Can you dig into that in more detail?

Yeah, so this is a many findings from the SODI this year relate to looking more deeply in terms of how the schools differ from one another.

One way that we assess this is to ask students.

schools to provide us how many applications they receive, but also kind of their level of selectivity with those applications.

So we saw that about, you know, overall, if we look at all schools together, there's about a third of them that are accepting all of the qualified candidates and all based on the applications that they receive and have no wait list.

What we saw when we looked more granularly at the small schools and particularly small schools with less than 200 students without an upper school program, which we define as grades 9, 10, 11, 12, and post-grad.

Those smaller schools, we see that that number jumps from a third of them accepting all qualified applicants to over half of them accepting all qualified applicants with no wait lists.

Sarah, as we consider family decision drivers and marketing priorities at our schools, how do you interpret the disconnect between what families say they value, love of learning, for example, versus access to high quality academics? And as we look at historical state of the industry data, how has this shifted over time? And are schools getting this right or is there still a gap?