Amendment to Schedule 13D Filing for American Public Education Inc.

This filing is an amendment to a previously filed Schedule 13D, reporting changes in beneficial ownership of American Public Education Inc. common stock by 325 CAPITAL LLC and related entities. As of March 20, 2026, the reporting persons beneficially own 1,206,977 shares, representing 6.6% of the outstanding stock. The filing details the sources of funding for these shares, including working capital from 325 Master Fund and Separately Managed Accounts (SMAs). It also discloses restricted stock awarded to director Michael Braner, with economic interests belonging to 325 Master Fund. The amendment also includes a detailed list of transactions over the past 60 days, primarily sales of common stock, executed through 325 CAPITAL LLC via SMAs at prices ranging from $53.41 to $57.34 per share.