I want to buy that deal, and then I’ll solve for it later. And I think sometimes they work out, and they pull themselves out, and they do okay, but it tends to be very costly. And we’re trying to avoid making foolish capital decisions. So I think it’s organic. And if we find something that works, and with a partner that makes sense, then we’ll do it. If it doesn’t, we won’t. Because what good does that do us to, like, we don’t need to build an empire here. We just want to be able to make ourselves more functional in terms of tradeable float with market cap, all the things that require, that you, the investing community require of a REIT.
Barry Oxford: Perfect. No, all that makes sense. Appreciate the color there. Ray, a quick question for you on the performance incentive plan for the stock comp. How should we think about that line item throughout ‘24?
Ray Pacini: Well, at this point, there isn’t an approved plan for 2024. I think that’s something that the compensation committee will be considering. So we’ll just have to wait and see what comes out of the compensation committee.
Aaron Halfacre: I would say, Barry, that, look, there’s seven, what is it, 721,000 a quarter that we still have to accrue for, in the fourth quarter, first quarter. So first quarter numbers will have the 721 plus the 499 that we are already doing for the time-based. So you’re going to, you’re looking at roughly a one-two hit already for the balance of year, I’m of the view that G&A is going to be in line, right. So I don’t think you should expect any sort of material change from run rate G&A that you’ve seen over the sort of consistently on a consistent basis. That’s how I would answer that. And I conclude that FDC [inaudible] is component of G&A.
Barry Oxford: Okay. Yes, that’s exactly what I was trying to kind of get at, just how should I think about that from a model standpoint? That’s helpful.
Operator: And our next question comes from the line of Bryan Maher with B. Riley Securities.
Bryan Maher: Thank you. Good morning, Aaron and Ray. Just a couple for me. I enjoyed reading your thing this morning, but as I read it, I kind of was thinking to myself what do you think snaps first to kind of break this inertia and get things moving again?
Aaron Halfacre: Oh, that’s a good question. Crystal balls are more like bowling balls right now, really heavy and thick and more likely to drop on your toe. So I’ll be careful with what I say. But look, I think we don’t have healthy markets. And how I think about this is I do get a real palpable sense. There’s capital on the sidelines and they’re increasingly getting ready to do something, but they’re looking for the right catalyst and the right reason to do so. We don’t have any more clarity. We may be talking collectively about what the Fed might cut at the end of this next year, but there’s a big debate if they will. We still don’t have economic data, know if we’re going to be hard just augur it hard or not. There are so many variables out there.
I think for us because we’re not the tail wagging the dog. The body of this whole thing is the broader markets. And so I think we need to see some sort of healthiness. I think if I were to be logical, I would think, hey, do we see more of the well performing REITs in terms of capitalization and size and access to the market starting to do more follow-ons, right? And do we see health response to those follow-ons? If we see that, then I think we, it’ll be easier for us, sort of in a traditional way. I think on the strategic partner side, it’s like if it happens, it happens. And if it happens, our goal is to be positively received in the marketplace. But it also depends on what the marketplace is at that time, right? And so I wish I knew what the catalyst was.
