So, we keep it fairly straightforward and to know where we think value is. And then all you can do is going with good faith with the lenders and lay out here is the situation where we are. And do they have ideas and do we have some ideas on ways to that makes sense for everybody. And you hope that those work because you’re working in good faith, but sometimes the math is what it is, and the situation is what it is, and you have to give it back. So, we’re hopeful that, that doesn’t have to happen. But we definitely — it’s possible. So, we just try to make the best decisions we can for our shareholders.
Chris Woronka: Okay, that’s helpful. Thanks Rob. And then on the KEYS portfolio on the different pools, given that the dates are all the same, is there any thought or any possibility to essentially restructuring the composition of those pools at all?
Rob Hays: I mean I guess there always is. I mean, we’ll be talking with the servicers and with that loan. Given the way it was securitized, is that effectively the senior pieces are kind of all securitized together so the controlling holder of one is the controlling older of each. So, it’s a little bit more of a complicated structure, even though each pool in its own right is still treated as a separate pool. So, there’s just some, I guess, complexity around that where something like that, I think, is technically possible but I would find breaking up maturity dates and change in maturity date is probably less likely as an outcome. I think it’s more of — we’ll look at each of those six pools, what to see where we see value, look where the CapEx is over the next few years.
We have the ability in the documents to pay down the loans in order obviously to hit these extension tests. So, we’ll — we’ve got views around what we think those are given different variations of forecasts and we’ll talk to the lenders about those and see if we can’t come to a situation that works for everybody.
Chris Woronka: Okay. Thanks Rob. Just a quick follow-up for Deric. I probably — Deric, I think you mentioned that the cash trap was released on the Pool D. And it looks like the net income yield on that is the highest, but the EBITDA yield is actually higher in the e-pools. Is the net income yield the determining factor over EBITDA?
Deric Eubanks: Correct. For the cash trap, it’s typically an NOI, which — the EBITDA that we show in our earnings release is before deducting an FF&E reserve. And so, the NOI debt yield is calculated after deducting an FF&E reserve, and that’s what’s determinative when calculating the cash traps.
Chris Woronka: Okay, great. Thanks guys.
Operator: Our next question is from Bryan Maher with B. Riley Securities. Please proceed with your question.
Bryan Maher: Good morning. A couple of questions. First, maybe, Deric, can you give us an update on the Oaktree Financing? The thoughts with respect to repaying that? And if you were to repay what’s currently outstanding there, could you recap that or could you only recap or cap the — that’s available now?
