Hong Zhang

CFO described a disciplined, consistent framework: base dividend first, then value-add uses including buybacks, weighed against Monticello spend and capital structure.

Devin noted timberland values are long-term driven and don't move with near-term lumber price fluctuations. Only structural longer-term pricing changes would flow through.

Devin confirmed permanently closed mills are not restarting. Some previously curtailed Southern mills running slightly fuller but not significant. Structural supply reduction remains intact.

Dave Wold noted buyback remains attractive but will be weighed against all alternatives. $160M completed in 2025 was highest annual level in several years. New $1B authorization provides capacity.

Devin expects gradual ramp but not return to prior levels given weak Chinese real estate. Any option for log customers is positive for the Western system.

Devin confirmed same framework applies to OSB as lumber. Noted strong cost curve position plays into decision but will make adjustments if necessary.

Devin confirmed no near-term expectation for China log market reopening. Pivoted U.S. South exports to India as a growth opportunity. Continuing to advocate with administration for market access.

Devin expressed confidence gains are sustainable due to rising European log costs and Japanese customer rebuilding a world-class low-cost mill operational by 2027. Structural cost advantage growing.

Devin characterized OSB pricing as currently stable. Expects demand to pick up as actual building activity increases in Q2 and summer months.

Devin noted WY does virtually no logging on federal lands. Doesn't expect dramatic near-term increase due to infrastructure and trucking capacity constraints.

Boyle said 3P management clients benefit from PS Next advances, with COO Chris Sambar leading growth efforts. Profitability increasing modestly as portfolio stabilizes and grows.

Boyle was brief, lending is an opportunity to grow in support of 3P management customers with synergistic benefits across insurance and capital components.

CFO confirmed mid-4% baseline is current portfolio plus Annapolis; no speculative 2026 acquisitions embedded. Additional accretive acquisitions would be additive to that baseline.

Lisa said no current need for equity. Would issue opportunistically if accretive funding opportunity arose. Strong track record of judicious equity issuance. Balance sheet capacity and free cash flow sufficient for development pipeline.

David said suburbs of NYC could benefit from city outmigration, similar to post-COVID renaissance. Issue is more NYC urban than suburban. Long Island and Westchester not at risk.