APEI (APEI) executive Nuno Fernandes sells 6,500 shares, keeps 84,175

Rhea-AI Filing Summary

AMERICAN PUBLIC EDUCATION INC President at APUS sells shares as part of an open-market transaction. On this date, Nuno S. Fernandes sold 6,500 shares of common stock at a weighted average price of $53.866 per share, with individual sale prices ranging from $53.7401 to $54.12 per share. After this sale, he directly holds 84,175 shares, so the transaction represents only a small portion of his overall stake.

Insider Trade Summary

Net Seller: 6,500 shares ($350,129)

Net Sell 1 txn

Insider Fernandes Nuno S.

Role President, APUS

Sold 6,500 shs ($350K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $.01	6,500	$53.866	$350K

Holdings After Transaction: Common Stock, par value $.01 — 84,175 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Fernandes Nuno S.

(Last) (First) (Middle)

111 WEST CONGRESS STREET

(Street)

CHARLES TOWN WV 25414

(City) (State) (Zip)

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)
	President, APUS

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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

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

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

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	03/16/2026		S		6,500	D	$53.866(1)	84,175	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 $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.

	/s/ Edward Codispoti, Attorney-in-Fact	03/17/2026
	** 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.

FAQ

What insider transaction did APEI executive Nuno S. Fernandes report on this Form 4?

Nuno S. Fernandes reported an open-market sale of 6,500 shares of AMERICAN PUBLIC EDUCATION INC common stock. The transaction involved non-derivative shares and reflects a direct change in his equity position as an executive, rather than activity through options or other derivatives.

At what price did Nuno S. Fernandes sell his APEI shares?

The reported sale used a weighted average price of $53.866 per share, with actual sale prices ranging from $53.7401 to $54.12. This range reflects multiple individual trades executed during the day, which are combined into a single reported transaction average.

How many APEI shares does Nuno S. Fernandes own after this transaction?

Following the sale, Nuno S. Fernandes directly holds 84,175 shares of AMERICAN PUBLIC EDUCATION INC common stock. This indicates he retained a substantial ownership position in the company even after the reported open-market sale of 6,500 shares.

What type of transaction is shown in this APEI Form 4 filing?

The Form 4 shows a non-derivative open-market sale of common stock by executive Nuno S. Fernandes. The SEC transaction code “S” and description confirm it as a sale in the open market or a private transaction, not an option exercise or grant.

Does this APEI Form 4 include any option exercises or derivative transactions?

No, this Form 4 reports only a sale of common stock and lists no derivative securities. The derivative summary is empty, showing there were no option exercises, conversions, or other derivative-related activities disclosed in this particular insider filing.

What does the pricing footnote in the APEI Form 4 explain?

The footnote explains that the reported $53.866 price is a weighted average of multiple trades between $53.7401 and $54.12. It also states the insider will provide full details of the number of shares sold at each separate price to regulators or shareholders upon request.