325 CAPITAL LLC - 19 Mar 2026 Form 4 Insider Report for AMERICAN PUBLIC EDUCATION INC (APEI)

Reporting relationship: Other*
Issuer ticker: APEI
Reported as of: 19 Mar 2026
Net transaction value: -$8,726,077
SEC form: 4
Accepted by SEC: 23 Mar 2026, 16:55:27 UTC
Prior SEC filing: 18 Mar 2026
Next SEC filing: 04 May 2026
Source filing: View source filing
Reporting owner signature: 325 Capital LLC, By: /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member

Key filing fact

325 CAPITAL LLC filed Form 4 for AMERICAN PUBLIC EDUCATION INC (APEI) on 23 Mar 2026.

Key facts

This page summarizes 325 CAPITAL LLC's Form 4 filing for AMERICAN PUBLIC EDUCATION INC (APEI).
5 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 23 Mar 2026, 16:55.

Change

Previous filing in this sequence was filed on 18 Mar 2026.
Current net transaction value: -$8,726,077.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (5)

CIK 0001873893 Primary reporting owner

325 CAPITAL LLC

Relationship: Other*
Address: 757 THIRD AVENUE, 20TH FLOOR, NEW YORK
Signature: 325 Capital LLC, By: /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member
Signature date: 23 Mar 2026

CIK 0001972759

325 Capital Master Fund LP

Relationship: Other*
Address: 190 ELGIN AVENUE, GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS
Signature: 325 Master Fund LP, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member
Signature date: 23 Mar 2026

CIK 0001972758

325 Capital GP, LLC

Relationship: Other*
Address: 757 THIRD AVENUE, 20TH FLOOR, NEW YORK
Signature: 325 Capital GP, LLC, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member
Signature date: 23 Mar 2026

CIK 0001448795

FRIEDBERG DANIEL M.

Relationship: Other*
Address: 757 THIRD AVENUE, 20TH FLOOR, NEW YORK
Signature: /s/ Daniel M. Friedberg
Signature date: 23 Mar 2026

CIK 0001908019

Shrivastava Anil K

Relationship: Other*
Address: 757 THIRD AVENUE, 20TH FLOOR, NEW YORK
Signature: /s/ Anil Shrivastava
Signature date: 23 Mar 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

APEI transaction

Common stock, $.01 par value

Sale

Transaction value: $567,902
Shares: -10,477
Change %: -1.1%
Price: $54.20
Shares after: 986,269
Date: 19 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F5

APEI transaction

Common stock, $.01 par value

Sale

Transaction value: $4,401,509
Shares: -80,333
Change %: -8.1%
Price: $54.79
Shares after: 905,936
Date: 19 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F6

APEI transaction

Common stock, $.01 par value

Sale

Transaction value: $261,205
Shares: -4,702
Change %: -0.52%
Price: $55.55
Shares after: 901,234
Date: 19 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F7

APEI transaction

Common stock, $.01 par value

Sale

Transaction value: $3,337,111
Shares: -62,100
Change %: -6.9%
Price: $53.74
Shares after: 839,134
Date: 20 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F8

APEI transaction

Common stock, $.01 par value

Sale

Transaction value: $158,350
Shares: -2,900
Change %: -0.35%
Price: $54.60
Shares after: 836,234
Date: 20 Mar 2026
Ownership: Direct
Footnotes: F1, F2, F9

APEI holding

Common stock, $.01 par value

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 23,245
Date: 19 Mar 2026
Ownership: By: Michael D. Braner
Footnotes: F1, F3

APEI holding

Common stock, $.01 par value

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 347,498
Date: 19 Mar 2026
Ownership: By: 325 Capital Master Fund LP
Footnotes: F1, F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 footnotes

Footnote F1

This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Footnote F2

Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

Footnote F3

Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.

Footnote F4

Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

Footnote F5

The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.2046. The range of purchase prices on the transaction date was $53.44 to $54.44 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

Footnote F6

The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.7908. The range of purchase prices on the transaction date was $54.45 to $55.45 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

Footnote F7

The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $55.5518. The range of purchase prices on the transaction date was $55.455 to $55.69 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

Footnote F8

The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $53.7377. The range of purchase prices on the transaction date was $53.295 to $54.14 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

Footnote F9

The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.6035. The range of purchase prices on the transaction date was $54.50 to $54.62 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.

SEC remarks

Mr. Braner, a managing member of 325, is a director of the Issuer. For purposes of Section 16 of the Exchange Act, each of the Reporting Persons (other than Mr. Braner) may be deemed a director by deputization by virtue of its or his representation on the Board of Directors of the Issuer.