SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Juniper Investment Company, LLC (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LINCOLN EDUCATIONAL SERVICES CORP [ LINC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 11/30/2022
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/30/2022		J(1)		1,483,052	A	$2.36(2)	2,363,311	I	Juniper Targeted Opportunity Fund, L.P.(3)(4)
Common Stock	11/30/2022		J(1)		3,262,714	A	$2.36(2)	3,262,714	I	Juniper Targeted Opportunities, L.P.(3)(4)
Common Stock								14,000	I	Juniper Multi-Strategy Fund, L.P.(3)(4)
Common Stock								38,531	I	John A. Bartholdson(5)
Common Stock								16,393	I	Alexis P. Michas(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	$2.36(2)	11/30/2022		J(1)			3,500	(7)	(8)	Common Stock	1,483,052	$1,000	0	I	Juniper Targeted Opportunity Fund, L.P(3)(4)
Series A Convertible Preferred Stock	$2.36(2)	11/30/2022		J(1)			7,700	(7)	(8)	Common Stock	3,262,714	$1,000	0	I	Juniper Targeted Opportunities, L.P.(3)(4)

1. Name and Address of Reporting Person* Juniper Investment Company, LLC (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

1. Name and Address of Reporting Person* Juniper Targeted Opportunities, LP (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

1. Name and Address of Reporting Person* Juniper Targeted Opportunity Fund, L.P. (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

1. Name and Address of Reporting Person* Bartholdson John A. (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

1. Name and Address of Reporting Person* MICHAS ALEXIS P (Last) (First) (Middle) 555 MADISON AVENUE 24TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

Explanation of Responses:

1. Mandatory conversion by the Issuer of its Series A Convertible Preferred Stock into shares of its Common Stock exempt under SEC Rule 16b-6(b).

2. Each share of Series A Convertible Preferred Stock was converted into 423.729 shares of Common Stock for an effective price of $2.36 per share of Common Stock.

3. Juniper Investment Company, LLC ("Juniper Investment") is the investment manager of Juniper Targeted Opportunity Fund, L.P. ("Juniper Opportunity Fund") and Juniper Targeted Opportunities, L.P. ("Juniper Opportunities LP") and Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy") and may be deemed to beneficially own the securities held by them. Alexis P. Michas and John A. Bartholdson ("Managing Members") are the managing members of Juniper Investment, Juniper HF Investors II, LLC (the general partner of the Juniper Opportunity Fund) and Juniper TO Investors, LLC (the general partner of Juniper Opportunities LP) and Juniper HF Investors, LLC (the general partner of Juniper Multi-Strategy), through which the Managing Members may be deemed to have an indirect beneficial ownership with respect to the shares held by Juniper Opportunity Fund, Juniper Opportunities LP and Juniper Multi-Strategy.

4. (Footnote 3 continued). Each Reporting Person disclaims beneficial ownership of all interests reported herein except to the extent of such Reporting Person's pecuniary interests.

5. Represents securities held of record by John A. Bartholdson. Mr. Bartholdson is a director of the Issuer.

6. Represents securities held of record by Alexis P. Michas.

7. 11/14/2019 - The date on which the Series A Preferred Stock was issued.

8. None.

	Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, Managing Member of Juniper Investment Company, LLC	11/30/2022
	Juniper Targeted Opportunities, L.P., By: Juniper TO Investors, LLC, its general partner, By: /s/ John A. Bartholdson, its Managing Member	11/30/2022
	Juniper Targeted Opportunity Fund, L.P., By: Juniper HF II Investors, LLC, its general partner, By: /s/ John A. Bartholdson, its Managing Member	11/30/2022
	/s/ John A. Bartholdson	11/30/2022
	/s/ Alexis P. Michas	11/30/2022
	** Signature of Reporting Person	Date
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