STUDENT RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2026

The following table presents the amortized cost basis of student receivables as of September 30, 2026, by year of origination.


	September 30, 2026
Year	Student Receivables (1)			Nine Months Ended Write-Off's (2)
2026	$	86,841	2026	$	-
2025		21,325	2025		41,367
2024		10,530	2024		3,602
2023		5,636	2023		1,105
2022		2,556	2022		359
Prior		2,327	Prior		360
Total	$	129,215	Total	$	46,793

(1)

Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes (i) federal subsidies reflected on the students’ accounts but not yet received from the government, and (ii) receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.

(2)

Write-off amounts are based on the students' school departure year.

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). Changes in our current and non-current allowance for credit losses related to our student receivable portfolio were calculated in accordance with ASC 326 for the nine months ended September 30, 2026, and 2025, respectively.


	Nine Months Ended September 30,
	2026			2025
Balance, beginning of period	$	70,346		$	65,572
Provision for credit losses		47,062			42,584
Write-off's		(46,793	)		(33,866	)
Balance, at end of period	$	70,615		$	74,290