SBAC insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
George Krouse Jr. Director	300	$182.67	3.4%	8.5K	Aug 17, 2026	Aug 19, 2026

What stands out

Tax withholding outweighed market sales: the company withheld $50.0M of officers' and directors' shares for taxes, against $55K sold on the open market. The largest was Jeffrey Stoops ($29.7M withheld).Largest withholding, Jan 20, 2026

Percentages cover 14 of 16 officers and directors. Left out: Jeffrey Stoops (most holdings were last confirmed in 2021); Steven Bernstein (most holdings were last confirmed in 2015). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

George Krouse Jr.

Director

3.5% · $55KNo plan disclosed

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Common questions

Is the SBA Communications CEO selling stock?

No. Brendan Cavanagh reported no open-market sales in the past 12 months.

Why are SBA Communications insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any SBA Communications insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did SBA Communications insiders sell?

About 0.2% overall. As a group they ended with more shares than they started with. The biggest individual seller, George Krouse Jr., gave up 3.5% of starting holdings. These figures leave out Jeffrey Stoops, the largest holder (most holdings were last confirmed in 2021). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold1 officer or director: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
George Krouse Jr. Director	$55K 300 shares	3.5%	No plan disclosed

The full ownership picture16 of 16 insiders fully reconciled · 16 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Jeffrey Stoops

Most of this insider's holdings were last confirmed in 2021. Confirmed in the last three years: 401,328 shares. Not confirmed since: 942,788 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Director

390K

401K

see note

Vesting, gifts, unvested awards and holding lines for Jeffrey Stoops

+174Kshares vested or exercised

−9.8Kgifted (net of own trusts)

−153Kwithheld by the company for taxes

26K → 2.1Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	129,964	141,465
Limited Partnership	Class A Common Stock	259,863	259,863

Additional holdings last reported Mar 6, 2021, not confirmed since: 942,788 shares. Not included in any total or percentage on this page.

Calculated Risk Partners, L.P, Class A Common Stock: 919,863 shares, last reported Dec 8, 2006
Trust, Class A Common Stock: 22,925 shares, last reported Mar 6, 2021

Brendan Cavanagh

President and CEO, Director

83K

97K

no sales

Vesting, gifts, unvested awards and holding lines for Brendan Cavanagh

+75Kshares vested or exercised

0gifted (net of own trusts)

−61Kwithheld by the company for taxes

69K → 96Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	49,992	63,782
Cavanagh Investments, LLC	Class A Common Stock	19,055	19,055
Eagle SC LLC	Class A Common Stock	14,254	14,254

Steven Bernstein

Most of this insider's holdings were last confirmed in 2015. Confirmed in the last three years: 63,454 shares. Not confirmed since: 165,142 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Director

63K

see note

Vesting, gifts, unvested awards and holding lines for Steven Bernstein

+2.4Kshares vested or exercised

0gifted (net of own trusts)

−1.5Kwithheld by the company for taxes

2.6K → 2.8Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	6,254	7,140
Bernstein Limited Partnership II	Class A Common Stock	56,314	56,314

Additional holdings last reported Mar 18, 2015, not confirmed since: 165,142 shares. Not included in any total or percentage on this page.

Unresolved (see footnote), Class A Common Stock: 165,142 shares, last reported Mar 18, 2015

Mark Ciarfella

EVP - Operations

38K

43K

no sales

Vesting, gifts, unvested awards and holding lines for Mark Ciarfella

+8.6Kshares vested or exercised

0gifted (net of own trusts)

−3.4Kwithheld by the company for taxes

24K → 31Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	37,609	42,821

Jack Langer

Minor difference of 116 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

19K

no sales

Vesting, gifts, unvested awards and holding lines for Jack Langer

+2.4Kshares vested or exercised

0gifted (net of own trusts)

−1.8Kwithheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	8,138	8,704
Trust	Class A Common Stock	10,522	10,631

Reconciliation: minor difference of 116 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Kevin Beebe

Director

16K

17K

no sales

Vesting, gifts, unvested awards and holding lines for Kevin Beebe

+2.4Kshares vested or exercised

0gifted (net of own trusts)

−1.5Kwithheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	15,754	16,644

George Krouse Jr.

