HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)

Changes in higher and better use timberlands and real estate development investments from December 31, 2025 to March 31, 2026 are shown below:


	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber	Development Investments	Total
Non-current portion at December 31, 2025	$84,123	$41,967	$126,090
Plus: Current portion (a)	1,850	4,984	6,834
Total Balance at December 31, 2025	85,973	46,951	132,924
Non-cash cost of land and improved development	(2,801)	(1,364)	(4,165)
Amortization of parcel real estate development investments	—	(1,247)	(1,247)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,142)	—	(1,142)
Capitalized real estate development investments (b)	—	9,703	9,703
HBU properties assumed in the merger with PotlatchDeltic (c)	59,563	—	59,563
Capital expenditures (silviculture)	3	—	3

Intersegment transfers	844	—	844

Total Balance at March 31, 2026	142,440	54,043	196,483
Less: Current portion (a)	(3,017)	(5,851)	(8,868)
Non-current portion at March 31, 2026	$139,423	$48,192	$187,615

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.

(b)Capitalized real estate development investments include $0.4 million of capitalized interest and $5.2 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are under contract or expected to be ready for market within one year.