SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM's Holding History (CIK: 0000938076)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 13,870 Value ($000) $160 Avg Close $11.83 Range $9.67 - $13.90

Q3 2025

Shares 13,870 Value ($000) $186 Avg Close $13.74 Range $11.71 - $15.84

Q2 2025

Shares 13,870 Value ($000) $189 Avg Close $12.69 Range $10.07 - $14.46

Q1 2025

Shares 13,870 Value ($000) $174 Avg Close $11.76 Range $9.77 - $13.61

Q4 2024

Shares 13,870 Value ($000) $175 Avg Close $13.44 Range $12.01 - $16.28

Q3 2024

Shares 13,870 Value ($000) $196 Avg Close $16.52 Range $13.51 - $21.89

Q2 2024

Shares 13,870 Value ($000) $226 Avg Close $16.11 Range $11.87 - $19.32

Q1 2024

Shares 21,470 Value ($000) $408 Avg Close $19.38 Range $16.95 - $22.27

Q4 2023

Shares 14,049 Value ($000) $304 Avg Close $22.40 Range $20.02 - $25.51

Q3 2023

Shares 13,870 Value ($000) $286 Avg Close $20.48 Range $18.02 - $23.31

Q2 2023

Shares 13,800 Value ($000) $268 Avg Close $19.60 Range $18.20 - $21.00

Q1 2023

Shares 21,470 Value ($000) $408 Avg Close $18.68 Range $15.62 - $21.07

Q4 2022

Shares 21,470 Value ($000) $341 Avg Close $18.30 Range $15.63 - $22.79

Q3 2022

Shares 21,740 Value ($000) $370 Avg Close $21.33 Range $16.97 - $24.50

Q2 2022

Shares 21,740 Value ($000) $483 Avg Close $22.59 Range $17.06 - $25.93

Q1 2022

Shares 21,730 Value ($000) $512 Avg Close $22.57 Range $18.77 - $26.58

Q4 2021

Shares 21,730 Value ($000) $554 Avg Close $28.08 Range $24.44 - $32.71

Q3 2021

Shares 21,730 Value ($000) $686 Avg Close $38.05 Range $28.70 - $61.53

Q2 2021

Shares 21,730 Value ($000) $1,054 Avg Close $49.53 Range $46.00 - $51.82

Q1 2021

Shares 21,603 Value ($000) $1,054 Avg Close $45.77 Range $38.77 - $52.20

Q4 2020

Shares 28,131 Value ($000) $1,217 Avg Close $44.90 Range $42.31 - $48.01

Q3 2020

Shares 28,691 Value ($000) $1,275 Avg Close $50.97 Range $42.18 - $56.77

Q2 2020

Shares 24,643 Value ($000) $1,215 Avg Close $50.71 Range $44.04 - $59.93

Q1 2020

Shares 25,183 Value ($000) $1,240 Avg Close $44.42 Range $38.35 - $51.00

Q4 2019

Shares 25,183 Value ($000) $1,048 Avg Close $35.41 Range $29.61 - $41.73

Q3 2019

Shares 27,493 Value ($000) $873 Avg Close $35.06 Range $30.70 - $41.63

Q2 2019

Shares 27,493 Value ($000) $1,059 Avg Close $41.46 Range $36.40 - $45.27

Q1 2019

Shares 30,530 Value ($000) $1,354 Avg Close $46.93 Range $43.28 - $51.18

Q4 2018

Shares 27,113 Value ($000) $1,200 Avg Close $42.67 Range $34.74 - $51.41

Q3 2018

Shares 30,865 Value ($000) $1,196 Avg Close $35.63 Range $31.10 - $39.40

Q2 2018

Shares 30,865 Value ($000) $1,009 Avg Close $34.16 Range $29.93 - $39.65

Q1 2018

Shares 30,735 Value ($000) $1,106 Avg Close $33.27 Range $30.00 - $38.60

Q4 2017

Shares 33,450 Value ($000) $1,131 Avg Close $36.81 Range $32.55 - $41.80

Q3 2017

Shares 38,430 Value ($000) $1,430 Avg Close $33.93 Range $28.00 - $39.48

Q2 2017

Shares 38,430 Value ($000) $1,180 Avg Close $30.99 Range $27.28 - $33.05

Q1 2017

Shares 38,430 Value ($000) $1,078 Avg Close $27.65 Range $25.35 - $31.10

Q4 2016

Shares 38,430 Value ($000) $1,049 Avg Close $26.83 Range $22.05 - $30.20

Q3 2016

Shares 44,260 Value ($000) $1,204 Avg Close $32.10 Range $24.92 - $42.66

Q2 2016

