(SHEN)

Role: 10%+ Owner
Signature: ECP Fiber Holdings GP, LLC, By: /s/ Matthew DeNichilo, Chief Executive Officer
Issuer symbol: SHEN
Transactions as of: 26 Aug 2025
Net transactions value: +$96,233
Form type: 4
Filing time: 28 Aug 2025, 16:15:33 UTC
Previous filing: 26 Aug 2025
Next filing: 02 Sep 2025
SEC: View on sec.gov

Reporting Owners (4)

Name	Relationship	Address	Signature	Signature date	CIK
ECP Fiber Holdings GP, LLC	10%+ Owner	40 BEECHWOOD ROAD, SUMMIT	ECP Fiber Holdings GP, LLC, By: /s/ Matthew DeNichilo, Chief Executive Officer	28 Aug 2025	0002032452
ECP Fiber Holdings, LP	10%+ Owner	40 BEECHWOOD ROAD, SUMMIT	ECP Fiber Holdings, LP, By: ECP Fiber Holdings GP, LLC, its general partner, By: /s/ Matthew DeNichilo, Chief Executive Officer	28 Aug 2025	0002032502
Hill City Holdings GP, LLC	10%+ Owner	40 BEECHWOOD ROAD, SUMMIT	Hill City Holdings GP, LLC, By: /s/ Jennifer Gray, Executive Vice President and Secretary	28 Aug 2025	0002032495
Hill City Holdings, LP	10%+ Owner	40 BEECHWOOD ROAD, SUMMIT	Hill City Holdings, LP, By: Hill City Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray, Executive Vice President and Secretary	28 Aug 2025	0001881388

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Purchase	$93,564	+7,053	+0.21%	$13.27	3,350,675	26 Aug 2025	See Footnotes	F1, F2, F3
transaction	SHEN	Common Stock	Purchase	$2,669	+200	+0.01%	$13.34	3,350,875	27 Aug 2025	See Footnotes	F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $13.24 to $13.30. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F2	The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City.
F3	ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein.
F4	The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $13.34 to $13.35. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Remarks:

Due to filing limitations of the electronic filing system, each of ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, Energy Capital Partners IV-A, LP, Energy Capital Partners IV-B, LP, Energy Capital Partners IV-C, LP, Energy Capital Partners IV-D, LP and Energy Capital Partners IV-B (Hill City IP), LP are filing a separate Form 4.