Just caught wind of a pretty rough exit from Pier Capital on Ardent Health stock. They dumped their entire position last quarter, roughly 580k shares for about $7.7 million. What's interesting is the timing here. The fund had Ardent as a solid 1.2% of their AUM before, but clearly something shifted. Looking at the broader picture, Ardent's been getting hammered - down 43% over the past year while the S&P 500 climbed 14%. The stock was trading around $8.59 as of early February. So what spooked them? Q3 actually looked decent on the surface - admissions up 5.8%, revenue jumping nearly 9% year-over-year. But then management cut their adjusted EBITDA guidance to $530-555 million, citing payor denials and cost inflation. That's the kind of thing that tanks confidence fast. The $23 million net loss that quarter probably didn't help either. You can see why a fund would want out of something that complex. Healthcare operators like Ardent deal with regulatory headaches, labor costs, and reimbursement pressure that can squeeze margins hard. Not exactly the cleanest business to own when things tighten up. Their remaining top holdings lean more toward industrials and financials, which tells you something about their risk appetite these days.