SCHEDULE 13G 0000927971 XXXXXXXX LIVE COMMON STOCK 12/31/2025 0001013934 Strategic Education, Inc. 86272C103 2303 DULLES STATION BOULEVARD HERNDON VA 20171 Rule 13d-1(b) Bank of Montreal Z4 1086672 0 1476841 0 1476841 N 6.28 HC BANK OF MONTREAL HOLDING INC. Z4 10386 0 10386 0 10386 N 0.04 BK BMO NESBITT BURNS INC. WEALTH MANAGEMENT Z4 0 0 0 0 0 N 0 BD BMO ASSET MANAGEMENT INC. A6 1345 0 1345 0 1345 N 0 IA BMO NESBITT BURNS INC. Z4 9041 0 9041 0 9041 N 0.03 BD 1001271606 ONTARIO INC XX 1075583 0 1465430 0 1465430 N 6.23 HC Position formerly disclosed under Burgundy Asset Management, Inc. BMO acquired Burgundy Asset Management, Inc. effective 05-Nov-2025. Burgundy Asset Management, Inc. Z4 1075583 0 1465430 0 1465430 N 6.23 IA Position formerly disclosed under Burgundy Asset Management, Inc. BMO acquired Burgundy Asset Management, Inc. effective 05-Nov-2025. Strategic Education, Inc. 2303 DULLES STATION BOULEVARD, HERNDON, VIRGINIA 20171 Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC. 1001271606 ONTARIO INC Burgundy Asset Management, Inc. 1 First Canadian Place Toronto, Ontario, Canada M5X1A1 Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL) 1001271606 ONTARIO INC - UNKNOWN Burgundy Asset Management, Inc. - CANADA (FEDERAL LEVEL) N BD BK IA HC 1,476,841 6.28 Bank of Montreal - 1,086,672 BANK OF MONTREAL HOLDING INC. - 10,386 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 1,345 BMO NESBITT BURNS INC. - 9,041 1001271606 ONTARIO INC - 1,075,583 Burgundy Asset Management, Inc. - 1,075,583 Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 0 1001271606 ONTARIO INC - 0 Burgundy Asset Management, Inc. - 0 Bank of Montreal - 1,476,841 BANK OF MONTREAL HOLDING INC. - 10,386 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 1,345 BMO NESBITT BURNS INC. - 9,041 1001271606 ONTARIO INC - 1,465,430 Burgundy Asset Management, Inc. - 1,465,430 Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 0 1001271606 ONTARIO INC - 0 Burgundy Asset Management, Inc. - 0 Y Y N See Documents N Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. N Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Bank of Montreal Kathryn Cenac 02/12/2026 BANK OF MONTREAL HOLDING INC. Kathryn Cenac 02/12/2026 BMO NESBITT BURNS INC. WEALTH MANAGEMENT Kathryn Cenac 02/12/2026 BMO ASSET MANAGEMENT INC. Kathryn Cenac 02/12/2026 BMO NESBITT BURNS INC. Kathryn Cenac 02/12/2026 1001271606 ONTARIO INC Kathryn Cenac 02/12/2026 Burgundy Asset Management, Inc. Kathryn Cenac 02/12/2026