Good morning, everyone. Just a quick note that we're going to be starting in five minutes, right at 9:00 A.M. For more than 125 years, Weyerhaeuser has built a reputation as a global leader in sustainable forestry, land management, and wood products manufacturing. We have spent decades building a world-class portfolio and developing unmatched expertise to drive our company and industry forward. With an unwavering focus on innovation and operational excellence, we have set the standard for quality and success for generations. Now, we are positioned to build on our solid foundation and enter a new era of accelerated growth. We are evolving and creating new value through innovative solutions, new products, and expanded markets. Fueled by new ideas, we are leveraging emerging technologies to transform our operations and performance in the woods and in our mills. At Weyerhaeuser, we never sit back or sit still. We are driven to get better every day, enhancing our portfolio and products, elevating our customer focus, strengthening our competitive position, and creating superior value for our shareholders. Join us as we build on our history and legacy and launch a new chapter of accelerated growth at Weyerhaeuser. All right, well, welcome, and thank you for being here with us for our 2025 Investor Day. We are really excited to share with you some of the terrific things that we've been doing at the company over the last several years, and importantly, to talk to you about the next phase, which is our accelerated growth program. So we got a lot to cover today. I'm going to go ahead and get started. I will note we are going to be making some forward-looking statements today. We'll also make reference to some non-GAAP financial measures, so typical cautionary language will apply to those, of course. All right, diving in. So today, my colleagues and I are going to spend the majority of our time on two key themes. First, we're going to touch on the unrivaled platform that we've built at Weyerhaeuser over the last few years. We have been doing the hard work, and we have built an incredibly strong foundation at our company. The focus on operating improvements, operational excellence, innovation, the work that we've done on the balance sheet. As a result of these efforts, our company is better positioned today than we have been in many, many years, and second, we're really excited to share with you the next phase of our company's journey, which is growth. Over the course of this morning, we're going to lay out our new multi-year growth program that will build off of this solid foundation, improve our cash flow per share, reduce volatility, and ultimately deliver an incremental $1.5 billion of adjusted EBITDA by 2030 over our 2024 baseline. This will be a catalyst for our company to improve the stock price and position us to deliver industry-leading returns in the years to come. Quickly, for those that aren't as familiar with our story, Weyerhaeuser is a large integrated forest products company operating across North America with a foundation that's truly world-class. At the heart of our company is our timberlands business. We are the largest private owner of timberlands in North America. We have 10.4 million acres of high-quality, highly productive timberlands across the U.S. We also manage another 13 million acres in Canada under long-term license agreements. The quality, the scale of our timber portfolio is unrivaled in the industry. We also bring deep expertise and advanced technology to drive value across our forest. We're also one of the largest manufacturers of wood products in North America. We have 33 mills across the U.S. and Canada where we produce lumber, oriented strand board, a variety of engineered wood products. We also have 21 distribution facilities in key locations in the U.S. We have been focused on cost discipline and operational excellence for a long time. We have industry-leading margins and strong brand recognition with our customers. And lastly, we're focused on maximizing the value of every acre we own across this vast holding. There is a lot of optionality inherent in this portfolio to create and capture value. I will make just a quick note. We are changing the name. What was formerly our real estate, energy, and natural resources business is going to be referred to as Strategic Land Solutions going forward. And this is really just reflective of the broadening scope of what we're doing in this business, both today and, as Paul will lay out here in just a few minutes, part of our growth initiatives. And it's all underpinned by the enduring high-performance culture that we have at Weyerhaeuser with portfolio management, OpEx, innovation. We have long had a competitive advantage here, and again, we built a really world-class foundation at this company. I'm going to get into growth here in just a minute, but I wanted to take a few moments just to highlight some of the improvements that we've made at this company over the past decade, so back in 2013, when my predecessor came into this role, we had some issues. We had some challenges that we had to deal with as a company, so we got to work. We cleaned up the portfolio. We launched the first iteration of Operational Excellence. We really dove in on the cost structure, and as a result of those efforts, we changed the trajectory of the company, going from what was, in many instances, bottom quartile performance to a much more competitive position. We also had the opportunity to merge with Plum Creek during this period. This was one of those once-in-a-generation opportunities that you have to put the number one and number two players together to create the industry leader in the timber space. So a lot of great work during that period. When I stepped into the role in 2019, the next phase of our journey was around accelerating performance improvement and really strengthening the foundation of the company. And I think we have done some tremendous work over the past seven years. We've continued to focus on operating improvement. We are now industry-leading across our businesses. We strengthened the balance sheet by paying down debt, reducing pension liability. We reimagined the cash return framework to better align the cash return framework with the cyclicality of our industry. Importantly, we returned a significant amount of cash back to shareholders, nearly $7.5 billion of cash returned to shareholders over this period. We brought innovation back to Weyerhaeuser, and we launched the Climate Solutions business. A lot of terrific work by the organization during this period, against a backdrop, I might add, that was not without its challenges with the pandemic and hyperinflation and high interest rates, et cetera. As a result of these efforts, the company is in a better position today than it has been in many, many decades. By the way, as you can see on the bottom of this slide, we have repeatedly set aggressive, ambitious targets for the organization and, importantly, repeatedly met or exceeded those targets. I'll touch on the 2021 Investor Day targets here in just a moment, but I think we have really started to develop a reputation that we do what we say we're going to do. At this point, we really are in a class by ourselves. Our competitive advantages are not just incremental. They're fundamental. The scale, the quality, the diversity of our portfolio allows us to tailor solutions to our customers so that we can win in the marketplace while at the same time maximizing the returns across our assets. We have a demonstrated track record of industry-leading operations and performance. We have a disciplined yet flexible capital allocation approach that allows us to balance the need to invest for the future while at the same time meeting our commitment to returning cash to shareholders today. Our people, our culture are strong. We've been investing in new technology and innovation to unlock opportunities, and as I'll touch on more in a moment, the integrated nature of our portfolio provides a lot of opportunities to drive synergies, as well as a lot of the growth opportunities we'll talk about. At this point, we really are the only large-cap integrated forest products investment in our space. We are poised for accelerated growth, and that will position us to deliver strong returns for our shareholders in the years to come. I want to spend just a few minutes here talking about a really important part of our business and our strategy, and that's the integrated nature of our portfolio. We think this is a competitive advantage for us. It is intentional. It's strategic. It's core to many of the growth initiatives that we're going to talk about over the course of the morning. From an operational standpoint, it provides a significant number of benefits from being in the woods, where it allows us to optimize our transportation network. It allows us to lower our log and haul costs in the mills. It allows us to get the right log into the mill to maximize throughput, maximize profitability. It also allows us to manage through just all of the various things that happen in the world, whether it's fire, whether it's weather, market disruptions. It provides a lot of levers to make sure we're capturing value across market cycles. And the financial benefits are real. We believe the benefit of having these businesses together is north of $100 million a year in benefits just by working these businesses together. Now, we're not capturing all of that today. We're getting a significant chunk of it, but we have line of sight on how to get there. That's part of the $1.5 billion that we're going to lay out for you this morning. I would note, I believe there's more even on top of that as we get into this in more detail. One of the more compelling aspects of this portfolio is the ability to generate steady returns across market cycles in the timberlands and Strategic Land Solutions Business while generating significant cash flow from our manufacturing businesses during times of relative strength in the housing market. As you can see, timberlands, Strategic Land Solutions, consistent, reliable performance. We average about $1 billion of EBITDA per year in these businesses. This is what funds the sustainable base dividend. It also underpins the overall financial strength of the enterprise. Now, wood products, a little bit more variable, but across the business cycle, you can generate really significant, strong returns in this business. And I would say with our scale and operating discipline, even during weaker markets, we're still able to generate returns from this business. Collectively, we think this creates a real competitive advantage for us. And I would say the wood products business is also what funds a lot of the growth initiatives we're going to talk about, as well as share repurchase and supplemental dividends. Each of these businesses is sizable and compelling on its own, but together, it creates a real competitive advantage and we think is a value multiplier for our company. Now, obviously, we've been in a more difficult environment here recently with housing stuck in second gear. Repair and remodel has been a little soft. That's put some pressure on pricing in a number of our product lines, and you're seeing that really across the industry. There is a degree of cyclicality that's inherent in a lot of these businesses, and while we're optimistic that the medium and long-term demand drivers are going to be very supportive of our business, you got to be able to navigate some of these market fluctuations that are a part of the housing cycle. I'll just make a few comments on that specifically. We believe that cyclical businesses can be really good businesses. You can make a lot of money and generate a lot of value as long as you have a strategy that's aligned to the cyclicality of those businesses, and at Weyerhaeuser, we now have a strategy that's better aligned to the cyclical nature of many of our businesses. What do we mean by that? Well, we stay focused on cost and operational excellence to make sure that we are the low-cost producer. That is critically important. We have strengthened the balance sheet by paying down debt, reducing pension liabilities, refinancing debt at lower rates. We have readjusted our cash return framework to ensure that the cash we're returning to shareholders is reflective of the current market conditions. Collectively, this allows us not only to navigate through market fluctuations, but to be able to go on offense even in a down market. I think that's a big differentiator of the Weyerhaeuser of today versus the Weyerhaeuser of the past. And I think that's something that will be seen as a real competitive advantage for us over time. Case in point, you can see how we've navigated two different years where we had softer pricing. Again, I think this just reinforces the strategy, the actions we're taking. You can create a lot of value in a down market in cyclical businesses if you have the flexibility and the dry powder to take advantage of opportunities as they arise. And that is exactly what we're doing. We are putting the pieces in place, building the framework so that we can capitalize as market conditions improve, which we know they will. I don't see a lot of our competitors being able to do this, at least not to the same degree. And again, this is something that will be over time and over market cycles a real competitive advantage for our company. So let me just take a few minutes to update you on the long-term targets. So as many of you will recall, back in the fall of 2021, we laid out some ambitious, aggressive targets for ourselves. Now, candidly, I don't think we fully anticipated some of the headwinds that we would be facing during this period with inflation and trade disputes and all the other things that have happened. But the organization, as they always do, aligned around the goals, and we got after it. And once again, we've been able to deliver on commitments that we made. In the timberlands business, during this period, we've acquired $1.2 billion of high-quality timberlands to add to the portfolio. At the same time, we've divested of some non-core timberlands, recycling that capital, I think, again, proving our prowess in portfolio management. Collectively, these transactions have significantly enhanced the value and the quality of our timberlands portfolio. On the Climate Solutions side, we set a goal to hit $100 million of adjusted EBITDA by 2025. I'm pleased to report that we have hit that number in 2025. Recall, we just started this business in 2021, so I'm incredibly proud of the organization and their ability to build out the expertise, build out the pipeline, we are clearly leading in this space, and Paul's going to talk to you a little bit more here later this morning about how that sets us up for future growth in the Climate Solutions Business. On the lumber side, now look, it's been a more challenging environment here recently, and so there have been some puts and takes. We have elected to defer some projects. Certainly, over the last 18-24 months, we've held back some production just given the softer demand environment. That's prudent. That's exactly what you would want us to do. That being said, we have made investments into this business. So as the conditions improve, we can readily ramp that production up and take full advantage of those investments. And Brian's going to talk to you a little bit more about the plan going forward in the lumber business. I'm just incredibly pleased with the organization's ability to deliver on the OpEx target. This has been an incredibly challenging environment from an inflation standpoint to get after OpEx. And I think this really demonstrates the OpEx culture that we have built at this company and our ability to do that. And you can see that reflected in our relative margins, the industry-leading EBITDA margins, particularly in the manufacturing businesses, just a core part of how we run the company. Very proud of the organization there. Lastly, we've returned a significant amount of cash back to shareholders over this period, $6 billion of cash. As part of that, we have increased our base dividend 5% a year each of the last four years. We've closed out a billion-dollar share repurchase program and put another billion-dollar program in place. We've sprinkled in some supplemental dividends as well. Again, just demonstrating this company's commitment to returning cash to shareholders. Again, just really pleased with the organization's ability to get after it, aggressively go after targets and meet our commitments regardless of the backdrop. As we close out 2025, it's time to look forward as to what's next. What's next for us is growth. Over the course of this morning, you're going to hear more about our multi-year growth program that will build on the solid foundation, drive improved cash flow per share, and ultimately deliver an incremental $1.5 billion of EBITDA by 2030. This will position us to deliver strong returns in the years to come, and we're really excited. At a high level, the strategy around our growth program is really about driving portfolio-wide growth to improve our cash flow across market cycles. And so to that end, we've got a broad-based growth program that has initiatives cutting across all of the businesses and the enterprise. We think that does a few things. First, it de-risks the program to some degree, just given the breadth of these initiatives, and it also means that we're not overly reliant on any one initiative or business to deliver on this plan. In order to get after this, we're going to lean on three key accelerators. First is the portfolio. The scale, the quality, the diversity, the integrated nature, it provides a lot of optionality for us to create and capture value, whether it's timberlands or real estate, wood products, Climate Solutions. There's just a lot of inherent optionality. We're going to be going after that to drive growth and value. Second, capital allocation. Our approach is disciplined, but it's also flexible. It gives us the opportunity to both return cash to shareholders while also retaining some cash so that we can fund the growth initiatives that we're going to lay out for you today. We'll be thoughtful about capital allocation as we always are, always with a view towards creating long-term shareholder value. And last, people, culture, technology. These are real competitive advantages for us. We build a strong operating platform, and we're now ready to put that to use to drive the growth program that we'll lay out. So on this page, you're going to see a lot of different initiatives. And over the course of this morning, you're going to hear more detail on each of these. I'll say just a few words to set it up. First, each of these line-of-sight growth initiatives has a specific multi-year action plan with accountabilities and resource requirements. The vast majority of these are already underway to some extent. Those that aren't will be shortly. Many of these, most of these are organic initiatives that are to a large degree under our control. That gives us a lot of confidence in our ability to go after this growth plan. Just a quick comment, you'll see some additional potential catalysts at the bottom of this page. These are not included in the $1.5 billion number that we're going to talk about today. I do think some of these will come into play, will come to fruition over this period. They're just either early stage or there's a little uncertainty made it hard to model. I'd also note, as we really lean into this next phase of growth and the way that you start to get that momentum with the organization, there will be additional initiatives that are not reflected on this page that come up. And I say that really just to point out, we believe there is upside over and above the $1.5 billion that we're going to talk about this morning. All right, so just to get to the bottom line, here's the waterfall chart. It shows you how we get to the billion and a half. The first four buckets, timberlands, Strategic Land Solutions, wood products, and enterprise initiatives, these are all of the initiatives you'll hear about from my colleagues over the course