GCM Grosvenor entities (SHEN) detail indirect changes in SHEN stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SHENANDOAH TELECOMMUNICATIONS CO/VA/ reported indirect equity award activity related to its director designee arrangement with LIF Vista, LLC and affiliated GCM Grosvenor entities. On February 18, 2026, 10,924 restricted stock units were disposed of to the issuer and an equal number of common shares were acquired through an exercise or conversion.
According to the footnotes, these securities were awarded to director James DiMola but are held for the benefit of LIF Vista or its affiliates, with transfers and any sale proceeds directed by LIF Vista. After these transactions, 4,105,126 shares of common stock were held indirectly through LIF Vista, with multiple GCM Grosvenor-related entities and Michael J. Sacks potentially deemed beneficial owners to the extent of their pecuniary interests.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
GCM Grosvenor Inc., LIF Vista, LLC, Labor Impact Fund, L.P., LIF AIV 1, L.P., GCM Investments GP, LLC, Grosvenor Capital Management Holdings, LLLP, GCM Grosvenor Holdings, LLC, GCM V, LLC, Sacks Michael Jay
Role
Director | Director | Director | Director | Director | Director | Director | Director | Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Restricted Stock Unit | 10,924 | $0.00 | -- |
| Exercise | Common Stock | 10,924 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Unit — 0 shares (Indirect, See footnote);
Common Stock — 10,924 shares (Indirect, See footnote)
Footnotes (1)
- This Form 4 is filed jointly by LIF Vista, LLC ("LIF Vista"), Labor Impact Fund, L.P. ("Labor Fund"), LIF AIV 1, L.P. ("LIF AIV"), GCM Investments GP, LLC ("GCM GP"), Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings"), GCM Grosvenor Holdings, LLC ("GCM Holdings"), GCM Grosvenor Inc. ("GCM Grosvenor"), GCM V, LLC ("GCM V") and Michael J. Sacks (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Each restricted stock unit represents a contingent right to receive one share of common stock. Represents securities awarded to James DiMola in his capacity as a director of the Issuer. Mr. DiMola currently serves as LIF Vista's director designee on the Board of Directors of the Issuer. In connection with this arrangement, any equity-based securities awarded to Mr. DiMola in his capacity as a director of the Issuer will be held by Mr. DiMola on behalf of LIF Vista or its affiliates, transferred by Mr. DiMola to LIF Vista or its affiliates, and/or sold by Mr. DiMola, with the proceeds of such sale to be remitted to LIF Vista or its affiliates, in each case as directed by LIF Vista. Accordingly, LIF Vista and the other Reporting Persons may be deemed to have a pecuniary interest in these securities when awarded to Mr. DiMola for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, and such securities were transferred by Mr. DiMola to LIF Vista upon vesting at the direction of LIF Vista. Securities owned directly by LIF Vista. Labor Fund and LIF AIV, as the owners of all the outstanding membership interests of LIF Vista, may be deemed to beneficially own such securities. GCM GP, as the managing member of LIF Vista and the general partner of each of Labor Fund and LIF AIV, may be deemed to beneficially own such securities. Grosvenor Capital Holdings, as the sole member of GCM GP, may be deemed to beneficially own such securities. GCM Holdings, as the general partner of Grosvenor Capital Holdings, may be deemed to beneficially own such securities. GCM Grosvenor, as the sole member of GCM Holdings, may be deemed to beneficially own such securities. GCM V, as a shareholder of GCM Grosvenor, may be deemed to beneficially own such securities. Mr. Sacks, as the manager of GCM V, may be deemed to beneficially own such securities.
FAQ
Who is James DiMola and how are his SHEN awards treated?
James DiMola serves as LIF Vista’s director designee on SHEN’s board. Equity-based securities awarded to him as a director are held, transferred, or sold for the benefit of LIF Vista or its affiliates, with proceeds remitted to them as directed by LIF Vista.
Do the reporting persons claim full beneficial ownership of the SHEN securities?
No. Each reporting person disclaims beneficial ownership of the SHEN securities except to the extent of their pecuniary interest. The filing states it should not be deemed an admission of beneficial ownership for Section 16 or any other purpose.
How are GCM Grosvenor entities linked to LIF Vista’s SHEN holdings?
Labor Impact Fund and LIF AIV own LIF Vista’s membership interests, with GCM Investments GP as managing member and general partner. Additional GCM Grosvenor entities and Michael J. Sacks are higher-tier owners, so they may be deemed beneficial owners of LIF Vista’s SHEN shares.
What does each restricted stock unit represent in this SHEN filing?
Each restricted stock unit represents a contingent right to receive one share of SHEN common stock. Upon vesting or settlement, these units can convert into common shares, as reflected by the 10,924-unit disposition and corresponding 10,924-share acquisition reported.