Public and Private home builders created over $8bb of model home inventory in 2018. The great majority of this inventory is held by the builders on balance sheet. STAC offers builders balance sheet relief through a leaseback strategy. To date we have funded acquisitions through unleveraged Limited Partnerships, each transaction has been distinct from the others and structured for the sole purpose of holding a defined pool of assets. Before Q3 2019 we expect to engage with a leverage provider. At which point we will convert existing assets to a fund structure.