Daniel S. Pianko - 02 Jan 2026 Form 4 Insider Report for AMERICAN PUBLIC EDUCATION INC (APEI)

Role: Director
Signature: /s/ Edward Codispoti, Attorney-in-Fact
Issuer symbol: APEI
Transactions as of: 02 Jan 2026
Net transactions value: +$56,249
Form type: 4
Filing time: 05 Jan 2026, 16:22:15 UTC
Previous filing: 27 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Pianko Daniel S.	Director	111 WEST CONGRESS STREET, CHARLES TOWN	/s/ Edward Codispoti, Attorney-in-Fact	05 Jan 2026	0001814086

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APEI	Common Stock, par value $.01	Award	$56,249	+1,556	+5.2%	$36.15	31,197	02 Jan 2026	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled to annual cash retainers totaling $225,000 for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board, and on the Board of Directors of Rasmussen University, a wholly owned subsidiary of the Company. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

Content

Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled to annual cash retainers totaling $225,000 for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board, and on the Board of Directors of Rasmussen University, a wholly owned subsidiary of the Company. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

Remarks:

Exhibit 24 - Power of Attorney