Redwood Capital Discloses 3.9% Stake in American Public Education (APEI)

Rhea-AI Filing Summary

Redwood Capital affiliates and Ruben Kliksberg report beneficial ownership of 705,379 shares of American Public Education, Inc. common stock, representing approximately 3.9% of the class. Each reporting person discloses no sole voting or dispositive power and instead reports shared voting and shared dispositive power for 705,379 shares, and the filing is submitted as a Schedule 13G/A.

All securities reported are stated to be directly owned by advisory clients of Redwood Capital Management, LLC, and the filing specifies that none of those clients is known to beneficially own more than 5% of the class. The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest and state the holdings were not acquired to change or influence control of the issuer. The filing lists the filers' organizational jurisdictions (Delaware, Cayman Islands, United States) and addresses for contact purposes.

Positive

• Aggregate ownership disclosed: 705,379 shares (~3.9% of class)
• Securities are reported as directly owned by advisory clients of Redwood Capital Management, LLC

Negative

• No sole voting or sole dispositive power reported (only shared powers)
• Aggregate holdings are below 5%, so filers do not claim control

Insights

Financial Analyst

TL;DR: Redwood affiliates disclosed a passive 3.9% stake (705,379 shares) in APEI, held for advisory clients, with shared voting/dispositive power.

The Schedule 13G/A shows aggregate ownership of 705,379 shares (~3.9%) across Redwood Capital entities and Ruben Kliksberg, reported as held for advisory clients. The report identifies shared voting and dispositive power and explicitly records no sole voting or sole dispositive power, consistent with a passive investor position rather than an activist/control intent. From a financial-materiality perspective, the stake is meaningful enough to warrant disclosure but remains below thresholds typically associated with control or takeover influence.

Corporate Governance Expert

TL;DR: Filing indicates passive, disclosed holdings with disclaimers; shared powers and client ownership reduce control implications.

The document confirms that reported shares are directly owned by advisory clients of Redwood Capital Management, LLC and that the reporting persons expressly disclaim beneficial ownership except to the extent of pecuniary interest. Each filer reports shared voting and shared dispositive authority for the same 705,379 shares. These elements—Schedule 13G/A use, client ownership, shared powers, and disclaimer—align with a passive disclosure framework and reduce immediate governance or control concerns for the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

AMERICAN PUBLIC EDUCATION INC

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

02913V103

(CUSIP Number)

06/30/2025

(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

REDWOOD CAPITAL MANAGEMENT, 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 705,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 705,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705,379.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 02913V103

1

Names of Reporting Persons

REDWOOD CAPITAL MANAGEMENT HOLDINGS, 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 705,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 705,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705,379.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 02913V103

1

Names of Reporting Persons

DOUBLE TWINS K, 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 705,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 705,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705,379.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 02913V103

1

Names of Reporting Persons

REDWOOD MASTER FUND, LTD.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 705,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 705,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705,379.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 02913V103

1

Names of Reporting Persons

RUBEN KLIKSBERG

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 705,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 705,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705,379.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

