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Angels Sign Yoan Moncada

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TODAY: Moncada’s deal with the Angels is now official, as is the club’s deal with Kenley Jansen. Anthony Rendon and Robert Stephenson were transferred to the 60-day injured list to make room on the 40-man roster.

FEBRUARY 11: The Angels are reportedly in agreement with third baseman Yoán Moncada on a one-year, $5MM deal. The signing is pending a physical for the Quality Control Sports client. The Angels will need to create a 40-man roster spot once it is finalized.

Moncada, 30 in May, is looking for a rebound after a disappointing end to his eight seasons with the White Sox. The former top prospect had an up-and-down tenure in Chicago. He earned down-ballot MVP support during his best year, a 2019 season in which he hit .315/.367/.548 with a career-high 25 home runs. The Sox signed Moncada to a $70MM extension the following spring, believing he’d cemented himself as a core piece coming out of their rebuild.

That is not how things have played out. Moncada slumped to a .225/.320/.385 showing in 2020. That looked like a short-season aberration the following year, as he posted a strong .263/.375/.412 slash across 144 games. Moncada’s bat hit another sharp decline thereafter. He combined for a .234/.288/.386 line in nearly 800 plate appearances over the next two seasons. His final year in Chicago was tanked by injury. Moncada suffered a significant left adductor (groin) strain two weeks into the year. He was immediately ruled out for 3-6 months. Moncada didn’t return to the active roster until the middle of September.

By that point, the White Sox were playing out the string on the worst season in modern history. It was a foregone conclusion that they’d buy Moncada out for $5MM instead of a $25MM club option. The Sox had little reason to put him back in the lineup. He only made one appearance as a pinch-runner in the final two weeks. His season ended with 12 games and 45 plate appearances.

Moncada is now three years removed from his last strong season. At his best, he has shown above-average power and speed with a patient offensive approach. Moncada took walks at an excellent 13.6% clip back in 2021. He takes a lot of called strikes as well, so he has punched out in 29.2% of his career plate appearances. He’s a .254/.331/.424 hitter in more than 3100 major league plate appearances.

After playing second base during his first two seasons, Moncada kicked to third base in 2019. He hasn’t played anywhere other than the hot corner over the past six years. That’ll very likely be his home with the Halos. General manager Perry Minasian said at the beginning of the offseason that the Angels were not committed to giving that job back to Anthony Rendon. He’s likely headed to the bench as he enters the sixth season of his seven-year free agent deal. Luis Rengifo can take the majority of the playing time at second base, while the Halos acquired Jorge Soler to serve as their primary designated hitter.

This is the Angels’ first move of consequence in months. They were the league’s most active team in the offseason’s first few weeks. They pulled off the Soler trade while signing Kyle Hendricks, Travis d’Arnaud and Yusei Kikuchi before Thanksgiving. They had not made a major league free agent pickup since finalizing the Kikuchi deal. They’ve added a few veteran infielders on minor league contracts, including Moncada’s longtime Sox teammate Tim Anderson. With Zach Neto questionable for Opening Day following postseason shoulder surgery, Anderson could compete with free agent signee Kevin Newman for the season-opening shortstop job. The Angels may have Moncada and Anderson on the left side of their infield for at least a few weeks.

Moncada was also tied to the Blue Jays, Mariners and Cubs at points this offseason. Francys Romero reports that the Cubs made a one-year offer worth around $3MM. Moncada declined and came out $2MM ahead with the Angels. (Chicago has signed Jon Berti to serve as a multi-positional infielder and is likely to turn third base over to top prospect Matt Shaw.) This pushes the Angels payroll to approximately $193MM, as calculated by RosterResource. They’re at $210MM in luxury tax commitments, a little more than $30MM below the lowest threshold.

Jon Heyman of The New York Post first reported the $5MM agreement. Image courtesy of USA Today Sports.

Angels Sign Shaun Anderson To Minor League Deal

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The Angels have signed right-hander Shaun Anderson to a minor league deal, according to his MLB.com transactions tracker. The Wasserman client has been assigned to Triple-A Salt Lake but will presumably be in big league camp as a non-roster invitee.

