Assets Held For Sale

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

Assets Held For Sale

Assets held for sale at December 31, 2024 represent excess real properties located in Charles Town, West Virginia, for the Company’s APUS Segment. Assets are classified as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held for sale criteria. As such, property is recorded at the lower of the carrying value or fair value less the estimated cost to sell until such time the asset is sold.

For the year ended December 31, 2023, the Company estimated the fair value of a building and an undeveloped parcel of land designated as held for sale were $9.0 million, which, after reduction for the estimated cost to sell of approximately $0.4 million, resulted in a loss of $2.4 million. The loss is included in loss on assets held for sale in these Consolidated Financial Statements for the year ended December 31, 2023.

In the fourth quarter of 2024, APUS entered into an agreement to sell a building previously 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, and recorded a loss of $1.6 million. The loss is included in loss on assets held for sale in these Consolidated Financials Statements for the year ended December 31, 2024. APUS completed the sale in June 2025 for net sales proceeds of $15.9 million.

In the fourth quarter of 2024, APUS entered into an agreement to sell the undeveloped parcel of land classified as held for sale in 2023, for $0.5 million which approximated its carrying value. APUS completed the sale in February 2025 for net sales proceeds of $0.5 million.

In the first quarter of 2025, APUS entered into an agreement to sell the building classified in assets held for sale in 2023, 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 year ended December 31, 2025. APUS completed the sale in June 2025 for net sales proceeds of $6.6 million.

Total cash received from the sale of assets held for sale was $23.0 million for the year ended December 31, 2025.