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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table presents our revenues by major product:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Timberlands |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 46,003 |  |  | $ | 40,564 |  |  | $ | 89,867 |  |  | $ | 74,370 |
Pulpwood |  | 1,122 |  |  |  | 215 |  |  |  | 1,851 |  |  |  | 280 |
Other |  | 387 |  |  |  | 375 |  |  |  | 859 |  |  |  | 686 |
Total Northern revenues |  | 47,512 |  |  |  | 41,154 |  |  |  | 92,577 |  |  |  | 75,336 |
Southern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 30,958 |  |  |  | 34,309 |  |  |  | 60,587 |  |  |  | 65,525 |
Pulpwood |  | 15,163 |  |  |  | 15,315 |  |  |  | 32,381 |  |  |  | 30,963 |
Stumpage |  | 3,692 |  |  |  | 4,088 |  |  |  | 8,811 |  |  |  | 11,720 |
Other |  | 4,339 |  |  |  | 3,936 |  |  |  | 9,759 |  |  |  | 8,208 |
Total Southern revenues |  | 54,152 |  |  |  | 57,648 |  |  |  | 111,538 |  |  |  | 116,416 |
|  |  |  |  |  |  |  | - |  |  |  |
Total Timberlands revenues |  | 101,664 |  |  |  | 98,802 |  |  |  | 204,115 |  |  |  | 191,752 |
Wood Products |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 136,372 |  |  |  | 120,888 |  |  |  | 267,820 |  |  |  | 237,611 |
Residuals and Panels |  | 35,447 |  |  |  | 32,691 |  |  |  | 68,644 |  |  |  | 64,566 |
Total Wood Products revenues |  | 171,819 |  |  |  | 153,579 |  |  |  | 336,464 |  |  |  | 302,177 |
Real Estate |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 23,177 |  |  |  | 84,853 |  |  |  | 46,438 |  |  |  | 90,379 |
Development real estate |  | 1,882 |  |  |  | 7,488 |  |  |  | 3,126 |  |  |  | 10,362 |
Other |  | 4,037 |  |  |  | 3,391 |  |  |  | 7,123 |  |  |  | 6,098 |
Total Real Estate revenues |  | 29,096 |  |  |  | 95,732 |  |  |  | 56,687 |  |  |  | 106,839 |
Total segment revenues |  | 302,579 |  |  |  | 348,113 |  |  |  | 597,266 |  |  |  | 600,768 |
Intersegment Timberlands revenues 1 |  | (27,594 | ) |  |  | (27,442 | ) |  |  | (54,021 | ) |  |  | (51,970 | )
Total consolidated revenues | $ | 274,985 |  |  | $ | 320,671 |  |  | $ | 543,245 |  |  | $ | 548,798 |
1. Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment | The following tables summarize information for each of the company’s reportable segments and include a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments to Segment Adjusted EBITDDA.