of this morning. This comes from a bottoms-up approach. That's how we built out this program. A lot of confidence in our ability to get there. That gets you to the billion. We've also modeled in what we think is a relatively conservative number of $500 million from some pricing uplift, and I'll speak to that here in just a moment, and that gets you to the $1.5 billion number. I will note, this is a five-year plan, and so, as is the nature of long-term plans, there will be some unanticipated hurdles over this period of time. That's just the nature of these things, right? We know how to do that. We'll pivot. We'll adjust as needed. But that being said, our leadership, our management team, we're aligned around this. We have a high degree of confidence that we can and will deliver on this program over this period. We've been building the foundation. We've put the pieces in place, and now we're ready to go after this aggressively to get to this growth number. A few comments just on the $500 million. So two things I would point out here. Number one, this is off of a 2024 pricing baseline. As you may recall, we had a softer pricing environment, particularly in lumber in 2024. So it's a relatively low starting point. Number two, we have a lot of leverage to lumber, oriented strand board, and western logs. It does not take a lot of pricing uplift to really start to move the dial from an EBITDA generation standpoint. We have, for purposes of this exercise, tried to be conservative because we want to focus most of the discussion today on the specific initiatives and not debate pricing assumptions, but from our view, this is relatively conservative. David going to provide a little bit of sensitivity around pricing here in just a bit. I'm not going to spend a lot of time on macro drivers. We've talked about this a fair bit over the years. I'll make just a few brief comments. First, on housing. We all know there is a significant shortage of housing in the U.S., and not withstanding some of the recent challenges to build out from under that deficit over the medium to long term in the years to come, we're going to have to build millions and millions of houses in the United States. And that will be a significant tailwind both for our existing business, but certainly for the growth initiatives that we're going to lay out. We also think there's an opportunity for wood-based building to take market share from other building materials. We've seen some momentum around that lately. We think that continues, perhaps even accelerates. That will be supportive of a number of the growth initiatives that we're going to talk about. Travis will talk about this in a little bit. As we look around the globe and we look at the demand for fiber relative to the supply from some of those historical sources, we think there's an opportunity to supply more fiber around the world from the U.S., particularly out of the U.S. South. And we've got a plan to do just that. And then lastly, on climate, I think all of the challenges surrounding climate change are going to present a number of opportunities for us in our Climate Solutions Business. So collectively, again, we think there are a number of macro drivers that will be very supportive of the growth program that we're going to lay out this morning. I'd be remiss if I didn't spend at least a moment talking about people and culture and our leadership in sustainability. These have been foundations of our company for a long time. It's one of the reasons we're still here after 125 years. Rest assured, we're going to continue to bring top talent into the organization. We're going to devote resources to training and developing those folks to make sure that we have the right leaders to lead our business and drive these growth initiatives. On sustainability, we've been a leader in sustainability for a very long time. We were doing this before people were talking about it. And this is a core part of how we run our company. It's core to our values. We think it drives a lot of value over time. And so that will continue today, tomorrow, and really for the foreseeable future. So to recap, we've done a lot of work over the last decade to build a better, stronger, more valuable Weyerhaeuser. We have an incredibly strong foundation, and we're ready to build off of that to drive the growth program that we're going to talk about over the course of this morning. Again, most of the initiatives you're going to hear about, they're already underway, largely organic, largely under our control, have a lot of confidence in our ability to execute on those. As we do, it will improve our cash flow, reduce volatility, ultimately drive $1.5 billion of incremental EBITDA by 2030. So with that, I'm now going to turn it over to my colleague, Travis Keatley, to talk about timberlands and walk you through the growth initiatives in his area. Good morning, everyone. My name is Travis Keatley, and I'm the Senior Vice President of our Timberlands business. And I'm looking forward to sharing more about our timberlands with you this morning. I'll touch on who we are and what we do, and I'll finish with a review of our growth initiatives looking forward. But first, a little bit about me. I'm in my 27th year with Weyerhaeuser, having spent all of that time in our timberlands business in various operating and leadership roles. Prior to serving in this role, I benefited from leading our southern timberlands business from Arkansas and our western timberlands business from Washington. Starting with our portfolio, our timberlands are the foundation of this company. And as you know, we are the largest private timberland owner in North America with more than 10 million acres of highly productive, high-quality timberlands across every key growing region. This is an unrivaled portfolio both in terms of scale and diversity and candidly cannot be replicated today. In the west, we own two and a half million acres of premium asset timberlands that are in one of the world's best timber-growing regions. Additionally, it's located in one of North America's strongest log markets. This is a clear competitive advantage for us. And in the south, we own nearly seven million acres of high-quality southern yellow pine plantations whose broad geographic diversity puts us into every key market in the south. And in the north, we own one million acres of mixed species forest, including high-valued hardwood saw logs. This scale provides us with tremendous market diversity and customer mix. So speaking more about our customers, we have three distinct customer segments that provide a lot of benefits to our sales portfolio: our internal sawmills, our third-party domestic customers, and our export segment. Our goal is to maximize total value through the system, both for us and for our customers. And we do this by providing customer solutions that others can't. For example, when we deliver consistent and reliable base loads of volume to our customers, we are rewarded with increased market share and premium-to-market pricing. Our export segment provides us with unique exposure to international markets that are based on different economies unrelated to the U.S. housing starts. This segment provides a meaningful premium to our domestic alternatives. So in total, and importantly, these three segments allow us a lot of optionality in how and where we go to market to increase our margins. Now, moving closer to the forest, we have deep expertise in forestry. In fact, we've been at this longer than anyone. This year, we're celebrating our 125th anniversary. And for over a century, we've been conducting scientific research across our portfolio. And among other things, that research has produced the world's largest data set for growth and yield measurements for Douglas- fir and loblolly pine both. For us, forestry begins with our proprietary seedlings. For seven decades, our genetic program has focused on increasing yield, desired wood properties, and environmental adaptability that's tailored to our land that informs our customized planting programs. And for our targeted silviculture, we leverage in-house models using advanced imagery like LiDAR and leaf area index to guide our foresters to determine which stands will benefit from treatment and, importantly, which stands will not. This ensures that every acre we treat will meet the investment thresholds that we have set. And our benchmarking tells us that we have the lowest silviculture cost in the industry. We know how to grow trees. We know how to influence that growth, and we know how to keep them healthy. Today, we have over two dozen PhD scientists that are deep subject matter experts in critical areas such as silviculture, forest health, water quality, and wildlife habitat. This further cements our position as the leader in forest stewardship. As for our supply chain, it's both unique and strong as we service customers from 15 miles to 6,000 miles away from our forest. If you were to consolidate our forest, it would be the size of Switzerland or one and a half times the size of Massachusetts. On our forest, we manage 70,000 miles of roads, which is significantly more roads than that of our national interstate highway system. My point is our supply chain is massive. We've been managing it for a long time, and we're best-in-class operators. Our supply chain begins at time of harvest as our forests meet financial maturity. To determine this, we use our proprietary growth and yield harvest planning tools, which we instill strict governance and financial controls. This gives us extreme confidence in our annual harvest levels as well as the sustainability of our forest. We also have a strong track record of improving the productivity of our harvesting and hauling crews and contractors, and this is a core part of our supply chain. Over the last five years, we've made tremendous improvement at mechanizing the steep slopes in the west, which I'll talk about more in a moment, and across our operations, we are deploying route optimization through our centralized trucking system to efficiently deliver 5,000 truckloads of logs each day, so to simply frame this up, our stable customer base affords us the opportunity to design and operate an efficient, coordinated network of harvest and haul crews across our footprint. These contract crews are able to work year-round and are able to operate at maximum production each day, which is very important. Collectively, all of this has positioned Weyerhaeuser with the lowest harvesting and haul cost in the industry, and driving this performance is our relentless focus on Operational Excellence. This is core to everything we do. It's who we are at this point, and I'm going to give you two examples today, and I'm going to start on the left, and in parts of the south, we were seeing shortages of truck drivers that was beginning to have a negative impact on the productivity of our harvesting crews. To solve this bottleneck, we worked with regional and national transportation fleet providers who were able to source truck drivers outside of the local labor market. These transportation providers also have a high level of sophistication and access to capital that make them a very strong partner with Weyerhaeuser over the long term. After applying this strategy to our Arkansas-Oklahoma region, we saw harvest productivity pick up significantly, and we saw our logging costs decrease materially. On the right, we have another example of OpEx, this time in the west, where we continue to reduce our reliance on large tower logging systems. For context, these tower systems are used on the steep slopes in the Pacific Northwest, and they are by far the most expensive harvesting cost systems today. So to do this, we're leveraging advanced harvesting equipment that uses grapples and cameras instead of ground crews, and the advantage to these systems is that their utilization rates are much higher than tower logging systems, and in areas where we've deployed this equipment, we've seen our harvesting productivity increase by as much as 50%. With OpEx firmly embedded in our culture, innovation is the next step at driving continuous improvement from here. One area with considerable promise is advanced imagery coupled with our in-house AI modeling. As we develop and deploy this technology, we're seeing improvements in the consistency of the millions of decisions we make managing the forest. We're reducing our reliance on labor, and we're laying the groundwork for autonomous equipment, and Weyerhaeuser is uniquely positioned to benefit from these advancements given the decades of data that we've collected, so I'm going to walk you through a video that illustrates four examples for how we're using this advanced imagery and AI models to enhance our operations. Let's start the video. First, we are leveraging drones to take above-canopy images where AI is recognizing and collecting information like tree species, trees per acre, and distance between trees, all of which is important information to have before and after commercial thinning. Similarly, we're applying this technology on a host of forest inventory exams, analyzing seedling quality and density in our nurseries, and assessing competing vegetation levels to inform silviculture investments. Below the canopy, we're working with Nordic Forestry Automation to leverage AI to assist operators who make thousands of value-enhancing decisions every day. Thinning is one of these applications. Over-thinning and under-thinning can have irreversible financial outcomes. This technology automates some of those decisions for our contract operators. Here, you will see a 3D image of a western harvest unit. Harvest unit designs influence tens of millions of dollars in road and logging costs each year. At Weyerhaeuser, we're using satellite, landform, and slope imagery to help our people make the best decisions today for road locations and the placements of advanced harvesting systems. We have started matching our proprietary data to these images to build AI models to produce optimal decisions that will further reduce costs. Finally, you will see how advanced imagery allows for driverless skidders. Last summer, we partnered with Kodama Systems for a pilot project where we successfully demonstrated a remotely operated skidder. In this case, the operator was in his home office 400 mi away maneuvering the skidder, which is a much more comfortable work environment than inside this cab. The Kodama system has terrain mapping and AI-assisted navigation, which improves efficiency and could result in one operator operating multiple skidders. Ultimately, this puts us on the path towards full autonomy, which will improve how we harvest timber, and this brings us to our competitive position, which is unmatched. Our scale, our stable customer relationships, and our integrated platform are meaningful competitive advantages that allow us to manage through dynamic operating and market conditions. Our delivered log model allows us to capture additional margin through increased market share and premium-to-market pricing. And on the bottom line, through our low-cost supply chain. Our daily alignment with our wood products business provides significant value across our integrated portfolio. We have built a world-class timberlands business, and our performance leads the industry. So bringing everything together, we're the industry leader in a very compelling asset class. On the left, you can see that timberlands have a durable track record of appreciating in value through time, with 20-year CAGRs in the south in excess of 3% and 7% in the west. And this does not include the uplift that we generate when we apply our expertise and capabilities. The best way to illustrate how we do this is to walk you through our approach to acquisitions, which is on the right. We start by targeting timberlands with a 4%-6% near-term cash yield. This ensures that those properties are competitive in our portfolio on day one. From there, we apply our scale, our integrated platform, our tree growing, and supply chain expertise to drive additional returns over the longer term, typically in the 7%-8% range. From here, we can drive even higher returns through the diverse options that are afforded to us through our Strategic Land Solutions Business. All said, we have a world-class portfolio that's delivering meaningful, stable cash flows while appreciating in value over time. Now I'm excited to turn our attention to our growth initiatives in timberlands. They cover four key areas: ongoing opportunistic A&D, increasing harvest volume, new demand and product uplift, and our southern export expansion plans. These initiatives will deliver improved cash flow per share and, to some degree, additional stability as they're not all directly tied to U.S. housing. Because of our competitive advantages, we are well-positioned to grow. We're ready. We have the culture, we have the energy, and we have the skill to grow this business. Let's dive in. Our first initiative is to drive EBITDA growth from additional A&D activity. There are two components to this target. First is capturing the full value of the acquisitions that we've already completed. The second is generating additional value from ongoing acquisitions moving forward. Activity over the last five years has been balanced between the acquisitions and dispositions. And the net impact has been an increase of $60 million of annual cash flow, which is very meaningful. And this demonstrates the value we can create both on the buy and sell side. We have a lot of conviction in the value of this asset class, and we're going to continue to evaluate strategic opportunities that enhance our portfolio. As always, we'll remain disciplined and nimble with our approach, all balanced against the broader company-wide growth initiatives that you're going to hear about this morning. To illustrate our portfolio optimization work, I'll showcase our Carolinas acquisition that we completed in 2022. These are exceptional timberlands in our southern portfolio. They're strategically located in strong coastal markets with export optionality, and they have integrated seamlessly with our existing timber and mill operations. With three years of ownership, they're delivering exceptionally strong EBITDA, EBITDA per acre, and harvest tons per acre, and we couldn't be more pleased. And we've just begun applying our expertise and capabilities, things like our lower-cost silviculture regimes that we're putting in place, leverage our scaled low-cost contractors, increase our local market share through our national customer relationships, and doing this work with our existing employees. And on the right-hand side of the slide is our Strategic Land Solutions team has identified additional value: $35 million of additional value above and beyond what was identified at time of underwriting. This includes options like mitigation and conservation projects, renewable energy sites, and other real estate opportunities. This performance captures the essence of our portfolio optimization, which allows us to deliver industry-leading returns over long periods of time. Volume is our next area of growth, and I'm confident in our ability to deliver on this target as it has very little risk, and this improvement is really driven by two factors: more volume per acre and more harvestable acres, so the increase per acre is driven as a result of the previous genetic and silviculture investments that we've already made through the years. The additional harvest acres are due in part to the reforestation efforts we made following the eruption of Mount St. Helens in 1980, now as those trees and stands of timber are coming to financial maturity. Our sales and marketing team and our supply chain leaders have a very solid plan to bring this timber to market during this period. Our next area of growth is new demand and product uplift. I'll start by sharing where we're going on offense with our own initiatives to consume millions of tons of our fiber directly from our forest: projects like our Biocarbon joint venture and our greenfield TimberStrand facility in Arkansas, which Brian and Paul will talk more about both of these projects in a moment. Now, individually, these