James Feldman: So, I guess, I just want to kind of think big picture here. We’ve been talking a lot with investors about the opportunity for recapitalizations of private entities. You’ve got one of the better cost of capital in the space. Opportunities don’t latch forever. Windows don’t open — don’t stay open forever. Just how are you thinking about your cost of capital? What’s on bank balance sheet, those impairments, where assets might trade, and a window here where you could really put a lot of capital to work at pretty attractive returns? I know you said in the past, it’s kind of hard to find stuff to buy, and you like to focus on expanding your communities. But just kind of big picture, where’s your head? And what do you think we might be able to see over the next year or couple of years? I guess, we’ll see how long this window is and remains open, where you have this opportunity.
Marguerite Nader: Sure. So, obviously, my focus is on the ELS as our portfolio, we’ve been very deliberate in the years — over the years and adding to our portfolio with a focus on really long-term stable cash flow. And we like the MH business and the RV annual business. We think it really — it meets the needs of so many Americans who want to own their own home in a vacation destination location. We think the MH business is great for a lot of reasons and it’s unique because of the fact that there’s really no new supply. And we do know the properties we want to own and we’ll continue to work with owners to grow our portfolio really with an eye towards buying assets that have the same cash flow characteristics as our existing portfolio. So, I think we’ll be keeping in line with what we’ve always done in the disciplined approach to growing our business.
James Feldman: Okay, thank you. That’s helpful. And then, your commentary on Florida and the Florida markets being so strong both on the East Coast and West Coast, I mean, speaking to some of our industry contacts, there’s real questions around commercial real estate insurance in Florida going forward. I mean, how do you balance that when you think about putting fresh capital to work or even staying in those markets? That’s the one market that keeps coming up where people are scratching their head of how is this even going to work over the long term.
Marguerite Nader: I think what we’ve seen is the demand is so strong for people to come to Florida and experience the affordable lifestyle that we have and to get out of the Northeast, to get out of the Midwest. And we just see that continuing. As far as insurance as it relates to our residents, while we don’t keep track of who has insurance and who doesn’t, over the years, we kind of have an idea that not a large percentage of our homeowners, our residents, have homeowners insurance.
James Feldman: And then just in terms of where you think rates are going, I know you said you don’t find out until April next year. But I guess the commercial real estate insurance on your side, like, you’re just kind of comfortable that it’ll work itself out?
Marguerite Nader: Well, we’ll know. Certainly, I think, as I said, over the last few months, our claims experience is going to be a big factor in what our renewal is going to be. So, as I just mentioned, we’ve had good claim experience so far this year, but we still have more months to go before the renewal.
James Feldman: Okay. All right. Thank you.
Marguerite Nader: Thanks, Jamie.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of John Kim with BMO Capital Markets. Your line is open.
