SCHEDULE 13G/A 0001901865 XXXXXXXX LIVE 1 Common Stock, $.01 par value 12/31/2025 0001201792 AMERICAN PUBLIC EDUCATION INC 02913V103 111 W Congress Street Charles Town WV 25414 Rule 13d-1(c) Divisadero Street Capital Management, LP b DE 0.00 1671558.00 0.00 1671558.00 1671558.00 N 9.2 IA PN William Zolezzi b X1 0.00 1671558.00 0.00 1671558.00 1671558.00 N 9.2 HC IN Divisadero Street Partners, L.P. b DE 0.00 1586558.00 0.00 1586558.00 1586558.00 N 8.8 PN Divisadero Street Partners GP, LLC b DE 0.00 1586558.00 0.00 1586558.00 1586558.00 N 8.8 HC OO Divisadero Street Capital, LLC b DE 0.00 1671558.00 0.00 1671558.00 1671558.00 N 9.2 HC OO AMERICAN PUBLIC EDUCATION INC 111 W Congress Street, Charles Town, WV 25414 Divisadero Street Capital Management, LP William Zolezzi Divisadero Street Partners, L.P. Divisadero Street Partners GP, LLC Divisadero Street Capital, LLC Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 William Zolezzi c/o Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners, L.P. 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners GP, LLC 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Capital, LLC 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Capital Management, LP - Delaware William Zolezzi - United States Divisadero Street Partners, L.P. - Delaware Divisadero Street Partners GP, LLC - Delaware Divisadero Street Capital, LLC - Delaware Y Divisadero Street Capital Management, LP - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558 Divisadero Street Capital Management, LP - 9.2% William Zolezzi - 9.2% Divisadero Street Partners, L.P. - 8.8% Divisadero Street Partners GP, LLC - 8.8% Divisadero Street Capital, LLC - 9.2% Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0 Divisadero Street Capital Management, LP - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558 Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0 Divisadero Street Capital Management, LP - 1,671,558 William Zolezzi - 1,671,558 Divisadero Street Partners, L.P. - 1,586,558 Divisadero Street Partners GP, LLC - 1,586,558 Divisadero Street Capital, LLC - 1,671,558 Y N All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock, $0.01 par value. N Please see Exhibit B attached hereto. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification Divisadero Street Capital Management, LP By: Divisadero Street Capital LLC, its general partner, By: /s/ William Zolezzi 02/13/2026 William Zolezzi By: /s/ William Zolezzi 02/13/2026 Divisadero Street Partners, L.P. By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi 02/13/2026 Divisadero Street Partners GP, LLC By: /s/ William Zolezzi 02/13/2026 Divisadero Street Capital, LLC By: /s/ William Zolezzi 02/13/2026 * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.