325 CAPITAL LLC 4

What Happened

• 325 Capital LLC (part of a group of reporting persons that includes 325 Capital Master Fund, 325 Capital GP, and individuals including director Michael Braner) sold a total of 160,512 shares of American Public Education, Inc. (APEI) in open‑market transactions on March 19–20, 2026. The sales totaled approximately $8,726,077.
• Transaction breakdown:
  • Mar 19, 2026: 10,477 shares @ $54.20 = $567,902
  • Mar 19, 2026: 80,333 shares @ $54.79 = $4,401,509
  • Mar 19, 2026: 4,702 shares @ $55.55 = $261,205
  • Mar 20, 2026: 62,100 shares @ $53.74 = $3,337,111
  • Mar 20, 2026: 2,900 shares @ $54.60 = $158,350
• These are sales (Form 4 transaction code S). Because the reporting group includes an entity whose managing member (Michael Braner) is a company director, the filing discloses both the institutional seller and the director relationship.

Key Details

• Transaction dates: March 19–20, 2026; Filing date: March 23, 2026 (Form 4 accession 0000921895-26-000776).
• Prices and totals: see breakdown above; aggregate proceeds ≈ $8.73M.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: joint filing by 325 Capital Master Fund, 325 Capital GP, 325 Capital LLC and three individuals; disclosures note relationships (investment manager, general partner, managing members) and that some holdings may be from separately managed accounts (SMAs). Michael Braner is a director and managing member of 325.
• Filing timeliness: filing appears timely (transaction reported on 3/19; Form 4 filed 3/23, within the usual 2 business‑day window).

Context

• These were open‑market sales by an institutional/affiliate group rather than a straightforward one-off personal sale by an individual insider; the filing includes disclaimers about beneficial ownership and pecuniary interests. Such disposals are common and do not by themselves indicate the director’s personal trading intent.