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Investment manager Dodge & Cox reported beneficial ownership of 12,814,010 shares, or 12.1%, of SBA Communications Corp. (SBAC) Class A common stock for the September 30, 2026 event date. Dodge & Cox reported sole voting power over 12,149,625 shares and sole dispositive power over 12,814,010 shares. Its clients have the right to receive or direct dividends and sale proceeds; Dodge & Cox Stock Fund had an interest in 8,100,200 shares, or 7.6% of the class.
Key Figures
Beneficially owned shares:12,814,010 sharesPercent of class beneficially owned:12.1%Sole voting power:12,149,625 shares+3 more
6 metrics
Beneficially owned shares12,814,010 sharesDodge & Cox; September 30, 2026 event date
Percent of class beneficially owned12.1%Dodge & Cox; September 30, 2026 event date
Sole voting power12,149,625 sharesDodge & Cox
Sole dispositive power12,814,010 sharesDodge & Cox
Stock Fund interest8,100,200 sharesDodge & Cox Stock Fund
Stock Fund interest as percent of class7.6%Dodge & Cox Stock Fund
Key Terms
beneficially owned, Sole Voting Power, Sole Dispositive Power
3 terms
beneficially ownedregulatory
"Amount beneficially owned: 12,814,010"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole Voting Powerregulatory
"Sole Voting Power: 12,149,625"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powerregulatory
"Sole Dispositive Power: 12,814,010"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many SBAC shares did Dodge & Cox report beneficially owning?
Dodge & Cox reported beneficial ownership of 12,814,010 SBAC Class A shares, or 12.1% of the class, for the September 30, 2026 event date.
How much SBAC stock did Dodge & Cox Stock Fund have an interest in?
Dodge & Cox Stock Fund had an interest in 8,100,200 shares, or 7.6% of the class. Dodge & Cox’s clients have the right to receive or direct dividends and proceeds from sales of the securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
SBA COMMUNICATIONS CORPORATION
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
78410G104
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
78410G104
1
Names of Reporting Persons
Dodge & Cox
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
12,149,625.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
12,814,010.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,814,010.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SBA COMMUNICATIONS CORPORATION
(b)
Address of issuer's principal executive offices:
8051 Congress Avenue, Boca Raton, Florida 33487
Item 2.
(a)
Name of person filing:
Dodge & Cox
(b)
Address or principal business office or, if none, residence:
555 California Street 40th Floor, San Francisco, CA 94104
(c)
Citizenship:
California, USA
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP No.:
78410G104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
12,814,010
(b)
Percent of class:
12.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
12,149,625
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
12,814,010
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, SBA COMMUNICATIONS CORPORATION.
Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 8,100,200 or 7.6%, of the class of securities reported herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
