American Public Education, Inc.
MX ˙ BMV ˙ US02913V1035
SecurityMX:APEI / American Public Education, Inc.
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership10,100 shares
Latest Disclosed Value $ 381,780
Two Sigma Advisers, Lp reports 18.82% increase in ownership of APEI / American Public Education, Inc.

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 10,100 shares of American Public Education, Inc. (MX:APEI) valued at $381,780 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 8,500 shares of American Public Education, Inc.. This represents a change in shares of 18.82% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F AMERICAN PUB ED COM 02913V103 10,100 1,600 18.82 382 13.73 0.0007
2025-11-14 2025-09-30 13F AMERICAN PUB ED COM 02913V103 8,500 -5,800 -40.56 335 -22.99 0.0007
2025-08-14 2025-06-30 13F AMERICAN PUB ED COM 02913V103 14,300 600 4.38 436 42.62 0.0009
2025-05-15 2025-03-31 13F AMERICAN PUB ED COM 02913V103 13,700 0 0.00 306 3.39 0.0007
2025-02-14 2024-12-31 13F AMERICAN PUB ED COM 02913V103 13,700 -6,200 -31.16 296 0.68 0.0007
2024-11-14 2024-09-30 13F AMERICAN PUB ED COM 02913V103 19,900 -23,700 -54.36 294 -61.75 0.0007
2024-08-14 2024-06-30 13F AMERICAN PUB ED COM 02913V103 43,600 -15,700 -26.48 766 -9.03 0.0017
2024-05-15 2024-03-31 13F AMERICAN PUB ED COM 02913V103 59,300 -2,400 -3.89 842 41.51 0.0020
2024-02-14 2023-12-31 13F AMERICAN PUB ED COM 02913V103 61,700 -11,000 -15.13 595 64.36 0.0014
2023-11-14 2023-09-30 13F AMERICAN PUB ED COM 02913V103 72,700 -8,600 -10.58 362 -5.97 0.0009
2023-08-14 2023-06-30 13F AMERICAN PUB ED COM 02913V103 81,300 -48,000 -37.12 385 -45.00 0.0010
2023-05-15 2023-03-31 13F AMERICAN PUB ED COM 02913V103 129,300 11,200 9.48 701 -51.76 0.0018
2023-02-14 2022-12-31 13F AMERICAN PUB ED COM 02913V103 118,100 32,000 37.17 1,451 84.37 0.0041
2022-11-14 2022-09-30 13F AMERICAN PUB ED COM 02913V103 86,100 86,100 787 0.0023
2022-02-14 2021-12-31 13F AMERICAN PUB ED COM 02913V103 0 -16,600 -100.00 0 -100.00
2021-11-15 2021-09-30 13F AMERICAN PUB ED COM 02913V103 16,600 -24,888 -59.99 425 -63.86 0.0011
2021-08-16 2021-06-30 13F AMERICAN PUB ED COM 02913V103 41,488 0 0.00 1,176 -20.43 0.0031
2021-05-17 2021-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 41,488 16,200 64.06 1,478 91.70 0.0041
2021-02-16 2020-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 25,288 -10,100 -28.54 771 -22.75 0.0021
2020-11-16 2020-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 35,388 -12,403 -25.95 998 -29.47 0.0029
2020-09-15 2020-06-30 13F/A-1 AMERICAN PUBLIC EDUCATION IN COM 02913V103 47,791 -4,200 -8.08 1,415 13.75 0.0042
2020-08-14 2020-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 47,791 -4,200 1,415 4,088.8801
2020-05-15 2020-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 51,991 -8,200 -13.62 1,244 -24.56 0.0048
2020-02-14 2019-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 60,191 19,400 47.56 1,649 81.01 0.0038
2019-11-14 2019-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 40,791 -21,000 -33.99 911 -50.16 0.0022
2019-08-14 2019-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 61,791 -5,199 -7.76 1,828 -9.42 0.0045
2019-05-15 2019-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 66,990 -20,000 -22.99 2,018 -18.50 0.0051
2019-02-14 2018-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 86,990 -12,160 -12.26 2,476 -24.44 0.0068
2018-11-14 2018-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 99,150 7,500 8.18 3,277 -15.06 0.0080
2018-08-14 2018-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 91,650 32,400 54.68 3,858 51.41 0.0104
2018-05-15 2018-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 59,250 5,300 9.82 2,548 88.60 0.0069
2018-02-14 2017-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 53,950 1,400 2.66 1,351 22.15 0.0036
2017-11-14 2017-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 52,550 -1,300 -2.41 1,106 -13.19 0.0031
2017-08-14 2017-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 53,850 1,200 2.28 1,274 5.64 0.0042
2017-05-15 2017-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 52,650 -4,014 -7.08 1,206 -13.30 0.0040
2017-02-14 2016-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 56,664 -17,224 -23.31 1,391 -4.99 0.0053
2016-11-14 2016-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 73,888 -7,100 -8.77 1,464 -35.68 0.0062
2016-08-15 2016-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 80,988 -15,700 -16.24 2,276 14.09 0.0116
2016-05-16 2016-03-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 96,688 17,200 21.64 1,995 34.89 0.0112
2016-02-16 2015-12-31 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 79,488 5,800 7.87 1,479 -13.56 0.0088
2015-11-16 2015-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 73,688 1,400 1.94 1,711 -7.96 0.0108
2016-02-09 2015-06-30 13F/A-1 AMERICAN PUBLIC EDUCATION IN COMMON STOCK 02913V103 72,288 300 0.42 1,859 -13.86 0.0143
2015-08-14 2015-06-30 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 70,988 1,809
2016-02-09 2015-03-31 13F/A-1 AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 71,988 -31,450 -30.40 2,158 -43.42 0.0166
2015-05-15 2015-03-31 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 65,488 1,991
2016-02-09 2014-12-31 13F/A-1 AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 103,438 23,550 29.48 3,814 76.90 0.0305
2015-02-17 2014-12-31 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 99,938 3,659
2016-02-09 2014-09-30 13F/A-1 AMERICAN PUBLIC EDUCATION IN COM 02913V103 79,888 -4,700 -5.56 2,156 -25.86 0.0170
2014-11-14 2014-09-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 79,888 2,162
2016-02-09 2014-06-30 13F/A-1 AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 84,588 5,400 6.82 2,908 4.68 0.0234
2014-08-14 2014-06-30 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 84,588 2,908
2014-05-15 2014-03-31 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 79,188 -10,200 -11.41 2,778 -28.46 0.0253
2014-02-14 2013-12-31 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 89,388 66,900 297.49 3,883 356.82 0.0375
2013-11-14 2013-09-30 13F AMERICAN PUBLIC EDUCATION COMMON STOCK 02913V103 22,488 9,200 69.24 850 72.06 0.0101
2013-08-14 2013-06-30 13F AMERICAN PUBLIC EDUCATION IN COM 02913V103 13,288 13,288 494 0.0071
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.