APEI

SEC source: 0001123292-26-001351 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,652

F1 · shares: Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled an annual cash retainer for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly instalments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

SEC source: 0001123292-26-001109 · form4.xml · derivative · entry 3

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,256

Underlying: Common Stock · 8,800 shares

Expires 2032-08-28

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

F1 · derivative.exercise_date: As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

SEC source: 0001123292-26-001109 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,575

SEC source: 0001123292-26-001109 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 87,375

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001123292-26-001108 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Chief Inno & Tech Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 44,729

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on May 13, 2026.

SEC source: 0001123292-26-001052 · form4.xml · nonDerivative · entry 2

Kenigsberg James · CIK 0001603516 · Chief Inno & Tech Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 46,042

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-001052 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Chief Inno & Tech Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,175

F1 · kind: The restricted stock units ("RSUs") were granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000948 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,546

F1 · shares: Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled an annual cash retainer for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

SEC source: 0001123292-26-000931 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 52,172

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on March 16, 2026.

SEC source: 0001123292-26-000880 · form4.xml · nonDerivative · entry 3

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 54,172

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on March 16, 2026.

F4 · price: The price of $53.005 per share represents a weighted average of sale prices ranging from $53.00 to $53.01 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000880 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 54,372

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on March 16, 2026.

F3 · price: The price of $52.4425 per share represents a weighted average of sale prices ranging from $52.00 to $52.95 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000880 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 56,959

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on March 16, 2026.

F2 · price: The price of $51.3887 per share represents a weighted average of sale prices ranging from $51.00 to $51.99 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000738 · form4.xml · nonDerivative · entry 1

Blevins Granetta B. · CIK 0001813984 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 60,080

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders.

SEC source: 0001123292-26-000737 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,439

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the reporting person rather than restricted stock.

SEC source: 0001123292-26-000741 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Int Chief Inno & Tech Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,602

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock.

SEC source: 0001123292-26-000740 · form4.xml · nonDerivative · entry 1

Statuto Richard J. · CIK 0001587595 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,775

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders.

SEC source: 0001123292-26-000739 · form4.xml · nonDerivative · entry 1

Fabrega Anna M. · CIK 0001931076 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,431

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders.

SEC source: 0000921895-26-001485 · form413281003_05262026.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,380

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders.

F3 · balance_after: Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.

F3 · ownership.direct: Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.

SEC source: 0001123292-26-000672 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,575

SEC source: 0001123292-26-000546 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 32,304

F1 · shares: Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled an annual cash retainer for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

SEC source: 0000921895-26-000776 · form413281003_03232026.xml · nonDerivative · entry 5

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 836,234

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F9 · price: The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.6035. The range of purchase prices on the transaction date was $54.50 to $54.62 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-26-000776 · form413281003_03232026.xml · nonDerivative · entry 4

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 839,134

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F8 · price: The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $53.7377. The range of purchase prices on the transaction date was $53.295 to $54.14 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001123292-26-000482 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 83,075

SEC source: 0000921895-26-000776 · form413281003_03232026.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 901,234

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F7 · price: The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $55.5518. The range of purchase prices on the transaction date was $55.455 to $55.69 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-26-000776 · form413281003_03232026.xml · nonDerivative · entry 2

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 905,936

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F6 · price: The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.7908. The range of purchase prices on the transaction date was $54.45 to $55.45 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-26-000776 · form413281003_03232026.xml · nonDerivative · entry 1

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 986,269

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F5 · price: The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.2046. The range of purchase prices on the transaction date was $53.44 to $54.44 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001193805-26-000291 · e665262_4-apei.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 996,746

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001193805-26-000291 · e665262_4-apei.xml · nonDerivative · entry 2

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,060,246

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001123292-26-000472 · form4.xml · nonDerivative · entry 1

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,527

F1 · price: The price of $55.8737 per share represents a weighted average of sale prices ranging from $55.85 to $55.88 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000467 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 84,175

F1 · price: The price of $53.866 per share represents a weighted average of sale prices ranging from $53.7401 to $54.12 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000468 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 62,172

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on November 24, 2025.

SEC source: 0001123292-26-000466 · form4.xml · nonDerivative · entry 3

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,917

F3 · price: The price of $56.9032 per share represents a weighted average of sale prices ranging from $56.89 to $56.91 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000466 · form4.xml · nonDerivative · entry 2

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,483

F2 · price: The price of $56.1766 per share represents a weighted average of sale prices ranging from $55.81 to $56.69 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-26-000466 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 59,300

F1 · price: The price of $55.2002 per share represents a weighted average of sale prices ranging from $54.785 to $55.775 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001193805-26-000291 · e665262_4-apei.xml · nonDerivative · entry 1

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,119,043

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001123292-26-000423 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 90,675

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000423 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,482

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000420 · form4.xml · nonDerivative · entry 2

Arnold Mark L. · CIK 0002054115 · President, Rasmussen

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,676

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000420 · form4.xml · nonDerivative · entry 1

Arnold Mark L. · CIK 0002054115 · President, Rasmussen

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,743

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000424 · form4.xml · nonDerivative · entry 2

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,227

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000424 · form4.xml · nonDerivative · entry 1

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,696

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000422 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,172

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000422 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,341

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000419 · form4.xml · nonDerivative · entry 2

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 626,808

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000419 · form4.xml · nonDerivative · entry 1

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 639,709

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000421 · form4.xml · nonDerivative · entry 2

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 69,917

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of PSUs.

SEC source: 0001123292-26-000421 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 71,646

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

SEC source: 0001123292-26-000142 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,712

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000142 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 80,745

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based restricted stock units ("RSUs").

SEC source: 0001123292-26-000141 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,916

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.