Anderson, 30, is a swingman who made six big league appearances last year between the Rangers and Marlins. He allowed 15 earned runs in 16 1/3 innings, leading to an unsightly 8.27 earned run average. That’s a tiny sample and seems to have been thrown out of shape by a .443 batting average on balls in play and 53.5% strand rate, which were both on the unlucky side. His 4.70 FIP and 4.59 SIERA were far more normal.

His work in Triple-A last year was greater in terms of quality and quantity. He tossed 63 innings over 19 appearances, including nine starts, with an even ERA of 3.00. His 23.4% strikeout rate and 5.9% walk rate were both strong numbers.

That’s been a pattern for Anderson for a while, as he has generally posted some intriguing numbers on the farm that haven’t translated to the big leagues. Including last year’s small sample of work, he has now thrown 152 big league innings for a 6.10 ERA, with a 16.5% strikeout rate and 8.9% walk rate. But over the past four years, he has logged 226 1/3 minor league innings with a 3.62 ERA, 20.9% strikeout rate and 7.6% walk rate.

The Angels have a lot of rotation options but not a lot of certainty. Yusei Kikuchi will be locked into one spot. Kyle Hendricks and Tyler Anderson seem likely to serve as veteran innings eaters. José Soriano had a good year in 2024 but has a long track record of injuries. Reid Detmers has shown flashes of potential but is coming off a rough year. Guys like Caden Dana, Sam Aldegheri, Chase Silseth and Jack Kochanowicz have some intrigue but limited experience.

The Halos signed Dakota Hudson earlier this offseason for some veteran non-roster depth and now Anderson joins him in that department. Given that Anderson has long relief experience as well, that’s another possible path for him. If he gets up to the big leagues at any point, he’ll face a challenge in hanging onto it since he is out of options.

Anthony Rendon To Undergo Hip Surgery, Facing “Long-Term” Absence

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Angels third baseman Anthony Rendon is slated to undergo hip surgery and will face a “long-term” absence, general manager Perry Minasian announced to the Angels beat this morning (link via Sam Blum of The Athletic).

Rendon, 34, is entering the sixth season of a seven-year, $245MM contract that has proved a catastrophic misstep for the Angels organization. He played 52 of 60 possible games during his first season with the Halos and looked every bit like the star they’d hoped to sign, slashing .286/.418/.497 in 232 plate appearances. It’s been all downhill from there.

Over the past four seasons, Rendon has played 205 of a possible 648 games (31.6%) and posted an anemic .231/.329/.336 batting line. Dating back to 2021 alone, Rendon has had a staggering 12 different IL placements. This hip procedure will account for his 13th. He’s missed time with a near-interminable list of injuries which, in order, reads as follows: knee contusion, hamstring strain, hip impingement, wrist inflammation, wrist surgery, groin strain, wrist contusion, shin contusion, hamstring strain, back inflammation, oblique strain — and now hip surgery.

As Minasian explains, Rendon had a setback during his offseason rehab work, leading to the upcoming operation. Even prior to that, Minasian had stated that after the past four seasons, Rendon would not simply be handed the third base job on account of his contract. The Angels were open to everyday additions at the hot corner throughout the winter and reportedly looked into potential trades for Nolan Arenado, Alec Bohm and Eugenio Suarez. The recently signed Yoan Moncada to a one-year, $5MM deal. With Rendon out indefinitely, Moncada’s already apparent status as the team’s primary third baseman is only further solidified.

There’s no exact timetable for Rendon’s return, but at this point it’s fair to wonder whether he’ll make it back to the field in an Angels uniform. He’s been injured more often than not since signing in Anaheim and now faces the prospect of rehabbing from a major surgery in his mid-30s. He’s signed through the 2026 season, bringing him close to the point at which teams start to feel comfortable cutting bait on underwater contracts.

Given Moncada’s own lengthy injury history, the Angels may have to patch things together at the hot corner this year. Utility infielder Kevin Newman signed a big league deal early in the offseason and could see frequent time there. He may also get some early run at shortstop with Zach Neto still mending from shoulder surgery. Neto said today (via MLB.com’s Rhett Bollinger) that he recently got some “good news” and is ahead of schedule in his recovery, but it’s still not a given that he’ll be ready for Opening Day. He’s hitting off a tee but is not yet cleared to throw.

Among the notable non-roster invitees in Angels camp who could factor into the infield mix — especially early — are Tim Anderson, J.D. Davis, Carter Kieboom and Yolmer Sanchez.

Which Teams Should Still Sign A Free Agent Starter?

