Sec Form 3 Filing - GCM Grosvenor Inc. @ SHENANDOAH TELECOMMUNICATIONS CO/VA/ - 2024-04-30

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GCM Grosvenor Inc. 2. Issuer Name and Ticker or Trading Symbol SHENANDOAH TELECOMMUNICATIONS CO/VA/ [ SHEN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) X __ Other (specify below) See Explanation of Responses (Last) (First) (Middle) 900 NORTH MICHIGAN AVENUE, SUITE 1100 3. Date of Earliest Transaction (MM/DD/YY) 04/30/2024 (Street) CHICAGO, IL60611 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock ( 1 ) 4,100,375 I By LIF Vista, LLC ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GCM Grosvenor Inc. 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses LIF Vista, LLC 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses Labor Impact Fund, L.P. 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses LIF AIV 1, L.P. 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses GCM Investments GP, LLC 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses Grosvenor Capital Management Holdings, LLLP 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses GCM Grosvenor Holdings, LLC 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses GCM V, LLC 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses Sacks Michael Jay 900 NORTH MICHIGAN AVENUE SUITE 1100 CHICAGO, IL60611 X See Explanation of Responses Signatures GCM Grosvenor Inc., By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date LIF Vista, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date Labor Impact Fund, L.P., By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date LIF AIV 1, L.P., By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date GCM Investments GP, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date Grosvenor Capital Management Holdings, LLLP, By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date GCM Grosvenor Holdings, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date GCM V, L.L.C., By: /s/ Burke J. Montgomery, Authorized Signatory 05/10/2024 Signature of Reporting Person Date /s/ Michael J. Sacks 05/10/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This Form 3 is filed jointly by LIF Vista, LLC ("LIF Vista"), Labor Impact Fund, L.P. ("Labor Fund"), LIF AIV 1, L.P. ("LIF AIV"), GCM Investments GP, LLC ("GCM GP"), Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings"), GCM Grosvenor Holdings, LLC ("GCM Holdings"), GCM Grosvenor Inc. ("GCM Grosvenor"), GCM V, L.L.C. ("GCM V") and Michael J. Sacks (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. ( 2 )Securities owned directly by LIF Vista. Labor Fund and LIF AIV, as the owners of all the outstanding membership interests of LIF Vista, may be deemed to beneficially own such securities. GCM GP, as the managing member of LIF Vista and the general partner of each of Labor Fund and LIF AIV, may be deemed to beneficially own such securities. Grosvenor Capital Holdings, as the sole member of GCM GP, may be deemed to beneficially own such securities. GCM Holdings, as the general partner of Grosvenor Capital Holdings, may be deemed to beneficially own such securities. GCM Grosvenor, as the sole member of GCM Holdings, may be deemed to beneficially own such securities. GCM V, as a shareholder of GCM Grosvenor, may be deemed to beneficially own such securities. Mr. Sacks, as the manager of GCM V, may be deemed to beneficially own such securities.

Remarks: The Reporting Persons may be deemed to be directors by deputization for purposes of Section 16 under the Securities Exchange Act of 1934 by virtue of the fact that James DiMola, a managing director of Grosvenor Capital Management, L.P., an affiliate of the Reporting Persons, currently serves on the board of directors of the Issuer.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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