projects will have a meaningful impact on timberlands' margins. And collectively, when strategically located, they have a compounding impact on our cash flows due to our integrated portfolio, demonstrating the strength that that affords us. At the same time as we're making these initiatives, the ongoing regional manufacturing costs of lumber are going to continue to drive capacity to the U.S. South. As new demand comes to the South, it creates a product uplift opportunity for us where we can take a lower-value product and sell it into a higher-value category. So what I mean by that is commonly in the South today, the small saw log, which we call a Chip-n-S aw, is sold into the pulpwood market. As new demand comes into wood baskets, they often target that low-cost saw log, which allows us to get paid a saw log price instead of a pulp price. Another exciting opportunity is on the upper end of the value continuum, which are utility poles. And poles command about twice the margin of saw logs. Pole demand is underwritten by the ongoing grid hardening efforts that are underway, as well as the normal replacement rate for the distribution poles that are currently in the ground, both of which are unrelated to U.S. housing. We naturally grow a component of poles in our forest today, and we're working closely with our key customers to increase our sales. We're open to changing our silviculture moving forward to grow even more poles. For example, in areas where we have our carbon footprint and we extend the rotation age, we will generate more poles on that footprint. Another benefit of the new lumber demand continuing to come to the South is we typically see increases in saw log prices. To be clear, as Devin said, this value is not included in our $150 million of growth initiative for timberlands. This would be on top of that. This map shows the capacity relative to our ownership. In the circled area, which is our North Louisiana, Arkansas region, you can see that there's been 17 newly completed or announced mill expansions. During this time, we've seen our saw log prices increase by more than 10%. Today, in the north part of this region, our saw log prices are trading very near $55 a ton. We expect this trend and dynamic to continue through time and across the South. Our portfolio stands to have an outsized benefit. Our growth doesn't stop here. Several of our wood baskets have inherent global access opportunities that we're really excited about. We're going on offense here as well. That brings us to our southern export initiative. As we look around the world, the global supply of timber is declining over the next decade. We're all familiar with the beetle kill in Canada about a decade ago and the impact that is having on their timber supply today. More recently, Central Europe experienced a similar outbreak, and they're in the final stages of completing their salvage operations. Other parts of Europe, other countries are experiencing declining timber availability due to changing policy and regulations. At the same time, we believe the U.S. South is best positioned to provide the world with timber, and we're the only company that can capture the full value of that for two reasons. First is our history with log exports is unrivaled. In Washington, we own and operate the largest log export dock in North America, and for 40 years, we've been sending breakbulk vessels to Asian customers. During that time, we've developed deep institutional knowledge of international trade and supply chain management. No one else has this capability or history. Second, we have a unique advantage to scale our shipments out of the U.S. South to Asian countries, specifically India. India has 1.5 billion people and a growing middle class. Over the next decade, their GDP is expected to grow at exceptional rates. As India continues to invest, develop, and grow, their wood consumption will increase in areas like lumber, plywood, furniture, and other appearance-grade applications. Today, there is strong demand and interest for southern yellow pine for a couple of reasons. First, its inherent strength properties, and second, its aesthetic preference compared to other species. In India, we've developed a strong customer base, and today, their demand is growing. In response to that demand, we've increased our export capabilities to allow for breakbulk vessels out of the Gulf South. These breakbulk shipments are very important because they allow us to lower our supply chain costs meaningfully, and they apply scale advantages in the marketplace. I would point out that no one else is doing this. I'm happy to share that later this month, our fourth breakbulk vessel will sail to the Port of Kandla. In total, this breakbulk capacity also allows us to allocate our existing container business on the Atlantic Seaboard to other countries. We're very excited about the opportunities and conversations we're having in Vietnam and Thailand and Cambodia. Moving forward, we see scenarios where we can be delivering to other Asian countries, parts of Europe and the Middle East, as an example. In closing, we have a very ambitious growth target of $150 million of additional EBITDA. It's very motivating and exciting to our teams, and I'm looking forward to delivering on this commitment. Today, I've touched on our unmatched portfolio and our industry-leading performance, and I'm certain that our people and our culture are built to meet or exceed these targets. Thank you for your time. I'll now turn it over to Brian. Thank you, Travis. Good morning. My name is Brian Chaney. I'm the Senior Vice President of Wood Products. I've been with Weyerhaeuser Company almost 30 years. I've worked in a variety of leadership roles and operational roles across our platform, working in all of our wood products businesses and spending a little time in timberlands as well. I'm excited to be here today, and I'm looking forward to sharing with you our industry-leading platform in terms of our wood products business and also sharing with you our growth initiatives over the next five years. Let's dive in. I'd like to start by just providing a little bit of a crosswalk and an orientation to our wood products business. Today, we have one of the largest scale and most cost-competitive wood products businesses in the industry. We have brand recognition with all of our customers and all of the geographies that we operate and sell products in today. We have an industry-leading portfolio in terms of margins, and it's really driven in terms of scale, diversification, and quality. We've got three core manufacturing businesses, starting with engineered wood or EWP. We have six facilities in this business in terms of our EWP business. That's a solid section as well as I-joists. We also have three facilities that are veneer and plywood and one MDF plant. This is the largest capacity EWP business in North America. Our lumber business is the second largest producer in North America, 17 facilities across the U.S. and Canada. We're highly integrated with our lumber business and our timberlands organization. We're the fourth largest producer in OSB with six strategically located plants across Canada and the United States. And finally, we have a complementary business in distribution, which is integrated with our various manufacturing lines. We have 21 locations across the U.S. that provide top markets for our products as well as complementary products. We'd like to say that we're taking our products the final mile to our customers in distribution. So over the last decade, we've worked intensively to build out our capabilities and build a top quartile, top-performing commodities businesses. In lumber, we have strategic integration with timberlands. I would call out that that partnership allows us to maximize our supply chains, ensuring that we have the right logs to the right mills in the right sizes and dimensions and structures such that we can provide customers the right products and ensure manufacturing efficiencies. We're poised for production growth in the future as we've made investments in this business that we'll take advantage of when the market conditions are appropriate. In our oriented strand board business, it's a well-managed, very lean and efficient, very low cost. This business has a 90% RONA based on the last nine years, and we've really benefited in this business from high-quality products with a special focus on flooring. Now, we have price leverage in our commodities businesses. For a product pricing uplift of $10, we can gain $50 million of EBITDA annually in our lumber business and $30 million of EBITDA in our OSB business. Now, I'd like to move to our OSB, or sorry, our EWP product line. Today, we have the premier brand in this business, and that's our Weyerhaeuser Trus Joist or TJ brand. We're known for the quality and breadth of the product mix. We're known for the quality of the field service from our teams. We have unique and fantastic in terms of product quality and in terms of innovation. Today, this business not only serves the residential single-family market, but it also serves a variety of multifamily projects. In addition to that, we see a growing commercial, mass timber, and industrial market segment. Along with our broad mix, I would call out to you that our solid section product beam line is the most extensive and complete in the industry. Today, we offer veneer and strand-based solutions. We also offer our branded technology in Parallam and TimberStrand. In addition to that, the financial results in this business are strong. On average, over the last five years, our annual EBITDA has been at $365 million. Our EBITDA margin is 25%, peer leading in terms of performance. In this business, we partner very closely with distribution. Our distribution provides the design services and capabilities, and our engineering teams in EWP provide the field service in close boots on the ground with builders, architects, designers, and specifiers. Next, I'd like to highlight the relationship to distribution, and this distribution business is really the conduit in which we move our EWP into the marketplace. Today, our distribution team not only moves Weyerhaeuser products with a special focus on EWP, but we also provide a full range of top-tier, top-brand complementary products, siding, decking, and other building materials, and we provide all of this to service our customers so that it's a one-stop shop and gives them the full range with our teams. Now, our teams in distribution really start with advanced and skilled sales personnel with tenure. We have unique capabilities in terms of our design services that we provide to all of our customers. We have very efficient warehouses and offer next-day service in most of our markets. We do all of this with a low-cost, industry-leading cost structure. So there's definitely synergies between these two businesses. 50% of our engineered wood is, in one way or another, associated with our distribution business as a channel. 40% of our revenue is generated through EWP for our distribution business. So not only do we have cost synergies with this business, and we certainly have that logistics synergies, but having distribution ensures that we have access to the top markets across the United States. Now, our distribution sites are all in top markets, and we cover 70% of the major home building markets across the United States. These are all value propositions that add value and, of course, enhance the experience for our customers. But we not only add high value in distribution in EWP, but we also add value across our entire platform. And so I'd have you just zoom back and look at all of our product mix. Not only in lumber and OSB or commodities, but EWP and distribution, we offer a higher degree or significant number of enhanced products for our customers. Enhanced products add additional value. And because of that, we're able to generally drive and hold higher premium pricing in the marketplace. We hear routinely from our customers. They value the reliability. They value the additional services that we provide and the support across the entire platform. So we've been focused over the last number of years on OpEx, certainly the last decade. It is at the core of who we are and how we think about our businesses. For us, OpEx is about having industry-leading cost structure. It's about superior reliability in terms of everything that we do with high execution, and it's about zeroing in rifle-shot investments that we fully leverage for improvement. In terms of our first, what I'll call a platform, it's around cost control and management, and we've been able to deliver $500 million in margin improvement since 2014 across our wood products platform. Now, our second pillar is maximizing value of every log. And this is really critical because our raw material costs are the largest component of our manufacturing cost structure. So we work closely with our timberlands teams and across our entire platform to ensure that we're utilizing every piece of fiber correctly and effectively, that it's sourced to the right mix in our mills, that we're driving out high recovery, high yields, and ultimately, we're pulling out costs in the entire supply chain structure. Over the last number of years, since 2020, we've generated $100 million of OpEx in business integration across the platform. So the other piece that I want to highlight for you is the fuel of OpEx. It's really what drives next-level performance, and that's innovation. And we've had a strong innovation program for some time. In fact, today, in all of our businesses, across all of our teams, we have innovation structure, infrastructure, if you will. We have champions, leaders, and teams that drive out replication and improvement. They find great ideas. They quickly try those ideas, generate results, and then replicate them across the network. And we're taking that same approach from operational innovation to new technology innovation. And so I want to highlight for you just a few of what we think are exciting leading-edge transformations that are on the horizon. Now, we have a programmatic effort around automation. And similar to some of the things we saw in timberlands around mobile equipment, we're trying similar approaches in our warehouses and in our forklift fleets. And it's really not a matter of if, but when we're able to automate in that space. But beyond that, we're automating in our manufacturing at all phases. And one area that we focused in on is our finishing departments. In all of our manufacturing, this is typically where we have the most hands-on activities. It's actually where we have a lot of our team members, and there's a lot of cost associated with our finished and packaging components. The picture that you see here is really a really first-of-its-kind or early trim block automation line. Before, we would have had individuals sorting trim blocks in our planer facility at one of our mills. Today, it's fully automated. We worked with a supply partner, a third-party partner, to develop this technology. It's generated really strong results, but I think what's more important is we're taking this concept and scaling it out. So we have six more projects in the pipeline to quickly automate across the network. And not only are we working on automation in our operations, we're working on it in maintenance as well. So you see a picture here of the robot Spot, which is a Boston Dynamics robot. We've deployed that in one of our mills to conduct really routine maintenance activities. Spot is inspecting for heat, for vibration, all kinds of other machine center health characteristics. And Spot reports back to us when we're out of range. Now, that allows us to take our technicians and really redeploy them to higher and better use. And of course, we see a lot of potential with this. So we've moved through the initial trials. Now we're working towards scale, and we expect to have more robotics in the maintenance space in the future. Artificial intelligence and machine learning is a key lever for us. And we've been piloting projects across the system. Whether it's EWP presses or OSB heat energy systems or resin lines and glue lines in our manufacturing, we're finding and unlocking use cases for this technology. Improved rate, improved uptime, increased safety certainly improves and helps train associates and pulls cost out of the system. We expect over the next couple of years to unlock this technology at scale across all the wood products. And finally, I want to share an example of advanced analytics that we've deployed in distribution. At the beginning of this year, we deployed across all of our sites what I call transportation route optimization. So for all of our fleets, we increased our software capabilities. And what that's allowed us to do at our DCs, our local sites, reduce the miles that we're traveling to service our customers while meeting our customer commitments, and at the same time, increase the weight per truck. This optimization is going to be very important to us going forward. It's reducing a cost in one of our higher cost categories that we're working on all the time. And again, there's a lot of network opportunity to scale it further. So before we go to growth, I want to share a few of our performance characteristics. Devin hit on a couple of these, but I'll just start. If you look over the last three years in our manufacturing businesses, we have industry-leading performance in terms of our EBITDA margin. And our distribution business from 2011 through 2024, compared to peers, had the largest improvement. But the rubber really meets the road when you talk to your customers. And our customers routinely feedback to us through our survey network. And we've heard from our customers that they like our products, they like the enhanced characteristics, they perform well and outperform peers in many cases. They're very satisfied and actually call out our sales and our logistics teams as best in class. They appreciate our sustainability message, and they value innovation, and they recognize that we're very innovative. In fact, they'd like to see us be more innovative, and that's part of what we're going to do going forward. So I've talked at a very high level, and we've started to really get a sense across the presentations that we truly have a best-in-class platform, and in many ways, we have strengths that cannot be replicated, certainly cannot be replicated easily, so with that foundation as the starting point, I want to move into growth, and we've looked at growth from three lenses. First, we're looking to grow in high-margin products where we can expand and innovate. We're also looking for where we can use our natural synergies, both across businesses and within wood products, to create value through our integrated portfolio. And finally, we're looking to capitalize on investments, rifle-shots, pinpoint investments that improve performance. And with that set of framework, I will share our growth initiatives. So our plan is to grow our business an incremental $440 million of additional EBITDA uplift by 2030. And there's four specific swim lanes to accomplish this. First, we're going to capitalize on the investments we've made and additional investments we will make over time in our lumber business to grow margin. Second, we're going to move forward with our TimberStrand installation and new facility in Monticello, Arkansas. We're going to leverage that to grow our EWP profile. We're going to expand distribution both organically and through geographic expansion to service more high-value markets. Finally, we're going to better position our business and our markets, our market position, through new product development and sales and marketing excellence. I would share with you, all of these are well underway, and we've made a lot of progress already in the early stages. I want to dive in, and I'm going to lead in with lumber. As you're aware, we have a thesis or an investment approach with lumber that we've shared. It's really about growing margin, building on this top quartile platform, and expanding profitability. Over the last couple of few years, we've been making investments in this