Your 30–40 ft common ash (Fraxinus excelsior) with a large basal cavity (arm-deep) that once hosted honey fungus (Armillaria) is compartmentalizing decay—the callused edges are the tree walling off the rot.
Any tree can fail in extreme winds. But a healthy-crowned ash with solid outer wood and good compartmentalization is not a high failure risk. The cavity has been stable 6+ years.
Enjoy the tree. It's a veteran managing its own decay.
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