I photographed this weird looking fungus growing out of an open cut in a tree (not sure what type of tree it was) on my parent's property last weekend in central Texas after some heavy rain. The mushroom was dark brown on top, with orange-colored fringes that seeped with this honey-like substance. Under the mushroom was a mass of swirled material with a woody appearance, though I suspect it was part the same or perhaps a different fungus.
I don't know too much about mushrooms. The 'bleeding' around the edges of the mushroom reminds me of Hydnellum peckii or ferrugineum, but it lacks the 'teeth' on the underside of the mushroom (you can see that it's fairly smooth in the top part of the second image). The coloration and general shape reminds me of Phaeolus schweinitzii, but I don't know if that species can produce this kind of 'sap'. Can anyone help me identify what kind of mushroom this is? And what is the swirled material below it?