Brendan Lynch: Great. Thanks for the color.
Operator: And our next question comes from David Guarino with Green Street. Please go ahead.
David Guarino: Hey, thanks. Brendan, I think this one will be for you. On the comment you made about U.S. tower validation staying high. Could you provide some more color on why you think that is? And I asked just because I guess I’m surprised, given we’ve had a pretty meaningful rise in interest rates over the last few months. While at the same time, we’ve had some concerns about lower macro tower growth that have emerged. So any additional color would be great.
Brendan Cavanagh: Yes. I think you’ve got a lot of different parties out there that have demands or their – their mission is to invest in digital infrastructure. And they have capital that’s already been raised that needs to get deployed. And so I think that has – that plays a role in it. The supply, frankly, in the U.S. is somewhat limited, so there’s still some competitive tension that exists there among many different parties that are investing. So that’s really a driver. And so if you’ve got different return expectations, and you’ve got different views on what the growth profile of assets look like, you may be able to make a decision that’s different than we’re seeing the public companies, including SBA, make.
David Guarino: Yes. That’s helpful. And the second one, maybe sticking with you. I’m guessing next year, you guys are going to be accessing the secured market to refinance some debt. And I know that, that’s still a few quarters away. But could you maybe give us an idea of where secured borrowing costs sit today for tower assets?
Brendan Cavanagh: Yes. I mean it depends on what market you’re in. If you’re talking about the ABS market, which has been our primary source of secured financing today, you’d be somewhere in the mid- to high 6s, would likely be where we play out.
David Guarino: Great. Appreciate it.
Operator: And our next question comes from Brandon Nispel with KeyBanc Capital Markets. Please go ahead.
Brandon Nispel: Hey, great. Just one for me. And hopefully, it haven’t been asked. But Jeff, hope you could talk about what you’re seeing during the quarter, more specifically from an activity perspective. Specifically, I was hoping you could help us understand where you are from a year-over-year perspective, from a backlog of unsigned lease applications, and how that trended versus last quarter? Thanks.
Brendan Cavanagh: Yes, Brandon, we’ve – our backlogs are a little bit lower than they’ve been in the past. That – it probably shouldn’t be a surprise, given the carriers’ investment levels have been little bit slower as we’ve talked about. And obviously, executions have been down. The backlogs have trended in the same general direction. But it will be interesting to see how that plays out as we get into next year, as the carriers have new budgets in place and so forth. So for now, though, it’s definitely trended down.
Brandon Nispel: Thanks.
Operator: And we have no further questions at this time.
Jeff Stoops: Well, I usually sign off. But I’m going to let Brendan sign off.
Brendan Cavanagh: Well, thank you all for joining us. We appreciate it. And thank you, Jeff, again, for all of your years. Appreciate it.
Jeff Stoops: It’s been an honor and a privilege. And I’m not able to say, as I have in my last 100, that we – that I look forward to talking to you next quarter. But you’re in good hands.
Brendan Cavanagh: Thanks, everyone.
Operator: That does conclude our conference for today. Thank you for your participation. You may now disconnect.
