This quarter's results exceeded expectations, primarily driven by contributions from the PotlatchDeltic merger and operational efficiency improvements.

Key Data: Adjusted EBITDA reached $124 million, a significant year-over-year increase; Southern Timber EBITDA rose 85% year-over-year; Wood Products EBITDA hit a new high since Q3 2022.

Business Progress: Completed a 1031 land exchange with RMS, selling 36,000 acres in Washington State and acquiring 57,000 acres in Texas/Alabama, expected to enhance cash flow. Southern Timber completed 50,000 tons of salvage logging due to wildfires, with no material impact. Wood Products benefited from Canadian import tariffs and transportation bottlenecks, with average selling prices rising 18% quarter-over-quarter to $505/MBF. The Real Estate solar option pipeline reached 77,000 acres, and a data center development team has been formed.

Guidance and Outlook: Full-year Southern Timber production remains at 12.2–12.5 million tons, and Real Estate EBITDA guidance is unchanged at $180–200 million. Wood Products Q3 shipments are expected at 320–330 million board feet, with current average prices slightly above Q2 levels.

Risk/Highlight Signals: Management is clearly optimistic about Wood Products' outlook, emphasizing sustained supply-side improvements; they are cautious on Southern pulpwood prices, only describing them as "stable" rather than rebounding.