325 Capital trims American Public Education (APEI) stake with March share sales

Rhea-AI Filing Summary

325 Capital LLC and affiliated reporting persons disclosed open‑market sales of 184,259 shares of American Public Education, Inc. common stock from March 16–18, 2026, at prices around $55–$56 per share.

Following these sales, they report 996,746 shares of common stock held directly, plus additional indirect holdings of 347,498 shares by 325 Capital Master Fund LP and 23,245 shares by Michael D. Braner as of March 16, 2026. The reporting persons disclaim beneficial ownership beyond their pecuniary interests.

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

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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)
03/16/2026

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)	03/16/2026		S		61,962	D	$55.4471	1,119,043	D(2)
Common stock, $.01 par value(1)	03/17/2026		S		58,797	D	$55.8452	1,060,246	D(2)
Common stock, $.01 par value(1)	03/18/2026		S		63,500	D	$55.4126	996,746	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)

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 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.

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	03/18/2026
	325 Master Fund LP, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member	03/18/2026
	325 Capital GP, LLC, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member	03/18/2026
	/s/ Daniel M. Friedberg	03/18/2026
	/s/ Anil Shrivastava	03/18/2026
	** 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

How many APEI shares did 325 Capital sell in this Form 4?

The reporting group sold a total of 184,259 shares of American Public Education common stock. These open‑market sales occurred over three days and are detailed as separate transactions on March 16, 17, and 18, 2026, with share counts and prices disclosed.

At what prices did 325 Capital sell APEI shares in March 2026?

The reported sales occurred at prices between $55.41 and $55.85 per share. Each day’s transaction lists an exact average price per share, reflecting open‑market sales of American Public Education common stock by the reporting persons over the three disclosed trading days.

How many APEI shares does 325 Capital report owning after these transactions?

After the March 18, 2026 sale, the reporting persons show 996,746 shares held directly. They also report indirect holdings of 347,498 shares by 325 Capital Master Fund LP and 23,245 shares by Michael D. Braner, as of March 16, 2026, in addition to the direct position.

Were the reported APEI transactions open‑market sales or another type?

Each of the three transactions with code S is identified as an open‑market or private sale of common stock. The filing labels them as non‑derivative sales, with specific share amounts and average prices, rather than option exercises, gifts, or tax‑withholding events.

Who are the reporting persons in this APEI Form 4 filing?

The filing lists 325 Capital Master Fund LP, 325 Capital GP, LLC, 325 Capital LLC, and individuals Michael Braner, Daniel Friedberg, and Anil Shrivastava as reporting persons. They collectively report these holdings and transactions and disclaim beneficial ownership beyond their pecuniary interests.

Does this APEI Form 4 involve any derivative securities or option exercises?

No derivative securities are reported in this Form 4. The transactions involve only non‑derivative common stock, with no option exercises, conversions, or other derivative events listed in the derivative section or in the summarized transaction counts.