Unidentified Analyst: Okay. And then you mentioned some of the large community developers. You have mentioned that you’re running at pretty high levels of capacity, but you might see some moderation. Given our position in our outlook, is there any sense in approaching some of those larger developers and saying, look, we can allocate a certain percentage of our monthly, weekly, quarterly production to you as a single customer, and then they can have a more consistent supply of units because a lot of things I’ve read makes it sound like there’s lots of demand on the park side, and they’re coming to market with a rental rate in many areas, it’s very attractively priced versus the competition.
Duncan Bates: Sure. We think we build a great park model home. We buy materials and import materials and manufacture our own components that allows us to build these things for a great price and sell them at a great price, even with a little bit of margin there. We have had several conversations with some of our larger customers about taking homes in quantity, under, say, some type of supply agreement where we allocate a certain amount of production a month to them at an agreed upon price. And so yes, all those conversations are happening. We’ve got a great park sales team. And there are certainly customers that – or there are certainly developers that are focused on our core markets that we have not historically sold to, and I’ve been involved in a lot of those meetings, and certainly, we’re trying to advance those.
But if we can build the same home in large runs, I mean, that’s certainly more efficient for us than throwing a bunch of double-wide in align and that slows us down just as they’re more intricate. So yes, that is a top focus for a lot of people of the company.
Unidentified Analyst: Okay. Thank you. And then my last question is just on any update on how we’re looking at the share repurchase authorization from capital allocation perspective, it looks like there’s a lot of opportunities that you’ve touched on. I believe it’s a $10 million authorization. I mean, is that more opportunistic dry powder? And to some extent, maybe we were locked out of actually doing anything in the market as we’ve put – we’re working on getting some of the administrative things addressed that you touched on. Just give us some color there. And would that be something that could be utilized in 2023? Thank you.
Duncan Bates: Sure. Yes, it’s certainly not just optics. I mean that was something that when our last share repurchase program expired, I was pretty adamant about getting back in place. We do trade – we do trade at, I think, a pretty cheap valuation right now. And the way that I personally think about that share repurchase program, every one of these calls, we give our tangible book value per share. And we think our book value is extremely conservative. I mean we – the way that this business was built, it was started with $7 million and all the profits have been reinvested every single year for 18 years and a 10% to 20% return. And so we do have real assets that are unencumbered. And I think if – depending on how the stock market trades through the remainder of the year, as we approach that book value per share number, that may be deploying capital or repurchase – or repurchasing shares, maybe our greatest return opportunity from a capital allocation standpoint if we start trading down near that tangible book value per share number.
Unidentified Analyst: Okay. Thank you for the color. I agree the shares seem to be undervalued. Thank you.
Duncan Bates: Thank you. Appreciate the questions.
Operator: Thank you. We have a follow-up question from Min Cho with B. Riley. Your line is open.
