v3.26.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 3 Months Ended
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 EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
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 amortization33,114 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 income854 
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 EndedSouthern TimberNorthwest TimberWood ProductsReal EstateTotal
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 amortization16,899 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 tax2,507 
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,
 20262025
Capital Expenditures (a)
Southern Timber$13,975 $9,615 
Northwest Timber 4,010 2,366 
Wood Products2,434 — 
Real Estate13 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.