Juniper Investment Company, LLC 4

What Happened
Juniper Investment Company, LLC (an affiliate acting as investment advisor to the Juniper Targeted Opportunity Fund, L.P.) sold 275,000 shares of Lincoln Educational Services Corp (LINC) on February 25, 2026. The reported weighted-average price was $34.55 per share, for a total transaction value of $9,500,645. The transaction is coded as a sale (S) and was described as an open market or private sale.

Key Details

• Transaction date: 2026-02-25 (filed with the SEC on 2026-02-27; filing appears timely).
• Price: weighted average $34.55; disclosed range $34.29–$35.21 (footnote F1).
• Shares sold: 275,000; Total proceeds: $9,500,645.
• Shares attributed: footnote F2 states 2,088,311 shares are held by the Juniper Fund, for which Juniper Investment is the advisor. Mr. Bartholdson (a managing member of Juniper Investment) shares voting/dispositive power but disclaims beneficial ownership except to the extent of his pecuniary interest.
• Footnote F1 notes the filer will provide details of the trades to the issuer or SEC upon request.

Context
This filing reports an institutional/affiliate sale rather than an individual executive purchase. Sales by investment advisers or funds can reflect portfolio rebalancing, liquidity needs, or other fund-level decisions and do not by themselves indicate management sentiment about the company. The filing was submitted within the SEC’s Form 4 timing window.