SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three and six months ended June 30, 2025 and 2024:


Three Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
June 30, 2025
Sales	$53,324	$22,383	$29,432	$1,399	—	$106,538
Costs and Expenses
Cut and haul costs	(13,202)	(9,841)	—	—	—	(23,043)

Depreciation, depletion and amortization	(15,788)	(5,351)	(1,882)	—	(416)	(23,437)
Non-cash cost of land and improved development	—	—	(6,902)	—	—	(6,902)
Other costs and expenses (a)	(11,739)	(5,592)	(10,869)	(1,504)	(8,907)	(38,611)
Operating income (loss)	$12,595	$1,599	$9,779	($105)	($9,323)	$14,545


Add: Depreciation, depletion and amortization	15,788	5,351	1,882	—	416	23,437
Add: Non-cash cost of land and improved development	—	—	6,902	—	—	6,902

Adjusted EBITDA	$28,383	$6,950	$18,563	($105)	($8,907)	$44,884

Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($4,215)
Depreciation, depletion and amortization						(23,437)
Non-cash cost of land and improved development						(6,902)
Non-operating expense						(561)





Income from Continuing Operations						$9,769
Loss from operations of discontinued operations, net of tax						(625)
Gain on sale of discontinued operations						404,463
Net Income						$413,607

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.


Three Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
June 30, 2024
Sales	$59,325	$24,283	$15,470	$561	—	$99,639
Costs and Expenses
Cut and haul costs	(11,787)	(10,107)	—	—	—	(21,894)
Port and freight costs	(836)	(18)	—	(201)	—	(1,055)
Depreciation, depletion and amortization	(16,758)	(7,389)	(621)	—	(444)	(25,212)
Non-cash cost of land and improved development	—	—	(3,378)	—	—	(3,378)
Other costs and expenses (a)	(12,851)	(8,236)	(10,955)	(336)	(11,175)	(43,553)
Operating income (loss)	$17,093	($1,467)	$516	$24	($11,619)	$4,547
Add: Costs related to disposition initiatives (b)	—	—	—	—	185	185
Add: Depreciation, depletion and amortization	16,758	7,389	621	—	444	25,212
Add: Non-cash cost of land and improved development	—	—	3,378	—	—	3,378

Adjusted EBITDA	$33,851	$5,922	$4,515	$24	($10,990)	$33,322

Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($7,270)
Depreciation, depletion and amortization						(25,212)
Non-cash cost of land and improved development						(3,378)
Non-operating expense (c)						(1,173)

Costs related to disposition initiatives (b)						(185)


Loss from Continuing Operations						($3,896)
Income from operations of discontinued operations, net of tax						6,931
Net Income						$3,035

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”

(c)Non-operating expense includes $1.1 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 expense, net.”


Six Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
June 30, 2025
Sales	$104,268	$43,787	$39,599	$1,805	—	$189,459
Costs and Expenses
Cut and haul costs	(25,723)	(19,181)	—	—	—	(44,904)
Port and freight costs	—	(14)	—	(4)	—	(18)
Depreciation, depletion and amortization	(32,688)	(10,957)	(2,445)	—	(840)	(46,930)
Non-cash cost of land and improved development	—	—	(9,302)	—	—	(9,302)
Other costs and expenses (a)	(23,112)	(11,288)	(19,023)	(2,361)	(17,917)	(73,701)
Operating income (loss)	$22,745	$2,347	$8,829	($560)	($18,757)	$14,604

Add: Restructuring charges (b)	—	—	—	—	1,110	1,110
Add: Depreciation, depletion and amortization	32,688	10,957	2,445	—	840	46,930
Add: Non-cash cost of land and improved development	—	—	9,302	—	—	9,302

Adjusted EBITDA	$55,433	$13,304	$20,576	($560)	($16,807)	$71,946

Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($7,733)
Depreciation, depletion and amortization						(46,930)
Non-cash cost of land and improved development						(9,302)
Non-operating expense (c)						(2,404)

Restructuring charges (b)						(1,110)

Income from Continuing Operations Before Income Taxes						$4,467
Income tax expense						(291)
Income from Continuing Operations						$4,176
Income from operations of discontinued operations, net of tax						1,883
Gain on sale of discontinued operations						404,463
Net Income						$410,522

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(b)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.”

(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 expense, net.”


Six Months Ended	Southern Timber	Pacific Northwest Timber	Real Estate	Trading	Corporate and Other	Total
June 30, 2024
Sales	$129,302	$49,475	$31,034	$3,532	—	$213,343
Costs and Expenses
Cut and haul costs	(25,185)	(20,944)	—	—	—	(46,129)
Port and freight costs	(2,052)	(1,257)	—	(1,528)	—	(4,837)
Depreciation, depletion and amortization	(38,554)	(16,464)	(2,371)	—	(887)	(58,276)
Non-cash cost of land and improved development	—	—	(6,331)	—	—	(6,331)
Other costs and expenses (a)	(23,413)	(16,637)	(21,944)	(1,976)	(20,621)	(84,591)
Operating income (loss)	$40,098	($5,827)	$388	$28	($21,508)	$13,179
Add: Costs related to disposition initiatives (b)	—	—	—	—	185	185
Add: Depreciation, depletion and amortization	38,554	16,464	2,371	—	887	58,276
Add: Non-cash cost of land and improved development	—	—	6,331	—	—	6,331

Adjusted EBITDA	$78,652	$10,637	$9,090	$28	($20,436)	$77,971

Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income						($14,323)
Depreciation, depletion and amortization						(58,276)
Non-cash cost of land and improved development						(6,331)
Non-operating expense (c)						(8,253)

Costs related to disposition initiatives (b)						(185)
Loss from Continuing Operations Before Income Taxes						($9,397)
Income tax benefit						991
Loss from Continuing Operations						($8,406)
Income from operations of discontinued operations, net of tax						13,747
Net Income						$5,341

(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Non-operating expense includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. Pension settlement charges and net costs associated with legal settlements are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous expense, net.”



	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Capital Expenditures
Southern Timber	$8,103	$10,655	$17,718	$21,657
Pacific Northwest Timber	2,264	2,870	4,630	6,989
Real Estate	36	73	79	152

Corporate and other	—	—	—	60
Total Capital Expenditures	$10,403	$13,598	$22,427	$28,858