Davie Wold: Yes. You bet, Kurt. So, we’re constantly evaluating how we think about share repurchase, the dynamic process, looking at all the factors, really, it comes back to weighing all the options available to us and allocating the capital in a way that creates the most long-term value for shareholders. So, as you know, we were active in 2022. We did $550 million of share repurchase, progressing well against our overall authorization. And as we’ve demonstrated, we’ve got the ability with our cash return framework to allow us to supplement the base with either the cash dividend or share repurchase. So, looking ahead to 2023, our process for evaluating it remains the same. I will note, of course, that with our cash return framework, to your point, the amount of cash committed to return to shareholders is going to flex up or down year-to-year based on the amount of FAD generated.
But really, as we think about it from a framework perspective, from how we evaluate it, all that remains consistent, and we’ll continue to assess repurchases along with all the other priorities available to us and report back to you quarterly on our activity.
Kurt Yinger: Okay. Makes sense. And then, just on EWP, could you maybe put some numbers or a range around kind of what you’re thinking on sequential pricing in Q1? Obviously, there’s a lot of quarter left, but it is a product where you should have greater relative visibility than the commodity. So, any thoughts there would be helpful.
Devin Stockfish: Yes. Well, as you know, the EWP market is most closely tied to single-family housing. And so, as we’ve seen that market slow, it has had an impact on EWP demand and you could see in our quarterly numbers in terms of production, we did take some extra holiday downtime to try to better match that. So, I think as we think about pricing generally, it’s always trying to balance market share, margins, operating posture, et cetera. We did take — we did implement a targeted price reduction in EWP. We’ll kind of see how the rest of the quarter plays out to determine what that pricing trajectory looks like. Probably not going to give specifics on the pricing just for competitive reasons, but I would note, we’re still obviously above pre-pandemic levels. And to the extent that we see housing start to pick up again, we feel like we’re in a really good competitive position with our Engineered Wood Products.
Operator: Our final question this morning comes from the line of Susan Maklari with Goldman Sachs.
Susan Maklari: Thank you. Devin, I wanted to talk a little bit about Timberlands, the overall kind of sentiment there. As we think about the cyclical versus the secular trends coming into this year, what is the overall appetite and sentiment there for those assets? And are you seeing any differences by region?
Devin Stockfish: Yes. Well, I think the reality, and we’ve seen this really over the last couple of years, and my expectation is this is going to continue. There has been a lot of interest in the Timberlands asset class. And that’s from the traditional players, the REITs, the TMOs, the private integrators, just a lot of interest there. But we’re also seeing interest come in from some new types of investors. And I think that’s really driven a lot of activity. Last year, we were over $5 billion of Timberlands transaction activity. Our expectation is we’ll still be north of $3 billion for this year. So, just a lot of interest there. And I think there’s a few things. Number one, we have seen log prices trending up a little bit, so that could be driving some of it.
