AMERICAN PUBLIC EDUCATION INC — fact timeline

AMERICAN PUBLIC EDUCATION INC shareholders approved Ratification of Appointment of Independent Registered Public Accounting Firm at the 2026-05-22 meeting.

“Proposal No. 3 – Ratification of Appointment of Independent Registered Public Accounting Firm. The Company’s stockholders ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions 16,381,313 56,296 22,832”

AMERICAN PUBLIC EDUCATION INC shareholders approved Advisory Vote on the Compensation Paid to Our Named Executive Officers at the 2026-05-22 meeting.

“Proposal No. 2 – Advisory Vote on the Compensation Paid to Our Named Executive Officers. The Company’s stockholders approved, by a non-binding advisory vote, the compensation paid to the Company’s named executive officers. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions Broker Non-Votes 13,019,893 188,783 1,428,993 1,822,772”

AMERICAN PUBLIC EDUCATION INC shareholders approved Election of Directors at the 2026-05-22 meeting.

“Proposal No. 1 – Election of Directors. The Company’s stockholders elected the following persons, who were listed in the Proxy Statement, to the Board to hold office for a term expiring at the 2027 Annual Meeting of Stockholders, and until each such person’s successor is elected and qualified or until his or her earlier death, resignation or removal: Votes For Votes Against Abstentions Broker Non-Votes Granetta B. Blevins 14,355,995 276,830 4,844 1,822,772 Michael D. Braner 14,523,526 111,903 2,240 1,822,772 Anna M. Fabrega 14,522,513 112,903 2,253 1,822,772 Daniel S. Pianko 14,404,515 229,419 3,735 1,822,772 Angela K. Selden 14,584,849 50,567 2,253 1,822,772 Richard J. Statuto 14,401,329 229,326 7,014 1,822,772”

AMERICAN PUBLIC EDUCATION INC reported the first quarter ended March 31, 2026 results: revenue $174.7 million, net income $17.7 million, EPS $0.94. Guidance raised.

“foundation is built, the strategy is working, and we are just getting started.” Key First Quarter 2026 Highlights (as Compared to First Quarter 2025) · Consolidated revenue of $174.7 million, a 6.2% year-over year increase. o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have increased 8.7% when compared to the prior period. o”

AMERICAN PUBLIC EDUCATION INC reported full year 2026 results: revenue $685.0 - $695.0, net income $41.3 - $47.6, EPS $2.15 per - $2.47 per share. Guidance initiated.

“Full Year 2026 Full Year 2025 Revenue $685.0 - $695.0 $648.9 Net Income Available to Common Stockholders $41.3 - $47.6 $25.3 Adjusted EBITDA $91.5 - $100.5 $85.7 Diluted Earnings per Share $2.15 per - $2.47 per share $1.36 per share”

AMERICAN PUBLIC EDUCATION INC reported first quarter 2026 results: revenue $173.0 - $175.0, net income $11.1 - $12.2, EPS $0.58 per - $0.64 per share. Guidance initiated.

“First Quarter 2026 First Quarter 2025 APU Global Net registrations 106,600 +4.0% y/y 102,500 RU Health+ Enrollment 19,400 +7.8% y/y 18,000 Revenue $173.0 - $175.0 $164.6 Includes $3.7 of GSUSA Revenue Net Income Available to Common Stockholders $11.1 - $12.2 $7.5 Adjusted EBITDA $25.5 - $27.0 $21.2 Diluted Earnings per Share $0.58 per - $0.64 per share $0.41”

AMERICAN PUBLIC EDUCATION INC reported the twelve months ended December 31, 2025 results: revenue $648.9 million, net income $25.3 million, EPS $1.36 per share.

“Full Year 2025 Highlights (as Compared to Full Year 2024) · Consolidated revenue of $648.9 million, a 3.9% year-over year increase, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of GSUSA in July 2025. o RU segment revenue growth of 13.9% year-over-year to $246.2 million, primarily driven by increased enrollments . o HCN segment revenue growth of 11.4% year-over-year to $75.0 million, primarily driven by increased enrollments. o APUS segment revenue growth of 0.9% year-over-year to $319.8 million, impacted by the federal government shutdown in the fourth quarter of 2025. · Net income available to common stockholders increased 151.6% to $25.3 million, compared to $10.1 million. · Adjusted EBITDA increased 18.6% to $85.7 million. · Net income per diluted common share increased 147.3% to $1.36 per share, compared to $0.55 per share.”

AMERICAN PUBLIC EDUCATION INC reported the three months ended December 31, 2025 results: revenue $158.3 million, net income $12.6 million, EPS $0.67.