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, West Virginia 25414, United States of America
Item 2.
(a)	Name of person filing: Redwood Capital Management, LLC Redwood Capital Management Holdings, LP Double Twins K, LLC Redwood Master Fund, Ltd. Ruben Kliksberg
(b)	Address or principal business office or, if none, residence: Redwood Capital Management, LLC 250 W 55th Street New York, NY 10019 Redwood Capital Management Holdings, LP 250 W 55th Street New York, NY 10019 Double Twins K, LLC 250 W 55th Street New York, NY 10019 Redwood Master Fund, Ltd. c/o Redwood Capital Management, LLC 250 W 55th Street New York, NY 10019 Ruben Kliksberg c/o Redwood Capital Management, LLC 250 W 55th Street New York, NY 10019
(c)	Citizenship: Redwood Capital Management, LLC - Delaware Redwood Capital Management Holdings, LP - Delaware Double Twins K, LLC - Delaware Redwood Master Fund, Ltd. - Cayman Islands Ruben Kliksberg - United States
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(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: Redwood Capital Management, LLC - 705,379 Redwood Capital Management Holdings, LP - 705,379 Double Twins K, LLC - 705,379 Redwood Master Fund, Ltd. - 705,379 Ruben Kliksberg - 705,379
(b)	Percent of class: Redwood Capital Management, LLC - 3.9% Redwood Capital Management Holdings, LP - 3.9% Double Twins K, LLC - 3.9% Redwood Master Fund, Ltd. - 3.9% Ruben Kliksberg - 3.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Redwood Capital Management, LLC - 0 Redwood Capital Management Holdings, LP - 0 Double Twins K, LLC - 0 Redwood Master Fund, Ltd. - 0 Ruben Kliksberg - 0
	(ii) Shared power to vote or to direct the vote: Redwood Capital Management, LLC - 705,379 Redwood Capital Management Holdings, LP - 705,379 Double Twins K, LLC - 705,379 Redwood Master Fund, Ltd. - 705,379 Ruben Kliksberg - 705,379
	(iii) Sole power to dispose or to direct the disposition of: Redwood Capital Management, LLC - 0 Redwood Capital Management Holdings, LP - 0 Double Twins K, LLC - 0 Redwood Master Fund, Ltd. - 0 Ruben Kliksberg - 0
	(iv) Shared power to dispose or to direct the disposition of: Redwood Capital Management, LLC - 705,379 Redwood Capital Management Holdings, LP - 705,379 Double Twins K, LLC - 705,379 Redwood Master Fund, Ltd. - 705,379 Ruben Kliksberg - 705,379
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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 Amendment No. 4 are directly owned by advisory clients of Redwood Capital Management, LLC. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, $0.01 par value per share.
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.

REDWOOD CAPITAL MANAGEMENT, LLC

Signature:	By: Redwood Capital Management Holdings, LP, its sole member, By: Double Twins K, LLC, its general partner, By: /s/ Ruben Kliksberg
Name/Title:	Ruben Kliksberg, Managing Member
Date:	08/14/2025

REDWOOD CAPITAL MANAGEMENT HOLDINGS, LP

Signature:	By: Double Twins K, LLC, its general partner, By: /s/ Ruben Kliksberg
Name/Title:	Ruben Kliksberg, Managing Member
Date:	08/14/2025

DOUBLE TWINS K, LLC

Signature:	By: /s/ Ruben Kliksberg
Name/Title:	Ruben Kliksberg, Managing Member
Date:	08/14/2025

REDWOOD MASTER FUND, LTD.

Signature:	By: Redwood Capital Management, LLC, its investment manager, By: Redwood Capital Management Holdings, LP, its sole member, By: Double Twins K, LLC
Name/Title:	Ruben Kliksberg, Managing Member
Date:	08/14/2025

RUBEN KLIKSBERG

Signature:	By: /s/ Ruben Kliksberg
Name/Title:	Ruben Kliksberg
Date:	08/14/2025

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 filed the Schedule 13G/A for APEI?

The filing was made by Redwood Capital Management, LLC; Redwood Capital Management Holdings, LP; Double Twins K, LLC; Redwood Master Fund, Ltd.; and Ruben Kliksberg.

How many APEI shares are reported and what percent of the class is that?

The report lists 705,379 shares, representing approximately 3.9% of the class.

Do the reporting persons have sole voting or dispositive power over the APEI shares?

No. Each reporting person discloses 0 sole voting power and 705,379 shared voting power; similarly they report 0 sole dispositive power and 705,379 shared dispositive power.

Are the APEI shares held for control or on behalf of clients?

The filing states the securities are directly owned by advisory clients of Redwood Capital Management, LLC and were not acquired to change or influence control of the issuer.

Does any reported advisory client beneficially own more than 5% of APEI?

The filing states that none of those advisory clients is known to beneficially own more than 5% of the common stock.