Divisadero funds disclose 9.2% APEI (NASDAQ: APEI) ownership in 13G/A filing

Rhea-AI Filing Summary

American Public Education, Inc. (APEI) has a significant passive shareholder, Divisadero Street Capital Management, LP, and related entities. As of December 31, 2025, they report beneficial ownership of 1,671,558 shares of APEI common stock, representing 9.2% of the outstanding class.

Within this group, Divisadero Street Partners, L.P. and its general partner report beneficial ownership of 1,586,558 shares, or 8.8% of the class. All voting and dispositive powers are reported as shared rather than sole, and the filer certifies the holdings are not for the purpose of changing or influencing control of APEI.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

AMERICAN PUBLIC EDUCATION INC

(Name of Issuer)

Common Stock, $.01 par value

(Title of Class of Securities)

02913V103

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 1,671,558.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,671,558.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,671,558.00

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)

9.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 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 1,671,558.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,671,558.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,671,558.00

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)

9.2 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 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 1,586,558.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,586,558.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,586,558.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 1,586,558.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,586,558.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,586,558.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 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 1,671,558.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,671,558.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,671,558.00

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)

9.2 %

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 - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558
(b)	Percent of class: Divisadero Street Capital Management, LP - 9.2% William Zolezzi - 9.2% Divisadero Street Partners, L.P. - 8.8% Divisadero Street Partners GP, LLC - 8.8% Divisadero Street Capital, LLC - 9.2%
(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 - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558
	(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 - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558
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:	By: Divisadero Street Capital LLC, its general partner, By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

William Zolezzi

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi
Date:	02/13/2026

Divisadero Street Partners, L.P.

Signature:	By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

Divisadero Street Partners GP, LLC

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

Divisadero Street Capital, LLC

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

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

FAQ

Who is the large shareholder of AMERICAN PUBLIC EDUCATION INC (APEI) in this Schedule 13G/A?

The filing shows Divisadero Street Capital Management, LP and related entities as significant shareholders of APEI. They collectively report beneficial ownership of APEI common stock as investment-related holders, rather than as insiders of the company itself.

How many AMERICAN PUBLIC EDUCATION INC (APEI) shares does Divisadero report owning?

Divisadero Street Capital Management, LP and certain related entities report beneficial ownership of 1,671,558 APEI common shares. This amount reflects shares held for advisory clients, with all reported voting and dispositive power shared among the reporting persons.

What percentage of AMERICAN PUBLIC EDUCATION INC (APEI) does Divisadero beneficially own?

Divisadero Street Capital Management, LP and certain affiliates report beneficial ownership of 9.2% of APEI’s common stock. Divisadero Street Partners, L.P. and its general partner separately report 8.8% beneficial ownership, reflecting their portion of the overall position.

Is Divisadero’s ownership in APEI intended to influence control of the company?

The reporting persons certify the APEI securities were not acquired and are not held for the purpose of changing or influencing control of the issuer. They also state the holdings are not in connection with any control-related transaction, aside from certain proxy-nomination activities.

Who actually owns the AMERICAN PUBLIC EDUCATION INC (APEI) shares reported by Divisadero?

The filing states that all reported APEI securities are directly owned by advisory clients of Divisadero Street Capital Management, LP. Except for Divisadero Street Partners, L.P., no individual advisory client is deemed to beneficially own more than five percent of APEI’s common stock.

Does William Zolezzi personally hold AMERICAN PUBLIC EDUCATION INC (APEI) shares?

William Zolezzi is listed as a reporting person with shared voting and dispositive power over 1,671,558 APEI shares. The filing notes each reporting person disclaims beneficial ownership beyond their pecuniary interest, clarifying the shares are tied to advisory-client accounts.