HilltopSecurities has a stable outlook for charter schools as we look forward to 2024. This outlook reflects the relative maturation of the sector that now educates more than 3.7 million students in almost 8,000 campuses across the United States. Despite our stable outlook, we recognize that there are some headwinds reflecting capital and operational pressures that the schools will face over the medium term. This outlook explains these pressures as well as underscores the critical importance to focus on management and demographics to help navigate the turbulence and identify attractive charter school investment opportunities.

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