Marshfield reports 792,930 shares of Strategic Education (NASDAQ: STRA)

Rhea-AI Filing Summary

Strategic Education, Inc. disclosure: Marshfield Associates Inc. reports beneficial ownership of 792,930 shares of Common Stock (CUSIP 86272C103), representing 3.51% of the class as shown in this amendment. The filing lists sole voting and dispositive power over 792,930 shares; signature dated 05/15/2026.

Insights

Institutional Ownership Analyst

Marshfield reports a minority stake of 3.51% in STRA.

The amendment shows 792,930 shares beneficially owned with sole voting and dispositive power. This identifies Marshfield as a passive 13G-style holder rather than an activist holder based on the form type.

Implications are limited: the stake is below common activist thresholds. Subsequent filings could show changes in position or intent.

Corporate Governance Specialist

Filing confirms control rights and 3.51% ownership disclosure.

The report explicitly lists sole voting and sole dispositive power for the 792,930 shares, which clarifies voting control despite the modest percentage. The form is an amendment (No. 5), indicating an update to prior disclosures.

Any governance impact would depend on future changes to the position or coordinated holdings disclosed in later filings.

Key Figures

Shares beneficially owned: 792,930 shares Percent of class: 3.51% Sole voting power: 792,930 shares +1 more

4 metrics

Shares beneficially owned 792,930 shares Schedule 13G/A amendment (file excerpt)

Percent of class 3.51% Percent of common stock as reported in Item 4

Sole voting power 792,930 shares Item 4(i) lists sole power to vote

Sole dispositive power 792,930 shares Item 4(iii) lists sole power to dispose

Key Terms

Schedule 13G/A, Beneficially owned, CUSIP

3 terms

Schedule 13G/A regulatory

"Amendment No. 5 ) Strategic Education, Inc"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 792,930"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

CUSIP technical

"Common Stock, $0.01 par value 86272C103"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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

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Accepted by SEC EDGAR 05/15/2026 - 09:21 AM Learn about SEC filing dates

FAQ

What stake does Marshfield Associates hold in Strategic Education (STRA)?

Marshfield Associates holds 792,930 shares, representing 3.51% of the class. The amendment lists sole voting and sole dispositive power over those shares and is signed by Brian Walker on 05/15/2026.

What form was filed to disclose Marshfield's position in STRA?

An amendment to Schedule 13G (Amendment No. 5) was filed. The filing updates beneficial ownership details for Common Stock (CUSIP 86272C103) and reports the ownership percentage as 3.51% as shown in the excerpt.

Does Marshfield report shared voting or dispositive power over STRA shares?

No — the filing reports sole voting and sole dispositive power for 792,930 shares. The Schedule 13G/A lines list zero for shared voting and shared dispositive power in the provided excerpt.

When was the Schedule 13G/A amendment signed for Marshfield's STRA holding?

The amendment is signed by Brian Walker (General Counsel and CCO) and dated 05/15/2026. The header also shows a date reference of 03/31/2026 within the filing excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Strategic Education, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

86272C103

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 86272C103

1

Names of Reporting Persons

Marshfield Associates Inc

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

DISTRICT OF COLUMBIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 618,428.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 792,930.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

792,930.00

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)

3.51 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Strategic Education, Inc.
(b)	Address of issuer's principal executive offices: 2303 Dulles Station Blvd, Herndon, VA 20171
Item 2.
(a)	Name of person filing: Marshfield Associates Inc
(b)	Address or principal business office or, if none, residence: 1330 Connecticut Avenue NW, Suite 400, Washington, DC 20036
(c)	Citizenship: USA
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 86272C103
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: 792,930
(b)	Percent of class: 3.51%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 792,930
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 792,930
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

Marshfield Associates Inc

Signature:	/s/ Brian Walker
Name/Title:	Brian Walker / General Counsel and CCO
Date:	05/15/2026