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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 1-32729

PotlatchDeltic Corporation

(Exact name of registrant as specified in its charter)

     Delaware

     82-0156045

     (State or other jurisdiction of
incorporation or organization)

     (IRS Employer
Identification No.)


601 West First Avenue, Suite 1600
Spokane, Washington	99201
(Address of principal executive offices)	(Zip Code)

(509) 835-1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock ($1 par value)	PCH	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐	Non-accelerated Filer	☐
Smaller Reporting Company	☐	Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of common stock of the registrant outstanding (in thousands) at July 29, 2025, was 77,286.

Table of Contents

POTLATCHDELTIC CORPORATION AND CONSOLIDATED SUBSIDIARIES

Table of Contents



		Page Number
PART I. - FINANCIAL INFORMATION
ITEM 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Index for the Notes to Condensed Consolidated Financial Statements	8
	Notes to Condensed Consolidated Financial Statements	9
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	36
ITEM 4.	Controls and Procedures	36

PART II. - OTHER INFORMATION
ITEM 1.	Legal Proceedings	36
ITEM 1A.	Risk Factors	36
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
ITEM 5.	Other Information	37
ITEM 6.	Exhibits	38

SIGNATURE		39

Table of Contents

Part I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PotlatchDeltic Corporation and Consolidated Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)	2025			2024			2025			2024
Revenues	$	274,985		$	320,671		$	543,245		$	548,798
Costs and expenses:
Cost of goods sold		239,332			282,473			459,737			494,633
Selling, general and administrative expenses		21,807			20,752			41,662			41,479
Environmental charge		—			—			490			—
		261,139			303,225			501,889			536,112
Operating income		13,846			17,446			41,356			12,686
Interest expense, net		(10,412	)		(8,696	)		(11,904	)		(8,414	)
Non-operating pension and other postretirement employee benefits		(351	)		201			(702	)		402
Other		741			(23	)		535			(168	)
Income before income taxes		3,824			8,928			29,285			4,506
Income taxes		3,530			4,750			3,874			8,867
Net income	$	7,354		$	13,678		$	33,159		$	13,373

Net income per share:
Basic	$	0.09		$	0.17		$	0.42		$	0.17
Diluted	$	0.09		$	0.17		$	0.42		$	0.17
Dividends per share	$	0.45		$	0.45		$	0.90		$	0.90
Weighted-average shares outstanding
Basic		78,280			79,627			78,643			79,656
Diluted		78,441			79,741			78,781			79,756

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

PotlatchDeltic Corporation and Consolidated Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2025			2024			2025			2024
Net income	$	7,354		$	13,678		$	33,159		$	13,373
Other comprehensive income (loss), net of tax:
Pension and other postretirement employee benefits		(147	)		(230	)		(295	)		(459	)
Cash flow hedges		(7,706	)		3,611			(24,315	)		19,536
Other comprehensive income (loss), net of tax		(7,853	)		3,381			(24,610	)		19,077
Comprehensive income (loss)	$	(499	)	$	17,059		$	8,549		$	32,450

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

PotlatchDeltic Corporation and Consolidated Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)


(in thousands, except per share amounts)	June 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	95,277		$	151,551
Customer receivables, net		33,799			23,358
Inventories, net		87,037			82,926
Other current assets		42,741			41,295
Total current assets		258,854			299,130
Property, plant and equipment, net		396,167			408,913
Investment in real estate held for development and sale		53,642			50,809
Timber and timberlands, net		2,320,697			2,357,151
Intangible assets, net		12,971			13,861
Other long-term assets		142,372			175,579
Total assets	$	3,184,703		$	3,305,443

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	96,569		$	95,628
Current portion of long-term debt		127,383			99,552
Current portion of pension and other postretirement employee benefits		5,098			5,098
Total current liabilities		229,050			200,278
Long-term debt		907,786			935,100
Pension and other postretirement employee benefits		75,328			76,272
Deferred tax liabilities, net		16,729			21,123
Other long-term obligations		33,883			35,000
Total liabilities		1,262,776			1,267,773
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued		—			—
Common stock, $1 par value, 200,000 shares authorized, 77,286 and 78,684 shares issued and outstanding		77,286			78,684
Additional paid-in capital		2,321,235			2,315,176
Accumulated deficit		(566,125	)		(470,331	)
Accumulated other comprehensive income		89,531			114,141
Total stockholders’ equity		1,921,927			2,037,670
Total liabilities and stockholders' equity	$	3,184,703		$	3,305,443

