SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

Empowered Funds, LLC's Holding History (CIK: 0001592828)

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

Q4 2025

Shares 228,132 Value ($000) $2,637 Avg Close $11.83 Range $9.67 - $13.90

Q3 2025

Shares 205,890 Value ($000) $2,763 Avg Close $13.74 Range $11.71 - $15.84

Q2 2025

Shares 115,222 Value ($000) $1,574 Avg Close $12.69 Range $10.07 - $14.46

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	228,132	$2,637	$11.83	$9.67 - $13.90
Q3 2025	205,890	$2,763	$13.74	$11.71 - $15.84
Q2 2025	115,222	$1,574	$12.69	$10.07 - $14.46