Director

8.6K

−300

8.5K

99%

Vesting, gifts, unvested awards and holding lines for George Krouse Jr.

+1.4Kshares vested or exercised

−300gifted (net of own trusts)

−826withheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	8,556	8,512

Donald Day

Minor difference of 3 shares. Difference is under 0.5% of holdings.

EVP - Site Leasing

10K

no sales

Vesting, gifts, unvested awards and holding lines for Donald Day

+10Kshares vested or exercised

0gifted (net of own trusts)

−7Kwithheld by the company for taxes

13K → 19Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	6,956	9,992

Reconciliation: minor difference of 3 shares. Difference is under 0.5% of holdings.

Richard Cane

Minor difference of 239 shares. Small increase from dividend reinvestment. Small increase from dividend reinvestment.

EVP; Pres. - International

6.4K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Richard Cane

+8.3Kshares vested or exercised

0gifted (net of own trusts)

−2.5Kwithheld by the company for taxes

25K → 30Kunvested awards, start → end

Small increase from dividend reinvestment. Filing

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	6,373	12,404

Reconciliation: minor difference of 239 shares. Small increase from dividend reinvestment.

Joshua Koenig

Executive VP/General Counsel

6.1K

11K

no sales

Vesting, gifts, unvested awards and holding lines for Joshua Koenig

+17Kshares vested or exercised

−517gifted (net of own trusts)

−12Kwithheld by the company for taxes

24K → 29Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	6,079	10,726

Saul Kredi

VP & Chief Accounting Officer

5.8K

7.6K

no sales

Vesting, gifts, unvested awards and holding lines for Saul Kredi

+8.6Kshares vested or exercised

0gifted (net of own trusts)

−6.9Kwithheld by the company for taxes

4.2K → 5.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	5,843	7,574

Mary Chan

Minor difference of 134 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

5.7K

6.4K

no sales

Vesting, gifts, unvested awards and holding lines for Mary Chan

+2.4Kshares vested or exercised

0gifted (net of own trusts)

−1.8Kwithheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	5,685	6,422

Reconciliation: minor difference of 134 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Marc Montagner

Minor difference of 56 shares. Small increase from dividend reinvestment. Small increase from dividend reinvestment.

EVP - Chief Financial Officer

2.3K

6.1K

no sales

Vesting, gifts, unvested awards and holding lines for Marc Montagner

+6.1Kshares vested or exercised

0gifted (net of own trusts)

−2.4Kwithheld by the company for taxes

28K → 39Kunvested awards, start → end

Small increase from dividend reinvestment. Filing 1 Filing 2

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	2,321	6,069

Reconciliation: minor difference of 56 shares. Small increase from dividend reinvestment.

Jay Johnson

Director

1.1K

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Jay Johnson

+881shares vested or exercised

0gifted (net of own trusts)

−326withheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	1,110	1,665

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$328.99	Mar 28, 2032	$0

Estimate: options held × ($182.67 − strike price), using the most recent insider trade price on Form 4 (Aug 17, 2026), not a market close.

Amy Wilson

Minor difference of 19 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

802

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Amy Wilson

+881shares vested or exercised

0gifted (net of own trusts)

1.8K → 2.1Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	802	1,702

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$224.24	May 25, 2033	$0

Estimate: options held × ($182.67 − strike price), using the most recent insider trade price on Form 4 (Aug 17, 2026), not a market close.

Reconciliation: minor difference of 19 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Laurie Bowen

Minor difference of 12 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

505

1.1K

no sales

Vesting, gifts, unvested awards and holding lines for Laurie Bowen

+881shares vested or exercised

0gifted (net of own trusts)

−326withheld by the company for taxes

1.8K → 2.1Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	505	1,072

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$224.24	May 25, 2033	$0

Estimate: options held × ($182.67 − strike price), using the most recent insider trade price on Form 4 (Aug 17, 2026), not a market close.

