That’s fascinating. Can I push that one step further? Have you ever seen a deal where equipment looked nearly worthless to the buyer, but someone found a different user, use, or business model for it that made it considerably more valuable? I’m wondering whether “salvage value” sometimes hides a second question: worthless to whom?

That makes sense, Jed. Thank you. I hadn't really considered how quickly the asset value becomes secondary once you're valuing the business on projected cash flow. And your point about why asset-backed acquisition strategies often fall apart really clears that up. Appreciate the explanation.