SBA Communications Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 657 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• SINGLE SHARE CLASS: SBA Communications has only Class A common stock outstanding (106,088,110 shares as of 28 Jul 2026, per the cover page of the 10-Q for the period ended 30 Jun 2026, filed 6 Aug 2026). Searched the same 10-Q for 'Class B' and found zero hits: no second class is currently outstanding. company.shares_outstanding, every register row's shares and pct_of_company, and market_cap_usd are all on this one basis.
• HOLDINGS SIDE IS EMPTY, A SOURCED NEGATIVE: searched the newest 10-Q (period 30 Jun 2026, filed 6 Aug 2026) and the newest 10-K (period 31 Dec 2025, filed 27 Feb 2026) for 'equity method', 'joint venture', 'unconsolidated', 'noncontrolling interest', 'non-marketable', 'investment in', and 'Tanzania' (SBA's African market). Found: (1) Exhibit 21 to the 10-K, 'Significant Subsidiaries', lists every named entity as 100% owned, including the international towers vehicles; the one row with a split percentage, 'SBA Torres Brasil Limitada: 98.96% owned by Brazil Shareholder I, LLC, 1.04% owned by Brazil Shareholder II, LLC', splits ownership between two intermediate vehicles that are themselves each 100% owned by SBA Senior Finance II, LLC, so SBA holds the Brazilian operating entity in full through two internal holding companies, not through a third-party partner. No entity in Exhibit 21 has a genuine outside minority owner. (2) The 10-K states 'Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method', carrying a combined balance of $21.1 million ($21,053 thousand) at 31 Dec 2025 ($20,779 thousand at 31 Dec 2024), with no per-company name or breakdown disclosed anywhere found. Per the brief's rule against assigning a combined balance to one investee, no holdings row was created for this; the figure is recorded here and in unknowns instead. (3) Both the 10-K and 10-Q describe repayment of a 'loan to an unconsolidated joint venture' (fully repaid 21 Mar 2025, no current balance), but the joint venture is never named and no ownership percentage or current equity value is disclosed, so it cannot be sized as a holding either. (4) The 10-Q's 'redeemable noncontrolling interests' note (a third-party noncontrolling shareholder in one of SBA's own consolidated joint-venture subsidiaries exercising a put option) runs the OTHER direction per the brief's explicit warning: it is a minority stake a third party holds IN an SBA-consolidated entity, not a stake SBA holds in another company, so it is correctly excluded rather than inverted into a holding.
• TOWERS ARE NOT HOLDINGS: SBA's expansion into Central America, South America (Brazil, Chile, Peru, Ecuador, Argentina), South Africa and Tanzania is disclosed in the 10-Q's foreign-currency risk section as directly operated tower portfolios owned through wholly owned subsidiaries (confirmed via Exhibit 21 for the entities it names), not as equity stakes in separately owned companies. No leased or owned tower portfolio was recorded as a holding, per the brief's rule that a tower portfolio or ground lease is a physical asset, not an equity stake in a company.
• REGISTER IS A FRESH Q2 2026 SNAPSHOT, PREFERRED OVER THE STALE PROXY TABLE: the 2026 DEF 14A (record date 26 Mar 2026, filed 9 Apr 2026) itself states BlackRock at 10,119,014 shares (9.5%), Dodge & Cox at 11,517,226 shares (10.9%) and The Vanguard Group at 17,279,798 shares (16.3%) as of that record date. Every institutional row in this file instead uses each filer's own fresh Q2 2026 13F-HR (period 30 Jun 2026, filed 7-14 Aug 2026), per the brief's instruction to prefer the fresh 13F over a stale proxy figure. The refresh moved BlackRock UP to 10,138,749 shares, Dodge & Cox UP to 12,323,254 shares, and Vanguard's summed family UP to 17,899,441 shares; all three moved in the same direction here, unlike Baker Hughes' example in the chunk prompt where the correction ran both ways.
• VANGUARD FAMILY SWEEP: this project's own 31-Mar-2026 register snapshot (data/registers/SBAC.json) was used only to enumerate the entity names/CIKs (never the share figures): Vanguard Fiduciary Trust Co (0000933478), Vanguard Investments Australia Ltd (0001550100), Vanguard Asset Management Ltd (0001680208), Vanguard Personalized Indexing Management LLC (0001767306), Vanguard Global Advisers LLC (0001811242), Vanguard National Trust Co (0001984256), Vanguard Capital Management LLC (0002100119), Vanguard Portfolio Management LLC (0002100121). The Vanguard Group, Inc. itself (CIK 0000102909) filed Form 13F-NT (a notice carrying NO holdings) for the quarter ended 30 Jun 2026, confirming Vanguard's SBAC position is reported entirely by these eight successor entities, the same pattern documented for PNC in the chunk prompt. Each entity's own fresh Q2 2026 13F-HR information table was fetched and summed: 595,442 + 108,279 + 205,420 + 7,713 + 228,484 + 72 + 6,936,972 + 9,817,059 = 17,899,441 shares, $3,158,535,358.
