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v3.26.1

REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Schedule of Contracts with Customers | The following table summarizes revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liability balance at the beginning of each year:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Revenue recognized from contract liability balance at the beginning of the year (a) |  |  |  |  | $8,096 |  |  | $9,089 |
(a) Revenue recognized during the three months ended March 31, 2026, from contract liabilities at the beginning of the year excludes amounts related to PotlatchDeltic Corporation, as the merger was completed on January 30, 2026, and PotlatchDeltic’s contract liabilities were not included in our contract liability balance as of December 31, 2025.
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, 2026 and 2025:
Three Months Ended | Southern Timber |  | Northwest Timber |  |  |  |  |  | Wood Products |  | Real Estate |  |  |  |  |  | Elim. |  | Total
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $23,219 |  |  | $1,755 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | $24,974 |
Sawtimber | 42,388 |  |  | 24,340 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 66,728 |
Hardwood | 1,621 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 1,621 |
Total Timber Sales | 67,228 |  |  | 26,095 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 93,323 |
License Revenue, Primarily from Hunting | 7,637 |  |  | 274 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 7,911 |
Land-Based Solutions (a) | 3,593 |  |  | 2 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 3,595 |
Other Non-Timber Revenue | 2,594 |  |  | 1,098 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 3,692 |
Total Non-Timber Sales | 13,824 |  |  | 1,374 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 15,198 |
Lumber | — |  |  | — |  |  |  |  |  |  | 87,197 |  |  | — |  |  |  |  |  |  | — |  |  | 87,197 |
Plywood/Residual/Other | — |  |  | — |  |  |  |  |  |  | 21,286 |  |  | — |  |  |  |  |  |  | — |  |  | 21,286 |
Total Wood Products Sales | — |  |  | — |  |  |  |  |  |  | 108,483 |  |  | — |  |  |  |  |  |  | — |  |  | 108,483 |
Improved Development | — |  |  | — |  |  |  |  |  |  | — |  |  | 6,588 |  |  |  |  |  |  | — |  |  | 6,588 |
Rural | — |  |  | — |  |  |  |  |  |  | — |  |  | 49,431 |  |  |  |  |  |  | — |  |  | 49,431 |
Deferred Revenue/Other (b) | — |  |  | — |  |  |  |  |  |  | — |  |  | 3,499 |  |  |  |  |  |  | — |  |  | 3,499 |
Total Real Estate Sales | — |  |  | — |  |  |  |  |  |  | — |  |  | 59,518 |  |  |  |  |  |  | — |  |  | 59,518 |
Revenue from Contracts with Customers | 81,052 |  |  | 27,469 |  |  |  |  |  |  | 108,483 |  |  | 59,518 |  |  |  |  |  |  | — |  |  | 276,522 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | — |  |  | 265 |  |  |  |  |  |  | — |  |  | 265 |
Intersegment (c) | 7,641 |  |  | 4,599 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | (12,240) |  |  | — |
Total Revenue | $88,693 |  |  | $32,068 |  |  |  |  |  |  | $108,483 |  |  | $59,783 |  |  |  |  |  |  | ($12,240) |  |  | $276,787 |
Three Months Ended | Southern Timber |  | Northwest Timber |  |  |  |  |  | Wood Products |  | Real Estate |  |  |  |  |  | Elim. |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $19,798 |  |  | $1,265 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | $21,063 |
Sawtimber | 20,565 |  |  | 19,106 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 39,671 |
Hardwood | 1,529 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 1,529 |
Total Timber Sales | 41,892 |  |  | 20,371 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 62,263 |
Trading | — |  |  | 407 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 407 |
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 |  |  | 1,440 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 10,492 |
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 |  |  | 21,811 |  |  |  |  |  |  | — |  |  | 9,858 |  |  |  |  |  |  | — |  |  | 82,613 |
Lease Revenue | — |  |  | — |  |  |  |  |  |  | — |  |  | 309 |  |  |  |  |  |  | — |  |  | 309 |
Total Revenue | $50,944 |  |  | $21,811 |  |  |  |  |  |  | — |  |  | $10,167 |  |  |  |  |  |  | — |  |  | $82,922 |
(a) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts. (b) Includes deferred revenue adjustments, builder price participation and other fees related to Improved Development sales, as well as revenue from our country club operations. (c) Intersegment revenues represent logs sold from the Timber segments to Wood Products. The following table presents our timber sales disaggregated by contract type for the three months ended March 31, 2026 and 2025:
Three Months Ended | Southern Timber |  | Northwest Timber |  |  |  |  |  |  |  |  |  | Total
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $22,812 |  |  | — |  |  |  |  |  |  |  |  |  |  | $22,812 |
Stumpage Lump Sum | 1,815 |  |  | 689 |  |  |  |  |  |  |  |  |  |  | 2,504 |
Total Stumpage | 24,627 |  |  | 689 |  |  |  |  |  |  |  |  |  |  | 25,316 |
Delivered Wood (Domestic) | 42,601 |  |  | 25,406 |  |  |  |  |  |  |  |  |  |  | 68,007 |
Total Delivered | 42,601 |  |  | 25,406 |  |  |  |  |  |  |  |  |  |  | 68,007 |
Total Timber Sales | $67,228 |  |  | $26,095 |  |  |  |  |  |  |  |  |  |  | $93,323 |
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 |  |  |  |  |  |  |  |  |  |  | 42,662 |
Delivered Wood (Export) | — |  |  | 43 |  |  |  |  |  |  |  |  |  |  | 43 |
Total Delivered | 23,484 |  |  | 19,221 |  |  |  |  |  |  |  |  |  |  | 42,705 |
Total Timber Sales | $41,892 |  |  | $20,371 |  |  |  |  |  |  |  |  |  |  | $62,263 |

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