business. Probably the hallmark of this was completing a major modernization of our Holden, Louisiana sawmill. That work is done and behind us. As I think, as we're going forward, we're thinking about the whole suite of investments. There are investments to improve recovery, improve our yields, and they also improve our cost structure. But ultimately, we're also debottlenecking our plant sites and, of course, improving our productivity and increasing capacity. As Devin said, it's been prudent in the last 18 months to 24 months for us to step back and defer some of our projects. We think that that was the right thing to do. And at this point, we've completed our major capital, somewhere in the range of 60%-70% of our work. With that said, there's also organic activities currently happening across our network. We've really positioned ourselves to get benefits today in the categories I've talked about in our operating structure. But in the future, and think over the next five years, we're really well positioned to grow the business and expand and certainly to bring to bear productivity and volume to the market. We've made a lot of progress. We're in a really good place going forward. Next, I'd like to talk about our expansion into EWP. Now, this is anchored on our new TimberStrand plant. And we've shared this through our press release. We've talked about it. We're very excited about this plant. It's a $500 million investment. It's already underway. We expect startup sometime in the first half of 2027. We expect to generate 100+ million in terms of adjusted EBITDA on an annual basis when we're at full capacity. This plant really brings many portfolio benefits. I'm excited about this because we're growing in our highest margin, lowest cost product line inside of engineered wood. We have a market in the Southeast that we've been underpenetrated and been unable to serve with our current capacity. And so we're well situated logistically to serve that market. And we have an additional benefit in that we will approximately 80% of our volume from a raw material perspective will be serviced from our own timberlands. And that is a huge cost logistics benefit that secures our supply line, allows us to gain additional margin. And I would also call out we have a strong distribution network that we will also use in terms of expanding the portfolio and bringing our products to market. This will double our TimberStrand capacity, increase our overall EWP capacity by 24%. Now, there's a few other benefits that I'll call out. I wanted to just share with you that this product mix is one of the most varied and complete of all of the various engineered products in the industry today. We can serve the single-family home segment. We can serve the multi-family segment, but we can also serve industrial, commercial, mass timber. In fact, we expect 30% of the production mix from this plant will be in the industrial segment. We already have strong partnerships with our industrial customers. And the range of products is from lumber to beams and solid section to panel type product lines into mass timber. So it has a very versatile mix. Additionally, I would share with you that we'll have the additional advantage of being able to convert small fiber in this plant with our Strand technology. That'll allow us to take small pulp wood type fiber in a mix of other log sizes as well and convert it into high-value EWP, and finally, we have decades of experience in this space, which gives us really a head start on anyone that would want to enter. We know how to manufacture it. We know the wood science of it. We know how to market and sell it, and finally, we think there's a compelling story here for further growth in the future. Now, we're going to build this plant. We're going to get it up and running. That's job one, but in the future, working with our customers, we think there's opportunities to expand and grow, so along with our EWP expansion, we're also expanding distribution, and we're doing this essentially on two fronts. First, organically. We're working inside of each one of our DCs to grow our footprint and our reach. We're focused on the retail segment. This is an area we're more lightly penetrated. We're building up the capability to serve this market from a sales and warehouse perspective. We've been working on industrial markets and distribution. We're going to continue to expand in that space. And we're going to continue to align closely with our partners for top-tier outdoor living, which we see as really a force multiplier for our business. In terms of geographic expansion, what I would have you think about, we're really looking to grow in markets where we're lightly penetrated in engineered wood, and there's a high growth opportunity in terms of residential construction. So we're pinpointing our growth opportunities. We've already started one new DC, and that's in Spokane, Washington. It's going very well. We're excited about that project. We have a second DC coming on in Billings, Montana in Q1 of next year. We have three more projects on the workbench as we focus on the Southeast, but that's not the only geography that we're looking at, and we will continue to move forward with rifle-shot expansions that grow margin for our business. These are low capital intensity, and they've got an ROI in excess of 20% and greater. So we have a great tradition in Weyerhaeuser with new products. In fact, we've invented many of the technologies that underwrite some of our best-selling and highest margin products, whether it's Framer Series lumber, where we have warp-stable technology, where we're essentially able to pick out the rogue boards of warp and twist and southern yellow pine, or our moisture absorption capabilities and premium panels, or all of the hosted capabilities that we bring in our branded engineered wood products. We've got a great foundation, and we've got a great history, but that's really just the start. Our intention is to be the innovator of choice for the industry going forward. We want to truly be the voice of the customer and listen to the voice of the customer. With that in mind, we've expanded our capabilities in new product development. What this is really about first is being able to sense the market, understand our customers' needs, our different business channel partners' needs, rapidly be able to deploy an understanding of those technology requirements, set that against a very disciplined and detailed pipeline and structured approach, couple that with a world-class innovation lab with industry-leading scientists who can pilot, can innovate, and quickly adapt solutions, and we're able to commercialize products. So unfortunately, today, I do not have new products to share with you, but I'd like to invite you to the International Builders' Show. Please come by our booth next year in 2026, where we will be launching some new products that we'd love to share with you and talk about. That's really only the beginning. We will be doing this at scale going forward. And finally, I'd like to talk about sales and marketing transformation. Now, sales and marketing transformation really starts with the value proposition that this is all about generating value for our customers, and we're good at this, but we want to be great at it. This is about moving to the next level, so the two pillars that I'll share today, and there's multiple work streams in this area. First, it's about applying predictive analytics and market data to our current systems, arming our teams up so we can move faster and better understand trends, and with improved software and tools and really providing a cockpit of data to our teams, we will be able to make more rapid decisions and be able to move quicker in terms of being able to see market trends and move quicker to adapt and adjust. Now, a component of this is also ramping up our pricing teams in terms of improved optimization in the commodity space. We expect it to be tremendous value. We've already started to do some of this work. We see additional enhancements over the next couple of years. And finally, we're developing tools that help us tailor our solutions to our customers' needs, better matching up our service capabilities with what the customer wants and is willing to pay for. Now, the other part of this journey is really about the customer experience. This is the other pillar. And this is about tailoring our solutions to the customer's needs. So this really starts with having a deep understanding of our customer's requirements and where they see value, and then lining up our capabilities to service them. We built a model to do that. We've deployed it, and we're using it today. And in addition to that, we're working on improving the experience for the customer. We want to make it easier to do business with us, more seamless, and so we'll be deploying technology to do that. And then finally, we want to be able to reach out and understand our customer even better. And so we're increasing our customer satisfaction metrics so we can stay aligned and tuned in with the customer need. So capturing opportunities rapidly, growing profitability and loyalty across the system as we better meet our customer's needs. So as I close, it really all starts with these fundamentals. It's about talented people, competitive cost structure, superior reliability, and targeted and engaged customer engagement. When you wrap all of this up, it really sets a great foundation for us to drive $440 million of incremental EBITDA uplift. We're excited. The team is excited about the direction and where we're heading. We're confident in our ability to do this. And as I've said, we're already well underway. Thank you for the time. And now let me turn it over to Paul to talk about strategic land management. Paul. Thank you, Brian. Good morning, everybody. I'm excited to share what we've been doing in Strategic Land Solutions over the last five years. Before I do that, let me introduce myself, Paul Hossain. I've been with the company two decades, and before that, almost another 10 years in the natural resources, energy, real estate, and climate solution space. So as I said, I have the privilege of leading the Climate Solutions team, and today, I will walk through how we're building on our excellent foundation and how we're unlocking new and diverse growth opportunities. So I'm going to start with an overview of Strategic Land Solutions, and as you heard Devin say, that is the new name for our financial segment, which was real estate, energy, and natural resources. So starting in 2026, that segment will now have three product lines: the real estate, the Climate Solutions, and natural resources. Now, that evolution reflects really two things. The first is our legacy of really doing an excellent job of delivering value of every acre from our real estate and our natural resources businesses. And then it also reflects our leadership in building a meaningful Climate Solutions business. Now, in addition to running the financial segment, the Strategic Land Solutions team is also responsible for portfolio management. And we view portfolio management as having two key legs. The first is ensuring we own the right acres in the right markets with the right value drivers. And that's where our strategic acquisitions and divestitures approach comes in. And the second component, and it's equally important, is how we manage those acres. And here, our integration and our scale and use of technology really sets us apart. It gives us insights across every acre and our operating regions, or wood baskets, as we call them. So we call that process wood basket optimization. So when you wrap all of this together, Weyerhaeuser's end-to-end portfolio management and driving the value of every acre is really setting the industry standard. So I'm going to give you a little bit more detail on portfolio management. Oh, excuse me. I'm going to dig a little deeper into what sets Weyerhaeuser's Strategic Land Solutions apart. And this is really three of our fundamental competitive advantages. And you've heard my colleagues talk about scale. The scale of 10.4 million acres is really unrivaled in the timberland space. However, it's an unbelievable platform for our Strategic Land Solutions business too. And the second, given that scale, we are able to invest in deep subject matter expertise across multiple verticals. In our team, we have data scientists, biometricians, economists, geologists, engineers, and more. And we pair that team with technology, allowing us to quickly, rapidly identify new opportunities and execute on them. And the third really is our partnerships. Again, given our scale and our sophistication, we are able to partner with best-in-class companies, these companies that have the capital and the expertise to execute complex projects such as renewable energy, carbon capture, real estate development, and much more. So pulling all of this together, the competitive advantages that we have in Strategic Land Solutions are really, really hard to replicate. And they provide us a really exceptional foundation for growth, as you'll see shortly. So now I'll turn to portfolio management and a little bit of some of the results we've had recently. Travis shared a little bit more detail on the different transactions on the acquisitions and the divestitures side we've had over the last five or six years. So what I'm sharing here is just an overall portfolio view. As you've heard, we've divested 1.3 million acres of lower productivity and lower optionality timberlands over this period. This generated $1.7 billion in proceeds. And we've recycled a little bit more than that. That's $1.8 billion into 530,000 acres of much higher value, much higher productivity timberlands that are really well integrated with our overall operations. And in this acquisitions and divestiture process, we've doubled the harvest tons relative to the acres acquired. And this doubling of harvest tons, and Travis touched on this, results in an average five-year increase of $60 million of cash flow. And now that's a cash flow number from our timber value only. As you know, every time we look at an acquisition, we look at all the different strategic land opportunities embedded in that asset class, and that's what we do across all of these acquisitions. Now, these are compelling results, and it's a demonstration of our ability to always look for the right acres again in those right markets with the right value drivers, and looking forward, our portfolio management is never done. We're always looking for options to improve the portfolio, and we can create value, whether we're selling or we're buying through our disciplined approach. As I mentioned, the second element of portfolio management is how we manage those acres, and this is where our Wood Basket Optimization approach comes in, and Wood Basket Optimization is essentially a decision support framework. It's underpinned by our decades and decades of data that you've heard us talk about, as well as new geospatial technology and analytics. It enables us to map the value of every single acre and provide the full spectrum across a broad geography. It informs our high-level strategy and our transaction-level execution. Now, a great example of wood basket optimization in action is this area, the Mississippi-Louisiana footprint we own. It's a million acres. We call it the MISLU. It's a great timber asset integrated with many of our mills. Deploying wood basket optimization, we have identified all of the different value attributes that are possible on this footprint. We have developed integrated plans across the business lines. Now we're executing in a fully coordinated approach to drive portfolio value. Here in this particular footprint, executing on all these value drivers will result in approximately a 50% increase in our EBITDA by 2030. This increase does not include saw log price appreciation. This is about Weyerhaeuser going on offense and looking for all of the different value attributes, whether it's in our timberlands or subsurface or on the surface. It is a great example of wood basket optimization in action. We are doing this across all of our ownership. It is a key factor in driving our growth initiatives across the enterprise. Let me transition now to the business segment of Strategic Land Solutions and our recent performance. We really have a strong record of driving sustained growth in this segment. Notably, we have increased run-rate adjusted EBITDA by 45% from 2020 to 2025. That growth has come on the heels of growth both in our legacy businesses of real estate and natural resources. But as you've heard, we have driven significant growth from our Climate Solutions business. Now, looking to our 2025 numbers, our guidance for the segment is $390 million. So this growth continues. And as you heard from Devin, we are happy to report that we achieved our 2025 Climate Solutions target of $100 million of EBITDA. And I am very proud of the team's work in this space. So these results demonstrate a couple of things. Our ability to execute and consistently find new opportunities to maximize the value of this footprint. And it gives us the confidence that we have a robust strategy to execute additional growth initiatives as we identify them going forward. So now what I'm going to do is give you an overview of each one of the business segments that make up Strategic Land Solutions. Now, the first is real estate. And we really have been a pioneer in unlocking the real estate value of timberlands. We started that program 20 years ago with our asset value optimization approach. And our proven strategy generates significant premiums to timber. And we do this through two channels. Now, the first is what we call our Higher and Better Use program, or HBU. And this program is built on 1.2 million acres of our property that we have identified that have particular attributes that will drive a value above and beyond timber. And we have a very efficient program to sell these acres, but we have a very disciplined approach. Overall, we're selling less than 1% of that portfolio on a given year. So this is a very durable business and provides long-term value for the portfolio. Now, the second channel is our real estate development business. And this is a business that targets our highest value lands in the portfolio. This includes 150,000 acres in high-growth markets, primarily in the South East. Across these markets, we have strong tailwinds for significant price appreciation unrelated to timber. And we have traditionally captured this value through a nimble and capital-light entitlement strategy. Now, as always, this pipeline is never static. As Travis noted in our 2022 North Carolina transaction, we've added additional real estate assets as well as all of our other recent acquisitions. Now, turning to natural resources, an interesting thing about our legacy timberland ownership is, under that ownership, in many places, we own either subsurface or mineral rights. And this can add really valuable incremental cash flows to our business. And so today, we're highlighting one of those areas, and that is our construction materials business. And this business is anchored by 46 operating sites. And they supply construction materials such as sand, gravel, and crushed rock into major metropolitan markets such as Portland, Seattle, Atlanta, Dallas, and New Orleans, as well as many smaller markets. Now, our sites generally have very long-term reserves, and they're often located in markets with high barriers to entry, making them very valuable assets. And importantly, these, of course, are not managed by us. They're managed by third-party operators. We, again, partner with the best-in-class operators here, which provide very safe and environmentally friendly operations. For us, that translates into low-risk, high-margin cash flows that are inflation-protected given the nature of these assets. And it is really a terrific component of our Strategic Land Solutions business. Now, I'm going to discuss our Climate Solutions business. And as you've heard, we are delivering tangible results in this area. In addition to hitting our $100 million target, I believe this business is