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

PotlatchDeltic Corporation and Consolidated Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
(in thousands)	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	33,159		$	13,373
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		52,537			60,476
Basis of real estate sold		21,348			60,617
Change in deferred taxes		(3,875	)		(8,839	)
Pension and other postretirement employee benefits		3,263			2,288
Equity-based compensation expense		5,954			5,522
Amortization related to redesignated forward-starting interest rate swaps		5,651			5,286
Interest received under swaps with other-than-insignificant financing element		(13,936	)		(14,967	)
Other, net		1,163			26
Change in working capital and operating-related activities, net		(4,508	)		(3,996	)
Real estate development expenditures		(6,104	)		(2,722	)
Funding of pension and other postretirement employee benefits		(4,602	)		(2,135	)
Proceeds from insurance recoveries		—			1,680
Net cash from operating activities		90,050			116,609

CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(15,750	)		(26,603	)
Timberlands reforestation and roads		(11,336	)		(12,814	)
Acquisition of timber and timberlands		(374	)		(31,481	)
Interest received under swaps with other-than-insignificant financing element		13,123			13,924
Other, net		975			618
Net cash from investing activities		(13,362	)		(56,356	)

CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(70,213	)		(71,456	)
Repurchase of common stock		(60,030	)		(23,905	)
Other, net		(2,126	)		(2,236	)
Net cash from financing activities		(132,369	)		(97,597	)
Change in cash, cash equivalents and restricted cash		(55,681	)		(37,344	)
Cash, cash equivalents and restricted cash at beginning of period		151,725			237,688
Cash, cash equivalents and restricted cash at end of period	$	96,044		$	200,344

NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions	$	814		$	1,177
Accrued timberlands reforestation and roads	$	1,842		$	1,912
Repurchase of common stock pending settlement	$	—		$	1,107

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the amounts shown above in the Condensed Consolidated Statements of Cash Flows.


(in thousands)	June 30, 2025		June 30, 2024
Cash and cash equivalents	$	95,277	$	199,723
Restricted cash included in other current and long-term assets1		767		621
Total cash, cash equivalents, and restricted cash	$	96,044	$	200,344

Amounts included in restricted cash represent proceeds held by a qualified intermediary that were or are intended to be reinvested in timber and timberlands. At June 30, 2025 and 2024, $0.1 million and $0 were classified as Other current assets.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PotlatchDeltic Corporation and Consolidated Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)


	Common Stock						Additional Paid-			Accumulated			Accumulated Other Comprehensive			Total Stockholders'
(in thousands, except per share amounts)	Shares			Amount			in Capital			Deficit			Income			Equity
Balance, December 31, 2024		78,684		$	78,684		$	2,315,176		$	(470,331	)	$	114,141		$	2,037,670
Net income		—			—			—			25,805			—			25,805
Shares issued for stock compensation		104			104			(104	)		—			—			—
Equity-based compensation expense		—			—			2,759			—			—			2,759
Repurchase of common stock		(93	)		(93	)		—			(4,054	)		—			(4,147	)
Pension plans and OPEB obligations, net of tax		—			—			—			—			(148	)		(148	)
Cash flow hedges, net of tax		—			—			—			—			(16,609	)		(16,609	)
Dividends on common stock, $0.45 per share		—			—			—			(35,435	)		—			(35,435	)
Other transactions, net		—			—			103			(105	)		—			(2	)
Balance, March 31, 2025		78,695			78,695			2,317,934			(484,120	)		97,384			2,009,893
Net income		—			—			—			7,354			—			7,354
Shares issued for stock compensation		10			10			(10	)		—			—			—
Equity-based compensation expense		—			—			3,195			—			—			3,195
Repurchase of common stock		(1,419	)		(1,419	)		—			(54,464	)		—			(55,883	)
Pension plans and OPEB obligations, net of tax		—			—			—			—			(147	)		(147	)
Cash flow hedges, net of tax		—			—			—			—			(7,706	)		(7,706	)
Dividends on common stock, $0.45 per share		—			—			—			(34,778	)		—			(34,778	)
Other transactions, net		—			—			116			(117	)		—			(1	)
Balance, June 30, 2025		77,286		$	77,286		$	2,321,235		$	(566,125	)	$	89,531		$	1,921,927


