Vanguard Portfolio Management (NASDAQ: SBAC) holds 9.18% of SBA Communications

Rhea-AI Filing Summary

SBA Communications Corp had 9,718,908 shares beneficially owned by Vanguard Portfolio Management, equal to 9.18% of common stock as reported with an as-of date of 03/31/2026. The filing states Vanguard entities exercise dispositive power over these shares while voting power is limited to 12,812 shares.

The Schedule 13G includes a disclosure that the position reflects holdings across Vanguard Portfolio Management LLC and certain affiliates, including Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC.

Insights

Institutional Ownership Analyst

Vanguard holds a meaningful passive stake of 9.18% in SBA Communications.

The Schedule 13G shows 9,718,908 shares reported as beneficially owned as of 03/31/2026, with dispositive power exercised by Vanguard entities. Voting power is limited to 12,812 shares, indicating control over sales decisions is centralized but voting influence is relatively small.

Implications depend on future disclosures; subsequent amendments or a move from passive (13G) to active (13D) status would change the regulatory profile and signal activist intentions.

Regulatory Compliance Expert

The filing complies with passive investor reporting under Schedule 13G.

The statement references SEC Release No. 34-39538 and identifies the reporting persons and affiliates. It clarifies that holdings include Vanguard funds and managed accounts for which dispositive power is exercised, consistent with pooled-management reporting guidance.

Watch for any amended filings if ownership or intent changes; the signature date is 04/29/2026, with the position reported as of 03/31/2026.

Key Figures

Beneficially owned shares: 9,718,908 shares Percent of class: 9.18% Sole voting power: 12,812 shares +2 more

5 metrics

Beneficially owned shares 9,718,908 shares Amount beneficially owned as reported in Item 4

Percent of class 9.18% Percent of common stock reported in Item 4(b)

Sole voting power 12,812 shares Sole power to vote reported in Item 4(c)(i)

Sole dispositive power 9,718,908 shares Sole power to dispose reported in Item 4(c)(iii)

Filing type Schedule 13G Reported ownership classification in metadata and filing header

Key Terms

Schedule 13G, Beneficially owned, Dispositive power

3 terms

Schedule 13G regulatory

"Name of form indicating passive beneficial ownership report"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned financial

"Amount beneficially owned: 9718908"

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.

Dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 9718908"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SBA Communications Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78410G104

(CUSIP Number)

03/31/2026

(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

Vanguard Portfolio Management

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,812.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,718,908.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,718,908.00

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)

9.18 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SBA Communications Corp
(b)	Address of issuer's principal executive offices: 8051 Congress Avenue, Boca Raton, FL, 33487
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 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: 9718908
(b)	Percent of class: 9.18 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12812
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 9718908
	(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. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
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.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

How many SBA Communications (SBAC) shares does Vanguard Portfolio Management report owning?

Vanguard reports beneficial ownership of 9,718,908 shares of common stock. This position is reported as representing 9.18% of SBA Communications' class, with the share count tied to the filing's 03/31/2026 reporting date.

What voting and dispositive powers does Vanguard report for SBAC shares?

Vanguard reports 12,812 shares of sole voting power and 9,718,908 shares of sole dispositive power. The filing distinguishes limited voting authority from broader power to direct the sale or disposition of shares.

What type of SEC filing did Vanguard submit for its SBAC position?

Vanguard submitted a Schedule 13G, which indicates the stake is reported as a passive investment. The filing cites SEC Release No. 34-39538 and was signed on 04/29/2026 for holdings as of 03/31/2026.

Does the filing show Vanguard acted on behalf of other entities for SBAC holdings?

Yes. The filing states Vanguard Portfolio Management LLC exercises dispositive power for certain affiliates and Vanguard funds, including Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, over the reported shares.

Does the Schedule 13G indicate Vanguard intends activist or control actions at SBAC?

No. The filing is a Schedule 13G, which reports passive beneficial ownership. It does not state any activist intent; any change in intent would typically appear in an amended filing such as a Schedule 13D.