Assets held for sale

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets held for sale

Assets held for sale

Assets held for sale at March 31, 2025, and December 31, 2024, represents excess real properties located in Charles Town, West Virginia, for the Company’s APUS Segment.

In the first quarter of 2025, the Company entered into an agreement to sell a building classified in assets held for sale as of December 31, 2024, for $7.0 million, and recorded a loss of $1.5 million, based on the contract amount less estimated costs to sell of $0.4 million. The loss is included in Loss on assets held for sale in the accompanying Consolidated Statements of Income for the three months ended March 31, 2025. At March 31, 2025, the carrying value of the building included in Assets held for sale in the accompany Consolidated Balance Sheets is $6.6 million. The sale is expected to close in the third quarter of 2025.

In the fourth quarter of 2024, APUS entered into an agreement to sell a building currently in use for $16.6 million. As a result, the building was reclassified to held for sale as of December 31, 2024 at the contract amount less estimated costs to sell of $0.7 million, or $15.9 million. The sale is expected to close in the third quarter of 2025.

In the fourth quarter of 2024, APUS entered into an agreement to sell the undeveloped parcel of land for $0.5 million which approximated its carrying value. As a result, the land was classified as held for sale as of December 31, 2024. The sale closed in the first quarter of 2025.