LIF Vista reports 7.4% stake in Shenandoah Tel

LIF Vista and related GCM Grosvenor entities report a significant ownership position in Shenandoah Telecommunications common stock.

Rhea-AI Filing Summary

LIF Vista and related GCM Grosvenor entities report a significant ownership position in Shenandoah Telecommunications common stock. They beneficially own 4,116,050 shares, or about 7.4% of the 55,322,001 shares outstanding as of April 24, 2026. Most of these shares, 4,100,375, were received in exchange for Class A units of Horizon Acquisition Parent LLC, with an additional 15,675 shares tied to a director designee’s board service. The amendment also notes that, effective June 8, 2026, James DiMola resigned from the board and was replaced by Matthew Rinklin as a Class 3 director under an Investor Rights Agreement, with Rinklin serving until the 2027 annual meeting. No reporting person has traded Shenandoah shares in the past 60 days, and there is a letter agreement requiring any equity awards to Rinklin as director to be held for or transferred to LIF Vista or its affiliates.

Key Figures

Beneficial ownership: 4,116,050 shares Ownership percentage: 7.4% Shares outstanding: 55,322,001 shares +3 more

6 metrics

Beneficial ownership 4,116,050 shares Shares directly beneficially owned by LIF Vista

Ownership percentage 7.4% Portion of Shenandoah Telecommunications shares outstanding

Shares outstanding 55,322,001 shares Total shares outstanding as of April 24, 2026

Horizon exchange shares 4,100,375 shares Received for Class A units of Horizon Acquisition Parent LLC

Director service shares 15,675 shares Received in connection with director designee’s board service

Board change date June 8, 2026 Effective date of DiMola’s resignation and Rinklin’s appointment

Key Terms

Schedule 13D, beneficially owned, Investor Rights Agreement, Class 3 director, +1 more

5 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"LIF Vista beneficially owned directly 4,116,050 Shares, representing percentage ownership of approximately 7.4%"

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.

Investor Rights Agreement regulatory

"Mr. Rinklin's appointment was made pursuant to the Investor Rights Agreement"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

Class 3 director financial

"Matthew Rinklin was appointed to the Board to serve as a Class 3 director"

equity-based securities financial

"any equity-based securities awarded to Mr. Rinklin in his capacity as a director of the Issuer will be held by Mr. Rinklin on behalf of LIF Vista"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does LIF Vista hold in Shenandoah Telecommunications (SHEN)?

LIF Vista directly beneficially owns 4,116,050 Shenandoah Telecommunications shares, representing about 7.4% of shares outstanding. This percentage is based on 55,322,001 shares outstanding as of April 24, 2026, as disclosed in the company’s most recent Form 10-Q.

How did LIF Vista acquire its Shenandoah Telecommunications (SHEN) shares?

LIF Vista received 4,100,375 shares in exchange for its Class A units of Horizon Acquisition Parent LLC and 15,675 shares related to its director designee’s board service. Together, these positions make up its 4,116,050 directly beneficially owned shares.

Have the GCM Grosvenor reporting persons traded SHEN stock recently?

The filing states that no reporting person has entered into any transactions in Shenandoah Telecommunications shares during the past 60 days. This indicates their 7.4% beneficial ownership position has remained unchanged over that recent period.

What board changes at Shenandoah Telecommunications are disclosed in this filing?

Effective June 8, 2026, James DiMola resigned from the board and was replaced by Matthew Rinklin as a Class 3 director. Rinklin’s appointment occurred under an Investor Rights Agreement, and he will serve until the issuer’s 2027 annual meeting of stockholders.

How will director Matthew Rinklin’s equity awards in SHEN be handled?

Rinklin entered a letter agreement with LIF Vista requiring any equity-based securities awarded to him as a director to be held for, transferred to, or sold for the benefit of LIF Vista or its affiliates, with sale proceeds remitted to LIF Vista as directed.

Which entities may be deemed to beneficially own SHEN shares alongside LIF Vista?

