Charter operators don’t get rich on tuition, although many have a business model that relies on cost-cutting, low-wage teachers, TFA, and replacing human teachers with technology. Those wonderful computers don’t expect health or pensions. When they break, you can repair them or discard them.

The big bucks are in real estate!

ESJ properties

It is traded as EPR properties (Entertainment properties in the graph you show

And they also own the BASIS schools.

In Arizona, if the school goes under, they get to keep the property, even though the taxpayers have paid for it.

And look at this

This is what is known as “legal graft.”

It is a theft of public assets.

In plain sight.

The bond industry issued warnings against charter schools, because they endanger the financial ratings of school districts and cities.