“Consolidated revenue of $158.3 million, a 3.5% year-over year decrease, reflecting the effects of the federal government shutdown in the fourth quarter of 2025 and the sale of Graduate School USA (“GSUSA”) in July 2025. o Rasmussen University (“RU”) segment revenue growth of 15.9% year-over-year to $66.6 million, primarily driven by increased enrollments . o Hondros College of Nursing (“HCN”) segment revenue growth of 9.5% year-over-year to $20.7 million, primarily driven by increased enrollments . o American Public University System (“APUS”) segment revenue decreased 13.8%, primarily driven by the government shutdown in the fourth quarter of 2025. o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have been flat when compared to the prior year period. · Net income available to common stockholders increased 9.6% to $12.6 million, compared to $11.5 million. · Adjusted EBITDA decreased 8.6% to $28.7 million, impacted by the government shutdown in the fou”

AMERICAN PUBLIC EDUCATION INC: Filed Certificate of Elimination to remove all matters related to Series A Senior Preferred Stock from the Charter (effective 2025-06-23).

“On June 23, 2025, American Public Education, Inc. (the “Company”) filed a Certificate of Elimination (the “Certificate of Elimination”) to its Fifth Amended and Restated Certificate of Incorporation (the “Charter”) with the Secretary of State of the State of Delaware eliminating from the Charter all matters set forth in the Certificate of Designation of Series A Senior Preferred Stock, as filed with the Secretary of State of the State of Delaware on December 28, 2022, with respect to its Series A Senior Preferred Stock, $0.01 par value per share (the “Preferred Stock”).”

Richard W. Sunderland, Jr. departed as Executive Vice President, Chief Financial Officer at AMERICAN PUBLIC EDUCATION INC.

“Richard W. Sunderland, Jr., the Company’s current Executive Vice President, Chief Financial Officer, is expected to continue to serve until ninety (90) days after his successor commences employment with the Company”

AMERICAN PUBLIC EDUCATION INC updated its full year 2024 guidance (raised).

“· Increasing guidance for full year Revenue and Adjusted EBITDA”

AMERICAN PUBLIC EDUCATION INC reported three months ended March 31, 2024 results: revenue $154.4 million, net income ($1.0) million, EPS ($0.06).

“· Consolidated revenue for Q1 2024 increased 3.2% year-over-year to $154.4 million. · Net loss available to common stockholders in Q1 2024 was ($1.0) million, compared to a net loss available to common stockholders of ($7.2) million in the prior year period. · Net loss per diluted common share in Q1 2024 was ($0.06), compared to a net loss per diluted common share of ($0.38) in the same period of 2023.”

AMERICAN PUBLIC EDUCATION INC reported for the quarter and year ended December 31, 2023 results: revenue $152.8 million, net income Net income available to common stockholders was $11.5 million, EPS Net income per diluted common share was $0.64.

“(Nasdaq: APEI) announced financial results for the quarter and year ended December 31, 2023. Fourth Quarter Highlights: · Consolidated revenue increased 0.2% year-over-year to $152.8 million. · Net income available to common stockholders was $11.5 million, compared to a net loss available to common stockholders of $6.6 million in the prior year period. · Net income”

AMERICAN PUBLIC EDUCATION INC reported quarter ended September 30, 2023 results: revenue $150.8 million, net income Net loss was $3.3 million, EPS Net loss per diluted common share was $0.27.

“· Consolidated revenue increased 0.9% year-over-year to $150.8 million. · Net loss was $3.3 million, compared to net loss of $3.8 million in the prior year period. The loss includes a $5.2 million non-cash investment loss on a 2012 APEI minority equity investment in a company that has entered into an agreement to be sold resulting in no proceeds to APEI. · Net loss per diluted common share was $0.27, compared to a net loss per diluted common share of $0.20 in the same period of 2022.”

Barbara ‘Bobbi’ L. Kurshan departed as Director at AMERICAN PUBLIC EDUCATION INC.

“On August 8, 2023, Jean C. Halle and Barbara “Bobbi” L. Kurshan each informed the Company that they will not stand for re-election to the Board of Directors of the Company (the “Board”) at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”).”

Jean C. Halle departed as Director at AMERICAN PUBLIC EDUCATION INC.

“On August 8, 2023, Jean C. Halle and Barbara “Bobbi” L. Kurshan each informed the Company that they will not stand for re-election to the Board of Directors of the Company (the “Board”) at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”).”

Jeff Tognola departed as Executive Vice President, Chief Experience Officer at AMERICAN PUBLIC EDUCATION INC.

