Ryan Tomasello: Okay. Thanks for taking the questions.
Dod Fraser: Yes. And I do think, just to add on one more point there, I think – if you look at aggregate industry volumes for single-family rental. Those are obviously down quite a bit. And so, that they are sort of big more patient with deployment of capital certainly versus where they were last year. But we’re positioned well to capitalize on any increases as well as any sort of turnover, they do – natural turnover they do in their portfolio.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Curtis Nagle with Bank of America. Your line is now open.
Curtis Nagle: Good afternoon and thanks for taking the question. Maybe just changing the topic. Just a little bit curious if you guys to go back into the market through the converse, you’ve done a couple of deals now where you bought it pretty nice discounts. I don’t think the bonds are lows, but still at a pretty nice discount to principal. So yes, just curious what you’re thinking from a capital allocation that standpoint or are we going to be reserve in capital for an acceleration inventory into next year?
Dod Fraser: Yes. So obviously we did do two of those over the course of the year and have basically taken that principal down by almost half as Christy alluded to earlier. Happy with the execution, happy with the pricing, happy with the equity changed there. If you sort of look at our shareholders’ equity that actually up in the last quarter by $50 million. I think going forward, we don’t comment on future transactions of that sort. I think the balancing act for us always have the right amount of liquidity and capital in the system for us to weather all scenarios. And so, very comfortable with the capital position we’re in today, but won’t comment on future transactions.
Curtis Nagle: Okay. Thanks.
Operator: Thank you. Our next question comes from the line of Ryan McKeveny with Zelman and Associates. Your line is now open.
Ryan McKeveny: Hi there, thanks for taking the question. This might be for data on contribution margins. So on the new book homes that were sold this quarter 10.5% CM, up from 8.5% last quarter. So I guess first question is just, on that step-up sequentially, should we think of that as mostly a function of the increase in HPA generally that we’ve kind of seen this year and then hoping you can maybe connect the guidance for getting to the 5 to 7 CM by 4Q obviously on an overall basis that will be good to get back to? But I guess maybe just help sort of bridge where you’re at on that new book margin today and what’s the path from there to the 2% to 5% assumingly also on “new book homes”, mostly in the fourth quarter, whether it’s pricing seasonality spread dynamics. Just kind of curious if you can help connect those dots a bit? Thank you.
Dod Fraser: Yes, I’ll start and then Christy can jump in on the fourth quarter piece. So if you sort of look back at the first half of this year and look at market volumes, they were actually past where they were in 2014 to 2019. So it was a very tight supply and was paired with strong consumer demand to buy homes. And so that resulted in home prices outperforming our expectations. That, plus the cost reductions we’ve executed allowed us to reduce spreads, which, to your question, resulted in both margin outperformance and as we highlighted, plus 53% growth quarter-over-quarter in the second quarter. If you look forward to the second half of this year, we do still expect to see obviously negative month-over-month home price changes, which are baked into our current spreads.