Shares 51,533 Value ($000) $2,013 Avg Close $30.94 Range $25.69 - $39.11

Q1 2016

Shares 45,514 Value ($000) $1,217 Avg Close $22.98 Range $19.18 - $27.53

Q4 2015

Shares 22,757 Value ($000) $980 Avg Close $23.10 Range $19.63 - $25.67

Q3 2015

Shares 23,520 Value ($000) $1,007 Avg Close $18.93 Range $15.68 - $22.10

Q2 2015

Shares 23,520 Value ($000) $805 Avg Close $16.60 Range $15.04 - $18.79

Q1 2015

Shares 23,520 Value ($000) $733 Avg Close $15.28 Range $13.76 - $16.84

Q4 2014

Shares 26,942 Value ($000) $842 Avg Close $14.14 Range $11.84 - $16.00

Q3 2014

Shares 26,942 Value ($000) $668 Avg Close $14.04 Range $12.36 - $15.55

Q2 2014

Shares 26,942 Value ($000) $821 Avg Close $14.24 Range $12.61 - $16.38

Q1 2014

Shares 26,942 Value ($000) $870 Avg Close $13.41 Range $11.51 - $17.00

Q4 2013

Shares 26,942 Value ($000) $692 Avg Close $12.60 Range $11.10 - $14.57

Q3 2013

Shares 26,942 Value ($000) $649 Avg Close $9.63 Range $8.38 - $12.18

Q2 2013

Shares 26,942 Value ($000) $449 Avg Close $8.21 Range $6.92 - $8.96

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	13,870	$160	$11.83	$9.67 - $13.90
Q3 2025	13,870	$186	$13.74	$11.71 - $15.84
Q2 2025	13,870	$189	$12.69	$10.07 - $14.46
Q1 2025	13,870	$174	$11.76	$9.77 - $13.61
Q4 2024	13,870	$175	$13.44	$12.01 - $16.28
Q3 2024	13,870	$196	$16.52	$13.51 - $21.89
Q2 2024	13,870	$226	$16.11	$11.87 - $19.32
Q1 2024	21,470	$408	$19.38	$16.95 - $22.27
Q4 2023	14,049	$304	$22.40	$20.02 - $25.51
Q3 2023	13,870	$286	$20.48	$18.02 - $23.31
Q2 2023	13,800	$268	$19.60	$18.20 - $21.00
Q1 2023	21,470	$408	$18.68	$15.62 - $21.07
Q4 2022	21,470	$341	$18.30	$15.63 - $22.79
Q3 2022	21,740	$370	$21.33	$16.97 - $24.50
Q2 2022	21,740	$483	$22.59	$17.06 - $25.93
Q1 2022	21,730	$512	$22.57	$18.77 - $26.58
Q4 2021	21,730	$554	$28.08	$24.44 - $32.71
Q3 2021	21,730	$686	$38.05	$28.70 - $61.53
Q2 2021	21,730	$1,054	$49.53	$46.00 - $51.82
Q1 2021	21,603	$1,054	$45.77	$38.77 - $52.20
Q4 2020	28,131	$1,217	$44.90	$42.31 - $48.01
Q3 2020	28,691	$1,275	$50.97	$42.18 - $56.77
Q2 2020	24,643	$1,215	$50.71	$44.04 - $59.93
Q1 2020	25,183	$1,240	$44.42	$38.35 - $51.00
Q4 2019	25,183	$1,048	$35.41	$29.61 - $41.73
Q3 2019	27,493	$873	$35.06	$30.70 - $41.63
Q2 2019	27,493	$1,059	$41.46	$36.40 - $45.27
Q1 2019	30,530	$1,354	$46.93	$43.28 - $51.18
Q4 2018	27,113	$1,200	$42.67	$34.74 - $51.41
Q3 2018	30,865	$1,196	$35.63	$31.10 - $39.40
Q2 2018	30,865	$1,009	$34.16	$29.93 - $39.65
Q1 2018	30,735	$1,106	$33.27	$30.00 - $38.60
Q4 2017	33,450	$1,131	$36.81	$32.55 - $41.80
Q3 2017	38,430	$1,430	$33.93	$28.00 - $39.48
Q2 2017	38,430	$1,180	$30.99	$27.28 - $33.05
Q1 2017	38,430	$1,078	$27.65	$25.35 - $31.10
Q4 2016	38,430	$1,049	$26.83	$22.05 - $30.20
Q3 2016	44,260	$1,204	$32.10	$24.92 - $42.66
Q2 2016	51,533	$2,013	$30.94	$25.69 - $39.11
Q1 2016	45,514	$1,217	$22.98	$19.18 - $27.53
Q4 2015	22,757	$980	$23.10	$19.63 - $25.67
Q3 2015	23,520	$1,007	$18.93	$15.68 - $22.10
Q2 2015	23,520	$805	$16.60	$15.04 - $18.79
Q1 2015	23,520	$733	$15.28	$13.76 - $16.84
Q4 2014	26,942	$842	$14.14	$11.84 - $16.00
Q3 2014	26,942	$668	$14.04	$12.36 - $15.55
Q2 2014	26,942	$821	$14.24	$12.61 - $16.38
Q1 2014	26,942	$870	$13.41	$11.51 - $17.00
Q4 2013	26,942	$692	$12.60	$11.10 - $14.57
Q3 2013	26,942	$649	$9.63	$8.38 - $12.18
Q2 2013	26,942	$449	$8.21	$6.92 - $8.96