X0202 SCHEDULE 13D/A 0001743984 XXXXXXXX LIVE 1 Common Stock (No Par Value) 06/08/2026 false 0000354963 82312B106 SHENANDOAH TELECOMMUNICATIONS CO/VA/

PO BOX 459 500 SHENTEL WAY EDINBURG VA 22824

BURKE J. MONTGOMERY (312) 506-6500 GCM GROSVENOR INC. 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611 0002023024 N LIF Vista, LLC OO N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 OO 0001751369 N Labor Impact Fund, L.P. AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 PN 0002023029 N LIF AIV 1, L.P. AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 PN 0001743984 N GCM Investments GP, LLC AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 OO 0001743986 N Grosvenor Capital Management Holdings, LLLP AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 PN 0001939480 N GCM Grosvenor Holdings, LLC AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 OO 0001819796 N GCM Grosvenor Inc. AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 CO 0001831172 N GCM V, LLC AF N DE 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 OO 0001509764 N Sacks Michael Jay AF N X1 0.00 4116050.00 0.00 4116050.00 4116050.00 N 7.4 IN Common Stock (No Par Value) SHENANDOAH TELECOMMUNICATIONS CO/VA/ PO BOX 459 500 SHENTEL WAY EDINBURG VA 22824 Item 3 is hereby amended and restated to read as follows: LIF Vista received 4,100,375 of the Shares directly beneficially owned by it in exchange for each issued and outstanding Class A Unit of Horizon Acquisition Parent LLC ("Horizon") held by LIF Vista in connection with the Horizon Transaction (as defined in the Schedule 13D). LIF Vista received 15,675 of the Shares directly beneficially owned by it in connection with its director designee's service on the Board (as defined in the Schedule 13D). Item 4 is hereby amended to add the following: Effective June 8, 2026, James DiMola resigned from the Board and Matthew Rinklin was appointed to the Board to serve as a Class 3 director to fill the vacancy created by Mr. DiMola's resignation. Mr. Rinklin's appointment was made pursuant to the Investor Rights Agreement (as defined in the Schedule 13D). Mr. Rinklin will be deemed to replace Mr. DiMola as the Investor Director (as defined in the Investor Rights Agreement) under the Investor Rights Agreement and will assume Mr. DiMola's roles on the standing committees of the Board. Mr. Rinklin will initially serve as a director until the Issuer's 2027 Annual Meeting of Stockholders. Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 55,322,001 Shares outstanding, which is the total number of Shares outstanding as of April 24, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 1, 2026. As of the date hereof, LIF Vista beneficially owned directly 4,116,050 Shares, representing percentage ownership of approximately 7.4% of the Shares outstanding. Each of Labor Fund and LIF AIV, as the owners of all the outstanding membership interests of LIF Vista, GCM GP, as the managing member of LIF Vista and the general partner of each of Labor Fund and LIF AIV, Grosvenor Capital Holdings, as the managing member of GCM GP, GCM Holdings, as the general partner of Grosvenor Capital Holdings, GCM Grosvenor, as the sole member of GCM Holdings, GCM V, as a shareholder of GCM Grosvenor, and Mr. Sacks, as the manager of GCM V, may be deemed to beneficially own the 4,116,050 Shares owned by LIF Vista, representing percentage ownership of approximately 7.4% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own. Item 5(c) is hereby amended and restated to read as follows: No Reporting Person has entered into any transactions in the Shares during the past 60 days. Item 6 is hereby amended to add the following: Mr. Rinklin entered into a letter agreement with LIF Vista pursuant to which any equity-based securities awarded to Mr. Rinklin in his capacity as a director of the Issuer will be held by Mr. Rinklin on behalf of LIF Vista or its affiliates, transferred by Mr. Rinklin to LIF Vista or its affiliates, and/or sold by Mr. Rinklin, with the proceeds of such sale to be remitted to LIF Vista or its affiliates, in each case as directed by LIF Vista. LIF Vista, LLC /s/ Burke J. Montgomery 06/10/2026 Labor Impact Fund, L.P. /s/ Burke J. Montgomery 06/10/2026 LIF AIV 1, L.P. /s/ Burke J. Montgomery 06/10/2026 GCM Investments GP, LLC /s/ Burke J. Montgomery 06/10/2026 Grosvenor Capital Management Holdings, LLLP /s/ Burke J. Montgomery 06/10/2026 GCM Grosvenor Holdings, LLC /s/ Burke J. Montgomery 06/10/2026 GCM Grosvenor Inc. /s/ Burke J. Montgomery 06/10/2026 GCM V, LLC /s/ Burke J. Montgomery 06/10/2026 Sacks Michael Jay /s/ Michael J. Sacks 06/10/2026