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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.

ECP Fiber Holdings GP, LLC and related ECP/Hill City entities reported purchases of Shenandoah Telecommunications Co. (SHEN) common stock on August 6 and August 7, 2025. The filing shows an acquisition of 22,085 shares on August 6 at a weighted-average price of $13.0112 and 25,104 shares on August 7 at a weighted-average price of $12.7104, for a combined 47,189 shares. After these transactions the reporting entities beneficially own 3,191,550 shares indirectly.

The filing notes the August 6 purchases were made at prices ranging from $12.88 to $13.35 and the August 7 purchases at prices ranging from $12.43 to $13.055. Hill City Holdings, LP adopted a Rule 10b5-1 plan on June 5, 2025, and footnotes describe a layered ownership structure through several ECP entities and named managers. The Form 4s were signed and dated August 8, 2025.

ECP ControlCo, LLC and related entities reported purchases of Shenandoah Telecommunications Co. (SHEN) common stock on a Form 4. The filings show a purchase of 22,085 shares on 08/06/2025 at a weighted-average price of $13.0112 and a purchase of 25,104 shares on 08/07/2025 at a weighted-average price of $12.7104, for a combined 47,189 shares acquired.

Following these transactions the reporting group’s indirect beneficial ownership is reported as 3,191,550 shares held of record by Hill City. The purchases were effected pursuant to a Rule 10b5-1 plan adopted by Hill City on June 5, 2025. The filing discloses a multi-entity ownership chain and states that named managers share the power to vote and dispose of the securities while disclaiming beneficial ownership except to the extent of pecuniary interest.

Shenandoah Telecommunications (SHEN) � Form 4 insider filing dated 08/04/2025

Director Leigh Ann Schultz reported an open-market acquisition (Code A) of 45.4135 common shares at an average price of $14.68 per share, valued at roughly $0.7 thousand. The shares were received in lieu of director fees. After the transaction, Schultz’s direct holdings rise to 25,860.1988 shares, with an additional 38 shares owned indirectly through a spouse.

No derivative securities were reported and there were no dispositions. The purchase is modest relative to SHEN’s average daily volume and does not alter control dynamics; however, continued accumulation by board members can be viewed as a vote of confidence.