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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three years ended December 31:

Year Ended			Southern Timber						Pacific Northwest Timber												Real Estate																		Total
December 31, 2025
Sales			$228,309						$83,564												$172,612																		$484,485
Costs and Expenses
Cut and haul costs			(53,386)						(35,758)												—																		(89,144)
Port and freight costs			—						(18)												—																		(18)
Depreciation, depletion and amortization			(68,998)						(21,792)												(13,983)																		(104,773)
Non-cash cost of land and improved development			—						—												(43,714)																		(43,714)
Other costs and expenses (a)			(44,821)						(24,077)												(52,590)																		(121,488)
Reportable segment operating income			$61,104						$1,919												$62,325																		$125,348
Add: Asset impairment charge (b)			—						—												7,048																		7,048
Add: Depreciation, depletion and amortization			68,998						21,792												13,983																		104,773
Add: Non-cash cost of land and improved development			—						—												43,714																		43,714
Reportable segment adjusted EBITDA			$130,102						$23,711												$127,070																		$280,883
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (c)																					($32,918)
Interest, net and miscellaneous expense																					(2,057)
Depreciation, depletion and amortization																					(106,454)
Non-cash cost of land and improved development																					(43,714)
Non-operating expense (d)																					(6,685)
Costs related to the merger with PotlatchDeltic (e)																					(6,303)
Asset impairment charge (b)																					(7,048)
Restructuring charges (f)																					(1,110)
Income from Continuing Operations Before Income Taxes																					$74,594
Income tax expense																					(527)
Income from Continuing Operations																					$74,067
Income from operations of discontinued operations, net of tax																					1,883
Gain on sale of discontinued operations																					404,463
Net Income																					$480,413

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources. The asset impairment charge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”

(c)All other EBITDA includes corporate and other expenses.

(d)Non-operating expense includes $1.7 million of net costs associated with legal settlements. Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”

(e)Costs related to the merger with PotlatchDeltic include legal, accounting, due diligence, consulting and other costs related to the merger with PotlatchDeltic, which subsequently closed on January 30, 2026.

(f)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

Year Ended			Southern Timber						Pacific Northwest Timber												Real Estate																		Total
December 31, 2024
Sales (a)			$251,642						$108,019												$628,268																		$987,929
Costs and Expenses
Cut and haul costs			(51,041)						(42,001)												—																		(93,042)
Port and freight costs			(2,883)						(5,077)												—																		(7,960)
Depreciation, depletion and amortization (a)			(73,409)						(31,668)												(162,941)																		(268,018)
Non-cash cost of land and improved development (a)			—						—												(78,962)																		(78,962)
Other costs and expenses (b)			(46,406)						(35,569)												(51,243)																		(133,218)
Reportable segment operating income (loss)			$77,903						($6,296)												$335,122																		$406,729
Add: Depreciation, depletion and amortization (c)			73,409						31,668												6,986																		112,063
Add: Non-cash cost of land and improved development (c)			—						—												41,368																		41,368
Less: Large Dispositions (d)			—						—												(291,078)																		(291,078)
Reportable segment adjusted EBITDA			$151,312						$25,372												$92,398																		$269,082
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (e)																					($38,843)
Interest, net and miscellaneous expense (f)																					(25,544)
Depreciation, depletion and amortization (c)																					(113,854)
Non-cash cost of land and improved development (c)																					(41,368)
Non-operating income (g)																					1,275
Costs related to disposition initiatives (h)																					(849)
Restructuring charges (i)																					(1,139)
Large Dispositions (d)																					291,078
Income from Continuing Operations Before Income Taxes																					$339,838
Income tax benefit (j)																					1,022
Income from Continuing Operations																					$340,860
Income from operations of discontinued operations, net of tax																					28,123
Net Income																					$368,983

(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $495.0 million, $156.0 million, and $37.6 million, respectively, from Large Dispositions.

(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $156.0 million, and $37.6 million, respectively, from Large Dispositions.

