Boise Cascade's second quarter is the kind that gets read two ways. Read on the headline, it is a quiet miss: GAAP net income of $57.3 million on $1.8 billion of sales was 7% below the year-ago quarter, and diluted EPS held roughly flat at $1.63. Read on the underlying mix, it is a meaningful margin turn. Plywood average net selling prices jumped 15% year over year and plywood volume held up, while the Wood Products segment's MLO rate (materials, labor, and other operating expenses as a percentage of segment sales) compressed by 410 basis points to 85.0%, lifting segment EBITDA 40% to $52.4 million. Adjusted EBITDA reached $126.2 million, up 6% year over year and ahead of the comparable print from a year ago, and a James Hardie expanded agreement that positions Boise Cascade as the sole nationwide distributor of Hardie siding and trim, AZEK Exteriors, and TimberTech decking across the BMD network landed on August 3 - the same day as earnings. The market was already leaning negative: total U.S. housing starts fell 1% in the quarter and single-family starts fell 4%, and a termination notice from the prior composite-decking supplier effective July 31, 2026 is now a live transition risk. The question the quarter answers is whether the plywood cycle can keep carrying the company through a fourth consecutive quarter of soft single-family demand - and the next quarter is the first test, with Q3 EBITDA guide of roughly $82 to $114 million bracketing the prior-year Q3 of $74.4 million.