|  | Three Months Ended June 30, 2025 |
(in thousands) |  | Timberlands |  |  | Wood Products |  |  | Real Estate |  |  | Total |
Revenues from external customers |  | $ | 74,070 |  |  | $ | 171,819 |  |  | $ | 29,096 |  |  | $ | 274,985 |
Intersegment Timberlands revenues 1 |  |  | 27,594 |  |  |  | — |  |  |  | — |  |  |  | 27,594 |
|  |  | 101,664 |  |  |  | 171,819 |  |  |  | 29,096 |  |  |  | 302,579 |
Cost of goods sold 2 |  |  |  |  |  |  |  |  |  |  |  |
Fiber costs 2 |  |  | — |  |  |  | 80,373 |  |  |  | — |  |  |  | 80,373 |
Freight, logging and hauling 2 |  |  | 48,556 |  |  |  | 21,627 |  |  |  | — |  |  |  | 70,183 |
Manufacturing costs 2,3 |  |  | — |  |  |  | 64,269 |  |  |  | — |  |  |  | 64,269 |
Finished goods inventory change 2 |  |  | — |  |  |  | 244 |  |  |  | — |  |  |  | 244 |
Depreciation, depletion and amortization 2 |  |  | 15,172 |  |  |  | 10,388 |  |  |  | 139 |  |  |  | 25,699 |
Basis in real estate sold 2 |  |  | — |  |  |  | — |  |  |  | 11,486 |  |  |  | 11,486 |
Other 4 |  |  | 10,945 |  |  |  | 414 |  |  |  | 4,497 |  |  |  | 15,856 |
|  |  | 74,673 |  |  |  | 177,315 |  |  |  | 16,122 |  |  |  | 268,110 |
Segment selling, general and administrative expenses 5 |  |  | 2,924 |  |  |  | 3,604 |  |  |  | 1,899 |  |  |  | 8,427 |
Segment operating income (loss) |  |  | 24,067 |  |  |  | (9,100 | ) |  |  | 11,075 |  |  |  | 26,042 |
Depreciation, depletion and amortization 6 |  |  | 15,499 |  |  |  | 10,495 |  |  |  | 159 |  |  |  | 26,153 |
Basis in real estate sold |  |  | — |  |  |  | — |  |  |  | 11,486 |  |  |  | 11,486 |
Loss on disposal of assets |  |  | — |  |  |  | 328 |  |  |  | — |  |  |  | 328 |
Segment Adjusted EBITDDA |  | $ | 39,566 |  |  | $ | 1,723 |  |  | $ | 22,720 |  |  | $ | 64,009 |
The footnotes below the table for the six months ended June 30, 2024 are also applicable to the above table.
|  | Three Months Ended June 30, 2024 |
(in thousands) |  | Timberlands |  |  | Wood Products |  |  | Real Estate |  |  | Total |
Revenues from external customers |  | $ | 71,360 |  |  | $ | 153,579 |  |  | $ | 95,732 |  |  | $ | 320,671 |
Intersegment Timberlands revenues 1 |  |  | 27,442 |  |  |  | — |  |  |  | — |  |  |  | 27,442 |
|  |  | 98,802 |  |  |  | 153,579 |  |  |  | 95,732 |  |  |  | 348,113 |
Cost of goods sold 2 |  |  |  |  |  |  |  |  |  |  |  |
Fiber costs 2 |  |  | — |  |  |  | 75,583 |  |  |  | — |  |  |  | 75,583 |
Freight, logging and hauling 2 |  |  | 51,992 |  |  |  | 20,390 |  |  |  | — |  |  |  | 72,382 |
Manufacturing costs 2,3 |  |  | — |  |  |  | 60,111 |  |  |  | — |  |  |  | 60,111 |
Finished goods inventory change 2 |  |  | — |  |  |  | 389 |  |  |  | — |  |  |  | 389 |
Depreciation, depletion and amortization 2 |  |  | 16,463 |  |  |  | 12,119 |  |  |  | 115 |  |  |  | 28,697 |
Basis in real estate sold 2 |  |  | — |  |  |  | — |  |  |  | 56,528 |  |  |  | 56,528 |
Other 4 |  |  | 9,989 |  |  |  | 25 |  |  |  | 4,256 |  |  |  | 14,270 |
|  |  | 78,444 |  |  |  | 168,617 |  |  |  | 60,899 |  |  |  | 307,960 |
Segment selling, general and administrative expenses 5 |  |  | 3,024 |  |  |  | 3,928 |  |  |  | 1,929 |  |  |  | 8,881 |
Segment operating income (loss) |  |  | 17,334 |  |  |  | (18,966 | ) |  |  | 32,904 |  |  |  | 31,272 |
Depreciation, depletion and amortization 6 |  |  | 16,790 |  |  |  | 12,227 |  |  |  | 136 |  |  |  | 29,153 |
Basis in real estate sold |  |  | — |  |  |  | — |  |  |  | 56,528 |  |  |  | 56,528 |
Gain on disposal of assets |  |  | — |  |  |  | (66 | ) |  |  | — |  |  |  | (66 | )
Segment Adjusted EBITDDA |  | $ | 34,124 |  |  | $ | (6,805 | ) |  | $ | 89,568 |  |  | $ | 116,887 |
The footnotes below the table for the six months ended June 30, 2024 are also applicable to the above table.
