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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three months ended March 31, 2026 and 2025:
Three Months Ended | Southern Timber |  | Northwest Timber |  | Wood Products |  | Real Estate |  |  |  | Total
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |
Sales from external customers | $81,052 |  |  | $27,469 |  |  | $108,483 |  |  | $59,783 |  |  |  |  | $276,787 |
Intersegment revenue (a) | 7,641 |  |  | 4,599 |  |  | — |  |  | — |  |  |  |  | 12,240 |
Total sales | $88,693 |  |  | $32,068 |  |  | $108,483 |  |  | $59,783 |  |  |  |  | $289,027 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Freight, logging and hauling | (30,331) |  |  | (16,128) |  |  | (13,176) |  |  | — |  |  |  |  | (59,635) |
Fiber costs | — |  |  | — |  |  | (49,304) |  |  | — |  |  |  |  | (49,304) |
Manufacturing costs | — |  |  | — |  |  | (40,842) |  |  | — |  |  |  |  | (40,842) |
Finished goods inventory change | — |  |  | — |  |  | 2,372 |  |  | — |  |  |  |  | 2,372 |
Depreciation, depletion and amortization | (33,114) |  |  | (9,031) |  |  | (6,666) |  |  | (6,863) |  |  |  |  | (55,674) |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | (11,985) |  |  |  |  | (11,985) |
Other costs and expenses (b) | (12,854) |  |  | (7,358) |  |  | (1,891) |  |  | (13,563) |  |  |  |  | (35,666) |
Reportable segment operating income (loss) | $12,394 |  |  | ($449) |  |  | ($1,024) |  |  | $27,372 |  |  |  |  | $38,293 |
Add: Depreciation, depletion and amortization | 33,114 |  |  | 9,031 |  |  | 6,666 |  |  | 6,863 |  |  |  |  | 55,674 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | 11,985 |  |  |  |  | 11,985 |
Add: Inventory purchase price adjustment in cost of sales (c) | — |  |  | — |  |  | 1,153 |  |  | — |  |  |  |  | 1,153 |
Reportable segment adjusted EBITDA | $45,508 |  |  | $8,582 |  |  | $6,795 |  |  | $46,220 |  |  |  |  | $107,105 |
Reconciliation of reportable segment results to consolidated loss before taxes
All other EBITDA (d) | ($11,771) |
Intersegment eliminations (e) | (1,207) |
Interest, net and miscellaneous expense | (7,145) |
Depreciation, depletion and amortization | (56,240) |
Non-cash cost of land and improved development | (11,985) |
Non-operating income | 854 |
Costs related to the merger with PotlatchDeltic (f) | (70,402) |
Inventory purchase price adjustment in cost of sales (c) | (1,153) |
Loss from Continuing Operations Before Income Taxes | ($51,944) |
Income tax benefit (g) | 39,430 |
Net Loss | ($12,514) |
(a)Intersegment revenue reflects logs sold from the Timber segments to Wood Products. (b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (c)Inventory purchase price adjustment in cost of sales reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing. The inventory purchase price adjustment is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.” (d)All other EBITDA includes corporate and other expenses. (e)Intersegment eliminations reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period. (f)Costs related to the merger with PotlatchDeltic include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026. Costs related to the merger with PotlatchDeltic are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (g)Includes a $40.3 million tax benefit from our valuation allowance release. See Note 22 — Income Taxes for additional information.
Three Months Ended | Southern Timber |  | Northwest Timber |  | Wood Products |  | Real Estate |  |  |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $50,944 |  |  | $21,811 |  |  | — |  |  | $10,167 |  |  |  |  | $82,922 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Freight, logging and hauling | (12,521) |  |  | (9,358) |  |  | — |  |  | — |  |  |  |  | (21,879) |
Depreciation, depletion and amortization | (16,899) |  |  | (5,606) |  |  | — |  |  | (564) |  |  |  |  | (23,069) |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | (2,399) |  |  |  |  | (2,399) |
Other costs and expenses (a) | (11,374) |  |  | (6,553) |  |  | — |  |  | (8,154) |  |  |  |  | (26,081) |
Reportable segment operating income (loss) | $10,150 |  |  | $294 |  |  | — |  |  | ($950) |  |  |  |  | $9,494 |
Add: Depreciation, depletion and amortization | 16,899 |  |  | 5,606 |  |  | — |  |  | 564 |  |  |  |  | 23,069 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | 2,399 |  |  |  |  | 2,399 |
Reportable segment adjusted EBITDA | $27,049 |  |  | $5,900 |  |  | — |  |  | $2,013 |  |  |  |  | $34,962 |
Reconciliation of reportable segment results to consolidated loss before taxes
All other EBITDA (b) |  |  |  |  |  |  |  |  |  |  | ($7,901) |
Interest, net and miscellaneous expense | (3,518) |
Depreciation, depletion and amortization | (23,493) |
Non-cash cost of land and improved development | (2,399) |
Non-operating expense (c) | (1,842) |
Restructuring charges (d) | (1,110) |
Loss from Continuing Operations Before Income Taxes | ($5,301) |
Income tax expense | (291) |
Loss from Continuing Operations | ($5,592) |
Income from operations of discontinued operations, net of tax | 2,507 |
Net Loss | ($3,085) |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (b)All other EBITDA includes general corporate expenses. (c)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 income (expense), net.” (d)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, net.”
|  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Capital Expenditures (a) |  |  |  |  |  |  |
Southern Timber |  |  |  |  | $13,975 |  |  | $9,615 |
Northwest Timber |  |  |  |  | 4,010 |  |  | 2,366 |
Wood Products |  |  |  |  | 2,434 |  |  | — |
Real Estate |  |  |  |  | 13 |  |  | 42 |
Total Capital Expenditures |  |  |  |  | $20,432 |  |  | $12,023 |
(a)Excludes real estate development investments of $4.5 million and $4.1 million in the three months ended March 31, 2026 and 2025, respectively.

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- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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