American Public Education, Inc. ownership disclosure: Divisadero Street affiliates report beneficial ownership of 1,052,069 shares, representing 5.7% of the Company's common stock as reported on this amendment. The holdings are reported across Divisadero Street Capital Management, LP; Divisadero Street Partners, L.P.; Divisadero Street Partners GP, LLC; Divisadero Street Capital, LLC and William Zolezzi.
The filing states the reported shares are held for advisory clients of Divisadero Street Capital Management, LP, and includes a disclaimer that each reporting person disclaims beneficial ownership except to the extent of pecuniary interest. Signatures are dated 05/15/2026.
Positive
None.
Negative
None.
Insights
Passive 13G amendment: a disclosure of >5% stake by an investment manager.
The amendment lists 1,052,069 shares (5.7%) held across related Divisadero Street entities and William Zolezzi. It identifies the securities as owned by advisory clients of Divisadero Street Capital Management, LP, indicating investment-manager reporting rather than direct personal holdings.
Key dependencies include the advisory-client ownership structure and the stated disclaimer of beneficial ownership; subsequent filings would show any change in percent ownership or voting/dispositive powers.
Form classifies as a Rule 13G/A-style passive investor filing with shared voting/dispositive power.
The table shows 0 sole voting and 1,052,069 shared voting and dispositive counts for each reporting entity, consistent with joint filing treatment. The filing attaches Exhibits A (Joint Filing Agreement) and B (Control Person Identification).
Filing mechanics: the signatures dated 05/15/2026 formalize the amendment; monitor future amendments for changes in holdings or shifts to active 13D status.
Key Figures
Reported shares owned:1,052,069 sharesPercent of class:5.7%Sole voting power:0 shares+3 more
6 metrics
Reported shares owned1,052,069 sharesAmount beneficially owned by each reporting entity
Percent of class5.7%Percent of common stock represented by 1,052,069 shares
Sole voting power0 sharesSole power to vote as reported for each reporting person
Shared voting power1,052,069 sharesShared power to vote as reported for each reporting person
Sole dispositive power0 sharesSole power to dispose as reported for each reporting person
Signature date05/15/2026Date signatures were provided on the amendment
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
shared voting powerregulatory
"Shared Voting Power 1,052,069.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
disclaims beneficial ownershiplegal
"Each Reporting Person disclaims beneficial ownership of the reported securities"
advisory clientsfinancial
"All of the securities reported in this are directly owned by advisory clients"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
American Public Education, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
02913V103
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
02913V103
1
Names of Reporting Persons
Divisadero Street Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,052,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,052,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,052,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
02913V103
1
Names of Reporting Persons
William Zolezzi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,052,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,052,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,052,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
02913V103
1
Names of Reporting Persons
Divisadero Street Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,052,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,052,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,052,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
02913V103
1
Names of Reporting Persons
Divisadero Street Partners GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,052,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,052,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,052,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
02913V103
1
Names of Reporting Persons
Divisadero Street Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,052,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,052,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,052,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.7 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
American Public Education, Inc.
(b)
Address of issuer's principal executive offices:
111 W Congress Street, Charles Town, WV 25414
Item 2.
(a)
Name of person filing:
Divisadero Street Capital Management, LP
William Zolezzi
Divisadero Street Partners, L.P.
Divisadero Street Partners GP, LLC
Divisadero Street Capital, LLC
(b)
Address or principal business office or, if none, residence:
Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
William Zolezzi
c/o Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners, L.P.
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners GP, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Capital, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
(c)
Citizenship:
Divisadero Street Capital Management, LP - Delaware
William Zolezzi - United States
Divisadero Street Partners, L.P. - Delaware
Divisadero Street Partners GP, LLC - Delaware
Divisadero Street Capital, LLC - Delaware
(d)
Title of class of securities:
Common Stock, $.01 par value
(e)
CUSIP No.:
02913V103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Divisadero Street Capital Management, LP - 1,052,069
William Zolezzi - 1,052,069
Divisadero Street Partners, L.P. - 1,052,069
Divisadero Street Partners GP, LLC - 1,052,069
Divisadero Street Capital, LLC - 1,052,069
(b)
Percent of class:
Divisadero Street Capital Management, LP - 5.7%
William Zolezzi - 5.7%
Divisadero Street Partners, L.P. - 5.7%
Divisadero Street Partners GP, LLC - 5.7%
Divisadero Street Capital, LLC - 5.7%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(ii) Shared power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 1,052,069
William Zolezzi - 1,052,069
Divisadero Street Partners, L.P. - 1,052,069
Divisadero Street Partners GP, LLC - 1,052,069
Divisadero Street Capital, LLC - 1,052,069
(iii) Sole power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(iv) Shared power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 1,052,069
William Zolezzi - 1,052,069
Divisadero Street Partners, L.P. - 1,052,069
Divisadero Street Partners GP, LLC - 1,052,069
Divisadero Street Capital, LLC - 1,052,069
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock, $0.01 par value.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Divisadero Street Capital Management, LP
Signature:
Divisadero Street Capital LLC, its general partner, /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
William Zolezzi
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi
Date:
05/15/2026
Divisadero Street Partners, L.P.
Signature:
Divisadero Street Partners GP, LLC, its general partner, /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Divisadero Street Partners GP, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Divisadero Street Capital, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
Divisadero Street reports 1,052,069 shares, equal to 5.7% of APEI common stock. The amount is reported across Divisadero Street entities and William Zolezzi in this Schedule 13G/A amendment.
Who is listed as holding the shares for Divisadero Street in APEI?
The filing states the securities are directly owned by advisory clients of Divisadero Street Capital Management, LP. Divisadero Street Partners, L.P. is identified among reported entities with the same share count.
Does the filing show sole voting or dispositive power over the shares?
No. The filing shows 0 sole voting and 0 sole dispositive powers, and 1,052,069 shared voting and 1,052,069 shared dispositive counts for each reporting person.
When was this Schedule 13G/A signed?
The signatures on the amendment are dated 05/15/2026. The cover lists 03/31/2026 near the header, indicating the reporting period for the amendment.
Are the reporting persons claiming beneficial ownership?
Each reporting person includes a standard disclaimer: they disclaim beneficial ownership of the reported securities except to the extent of pecuniary interest, as stated in the signature comments.