|  | Six Months Ended June 30, 2025 |
(in thousands) |  | Timberlands |  |  | Wood Products |  |  | Real Estate |  |  | Total |
Revenues from external customers |  | $ | 150,094 |  |  | $ | 336,464 |  |  | $ | 56,687 |  |  | $ | 543,245 |
Intersegment Timberlands revenues 1 |  |  | 54,021 |  |  |  | — |  |  |  | — |  |  |  | 54,021 |
|  |  | 204,115 |  |  |  | 336,464 |  |  |  | 56,687 |  |  |  | 597,266 |
Cost of goods sold 2 |  |  |  |  |  |  |  |  |  |  |  |
Fiber costs 2 |  |  | — |  |  |  | 156,529 |  |  |  | — |  |  |  | 156,529 |
Freight, logging and hauling 2 |  |  | 99,506 |  |  |  | 42,054 |  |  |  | — |  |  |  | 141,560 |
Manufacturing costs 2,3 |  |  | — |  |  |  | 122,318 |  |  |  | — |  |  |  | 122,318 |
Finished goods inventory change 2 |  |  | — |  |  |  | (4,823 | ) |  |  | — |  |  |  | (4,823 | )
Depreciation, depletion and amortization 2 |  |  | 30,350 |  |  |  | 19,833 |  |  |  | 260 |  |  |  | 50,443 |
Basis in real estate sold 2 |  |  | — |  |  |  | — |  |  |  | 21,354 |  |  |  | 21,354 |
Other 4 |  |  | 17,879 |  |  |  | 597 |  |  |  | 7,835 |  |  |  | 26,311 |
|  |  | 147,735 |  |  |  | 336,508 |  |  |  | 29,449 |  |  |  | 513,692 |
Segment selling, general and administrative expenses 5 |  |  | 5,448 |  |  |  | 7,065 |  |  |  | 3,416 |  |  |  | 15,929 |
Segment operating income (loss) |  |  | 50,932 |  |  |  | (7,109 | ) |  |  | 23,822 |  |  |  | 67,645 |
Depreciation, depletion and amortization 6 |  |  | 31,005 |  |  |  | 20,048 |  |  |  | 300 |  |  |  | 51,353 |
Basis in real estate sold |  |  | — |  |  |  | — |  |  |  | 21,354 |  |  |  | 21,354 |
Loss on disposal of assets |  |  | — |  |  |  | 424 |  |  |  | — |  |  |  | 424 |
Segment Adjusted EBITDDA |  | $ | 81,937 |  |  | $ | 13,363 |  |  | $ | 45,476 |  |  | $ | 140,776 |
The footnotes below the table for the six months ended June 30, 2024 are also applicable to the above table.
