AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

BRIDGEWAY CAPITAL MANAGEMENT, LLC's Holding History (CIK: 0001107261)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 250,764 Value ($000) $9,479 Avg Close $35.80 Range $30.20 - $39.83

Q3 2025

Shares 284,057 Value ($000) $11,212 Avg Close $31.74 Range $27.74 - $39.73

Q2 2025

Shares 286,313 Value ($000) $8,721 Avg Close $26.44 Range $20.75 - $31.62

Q1 2025

Shares 175,287 Value ($000) $3,912 Avg Close $21.67 Range $18.77 - $25.60

Q4 2024

Shares 209,616 Value ($000) $4,521 Avg Close $17.98 Range $13.45 - $23.84

Q3 2024

Shares 205,292 Value ($000) $3,028 Avg Close $16.37 Range $11.80 - $20.96

Q2 2024

Shares 219,304 Value ($000) $3,855 Avg Close $15.70 Range $12.24 - $21.04

Q1 2024

Shares 193,592 Value ($000) $2,749 Avg Close $11.75 Range $9.65 - $16.39

Q4 2023

Shares 104,608 Value ($000) $1,009 Avg Close $6.36 Range $4.05 - $10.20

Q3 2023

Shares 69,600 Value ($000) $347 Avg Close $5.12 Range $4.43 - $6.04

Q2 2023

Shares 69,600 Value ($000) $330 Avg Close $5.44 Range $3.76 - $6.86

Q1 2023

Shares 114,100 Value ($000) $618 Avg Close $10.49 Range $3.78 - $13.74

Q4 2022

Shares 105,000 Value ($000) $1,290 Avg Close $12.40 Range $8.90 - $14.22

Q3 2022

Shares 39,500 Value ($000) $361 Avg Close $12.42 Range $7.83 - $16.79

Q4 2021

Shares 70,300 Value ($000) $1,564 Avg Close $23.76 Range $18.11 - $26.66

Q3 2021

Shares 70,300 Value ($000) $1,800 Avg Close $27.39 Range $24.75 - $29.95

Q2 2021

Shares 70,300 Value ($000) $1,992 Avg Close $30.19 Range $24.97 - $36.91

Q1 2021

Shares 70,300 Value ($000) $2,505 Avg Close $31.31 Range $25.50 - $39.19

Q4 2020

Shares 95,300 Value ($000) $2,905 Avg Close $30.75 Range $25.35 - $35.92

Q3 2020

Shares 95,300 Value ($000) $2,687 Avg Close $30.40 Range $26.80 - $41.09

Q2 2020

Shares 95,300 Value ($000) $2,821 Avg Close $27.98 Range $20.56 - $34.63

Q1 2020

Shares 95,300 Value ($000) $2,281 Avg Close $24.34 Range $18.47 - $29.54

Q4 2019

Shares 95,300 Value ($000) $2,610 Avg Close $24.43 Range $21.51 - $29.00

Q3 2019

Shares 95,300 Value ($000) $2,129 Avg Close $27.45 Range $22.29 - $34.00

Q2 2019

Shares 65,300 Value ($000) $1,932 Avg Close $30.62 Range $27.85 - $34.97

Q1 2019

Shares 65,300 Value ($000) $1,967 Avg Close $30.83 Range $27.20 - $34.86

Q4 2018

Shares 65,300 Value ($000) $1,858 Avg Close $30.66 Range $26.37 - $37.00

Q3 2018

Shares 65,300 Value ($000) $2,158 Avg Close $38.29 Range $30.45 - $46.15

Q2 2018

Shares 65,300 Value ($000) $2,749 Avg Close $41.81 Range $36.55 - $45.75

Q1 2018

Shares 65,300 Value ($000) $2,808 Avg Close $30.67 Range $23.15 - $45.75

