SCHEDULE Filed 2025-06-10 Event 2025-06-06 SEC 0001193805-25-000859 →

325 CAPITAL LLC → AMERICAN PUBLIC EDUCATION INC APEI

Stake: 8.60% Shares: 1,551,748 CUSIP: 02913V103 Class: Common Stock, $0.01 par value per share

Item 4 — Purpose of Transaction

Item 4 is hereby amended to add the following: On June 2, 2025, the Reporting Persons entered into a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "June 2025 10b5-1 Trading Plan"). Pursuant to the June 2025 10b5-1 Trading Plan, JonesTrading Institutional Services LLC (the "Broker") agreed to make periodic sales of Shares on behalf of the Reporting Persons through June 6, 2026 to effectuate portfolio rebalancing on behalf of the Reporting Persons. The amount and timing of sales, if any, pursuant to the June 2025 10b5-1 Trading Plan will be determined based on the terms of the June 2025 10b5-1 Trading Plan. This description of the June 2025 10b5-1 Trading Plan does not purport to be complete and is qualified in its entirety by the text of the June 2025 10b5-1 Trading Plan, which is attached as Exhibit 99.1 to this Schedule 13D and incorporated herein by reference.

Cross-References

Insider Activity (last 365d)

67 transactions

16 buys · 18 sales · 2 awards/exercises

Issuer Cluster

1 13D/G filings on this issuer

0 other filings besides this one

Filer Track Record

7 filings by this filer

6 other filings in the data moat

Short Interest · settle 2026-07-15

DTC 5.62

1,909,105 shares short · -4.5% vs prior

Institutional Consensus · 2025-12-31

Held by elite portfolio managers

1 holder · $8.54M

Point72 Asset Mgmt

Post-Filing Returns · since 2025-06-06 on APEI

+1 day

-4.2%

+5 days

-3.4%

+30 days

+6.1%

+60 days

+8.0%

+90 days

+12.3%

+180 days

+23.4%

Anchor price 28.25 on closest trading day on/after 2025-06-06. Source: Yahoo Finance daily adj_close (split + dividend adjusted).

Form 4 Insider Transactions · last 365d

Date	Insider	Role	Type	Shares	Price	Value
2026-05-13	Fernandes Nuno S.	officer	Sale	4,500	$53.34	$240K
2026-04-01	Pianko Daniel S.	director	Award	1,107	$36.15	$40K
2026-03-20	325 CAPITAL LLC	—	Sale	62,100	$53.74	$3.34M
2026-03-20	325 CAPITAL LLC	—	Sale	2,900	$54.60	$158K
2026-03-19	325 CAPITAL LLC	—	Sale	10,477	$54.20	$568K
2026-03-19	Fernandes Nuno S.	officer	Sale	1,100	$54.08	$59K
2026-03-19	325 CAPITAL LLC	—	Sale	80,333	$54.79	$4.40M
2026-03-19	325 CAPITAL LLC	—	Sale	4,702	$55.55	$261K
2026-03-18	325 CAPITAL LLC	—	Sale	63,500	$55.41	$3.52M
2026-03-17	Gaffney Karmela	officer	Sale	2,700	$55.87	$151K
2026-03-17	325 CAPITAL LLC	—	Sale	58,797	$55.85	$3.28M
2026-03-16	325 CAPITAL LLC	—	Sale	61,962	$55.45	$3.44M
2026-03-16	Beckett Thomas	officer	Sale	2,000	$57.70	$115K
2026-03-16	Fernandes Nuno S.	officer	Sale	6,500	$53.87	$350K
2026-03-16	Axenson Tanya Joy	officer	Sale	10,617	$55.20	$586K
2026-03-16	Axenson Tanya Joy	officer	Sale	8,817	$56.18	$495K
2026-03-16	Axenson Tanya Joy	officer	Sale	566	$56.90	$32K
2026-03-10	Gaffney Karmela	officer	Award	14,425	—	—
2026-03-10	Fernandes Nuno S.	officer	Award	13,770	—	—
2026-03-10	Beckett Thomas	officer	Award	14,425	—	—
2026-03-10	Axenson Tanya Joy	officer	Award	14,425	—	—
2026-03-10	Arnold Mark L.	officer	Award	10,492	—	—
2026-03-10	Selden Angela K.	director, officer	Award	98,352	—	—
2026-03-10	Selden Angela K.	director, officer	F	12,901	$45.51	$587K
2026-03-10	Arnold Mark L.	officer	F	1,067	$45.51	$49K

Showing 25 of 67

Other Filings by 325 CAPITAL LLC

Filed	Form	Issuer	Stake	Shares
2025-11-07	SCHEDULE	MultiSensor AI Holdings, Inc. MSAIW	27.90%	12,961,653	view →
2025-10-28	SCHEDULE	MultiSensor AI Holdings, Inc. MSAIW	31.20%	12,961,653	view →
2022-03-31	SC	TRANSACT TECHNOLOGIES INC TACT	—	—	view →
2022-02-10	SC	TRANSACT TECHNOLOGIES INC TACT	—	—	view →
2022-02-03	SC	TRANSACT TECHNOLOGIES INC TACT	—	—	view →
2021-08-09	SC	TRANSACT TECHNOLOGIES INC TACT	—	—	view →

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