Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading North American manufacturer of engineered wood products (EWP) and plywood. The company serves residential construction, repair-and-remodeling, and light commercial construction through two integrated segments. Building Materials Distribution (BMD), the larger segment at roughly 79% of revenue, operates 40 distribution facilities nationwide and sells three product categories: commodities like OSB, plywood, and lumber; general line products like siding, decking, doors, and roofing; and EWP sourced almost entirely from its own Wood Products segment. BMD sells primarily to dealers and home improvement centers, who in turn sell to homebuilders and contractors, with Builders FirstSource and Home Depot as its two largest customers. BMD profits from the spread between what it pays suppliers and what it charges customers, and earns higher, more stable margins on general line and EWP than on commodities. Wood Products manufactures EWP — specifically laminated veneer lumber (LVL) and I-joists used in residential framing and floor systems — along with plywood and lumber. BMD is Wood Products' largest customer, taking roughly 71% of its sales. The integration is deliberate: Wood Products has a committed outlet through BMD, and BMD gets a reliable EWP supply. Boise Cascade is actively shifting BMD's mix toward general line products, growing a doors and millwork business through acquisitions, and expanding EWP manufacturing capacity, including a new I-joist line expected in H1 2026 and early-stage development of mass timber products for multifamily construction.