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REVENUE (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Contracts with Customers | 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 |
Schedule of Disaggregation of Revenue by Product | 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 |

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