|  | Six Months Ended June 30, 2024 |
(in thousands) |  | Timberlands |  |  | Wood Products |  |  | Real Estate |  |  | Total |
Revenues from external customers |  | $ | 139,782 |  |  | $ | 302,177 |  |  | $ | 106,839 |  |  | $ | 548,798 |
Intersegment Timberlands revenues 1 |  |  | 51,970 |  |  |  | — |  |  |  | — |  |  |  | 51,970 |
|  |  | 191,752 |  |  |  | 302,177 |  |  |  | 106,839 |  |  |  | 600,768 |
Cost of goods sold 2 |  |  |  |  |  |  |  |  |  |  |  |
Fiber costs 2 |  |  | — |  |  |  | 149,043 |  |  |  | — |  |  |  | 149,043 |
Freight, logging and hauling 2 |  |  | 100,329 |  |  |  | 38,491 |  |  |  | — |  |  |  | 138,820 |
Manufacturing costs 2,3 |  |  | — |  |  |  | 117,820 |  |  |  | — |  |  |  | 117,820 |
Finished goods inventory change 2 |  |  | — |  |  |  | (3,944 | ) |  |  | — |  |  |  | (3,944 | )
Depreciation, depletion and amortization 2 |  |  | 33,760 |  |  |  | 24,527 |  |  |  | 231 |  |  |  | 58,518 |
Basis in real estate sold 2 |  |  | — |  |  |  | — |  |  |  | 60,622 |  |  |  | 60,622 |
Other 4 |  |  | 17,763 |  |  |  | 118 |  |  |  | 7,440 |  |  |  | 25,321 |
|  |  | 151,852 |  |  |  | 326,055 |  |  |  | 68,293 |  |  |  | 546,200 |
Segment selling, general and administrative expenses 5 |  |  | 5,443 |  |  |  | 7,745 |  |  |  | 3,639 |  |  |  | 16,827 |
Segment operating income (loss) |  |  | 34,457 |  |  |  | (31,623 | ) |  |  | 34,907 |  |  |  | 37,741 |
Depreciation, depletion and amortization 6 |  |  | 34,415 |  |  |  | 24,743 |  |  |  | 274 |  |  |  | 59,432 |
Basis in real estate sold |  |  | — |  |  |  | — |  |  |  | 60,622 |  |  |  | 60,622 |
Gain on disposal of assets |  |  | — |  |  |  | (64 | ) |  |  | (7 | ) |  |  | (71 | )
Segment Adjusted EBITDDA |  | $ | 68,872 |  |  | $ | (6,944 | ) |  | $ | 95,796 |  |  | $ | 157,724 |
1. Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 2. Significant expense categories align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included with the amounts shown. 3. Manufacturing costs include, but are not limited to, wages, benefits, repairs, maintenance, supplies, heat/power, electricity and other utilities, depreciation and amortization, and membership dues. 4. Includes, but is not limited to, the following: Timberlands - forest management, roads, employee wages and benefits and property taxes. Wood Products - pension and other post-retirement benefit plan service costs for active plan participants. Real Estate - land sale commissions, land sale closing costs, property taxes, and costs from the company-owned country club. 5. Segment selling, general and administrative expenses includes depreciation and amortization. 6. Includes depreciation and amortization classified as selling, general and administrative expenses. The following table reconciles Total Segment Adjusted EBITDDA to Total Adjusted EBITDDA and Income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total Segment Adjusted EBITDDA |  | $ | 64,009 |  |  | $ | 116,887 |  |  | $ | 140,776 |  |  | $ | 157,724 |
Corporate Adjusted EBITDDA 1 |  |  | (13,164 | ) |  |  | (11,756 | ) |  |  | (25,313 | ) |  |  | (24,421 | )
Eliminations and adjustments 2 |  |  | 1,180 |  |  |  | (1,958 | ) |  |  | (71 | ) |  |  | (408 | )
Total Adjusted EBITDDA |  |  | 52,025 |  |  |  | 103,173 |  |  |  | 115,392 |  |  |  | 132,895 |
Interest expense, net |  |  | (10,412 | ) |  |  | (8,696 | ) |  |  | (11,904 | ) |  |  | (8,414 | )
Depreciation, depletion and amortization 3 |  |  | (26,370 | ) |  |  | (29,268 | ) |  |  | (51,774 | ) |  |  | (59,663 | )
Basis in real estate sold |  |  | (11,481 | ) |  |  | (56,525 | ) |  |  | (21,348 | ) |  |  | (60,617 | )