• CAPITAL GROUP FAMILY SWEEP, A CHECKED NEGATIVE: enumerated six Capital Group registrants that file their own 13F-HR (Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848, Capital International, Inc./CA 0000895213, Capital International Ltd /CA 0001065350, Capital International Sarl 0001065349), found via EDGAR company search under 'capital research', 'capital international' and 'capital world' since SBAC's own truncated top-40 register (data/registers/SBAC.json) omits Capital Group entirely, matching the brief's warning that the register can omit whole families. The parent, Capital Research & Management Co (CIK 0000017283), filed 13F-NT (no holdings) for Q2 2026. All six operating entities were checked individually against their own fresh Q2 2026 13F-HR information tables for cusip 78410G104 (SBA Communications): none of the six holds any SBAC shares. This is recorded as a checked negative, not a gap, and no Capital Group row appears in this register.
• T. ROWE PRICE, BOTH REGISTRANTS CHECKED, ONE HOLDS AND ONE DOES NOT: T. Rowe Price Associates, Inc. (CIK 0000080255) holds SBAC and is included above. T. Rowe Price Investment Management, Inc. (CIK 0001897612), the separate registrant the chunk prompt specifically flags, was checked independently against its own fresh Q2 2026 13F-HR and holds ZERO shares of SBAC (no matching cusip 78410G104 row found); this is a checked negative, not a null row.
• T. ROWE PRICE AND COHEN & STEERS THOUSANDS-CONVENTION CHECK, BOTH CONFIRMED: T. Rowe Price Associates' raw Q2 2026 13F-HR value for SBAC was $48,505 against 274,868 shares (implied price $0.176/share, obviously wrong); corrected value_usd = $48,505,000 (implied price $176.46/share). Cohen & Steers' raw value was $573,096 against 3,247,729 shares (implied price $0.176/share); corrected value_usd = $573,096,000 (implied price $176.44/share). Both match the brief's specific warning about these two REIT-specialist filers reporting 13F values in thousands.
• IMPLIED-PRICE CROSS-CHECK ACROSS EVERY Q2 2026 13F ROW: Vanguard's 8 entities, BlackRock, Dodge & Cox, State Street, Cohen & Steers (corrected), Geode, T. Rowe Price Associates (corrected) all imply between $175.80 and $176.46 per share as of the 30 Jun 2026 report date. Two rows imply modestly higher: JPMorgan at $179.53 and, within Geode's own multi-line filing, a small mix of sub-account lines; neither implies a units or thousands error (no row is off by anything close to a factor of 100 or 1,000), so both are kept as filed.
• FOUNDER POSITION: Steven E. Bernstein founded SBA in 1989 and has served as a director continuously since, listed in the 2026 proxy as an independent director ('Founder, SBA Communications Corporation'). Checked the proxy's own security ownership table directly rather than inferring from holder_type: his beneficial ownership is 69,950 shares, well under 1% of Class A common stock outstanding. SBA has a single class of common stock (confirmed above), so unlike some founder-controlled companies this is not a governance-defining or disproportionate-voting stake; it is included as a named row because the brief specifically asks the founder position be checked.
• NO RECENT 13D/G STRATEGIC FILER: EDGAR's filing history for SBA Communications Corporation (CIK 0001034054) shows no Schedule 13D or 13G/13G-A filed since 13 Feb 2024 (over two years before this research date), so no sovereign or activist strategic holder beyond the institutional managers and insiders listed above was found.
• REGISTER SELF-GATE, computed from this final file exactly as the chart computes it: 12 register rows. Members rolling into 'All directors and executive officers as a group' (Stoops 514,247 + Bernstein 69,950 = 584,197 shares) are drawn at full value on their own rows; the aggregate row (826,888 raw shares) is reduced by that member sum for the total: 826,888 - 584,197 = 242,691. Every other row (Vanguard family, Dodge & Cox, BlackRock, State Street, Cohen & Steers, Geode, JPMorgan, Invesco, T. Rowe Price Associates) counts at full value. Sum: 17,899,441 + 12,323,254 + 10,138,749 + 5,119,264 + 3,247,729 + 3,175,913 + 2,707,005 + 1,934,968 + 274,868 + 514,247 + 69,950 + 242,691 = 57,648,079 shares, which is 54.34% of shares_outstanding (106,088,110). This sits just under the brief's 55% hard-stop and is broadly consistent with a heavily index/institutionally owned tower REIT with an aggressive buyback program shrinking the denominator. Checked against the three known causes of an inflated total: (1) not a mixed instrument, every institutional row is common stock read from each filer's own Q2 2026 13F-HR information table (cusip 78410G104), cross-checked to a tight $175.80-$179.53 implied price band; (2) not a mixed basis, every pct_of_company here is computed against the single 106,088,110-share basis; (3) not a double count, Vanguard's eight entities and the two insider rows are each distinct, non-overlapping CIKs/persons, and Capital Group and the second T. Rowe Price registrant were checked and found to hold zero rather than assumed absent.
• SBA'S HEAVY STOCK REPURCHASE PROGRAM: the 10-Q confirms an active, ongoing Class A common stock repurchase authorization (open-market repurchases under Rule 10b-18 and/or privately negotiated transactions). This is why the newest cover-page share count (106,088,110 as of 28 Jul 2026) was used as the single denominator throughout, rather than an older count, per the brief's specific warning that a stale denominator inflates every percentage for this company.