setting the industry standard, and in four short years, we've built a peer-leading business, a team of unmatched technical and commercial expertise, and a diverse portfolio that drives value from carbon to energy and more. As you can see here in Forest Carbon, we have four projects completed and five more in process. Our first credits were issued in just 2023, and now we're up to 600,000 credits issued as of this year. Our renewable energy portfolio continues to expand and mature. We have eight operating wind farms, which really are great complementary assets to working forests, and we have one operating solar site with three more currently under construction. Now, in carbon capture and sequestration, we've executed three high-quality agreements in the U.S. South, including one tied to a large-scale CO2 offtake agreement. And in mitigation and conservation, we continue to build on a very strong business. In mitigation, we operate in six states, making us one of the largest operators of these assets in the U.S. And in conservation, we continue to leverage in-house expertise and those external relationships to drive value from ecological and climate attributes on our portfolio. And we capture the value through sales or easements. Now, as you can see, our business and our natural Climate Solutions really set us apart, and we're remarkably well set for meaningful growth. So let's turn to this growth outlook. So across Strategic Land Solutions, we're positioned to generate an incremental $230 million of annual EBITDA by 2030, measured against our 2024 baseline number. Now, in our legacy businesses, we see real estate development and construction materials as the key drivers, and we expect them to contribute $60 million to that target, and in Climate Solutions, the opportunity is even more compelling. We see a clear path to $170 million of incremental EBITDA from a diverse and growing set of assets. Now, as a result, by the end of 2030, our Climate Solutions business will reach approximately $250 million of annual EBITDA, so now let's take a look through at the market and the assets in each one of these verticals, so I'll start with real estate, so looking ahead in the real estate business, we still see our HBU program as being a steady and major contributor to the business. However, in terms of growth, we see that 150,000 acres of real estate assets as the key driver. Now, as I've mentioned, our real estate assets, this 150,000 acres, are located in diverse markets across the Sun Belt. And this is a region that continues to see strong population inflows, sustained job creation, and lifestyle and affordability attractiveness. Now, these trends have a positive impact on the value of our acreage across the region. And to maximize the value of these assets, our in-house team has been executing a disciplined and focused approach to development. As you can see here, from the potential to sell some of these lands with very limited investment on the front end that are in the path of growth to investing to bring them to full horizontal development ready for home builders and other commercial and residential opportunities. On the low end, these lands can be valued to 2x - 3x the timber value in the path of growth. And on the high end, with horizontal development and investment, up to 10-20 times the underlying value of timber. Now, today, across the portfolio, we have active projects in all phases of development. We have ongoing master planning and rezoning outside Atlanta, in North Florida, coastal North Carolina, and the Charleston area. We also have two active master plan communities, one in North Carolina and one in Louisiana. And we have two industrial shovel-ready sites, one in Georgia and one in Florida. The one in Florida has its first customer, and they'll begin operations early next year. Now, this is a diverse and high-value portfolio that we see as giving us resilient monetization options across different market cycles. So let me provide you a little bit more color on our actual portfolio, and more specifically, this 150,000 acres that I've mentioned. Again, these are well-located in strategic markets with very strong demographic and economic activity. One such area is Charleston, South Carolina. We own tens of thousands of acres in this area, and this is really a great example of what's happening in many cities across the South. Here in Charleston, the population has grown by 20% over the last 10 years, again, driven by jobs and lifestyle and affordability. It's estimated in Charleston that 40 new people move there every single day. Now, as I've mentioned, in our real estate business, we've typically taken a relatively capital-light approach, largely concentrating on the early phases of development and with some selective participation later on in the value chain, like our two master plan communities. We're going to keep that discipline as we go forward. However, what's really exciting about this asset is that the growth is coming towards us. The growth is on our doorstep here, so for the next five years, we see some compelling opportunities to increase investment in select markets where acreage, again, sits squarely in the path of growth, and we can unlock meaningful premiums and value during that disciplined capital investment. Now, given this backdrop, we are confident in generating incremental cash from these assets as part of our growth plan, so now let me turn to the growth outlook for our construction materials business, as I've noted before, we have 46 operating quarries, all run by some of the major construction materials companies in North America, and over the next five years, we see this portfolio expanding by up to 25%, so 13 new operations coming online, and not only expanding our footprint, but diversifying our markets. We see our assets now supplying 18 different markets by the end of the growth plan. Now, with our 10.4 million acres, this is not the only asset we have here. We have a team of geologists and scientists. Their work is never done. They are always prospecting for new high-value natural resource opportunities across the portfolio. And so we see continued growth from this asset class way beyond our 2030. So now let's take a look at our Climate Solutions business. Now, we've said this before, but some of the early growth from our climate solution businesses came from businesses we had underway already, some of our wind assets, mitigation, banking, and conservation. In the next phase of growth, we see increasing contribution from forest carbon, renewables, later in the decade, carbon capture and sequestration. And now we are building a new business, which we announced today, biocarbon. All in all, we see this broad suite of climate-related opportunities as a key growth engine for the company over the next five years. So let me give you a little bit more color on each one of these, and I'm going to start with forest carbon. So the key market for forest carbon for us is the voluntary carbon market. Now, we expect this market to grow significantly as corporates look to meet their 2030 and 2050 climate goals. Now, as this market grows, we see our approach as having two distinct advantages. The first is that we've built an in-house team that brings decades of operational and scientific expertise to this relatively complex project development process. Now, by keeping this development process in-house, it ensures we align our projects fully with the operational requirements of our timberlands partners. And the second, frankly, it means we keep more of the economics in-house. Most folks in this business use outside developers. Now, the second, and this is really important, is quality and integrity. The customers in this space are increasingly looking for very high-quality credits, high-integrity credits. And that's something that Weyerhaeuser can deliver. With our decades and decades of experience and data managing working forests, we are bringing that expertise and that data into this space, and we are providing very transparent and science-backed credits to this market. And as we do across all of our different businesses, we look to partner with subject matter experts, whether it's on the commercial side, on the technical side, to complement our scale, help us scale our business, and accelerate the development of this program. So now that we have invested in the resources to build our internal expertise and strong partnerships, we really have a strong line of sight to accelerate value in forest carbon. Based on the thorough way we have been designing our forest carbon projects, not only do they provide high-quality, marketable carbon credits, they enhance total asset value. Specifically, on the projects we are developing on our southern acreage, we see the ability to deliver up to 2x cash flow improvement when we layer a forest carbon project and integrate it very mindfully with our existing timberlands business. And overall, that can result in a 1.5 net present value uplift on that particular footprint. And so based on this strong value proposition, we see a compelling growth trajectory. And our approach is relatively straightforward. We continue to build a high-quality portfolio of timber and carbon complementary projects that will increase our credit generation from the 32,000 credits we issued in our first year to over 1.2 million credits by 2030. Now, we are pairing this disciplined project development approach with an active customer engagement program where we're looking at both spot market sales as well as long-term offtake agreements. Now, the bottom line in forest carbon, we're positioned to create significant value here, leveraging both that science-backed approach and our in-house expertise. So let me turn now to renewable energy. Now, renewable energy, after years of relative stability in the energy markets, it's really interesting what's happening here. We used to refer to this as the energy transition, and renewable energies was what was driving that transition. Now you can think about it as an energy expansion. So there's a desire for all different types of energy to come in this market. And so renewable energy still remains a very pivotal component of this growth opportunity. Now, we do recognize there are some policy headwinds here. But again, given the backdrop, the economic backdrop of large-scale demand for new power, speed to sort of power, as well as sustainability, we continue to see renewable energy as a key driver in this space. And our strategy is really built for this moment. We leverage, through our WBO and other platforms, deep ownership insights, and we partner with companies that excel in navigating the complexities of building new infrastructure and energy projects. So let me dig a little bit deeper into the value proposition for Weyerhaeuser. Now, for a landowner like Weyerhaeuser, utility-scale energy projects offer us excellent opportunities to increase the value of that ownership and build steady recurring cash flows. Here the numbers speak for themselves. A fully operational solar project can deliver cash flows that are on the order of 12 - 15 times that of timber. The solar projects do take time to develop, we know that, but we also receive option payments and milestone payments during that period, and we can manage that land for timber along the way. It's a very limited opportunity cost for us. Now, we recognize the value of solar more than six or seven years ago, and we did lease our first project six years ago. That was really building on over a decade of experience we had in leasing some of our properties for wind starting in 2015 or so. Now, we are really seeing that strategy pay off. As I've mentioned, our first solar project came online late last year, and we have three more under construction. And as we see the market maturing, we see line of sight to another 20 projects coming online on our land over the next five years on over 35,000 acres of our property. And what's interesting about the energy space, our momentum is not limited to solar. We still see strong demand for properties for wind energy. We've been doing some wind energy projects this year and some leasing, and also battery storage. There's strong demand for battery storage. So really, our diversified pipeline of energy projects positions us very well to have this element of our business be a key growth driver going forward. So let me touch now, let me go underground a little bit here and then talk a little bit about carbon capture and sequestration. And for those of you not familiar, this is the permanent and geological storage of CO2 emissions deep underground. And for us, that adds another valuable layer to our portfolio. Now, the U.S. is emerging as a leader in this space, and much of the investment is happening in the Gulf South, where we have a large ownership block. So it overlies us. It complements our ownership very well. So from our perspective, we identified 500,000 acres of our property that was well-suited for CCS development. And we also have our own proprietary geologic data for that footprint, which can help speed to market some of these projects. Now, these projects do take some time to develop, and they are complex, but they have no impact on the surface during that time. And in our agreements, we receive option payments and other types of payments. So it's really, again, no lost optionality for us as we go forward. So let me talk just a little bit more about our CCS portfolio. So now we did execute our first lease back in 2022, and that particular project reached a final investment decision this year. And that's a project with Oxy's 1PointFive subsidiary. And they have secured 2.3 million tons of CO2 offtake to send to that site. Now, we do expect that project to come online by late 2029 with this first customer. Now, this particular site has significantly more injection capacity than the 2.3. So we will expect Oxy to bring in new customers to this site. We suspect, given the geology of this site and its location, this will become a very valuable carbon sink in that area. We are positioned to benefit as that continues to evolve. Now, in terms of value uplift to timber, you go underground, the geology is different everywhere. Just as a rule of thumb, based on some of the average project economics we've looked at, an active CCS project can add up to 5x timber value or cash flow per acre for every project that's within an operating asset. Now, this project, the Livingston project, as we call it, is a clear example of our competitive edge. Our team identified this property. We used our own geologic data to assess whether it was viable. We went through a competitive RFP process and were able to select a best-in-class operator. Now the results are showing this project is moving forward. Now let me turn to conservation and mitigation. As I've said before, these have been the workhorses of our Climate Solutions business for a while and will continue to feature prominently, just given the scope and scale of our ownership. Looking ahead, as I've said, our other businesses that I've just talked about will provide more of the growth going forward. But in mitigation, this is a solid business for us. We sell stream and wetland credits to different customers to offset the impacts of their projects across the, mainly in the U.S. South. Today, we operate 16 such banks, and we have identified and we're permitting 14 more banks. We will continue to have a continued ability to expand and grow this business. These banks also offer a strong uplift compared to timber, on average 3x-5x that of underlying timber value. In conservation, we continue to see very strong demand based on funding that's available from the federal government, state, local, and even private sources. Based on these strong demand signals, we continue to assess our portfolio or our acreage for unique ecological, climate, and cultural and recreational opportunities. When we identify those opportunities, we partner with, again, whatever local agency, state, or federal agency is interested, and we're able to transact and create value. Sometimes we do easements. When we do easements, we retain our rural forestry operations. It's really another layer of value we can add into our portfolio. These are what we can call our legacy Climate Solutions businesses, even though they're not that old. As we've announced today, we're not stopping there. We're pursuing transformational opportunities that fully leverage Weyerhaeuser's scale, our expertise, and again, our integrated portfolio. Today, we're introducing one of these such opportunities, a new exciting growth area for the company, and that's metallurgical biocarbon. Now, we see this as an exciting new opportunity for us that enhances value across all of our businesses. Just very quickly, what is biocarbon? Biocarbon is a carbon-rich material produced from the lower-value logs and mill residuals, and it is a drop-in replacement for met coal. Met coal, as we know, is used in the production of steel and other metals, has a lot of CO2 emissions. These industries are under immense pressure to decarbonize. This is one of the most affordable technological solutions they have to hit their decarbonization targets. Now, for us, it is a fundamentally new market for our fiber, and the opportunity is enormous. The met coal market alone is 1.2 billion tons a year. Now, if we were to replace 1% of that with biocarbon, that would require 60 million tons of fiber annually. And that would create substantial new demand for pulp wood and mill residuals. That is completely unrelated to some of the existing markets, such as U.S. housing, so let me tell you a little bit more about this opportunity, so today, we announced a major step forward in biocarbon. We announced a partnership with Aymium, the industry leader in this space, to produce and sell 1.5 million tons of sustainable biocarbon annually. Now, this venture combines really Weyerhaeuser's, as I've said before, scale, manufacturing, and forestry experience. We bring the fiber, we bring the co-location opportunities, and we bring the expertise and understanding of some of the carbon markets, etc. Aymium brings deep technical expertise and market presence in decarbonizing steel and metals. Now, for this opportunity, the first step is a joint venture to build and operate the first location adjacent to our, excuse me, McComb, Mississippi lumber mill. Now, this facility will be designed to produce 100,000 tons of biocarbon, consuming approximately 500,000 tons of our fiber and our residuals. Now, the site has been secured. Engineering design is underway, as is permitting, and we expect this facility to come online late in 2027. Now, in terms of the overall agreement, where we go from site one is an agreement with Aymium to scale up to 10 different sites, consuming up to seven million tons of fiber to hit that 1.5 million tons of production. Now, to put that seven million tons of fiber into context, that's the equivalent of five or six new pulp mills within our ownership baskets and adjacent to some of our mills. So it's a really great opportunity for us. And Weyerhaeuser, we are uniquely positioned to help Aymium and partner with Aymium to scale this platform. It leverages our timberlands, wood products, and co-location facilities. Now, this initiative is fully aligned with our growth strategy. It drives incremental EBITDA, it unlocks new demand, and it amplifies the value of our integrated ownership. It's a clear example of Weyerhaeuser going off on offense and creating new pathways for growth. Many of the opportunities, well, I should say all of the opportunities I've shared here today are underway. These are things we understand and are relatively de-risked. As Devin mentioned, all of these opportunities have different risk profiles, but we're pretty confident that most of these have a clear path to providing incremental EBITDA for the company. At the same time, our teams are always looking ahead and always actively engaged with new partners and customers to find new opportunities. This is a really exciting time. If you look at what's happening in the energy space, in the sustainable materials and the Climate Solutions, there are really