PROPERTY, EQUIPMENT AND FACILITIES

9 Months Ended

Sep. 30, 2026

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

6.

PROPERTY, EQUIPMENT AND FACILITIES

As of September 30, 2026 and December 31, 2025, property, equipment and facilities consisted of the following:

	Useful life (years)		September 30, 2026			December 31, 2025
Land		-	$	7,730		$	52
Buildings and improvements		1-25		200,668			183,770
Equipment, furniture and fixtures		1-7		127,510			119,681
Vehicles		3		2,153			1,979
Construction in progress		-		48,265			14,188
				386,326			319,670
Less accumulated depreciation and amortization				(166,330	)		(148,067	)
			$	219,996		$	171,603

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 Condensed Consolidated Statements of Operations.

The increase in property, equipment and facilities was driven by several factors, including the acquisition of our previously leased Melrose Park, Illinois campus property on July 7, 2026 for a purchase price of $18.8 million. The property was recorded at $17.3 million, consisting of $7.7 million of land and $9.6 million of building, reflecting a $1.5 million reduction related to the derecognition of the existing operating lease. The increase also reflects a $29.2 million investment relating primarily to the build-out of the new campuses in Houston, Texas; Hicksville, New York; Rowlett, Texas; Suitland, Maryland; and Tempe, Arizona; $1.8 million in new and expanded programs at various campuses; and $5.4 million in facilities upgrades, training materials and equipment. Depreciation and amortization expense of property, equipment and facilities was $8.0 million and $5.5 million for the three months ended September 30, 2026 and 2025, respectively, and $23.4 million and $13.9 million for the nine months ended September 30, 2026 and 2025, respectively, which includes amortization of finance leases of $0.4 million for each of the three-month periods and $1.3 million for each of the nine-month periods.