Investor Presentaiton

Capitalization & Liquidity apei AMERICAN PUBLIC EDUCATION, INC. ($ in millions) 12/31/2022 6/30/2023 Cash $ 129 $ 139 ($ in millions) (-) Restricted cash (27) (27) Annualized Annualized Outstanding Unrestricted cash $ 103 $ 113 (1) Financing Costs Amount Rate Interest expense $ 9.6 $ 99 9.7% Term Loan (principal) $ 99 $ 99 Preferred dividends $ 5.9 $ 40 14.8% Revolver, drawn I Dividends & interest $ 15.5 $ 139 11.1% Total Debt $ 99 $ 99 Cash (net of debt) 3 $ 14 (1) Includes effective interest rate, net of hedge, for Term Loan and represents the annualized YTD 2Q23 amount for Preferred Equity Preferred equity $ 40 $ 40 12

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