Dan Hedigan: Okay. All right. Thank you. I understand. That’s a good question. It is certainly, I take nothing off the table. And in my career, I have done fee builder extensively use it at a different life to come out of ’08, ’09. And so it’s a model I’m extremely familiar with. We haven’t seen the need right now based on the conversations we’re having with builders, but it’s certainly something that I’m familiar with and it’s something that we could definitely move to quite easily that’s really where the market moves us.
Robert Heimowitz: Okay, great. Next question on the related party tax liability. S&P is including this debt in their calculations. Can you speak to any potential overhang here?
Dan Hedigan: I’m sorry, I think are you referring to the TRA, the Tax Receivable Agreement?
Robert Heimowitz: Yes.
Dan Hedigan: Yes. I think — yes, I’m sorry, we have can I think can probably address that question by the time, but you want to repeat the question to make sure that we answer it correctly?
Robert Heimowitz: Yes. S&P is treating this as debt now on their calculations, they’re saying they don’t know if you’ll recognize the tax savings and you’ll still have a liability associated with it. So just like how should we think about this.
Leo Kij: Yes Robert, we’ve actually had conversations with the rating agencies about that and clarified that the TRA is a projected obligation based on our ability to use it. And our expectation today is that those payments would occur after the bonds expire. So it doesn’t affect the collect – and our ability to pay the bonds and I want to reiterate the obligation only arises if we benefit from saving taxes. So to-date, the partners, the prior partners have been paying taxes that we would have otherwise paid, but because of the way the calculation is made, we haven’t yet benefited. So just if that – did that help you?
Robert Heimowitz: Absolutely, I just got one more, which is can we talk about the stages of completion of the various home sites that you own? It seems like a lot of them were slated to close this year, they should all be close to completion or ready to be sold. So if we had how many were completely finished or how many were close to being finished, like work in process, we could kind of know the liquidity of the lots whether they could go to land banks or spec builders should custom builders have dropped out. So that’s my last question? Thank you.
Dan Hedigan: So Robert, let me first talk about Great Park. We had D5 South moving right along last year and once again being prudent when the sales weren’t materializing, we’ve got the black top down and we’ve got all the wet sand and we . So we can complete those lots quite easily. So we’re kind of in – we’re kind of in a good place there and it will be the next place that we – next community we open in Great Park and it’s in, as you say, it’s in very good shape to move forward – about a lot of additional capital but just to remind everyone all that is self-funded through the partnership. And we’ve got substantial liquidity to do what we need to do on those, but that’s actually in very good shape. And then when you get to Valencia.
