Juniper affiliate trims 275,000 Lincoln Educational (LINC) shares

Rhea-AI Filing Summary

Juniper Targeted Opportunity Fund, L.P., an affiliate of Juniper Investment Company, reported selling 275,000 shares of Lincoln Educational Services common stock in open-market transactions on February 25, 2026. The weighted average sale price was $34.5478 per share, with individual trades ranging from $34.2900 to $35.2100.

After these sales, Juniper Targeted Opportunity Fund, L.P. held 2,088,311 shares of Lincoln Educational common stock, over which Juniper Investment Company serves as investment advisor. A managing member associated with Juniper Investment disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

Net Seller: 275,000 shares ($9,500,645)

Net Sell 1 txn

Insider Juniper Investment Company, LLC

Role Insider

Sold 275,000 shs ($9.50M)

Type	Security	Shares	Price	Value
Sale	Common Stock, no par value per share	275,000	$34.5478	$9.50M

Holdings After Transaction: Common Stock, no par value per share — 2,088,311 shares (Indirect, Juniper Targeted Opportunity Fund, L.P.)

Footnotes (1)

1. Represents the weighted average per share price with a range from $34.2900 and $35.2100. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request. Represents 2,088,311 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. Mr. Bartholdson and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest herein.

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^*

Juniper Investment Company, LLC

(Last) (First) (Middle)

555 MADISON AVENUE

24TH FLOOR

(Street)

NEW YORK NY 10022-3315

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LINCOLN EDUCATIONAL SERVICES CORP [ LINC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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, no par value per share	02/25/2026		S		275,000	D	$34.5478(1)	2,088,311	I	Juniper Targeted Opportunity Fund, L.P.(2)

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. Represents the weighted average per share price with a range from $34.2900 and $35.2100. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

2. Represents 2,088,311 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. Mr. Bartholdson and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest herein.

	Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, its Managing Member	02/27/2026
	** 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 involving LINC did Juniper Investment Company report?

Juniper Targeted Opportunity Fund, L.P., advised by Juniper Investment Company, reported selling 275,000 Lincoln Educational Services (LINC) common shares. The sale occurred on February 25, 2026, as an open-market transaction at a weighted average price of $34.5478 per share.

At what price were the Lincoln Educational (LINC) shares sold in this Form 4?

The 275,000 Lincoln Educational (LINC) shares were sold at a weighted average price of $34.5478 per share. Footnotes state the individual trades occurred within a price range between $34.2900 and $35.2100 during the open-market sales.

How many LINC shares does Juniper Targeted Opportunity Fund hold after the sale?

Following the sale, Juniper Targeted Opportunity Fund, L.P. held 2,088,311 Lincoln Educational (LINC) common shares. Juniper Investment Company acts as investment advisor to the fund and shares voting and dispositive power with other associated parties over these shares.

Who executed the reported sale of Lincoln Educational (LINC) shares?

The sale was executed by Juniper Targeted Opportunity Fund, L.P., which holds the Lincoln Educational (LINC) shares. Juniper Investment Company is the investment advisor to the fund and shares voting and dispositive power, rather than directly holding the stock itself.

What does the Form 4 say about beneficial ownership of the LINC shares?

A managing member associated with Juniper Investment Company disclaims beneficial ownership of the Lincoln Educational (LINC) shares except to the extent of any pecuniary interest. This clarifies that economic interest, rather than full beneficial ownership, is being reported for these holdings.

Was this LINC insider transaction a purchase or a sale?

This insider transaction was a sale of Lincoln Educational (LINC) shares. Juniper Targeted Opportunity Fund, L.P. disposed of 275,000 common shares in open-market transactions on February 25, 2026, as reflected by transaction code "S" in the filing.