STUDENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2026

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







		June 30, 2026
Year		Student Receivables (1)			Six Months Ended Write-Off's (2)
2026	$	67,515	2026	$	-
2025		32,633	2025		27,925
2024		12,131	2024		2,666
2023		6,475	2023		729
2022		2,964	2022		267
Prior		2,272	Prior		233
Total	$	123,990	Total	$	31,820

(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 six months ended June 30, 2026, and 2025, respectively.



		Six Months Ended June 30,
		2026			2025
Balance, beginning of period	$	70,346		$	65,572
Provision for credit losses		29,717			25,012
Write-offs		(31,820	)		(22,730	)
Balance, at end of period	$	68,243		$	67,854