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Insider purchases by Energy Capital Partners group increased its indirect stake in Shenandoah Telecommunications Co (SHEN). Multiple affiliated entities reported two open-market purchases: 4,000 shares on 08/22/2025 at a weighted-average price of $13.09 and 1,500 shares on 08/25/2025 at a weighted-average price of $13.0989. After these purchases, the group reports beneficial ownership of 3,343,622 shares held of record by Hill City, with ownership held indirectly through a chain of ECP entities. Footnotes disclose the trades occurred across price ranges ($12.75�$13.22 and $12.95�$13.24) and identify the managing member and individuals who share voting and dispositive power. The filing is signed by Jennifer Gray on behalf of the reporting entities.

Insiders associated with Energy Capital Partners increased their indirect holdings in Shenandoah Telecommunications Co (SHEN) through open-market purchases. The filing reports purchases of 15,433 shares on 08/20/2025 at a weighted-average price of $12.5179 and 9,059 shares on 08/21/2025 at a weighted-average price of $12.6562.

After these transactions the reporting group beneficially owned 3,338,122 shares indirectly, held of record by Hill City, through a chain of ECP entities. Footnotes disclose that purchases occurred across price ranges and that ECP ControlCo, LLC and named managers share voting and dispositive power but disclaim direct beneficial ownership except to the extent of pecuniary interest.

Insiders affiliated with Energy Capital Partners and Hill City made open-market purchases of Shenandoah Telecommunications Co. (SHEN) common stock on August 20 and August 21, 2025. The filings show 15,433 shares were acquired on 08/20/2025 at a weighted-average price of $12.5179 and 9,059 shares on 08/21/2025 at a weighted-average price of $12.6562, for a total of 24,492 shares purchased. Following these transactions, the reporting persons are shown as beneficially owning 3,338,122 shares indirectly. The disclosures identify multiple affiliated entities and managers that may be deemed to share beneficial ownership; each disclaims ownership except for pecuniary interest. Footnotes state purchases occurred at prices within the specified ranges and that additional affiliated entities are filing separate Form 4s.

Insider purchases by affiliated entities increased Shenandoah Telecommunications Co. (SHEN) ownership. On 08/18/2025, 20,047 shares were acquired at a weighted-average price of $12.5178, bringing the reporting persons' indirect holdings to 3,303,070 shares. On 08/19/2025, an additional 10,560 shares were purchased at a weighted-average price of $12.5373, increasing indirect holdings to 3,313,630 shares.

The Form 4 names multiple reporting entities (ECP Fiber Holdings GP, LLC; ECP Fiber Holdings, LP; Hill City Holdings GP, LLC; Hill City Holdings, LP) and discloses the complex ownership and control relationships among Energy Capital Partners entities, including that the securities are held of record by Hill City and that several related entities and individuals may be deemed to share beneficial ownership. Signatures on the filing are dated 08/20/2025.

Insider purchases reported under Form 4 for Shenandoah Telecommunications Co (SHEN). Multiple affiliated reporting persons executed Rule 10b5-1 plan purchases on August 12�13, 2025, acquiring a total of 31,473 shares at weighted-average prices of approximately $12.5921 and $12.8735 per share. After these transactions, the group beneficially owned 3,283,023 shares held indirectly through related partnerships and GP entities. The filing discloses the 10b5-1 plan adoption date (June 5, 2025) and provides ranges of execution prices for the block purchases; detailed per-trade price breakdowns are available from the reporting persons on request.

Insider purchases reported for Shenandoah Telecommunications Co. (SHEN). Multiple affiliated entities managed by ECP ControlCo, LLC disclosed purchases of common stock under a Rule 10b5-1 plan adopted June 5, 2025 by Hill City Holdings, LP. On 08/12/2025 they acquired 30,000 shares at a weighted-average price of $12.5921, bringing their indirect beneficial ownership to 3,281,550 shares. On 08/13/2025 they acquired 1,473 shares at a weighted-average price of $12.8735, increasing indirect ownership to 3,283,023 shares. The shares are held of record by Hill City; the filings were signed on 08/14/2025 by Jennifer Gray as General Counsel.

Shenandoah Telecommunications reporting persons disclosed purchases totaling 60,000 common shares: 30,000 on 08/08/2025 at a weighted-average price of $12.517 and 30,000 on 08/11/2025 at $11.882. Following those transactions the reporting entities held 3,221,550 and 3,251,550 shares, respectively, on an indirect basis.

The filings state the purchases were made pursuant to a Rule 10b5-1 plan adopted June 5, 2025, and that the securities are held of record by Hill City. The disclosure describes a multi-entity ownership chain involving ECP ControlCo and multiple Energy Capital Partners entities and names managers who may share voting and dispositive power while disclaiming beneficial ownership except for pecuniary interest.

This Amendment to a Schedule 13D reports that a group of Energy Capital Partners-related entities collectively beneficially own 6,774,728 shares of Shenandoah Telecommunications Company, representing 11.6% of the outstanding common stock. The filing discloses that Hill City acquired 565,813 shares in open-market transactions for approximately $8.03 million under a 10b5-1 trading plan.

The disclosure breaks down holdings: 3,553,178 shares issuable upon exchange of preferred stock held by the ECP investor, 3,221,550 shares held of record by Hill City, and 4,751 shares held by ECP Management. Hill City funded recent purchases through borrowings from Barclays Capital Inc. secured by a margin account. The filing also describes the ownership and control relationships among the ECP entities and the ECP Managers who share voting and dispositive power.

Shenandoah Telecommunications Co (SHEN) insider filing shows President & CEO Christopher E. French purchased 16,800 shares of the company's common stock on 08/11/2025 at a weighted average price of $11.826 per share (trades ranged from $11.7550 to $11.88). After the reported purchase, Mr. French holds 410,517 shares directly. The filing includes a statement that the reported price is a weighted average and the reporting person can provide detailed per-trade prices on request.

The form also details numerous indirect holdings held in trust for family members: 86,485 shares by spouse; 37,796 by son; 361,500 by son as trustee of the French Family Trust; 127,636 TTEE WBF fbo Cynthia; 339,966 TTEE WBF fbo Anne; 339,966 TTEE WBF fbo Christopher; 102,855 TTEE FGCT fbo Rebecca; 101,640 TTEE FGCT fbo Warren; and 99,537 TTEE FGCT fbo Stuart. Mr. French disclaims beneficial ownership for shares as to which he has no pecuniary interest.