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REVENUE | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE PERFORMANCE OBLIGATIONS We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of March 31, 2026 primarily consist of advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue, hunting and other access rights on our timberlands, payments received for shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. Of these performance obligations, $26.3 million is expected to be recognized within the next twelve months, with the remaining $14.2 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within one year of satisfying a performance obligation; therefore, we have elected the practical expedient not to adjust revenue for a financing component. 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 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. 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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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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