |
Trading (a) | 1,223 |  |  | 7,233 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 8,456 |
License Revenue, primarily from Hunting | 21,164 |  |  | 942 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 22,106 |
Land Based Solutions (b) | 14,518 |  |  | 50 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 14,568 |
Other Non-Timber Revenue | 15,314 |  |  | 4,595 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 19,909 |
Total Non-Timber Sales | 52,219 |  |  | 12,820 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 65,039 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 30,754 |  |  |  |  |  |  |  |  | 30,754 |
Unimproved Development | — |  |  | — |  |  |  |  |  |  | 12,400 |  |  |  |  |  |  |  |  | 12,400 |
Rural | — |  |  | — |  |  |  |  |  |  | 72,913 |  |  |  |  |  |  |  |  | 72,913 |
Timberland & Non-Strategic | — |  |  | — |  |  |  |  |  |  | 610 |  |  |  |  |  |  |  |  | 610 |
Conservation Easements | — |  |  | — |  |  |  |  |  |  | 1,101 |  |  |  |  |  |  |  |  | 1,101 |
Deferred Revenue/Other (c) | — |  |  | — |  |  |  |  |  |  | 14,001 |  |  |  |  |  |  |  |  | 14,001 |
Large Dispositions | — |  |  | — |  |  |  |  |  |  | 495,000 |  |  |  |  |  |  |  |  | 495,000 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 626,779 |  |  |  |  |  |  |  |  | 626,779 |
Revenue from Contracts with Customers | 251,642 |  |  | 108,019 |  |  |  |  |  |  | 626,779 |  |  |  |  |  |  |  |  | 986,440 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 1,489 |  |  |  |  |  |  |  |  | 1,489 |
Total Revenue | $251,642 |  |  | $108,019 |  |  |  |  |  |  | $628,268 |  |  |  |  |  |  |  |  | $987,929 |
Year Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  | Real Estate |  |  |  |  |  |  |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $99,035 |  |  | $8,410 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | $107,445 |
Sawtimber | 123,312 |  |  | 109,446 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 232,758 |
Hardwood | 4,279 |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 4,279 |
Total Timber Sales | 226,626 |  |  | 117,856 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 344,482 |
Trading (a) | 1,006 |  |  | 9,131 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 10,137 |
License Revenue, primarily from Hunting | 23,130 |  |  | 1,344 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 24,474 |
Land Based Solutions (b) | 3,989 |  |  | 1,355 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 5,344 |
Other Non-Timber Revenue | 10,383 |  |  | 3,590 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 13,973 |
Total Non-Timber Sales | 38,508 |  |  | 15,420 |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 53,928 |
Improved Development | — |  |  | — |  |  |  |  |  |  | 30,707 |  |  |  |  |  |  |  |  | 30,707 |
Unimproved Development | — |  |  | — |  |  |  |  |  |  | 114 |  |  |  |  |  |  |  |  | 114 |
Rural | — |  |  | — |  |  |  |  |  |  | 99,665 |  |  |  |  |  |  |  |  | 99,665 |
Timberland & Non-Strategic | — |  |  | — |  |  |  |  |  |  | 3,347 |  |  |  |  |  |  |  |  | 3,347 |
Deferred Revenue/Other (c) | — |  |  | — |  |  |  |  |  |  | 12,516 |  |  |  |  |  |  |  |  | 12,516 |
Large Dispositions | — |  |  | — |  |  |  |  |  |  | 242,200 |  |  |  |  |  |  |  |  | 242,200 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | 388,549 |  |  |  |  |  |  |  |  | 388,549 |
Revenue from Contracts with Customers | 265,134 |  |  | 133,276 |  |  |  |  |  |  | 388,549 |  |  |  |  |  |  |  |  | 786,959 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | 1,414 |  |  |  |  |  |  |  |  | 1,414 |
Total Revenue | $265,134 |  |  | $133,276 |  |  |  |  |  |  | $389,963 |  |  |  |  |  |  |  |  | $788,373 |
(a) Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments. (b) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts and conservation easements for habitat protection. (c) Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales. The following table presents our timber sales disaggregated by contract type for the years ended December 31, 2025, 2024 and 2023:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  |  |  |  |  |  |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $82,480 |  |  | — |  |  |  |  |  |  |  |  | $82,480 |
Stumpage Lump Sum | 794 |  |  | 3,233 |  |  |  |  |  |  |  |  | 4,027 |
Total Stumpage | 83,274 |  |  | 3,233 |  |  |  |  |  |  |  |  | 86,507 |
Delivered Wood (Domestic) | 98,552 |  |  | 73,013 |  |  |  |  |  |  |  |  | 171,565 |
Delivered Wood (Export) | — |  |  | 43 |  |  |  |  |  |  |  |  | 43 |
Total Delivered | 98,552 |  |  | 73,056 |  |  |  |  |  |  |  |  | 171,608 |
Total Timber Sales | $181,826 |  |  | $76,289 |  |  |  |  |  |  |  |  | $258,115 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $97,369 |  |  | $8 |  |  |  |  |  |  |  |  | $97,377 |
Stumpage Lump Sum | 827 |  |  | 8,228 |  |  |  |  |  |  |  |  | 9,055 |
Total Stumpage | 98,196 |  |  | 8,236 |  |  |  |  |  |  |  |  | 106,432 |
Delivered Wood (Domestic) | 96,492 |  |  | 83,041 |  |  |  |  |  |  |  |  | 179,533 |
Delivered Wood (Export) | 4,735 |  |  | 3,922 |  |  |  |  |  |  |  |  | 8,657 |
Total Delivered | 101,227 |  |  | 86,963 |  |  |  |  |  |  |  |  | 188,190 |
Total Timber Sales | $199,423 |  |  | $95,199 |  |  |  |  |  |  |  |  | $294,622 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $109,583 |  |  | — |  |  |  |  |  |  |  |  | $109,583 |
Stumpage Lump Sum | 387 |  |  | 2,654 |  |  |  |  |  |  |  |  | 3,041 |
Total Stumpage | 109,970 |  |  | 2,654 |  |  |  |  |  |  |  |  | 112,624 |
Delivered Wood (Domestic) | 108,354 |  |  | 102,533 |  |  |  |  |  |  |  |  | 210,887 |
Delivered Wood (Export) | 8,302 |  |  | 12,669 |  |  |  |  |  |  |  |  | 20,971 |
Total Delivered | 116,656 |  |  | 115,202 |  |  |  |  |  |  |  |  | 231,858 |
Total Timber Sales | $226,626 |  |  | $117,856 |  |  |  |  |  |  |  |  | $344,482 |
SIGNIFICANT CUSTOMERS For the year ended December 31, 2025, we closed on a 21,601-acre transaction to a conservation-oriented buyer for $53.5 million, representing approximately 11% of consolidated sales. For the year ended December 31, 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 50% of consolidated sales. Individually, each large disposition represents 10% or more of consolidated sales. For the year ended December 31, 2023, we closed on a 55,000-acre Large Disposition to Manulife Investment Management on behalf of clients for $242.2 million, representing approximately 31% of consolidated sales.

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