Matthew Demchyk: This is Matt. Let me add 1 thought. Remember, there was some subset of counterparties that used to say hey, you guys are an expensive form of permanent debt. And they were comparing us against the prices in the wider market. The other side of that equation has moved meaningfully and the competitiveness of our cost of capital versus all those other options is certainly converge to an extent that’s favorable for us.
John DeCree: Thanks, Matt. Thanks, I appreciate the color.
Operator: Our next question comes from the line of Mitch Germain with JMP Securities. Please proceed with your question.
Mitch Germain: Good morning. How should we think about the economics behind the OP units associated with the Valley deal?
Desiree Burke: So they — we only issued 15 million shares, I think, of OP units in the Valleys deal. $15 million, yes, sorry, did I say units? I’m sorry, we only issued $15 million, that was around 300,000 shares. So it is a pretty small drag, but it is in our guidance that we’ve provided.
Mitch Germain: Understood. And then last one for me. I assume Penn funding is not in guidance, but should we think of any of that potentially starting to hit towards the back part of €˜23 or is it really more of a €˜24 event?
Peter Carlino: It’s hard to know. But if we had to guide you some place, we would say later rather than earlier. Candidly, I don’t have a real good handle on where they are in the design phases. I mean, I think there’s a high degree of confidence that these things are going to happen, but the when is just not real clear.
Steven Ladany: Yes. I mean, I think, PENN — this is Steve. I think PENN has been public with stating that they expect to start these projects by the end of €˜23, but that all four projects are likely to not open until sometime in 2025. So the — they are not obligated to take dollars from us from day one for all these projects. So they do have some flexibility around when they would want to access our capital. So it’s just an evolving timeline that we’re going to continue dialogue with them and kind of as soon as we know, you’ll know.
Mitch Germain: And the way
Peter Carlino: I was just going to say that look, , depending upon what their own cash needs are or whatever else is going on at the company, they may or may not need the money sooner. Look, if they can fund it internally, it will be later, but it’s the long-term solution and probably in the short run, they use their own cash if they had it. So we’ll just have to see how it plays out.
Mitch Germain: Got it. Congrats on the year.
Peter Carlino: Thank you.
Operator: And we have reached the end of the question-and-answer session. I’ll now turn the call back over to Peter Carlino for closing remarks.
Peter Carlino: Well, thank you very much. And thanks to everyone who has dialed in today. We are really excited about having closed out a very eventful year. But we think that 2023 is going to be a strong year for us as well. Fingers cross, working hard and hope to see you all next quarter. Thank you.
Operator: And this concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.
