Any Idea's

This is the second time in the last couple of days that I have seen something like this. The first one was on a live tree, this was on a dead tree stump. it is very soft, and easy to dent with your finger, it isn't wet, it measures about 2 inches across.

When I first saw it I thought it was fungi but I am now beginning to think it is some type of cocoon. Does anyone have any idea?