APEI CMO sells 2,700 shares in open-market trade

Rhea-AI Filing Summary

AMERICAN PUBLIC EDUCATION INC senior vice president and chief marketing officer Karmela Gaffney reported an open-market sale of 2,700 shares of common stock on March 17, 2026. The shares were sold at a weighted average price of $55.8737 per share, with individual sale prices ranging from $55.85 to $55.88. After this transaction, she directly holds 40,527 shares of the company’s common stock.

Insider Trade Summary

Net Seller: 2,700 shares

Net Sell 1 txn

Insider Gaffney Karmela

Role SVP, Chief Marketing Officer

Sold 2,700 shs ($151K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $.01	2,700	$55.8737	$151K

Holdings After Transaction: Common Stock, par value $.01 — 40,527 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

What insider transaction did APEI executive Karmela Gaffney report?

Karmela Gaffney reported an open-market sale of APEI shares. She sold 2,700 shares of American Public Education Inc common stock in a single reported transaction dated March 17, 2026, as disclosed in a Form 4 insider trading report.

How many APEI shares did Karmela Gaffney sell and at what price?

She sold 2,700 APEI common shares at a weighted average price of $55.8737. A footnote explains the actual sale prices ranged from $55.85 to $55.88 per share across multiple trades making up this reported transaction.

How many AMERICAN PUBLIC EDUCATION (APEI) shares does Gaffney still own?

After the reported sale, Karmela Gaffney directly owns 40,527 APEI common shares. This post-transaction holding figure is stated in the Form 4 and reflects her remaining direct ownership position following the 2,700-share disposition.

What does the Form 4 footnote say about Gaffney’s APEI sale prices?

The footnote states the $55.8737 figure is a weighted average sale price. Individual trades occurred between $55.85 and $55.88 per share, and Gaffney undertakes to provide full price breakdown details upon request to regulators, the issuer, or shareholders.

Was Karmela Gaffney’s APEI transaction an open-market sale or another type?

The transaction is classified as an open-market sale of common stock. The Form 4 uses code “S” with a description indicating a sale in the open market or in a private transaction, confirming it as a disposition rather than an acquisition of shares.

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Accepted by SEC EDGAR 03/19/2026 - 08:36 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gaffney Karmela

(Last) (First) (Middle)

111 WEST CONGRESS STREET

(Street)

CHARLES TOWN WEST VIRGINIA 25414

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AMERICAN PUBLIC EDUCATION INC [ APEI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Marketing Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01	03/17/2026		S		2,700	D	$55.8737(1)	40,527	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

	/s/ Edward Codispoti, Attorney-in-Fact	03/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)