Ryan Marshall: The one thing Truman, that I think I would probably highlight is that our entry-level product tends to be on the higher side of the price – the entry level price band, the locations are excellent. And so I think we have got a well-located product that’s still within the affordable range that appeals to a first-time entry level buyer. And so if our performance exceeds maybe kind of what you are expecting, my guess is on a relative basis, that’s probably some of the strength as we have got excellent locations for those entry-level communities. And then as far as kind of the exit rate for the quarter, that’s not a number that we have quoted. I did highlight though on one of the previous questions, we saw absorption strength progress as we move through the quarter. So, March was our highest sales and the highest absorption rate of the quarter. We have seen strength continue as we have moved into April.
Truman Patterson: Perfect. Thanks guys. And then can you provide an update on the strategic relationship with Invitation? I am just wondering if that might have been pushed back a little bit in the current environment with higher rates and higher cap rates.
Ryan Marshall: Yes. We are very happy with the relationship that we have with Invitation. And I would probably answer the question more broadly about single-family rental. We have made it a small part of our overall production environment. We are looking at opportunities where we can provide a very, very small number of our total deliveries to the build-for-rent operators, Invitation being a big part of that. So, we are happy with how it’s performing. We talked about it being something in the range once we get to full capacity of about 5% of our annual deliveries. We are still on track as we get this ramped up that that’s about what it will be, and we are pretty comfortable with that.
Truman Patterson: Alright. Thank you.
Operator: We will take our final question from Rafe Jadrosich at Bank of America.
Rafe Jadrosich: Hi. Good morning. Thanks for taking my question. I just wanted to follow-up on some of the comments on the tighter credit. Can you talk about the potential impact to your land developers? Are you seeing any stress out there? And could that have any impact on your ability to option, or would you have to support your partners or take on more lots for yourself?
Pablo Shaughnessy: Yes. Candidly, no, most of the folks that we work with are pretty well capitalized. They are big developers in their market. And the truth is that we self-develop a great deal of the land that we control anyway. We are not – the vast majority of our business is actually self-funded. So – but for those deals where we have got partners, they are typically pretty well capitalized.
Rafe Jadrosich: Thank you. That’s helpful. And then you mentioned earlier that the improving sales environment contributed to the gross margin upside versus your expectation, was the stronger sales improving traffic or better conversion or like a combination of both? Any color you can give on sort of quantifying which one of those drove upside to your initial expectation?
Ryan Marshall: Yes. Traffic, I think was pretty consistent with what we expected. Conversion was better and the incentives that we had to provide to get that conversion were better than our expectations, which is what really contributed to the margin outperformance.
Rafe Jadrosich: Alright. Great. Thank you.
Operator: And that does conclude today’s question-and-answer session. I will turn the conference back over to Jim for any closing remarks.
Jim Zeumer: I appreciate everybody’s time today. We are certainly available for the remainder of the day for any follow-up questions. Otherwise, we look forward to meeting with you in the next quarter.
Operator: And that does conclude today’s conference call. Thank you for your participation. You may now disconnect.
