Divisadero Street Capital Management, LP Increases Stake in American Public Education, Inc. to 5.7%

On May 15, 2026, Divisadero Street Capital Management, LP, along with its affiliates, filed a Schedule 13G/A reporting a significant increase in their position in American Public Education, Inc. (APEI). The reporting group, which includes William Zolezzi and Divisadero Street Partners, L.P., now beneficially owns 1,052,069 shares of common stock, representing a 5.7% ownership stake. This is a notable increase from their previously reported 0.0% position. The shares are directly held by advisory clients of Divisadero Street Capital Management, LP, with Divisadero Street Partners, L.P. being the only client deemed to beneficially own more than 5%. The filing indicates that the shares were acquired for investment purposes and not with the intent to change or influence control of the issuer. All reporting persons share voting and dispositive power over the reported shares. This filing marks Amendment No. 2 to their Schedule 13G, reflecting an event date of March 31, 2026.