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Spring training is beginning to kick off around the league, and as is perennially the case, there are a handful of notable free agents still looking for homes. That's of particular importance for the group of starting pitchers who still remain unsigned. Over the years, we've typically (not always) seen late-signing hitters struggle less than late-signing pitchers. Starting pitchers, in particular, seem to benefit from a full, gradual ramp-up rather than the sort of accelerated build that inherently comes with a mid-March signing.

Nick Pivetta stands as the most notable starter who's yet to find a landing spot. He's surely been impacted by the qualifying offer that's hanging over his head. Any team other than the incumbent Red Sox would need to forfeit at least one draft pick (possibly two, depending on CBT status) in order to sign the longtime Boston righty. Others still on the market include veteran mid-rotation or back-end starters Andrew Heaney, Jose Quintana, Kyle Gibson, Cal Quantrill, Ross Stripling, Lance Lynn and Patrick Corbin -- just to name some. (A full list can be seen here.)

This time of year, there's plenty of talk about teams that still need to add an arm. That can take different shapes, however. I wrote about the Mets' rotation for Trade Rumors Front Office subscribers last week, but the Mets aren't necessarily the type of team that needs to go out and add an innings eater to step into the fourth or fifth spot in the rotation. They have myriad options there already. Any addition for them, presumably, would be a clear-cut playoff starter. It's a similar situation with the Orioles, Cubs, Blue Jays and many other postseason hopefuls. Other clubs, like the Tigers and Pirates, have a mostly set group with a bevy of interesting young, MLB-ready top prospects knocking on the door. Signing Quintana or Gibson to eat innings likely isn't in the cards for teams in either of these groups.

At this stage of the offseason, some of those available free agents might need to wait for a spring injury or a trade to create the opportunity they seek. But there are still teams around the league that are rather clearly in need of some steady innings in the Nos. 3-5 spots in the rotation. Let's run through some clubs that have the need and, as crucially, the budget (or lack thereof) to add an established veteran arm to the back of the staff.

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Angels Claim Michael Petersen, Designate Kelvin Cáceres For Assignment

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The Angels announced that they have claimed right-hander Michael Petersen off waivers from the Blue Jays. The latter club had designated him for assignment last week. To open a roster spot, the Angels designated fellow righty Kelvin Cáceres for assignment.

Petersen, 30, made his big league debut with the Dodgers last year, pitching 14 innings with a 6.43 ERA. He went from Los Angeles to the Marlins via waivers late in the year and tossed another five innings for Miami. Overall, he finished with a 5.95 ERA, 15.6% strikeout rate and 12.2% walk rate in his first 19 2/3 innings in the majors.

The U.K.-born Petersen spent his career prior to last season with the Rockies and Brewers organizations. He’d joined the Dodgers on a minor league pact and posted lights-out numbers in Triple-A: 1.64 ERA, 35.2% strikeout rate, 6.4% walk rate in 33 innings. Petersen’s towering 6’7″ frame only makes his 97 mph heater and upper-80s cutter play up. That power arm, last year’s huge numbers in the minors and multiple minor league option years have combined to make a popular waiver target. The Angels will be his fourth organization since September.

Cáceres, 25, missed the entire 2024 season after undergoing surgery to repair a torn lat. He made his MLB debut with the 2023 Angels but pitched just 1 1/3 innings in that brief cup of coffee. He’s posted solid numbers in the minors with the Halos, most recently working to a combined 4.12 ERA with a 34.8% strikeout rate and 13.1% walk rate in 54 2/3 innings across three levels. That included a dominant 10-inning run in Triple-A, where he allowed just one run on five hits and five walks with 11 strikeouts.

Cáceres sits 95-96 mph with his heater and couples the pitch with a curveball and changeup. He still has multiple minor league options remaining, so perhaps another club will be intrigued by the optionable power arm and place a claim or work out a small trade. His health outlook remains murky for now, but an optionable 25-year-old with a power arm and a history of missing bats is the type of prospect teams love to speculate on if they have the roster space.

Luis Rengifo Wins Arbitration Hearing Versus Angels

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Infielder Luis Rengifo won his arbitration hearing against the Angels, reports Mark Feinsand of MLB.com. He’ll be paid the $5.95MM figure at which he and his reps at the MVP Sports Group filed rather than the $5.8MM submitted by the team.

