APEI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• •our ability to maintain, develop, and grow our technology infrastructure, including with respect to any current or planned use of artificial intelligence or transform our technology infrastructure and realize the benefits of any such transformation;

• •the expected benefits of insourcing and outsourcing information technology services to our operations and third-party vendors, respectively;

• •our inability to maintain enrollments from military students, including due to changes in military activity and deployments, budgets, and government shutdowns;

• •our inability to predict whether ED will grant borrower defense to repayment, or BDTR, claims;

• In January 2025, we announced the planned combination of our three institutions, or the Combination, which will result in a combined Higher Learning Commission-accredited institution named American Public University System. Effective March 2, 2026, or the Merger Date, we completed the merger of the …

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• •our ability to maintain, develop, and grow our technology infrastructure to support our student body and remain competitive;

• •our inability to maintain enrollments from military students;

• Our wholly owned operating subsidiary institutions include the following:

• •American Public University System, Inc., referred to herein as APUS, provides online postsecondary education to approximately 89,000 adult learners, directed primarily at the needs of the military, veterans, extended military families, and other public service and service-minded communities through…

• •Rasmussen College, LLC, referred to herein as Rasmussen University, or RU, provides nursing- and health sciences-focused postsecondary education to approximately 14,900 students at 20 campuses in six states and online. As of September 30, 2025, on-ground enrollment was 6,700, of which approximately…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• In the normal course of business, we employ established policies and procedures to manage our exposure to changes in interest rates. For every 100 basis points increase in Term Secured Overnight Financing Rate, we would incur an incremental $900,000 in interest expense per year, excluding any impact…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• In the normal course of business, we employ established policies and procedures to manage our exposure to changes in interest rates. For every 100 basis points increase in Term SOFR, we would incur an incremental $1.0 million in interest expense per year, excluding any impact offset from the interes…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Name and TitleDate AdoptedCharacter of trading AgreementAggregate Number of Shares of Common Stock to be (Sold) Purchased Pursuant to Trading AgreementDuration

• Modification (March 16, 2026) (1)Rule 10b5-1 Trading Arrangement

• (1) On March 16, 2026, Mr. Beckett modified his Rule 10b5-1 trading arrangement adopted on November 24, 2025, or the Original Beckett Arrangement. A description of the material terms of the Original Beckett Arrangement is incorporated herein by reference from the Annual Report. The modification cons…

• (2) The figure presented represents shares to be sold upon the vesting of equity awards. The actual number of shares under the Modified Beckett Arrangement may be different than the aggregate number of shares listed due to tax withholdings.

• (3) The Modified Beckett Arrangement will expire upon the earlier to occur of the completion of all eligible sales during the final sale period from December 15, 2026, through December 31, 2026, and December 31, 2026.