PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2025

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

9. PROPERTY, EQUIPMENT AND FACILITIES

As of December 31, 2025, and December 31, 2024, property, equipment and facilities consisted of the following:

	Useful life (years)		Year Ended December 31,
			2025			2024
Land		-	$	52		$	52
Buildings and improvements		1-25		183,770			104,081
Equipment, furniture and fixtures		1-7		119,681			84,352
Vehicles		3		1,979			1,556
Construction in progress		-		14,188			54,763
				319,670			244,804
Less accumulated depreciation and amortization				(148,067	)		(141,271	)
			$	171,603		$	103,533

Property, equipment and facilities are recorded at cost, with depreciation expense included in our educational services and facilities and selling, general and administrative expenses in our Consolidated Statements of Operations and Comprehensive Income.

The increase in property, equipment and facilities was driven by several factors, including a $55.9 million investment relating to the build-out of the new campuses (Nashville, Tennessee; Levittown, Pennsylvania; Houston, Texas and Hicksville, New York); $7.8 million in new and expanded programs at various campuses; and $22.5 million of facilities upgrades including security and branding, with the remainder focusing on training materials and equipment. Depreciation and amortization expense of property, equipment and facilities was $20.8 million and $13.0 million for the years ended December 31, 2025, and 2024, respectively, which includes amortization of finance leases of $1.7 million and $1.6 for the years ended December 31, 2025, and 2024, respectively.