325 CAPITAL LLC 4
4 · AMERICAN PUBLIC EDUCATION INC · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
APEI 325 Capital LLC Sells 160,512 Shares (~$8.73M)
What Happened
- 325 Capital LLC (part of a group of reporting persons that includes 325 Capital Master Fund, 325 Capital GP, and individuals including director Michael Braner) sold a total of 160,512 shares of American Public Education, Inc. (APEI) in open‑market transactions on March 19–20, 2026. The sales totaled approximately $8,726,077.
- Transaction breakdown:
- Mar 19, 2026: 10,477 shares @ $54.20 = $567,902
- Mar 19, 2026: 80,333 shares @ $54.79 = $4,401,509
- Mar 19, 2026: 4,702 shares @ $55.55 = $261,205
- Mar 20, 2026: 62,100 shares @ $53.74 = $3,337,111
- Mar 20, 2026: 2,900 shares @ $54.60 = $158,350
- These are sales (Form 4 transaction code S). Because the reporting group includes an entity whose managing member (Michael Braner) is a company director, the filing discloses both the institutional seller and the director relationship.
Key Details
- Transaction dates: March 19–20, 2026; Filing date: March 23, 2026 (Form 4 accession 0000921895-26-000776).
- Prices and totals: see breakdown above; aggregate proceeds ≈ $8.73M.
- Shares owned after transaction: not specified in the provided excerpt of the filing.
- Footnotes: joint filing by 325 Capital Master Fund, 325 Capital GP, 325 Capital LLC and three individuals; disclosures note relationships (investment manager, general partner, managing members) and that some holdings may be from separately managed accounts (SMAs). Michael Braner is a director and managing member of 325.
- Filing timeliness: filing appears timely (transaction reported on 3/19; Form 4 filed 3/23, within the usual 2 business‑day window).
Context
- These were open‑market sales by an institutional/affiliate group rather than a straightforward one-off personal sale by an individual insider; the filing includes disclaimers about beneficial ownership and pecuniary interests. Such disposals are common and do not by themselves indicate the director’s personal trading intent.
Insider Transaction Report
Form 4
325 CAPITAL LLC
Other
Transactions
- Sale
Common stock, $.01 par value
[F1][F5][F2]2026-03-19$54.20/sh−10,477$567,902→ 986,269 total - Sale
Common stock, $.01 par value
[F1][F6][F2]2026-03-19$54.79/sh−80,333$4,401,509→ 905,936 total - Sale
Common stock, $.01 par value
[F1][F7][F2]2026-03-19$55.55/sh−4,702$261,205→ 901,234 total - Sale
Common stock, $.01 par value
[F1][F8][F2]2026-03-20$53.74/sh−62,100$3,337,111→ 839,134 total - Sale
Common stock, $.01 par value
[F1][F9][F2]2026-03-20$54.60/sh−2,900$158,350→ 836,234 total
Holdings
- 23,245(indirect: By: Michael D. Braner)
Common stock, $.01 par value
[F1][F3] - 347,498(indirect: By: 325 Capital Master Fund LP)
Common stock, $.01 par value
[F1][F4]
Footnotes (9)
- [F1]This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
- [F2]Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.
- [F3]Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.
- [F4]Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.
- [F5]The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.2046. The range of purchase prices on the transaction date was $53.44 to $54.44 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.
- [F6]The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.7908. The range of purchase prices on the transaction date was $54.45 to $55.45 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.
- [F7]The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $55.5518. The range of purchase prices on the transaction date was $55.455 to $55.69 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.
- [F8]The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $53.7377. The range of purchase prices on the transaction date was $53.295 to $54.14 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.
- [F9]The Shares were purchased by the Reporting Person in open market transactions on the transaction date, with a volume weighted average purchase price of $54.6035. The range of purchase prices on the transaction date was $54.50 to $54.62 per share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each price.