This marks Rengifo’s final trip through the arbitration process before reaching free agency next winter. The switch-hitting 27-year-old (28 later this month) has been a steady presence in the Halos’ infield for the past three years, batting a combined .273/.323/.431 in that time and improving his overall output each season along the way. This past season, Rengifo posted a hearty .300/.347/.417 with six homers and a career-high 24 steals in just 78 games/304 plate appearances.

Unfortunately for both Rengifo and the Angels, he missed nearly half the season with a wrist injury that twice sent him to the injured list — first on July 5 and then again on Aug. 3 in what wound up being a season-ending placement. That injury limited Rengifo’s earning power in arbitration and also ruled out any possibility of a summer trade. The Angels were more focused on trading impending free agents than players with control beyond 2024 anyhow, so perhaps he never would’ve been on the block, but the wrist issue also surely gave interested teams some pause.

Heading into the 2025 season, Rengifo looks poised to be the Angels’ primary second baseman. He’s comfortable all over the diamond, with 600+ innings at each of second, third and shortstop (plus another 238 innings in the outfield). Continued health troubles for oft-injured third baseman Anthony Rendon could see Rengifo slide back over to the hot corner, but yesterday’s agreement between the Angels and Yoan Moncada gives manager Ron Washington more options at the hot corner.

With Rengifo’s case now settled, the Angels have wrapped up this year’s arbitration dealings. They went 0-for-2 in hearings, losing to both Rengifo and outfielder Mickey Moniak. The Angels also exchanged figures with lefty reliever Jose Quijada, but the two parties managed to strike up a deal about a week after that exchange, negating the need for a hearing.

Poll: Who’s Winning The Offseason In The AL West?

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The calendar has flipped to February and the start of spring is just a matter of days away. While some notable free agents (including seven of MLBTR’s Top 50) remain unsigned, most clubs have already done the heavy lifting in terms of preparing their roster for the 2025 season. In the coming days, we’ll be taking a look around the league at which clubs have had the strongest offseason to this point. After the Mets, Cubs, and Dodgers have decisively won the polls covering the National League’s three divisions, the focus now shifts to the American League starting with the AL West.

The junior circuit’s west coast teams have been busy for the most part, perhaps reflecting the division’s tightly contested nature. A three-way race for the AL West came down to the final day of the 2023 season, and despite the Astros’ division title, the Rangers were the ones to be crowned World Series champions. In 2024, Houston’s long reign over the division started showing signs of cracks as they struggled out of the gate, won “just” 88 games (down by their standards) and were bounced from the playoffs in the AL Wild Card Series.

Which team has done the best job setting themselves up for 2024? Teams are listed in order of their 2024 record:

Houston Astros

The winds of change are blowing through Houston, and they’ll enter 2025 with a significantly reshaped roster. The most notable move this winter was to ship star outfielder Kyle Tucker to Chicago ahead of his final season under team control. Losing a player of Tucker’s caliber is always a brutal blow, but Houston did fairly well in the trade. They not only added a new top prospect in third baseman Cam Smith, but they also managed to bring in All-Star third baseman Isaac Paredes and bolster their rotation depth with right-hander Hayden Wesneski.

The additions of Paredes and Wesneski have patched holes left by the departures of Alex Bregman and Justin Verlander in free agency, though the club has apparently not completely closed the door on a reunion with Bregman. Meanwhile, the need at first base caused by Jose Abreu’s dramatic decline was filled by the addition of three-time Gold Glove winner Christian Walker. Solid as those moves have been, though, the Astros have subtracted more than they’ve added. Ryan Pressly, Yusei Kikuchi, and Jose Urquidy are no longer with the club, and the Astros’ replacement for Tucker as a left-handed outfield bat to this point appears to be a reunion with journeyman Ben Gamel.

Seattle Mariners

Seattle has had the quietest offseason in the division despite typically being one of the most active teams on the trade market. Rumors of a Luis Castillo deal have not come to fruition, and trade targets to bolster the club’s lackluster infield such as Nico Hoerner, Alec Bohm, and Triston Casas have all remained with their current teams. The Mariners’ lack of activity on the trade market has led them to make mostly ancillary moves. As ownership has scaled back the budget substantially, the Mariners have re-signed Jorge Polanco and added Donovan Solano for a combined $11.25MM. Their only other additions have been minor trades for players with minimal big league experience like Austin Shenton and Miles Mastrobuoni.

