Burgundy Asset Management stakes 6.14% in Strategic Education (NASDAQ: STRA)

Rhea-AI Filing Summary

Burgundy Asset Management Ltd., a Canadian firm, reports beneficial ownership of 1,442,465 shares of Strategic Education Inc. common stock, representing about 6.1415% of the class as of the event date. Burgundy has sole power to vote 1,052,618 shares and sole power to dispose of all 1,442,465 shares, with no shared voting or dispositive authority. The position is certified as being held in the ordinary course of business and not for the purpose of changing or influencing control of the company. A comment notes that as of November 1, 2025, Burgundy became a wholly owned subsidiary of Bank of Montreal, with beneficial ownership now aggregated in Bank of Montreal's reporting.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Strategic Education Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

86272C103

(CUSIP Number)

12/31/2025

(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. 86272C103

1

Names of Reporting Persons

Burgundy Asset Management 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,052,618.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,442,465.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,465.00

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)

6.14 %

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, Virginia, 20171
Item 2.
(a)	Name of person filing: Burgundy Asset Management Ltd.
(b)	Address or principal business office or, if none, residence: 181 Bay Street, Suite 4510, Toronto, Ontario, M5J 2T3
(c)	Citizenship: Canada
(d)	Title of class of securities: Common
(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: 1,442,465
(b)	Percent of class: 6.1415%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,052,618
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,442,465
	(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.

Burgundy Asset Management Ltd.

Signature:	/s/ Karen Mintz
Name/Title:	Karen Mintz, VP, CCO & Associate General Counsel
Date:	02/11/2026

Comments accompanying signature: As of November 1, 2025, Burgundy Asset Management Ltd. became a wholly owned subsidiary of Bank of Montreal. Beneficial ownership of the securities reported herein is now aggregated in Bank of Montreal's Schedule 13G filing

FAQ

What percentage of Strategic Education Inc. (STRA) does Burgundy Asset Management own?

Burgundy Asset Management beneficially owns about 6.1415% of Strategic Education Inc.’s common stock. This stake corresponds to 1,442,465 shares and reflects Burgundy’s status as a significant institutional holder with more than five percent of the company’s outstanding common shares.

How many STRA shares does Burgundy Asset Management control and can it vote?

Burgundy Asset Management has sole voting power over 1,052,618 STRA shares. It has sole dispositive power, meaning authority to sell or otherwise dispose, over 1,442,465 shares, and reports no shared voting or shared dispositive power with any other party.

Is Burgundy Asset Management’s STRA holding intended to influence control of the company?

Burgundy certifies the STRA shares were acquired and are held in the ordinary course of business. It explicitly states they were not acquired, and are not held, for the purpose of changing or influencing control of Strategic Education Inc. or in any control-related transaction.

What is the relationship between Burgundy Asset Management and Bank of Montreal regarding STRA shares?

As of November 1, 2025, Burgundy Asset Management became a wholly owned subsidiary of Bank of Montreal. The comments explain that beneficial ownership of the reported STRA securities is now aggregated in Bank of Montreal’s reporting, reflecting their corporate relationship.

Where is Burgundy Asset Management, the STRA reporting holder, based and what is its citizenship?

Burgundy Asset Management’s principal business office is at 181 Bay Street, Suite 4510, Toronto, Ontario. The firm’s citizenship is listed as Canada, and it files as a non-U.S. institution with respect to its holdings in Strategic Education Inc.’s common stock.