Jay Sugarman: Yes, it’s hung up right now as mark-to-market on our balance sheet. And when we execute long-term debt, we would look to unwind the hedges at the same time simultaneously. That’s just to give you an example, if we lock in 10-year or 30-year debt at a specific coupon and we unwind those hedges today that could be 75 basis points to 100 basis points savings versus the headline cost, that’s material, right. That’s significant for our business both from a cash flow standpoint. We can use that cash to pay down the revolver from the headline cost versus the effective cost for paying, and then also we get to take those gains and amortize them over the life of the debt which helps earnings going forward as well.
Matt Howlett: Great. Thank you. And just one follow-up, bigger picture question. We got a lot of off-balance sheet items that aren’t the GAAP doesn’t recognize, the carrot fair market value leases, I mean what’s I mean going, is there anything you can do big picture strategically? Do you have any of the purchase ground leases? Do you have anything coming due like the next 10 years, you could kind of demonstrate to the market, the value underneath it, selling some of these ground leases that GAAP doesn’t give you full credit for? Just strategically, how can you get the market? Maybe it’s Jay a bigger picture to recognize the off-balance sheet value, the non-GAAP value in the company today. Thank you.
Jay Sugarman: It’s a great question. We are always looking only to chip away at sort of what we think is a little bit of a misperception and misunderstanding of the value in the balance sheet that the biggest catalyst obviously is carrot. In our minds, it’s a multi-billion dollar asset that doesn’t show up on our balance sheet. We think the best way to demonstrate that is to have smart third-party capital, validate its intrinsic worth. But there is also a lot of little things like you pointed out some assets that we think from a GAAP accounting probably don’t show as well as we feel like economically, they really are. Hate to sell stuff just to make a point, but sometimes that is the right decision. So, we will look at a couple things where we think that opportunity to really unlock value is worth it and there is a fair economic deal to do.
I think you are right, every one of those just helps to tell the story a little bit better. And clearly, we need to sharpen the story on some of those assets. I think Brett’s done a great job sort of putting out every quarter, what we think the real underlying economic values are and yields are, but obviously doing something in the real world is always helpful.
Matt Howlett: Appreciate it. Thank you.
Operator: Thank you. Mr. Hoffmann, we have no further questions at this time.
Pearse Hoffmann: Great. Thank you. If you should have more questions, please feel free to reach out to me directly. Holly, can you please give me the replay instructions once more?
Operator: Yes, indeed. The dial in for the replay is as follows. Please call 877-481-4010 with the confirmation code of 49838. This will be available from 2:00 p.m. today. This concludes today’s call and we thank you for your participation.
