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I forgot to update this thread. I had an arborist make the same identification as Katy, although I'm not sure that arborist would agree it's "not...
Thanks for taking a look! Here are closeups of the stem. [ATTACH] [ATTACH] [ATTACH]
Any ideas what this is? It doesn't look like any lichens I'm familiar with. The tree seems to be healthy other than this growth. No sign of...