Kim Tobler: Yes. So as it relates to the revolver, we’ll be publishing an 8-K and you’ll be able to read the documents and see there. But largely it was rolling forward the existing terms. And really the only thing was they raised the cost. So we’re going to have to pay more when we draw on the revolver. But beyond that, it stayed pretty close to what we’ve done. We lost what’s known as a term out. So we had a term out which allowed us to take whatever balance was due with the maturity and pay out over 12 months equally, that’s an unusual provision in a revolver like ours. And so the banks came back and said they didn’t see how they could continue that in the current market. And we understood that and we’re willing to give that up.
But they gave us a two-year extension, which we were very grateful for and thought we deserved. And very glad that the four banks stayed all together. And we kept the 125 in place. As it relates to the senior notes, as Dan said, we’re turning our attention to that. Don’t want anyone to think that we’re not thinking about those. We’ve been regularly meeting with our board and together as management reviewing the different options that we think we may have. That’s part of the reason why we’ve been working so hard to increase our cash balances, so that we have some things to work with. But we don’t have anything really specific that I can talk about right now that we’ve done. So Arun, it’s good to hear you and look forward to talking more in the future.
Arun Seshadri: Thanks very much.
Operator: Our next question comes from the line of Alan Ratner with Zelman & Associates. Please proceed with your question.
Alan Ratner: Hey, guys. Good afternoon. Thanks for all the detail, and congrats on the progress here. First question on the Valencia sale. It looks like the, I guess, the composition of this particular lot sale was quite different than your prior ones, much lower density, much higher price per lot. I’m just curious, if you can give a little bit more detail in terms of how you’re thinking about segmentation of product and lot sales in Valencia in the intermediate term? Is this a concerted effort to kind of mix in more move-up product or lower density product and any kind of guidance you can give on the expected fourth quarter lot sale, if it’s going to look similar or different would be helpful.
Dan Hedigan: Thanks, Alan. Valencia actually has a broad level of segmentation. In its entitlement, it actually has zones that are identified for lower density and higher density. And what you’re seeing in the two sales that closed this quarter, they’re in the area that was by design set up for lower density. And we are seeing good demand for that move-up buyer in Valencia. We’re talking very traditional homes with driveways and backyards, and we’re definitely seeing buyer demand there. As I think I’ve commented in the past, I’m really trying to work with the builders to be sure our product is really responding to the market, but some of our product is kind of preset just on where we’re at, but both of those were previously identified and they were just in a lower density area.
As to the fourth quarter land sales, they’re actually going to be in different sections of the Velencia project, and so there’s going to have a mix of product. There’s going to be some that is, you know, our traditional detached condos, and there’ll also be a small portion that’ll be attached. But it will be more diverse than what you’re seeing that closed this quarter.
