PROPERTY, EQUIPMENT AND FACILITIES

3 Months Ended

Mar. 31, 2026

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

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


	Useful life (years)		March 31, 2026			December 31, 2025
Land		-	$	52		$	52
Buildings and improvements		1-25		185,868			183,770
Equipment, furniture and fixtures		1-7		123,308			119,681
Vehicles		3		1,979			1,979
Construction in progress		-		22,723			14,188
				333,930			319,670
Less accumulated depreciation and amortization				(154,578	)		(148,067	)
			$	179,352		$	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 an $8.6 million investment relating to the build-out of the new campuses in Houston, Texas, Rowlett, Texas and Hicksville, New York; $0.4 million in new and expanded programs at various campuses; and $5.4 million of facilities upgrades including security and campus upgrades/refurbishments, with the remainder relating to training materials and equipment. Depreciation and amortization expense of property, equipment and facilities was $7.6 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively, which includes amortization of finance leases of $0.4 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.