(d)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2024 includes the sale of approximately 200,000 acres for an aggregate sale price of $495.0 million. These dispositions consisted of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington.

(e)All other EBITDA includes general corporate expenses.

(f)Includes a $1.6 million gain from a terminated cash flow hedge. The gain from a terminated cash flow hedge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Interest expense, net.”

(g)Non-operating income includes $8.0 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous (expense) income, net.”

(h)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

(i)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

(j)Includes a $1.2 million income tax benefit related to the pension settlement.

Year Ended			Southern Timber						Pacific Northwest Timber												Real Estate																		Total
December 31, 2023
Sales (a)			$265,134						$133,276												$389,963																		$788,373
Costs and Expenses
Cut and haul costs			(57,964)						(56,565)												—																		(114,529)
Port and freight costs			(4,893)						(8,730)												—																		(13,623)
Depreciation, depletion and amortization (a)			(79,974)						(36,924)												(109,085)																		(225,983)
Non-cash cost of land and improved development (a)			—						—												(73,458)																		(73,458)
Other costs and expenses (b)			(45,968)						(39,725)												(50,815)																		(136,508)
Reportable segment operating income (loss)			$76,335						($8,668)												$156,605																		$224,272
Add: Depreciation, depletion and amortization (c)			79,974						36,924												17,955																		134,853
Add: Non-cash cost of land and improved development (c)			—						—												29,768																		29,768
Less: Large Dispositions (d)			—						—												(105,078)																		(105,078)
Reportable segment adjusted EBITDA			$156,309						$28,256												$99,250																		$283,815
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (e)																					($37,864)
Interest, net and miscellaneous expense																					(43,367)
Depreciation, depletion and amortization (c)																					(136,565)
Non-cash cost of land and improved development (c)																					(29,768)
Non-operating income (f)																					18,278
Large Dispositions (d)																					105,078
Income from Continuing Operations Before Income Taxes																					$159,607
Income tax expense																					(293)
Income from Continuing Operations																					$159,314
Income from operations of discontinued operations, net of tax																					19,181
Net Income																					$178,495

(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $242.2 million, $91.1 million, and $43.7 million, respectively, from Large Dispositions.

(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $91.1 million and $43.7 million, respectively, from Large Dispositions.

(d)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2023 includes the sale of approximately 55,000 acres in Oregon for $242.2 million.

(e)All other EBITDA includes general corporate expenses.

(f)Non-operating income includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge. Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous (expense) income, net.”

			Gross Capital Expenditures
			2025						2024						2023
Capital Expenditures (a)
Southern Timber			$41,561						$48,398						$46,506
Pacific Northwest Timber			8,263						13,340						17,371
Real Estate			225						323						302
Corporate and other			—						33						605
Total capital expenditures			$50,049						$62,094						$64,784
Timberland Acquisitions
Southern Timber			—						$22,753						$10,471
Pacific Northwest Timber			—						—						3,591
Total timberland acquisitions			—						$22,753						$14,062
Total Gross Capital Expenditures			$50,049						$84,847						$78,846

(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $22.4 million, $25.8 million, and $23.1 million in the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Geographical Operating Information

			Geographical Operating Information (a)
			Sales																		Operating Income																		Identifiable Assets
			2025						2024						2023						2025						2024						2023						2025						2024
United States			$484,485						$987,929						$788,373						$83,336						$364,107						$184,696						$3,404,653						$2,998,500
Total			$484,485						$987,929						$788,373						$83,336						$364,107						$184,696						$3,404,653						$2,998,500

(a)The geographical information presented above reflects the results of the Company's continuing operations. Sales and Operating Income for the New Zealand operations have been retrospectively excluded from this table for the years ended December 31, 2024 and 2023. Identifiable Assets for the New Zealand operations have been retrospectively excluded for the year ended December 31, 2024. Sales, Operating Income, and Identifiable Assets for the New Zealand Operations are included in the disclosures for Discontinued Operations. See Note 2 — Discontinued Operations for additional information.

X

- Definition

Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area.

+ References

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

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