According to US Department of Education data, the school's equity value declined from $361M in FY 2018 to $187M in FY 2021.
https://www.highereducationinquirer.org/2023/07/university-of-phoenix-and-dustbin-of.html
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"$347M of the school's $518M in assets are intangible assets. Intangible assets typically include intellectual property and brand reputation. The University of Phoenix has $348M in liabilities."