Texas Rangers

The Rangers’ front office has had a tall order placed in front of them this winter: navigate under the luxury tax while supplementing an offense that struggled last year and completely rebuilding a pitching staff that saw seven major pieces reach free agency. They’ve most succeeded in those goals. Robert Garcia, Chris Martin, Jacob Webb, Shawn Armstrong, and Hoby Milner were all brought in to help patch up one of the league’s weaker bullpens. The club parted with first baseman Nathaniel Lowe to bring Garcia into the fold, but his bat has been effectively swapped out for free agent pickup Joc Pederson and trade acquisition Jake Burger in trade.

Meanwhile, the club added some pop behind the plate by pairing Kyle Higashioka with Jonah Heim after Heim struggled through a down season offensively last year. The Rangers managed to keep Nathan Eovaldi on a three-year deal despite the soaring cost of starting pitching. Whether these additions will be enough to make up for the losses of Lowe, Kirby Yates, David Robertson, Jose Leclerc, Andrew Heaney and Max Scherzer remains to be seen.

Athletics

After shuttering the Coliseum and departing Oakland for a temporary stay in West Sacramento, the A’s have begun to spend more aggressively than they have in years. The club locked up breakout slugger Brent Rooker for the next five seasons on a $60MM extension and has been active both the trade and free agent markets. The A’s signed Luis Severino to a club-record three-year, $67MM deal while also agreeing to deals with third baseman Gio Urshela, former Rangers closer Jose Leclerc and lefty T.J. McFarland. On the trade market, they added southpaws Jeffrey Springs and Jacob Lopez in a deal with the Rays that saw them surrender Joe Boyle, their Competitive Balance Round A pick, and two prospects.

Los Angeles Angels

After narrowly avoiding the first 100-loss season in franchise history, the Angels were heavily active in the early stages of the offseason. They acquired slugger Jorge Soler in a trade with the Braves on day one of the offseason, surrendering only non-tender candidate Griffin Canning. They added Scott Kingery in a cash swap with the Phillies shortly thereafter. The early days of free agency brought deals for Yusei Kikuchi, Travis d’Arnaud, Kyle Hendricks, and Kevin Newman.

Things have been mostly quiet in Anaheim since that flurry of moves back in November, and it will surely take a strong, healthy season from Mike Trout in addition to steps forward for multiple youngsters if the Angels are going to contend for the postseason in 2025.

__________________________________________________________

The AL West appears to have moved towards parity somewhat this winter. The Astros have sacrificed maximizing their immediate odds at continued dominance in the name of longer-term stability. The Mariners opted to keep their elite rotation together rather than risk breaking up the group to strengthen a mediocre lineup. The Rangers have been very active in reshaping their roster in hopes of recapturing the glory of 2023, while the fourth- and fifth-place A’s and Angels have been surprisingly aggressive in their efforts to separate themselves from the AL’s cellar dwellers.

Of the five AL West clubs, which one has had the strongest offseason so far? Have your say in the poll below:

Angels Extend Angel Stadium Lease Through 2032

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The Angels announced on Wednesday that they’ve exercised a three-year extension on their Angel Stadium lease (link via Michael Slaten of the Orange County Register). The guaranteed term of their lease had run through 2029; they’ll now remain at the park through at least the end of 2032. The lease agreement includes two additional three-year options, which the team could eventually trigger to stay through 2038.

“We are excited to announce that we have extended our lease securing the Big A as the home of Angels Baseball into the next decade,” a team spokeswoman said. “As we prepare for our 60th season in Anaheim, we wanted our fans and community partners to know that Angels Baseball and its foundation remain committed to being an active part of this city and region.”

Anaheim mayor Ashleigh Aitken released a statement of her own: “As a lifelong Angels fan, I join those in our city and across our region in welcoming baseball in Anaheim into the next decade. This lease extension brings added certainty and ensures the strong tradition of baseball in Anaheim. As mayor, I look forward to working with the Angels on future community partnerships, and, as a fan, look forward to a great season ahead.”

There haven’t been any developments on the property’s extended future. A few years ago, the city had been set to sell the stadium and surrounding land to a group led by Angels owner Arte Moreno. However, the City Council killed that tentative agreement in May 2022 after revelations that the FBI was investigating then-mayor Harry Sidhu for corruption related to the stadium deal. Sidhu resigned and subsequently pled guilty to four charges.

