Juniper affiliate trims 150,000 Lincoln Educational Services (LINC) shares

Rhea-AI Filing Summary

Lincoln Educational Services Corp reported an insider transaction involving shares held by Juniper Targeted Opportunity Fund, L.P., for which Juniper Investment Company, LLC serves as investment advisor. The fund sold 150,000 shares of common stock in an open-market transaction at a weighted average price of $35.67 per share, within a range of $35.55 to $35.87. Following this sale, the fund continued to hold 1,938,311 shares, over which John A. Bartholdson and another individual share voting and dispositive power through their roles at Juniper Investment.

Insider Trade Summary

Net Seller: 150,000 shares ($5,350,500)

Net Sell 1 txn

Insider Juniper Investment Company, LLC

Role Insider

Sold 150,000 shs ($5.35M)

Type	Security	Shares	Price	Value
Sale	Common Stock, no par value per share	150,000	$35.67	$5.35M

Holdings After Transaction: Common Stock, no par value per share — 1,938,311 shares (Indirect, Juniper Targeted Opportunity Fund, L.P.)

Footnotes (1)

1. Represents the weighted average per share price with a range from $35.55 and $35.87. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request. Represents 1,938,311 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. John A. Bartholdson, the Chairman of the Board of the Reporting Person, 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 therein.

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)
02/27/2026

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		150,000	D	$35.67(1)	1,938,311	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 $35.55 and $35.87. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

2. Represents 1,938,311 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. John A. Bartholdson, the Chairman of the Board of the Reporting Person, 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 therein.

	Juniper Targeted Opportunity Fund, L.P., By: /s/ John A. Bartholdson, the Managing Member of its general partner	03/03/2026
	Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, its Managing Member	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Juniper Investment report for LINC?

Juniper-related entities reported an open-market sale of 150,000 Lincoln Educational Services common shares. The transaction was executed at a weighted average price of $35.67 per share, reflecting multiple trades within a tight price range between $35.55 and $35.87.

At what price were the LINC shares sold in this Form 4 filing?

The shares were sold at a weighted average price of $35.67 per share. Individual trades occurred within a price range from $35.55 to $35.87, and detailed trade breakdowns are available to the issuer or the SEC upon request from the reporting person.

How many LINC shares does the Juniper fund hold after this sale?

After the transaction, Juniper Targeted Opportunity Fund, L.P. holds 1,938,311 Lincoln Educational Services shares. Juniper Investment Company, LLC acts as the fund’s investment advisor, and certain individuals share voting and dispositive power over these shares through their roles at Juniper Investment.

Who executed the LINC share sale reported in this Form 4?

The sale involved shares held by Juniper Targeted Opportunity Fund, L.P., advised by Juniper Investment Company, LLC. The Form 4 notes that John A. Bartholdson and another individual share voting and dispositive power over these shares through Juniper Investment, with Bartholdson disclaiming beneficial ownership beyond his pecuniary interest.

What type of transaction was reported for LINC in this Form 4?

The filing reports an open-market sale of common stock, coded as “S” for sale. It covers a non-derivative security transaction where 150,000 shares of Lincoln Educational Services common stock were sold indirectly through the Juniper Targeted Opportunity Fund, L.P. structure.