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REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
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 years ended December 31, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
 Year Ended December 31,
20252024
Revenue recognized from contract liability balance at the beginning of the year$19,523 $26,534 
    The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2025, 2024 and 2023:
Year EndedSouthern TimberPacific Northwest TimberReal EstateTotal
December 31, 2025
Pulpwood$80,694 $5,070 — $85,764 
Sawtimber94,949 71,219 — 166,168 
Hardwood6,183 — — 6,183 
Total Timber Sales181,826 76,289 — 258,115 
Trading (a)— 1,805 — 1,805 
License Revenue, primarily from Hunting21,189 782 — 21,971 
Land Based Solutions (b)11,230 106 — 11,336 
Other Non-Timber Revenue14,064 4,582 — 18,646 
Total Non-Timber Sales46,483 7,275 — 53,758 
Improved Development— — 47,160 47,160 
Unimproved Development— — 5,080 5,080 
Rural— — 48,581 48,581 
Timberland & Non-Strategic— — 53,500 53,500 
Deferred Revenue/Other (c)— — 16,841 16,841 
Total Real Estate Sales— — 171,162 171,162 
Revenue from Contracts with Customers228,309 83,564 171,162 483,035 
Lease Revenue— — 1,450 1,450 
Total Revenue$228,309 $83,564 $172,612 $484,485 
December 31, 2024
Pulpwood$94,820 $5,473 — $100,293 
Sawtimber99,636 89,726 — 189,362 
Hardwood4,967 — — 4,967 
Total Timber Sales199,423 95,199 — 294,622 
Trading (a)1,223 7,233 — 8,456 
License Revenue, primarily from Hunting21,164 942 — 22,106 
Land Based Solutions (b)14,518 50 — 14,568 
Other Non-Timber Revenue15,314 4,595 — 19,909 
Total Non-Timber Sales52,219 12,820 — 65,039 
Improved Development— — 30,754 30,754 
Unimproved Development— — 12,400 12,400 
Rural— — 72,913 72,913 
Timberland & Non-Strategic— — 610 610 
Conservation Easements— — 1,101 1,101 
Deferred Revenue/Other (c)— — 14,001 14,001 
Large Dispositions— — 495,000 495,000 
Total Real Estate Sales— — 626,779 626,779 
Revenue from Contracts with Customers251,642 108,019 626,779 986,440 
Lease Revenue— — 1,489 1,489 
Total Revenue$251,642 $108,019 $628,268 $987,929 
Year EndedSouthern TimberPacific Northwest TimberReal EstateTotal
December 31, 2023
Pulpwood$99,035 $8,410 — $107,445 
Sawtimber123,312 109,446 — 232,758 
Hardwood4,279 — — 4,279 
Total Timber Sales226,626 117,856 — 344,482 
Trading (a)1,006 9,131 — 10,137 
License Revenue, primarily from Hunting23,130 1,344 — 24,474 
Land Based Solutions (b)3,989 1,355 — 5,344 
Other Non-Timber Revenue10,383 3,590 — 13,973 
Total Non-Timber Sales38,508 15,420 — 53,928 
Improved Development— — 30,707 30,707 
Unimproved Development— — 114 114 
Rural— — 99,665 99,665 
Timberland & Non-Strategic— — 3,347 3,347 
Deferred Revenue/Other (c)— — 12,516 12,516 
Large Dispositions— — 242,200 242,200 
Total Real Estate Sales— — 388,549 388,549 
Revenue from Contracts with Customers265,134 133,276 388,549 786,959 
Lease Revenue— — 1,414 1,414 
Total Revenue$265,134 $133,276 $389,963 $788,373 
(a)    Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments. See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
(b)    Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts and conservation easements for habitat protection.
(c)    Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.
The following table presents our timber sales disaggregated by contract type for the years ended December 31, 2025, 2024 and 2023:
Year EndedSouthern TimberPacific Northwest TimberTotal
December 31, 2025
Stumpage Pay-as-Cut $82,480 — $82,480 
Stumpage Lump Sum794 3,233 4,027 
Total Stumpage83,274 3,233 86,507 
Delivered Wood (Domestic)98,552 73,013 171,565 
Delivered Wood (Export)— 43 43 
Total Delivered98,552 73,056 171,608 
Total Timber Sales$181,826 $76,289 $258,115 
December 31, 2024
Stumpage Pay-as-Cut $97,369 $8 $97,377 
Stumpage Lump Sum
827 8,228 9,055 
Total Stumpage98,196 8,236 106,432 
Delivered Wood (Domestic)
96,492 83,041 179,533 
Delivered Wood (Export)
4,735 3,922 8,657 
Total Delivered101,227 86,963 188,190 
Total Timber Sales
$199,423 $95,199 $294,622 
December 31, 2023
Stumpage Pay-as-Cut $109,583 — $109,583 
Stumpage Lump Sum
387 2,654 3,041 
Total Stumpage109,970 2,654 112,624 
Delivered Wood (Domestic)
108,354 102,533 210,887 
Delivered Wood (Export)
8,302 12,669 20,971 
Total Delivered116,656 115,202 231,858 
Total Timber Sales
$226,626 $117,856 $344,482 
SIGNIFICANT CUSTOMERS
For the year ended December 31, 2025, we closed on a 21,601-acre transaction to a conservation-oriented buyer for $53.5 million, representing approximately 11% of consolidated sales. For the year ended December 31, 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 50% of consolidated sales. Individually, each large disposition represents 10% or more of consolidated sales. For the year ended December 31, 2023, we closed on a 55,000-acre Large Disposition to Manulife Investment Management on behalf of clients for $242.2 million, representing approximately 31% of consolidated sales.