Shenandoah Telecom (SHEN): Southeastern, Longleaf update 4.7% ownership stake

Rhea-AI Filing Summary

Southeastern Asset Management, Inc., Longleaf Partners Small-Cap Fund, and O. Mason Hawkins report their updated beneficial ownership in Shenandoah Telecommunications Company common stock. Southeastern reports beneficial ownership of 2,616,797 shares, while Longleaf reports 2,612,640 shares. Mr. Hawkins reports 0 shares beneficially owned.

The reported holdings represent 4.7% of Shenandoah Telecommunications Company’s common stock, which is disclosed as ownership of 5 percent or less of the class. Southeastern has sole voting and dispositive power over 4,157 shares and shared voting and dispositive power over 2,612,640 shares. Longleaf has shared voting and dispositive power over 2,612,640 shares.

Key Figures

Southeastern shares beneficially owned: 2,616,797 shares Longleaf shares beneficially owned: 2,612,640 shares Percent of class owned: 4.7 % +3 more

6 metrics

Southeastern shares beneficially owned 2,616,797 shares Amount beneficially owned in Shenandoah Telecommunications common stock

Longleaf shares beneficially owned 2,612,640 shares Amount beneficially owned in Shenandoah Telecommunications common stock

Percent of class owned 4.7 % Reported ownership percentage of Shenandoah Telecommunications common stock

Sole voting power (Southeastern) 4,157 shares Shares with sole power to vote or direct the vote

Shared voting power (Southeastern & Longleaf) 2,612,640 shares Shares with shared power to vote or direct the vote

Mr. Hawkins beneficially owned shares 0 shares Reported amount beneficially owned and percent of class

Key Terms

beneficially owned, sole voting power, shared dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned"

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 power financial

"5 | Sole Voting Power 4,157.00 6 | Shared Voting Power"

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.

shared dispositive power financial

"8 | Shared Dispositive Power 2,612,640.00"

percent of class financial

"(b) | Percent of class: 4.7 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

joint filing agreement regulatory

"Exhibit Information Joint Filing Agreement In accordance with Rule 13d-1"

FAQ

What percentage of Shenandoah Telecommunications (SHEN) shares does Southeastern Asset Management report owning?

Southeastern Asset Management reports beneficial ownership of 2,616,797 Shenandoah Telecommunications shares, representing 4.7% of the company’s common stock. This is explicitly disclosed as ownership of 5 percent or less of the class.

How many SHEN shares does Longleaf Partners Small-Cap Fund beneficially own?

Longleaf Partners Small-Cap Fund reports beneficial ownership of 2,612,640 Shenandoah Telecommunications shares. The filing states this holding represents 4.7% of the company’s common stock, with shared voting and shared dispositive power over all those shares.

What is O. Mason Hawkins’s reported ownership in Shenandoah Telecommunications (SHEN)?

O. Mason Hawkins reports beneficial ownership of 0 shares of Shenandoah Telecommunications common stock. The Schedule 13G/A lists 0 for amount beneficially owned and 0% for percent of class, with no voting or dispositive power reported.

How is voting power over Shenandoah Telecommunications (SHEN) shares allocated in this filing?

Southeastern has 4,157 shares with sole voting power and 2,612,640 with shared voting power. Longleaf has 2,612,640 shares with shared voting power. Mr. Hawkins reports no sole or shared voting power over SHEN shares.

Does this Schedule 13G/A indicate ownership of 5% or less of Shenandoah Telecommunications (SHEN)?

Yes. The filing specifies a 4.7% ownership of Shenandoah Telecommunications common stock and describes the position under “Ownership of 5 percent or less of a class,” confirming the group is below the 5% threshold.

Who are the reporting persons on this Shenandoah Telecommunications (SHEN) Schedule 13G/A?

The reporting persons are Southeastern Asset Management, Inc., Longleaf Partners Small-Cap Fund, and O. Mason Hawkins. They provide joint Schedule 13G/A reporting and have executed a joint filing agreement dated August 14, 2026.

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Available on EDGAR 08/14/2026 - 04:18 PM Accepted by SEC EDGAR 08/14/2026 - 04:10 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Shenandoah Telecommunications Company

(Name of Issuer)

Common Stock (No Par Value)

(Title of Class of Securities)

82312B106

(CUSIP Number)

06/30/2026

(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): 82312B106

1

Names of Reporting Persons

Southeastern Asset Management, Inc.

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

TENNESSEE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,157.00
6	Shared Voting Power 2,612,640.00
7	Sole Dispositive Power 4,157.00
8	Shared Dispositive Power 2,612,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,616,797.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 82312B106

1

Names of Reporting Persons

Longleaf Partners Small-Cap Fund

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,612,640.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,612,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,612,640.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP Number(s): 82312B106

1

Names of Reporting Persons

O. Mason Hawkins

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Shenandoah Telecommunications Company
(b)	Address of issuer's principal executive offices: 500 Shentel Way, Edinburg, VA, 22824
Item 2.
(a)	Name of person filing: (1) Southeastern Asset Management, Inc., ("Southeastern") (2) Longleaf Partners Small-Cap Fund, ("Longleaf") (3) Mr. O. Mason Hawkins, ("Mr. Hawkins")
(b)	Address or principal business office or, if none, residence: For all Reporting Persons: 5100 Poplar Avenue, Suite 2450, Memphis, TN 38137
(c)	Citizenship: (1) Southeastern - Tennessee (2) Longleaf - Massachusetts (3) Mr. Hawkins - United States of America
(d)	Title of class of securities: Common Stock (No Par Value)
(e)	CUSIP No.: 82312B106
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: (1) Southeastern - 2616797 (2) Longleaf - 2612640 (3) Mr. Hawkins - 0
(b)	Percent of class: 4.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Southeastern - 4157 (2) Longleaf - 0 (3) Mr. Hawkins - 0
	(ii) Shared power to vote or to direct the vote: (1) Southeastern - 2612640 (2) Longleaf - 2612640 (3) Mr. Hawkins - 0
	(iii) Sole power to dispose or to direct the disposition of: (1) Southeastern - 4157 (2) Longleaf - 0 (3) Mr. Hawkins - 0
	(iv) Shared power to dispose or to direct the disposition of: (1) Southeastern - 2612640 (2) Longleaf - 2612640 (3) Mr. Hawkins - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

Southeastern Asset Management, Inc.

Signature:	/s/ Andrew R. McCarroll
Name/Title:	Andrew R. McCarroll, General Counsel
Date:	08/14/2026

Longleaf Partners Small-Cap Fund

Signature:	/s/ Andrew R. McCarroll
Name/Title:	Andrew R. McCarroll, General Counsel
Date:	08/14/2026

O. Mason Hawkins

Signature:	/s/ O. Mason Hawkins
Name/Title:	O. Mason Hawkins, Individually
Date:	08/14/2026

Exhibit Information

Joint Filing Agreement In accordance with Rule 13d-1 (k) under the Securities Exchange Act of 1934, the persons or entities named below agree to the joint filing on behalf of each of them of this Schedule 13G with respect to the Securities of the Issuer and further agree that this joint filing agreement be included as an exhibit to this Schedule 13G. In evidence thereof, the undersigned hereby execute this Agreement as of August 14, 2026. Southeastern Asset Management, Inc. By /s/ Andrew R. McCarroll Andrew R. McCarroll, General Counsel Longleaf Partners Small-Cap Fund By: Southeastern Asset Management, Inc. /s/ Andrew R. McCarroll Andrew R. McCarroll, General Counsel O. Mason Hawkins, Individually /s/ O. Mason Hawkins