	Common Stock						Additional Paid-			Accumulated			Accumulated Other Comprehensive			Total Stockholders'
(in thousands, except per share amounts)	Shares			Amount			in Capital			Deficit			Income			Equity
Balance, December 31, 2023		79,365		$	79,365		$	2,303,992		$	(315,291	)	$	103,032		$	2,171,098
Net loss		—			—			—			(305	)		—			(305	)
Shares issued for stock compensation		143			143			(143	)		—			—			—
Equity-based compensation expense		—			—			2,560			—			—			2,560
Pension plans and OPEB obligations, net of tax		—			—			—			—			(229	)		(229	)
Cash flow hedges, net of tax		—			—			—			—			15,925			15,925
Dividends on common stock, $0.45 per share		—			—			—			(35,779	)		—			(35,779	)
Other transactions, net		—			—			90			(88	)		—			2
Balance, March 31, 2024		79,508			79,508			2,306,499			(351,463	)		118,728			2,153,272
Net income		—			—			—			13,678			—			13,678
Shares issued for stock compensation		4			4			(4	)		—			—			—
Equity-based compensation expense		—			—			2,962			—			—			2,962
Repurchase of common stock		(610	)		(610	)		—			(24,402	)		—			(25,012	)
Pension plans and OPEB obligations, net of tax		—			—			—			—			(230	)		(230	)
Cash flow hedges, net of tax		—			—			—			—			3,611			3,611
Dividends on common stock, $0.45 per share		—			—			—			(35,677	)		—			(35,677	)
Other transactions, net		—			—			98			(103	)		—			(5	)
Balance, June 30, 2024		78,902		$	78,902		$	2,309,555		$	(397,967	)	$	122,109		$	2,112,599

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INDEX FOR THE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



Note 1: Basis of Presentation	9
Note 2: Segment Information	10
Note 3: Earnings Per Share	15
Note 4: Certain Balance Sheet Components	16
Note 5: Debt	16
Note 6: Derivative Instruments	17
Note 7: Fair Value Measurements	18
Note 8: Equity-Based Compensation	18
Note 9: Income Taxes	19
Note 10: Leases	20
Note 11: Pension and Other Postretirement Employee Benefits	21
Note 12: Components of Accumulated Other Comprehensive Income	21

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Notes to Condensed Consolidated Financial Statements

NOTE 1. BASIS OF PRESENTATION

General

PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with operations in nine states. We are engaged in activities associated with timberland management, including the sale of timber, the ownership and management of 2.1 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacturing and sale of wood products and the development of real estate. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States. The primary market for our products is the United States.

Condensed Consolidated Financial Statements

The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements, such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 13, 2025. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.

Use of Estimates

The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates.

Commitments and Contingencies

We are, from time to time, subject to various claims and legal proceedings that arise in the normal course of business. Based on the information currently available, we do not anticipate that any amounts we may be required to pay in connection with these matters will have a material adverse effect on our consolidated financial position, operating results or net cash flows.

In May 2025, we paid $2.5 million related to our obligations under the Thomson Reservoir Project, leaving $0.1 million accrued as of June 30, 2025. For additional details regarding the project, refer to the section “Commitments, Contingencies and Legal Matters” in Note 1: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items, including disaggregation by jurisdiction, that meet a quantitative threshold prescribed by the standard. ASU 2023-09 should be applied on a prospective basis; however, retrospective application is permitted. The adoption of this ASU on January 1, 2025 will be reflected in our annual financial statements for the year ended December 31, 2025. As ASU 2023-09 impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated quantitative disclosure in the notes to the financial statements of prescribed expense categories included within relevant income statement expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. Management is currently evaluating this ASU. As the standard impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

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Reclassifications

Certain prior period reclassifications were made to conform with current period presentation. These reclassifications had no effect on reported net loss, net loss per share, comprehensive income, cash flows, total assets, total liabilities, or shareholders’ equity as previously reported.

