Who actually held the LINC shares sold in this Juniper-related filing?

The shares were held by Juniper Targeted Opportunity Fund, L.P., for which Juniper Investment Company, LLC acts as investment advisor. A footnote notes that the issuer’s board chairman and another individual share voting and dispositive power over these fund holdings through Juniper Investment.

Juniper fund sells 49,821 Lincoln Educational shares

LINCOLN EDUCATIONAL SERVICES CORP reported that an entity associated with Juniper Investment Company, LLC completed open-market sales of its remaining common stock holdings.

Filing Impact

(Very High)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

LINCOLN EDUCATIONAL SERVICES CORP reported that an entity associated with Juniper Investment Company, LLC completed open-market sales of its remaining common stock holdings. Juniper Targeted Opportunity Fund, L.P. sold a total of 49,821 shares of common stock in two transactions at prices around $50–$51 per share, leaving 0 shares reported as held indirectly after these sales. A footnote explains that Juniper Investment Company, LLC serves as investment advisor to Juniper Targeted Opportunity Fund, L.P., and that the fund’s chairman shares voting and dispositive power over the fund’s holdings.

Insider Trade Summary

Net Seller: 49,821 shares

Net Sell 2 txns

Insider Juniper Investment Company, LLC

Role Insider

Sold 49,821 shs ($2.55M)

Type	Security	Shares	Price	Value
Sale	Common Stock, no par value per share	1,985	$50.11	$99K
Sale	Common Stock, no par value per share	47,836	$51.1595	$2.45M

Holdings After Transaction: Common Stock, no par value per share — 0 shares (Indirect, Juniper Targeted Opportunity Fund, L.P.)

Footnotes (2)

F1. Represents the weighted average per share price with a range from $51.00 and $51.64. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.
F2. Represents 1,888,490 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 Issuer, 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.

Key Figures

Total shares sold: 49,821 shares Shares sold on first date: 47,836 shares Weighted average sale price: $51.1595 per share +3 more

6 metrics

Total shares sold 49,821 shares Net open-market sales of common stock reported in this Form 4

Shares sold on first date 47,836 shares Open-market sale of common stock on 2026-05-14

Weighted average sale price $51.1595 per share Price for 47,836-share sale, within $51.00–$51.64 range

Shares sold on second date 1,985 shares Open-market sale of common stock on 2026-05-15 at $50.1100

Shares following transactions 0 shares Indirect holdings reported after each sale entry

Juniper Fund prior holdings 1,888,490 shares Common stock previously held by Juniper Targeted Opportunity Fund, L.P.

Key Terms

open-market sale, indirect ownership, weighted average per share price, beneficial ownership, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

indirect ownership financial

""ownership_type": "indirect""

beneficial ownership financial

"disclaims beneficial ownership of such shares reflected herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

voting and dispositive power financial

"shares voting and dispositive power over such shares"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did Juniper report for LINCOLN EDUCATIONAL SERVICES CORP (LINC)?

Juniper Investment Company, LLC reported that Juniper Targeted Opportunity Fund, L.P. sold 49,821 shares of Lincoln Educational common stock in open-market transactions. These sales reduced the reported indirect holdings for this account to zero shares following the transactions.

How many LINC shares were sold in the latest Juniper Form 4 filing?

The filing shows Juniper Targeted Opportunity Fund, L.P. sold 49,821 shares of Lincoln Educational common stock. The transactions consisted of 47,836 shares sold on one day and 1,985 shares sold on the next day, both reported as open-market sales.

At what prices were the LINC shares sold by Juniper’s fund?

One transaction reported 47,836 shares sold at a weighted average price of $51.1595 per share, within a $51.00 to $51.64 range. Another transaction reported 1,985 shares sold at $50.1100 per share, both classified as open-market sales of common stock.

What are Juniper’s reported indirect holdings in LINC after these transactions?

Each reported transaction lists 0 shares of Lincoln Educational common stock held indirectly by Juniper Targeted Opportunity Fund, L.P. following the sale. This indicates the specific indirect account referenced in the filing no longer holds shares after the reported trades.

What does the Form 4 footnote reveal about prior LINC holdings by Juniper’s fund?

A footnote states that 1,888,490 shares of Lincoln Educational common stock were held by Juniper Targeted Opportunity Fund, L.P., with Juniper Investment Company, LLC as investment advisor. It also notes shared voting and dispositive power among the fund, advisor, and certain individuals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/18/2026 - 05:35 PM EDT

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

10022-3315

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, no par value per share	05/14/2026		S		47,836	D	$51.1595⁽¹⁾	$1,890,475	I	Juniper Targeted Opportunity Fund, L.P.⁽²⁾
Common Stock, no par value per share	05/15/2026		S		1,985	D	$50.11	$1,888,490	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the weighted average per share price with a range from $51.00 and $51.64. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

2. Represents 1,888,490 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 Issuer, 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 Investment Company, LLC, By: /s/ John A. Bartholdson, its Managing Member	05/18/2026
	Juniper Targeted Opportunity Fund, L.P., By: /s/ John A. Bartholdson, the Managing Member of its general partner	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR