Just saw that Pier Capital completely exited their Ardent Health position in Q4 - dumped all 580,620 shares for roughly $7.7 million. Pretty notable move considering Ardent was still 1.2% of their fund just the quarter before. The timing is interesting because it happened right when things got messy. Ardent's Q3 numbers looked decent on the surface - admissions up 5.8%, revenue up nearly 9% year-over-year. But then management cut their full-year adjusted EBITDA guidance and reported a $23 million net loss, which spooked everyone. The stock tanked hard after that earnings call. Fast forward to now and Ardent is down over 43% from a year ago, trading around $8.59. That's brutal underperformance compared to the broader market. What's telling is that Pier's remaining portfolio is mostly industrials and aerospace plays - they seem to be moving away from operationally complex healthcare names. Makes sense given the reimbursement pressures and labor costs hospitals are dealing with. The full exit signals they're not confident in the near-term recovery either.