two areas that are emerging, and that is nature-based and engineered or technology-enabled solutions. Our strategy gives us line of sight into both. We can leverage our core strengths while looking for new opportunities that are adjacent to some of these things we're already working on. And so this intentional diversification allows us to capture the nearer-term value from the opportunities that are mature, such as the ones I've just talked about, and positions us very well to capture value from new and emerging opportunities, such as some of the ones shown here, talk about biocarbon, geothermal, battery and pump storage, etc. So our teams, again, are always looking out for a very proactive business development approach to ensure we can find the next wave of opportunities that intersect with our portfolio. Now, to wrap up, as I've shared, we have an excellent foundation, excellent strong team, and we are very excited about our ability to deliver the $230 million of incremental EBITDA. We will do this through both our legacy businesses of real estate and natural resources. We're confident in our ability to deliver the $60 million in that area. And then in our Climate Solutions, as I've said, the opportunity is even more compelling. We see a strong pathway to delivering an additional $170 million of EBITDA there. So with that, I'll turn it over to David. Thanks, Paul. I'm David Wold, Chief Financial Officer. I've been with Weyerhaeuser for 12 years in a variety of finance and accounting roles. I'm very pleased to be with you here this morning as we lay out Weyerhaeuser's vision for how we're going to accelerate growth while remaining rooted in excellence. I'll start off by covering some of our enterprise initiatives before moving into a summary of our growth plan and then coming back to capital allocation. So starting with our enterprise-wide initiatives, you heard specifics this morning from Travis, Brian, and Paul on the things that we can do within each of our businesses. But with the breadth of our portfolio and platform at Weyerhaeuser, we can do more than that. We can drive initiatives at the enterprise-wide level. We've done this over time in things like OpEx, innovation, safety. And so we've identified four buckets, just like those, that we view as growth accelerators that are going to allow us to drive $180 million of EBITDA uplift through 2030. I'll walk through each of the buckets in a little bit more detail, but a key theme that you're going to hear through each of them is the power of our scaled platform and integration. So starting with integration excellence. At Weyerhaeuser, we make countless, perhaps thousands of decisions at every step of the way from seedling all the way through to end customer. And integration excellence is about how we take each of those decisions and optimize them to create the most value across the enterprise. I'll give you a few examples of the areas that I'm excited about. But I'll note we've been working on this for a while, but we've become increasingly intentional and strategic on how we're approaching these. So the first area I'll highlight is product mix optimization. In this space, thinking about log supply and the ultimate mix of products that we produce and optimizing this for the overall value for the enterprise. Targeted CapEx investments. We've talked this morning about our TimberStrand facility. When we make those kinds of investments, not only does that drive value in the wood products business, but it drives value back to our portfolio. Wood Basket Optimization. Paul mentioned this as a component of our activities that we're always pursuing. This is about driving maximum optionality to ensure we're capturing the most value per acre from what we own, and then data. Data has always been a competitive advantage for Weyerhaeuser with our scale, but it's going to become increasingly important as we move from here in the current environment. In short, for operational excellence, we're going to be leveraging our scale, our unmatched portfolio, our complementary businesses to create and capture value across our portfolio and supply chain. Now I'll move into artificial intelligence. We've been doing this work for a couple of years now, and through this process, we've been building out our teams. It's early days still, but we brought on some remarkable resources in this process. We're really excited about the foundation that's being built, and I'll walk through the four pillars that we've established in this space. The first is AI foundations. We're consolidating data and models to establish a baseline across the organization. Agentic and generative AI is being rolled out across the organization, and that's going to allow us to drive efficiency and productivity. And importantly, we're also building an AI-fluent organization. Operators, foresters, sellers, accountants, all of these individuals will learn how to use AI safely and effectively through this pillar. Our second pillar is business solutions AI. In this space, it's all about how do we increase revenue and reduce costs. So on the revenue side, using elements like demand sensing, dynamic pricing, these can allow us to ensure we're getting the right product to the right market at the right price. We can also use AI and machine learning to optimize our product mix. And this, along with the dynamic pricing and demand sensing, allows us to better serve our customers. We're also leveraging our vast amounts of data to ensure we're driving procurement costs as low as possible. That's another example in the business solutions pillar. Industrial AI is our third pillar. And in this space, we can use predictive maintenance to improve reliability. Quality models can improve grade and yield. And of course, to the extent we're able to automate repetitive manual tasks, not only does that drive savings and efficiencies per unit costs, but it also enhances the safety environment for our employees. Our fourth pillar is geospatial AI. And in this space, we can use our land base as a scaled competitive advantage and leverage satellite imagery, drone data, sensor data, all of these things to better optimize how we operate our timberland operations. It can also help enhance other decisions as we're weighing optionality, whether that be how to site a forest carbon project or in thinking about the renewable energy opportunities that we have. Across all of these pillars, we're taking a thoughtful approach. We're starting with the highest return use cases, building on them incrementally as we prove out the value. And then as we've proven them in one place, we can replicate elsewhere. Importantly, we're focused on having the right controls and governance in place to, again, ensure we're utilizing AI safely and effectively. This will be a key technology element that we can leverage to accelerate growth. Our final two enterprise-wide buckets are innovation and automation and our cost and supply chain optimization. These two buckets are built firmly on the foundation that we've established over time in OpEx and innovation. Operational excellence has been a core part of Weyerhaeuser for over a decade now, and today, it's embedded deeply at every level of the organization. Employees understand what OpEx means and how they personally contribute to it and why it's so important, so on this foundation, we're going to continue to drive for new opportunities to innovate and automate. There's always opportunity to get better. I'll give you one example that I'm excited about here this morning, and that is in the procurement space as well. We've been focused on this for some time, thinking about how do we leverage our buying power. But we have the opportunity moving forward to not just do that in one pocket or corner of the organization, but to do that on an enterprise-wide level and also leverage the broader ecosystem that surrounds Weyerhaeuser. So now I'll pivot and discuss a summary of our growth plan and what you've heard this morning. Devin shared this slide earlier to give the broad outline of the specific buckets that will contribute towards the $1.5 billion EBITDA target. And you heard more specifics from Travis, Brian, and Paul. What's striking to me about the initiatives that we've laid out this morning is that we're not relying on one or even two or three initiatives to drive this. We have a broad and diverse set of initiatives that are going to help us achieve this $1.5 billion target. And look, things will not materialize precisely as we expect today. Certain things are going to take a little bit longer to materialize. Others will come more quickly, just like we've seen as we've been pursuing our Climate Solutions target that we set back in 2021. Regardless, we're going to aggressively pursue this $1.5 billion goal and target while recognizing that we're operating in a dynamic environment and adjusting as appropriate. Here's another version, or another slide that Devin shared a version of earlier this morning, and I'll make a few comments on this one. First, we are well underway. We have resources identified, we have project plans in place, and we are aggressively going after these. Another element that's worth highlighting here is that many of these initiatives have a limited exposure to the commodity cycle. So what that means is that these initiatives will allow us to increase our baseline cash flows in the more challenging parts of the cycle while also increasing our substantial cash flows in the stronger commodity markets. We continue to be focused on increasing the cash flow generation capabilities through the cycle. As we approach these growth initiatives, some of these items will require investment. Others, though we're pleased, will require very minimal investment. Some of the ones that might require some investment, of course, our TimberStrand facility we've talked about, timberland acquisitions to the extent we do those, those, of course, would require investment. All in, we're anticipating $1.5 billion-$2.5 billion of gross investments to drive these growth initiatives through 2030. Now, I'll say as we approach this, we maintain a strong commitment to maintaining that investment-grade credit rating. That is foundational for us. To that point, we have a lot of flexibility as we approach how to fund these items. We can use cash on hand. We can use cash that will generate from operations in the coming years. To the extent appropriate, we can utilize debt to fund these initiatives. We can divest non-core assets. We've demonstrated our ability to do that while still capturing significant value. While it's not our base case, we always retain the ability to redirect from other levers, such as our programmatic and ongoing CapEx that's incremental to this $1.5 billion-$2.5 billion. Regardless, the return profile is immense here. Being able to invest $1.5 billion-$2.5 billion and achieve a $1.5 billion uplift in EBITDA is a tremendous return profile. We'll remain focused on executing on this strategic growth plan while maintaining that strong balance sheet. What's the result of this growth plan? As we look at the value creation opportunity, adding $1.5 billion in EBITDA using a 14 times -15 times EBITDA multiple, which is in line with our 10-year average, would result in an uplift to enterprise value of over $20 billion, with just a minimal increase in net debt as a result of the investments required. Of course, EBITDA multiples can shift around over time, but adding those cash flows in some of the less volatile areas could support a favorable re-rating, not to mention the opportunity to drive incremental per-share value through opportunistic share repurchase through 2030. And of course, as I mentioned, with our focus on increasing the cash flow generation, this results in a tripling of our adjusted FAD through 2030 compared to the 2024 baseline. So now I'll spend a moment talking about pricing. We've laid out the growth initiatives, and we intend to drive those. But we also stand to benefit from an improved pricing environment over this time period. Today, many lumber and OSB producers are operating at below cash costs. We've incorporated a $500 million assumption into that $1.5 billion growth number for pricing improvement. We view this as conservative. As you look at the details behind that $500 million, even in that environment, there are lumber-producing regions that would be operating at negative margins in light of the current cost and trade environment. So when we think about the type of pricing environment that would be required in more of a mid-cycle scenario, we've laid out a scenario here that results in over a billion dollars in pricing uplift at mid-cycle. Really, this reflects what would be necessary to not just get back to margin positive, but also have a reasonable margin through the cycle. And of course, the nature of commodity pricing environments is such that we're going to see times with pricing well above mid-cycle. We've included a scenario here that results in $1.75 billion in uplift. Now, we've seen prices above this, so we don't necessarily view this as a ceiling, but this is, again, one illustrative example of what upcycle pricing could look like. Our businesses have an immense ability to generate cash flow in strong commodity pricing environments. So now I'll move over into capital allocation. In short, our capital allocation framework remains consistent. We continue to be focused on returning significant amounts of cash back to shareholders while investing in our businesses and maintaining an appropriate capital structure. We also have the ability to deploy capital opportunistically above and beyond that. That's been true in the past, and it will remain true moving forward. So here we see what it looks like to having that significant commitment to returning significant amounts of cash back to shareholders. Since 2021, which was the first year of our new capital allocation framework, we've deployed $8.6 billion across our capital allocation levers, with over $6 billion of that being returned to shareholders. During this time, we completed a billion-dollar share repurchase authority and announced a new billion-dollar share repurchase authority. We've also increased our base dividend by 5% each year through 2025. Along the way, we've invested in our businesses in order to maintain that industry-leading operating performance, and we've identified attractive growth opportunities, the Monticello TimberStrand facility, as well as increasing our distribution footprint. We've been active in our timber portfolio. When we established our growth target back in 2021, we did so with the thesis that high-quality timberlands are going to be increasingly scarce, driven by the option value that's inherent in owning the asset class, and that's proven true. At the same time, we've been nimble as we've approached that target. We've funded the majority of those acquisitions, as you heard this morning, through divestitures of less strategic assets, with the net result being that we've significantly improved the cash flow generation capabilities of our portfolio. In line with our commitment to maintaining that strong balance sheet, we've also pursued attractive liability management activities, reducing our annual interest expense by $175 million since 2021. Here we see more detail on how we go about determining the amount of cash we're going to return to shareholders each year. We have that commitment to returning 75%-80% of our Adjusted FAD to shareholders. That starts with our quarterly base dividend that's supported by the more stable cash flows from our timberlands and Strategic Land Solutions business. Beyond that, we can use share repurchase or supplemental cash dividend to get to that total 75%-80%. Importantly, we're able to retain 20%-25% of that Adjusted FAD. And just as the cash flow generation capabilities are significant in terms of the amount that we're returning to shareholders, when commodity markets are strong, in those times, we also have a significant amount that we retain in that 20%-25%, which we can use for growth, additional share repurchase, or debt paydown. Now I'll spend a moment talking about the specific levers we have to drive value and some of the thought process that goes into each of these as we look at them. We're fortunate to have a number of levers as we think about deploying capital. And every time we do so, we run the math and ensure we're allocating that cash in a way that creates the most value for shareholders. Anytime we transact on our timber portfolio, we can leverage the best-in-class teams and tools that we built up over time to ensure we're delivering value anytime we transact on our portfolio, whether on the buy or sell side. It's important to be disciplined in this asset class, and we have a strong track record here. When we invest in this space, we can add to our stable cash flows through the cycle while also helping to build out that pipeline of opportunities in the Strategic Land Solutions business. When we make investments in our wood products facilities, we can rely on our successful track record replicating projects from one mill to another in a disciplined fashion. When we make these investments, we bolster our significant cash flow generation capabilities in strong markets while also ensuring we have the right cost structure to thrive through the cycle. And when we invest in our fee wood baskets through mill investments, those drive value back to those same acres. And then finally, we have the ability to be active in share repurchase. We've been programmatic here over the past couple of years, but we've also leaned in opportunistically as appropriate. Moving forward, we'll continue to invest in our businesses to ensure we can maintain that industry-leading performance. We're very pleased with the return profile in this space, with many of our optimized projects having returns in excess of 20%+. So moving forward, we expect to invest $400 million-$450 million annually in our ongoing and programmatic CapEx. And again, that's above and beyond the growth investments that we laid out earlier. I'll make a few comments on M&A. Our M&A strategy has been disciplined and focused over time. Much of the activity that we've executed on has been focused on the timberland space. We've been active there. But we've also evaluated a number of bolt-on or even larger scale M&A opportunities that we've ultimately not pursued. Moving forward, we'll continue to evaluate those opportunities, but we're only going to pursue those that we think are accretive to our industry-leading portfolio and will also deliver meaningful amounts of value for shareholders. So with that, I can summarize a few brief comments on our capital allocation framework. Again, our framework overall remains unchanged. We continue to focus on returning significant amounts of cash back to shareholders while being able to invest in our business and maintain an appropriate capital structure. So with that, I can turn it back to Devin for closing remarks. All right. Well, thanks, David, and thanks to Travis and Brian and Paul. As you can see, we've got a great leadership team here. And I couldn't be more pleased with the folks that are helping us run our business today, but importantly, are going to help us drive growth going forward. Over the course of the morning, I think what you've heard is we really do have an unrivaled platform. We are in a league of our own at this point. We have a strategy that's aligned to the cyclical nature of many of our businesses. We have a portfolio with scale and quality and diversity and the integrated nature that allows us to win with customers and deliver strong returns across our asset base. We have a demonstrated, proven track record of industry-leading operations and performance. We've been focused on OpEx for a long time. We layer in this new reinvigorated focus on innovation. It helps drive that going forward. We've got a disciplined, flexible capital allocation approach that, as you've heard, allows us to return cash to shareholders, but also invest for the future. In combination, you put together this portfolio, the performance, the disciplined capital allocation. You layer on top of