Construction on Angel Stadium began in 1964. The team began play there in ’66. It’s the fourth-longest tenured active ballpark behind Fenway Park, Wrigley Field, and Dodger Stadium.

Angels Sign Yolmer Sanchez To Minor League Deal

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The Angels signed infielder Yolmer Sánchez to a minor league contract. The former Gold Glove winner was among the Halos’ non-roster invitees to big league Spring Training.

Sánchez, 32, is attempting to get back to the majors for the first time in two years. The switch-hitting infielder played seven seasons with the White Sox between 2014-20. He won the aforementioned Gold Glove at second base in 2019. Sánchez hit .245/.300/.360 in nearly 2500 trips to the plate in a ChiSox uniform. He has spent most of the last four years at the Triple-A level. Sánchez got to the majors briefly again in 2022, suiting up for the Red Sox and Mets.

Over the past two seasons, Sánchez has been in Triple-A. He hit .236/.381/.350 with Atlanta’s affiliate in 2023. He turned in a .226/.346/.393 mark over 399 trips to the plate with New York’s top farm team last season. Sánchez carries a .251/.340/.374 line in more than 3000 career Triple-A plate appearances. He joins Tim Anderson, J.D. Davis and Carter Kieboom in Halos camp as non-roster infielders who have major league experience.

Angels Pursued Anthony Santander On Shorter-Term Deal

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The Angels showed interest in Anthony Santander on a potential three- or four-year deal, writes Ken Rosenthal of The Athletic. It’s not clear precisely what they proposed, but it seems their reported interest in the outfielder was genuine enough to consider multi-year offers.

Santander ended up with the Blue Jays on a five-year pact. That was initially reported as a $92.5MM contract, though extreme deferrals dramatically cut the net present value. The MLB Players Association valued Santander’s deal with Toronto just below $68.6MM. He can opt out of that contract after three seasons, though the Jays could override that by preemptively exercising a 2030 club option.

It’s not known if Toronto was the only team willing to stretch to five years. Rosenthal reported last week that the Royals made a three-year offer that included an opt-out after the second season. That came with a $66MM guarantee on the surface, though it reportedly also included deferrals that would have dropped the NPV to some extent.

Assuming the Halos use Jorge Soler more or less as a full-time designated hitter, they’ve yet to do anything of note in the outfield. Late last season, they floated the idea of moving Mike Trout into a corner in an effort to keep him healthier. A free agent class led by Harrison Bader didn’t provide many options to step into center field. It has been similarly quiet on the trade front at the position. It looks like the Halos will stick with Trout in center for another season.

Taylor Ward was the subject of some trade speculation, but it seems he’ll return in left field. Santander would have been a major upgrade in right, where the Angels project to run it back with a Mickey Moniak/Jo Adell platoon. Neither one-time top prospect has been a consistent offensive threat in their major league careers. Angels right fielders hit .210/.287/.368 last season. Only the Royals got a lower on-base mark at the position, while their slugging percentage was fourth from the bottom.

At this stage of the offseason, the Angels are unlikely to find a significant outfield upgrade in free agency. There’d been some speculation that the Halos could make a push for Pete Alonso to play first base, allowing them to move Nolan Schanuel to the corner outfield. That’s theoretically still on the table as long as Alonso is unsigned, but it’d probably make for a very poor outfield defense. That’d also be true if the Angels signed Alonso as a designated hitter and put Soler back in right field.

If an outfield splash probably isn’t happening, the Santander pursuit suggests there could be money for a late-offseason move in another area. The Angels were the most active team within the opening weeks of the offseason. They acquired Soler, Kyle Hendricks, Travis d’Arnaud, Kevin Newman and Yusei Kikuchi before Thanksgiving. They haven’t made a single MLB free agent signing or trade of note since the Kikuchi pickup.

The Angels could still upgrade on the pitching staff. Rosenthal reported last week that the Halos were in contact with free agent relievers and could make multiple bullpen acquisitions. They could certainly accommodate someone like Nick Pivetta, Jose Quintana or Andrew Heaney in the rotation. RosterResource calculates their competitive balance tax number around $206MM, putting them about $35MM below next year’s luxury tax threshold.

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