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Subsequent Event
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
2026 Credit Agreement
On March 9, 2026, the Company entered into a Credit Agreement with PNC Bank, National Association, as administrative agent and a syndicate of lenders, or the 2026 Credit Agreement. The 2026 Credit Agreement provides for (i) a $90.0 million senior secured term loan, or the 2026 Term Loan, and (ii) a senior secured revolving credit facility in an aggregate principal amount of up to $40.0 million, or the 2026 Revolving Credit Facility and, together with the 2026 Term Loan, the 2026 Facilities. The 2026 Facilities are scheduled to mature on March 9, 2031, and borrowings thereunder are subject to a revolver commitment fee ranging from 0.20% to 0.35% and bear interest at a rate (subject to increase during an event of default) of SOFR plus a margin ranging from 1.75% to 2.75%, each, depending on the Company’s Consolidated Total Net Leverage Ratio.

The Revolving Credit Facility replaces the Company’s existing $20.0 million senior secured revolving credit facility and the proceeds of the 2026 Term Loan, together with cash on hand, were used to repay the approximately $96.4 million principal amount outstanding under the Company’s existing term loan.

Combination of APUS, RU, and HCN
On March 2, 2026, the Company completed the merger of the legal entities that own and operate APUS, RU, and HCN, with the APUS entity surviving the merger, and subsequently notified ED that the merger occurred and resulted in RU and HCN being directly owned by the same legal entity that directly owns APUS. The Company currently expects to complete implementation of step two of the Combination in the third quarter of 2026.