Also be mindful that of the 61k total beds, only 37k are...

Also be mindful that of the 61k total beds, only 37k are government funded. The remaining 24k are paid for outside of the grant.

That being said I think there is some horse trading on those beds sitting outside the grant. PD has said that when an RAC signs on only a proportion (40-60%) are eligible for the grant, but PCK signs on the entire RAC.

By horse trading I mean this. If 61500 beds were contributing to the ARR of $4/mo X 12 months, then it would sit at $3.0m, instead it sits at $2.6m. So I think there is some discounting for non-grant beds to ensure the whole RAC signs on.