James Grout: Yes. I think one thing just to add to that, Ryan. In our letter to the shareholders, we shared a couple of interesting graphs that break out the contribution margin. And it highlights the other services particular, and that would be those other — that’s the renovation, Direct Plus the Flex listing and buyer services there. And what’s been great to see the business as we brought down our volume, as we’ve seen those other lines of business, as we had hoped and expected to come in and provide more value into the overall profitability for contribution margin, right? So as we look going forward and that pace on exactly how many homes do we need to acquire for that profitability, it really is a strategy around ramping all of those collectively and having that diversified income, which gives us a lot of opportunity and levers there to go and approach that.
Ryan Tomasello : And then just an update on how you feel about the balance sheet here in terms of capital. Have you thought about how much volume you think you can drive off of the current equity base and how that compares to the volume you ultimately need to drive for not only cash flow breakeven, including the negative carrying cost on the financing side, but also ultimately to generate positive returns here in terms of the business model?
James Grout: Yes. I think there’s a couple of sides to that. The first one is with our current capital structure in terms of cash and our credit facilities on the debt side, we do have a plan that supports things going forward with that, right? The important thing about the leverage side of the business is coming out of the legacy inventory. You look at that sequential improvement in cash quarter-over-quarter, and a big part of that is going to be driven by leverage returning to normalized levels. And then you take this back to our ability to extend and renew our largest credit facility with the same favorable terms we’ve had in place and maintain those good relationships with our partners. That allows us to be very efficient with our capital. It’s a very – those facilities are daily warehouse facilities that have a lot of activity happening on them regularly, right? And that allows us to buy at the volumes that we’re anticipating.
Jawad Ahsan: Ryan, this is Jawad. I’d like to chime in here. So I feel great about the balance sheet. And the team has done a lot of great work to get the credit facilities, where we want them. We’ve got, as James mentioned, really good relationships there, and we’ve got the ability to have our volume grow and reflect the market opportunities that are in front of us. But the thing that – I love the question about our noncash offer solutions because that ultimately is one of the big reasons, I joined the company. We are positioning Offerpad to be more asset-light over time with more of our revenues coming from Direct Plus and FLEX and Renovations, and that’s going to sort of mute the need for us to have too much reliance on the credit facility, but the credit facility we do have we feel great about.
Operator: Our next question comes from the line of Michael Ng with Goldman Sachs.
Michael Ng : I have one on the gross margins for the September ’22 and later cohort really strong at nearly 13%. How are you thinking about the drivers of that 13% gross margin? What’s the headline service fee? How much is home price appreciation during the holding period how much contribution from renovation. And just as a quick follow-up to some of the questions asked earlier on the call. How are you thinking about your target home inventory balance? Obviously, you guys were carrying 3,000 to 4,000 homes at 1 point. what’s the right way to think about what that looks like into 2024, 2025?
