Operator: Thank you. And our next question is from Jay McCanless with Wedbush. You may go ahead.
Jay McCanless: Hey. What was the spec count at the end of the quarter?
David Goldberg: Jay, it’s about 820 specs. It’s in the queue and I can get you the number.
Jay McCanless: Okay. Now that you have the unsecured credit facility and the 27 senior maturities, 29 senior maturities are still trading below par. Why not go and take some of those out, maybe talk about, especially with — looking like the community count is basically going to be flat for the next few quarters, why not try to reduce some of that future leverage?
Allan Merrill: Well, let’s talk about, Jay, first of all, the spec number was 840. So I didn’t have my hand, just so you know. In terms of the 25 in capital allocation, we talked about it last quarter and the story is pretty consistent. We’re building some liquidity. We’re kind of looking to 25 for being fully thoughtful on the capital allocation as we’re going to make it. We want to see if there’s more stability in the market, if we see some improvement in demand, we’re certainly committed to growing the business. So we’re being pretty thoughtful with how we spend capital. And again, it’s a little bit of a wait and see perspective and we have some time on the 25s. I don’t know if you had another question on top of that, but
Jay McCanless: No. Just trying to understand when you have the opportunity to go out and take some of these future maturities out below par especially given how fast things went from good to bad in ’22? Just trying to get a little more insight as to how you’re thinking about capital allocation right now?
Allan Merrill: Alternative uses of capital and rates of return on a risk adjusted basis. I mean, certainly, we’re underwriting land deals even in this environment with conservative assumptions with return profiles that are vastly better than retiring debt with single digit yields. And are those assumptions valid? Are they durable? Well, that’s why Dave says, we’re being a little bit cautious, but I think the opportunity for those kinds of returns, certainly for returns that greatly exceeds de-levering are good enough, the probabilities are good enough that it sort of discourages us from being in a big hurry using the liquidity for deleveraging.
David Goldberg: Okay. I think the other thing is and I want to make sure we’re clear and we said in the script and I just want to make sure we have excellent visibility in the community count growth in €˜23 and €˜24 from the land position that we already have. And Allan talked about it earlier in the Q&A, clearly, we’re very comfortable with the land position and the community count growth that’s coming in our business.
Jay McCanless: Okay. All right. Thanks for taking my questions.
Operator: Thank you. At this time, there are no further questions.
Allan Merrill: All right. I want to thank everybody for joining us for our call. And we’ll see everybody in our second quarter earnings call, and we appreciate your participation. And this concludes today’s call.
Operator: Thank you. That does conclude today’s conference. Thank you all for participating. You may disconnect at this time.
