325 Capital entities update AMERICAN PUBLIC EDUCATION (APEI) share holdings

Rhea-AI Filing Summary

325 CAPITAL LLC reported open-market sale transactions in this Form 4 filing.

AMERICAN PUBLIC EDUCATION INC received a Form 4 from investment entities affiliated with 325 Capital reporting open‑market transactions in a total of 160,512 shares of common stock on March 19–20, 2026. After these trades, one reported direct holding stood at 836,234 shares, alongside separate indirect holdings attributed to 325 Capital Master Fund LP and to accounts managed by 325 Capital.

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
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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^*

325 CAPITAL LLC

(Last) (First) (Middle)

757 THIRD AVENUE

20TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(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
	Officer (give title below)	X	Other (specify below)
			See Footnotes

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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

	Form filed by One Reporting Person
X	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, $.01 par value(1)	03/19/2026		S		10,477	D	$54.2046(5)	986,269	D(2)
Common stock, $.01 par value(1)	03/19/2026		S		80,333	D	$54.7908(6)	905,936	D(2)
Common stock, $.01 par value(1)	03/19/2026		S		4,702	D	$55.5518(7)	901,234	D(2)
Common stock, $.01 par value(1)	03/20/2026		S		62,100	D	$53.7377(8)	839,134	D(2)
Common stock, $.01 par value(1)	03/20/2026		S		2,900	D	$54.6035(9)	836,234	D(2)
Common stock, $.01 par value(1)								23,245(3)	I(3)	By: Michael D. Braner(3)
Common stock, $.01 par value(1)								347,498	I	By: 325 Capital Master Fund LP(4)

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

1. Name and Address of Reporting Person^*

325 CAPITAL LLC

(Last) (First) (Middle)

757 THIRD AVENUE

20TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnotes

1. Name and Address of Reporting Person^*

325 Capital Master Fund LP

(Last) (First) (Middle)

190 ELGIN AVENUE

GEORGE TOWN

(Street)

GRAND CAYMAN KY1-9008

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnotes

1. Name and Address of Reporting Person^*

325 Capital GP, LLC

(Last) (First) (Middle)

757 THIRD AVENUE

20TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnotes

1. Name and Address of Reporting Person^*

FRIEDBERG DANIEL M.

(Last) (First) (Middle)

757 THIRD AVENUE

20TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnotes

1. Name and Address of Reporting Person^*

Shrivastava Anil K

(Last) (First) (Middle)

757 THIRD AVENUE

20TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnotes

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. 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 are Managing Members 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

Remarks:

Mr. Braner, a managing member of 325, is a director of the Issuer. For purposes of Section 16 of the Exchange Act, each of the Reporting Persons (other than Mr. Braner) may be deemed a director by deputization by virtue of its or his representation on the Board of Directors of the Issuer.

	325 Capital LLC, By: /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member	03/23/2026
	325 Master Fund LP, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member	03/23/2026
	325 Capital GP, LLC, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member	03/23/2026
	/s/ Daniel M. Friedberg	03/23/2026
	/s/ Anil Shrivastava	03/23/2026
	** 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)

FAQ

What insider activity did 325 Capital report in APEI stock?

325 Capital–affiliated entities reported open‑market transactions in 160,512 APEI shares. The Form 4 shows several trades over March 19–20, 2026, with volume‑weighted average prices in the mid‑$50 range and substantial share ownership remaining afterward.

Over what dates did the APEI Form 4 transactions occur?

The reported APEI transactions occurred on March 19 and March 20, 2026. Multiple trades in common stock were executed on those two days, each at different volume‑weighted average prices, and the filing lists updated share balances following the reported activity.

How many AMERICAN PUBLIC EDUCATION (APEI) shares were involved?

The filing aggregates 160,512 APEI common shares in the reported transactions. This total comes from several open‑market trades reported for March 19–20, 2026, and is summarized in the Form 4 transaction overview provided by the reporting entities.

Who are the reporting persons in the APEI Form 4?

The Form 4 is filed jointly by 325 Capital Master Fund LP, 325 Capital GP, LLC, 325 Capital LLC and certain individuals. The footnotes describe their roles as investment manager, general partner, and managing members connected to the accounts holding AMERICAN PUBLIC EDUCATION shares.

What APEI share ownership remains after the reported transactions?

One reported direct holding shows 836,234 APEI shares after the trades. The Form 4 also lists separate indirect positions, including 347,498 shares held by 325 Capital Master Fund LP and 23,245 shares tied to another relationship, reflecting continued sizable exposure.

Do the APEI Form 4 footnotes address beneficial ownership?

Yes, the footnotes state each reporting person disclaims beneficial ownership beyond pecuniary interest. They explain that entities like 325 Capital Master Fund LP and separately managed accounts directly own the securities, while affiliated individuals may be deemed owners only through their economic interests.