One sector we've been spending more time studying lately is trade and vocational education. What caught our attention initially is the business model behind these schools. Unlike many traditional education businesses, trade schools often operate around repeatable enrollment cycles, defined programs, and a steady flow of students moving through the same training pathways. That creates an interesting revenue profile. While tuition is not “recurring revenue” in the traditional SaaS sense, established programs can produce repeatable revenue through recurring student cohorts, multiple start dates throughout the year, and a consistent demand for the same programs. The other part we find interesting is what sits underneath the enrollment numbers. Strong schools can develop employer relationships, build local reputations, offer multiple programs, and create a network that becomes increasingly valuable over time. Those characteristics can make the business much more durable which will be shown in the enrollment numbers. We're still digging into the space, but the more we learn, the more interesting the model becomes particularly for schools with strong outcomes, repeatable enrollment, and a diversified program base. For those who know the industry well, what do you think separates a truly great trade school from an average one? Is it employer relationships, placement outcomes, program mix, enrollment engine, or something else? We’re also actively looking to acquire in this space, so would especially appreciate any perspectives or introductions.