Southeastern, Longleaf report 5.4% stake in Shenandoah Telecommunications (SHEN)

Rhea-AI Filing Summary

Southeastern Asset Management and Longleaf Partners Small-Cap Fund reported a significant position in Shenandoah Telecommunications Company common stock. As of 12/31/2025, Southeastern was deemed to beneficially own 2,940,296 shares, representing 5.4% of the outstanding common stock.

Longleaf directly holds 2,935,927 shares with shared voting and dispositive power, while Southeastern has sole voting and dispositive power over 4,369 shares and shares voting and dispositive power over Longleaf’s holdings. O. Mason Hawkins reports no beneficial ownership. The securities are certified as held in the ordinary course of business and not for the purpose of influencing control of the company.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Shenandoah Telecommunications Company

(Name of Issuer)

Common Stock (No Par Value)

(Title of Class of Securities)

82312B106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 4,369.00
6	Shared Voting Power 2,935,927.00
7	Sole Dispositive Power 4,369.00
8	Shared Dispositive Power 2,935,927.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,940,296.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 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 2,935,927.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,935,927.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,935,927.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP No. 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 - 2940296 (2) Longleaf - 2935927 (3) Mr. Hawkins - 0
(b)	Percent of class: 5.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Southeastern - 4369 (2) Longleaf - 0 (3) Mr. Hawkins - 0
	(ii) Shared power to vote or to direct the vote: (1) Southeastern - 2935927 (2) Longleaf - 2935927 (3) Mr. Hawkins - 0
	(iii) Sole power to dispose or to direct the disposition of: (1) Southeastern - 4369 (2) Longleaf - 0 (3) Mr. Hawkins - 0
	(iv) Shared power to dispose or to direct the disposition of: (1) Southeastern - 2935927 (2) Longleaf - 2935927 (3) Mr. Hawkins - 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. 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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not Applicable.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not Applicable.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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:	02/13/2026

Longleaf Partners Small-Cap Fund

Signature:	/s/ Andrew R. McCarroll
Name/Title:	Andrew R. McCarroll, General Counsel
Date:	02/13/2026

O. Mason Hawkins

Signature:	/s/ O. Mason Hawkins
Name/Title:	O. Mason Hawkins, Individually
Date:	02/13/2026

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 February 13, 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

FAQ

What ownership stake in Shenandoah Telecommunications (SHEN) did Southeastern report?

Southeastern Asset Management reported beneficial ownership of 2,940,296 Shenandoah Telecommunications common shares, equal to 5.4% of the class. This includes a large block held through Longleaf Partners Small-Cap Fund, over which Southeastern shares voting and dispositive power alongside a small directly controlled position.

How many Shenandoah Telecommunications shares does Longleaf Partners Small-Cap Fund hold?

Longleaf Partners Small-Cap Fund reported beneficial ownership of 2,935,927 Shenandoah Telecommunications common shares. Longleaf has shared voting and shared dispositive power over all of these shares, reflecting its role as an investment fund holding more than five percent of the company’s common stock.

What did the Schedule 13G filing disclose about O. Mason Hawkins’ SHEN ownership?

O. Mason Hawkins reported beneficial ownership of zero shares of Shenandoah Telecommunications common stock. The filing shows no sole or shared voting or dispositive power for Hawkins, indicating that, under SEC rules, he does not beneficially own any shares of this issuer.

Does the 5.4% SHEN stake aim to influence control of Shenandoah Telecommunications?

The reporting persons certified the shares were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control. They also stated the holdings are not part of any transaction designed to affect control of Shenandoah Telecommunications.

What voting powers did Southeastern and Longleaf report over Shenandoah Telecommunications shares?

Southeastern reported sole voting and dispositive power over 4,369 shares and shared voting and dispositive power over 2,935,927 shares. Longleaf reported shared voting and shared dispositive power over its entire 2,935,927-share position, reflecting coordinated investment management across the entities.