APEI

SEC source: 0001062993-24-015421 · form4.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 330,635

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F2 · price: The price of $14.86 per share represents a weighted average of purchase prices ranging from $14.765 to $15.00 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 purchased at each separate price.

F3 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-015214 · form4.xml · nonDerivative · entry 4

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,658,349

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F5 · price: The price of $14.54 per share represents a weighted average of purchase prices ranging from $14.25 to $14.75 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 purchased at each separate price.

F4 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015214 · form4.xml · nonDerivative · entry 3

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 327,082

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F5 · price: The price of $14.54 per share represents a weighted average of purchase prices ranging from $14.25 to $14.75 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 purchased at each separate price.

F3 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-015214 · form4.xml · nonDerivative · entry 2

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,636,215

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F2 · price: The price of $13.8094 per share represents a weighted average of purchase prices ranging from $13.53 to $14.55 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 purchased at each separate price.

F4 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015214 · form4.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 324,478

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F2 · price: The price of $13.8094 per share represents a weighted average of purchase prices ranging from $13.53 to $14.55 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 purchased at each separate price.

F3 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 9

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,578,679

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F10 · price: The price of $13.49 per share represents a weighted average of purchase prices ranging from $13.315 to $13.92 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 purchased at each separate price.

F7 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 8

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 317,710

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F10 · price: The price of $13.49 per share represents a weighted average of purchase prices ranging from $13.315 to $13.92 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 purchased at each separate price.

F6 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 7

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,319,113

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F9 · price: The price of $13.4444 per share represents a weighted average of purchase prices ranging from $13.16 to $13.59 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 purchased at each separate price.

F7 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 6

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 287,178

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F9 · price: The price of $13.4444 per share represents a weighted average of purchase prices ranging from $13.16 to $13.59 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 purchased at each separate price.

F6 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 5

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,156,262

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F8 · price: The price of $13.5656 per share represents a weighted average of purchase prices ranging from $13.30 to $13.65 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 purchased at each separate price.

F7 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 4

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 269,147

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F8 · price: The price of $13.5656 per share represents a weighted average of purchase prices ranging from $13.30 to $13.65 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 purchased at each separate price.

F6 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-014766 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,439

F1 · kind: American Public Education, Inc. ("APEI") withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 3

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,070,953

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F5 · price: The price of $13.053 per share represents a weighted average of purchase prices ranging from $12.36 to $13.30 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 purchased at each separate price.

F7 · ownership.nature: 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 is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 2

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

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

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 253,766

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F5 · price: The price of $13.053 per share represents a weighted average of purchase prices ranging from $12.36 to $13.30 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 purchased at each separate price.

F6 · ownership.nature: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-24-013509 · 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: 46,119

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 units.

SEC source: 0001062993-24-011107 · form4.xml · derivative · entry 3

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,973

Underlying: Common Stock · 2,487 shares

Expires 2032-08-07

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.

F2 · derivative.exercise_date: As of the date hereof, all shares underlying the options were exercisable.

SEC source: 0001062993-24-011107 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,751

F1 · price: The price of $17.3513 per share represents a weighted average of sale prices ranging from $17.32 to $17.355 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: 0001062993-24-011107 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,270

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: 0001062993-24-011002 · form4.xml · derivative · entry 3

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,460

Underlying: Common Stock · 1,000 shares

Expires 2032-08-07

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.

F2 · derivative.exercise_date: As of the date hereof, all shares underlying the options were exercisable.

SEC source: 0001062993-24-011002 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,783

F1 · price: The price of $18.4033 per share represents a weighted average of sale prices ranging from $18.40 to $18.415 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: 0001062993-24-011002 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,283

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: 0001062993-24-010790 · form4.xml · nonDerivative · entry 1

Blevins Granetta B. · CIK 0001813984 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 54,193

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders.

SEC source: 0001062993-24-010792 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,443

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders. The reporting person has elected to defer receipt of the shares until the date of the reporting person's separation from service as a director with the Company and its affiliates for any reason, resulting in the issuance of deferred stock units to the reporting person rather than restricted shares.

SEC source: 0001062993-24-010791 · form4.xml · nonDerivative · entry 1

Robinson William G Jr · CIK 0001604046 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,935

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders.

SEC source: 0001062993-24-010789 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,632

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders.

SEC source: 0001062993-24-010788 · form4.xml · nonDerivative · entry 1

ANDERSEN ERIC C. · CIK 0001552411 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,485

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders.

SEC source: 0001062993-24-010787 · form4.xml · nonDerivative · entry 1

Fabrega Anna M. · CIK 0001931076 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,544

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2025 Annual Meeting of Stockholders.

SEC source: 0001062993-24-015056 · form4.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · 10% owner · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · 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: 19,493

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F2 · balance_after: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Issuer"), Mr. Braner received an annual award of restricted common stock of the Issuer having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2025 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.

F4 · balance_after: The securities described in footnote (2) represent securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

F2 · ownership.direct: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Issuer"), Mr. Braner received an annual award of restricted common stock of the Issuer having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2025 Annual Meeting of Stockholders.

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.

F4 · ownership.direct: The securities described in footnote (2) represent securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

SEC source: 0001062993-24-006418 · form4.xml · nonDerivative · entry 1

Halle Jean C. · CIK 0001417687 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,739

F1 · price: The price of $11.6769 per share represents a weighted average of sales prices ranging from $11.60 to $11.81 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: 0001062993-24-006111 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,908

SEC source: 0001062993-24-005697 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,428

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: 0001062993-24-005697 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,524

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005691 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,808

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: 0001062993-24-005691 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 47,318

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005695 · 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: 439,300

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: 0001062993-24-005695 · 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: 450,851

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005694 · 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: 47,502

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: 0001062993-24-005694 · 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: 48,616

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005692 · form4.xml · nonDerivative · entry 2

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,199

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: 0001062993-24-005692 · form4.xml · nonDerivative · entry 1

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,084

F1 · shares: Performance-based restricted stock unit ("PSU') award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005689 · form4.xml · nonDerivative · entry 2

SUNDERLAND RICHARD W JR · CIK 0001220428 · EVP, Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 159,961

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: 0001062993-24-005689 · form4.xml · nonDerivative · entry 1

SUNDERLAND RICHARD W JR · CIK 0001220428 · EVP, Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 163,335

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-005687 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,283

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: 0001062993-24-005687 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,397

F1 · shares: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted EBITDA and revenue performance measures for the issuer's fiscal year ended December 31, 2023. Award vests in three approximately equal installments on March 4, 2024, February 7, 2025, and February 7, 2026.

SEC source: 0001062993-24-012519 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,889

SEC source: 0001062993-24-002754 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,944

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 units.

SEC source: 0001062993-24-002758 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,097

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 units.

SEC source: 0001062993-24-002762 · form4.xml · nonDerivative · entry 1

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,694

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 units.

SEC source: 0001062993-24-002761 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,962

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 units.

SEC source: 0001062993-24-002760 · 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: 39,181

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 units.