“Jeff Tognola determined on July 3, 2023 that Mr. Tognola will step down from his role as Executive Vice President, Chief Experience Officer, effective July 21, 2023.”

AMERICAN PUBLIC EDUCATION INC shareholders approved Ratification of Appointment of Independent Registered Public Accounting Firm at the 2023-05-19 meeting.

“Proposal No. 6 – Ratification of Appointment of Independent Registered Public Accounting Firm. The Company’s stockholders ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions Broker Non-Votes 15,621,049 70,435 3,509 0”

AMERICAN PUBLIC EDUCATION INC shareholders approved Advisory Vote on the Frequency of Future Advisory Votes on Compensation of Our Named Executive Officers at the 2023-05-19 meeting.

“Proposal No. 5 – Advisory Vote on the Frequency of Future Advisory Votes on Compensation of Our Named Executive Officers. The Company’s stockholders voted, on an advisory (non-binding) basis, on the frequency of future advisory stockholder votes on the compensation of the Company’s named executive officers. The votes regarding this proposal were as follows: 1 Year 2 Years 3 Years Abstentions 12,309,591 15 858,487 5,332”

AMERICAN PUBLIC EDUCATION INC shareholders approved Advisory Vote on the Compensation of Our Named Executive Officers at the 2023-05-19 meeting.

“Proposal No. 4 – Advisory Vote on the Compensation of Our Named Executive Officers. The Company’s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company’s named executive officers. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions Broker Non-Votes 10,787,979 1,229,713 1,155,733 2,521,568”

AMERICAN PUBLIC EDUCATION INC shareholders approved Approval of the Employee Stock Purchase Plan Amendment at the 2023-05-19 meeting.

“Proposal No. 3 – Approval of the ESPP Amendment. The Company’s stockholders approved the ESPP Amendment. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions Broker Non-Votes 11,801,507 362,994 1,008,924 2,521,568”

AMERICAN PUBLIC EDUCATION INC shareholders approved Approval of the 2017 Omnibus Incentive Plan Amendment at the 2023-05-19 meeting.

“Proposal No. 2 – Approval of the 2017 Amendment. The Company’s stockholders approved the 2017 Plan Amendment. The votes regarding this proposal were as follows: Votes For Votes Against Abstentions Broker Non-Votes 10,812,723 1,351,799 1,008,903 2,521,568”

AMERICAN PUBLIC EDUCATION INC shareholders approved Election of Directors at the 2023-05-19 meeting.

“Proposal No. 1 – Election of Directors. The Company’s stockholders elected the following persons, who were listed in the Proxy Statement, to the Board to hold office for a term expiring at the 2024 Annual Meeting of Stockholders, and until each such person’s successor is elected and qualified or until his or her earlier death, resignation or removal: Votes For Votes Against Abstentions Broker Non-Votes Eric C. Andersen 12,734,448 289,824 149,153 2,521,568 Granetta B. Blevins 10,360,823 2,663,339 149,263 2,521,568 Michael D. Braner 12,933,479 78,582 161,364 2,521,568 Anna M. Fabrega 12,927,088 84,973 161,364 2,521,568 Jean C. Halle 12,806,361 218,458 148,606 2,521,568 James Kenigsberg 12,918,455 93,606 161,364 2,521,568 Barbara L. Kurshan 12,892,296 132,523 148,606 2,521,568 Daniel S. Pianko 12,897,254 127,018 149,153 2,521,568 William G. Robinson, Jr. 12,905,234 119,585 148,606 2,521,568 Angela K. Selden 12,710,982 460,065 2,378 2,521,568”

AMERICAN PUBLIC EDUCATION INC reported the three months ended March 31, 2023 results: revenue $149.7 million, net income loss available to common stockholders was $7.2 million, EPS loss per diluted common share was $0.38.

“31, 2023. First Quarter Highlights: · APUS, Hondros, and Graduate School all produced year-over-year enrollment growth · Consolidated revenue decreased 3.3% year-over-year to $149.7 million. · Total cash and cash equivalents was approximately $136.2 million, compared to $129.5 million as of December 31, 2022, representing an increase of $6.7 million or 5.2%. · Net”

AMERICAN PUBLIC EDUCATION INC reported first quarter of 2023 results: revenue $148.1 million to $150.1 million. Guidance lowered.

“revenue guidance, which when originally issued on March 14, 2023 reflected a clerical error. The first quarter 2023 consolidated revenue guidance range should have been $148.1 million to $150.1 million, compared to the previously issued range of $155.1 million to $157.1 million. The error did not impact other forecast amounts. Preliminary1Q23 Outlook Update”

Michael D. Braner was appointed as Director at AMERICAN PUBLIC EDUCATION INC.

