Dan Hedigan: So, I think what we’re certainly — there’ll be limited CFDs on — the numbers that we gave you, I think we’re talking about a range on net revenue, and then we’re also talking about our increasing our cash. But almost all of those are going to be from transactions that we have — are working on today and enter into. We don’t have a lot of CFD in those. Now the CFD will kind of keep coming in overtime as either work is completed or homes are completed that allow us to sell additional CFD bonds. But for the most part, what we’ll be looking at in the second half of the year, actual transactions that we’re working on with various builders.
Terrance Balkaran: Got it. That’s helpful. And so, for the sales that you’re thinking about for the back half, it sounds like you have that land already prepared. Maybe you can help us just think about how we should be viewing CapEx spend for the back half? And then, maybe as demand seems to be coming off of a trough, how you’re thinking about it for ’24 across different developments?
Dan Hedigan: Certainly. Well, once again, I’ll start with Irvine, because I think it’s — the Great Park, if you’ve been out here, there is some backbone infrastructure still being completed, mostly Marine Way. But for the most part, all of the backbone is in the Great Park. Once again, Marine Way is probably the biggest section that needs to be completed out there. So from a standpoint of Great Park, almost all the sites we talk to or talk about, most of the backbone infrastructure to get those sites are actually already in. So, there’s still some to be completed and those will be reimbursed. In Valencia, you’re right, we have — from past work, we have a number of areas that were graded and we’re just getting the opportunity to bring them to the market right now.
And so for the most part, everything we’re looking at this quarter has limited capital requirements. There’s a certain amount of work that has to be done whenever we deliver land. But for the most part, all the lifting has been done on those sites. As we look into ’24, we’ll have additional needs to invest capital. But we’re also looking at ways, as we talked about, is utilizing the builders, working with our builders and having them invest some of that capital. So, as we think about the Valencia going forward and say we’ve got land that is mostly ready. And as we look at our future, we’re really looking at working with the builders to have them do a lot of that front-end capital investment kind of tying us and them together for the kind of success of the project.
And we think that model will work pretty well because builders have a real need for pipeline. And so working with them on the capital side will help ensure their pipeline and also get our land completed and developed. So, in all of these as we talk about those transactions and Valencia or other places, we’re always — these can always move around quarter-to-quarter just because there’s always government approvals that are tied to all of these. But right now, we’re feeling pretty good about what we’re suggesting. But I don’t ever want anyone to think that we aren’t subject to a little bit of the government permitting requirements that everyone in our industry deals with.
Terrance Balkaran: Makes sense. Maybe last one for me. And going back to the CFDs, just — so the $60 million received year-to-date, can you give us a sense of when you completed the work that those CFDs were attached to? And then any guidance you can give us on what a reasonable number is for either the first half of ’24 or just the full year?
