Juniper Investment Company, LLC 4

What Happened
Juniper Investment Company, LLC (an affiliate and investment advisor) disposed of 150,000 shares of Lincoln Educational Services Corp. (LINC) in an open-market/private sale on 2026-02-25. The weighted average price was $35.67 per share (range $35.55–$35.87), for total proceeds of roughly $5,350,500. This filing reports a sale (disposition), not a purchase.

Key Details

• Transaction date: 2026-02-25 (sale). Form 4 filed: 2026-03-03 — appears to be filed after the two-business-day Form 4 deadline.
• Price: weighted average $35.67; reported range $35.55–$35.87 (Footnote F1). Reporting person will provide trade details to the issuer/SEC on request.
• Shares sold: 150,000; proceeds ≈ $5,350,500.
• Shares reported beneficially owned after transaction: 1,938,311 (per Footnote F2) — held by Juniper Targeted Opportunity Fund, L.P., for which Juniper Investment is advisor.
• Governance note (F2): John A. Bartholdson is a managing member of Juniper Investment and shares voting/dispositive power; he disclaims beneficial ownership except to the extent of any pecuniary interest.

Context
This is an institutional/affiliate sale by an investment adviser to a fund, not a direct disclosure of an individual executive’s personal trade. Such sales can be routine portfolio management and do not, by themselves, indicate company outlook; purchases are generally considered more informative about insider sentiment.