“On March 20, 2023, the Board of Directors (the “Board”) of American Public Education, Inc. (the “Company”) appointed Michael D.. Braner to serve as a director of the Company for a term expiring at the 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”) and until a successor is duly elected and qualified, effective March 28, 2023.”

AMERICAN PUBLIC EDUCATION INC reported quarter ended December 31, 2022 (three months ended December 31, 2022) results: revenue $152.4 million, net income net loss available to common stockholders of $6.6 million, EPS $(0.35) per diluted share (net loss per diluted common share of $0.35).

“Inc. (Nasdaq: APEI) announced financial results for the quarter ended December 31, 2022. Fourth Quarter Highlights: • Consolidated revenue decreased 1.0% year over year to $152.4 million • At December 31, 2022, total unrestricted cash and cash equivalents of approximately $102.6 million represents a decrease of $20.0 million from December 31, 2021 • Net loss”

AMERICAN PUBLIC EDUCATION INC entered into Purchase Agreement with affiliates of Redwood Capital Management, LLC and MSD Partners, L.P. valued at $40 million (effective 2022-12-28).

“On December 28, 2022 (the “ Closing Date ”), American Public Education, Inc. (the “ Company ”) announced that it had sold $40 million of its newly designated Series A Senior Preferred Stock, $0.01 par value per share (the “ Preferred Stock ”), to affiliates of Redwood Capital Management, LLC and MSD Partners, L.P., affiliates of each of which are existing common stockholders of the Company (the “ Investors ”). The sale of the Preferred Stock was consummated on the Closing Date pursuant to a purchase agreement (the “ Purchase Agreement ”) among the Company and the Investors.”

AMERICAN PUBLIC EDUCATION INC: Amended and restated bylaws to address universal proxy rules, limit stockholder nominees, refine advance notice provisions, address procedural matters, add forum selection provisions, and make other technical changes (effective 2022-12-22).

“On December 22, 2022, in connection with a periodic review of the Company’s corporate governance documents, the adoption of rules relating to universal proxy cards (the “Universal Proxy Rules”), and changes to the Delaware General Corporation Law, the Board approved amended and restated bylaws (as amended and restated, the “Bylaws”), effective immediately, that among other things: · address the Universal Proxy Rules, including requiring stockholders providing notice under the Universal Proxy Rules to provide the information required by and evidence of compliance with the rules; · limit the number of nominees proposed by a stockholder to the total number of directors to be elected at the meeting; · refine advance notice provisions, including requiring (i) additional information and representations from nominating or proposing stockholders and nominees and (ii) updates to nominating or proposing information to ensure it remains accurate; · address procedural matters such as adjournment a”

Vincent Stewart resigned as Director at AMERICAN PUBLIC EDUCATION INC.

“On December 9, 2022, Lieutenant General (Retired) Vincent Stewart tendered his resignation from the Board of Directors (the “Board”) of American Public Education, Inc. (the “Company”), effective December 31, 2022.”

AMERICAN PUBLIC EDUCATION INC reported quarter ended September 30, 2022 results: revenue $149.5 million, net income $3.8 million, EPS $0.20.

“Inc. (Nasdaq: APEI) announced financial results for the quarter ended September 30, 2022. Third Quarter Highlights: • Consolidated revenue increased 52% year-over-year to $149.5 million • Total cash and cash equivalents was approximately $185.5 million, compared to $149.6 million as of December 31, 2021, representing increase of $35.9 million or 24.0% • Our”

Patrik U. Dyberg departed as Executive Vice President and Chief Technology Officer at AMERICAN PUBLIC EDUCATION INC.

“American Public Education, Inc. (the “Company”) and Patrik U. Dyberg determined on July 19, 2022 that Mr. Dyberg will be stepping down from his role as Executive Vice President and Chief Technology Officer, effective July 29, 2022.”

James Kenigsberg was appointed as Director at AMERICAN PUBLIC EDUCATION INC.

“On June 13, 2022, the Board of Directors (the “Board”) of American Public Education, Inc. (the “Company”) appointed James Kenigsberg to serve as a director of the Company”

Katherine Zatz was appointed as Acting President at AMERICAN PUBLIC EDUCATION INC.

“Dr. Katherine Zatz, the former Chairwoman of the APUS Board of Trustees, has been appointed Acting President, effective November 4, 2021.”

Wade T. Dyke departed as President at AMERICAN PUBLIC EDUCATION INC.

“Dr. Wade T. Dyke will be stepping down from his role as President”