NOTE 2. SEGMENT INFORMATION

Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate, all of which are strategic business units that offer different products and services. The segments are managed separately because each business provides different products and utilizes different marketing strategies. Management activities in the Timberlands segment include planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and sells lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, a master planned community development and a country club.

Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices as if the sales were to third parties, and typically represent a sizable portion of the Timberlands segment's total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements, with the exception of the valuation of inventories, which are reported using the average cost method for purposes of reporting segment results.

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 revenues1		(27,594	)		(27,442	)		(54,021	)		(51,970	)
Total consolidated revenues	$	274,985		$	320,671		$	543,245		$	548,798

Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

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The company’s chief operating decision maker (CODM) uses segment information to assess performance, allocate capital and personnel, budget and forecast, and determine compensation of certain employees, among other things. The CODM uses Adjusted EBITDDA to evaluate the operating performance and effectiveness of operating strategies of our segments and allocation of resources to them.

EBITDDA is calculated as net income (loss) before interest expense, net, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies.

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 revenues1		27,594		—			—		27,594
		101,664		171,819			29,096		302,579

Cost of goods sold2
Fiber costs2		—		80,373			—		80,373
Freight, logging and hauling2		48,556		21,627			—		70,183
Manufacturing costs2,3		—		64,269			—		64,269
Finished goods inventory change2		—		244			—		244
Depreciation, depletion and amortization2		15,172		10,388			139		25,699
Basis in real estate sold2		—		—			11,486		11,486
Other4		10,945		414			4,497		15,856
		74,673		177,315			16,122		268,110
Segment selling, general and administrative expenses5		2,924		3,604			1,899		8,427
Segment operating income (loss)		24,067		(9,100	)		11,075		26,042

Depreciation, depletion and amortization6		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.

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	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 revenues1		27,442		—			—		27,442
		98,802		153,579			95,732		348,113

Cost of goods sold2
Fiber costs2		—		75,583			—		75,583
Freight, logging and hauling2		51,992		20,390			—		72,382
Manufacturing costs2,3		—		60,111			—		60,111
Finished goods inventory change2		—		389			—		389
Depreciation, depletion and amortization2		16,463		12,119			115		28,697
Basis in real estate sold2		—		—			56,528		56,528
Other4		9,989		25			4,256		14,270
		78,444		168,617			60,899		307,960
Segment selling, general and administrative expenses5		3,024		3,928			1,929		8,881
Segment operating income (loss)		17,334		(18,966	)		32,904		31,272

Depreciation, depletion and amortization6		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 revenues1		54,021		—			—		54,021
		204,115		336,464			56,687		597,266

Cost of goods sold2
Fiber costs2		—		156,529			—		156,529
Freight, logging and hauling2		99,506		42,054			—		141,560
Manufacturing costs2,3		—		122,318			—		122,318
Finished goods inventory change2		—		(4,823	)		—		(4,823	)
Depreciation, depletion and amortization2		30,350		19,833			260		50,443
Basis in real estate sold2		—		—			21,354		21,354
Other4		17,879		597			7,835		26,311
		147,735		336,508			29,449		513,692
Segment selling, general and administrative expenses5		5,448		7,065			3,416		15,929
Segment operating income (loss)		50,932		(7,109	)		23,822		67,645

Depreciation, depletion and amortization6		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.

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	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 revenues1		51,970		—			—		51,970
		191,752		302,177			106,839		600,768

Cost of goods sold2
Fiber costs2		—		149,043			—		149,043
Freight, logging and hauling2		100,329		38,491			—		138,820
Manufacturing costs2,3		—		117,820			—		117,820
Finished goods inventory change2		—		(3,944	)		—		(3,944	)
Depreciation, depletion and amortization2		33,760		24,527			231		58,518
Basis in real estate sold2		—		—			60,622		60,622
Other4		17,763		118			7,440

POTLATCHDELTIC CORP 10-Q