While lumber prices have rallied in 2026, they are not running away on the upside. However, if hostilities end, interest rates could fall along with crude oil prices, fostering higher demand for lumber and higher lumber prices. Meanwhile, an exogenous event, the Canadian wildfires over the past weeks, has ignited supply fears, pushing lumber prices higher. Therefore, WY operates as a REIT (Real Estate Investment Trust) that is sensitive to and correlated with interest rates and lumber prices. Therefore, we should expect weak lumber prices until interest rates begin to decline.