Matthew Demchyk: I’ll hop in. Firstly, I’d say I hope that’s an achievable rate for the kind of things we like to buy. I mean those were both nuanced transactions with a lot of characteristics that, for various reasons, didn’t work for us. And the reality is in the broader world, I think you’ve seen more of an expansion in cap rates in broader triple-net than in gaming to Steve’s earlier comments around appreciating the stability of these cash flows. So the good news is for our business model and for our inputs to our cost of capital equation, we can get a healthy risk-adjusted spread at rates like those the situations we like, and it’s really going to come down to asset by asset.
John Massocca: Okay. And then a quick kind of detailed question on the balance sheet. Any updated thoughts on swapping out the term loan? And I guess if you were to do it today, what would kind of be rough pricing on that?
Desiree Burke: So we only have about 9.5% of our total debt at a variable rate debt, and we have looked at the swap rate, and we are comfortable that we at this time, do not intend to swap that out.
John Massocca: Okay. I guess any broad thoughts on where pricing is today or even pricing is today relative to last year, just
Desiree Burke: Right. So the last time that I looked at it, a three-year swap was around 5.2%.
John Massocca: Okay. That’s helpful. Thank you very much.
Peter Carlino: Thank you.
Operator: Our next question comes from the line of Robin Farley with UBS. Please proceed with your
Robin Farley: Great. Thanks. I wanted to ask as a follow-up. You kind of made a passing reference to it earlier in the Q&A, but can you talk a little bit about the environment for transactions in terms of other buyers that you’re competing with sort of the appetite and the number of buyers in the field and kind of how those have changed in the last quarter or two? Thanks.
Peter Carlino: Yes, Robin. Yes, it’s clearly a lot of people, a lot more people are interested in our space for obvious reasons. It’s a great place to be. I’ll make my general comment that we’re generally not in the bidding business. Most of the transactions we have done were crafted to solve some other issues. I mean I’d like to say that in a flat-out auction, the bidder loses. We generally don’t like to be there. Typically, we are not there. It’s because we can provide something other than the last dollar to make a transaction effective. I think Steve was right that there are seemingly more people out there, but it hasn’t affected us yet. I mean we don’t lose many things that we go after. Steve, do you want to comment on that? Agree or disagree?
Steven Ladany: Sure. I’ll say one or two senses and then let Matt jump in, too. Look, I think there were a number of — there have been a number of competitors who have come in and who have then disappeared. I think that could be somewhat capital markets related or based on their funding structures. But it’s undeniable that this asset class is gaining attention. Based on ours and our competitors’ performance from a total return perspective in the past and based on just the stability of our performance through COVID. And I think as you look forward and some people have various views on what the economy may do going forward. But I think looking back at COVID is a pretty good glimpse and gives you a sense of what may or may not happen to folks tenants. And in our case, our tenants performed wonderfully through that, and we would expect the same to be true going forward. So Matt, I don’t know if you have something to add.