# EDGAR Filing Document

**Accession Number:** 0001201792
**File Stem:** 0000921895-25-001718
**Filing Date:** 2025-6
**Character Count:** 19457
**Document Hash:** b9d0afc29c1d41e5b779c4aa147aab04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-001718.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000921895-25-001718

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PUBLIC EDUCATION INC
- **CENTRAL INDEX KEY:** 0001201792
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 010724376
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83778
- **FILM NUMBER:** 251032447

**BUSINESS ADDRESS:**
- **STREET 1:** 111 W CONGRESS STREET
- **CITY:** CHARLES TOWN
- **STATE:** WV
- **ZIP:** 25414
- **BUSINESS PHONE:** (304) 724-3700

**MAIL ADDRESS:**
- **STREET 1:** 303 W.3RD. STREET
- **CITY:** RANSON
- **STATE:** WV
- **ZIP:** 25438
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 325 CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001873893

**ORGANIZATION NAME:**
- **EIN:** 320588582
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-376-5325

**MAIL ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Ex-1

Exhibit 1

**<u>Transactions in Securities of the Issuer Since the Filing of Amendment No. 2</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Nature of the Transaction</u> | &nbsp;&nbsp; Amount of Securities<br> <u>Purchased/(Sold)</u> | &nbsp;&nbsp;<u>Price Per Share ($)</u> | &nbsp;&nbsp; Date of<br> <u>Purchase/Sale</u> |

---

**<u>325 CAPITAL LLC (though the Separately Managed Accounts)</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;127406 | &nbsp;&nbsp;29.4451 | &nbsp;&nbsp;05/30/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;79791 | &nbsp;&nbsp;29.3277 | &nbsp;&nbsp;06/02/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;54913 | &nbsp;&nbsp;29.3247 | &nbsp;&nbsp;06/03/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;27523 | &nbsp;&nbsp;27.9639 | &nbsp;&nbsp;06/04/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;103522 | &nbsp;&nbsp;28.2109 | &nbsp;&nbsp;06/05/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;214396 | &nbsp;&nbsp;28.0361 | &nbsp;&nbsp;06/06/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**AMERICAN PUBLIC EDUCATION INC**

*(Name of Issuer)*

**Common Stock, $0.01 par value per share**

*(Title of Class of Securities)*

**02913V103**

*(CUSIP Number)*

**Michael Braner**<br>325 Capital LLC<br>757 Third Avenue, 20th Floor<br>New York NY 10017<br>646-774-2904

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/02/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 Capital Master Fund LP** | Name of reporting person<br>**325 Capital Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**347498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**347498.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**347498.00** | Aggregate amount beneficially owned by each reporting person<br>**347498.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.9%** | Percent of class represented by amount in Row (11)<br>**1.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 Capital GP, LLC** | Name of reporting person<br>**325 Capital GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**347498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**347498.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**347498.00** | Aggregate amount beneficially owned by each reporting person<br>**347498.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.9%** | Percent of class represented by amount in Row (11)<br>**1.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 CAPITAL LLC** | Name of reporting person<br>**325 CAPITAL LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1551748.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1551748.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.6%** | Percent of class represented by amount in Row (11)<br>**8.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Braner Michael David** | Name of reporting person<br>**Braner Michael David** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1551748.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1551748.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.6%** | Percent of class represented by amount in Row (11)<br>**8.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**FRIEDBERG DANIEL M.** | Name of reporting person<br>**FRIEDBERG DANIEL M.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1551748.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1551748.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.6%** | Percent of class represented by amount in Row (11)<br>**8.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **02913V103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shrivastava Anil K** | Name of reporting person<br>**Shrivastava Anil K** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1551748.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1551748.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | Aggregate amount beneficially owned by each reporting person<br>**1551748.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.6%** | Percent of class represented by amount in Row (11)<br>**8.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 par value per share

**(b) Name of Issuer:**
AMERICAN PUBLIC EDUCATION INC

**(c) Address of Issuer's Principal Executive Offices:**
111 W CONGRESS STREET, CHARLES TOWN, WV, 25414

This Amendment No. 6 ("Amendment No. 6") amends the statement on Schedule 13D originally filed by the Reporting Persons on March 31, 2023, as amended (the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 6 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each capitalized term used but not defined in this Amendment No. 6 shall have the meaning assigned to such term in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated to read as follows:

As of the close of business on June 6, 2025, the Reporting Persons beneficially owned an aggregate of 1,551,748 Shares, which represented 8.6% of the outstanding Shares, based upon 18,039,666 Shares outstanding as of May 9, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 12, 2025.

The aggregate beneficial ownership reflected in the remainder of this Item 5, and in the cover pages, reflect beneficial ownership as of the close of business on June 6, 2025.

**(b)**
Item 5(b) is hereby amended and restated to read as follows:

Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 1,551,748
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 1,551,748

The power to vote or to direct the vote or to dispose or direct the disposition of the Shares reported herein is shared among the Reporting Persons, including the 1,181,005 Shares held in the SMAs, the 347,498 Shares held by 325 Master Fund, the 23,245 Shares awarded to Mr. Braner in connection with his service on the Board, and the 3,752 Shares underlying certain shares of Restricted Stock awarded to Mr. Braner in connection with his service on the Board, which have voting rights but have not yet vested and will vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2026 annual meeting of stockholders, as described in Item 3.

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

The transactions in the Shares by the Reporting Persons since the filing of Amendment No. 5 are set forth in Exhibit 1 attached hereto and are incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 Capital Master Fund LP

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member of 325 Capital GP, LLC, its General Partner

**Date:** 06/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 Capital GP, LLC

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member

**Date:** 06/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 CAPITAL LLC

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member

**Date:** 06/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Braner Michael David

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner

**Date:** 06/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** FRIEDBERG DANIEL M.

**Signature:** /s/ Daniel Friedberg

**Name/Title:** Daniel Friedberg

**Date:** 06/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shrivastava Anil K

**Signature:** /s/ Anil Shrivastava

**Name/Title:** Anil Shrivastava

**Date:** 06/06/2025