Alan Ratner: Got it. That’s all really helpful, Dan. And I guess just I want to make sure I’m thinking about it correctly. I think you had previously mentioned that the next phase in Valencia was roughly 600 home sites, I think, eight communities. So, I’m assuming that’s kind of the summation of these three deals that you’re referencing? Or am I mixing things up?
Dan Hedigan: So, the next area that we talked about have eight communities, and your memory is very good, it is about 600 homes. Those sites were all sold to the builders at the end of 2021. So, we’ve had other land that actually was ready to go. And with all the homes that were selling in the first phase, which was close to 1,200 homes, we hadn’t brought those to the market because of segmentation. But now as that — it’s really winding down, that first phase is winding down. We’re now taking other land that we had prepared already, and we’re moving forward with kind of individual transactions that fit well from a segmentation perspective. And so those 600 homes, those will be coming on — the next six sets of models will be coming on market over the remainder of the year, but we find that there are segments we can address in other land we already have ready.
And those are the two transactions we’re talking about. And then we have some other opportunities on land that actually is ready to go. And we’re really spending a lot of time on those because we’re really looking at product. I really want to be sure that we’re thoughtful about product as we move forward and maintain good segmentation.
Alan Ratner: I see. Okay. Thank you for that clarification. And if I could just squeeze in one more. The CFD reimbursements or the, I guess, the development reimbursement, that’s been a nice, I guess, surprise. I’m not sure if it’s a surprise for you, but a surprise for us. About $60 million year-to-date. And I know you referred to them as non-recurring, but I’m just curious if as you look out into the future, if you could give us any visibility on the prospect of getting more reimbursement over the next couple of years?
Dan Hedigan: Well, in the context of our CFDs, absolutely. We have — we talked about Valencia as a one-time recovery there. But all of our CFDs, for the most part, our public improvements should be heavily funded by CFDs, both at the Great Park and in Valencia. And so, as we complete additional work, invest additional capital here in Great Park, it will come back to us through the CFD. And there’s — at the same time in Valencia, as we sell more homes, we’re going to have more opportunities to collect under CFD.
Alan Ratner: Got it. Okay. Great. Well, thanks for all the color and best of luck.
Dan Hedigan: Thank you.
Operator: Our next question comes from the line of Terrance Balkaran with Diameter Capital. Please proceed with your question.
Terrance Balkaran: Hey, guys. Thanks for taking my question, and congrats on a good quarter.
Dan Hedigan: Thank you.
Terrance Balkaran: I guess, for the second half, maybe just piggybacking off the CFD reimbursement, it definitely was a nice surprise. When we think about the cash guide, which I think is implied to be $50 million to $100 million of cash flow generation over the back half, is there a way to understand what you expect to be from earnings versus maybe additional CFD reimbursement? And anything else we should be focused on?
