SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

Graham Capital Management, L.P.'s Holding History (CIK: 0001315421)

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

Q4 2025

Shares 15,317 Value ($000) $177 Avg Close $11.83 Range $9.67 - $13.90

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	15,317	$177	$11.83	$9.67 - $13.90