Labor Impact Fund, L.P., LIF AIV 1, L.P., GCM Investments GP, LLC, Grosvenor Capital Management Holdings, LLLP, GCM Grosvenor Holdings, LLC, GCM Grosvenor Inc., GCM V, LLC, and Michael J. Sacks may be deemed to beneficially own the 4,116,050 shares held by LIF Vista.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/10/2026 - 05:26 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

SHENANDOAH TELECOMMUNICATIONS CO/VA/

(Name of Issuer)

Common Stock (No Par Value)

(Title of Class of Securities)

82312B106

(CUSIP Number)

BURKE J. MONTGOMERY
GCM GROSVENOR INC., 900 N. Michigan Avenue, Suite 1100
Chicago, IL, 60611
(312) 506-6500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/08/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

LIF Vista, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

Labor Impact Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

LIF AIV 1, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

GCM Investments GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

Grosvenor Capital Management Holdings, LLLP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

GCM Grosvenor Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

GCM Grosvenor Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

GCM V, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 82312B106

1

Name of reporting person

Sacks Michael Jay

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,116,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,116,050.00

11

Aggregate amount beneficially owned by each reporting person

4,116,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock (No Par Value)
(b)	Name of Issuer: SHENANDOAH TELECOMMUNICATIONS CO/VA/
(c)	Address of Issuer's Principal Executive Offices: PO BOX 459, 500 SHENTEL WAY, EDINBURG, VIRGINIA , 22824.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: LIF Vista received 4,100,375 of the Shares directly beneficially owned by it in exchange for each issued and outstanding Class A Unit of Horizon Acquisition Parent LLC ("Horizon") held by LIF Vista in connection with the Horizon Transaction (as defined in the Schedule 13D). LIF Vista received 15,675 of the Shares directly beneficially owned by it in connection with its director designee's service on the Board (as defined in the Schedule 13D).
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: Effective June 8, 2026, James DiMola resigned from the Board and Matthew Rinklin was appointed to the Board to serve as a Class 3 director to fill the vacancy created by Mr. DiMola's resignation. Mr. Rinklin's appointment was made pursuant to the Investor Rights Agreement (as defined in the Schedule 13D). Mr. Rinklin will be deemed to replace Mr. DiMola as the Investor Director (as defined in the Investor Rights Agreement) under the Investor Rights Agreement and will assume Mr. DiMola's roles on the standing committees of the Board. Mr. Rinklin will initially serve as a director until the Issuer's 2027 Annual Meeting of Stockholders.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 55,322,001 Shares outstanding, which is the total number of Shares outstanding as of April 24, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 1, 2026. As of the date hereof, LIF Vista beneficially owned directly 4,116,050 Shares, representing percentage ownership of approximately 7.4% of the Shares outstanding. Each of Labor Fund and LIF AIV, as the owners of all the outstanding membership interests of LIF Vista, GCM GP, as the managing member of LIF Vista and the general partner of each of Labor Fund and LIF AIV, Grosvenor Capital Holdings, as the managing member of GCM GP, GCM Holdings, as the general partner of Grosvenor Capital Holdings, GCM Grosvenor, as the sole member of GCM Holdings, GCM V, as a shareholder of GCM Grosvenor, and Mr. Sacks, as the manager of GCM V, may be deemed to beneficially own the 4,116,050 Shares owned by LIF Vista, representing percentage ownership of approximately 7.4% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(c)	Item 5(c) is hereby amended and restated to read as follows: No Reporting Person has entered into any transactions in the Shares during the past 60 days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: Mr. Rinklin entered into a letter agreement with LIF Vista pursuant to which any equity-based securities awarded to Mr. Rinklin in his capacity as a director of the Issuer will be held by Mr. Rinklin on behalf of LIF Vista or its affiliates, transferred by Mr. Rinklin to LIF Vista or its affiliates, and/or sold by Mr. Rinklin, with the proceeds of such sale to be remitted to LIF Vista or its affiliates, in each case as directed by LIF Vista.

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.

LIF Vista, LLC

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

Labor Impact Fund, L.P.

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

LIF AIV 1, L.P.

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

GCM Investments GP, LLC

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

Grosvenor Capital Management Holdings, LLLP

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

GCM Grosvenor Holdings, LLC

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

GCM Grosvenor Inc.

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

GCM V, LLC

Signature:	/s/ Burke J. Montgomery
Name/Title:	Burke J. Montgomery, Authorized Signatory
Date:	06/10/2026

Sacks Michael Jay

Signature:	/s/ Michael J. Sacks
Name/Title:	Michael J. Sacks
Date:	06/10/2026