Q4 2017

Shares 60,500 Value ($000) $1,516 Avg Close $23.30 Range $19.30 - $27.40

Q3 2017

Shares 60,500 Value ($000) $1,274 Avg Close $20.33 Range $17.40 - $24.10

Q2 2017

Shares 60,500 Value ($000) $1,431 Avg Close $22.88 Range $20.65 - $26.30

Q1 2017

Shares 60,500 Value ($000) $1,385 Avg Close $23.24 Range $19.35 - $26.20

Q4 2016

Shares 23,000 Value ($000) $565 Avg Close $22.36 Range $14.75 - $27.20

Q3 2016

Shares 18,000 Value ($000) $357 Avg Close $24.22 Range $18.53 - $30.79

Q2 2016

Shares 18,000 Value ($000) $506 Avg Close $24.83 Range $19.25 - $28.64

Q1 2016

Shares 18,000 Value ($000) $371 Avg Close $17.56 Range $13.80 - $22.50

Q4 2015

Shares 18,000 Value ($000) $335 Avg Close $21.97 Range $18.56 - $25.17

Q3 2015

Shares 18,000 Value ($000) $422 Avg Close $23.89 Range $19.22 - $27.26

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	250,764	$9,479	$35.80	$30.20 - $39.83
Q3 2025	284,057	$11,212	$31.74	$27.74 - $39.73
Q2 2025	286,313	$8,721	$26.44	$20.75 - $31.62
Q1 2025	175,287	$3,912	$21.67	$18.77 - $25.60
Q4 2024	209,616	$4,521	$17.98	$13.45 - $23.84
Q3 2024	205,292	$3,028	$16.37	$11.80 - $20.96
Q2 2024	219,304	$3,855	$15.70	$12.24 - $21.04
Q1 2024	193,592	$2,749	$11.75	$9.65 - $16.39
Q4 2023	104,608	$1,009	$6.36	$4.05 - $10.20
Q3 2023	69,600	$347	$5.12	$4.43 - $6.04
Q2 2023	69,600	$330	$5.44	$3.76 - $6.86
Q1 2023	114,100	$618	$10.49	$3.78 - $13.74
Q4 2022	105,000	$1,290	$12.40	$8.90 - $14.22
Q3 2022	39,500	$361	$12.42	$7.83 - $16.79
Q4 2021	70,300	$1,564	$23.76	$18.11 - $26.66
Q3 2021	70,300	$1,800	$27.39	$24.75 - $29.95
Q2 2021	70,300	$1,992	$30.19	$24.97 - $36.91
Q1 2021	70,300	$2,505	$31.31	$25.50 - $39.19
Q4 2020	95,300	$2,905	$30.75	$25.35 - $35.92
Q3 2020	95,300	$2,687	$30.40	$26.80 - $41.09
Q2 2020	95,300	$2,821	$27.98	$20.56 - $34.63
Q1 2020	95,300	$2,281	$24.34	$18.47 - $29.54
Q4 2019	95,300	$2,610	$24.43	$21.51 - $29.00
Q3 2019	95,300	$2,129	$27.45	$22.29 - $34.00
Q2 2019	65,300	$1,932	$30.62	$27.85 - $34.97
Q1 2019	65,300	$1,967	$30.83	$27.20 - $34.86
Q4 2018	65,300	$1,858	$30.66	$26.37 - $37.00
Q3 2018	65,300	$2,158	$38.29	$30.45 - $46.15
Q2 2018	65,300	$2,749	$41.81	$36.55 - $45.75
Q1 2018	65,300	$2,808	$30.67	$23.15 - $45.75
Q4 2017	60,500	$1,516	$23.30	$19.30 - $27.40
Q3 2017	60,500	$1,274	$20.33	$17.40 - $24.10
Q2 2017	60,500	$1,431	$22.88	$20.65 - $26.30
Q1 2017	60,500	$1,385	$23.24	$19.35 - $26.20
Q4 2016	23,000	$565	$22.36	$14.75 - $27.20
Q3 2016	18,000	$357	$24.22	$18.53 - $30.79
Q2 2016	18,000	$506	$24.83	$19.25 - $28.64
Q1 2016	18,000	$371	$17.56	$13.80 - $22.50
Q4 2015	18,000	$335	$21.97	$18.56 - $25.17
Q3 2015	18,000	$422	$23.89	$19.22 - $27.26