Environmental charge |  |  | — |  |  |  | — |  |  |  | (490 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (351 | ) |  |  | 201 |  |  |  | (702 | ) |  |  | 402 |
Loss (gain) on disposal of assets |  |  | (328 | ) |  |  | 66 |  |  |  | (424 | ) |  |  | 71 |
Other |  |  | 741 |  |  |  | (23 | ) |  |  | 535 |  |  |  | (168 | )
Income before income taxes |  | $ | 3,824 |  |  | $ | 8,928 |  |  | $ | 29,285 |  |  | $ | 4,506 |
1. Corporate Adjusted EBITDDA includes costs specifically not allocated to the segments including, but not limited to, certain corporate department direct expenses and employee wages and benefits. Corporate Adjusted EBITDDA is regularly provided to the CODM. 2. Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments. 3. Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Condensed Consolidated Statements of Operations. The following tables summarize additional reportable segment financial information:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 15,499 |  |  | $ | 16,790 |  |  | $ | 31,005 |  |  | $ | 34,415 |
Wood Products |  |  | 10,495 |  |  |  | 12,227 |  |  |  | 20,048 |  |  |  | 24,743 |
Real Estate |  |  | 159 |  |  |  | 136 |  |  |  | 300 |  |  |  | 274 |
Corporate |  |  | 217 |  |  |  | 115 |  |  |  | 421 |  |  |  | 231 |
|  |  | 26,370 |  |  |  | 29,268 |  |  |  | 51,774 |  |  |  | 59,663 |
Bond discounts and deferred loan fees 1 |  |  | 381 |  |  |  | 406 |  |  |  | 763 |  |  |  | 813 |
Total depreciation, depletion and amortization |  | $ | 26,751 |  |  | $ | 29,674 |  |  | $ | 52,537 |  |  | $ | 60,476 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 11,486 |  |  | $ | 56,528 |  |  | $ | 21,354 |  |  | $ | 60,622 |
Eliminations and adjustments |  |  | (5 | ) |  |  | (3 | ) |  |  | (6 | ) |  |  | (5 | )
Total basis of real estate sold |  | $ | 11,481 |  |  | $ | 56,525 |  |  | $ | 21,348 |  |  | $ | 60,617 |
1. Included within interest expense, net in the Condensed Consolidated Statements of Operations.
(in thousands) |  | June 30, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |
Timberlands 1 |  | $ | 2,339,787 |  |  | $ | 2,396,642 |
Wood Products |  |  | 533,168 |  |  |  | 537,665 |
Real Estate 2 |  |  | 95,703 |  |  |  | 67,527 |
|  |  | 2,968,658 |  |  |  | 3,001,834 |
Corporate |  |  | 216,045 |  |  |  | 303,609 |
Total consolidated assets |  | $ | 3,184,703 |  |  | $ | 3,305,443 |
1. We do not report rural real estate separately from Timberlands as we do not report these assets separately to management. 2. Real Estate assets primarily consist of a master planned community development and a country club.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Capital Expenditures:1 |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 4,048 |  |  | $ | 4,940 |  |  | $ | 11,400 |  |  | $ | 12,845 |
Wood Products |  |  | 2,964 |  |  |  | 20,869 |  |  |  | 14,713 |  |  |  | 25,578 |
Real Estate 2 |  |  | 3,358 |  |  |  | 1,843 |  |  |  | 7,036 |  |  |  | 3,037 |
|  |  | 10,370 |  |  |  | 27,652 |  |  |  | 33,149 |  |  |  | 41,460 |
Corporate |  |  | 41 |  |  |  | 483 |  |  |  | 41 |  |  |  | 679 |
Total capital expenditures |  | $ | 10,411 |  |  | $ | 28,135 |  |  | $ | 33,190 |  |  | $ | 42,139 |
1. Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. 2. Real Estate capital expenditures include development expenditures of $2.8 million and $6.1 million for the three and six months ended June 30, 2025, respectively, and $1.6 million and $2.7 million for the three and six months ended June 30, 2024, respectively.

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