that the accelerated growth program. That's going to propel us to the next level and really put us in a position to generate strong returns for our investors in the years to come. So in closing, look, we've done the work. We have put in the work to build a very strong foundation at our company. We built a better, stronger, more valuable enterprise over this time period. And we're ready to leverage that to really lean into this growth program, to improve our cash flow, to enhance our competitive position, allowing us to return significant amounts of cash back to shareholder and meet the $1.5 billion EBITDA growth target that we've laid out for you this morning. So we're really excited about it. As you heard, most of these initiatives, they're already underway. They're largely organic initiatives that are to a large extent under our control. So we have a lot of confidence in our ability to do this and to execute on this growth program. As we do this, it really will propel us to a whole nother level. So we're going to take a 15-minute break. We're going to set up the stage so that we can bring our full senior management team up and start the Q&A session. And we'll be happy to answer any questions that you have on this growth program. For those on the webcast, I'd ask you just to hang tight here for a few minutes, and we'll get started here shortly with the Q&A segment. So we'll go ahead and pause for now. Wow, those are some bright lights. Okay, welcome back. I think we are live now with the webcast. So for the Q&A section, we have folks around the room with microphones. And so happy to take any questions you have. Just raise your hand, and someone will come with a microphone, and we'll get started. Oh, I'm sorry. One thing I forgot to do: I am joined by two of our colleagues that were not part of the presentation, Denise Merle, who's our Chief Administration Officer, runs HR, runs IT, a whole variety of other things within the company, and Kristy Harlan, who is our General Counsel, and among other things, also runs our procurement function, and the Integration Excellence Team reports up to her. So thank you both for joining us up here. So with that, we'll go ahead and get started with questions. Good morning, and thank you. Ketan Mamtora from BMO. Thanks for a very detailed presentation this morning. Maybe to start with, David, can you clarify the growth CapEx number that you talked about, $1.5 billion -$2.5 billion? That's separate from the ongoing CapEx that we talked about, the $400 million-$450 million. Can you clarify that? Yes, that's right. So the way I would have you think about the growth CapEx, you can really think about the intention there is for us to not otherwise reduce the amount of cash that we're going to be returning to shareholders. So similar to how we'd thought about the Monticello TimberStrand or Timberlands investments in the past, generally, we'll plan to report out on those separately. Understood. So can you give us some sense? I know you can't talk specifics, but so Monticello is about $500 million. Can you give us some framework for how we should think about the other kind of remaining, call it $1.5 billion at midpoint, in terms of what these investments could look like? Yeah, let me make a couple quick comments there before getting into the kind of more specific heart of your question. I think as we've approached this growth plan, we recognize that there are going to be elements that are fluid. As I mentioned, some things are going to materialize sooner than others. Others may take a little bit long. So as we think about the CapEx investments required, there's going to be some fluidity. And I think that's why we have come out with that range of potential outcomes. And the second foundational comment I'll make is we're, again, going to evaluate every dollar we deploy and ensure we're doing that in a way that creates the most value for shareholders. So we'll look at each of those dollars to the extent we have additional opportunities to deploy capital with favorable returns. If we think that's ultimately the right answer, we'll do that. So we've modeled out a variety of scenarios within that $1.5 billion-$2.5 billion. We have a base case, of course, and that's probably at the lower end of that range. And so thinking about the larger buckets, Timberland acquisitions, of course, would be one bucket. We've already talked about the Monticello bucket. And then really, I'd think about a third bucket really encompassing all the other initiatives that we've potentially thought about. Paul mentioned some of the opportunities in biocarbon, real estate development, but there's a whole host of other opportunities that we could end up deploying that capital to. Thank you. Charles Perron-Piché from Goldman Sachs. Devin, contrary to the prior investor today, you haven't announced any commitment to further expand the timberland portfolio in today's presentation. Considering the targeted monetization of certain assets that you've talked about, do you think your portfolio has reached maturity in terms of size? And how do you approach the scale optimization going forward? Yeah, so when we think about the growth program, and David sort of alluded to, there's a portion of the $1.5 billion on the low end that would be spent on timberland acquisitions. Unlike the last investor day where we put a specific dollar value on the timberland acquisitions, we're not going to be as prescriptive this time. What I would say, though, is that is the core of our business. I would expect that really, in perpetuity, you're going to see us trying to pick up higher quality Timberlands and divest lower quality Timberlands. And that's something that will just be ongoing for the foreseeable future, so we don't necessarily have a target size. We want to be at X number of acres. It's really about how do we continue to add value to the portfolio. And at the end of the day, it largely goes back to what kind of cash flow can we drive for the portfolio. We do think that as of today, we have scale across each of our businesses, and that allows us to capture some of that integrated value. You've heard us talk about that, so it's not scale for scale's sake. It's scale when we can create value from applying capital in that regard. Anthony Pettinari from Citi. You have, I think on slide 30, you talk about Timberland transaction values growing 3% CAGR in the South, 7% CAGR in the Pacific Northwest over the last 20 years. And if I look at that, and then also maybe the NCREEF index data that we get, it seems like the value of warehouse or Timberlands, at least within the stock, have derated against those benchmarks. And if you agree with the premise of the question, I guess first question is, why do you think that is? Do you think people are looking for something with log prices or housing market conditions? Second of all, if that kind of valuation gap has widened, are there strategies that you can take in terms of more aggressive buybacks or selling more land in order to kind of close that valuation gap with these kind of other indexes that we see for timberland values? Yeah, maybe I'll make a few comments, and then maybe David can chime in as well. I mean, I think when you look at the underlying value of the timberlands in our portfolio, I guess I wouldn't agree with the premise that those have derated. I think the value of our timberlands has increased, certainly in line, if not in excess of, just because of the quality of our portfolio. I think when you look at the stock price specifically, our view is that is largely a function of some of the macro dynamics at play right now, and particularly when you see where the housing market is. We've seen repair and remodel that have been a little bit softer. We have leverage to lumber and OSB prices in particular. And so as you've seen that demand wane, and you've seen some of that pricing come down, what that's meant is that from a near-term basis, that's obviously impacted our free cash flow. And I think that's really what's going on with the stock, less so about the underlying quality of the assets. Now, to your question, how do you close the gap? Certainly, share repurchase is a component of that. As you know, we've closed out a $1 billion program. We've put another $1 billion program in place. We think that is a good use of capital and certainly something we're going to continue to look to do. As David mentioned, as we think about over the longer term, every dollar we spend, whether it's share repurchase, timberland acquisitions, investing CapEx, where can we drive the most value per share accretion? That's the basis of the decisions that we make when we allocate capital. Yes, I think certainly there is a gap in our view in terms of the underlying value relative to the stock price. We're selling assets, as you've seen. We have sold a number of non-strategic timberland assets over the last several years. We'll continue to look to do that as appropriate to fund both share repurchase and some of these growth initiatives. Hi, Hong Shen, J.P. Morgan. You laid out a target of $170 million of adjusted EBITDA from the Climate Solutions business across a lot of categories. I guess if you were to attribute growth for each category, which ones would be the most contributive to that target? Which ones would be the least? Yeah, Paul, you want to take that one? Yeah, sure. At this stage, I think what we have said, there's a lot of value, a lot of opportunity across that pipeline and portfolio of projects. A lot of the early growth came from the more mature businesses, so conservation and mitigation. We do expect more of that growth and more of the $170 million to come from renewable energy, forest carbon, and carbon capture and sequestration, and then, of course, biocarbon. I think today it's a little premature to dimension that. But if we're just to directionally, I would say approximately half of that 170 would come from forest carbon, renewables, and carbon capture, and the remaining half we see us coming from the growth of our Biocarbon business. How are you doing? Peter Ostberg from Tocqueville. Two questions. One, you talked a little bit about distribution business increasing, and there's been clearly some talk in the industry about consolidation of building products in general. So is there something specific about either your business or the sort of building products business in general that is sort of requiring that consolidation, or is it just a classic slower growth business putting together a whole bunch of fragmented pieces to get a better business in general? And the second one is Southern Yellow Pine. Obviously, that would be huge for you guys if that can sort of break into the more construction market more than it is currently. Is there any remote concern that promotion of that devalues your Douglas- fir assets? Yeah, maybe I'll take the first one and then send the second question over to Brian. I think when you think about consolidation in the distribution and building products space, there are really two things that are driving that. Number one, scale on the cost side. When you're thinking about buying and selling, and so you make some margin on that buy-sell, every penny you can drive out of the cost bottom line, it just drops to the bottom line. So there's a cost benefit in the scale. And I mean, I think that's part of it. But the other part is just the ability to go to market and customers with scale to make their lives easier. I think it's really a combination of those two things. For us, those are both certainly true, but we also have the added benefit of our distribution network sells our products. And particularly on the EWP side, you need third-party distribution or your own internal distribution to get that EWP to market. And so there's an added benefit integration-wise for us to grow that business. You want to comment on Southern Yellow Pine versus other products? Yeah, let me hit this question, I guess, in two parts. If you look at our Douglas- fir system, the majority of our volume is focused in the green markets, Southern California through the Southwest, and we're heavily focused on retail markets. They're really fundamentally different in terms of where we're shipping and sending. Again, we do have some dry Douglas- fir that moves into, I'd say, historically Southern Yellow or historically SPF markets, but it's pretty lightly penetrated. The other thing I'd share with you is that we see great value in the conversion of pine into SPF. Really, the thing that we see is really the catalyst, and we're already starting to have some real success, is using our warp stable technology. What warp stable really allows us to do is we can predict warp and twist very accurately at the time of manufacture. That helps the end user in terms of the quality of the product. It also ensures that when they put it into a wall or into an application, it's not going to warp and twist on them three, six months past the time that it was manufactured, and their cull rates are going to be lower. That technology is proprietary. We've been developing it for decades. We have been building out this capability on the East Coast. We've now applied it to our Southern system, and we've got great logistics into the Upper Great Lakes region. And we are successfully converting markets in this region today and expect it to into the future. Paul, you mentioned that as much as half of the $170 million increment in Strategic Land Solutions could come from the Biocarbon. What are going to be sort of the key variables and gating factors, in your opinion, that determine the degree to which this continues to be a really important growth arena and maybe soak up some of the pulpwood that is looking for home? Sure. Let me start by saying the Biocarbon, the partner we've selected in this business is Aymium. They've been developing this technology for quite some time. They have full-scale operating plants around the country. They just completed a new plant in California. And additionally, Steel Dynamics, which is, I think, the third largest steel producer in the U.S., has built their own Biocarbon plant. So first, we are confident in the technology. The technology does work. Second, we are confident in the market. Now, any decisions we make to locate a plant within our Timberlands or adjacent to our mills, we'll make that after we have a clear understanding of a long-term offtake agreement for the production. So those are some of the things we're looking at. But I'll just repeat, we're very confident in the technology. Aymium has approximately 600 patents on this technology. They've tested it throughout a number of different metals manufacturing operations. So really, it's about can we get the logistics and the supply chain really dialed down and pick the right locations and then match that with high-quality long-term offtake agreements in steel, silicon, and other metals manufacturing, and I just might add here, and I think that it was embedded in your question, this has the potential to be an incredible competitive advantage for our company. We feel good about the technology. They've got multiple facilities out there. There's a lot of demand. They're already partnered with companies like SDI, Nippon. There's demand for this product. We feel good about that. What's held this up in terms of scaling more quickly is trying to cobble together the feedstock supply, is challenging. And that's where I think there's a real opportunity for us to expedite the rollout. We bring both the fiber from the residuals at the mill together with the pulpwood, with our scaled Timberlands ownership, and the supply chain in the forest. This is something that can be a real accelerator. And you know this, Mark. There have been a lot of pulp and paper mills that have shut down over the last 10 to 15 years. If we can selectively put these in markets where we're going to benefit, we're going to have a feedstock outlet for pulpwood and mill residuals. This is potentially a really big opportunity for us. So we're excited about it. And if I could, just one quick follow-up. Do we have a timeline for this first project on when we're going to start seeing evidence of success? Yeah, it's most definitely. So that first project, we talked about the MOU today, but we actually have a definitive agreement for the first site, which I mentioned is adjacent to our McComb Mississippi mill. So the timeline that we have a site under contract from the state, and we're looking at completing design and permitting as soon as we can with bringing on this facility mid to late 2027. So that's our timeline. But we're going to move multiple sites in parallel to that. That's because Aymium has the technology. They have the engineering. So this is not a test facility. This is just facility number five for them. So we see us being able to amplify that, leveraging the supply chain expertise and the scale that we have. Hi, John Petrides is also from Tocqueville. Just two questions. It was a great bottom-up presentation on controlling what you can control. And you mentioned almost every sexy narrative that's out in the market right now: autonomous vehicles, AI, alternative energy, exporting to India. I mean, the only thing you didn't say was if there are rare earth minerals in your quarries. There may be, but that's for sure. At some point, it's going to come from the macro and what's going to spur the demand side of things. So tell us, we're in a very unique housing cycle. I think you've all seen multiple housing cycles. So where do you think the world is from the housing cycle from a top down? And what are your customers saying that's going to get demand spurred again? And my second question is, it's been 15 years since Weyerhaeuser became a REIT, and none of you were in your current positions at that point in time. The board has very little REIT experience. So what's the benefit of actually staying in REIT form outside of being forced to pay out the dividend under the REIT rules? Why bother? Because from an investor standpoint, there is a narrative that it causes confusion as to how to value the company as a REIT, a basic material land company. And I know that's our problem, but just offer your thoughts on the benefits of staying in REIT status. Thank you. Yeah. All right. Well, maybe I'll answer the first question at the outset. So as you look across all of these various growth initiatives, they cover a lot of different areas. Some of those are going to be directly tied to what's going on in the domestic market with housing, certainly. But I think you also saw a number of these that are not going to be tied to the housing industry. And that's, to some extent, by design, looking to try to reduce some of the volatility that's inherent in this portfolio mix. Now, you're undoubtedly right in the sense that the real leverage will come when we start to see an improvement in the overall housing market. I'll make a few comments on that. Today, the housing market is challenged, right? The affordability issue is real. I think you're seeing the homebuilders as a whole trying to navigate through that. They're providing incentives. They're changing amenity packages, changing square footage, but it's clearly a challenge, and until you see mortgage rates moving down meaningfully, that is going to be an issue. My position is ultimately, this is something that is going to have to be solved. It's going to have to be a combination of building products, suppliers, working with the homebuilders, and working with state, local, federal government, and I do think there's an appreciation in terms of the need to do that. Everywhere you go, every city, every state, every time you're talking to people in DC, housing is one of the number one issues that people are concerned about. There are things that we can do. I know it's hard when you're in the bottom of a cycle to look beyond it. But if we don't figure out how to start building more homes in the U.S., you're taking away the American dream from a whole generation of Americans. I don't see that as being a likely outcome. Now, in the interim, right, there are other things that can happen before housing really gets into the next gear. Repair and remodel, I