Your Cohoot, the adorable owl-like companion, has a nest located high above Kamura Village. You can reach it by Wirebugging up the large tree near the Buddy Plaza. The Cohoot Nest periodically contains valuable items, such as Armor Spheres, crafting materials, and even rare decorations. Always check it after a few quests!
Additionally, you can pet your Cohoot (and your Palamute/Palico) for a small boost to your 'Buddy Affinity', which can sometimes lead to them performing better in hunts or giving you small gifts. It's a small but charming interaction that adds to the game's atmosphere.