Juniper Investment Company, LLC 4

What Happened

• Juniper Investment Company, LLC (an affiliate and investment advisor tied to Juniper Targeted Opportunity Fund and with ties to LINC Board Chair John A. Bartholdson) sold a total of 48,812 shares of Lincoln Educational Services Corp (LINC) in open-market transactions. The sales were 11,812 shares at $47.87 on June 11, 2026 (proceeds ~$565,390) and 37,000 shares at $46.88 on June 12, 2026 (proceeds ~$1,734,712), for combined proceeds of about $2.30 million. This was a sale (not a purchase), which is typically routine for funds or affiliates.

Key Details

• Transaction dates and prices:
  • 2026-06-11: 11,812 shares sold at $47.87 (≈ $565,390) — footnote F1 notes a weighted-average price range of $47.65–$48.18.
  • 2026-06-12: 37,000 shares sold at $46.88 (≈ $1,734,712) — footnote F3 notes a weighted-average price range of $46.22–$48.03.
• Shares reported held after the transactions: 1,732,966 shares held by Juniper Targeted Opportunity Fund, L.P., for which Juniper Investment is advisor (footnote F2).
• Relationship/ownership note: John A. Bartholdson is Chairman of the Issuer and a managing member of Juniper Investment; he shares voting and dispositive power with the fund and other members but disclaims beneficial ownership except for any pecuniary interest (F2).
• Filing timing: Form 4 was filed June 15, 2026 covering trades on June 11–12; the filing itself does not indicate a late filing.

Context

• These trades were institutional/affiliate sales by an investment adviser to a fund, not direct purchases by a company insider signaling a buy. Sales by funds can be routine portfolio management and do not, by themselves, indicate company performance or insider sentiment.