Reconciliation: minor difference of 12 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

16 of 16 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (9 exactly, 7 with a minor or footnoted difference). Percentages cover 14 of 16 officers and directors. Left out: Jeffrey Stoops (most holdings were last confirmed in 2021); Steven Bernstein (most holdings were last confirmed in 2015). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$55K of sales by plan status, purpose, seller and month

Officer and director open-market sales: $55K across 300 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $55K

Sales with no 10b5-1 plan and no tax reference in the filing. $55K of it is George Krouse Jr.. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: George Krouse Jr., Aug 17, 2026

Taxes

256,307 shares ($50.0M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
George Krouse Jr. Director	300	$55K	0%	100%	Aug 17, 2026 to Aug 17, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$0	$0	$0	$0
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$0	$0	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$55K	$0	$0	$55K
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: less than one-twentieth of the 5-year average. 1 insider sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	300	1	$55K
Oct 8, 2025 1 year earlier	14K	5	$3.3M
Oct 8, 2024 2 years earlier	351K	10	$82.6M
Oct 9, 2023 3 years earlier	371	1	$85K
Oct 9, 2022 4 years earlier	165K	8	$57.3M
Oct 9, 2021 5 years earlier	306K	10	$109M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Jack Langer: minor difference of 116 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Donald Day: minor difference of 3 shares. Difference is under 0.5% of holdings.

Richard Cane: minor difference of 239 shares. Small increase from dividend reinvestment.

Mary Chan: minor difference of 134 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Marc Montagner: minor difference of 56 shares. Small increase from dividend reinvestment.

Amy Wilson: minor difference of 19 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Laurie Bowen: minor difference of 12 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,060 filings from SEC EDGAR, and how we read them

All 1,060 Forms 3, 4 and 5 filed for SBA Communications (SEC CIK 1034054) from Jul 9, 1999 to Aug 19, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 8 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (17)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Jason Silberstein	Mar 8, 2024	43,446 shares, last reported balance as of Mar 6, 2024
Brian Lazarus	Mar 8, 2024	30,617 shares, last reported balance as of Mar 6, 2024
Duncan Cocroft	May 3, 2023	65,842 shares, last reported balance as of May 1, 2023
Fidelma Russo	May 3, 2023	703 shares, last reported balance as of May 1, 2023
Dipan Patel	Mar 7, 2023	6,540 shares, last reported balance as of Mar 6, 2023
Kurt Bagwell	Mar 11, 2022	82,663 shares, last reported balance as of Mar 9, 2022
Thomas Hunt	Mar 8, 2022	122,743 shares, last reported balance as of Mar 6, 2022
Brian Carr	May 4, 2021	4,118 shares, last reported balance as of May 1, 2021
Steven Nielsen	Mar 13, 2009	10,000 shares, last reported balance as of Mar 12, 2009
Philip Hawkins	Mar 12, 2009	3,000 shares, last reported balance as of Mar 10, 2009
Anthony Macaione	Sep 12, 2008	43,875 shares, last reported balance as of Sep 10, 2008
AAT Holdings, LLC	Jun 1, 2006	6,512,686 shares, last reported balance as of May 30, 2006
Richard Worley	Nov 28, 2005	8,250,887 shares, last reported balance as of Nov 23, 2005
Donald Hebb Jr.	Aug 3, 2004	No balance on record
John Fiedor	Jun 14, 2004	No balance on record
Richard Miller	May 21, 2004	No balance on record
Pamela Kline	Feb 13, 2004	No balance on record

SBA Communications insiders sold $55K in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the SBA Communications CEO selling stock?

Why are SBA Communications insiders selling?

Are any SBA Communications insiders buying?

How much of their stake did SBA Communications insiders sell?

The evidence

No plan disclosed · $55K

Taxes

Sales by month