SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

16. SEGMENT REPORTING

The Company’s manages its business, evaluates performance and allocates resources based on two reportable business segments, Campus Operations and Transitional.

Campus Operations - The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of our campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study.

Transitional – The Transitional segment refers to campuses that are marked for closure and are currently being taught out, in addition to campuses that are held-for-sale. As of December 31, 2025, none of our campuses were classified in the Transitional segment. As of December 31, 2024, the net assets for the Summerlin, Las Vegas campus were classified as held for sale, with operating results classified within the Transitional segment. The sale of the Summerlin campus was consummated effective January 1, 2025. In addition, the Company closed the Somerville, Massachusetts campus in the prior year. The Somerville campus was fully taught out as of December 31, 2023. This Somerville campus was classified in the Transitional segment in the Company's 2023 statement of operations.

The individual operating segments have been aggregated into the two main reportable segments based on the method by which our Chief Operating Decision Maker (“CODM”) 1) evaluates performance and allocates resources and 2) as a result of the Company’s judgment, that the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment and economic characteristics. The Company’s CODM is comprised of a team of executives deemed the “Executive Committee” which is made up of the following  individuals:

1.

Scott M. Shaw – Chief Executive Officer and Director

2.

Brian Meyers – Executive Vice President, Chief Financial Officer, and Treasurer

The CODM assesses segment financial performance by reviewing segment revenue and segment operating income, which includes certain Corporate overhead allocations relating directly to the segments disclosed. Some of the allocated costs include the centralization of the Company’s financial aid process, national sales and receivables and default costs. The CODM will make decisions to allocate resources based on the review of monthly, quarterly and annual financial information categorized by segment. The financial information is presented to the CODM using actual-to-actual results and budget-to-actual results.

	Year Ended December 31,
	Consolidated									Campus Operations							Transitional								Corporate
	2025			2024			2023			2025			2024		2023		2025		2024			2023			2025			2024			2023
REVENUE	$	518,241		$	440,064		$	378,070		$	518,241		$	432,966	$	367,233	$	-	$	7,098		$	10,837		$	-		$	-		$	-
COSTS AND EXPENSES:
Instructional		98,460			90,566			85,311			98,460			88,207		82,228		-		2,359			3,083			-			-			-
Books and Tools		36,603			32,146			26,177			36,603			31,161		24,802		-		985			1,375			-			-			-
Facilities		50,098			46,791			44,647			50,098			45,842		42,475		-		949			2,172			-			-			-
Depreciation and amortization		20,228			12,256			6,140			20,228			12,200		6,030		-		56			110			-			-			-
Educational services and facilities		205,389			181,759			162,275			205,389			177,410		155,535		-		4,349			6,740			-			-			-
Sales and marketing		84,551			75,236			65,553			84,551			73,532		64,159		-		1,704			1,394			-			-			-
Student services		25,424			21,874			18,693			25,424			21,012		17,314		-		862			1,379			-			-			-
Provision for credit losses		58,085			56,578			41,637			58,050			55,600		39,978		-		975			1,659			35			3			-
Administrative		114,283			89,415			82,622			46,571			41,235		37,976		-		1,236			2,030			67,712			46,944			42,616
Depreciation and amortization		603			700			630			-			-		-		-		-			-			603			700			630
Selling, general and administrative		282,946			243,803			209,135			214,596			191,379		159,427		-		4,777			6,462			68,350			47,647			43,246
(Gain) loss on sale of assets		(406	)		2,119			(30,918	)		(442	)		619		-		-		11			1			-			1,489			(30,939	)
Gain on insurance proceeds		-			(2,794	)		-			-			-		20		-		-			-			36			(2,794	)		-
Impairment of goodwill and long-lived assets		-			-			4,220			-			-		4,220		-		-			-			-			-			-
Total costs and expenses		487,929			424,887			344,712			419,543			369,408		319,202		-		9,137			13,203			68,386			46,342			12,307
OPERATING INCOME (LOSS)	$	30,312		$	15,177		$	33,358		$	98,698		$	63,558	$	48,031	$	-	$	(2,039	)	$	(2,366	)	$	(68,386	)	$	(46,342	)	$	(12,307	)