In terms of the other items, so the games on sale. So I think you could take a look at the, our projection of two and a half billion of sales and make a evaluation of whether you think that’s high or low or accurate. And then historically, we’ve had gain on sale margins of 8% to 10%. Last year, it was 12%. I mean, obviously, that’s market dependent, but that’s what we’ve had. And then in terms of other items, in 2022, we had about 100 million of unsecured claims that came through. And those are not something that we project. So that’s not in these numbers of the 7 to 750. But I’d say in a in a balance sheet of the size and business of the size, it’s not unusual for us to have things come in, in that other income line item. So that’s how I would think about it is.
You’ve got 7 to 750 is, is what’s really forecastable. But then there are other things that could come on top of that.
Moshe Orenbuch: Thanks so much.
Aengus Kelly: Sure.
Operator: We will take your next question from Hillary Cacanando from Deutsche Bank. Please go ahead.
Hillary Cacanando: Thank you. Thank you for the time. I was wondering, could you buy back any stock year-to-date? And I know you’ve just announced it, but I’m wondering if you bought any? And do you have a full year of repurchase target.
Aengus Kelly: We have not bought any back, we just announced it today. So we haven’t bought any shares yet. In terms of full year, look, we’re going to generate excess capital of during the course of the year. And what we’ve always done historically, is look, as we generate excess capital, we look at how to deploy that. And obviously, we’ve done a lot of share repurchases in the past. I don’t want to speculate about how many we will do this year. But obviously, as we look at it, that’s a natural way for us to deploy capital effectively.
Hillary Cacanando: Got it. Thank you. And then just regarding your cargo conversion program, what is the timing of revenue coming on from that from that program?
Aengus Kelly: Well, you’ll start to see the first cargo conversions done or on the 777 program anyway. During this year, we’ll start to see some delivering. And then really, it’s over the course of the next few years that those come in, and, and our percentage of revenues from cargo will go up as a result of that. But it’s a multi-year program.
Hillary Cacanando: Okay, got it. Great. Thank you so much for the color.
Aengus Kelly: Sure.
Operator: We will take our next question from Vincent Caintic from Stephens. Please go ahead.
Vincent Caintic: Thank you for taking my questions. First question, going back to net spreads. Appreciate the comments about lease rate expansion and kind of building off of the fourth quarter results. And maybe if you could talk about the funding side, how we should think about funding costs. And how much of an offset that would be, particularly with the purchases of the 6.8 billion this year. Thank you.