think that will probably return a little bit more quickly than overall housing. And remember, 40% of lumber demand comes from repair and remodel. And beyond that, there's a demand component and a supply component when you think about product pricing. We've been in a position over the last, call it 12 months -18 months, where the pricing environment is really unsustainable for the industry. And you're starting to see mills close, take more sustained downtime, etc. So there's a supply response that can improve pricing even outside of a material pickup in demand. But again, we feel that housing over the next two, three, five years is going to provide a good tailwind for many of these businesses. On the REIT side, I would say we do have folks on our board that have run REITs that do have REIT experience. So I would just say it's not as though our board doesn't have REIT experience. But beyond that, there's a tax benefit, obviously, to being a REIT. And that is the primary reason we organize as a REIT. It doesn't necessarily restrict how we run our business. There are certain tax advantages that we have as part of being a REIT. And so with that in mind, I don't see any real need to change that. Now, in terms of the confusion around it, look, we can spend time with investors telling our story. I think most of the firms that have been with Weyerhaeuser for an extended period of time get our investment thesis, but certainly that's something we can continue to help people understand. Anything to add to that, David? No, I mean, I guess just you could do your math on what you think the tax leakage would be if we converted away from a REIT, but it's certainly hundreds of millions of dollars at a very large multiple. So that would be pretty challenging to overcome from a valuation perspective. Thank you. Brad Barton on behalf of George Staphos of BofA Maybe just digging a little deeper on the previous question on housing, Devin. I think you mentioned earlier in the presentation that Wood Products is going to fund a lot of these initiatives that you've talked about. So when you think about housing starts next year, maybe even beyond, what level of starts would you want to see? Or maybe said a different way, what duration of a continued delay in recovery might cause you to rethink your strategy in terms of these initiatives or just in terms of capital allocation overall? Yeah. I mean, what I would say with respect to housing starts is remember, again, that's only one side of the equation. I mean, we look back over the last 10 years, you've had a number of periods where you can generate a lot of earnings in Wood Products even at lower levels of housing starts. And so it's both the supply available as well as the demand. I can't tell you sitting here today that I can predict what housing starts are going to be next year. I do think there continues to be a lot of underlying demand for housing. And I do believe that the homebuilders want to meet that demand. The challenge is how do you figure out that math equation to make it affordable so that people can get into housing? I also think, and others may have some visibility into this as well, at the federal level, there has been a lot of interest from this administration on what can we do to help unlock housing in the United States. And so I think there are a variety of things that are going on. Ultimately, it's about can we get affordability down? Can we get consumer confidence up? And that will unlock more housing activity. In terms of what would change our overall view on this strategy, now look, if we stayed in a market like we saw in 2025 where pricing was below cash flow break even in perpetuity, yeah, obviously we're going to have to adjust, and we will to the degree we need to. But I don't think that's a very likely outcome. You will see the supply response as you see pricing below cash flow break even. And these things have a way of working themselves out. So we'll be flexible, of course, as we always are. But that's not our base case. And I see a lot of opportunity for us in this space. Thank you. Kurt Yinger, DA Davidson. Two questions. First, I wanted to go back to the capital component of it. Just kind of on an average basis, $800 million a year of CapEx, you got the base dividend at, call it roughly $600 million. I guess in the next one or two years, if we see kind of this softness persist, how do you think about kind of funding that? And then you just talked about how you would maybe prioritize some of the investments in that growth bucket based on that. And then secondly, on the Wood Products side, the $440 million of uplift, Monticello, $100 million of that. It seems you maybe just provide a little bit more of a breakdown on the $300-$350 million kind of remaining gap in there. Thank you. Why don't you take the first one on? Sure. Yeah. So Kurt, I mean, look, we have a lot of flexibility. I think as we approach these investments, we're going to do them coming from the foundation. We're going to retain that balance sheet strength. We're going to be focused on retaining that investment-grade credit rating. I mean, that is foundational for us, so as we think about the path to deploying this capital, we've got a lot of different opportunities. Again, Devin mentioned the pricing environment. We don't expect that to continue. Of course, we've modeled a number of different scenarios, and we're confident on our ability to be able to deliver this growth plan even if the current commodity pricing environment persists for some time, so again, we'll look at all of the options available to us. We've demonstrated the ability to go out and divest non-strategic assets and get strong value. Again, when you look back at the cash flow profile of what these investments are going to bring, that's a substantial amount of capacity that it brings in terms of EBITDA, and so we're going to aggressively go after this. But again, we'll be nimble and flexible as we approach it. Yeah. And then just in terms of the breakdown, I will note when you look at the investor slides, we've got little bar charts in the corners, and that will give you sort of a rough order of magnitude of the contribution from each of those initiatives. But Brian, you want to kind of talk high level that $440 million, what the breakdown is? Yeah, you bet. So you mentioned the $100 million at Monticello, and so we've disclosed that and shared that. In terms of the rest of the initiatives, we expect a little bit larger contribution from the new products development and sales and marketing transformation. Say a little bit smaller for our lumber transformation and margin expansion. And then our distribution growth is the smallest, although I'd still say it's meaningful. There's puts and takes across the various initiatives. And we see multiple paths to ultimately delivering the $440 million. But that's how we're thinking about it today. Hi, Matthew McKellar, RBC Capital Markets. One more for Brian, please. So in Wood Products, you talked about a re-energized focus on product development. Two questions there. First, could you expand at all on why this is the moment for that renewed focus? And second, not to front-run what you'll show at IBS, but could you tell us at all about what problems you are aiming to solve for your customers? Yeah, I think this is absolutely the time to be invested in new products. And we've had a rich heritage. So we've always believed it's important. I I think over the last decade, we've really leveraged and worked on our operating performance and really put our efforts into delivering a platform that's top quartile. That's not to say we weren't interested in new products. We were, but we put it in a renewed intensity around it. And going forward, it really is about meeting our customers' needs. And so we think about this from a very broad-based perspective. We're looking to help our channel partners and builders in terms of efficiencies on the work site and how our products can better be used to allow them to generate better cost efficiencies as well as to be able to build faster, more efficiently. We're looking at codes and how we can best help our partners comply with codes, come up with new and innovative ways to address code requirements. We're thinking about the whole range of construction profiles and how our products could better fit, whether it's in panelization or just in general in terms of design and specification, and so we're thinking about all of those elements, and of course, we're thinking about weather, mold, moisture, cold, hot, all of those things, fire, and again, this is really about adding incremental value for our customers, driving a premium in terms of what we can bring to the marketplace and helping our entire channel succeed. Question from the webcast. How is artificial intelligence integrated into the company's 2030 growth strategy? What use cases are being assumed for EBITDA uplift by 2030? You want to take those? Yeah, great. So we have artificial intelligence built into all aspects of our 2030 growth strategy. We actually started this about three years ago. And we really built upon our culture of OpEx and innovation and started educating our top leaders on how to use AI, what's possible with AI. And then soon after that, we went out, we recruited and hired a team of excellent AI experts. They've really been focused on setting up the platform for us to be able to develop, scale, and replicate AI models. You heard about the data that we have within Weyerhaeuser Company. With 10 million acres of timberlands, our manufacturing sites, our distribution sites, getting the data platform right for AI was absolutely our first priority. And so that work is well underway. Just to give you some context on some of the projects that we have going on within Wood Products, we're working on real-time dynamic pricing so that we can react much quicker to shifts in the market. We're also working on demand forecasting so that we can fully optimize our supply chain from end to end within Wood Products. You saw some of the great data that's being captured within Timberlands in that video. So we're in the early stages of working on digital forestry for Timberlands. That's going to enable us to optimize the supply chain. So think about it from seedling all the way through to harvest to our end customer, wherever that might be, whether it's one of our mills or one of our other end customers or export markets. And then in Paul's area with Strategic Land Solutions, we're actually a little bit further ahead. So when you think about the data and the geospatial data that we have internally, we've built a model. You heard Paul refer to it. We utilize that model to make strategic decisions on acquisitions or carbon siting. We're further working on layering some additional information through external sites. So geospatial satellite data that we can layer on top of that and make faster strategic decisions and create even more value for the company. We're also training our salaried staff on how to use Copilot. And we've put some domain-specific AI agents in place that automate a lot of our tactical work. So collectively, all of these things are really helping us be more efficient, be quicker, reduce cost, and generate value. So that's how we'll be contributing to the EBITDA uplift in 2030. One more from the webcast. Given the demand growth you expect for wood poles, are there opportunities to capture more value by selling finished poles yourself versus just providing pole-grade logs to pole manufacturers? Travis, you want to take that? Sure. Well, the distribution pole and transmission pole business is pretty exciting, and when you look forward over the next five years and beyond, it's an area of tremendous growth, and as I mentioned in my prepared remarks, I mean, how we approach our relationships with our customers is to try to solve problems that they have. How do we give customers solutions that others can't provide, so we really, at this stage, are aligning ourselves around supporting our customers so that they can create value and take advantage of this growth period in their industry. And in that, sure, we know a lot about how to manufacture a pole and how to do the processing and specifically some of our supply chain advantages with our transportation and harvesting and our GIS to identify where are the poles to begin with. These are advantages that we can help apply to support our customers as they benefit and we benefit together. Thank you. One more for Travis. On the southern export opportunity, we've seen that in the past as well last decade when it started, but then it sort of stopped. What gives you confidence this time around that the southern log export opportunity is kind of sustainable and that we can see continued improvement over the next few years? And just as a follow-on, one question on M&A. You talked about sort of recent M&A focused more on Timberlands. Is that how we should be thinking about going forward as well? Or would products be also part of that sort of opportunity set so far as M&A is concerned? Thank you. Why don't you take the first one on export? Okay. So one of the dynamics about the export is around the global supply of timber. And as that has continued to change and move, that's creating an opportunity on the supply side. And of course, the U.S. South is the world's most readily available supply of timber with the infrastructure in place, the labor, the trees are there, the forest is there, the ports are there, the access is there. I think as growing economies continue to develop, and particularly in India, which we all know a lot about, but there's tremendous investments in infrastructure. Devin and I were there in September and we're witnessing airports being built and rail lines being built and roads being built and just tremendous growth, and that brings along wood consumption in terms of lumber and appearance grade, so I think the balance between the demand and the supply over the next decade will play favorable for our position to export and service those markets, and there's other countries as well, as I mentioned, Thailand and Vietnam and some of the manufacturing moving around, and we're seeing increased opportunity and Southern Yellow Pines a player in that space. I would say in our growth plans, we don't have China in there at all, and we'll see how that continues to develop with the trades between the two nations. Great. Yeah. And then, Ketan, on the M&A side, I mean, in my prepared remarks mentioning the bolt-on or larger scale M&A opportunities that we've evaluated in the past, but ultimately not pursued, ultimately that covers our opportunities in the wood product space. We've certainly looked at those in the past. We like the wood products businesses that we're in. If the right opportunity presented itself where we could create meaningful value for shareholders, where it would be accretive to our portfolio of assets, absolutely we'd be willing to look at those. One more from the webcast. How are you approaching integration excellence differently going forward? And can you provide some additional details on recent and future initiatives? Kristy, you want to take that one? Sure, I'll take that one. So we've been focused on cross-business OpEx for a number of years. We've made some really great progress in creating alignment between our different business teams. What we're doing now is we've put together a dedicated team that's using a systematic enterprise-wide approach to all of our integration excellence efforts. So they're also leveraging our data and our technology. They're working with our AI team that Denise talked about and really working with our businesses to help us make the fastest, most reliable operating decisions with the consolidated company in mind to really maximize the value of our integrated portfolio. All of these efforts are enabling us to do things like optimize log specs from our fee timberlands so that we're maximizing the production output at our lumber mills. We're optimizing logistics so that we are reducing our log truck turnaround times and improving our transportation costs. And we're also doing things like making strategic kiln improvements in wood baskets where we can flow additional feed volume in that wood basket back to that mill. So those are just a few examples of all of the great work that's being done across the organization to really continue our ability to drive value from the integrated platform. Looks like we have time for maybe two more questions. And we do have one more from the webcast if there are any more in the room. Yeah, you laid out some pretty compelling economics around solar leases. I guess now that you've opened your first facility, are there any lessons learned that you could apply to future leases, especially since it seems like you expect to accelerate? Yeah, sure. We really have a lot of lessons learned in that space because, as I've mentioned, we started leasing property for wind energy over a decade ago, and this sort of lesson learned applies across all of Strategic Land Solutions. We've talked about it as an enterprise, and that is the partner selection. Whenever there's a new sort of boom, land boom, whether it's AI data centers or energy, there's a lot of companies out there who say they know how to do things, and so we are very particular on who we work with. That's really the lesson learned we've taken from our natural resources business, our wind energy business into our solar energy business, so we often, as I say, do competitive processes. I think you saw on the slides, one of the companies we work with is NextEra. Everyone knows who they are. So we're very particular on who we work with. And then the other things we do is we run our own financial models of our solar projects so we can fully understand where the value lies and how much we can get as a partner and as a landowner. So those are the things we integrate into our approach for partner selection. And then, of course, as they move through the permitting process, in many instances, we have local relationships in those areas. And if it makes sense, we will partner with them at that local level to help smooth some of the permitting issues over. So yeah, those are some of the lessons we've learned. And that really helps us, in my mind, able to have a higher conversion rate of a lease to an operating project, which is really where the value lies. Okay. Our last question today is from the webcast. On the new EWP facility in Arkansas, how much flexibility will you have to shift between industrial and residential end markets as demand changes? And what does that mean for the value the operation will generate? Brian, take that. Yeah. Well, I think there's a couple of things that I'd comment about this. We build a strong customer base and really build out these supply chain logistics and partnerships and end-user relationships. And so as we build up the mill, I feel very confident we're going to have a very diverse product portfolio. We're going to have a very strong industrial component. Even today at our Kenora site, which is about 30% industrial, we flex in and out of that product from time to time, working with our customers, given their needs and what other products are needed in the market from our other customers. I expect that we're going to grow beyond industrial. I think we're going to find other applications. We're going to grow significantly in the lumber component where we have a really high-value product to bring to the market. I think there's a very unique and compelling mass timber component that we're looking to bring forward as we innovate and we get the full power of using TimberStrand and LSL. I do think that there's a fair amount of flexibility to the question, but it's always within a range. And again, we'll manage that as we do with our order file. All right. I think that was the last question. Again, really appreciate everyone being here with us in person and the folks on the webcast. We're really excited about this growth program. And we'll look forward to continuing to update you as we execute on this and really propel Weyerhaeuser to the next level. So thanks, everyone. Have a great rest of your day.