Trillium Asset Management, Llc reports 18.15% decrease in ownership of SBAC / SBA Communications Corporation

SBA Communications Corporation

MX ˙ BMV ˙ US78410G1040

Security	MX:SBAC / SBA Communications Corporation
Institution	Trillium Asset Management, Llc
Latest Disclosed Ownership	2,075 shares
Latest Disclosed Value	$ 357,000

On May 11, 2026 - Trillium Asset Management, Llc filed a 13F-HR form disclosing ownership of 2,075 shares of SBA Communications Corporation (MX:SBAC) valued at $357,000 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 2,535 shares of SBA Communications Corporation. This represents a change in shares of -18.15% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-11	2026-03-31	13F	SBA COMMUNICATIONS	CL A	78410G104	2,075	-460	-18.15	357	-27.14	0.0118
2026-02-13	2025-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	2,535	-464	-15.47	490	-15.52	0.0150
2025-11-14	2025-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	2,999	-244	-7.52	580	-23.88	0.0153
2025-08-06	2025-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	3,243	-2,057	-38.81	762	-34.65	0.0205
2025-05-13	2025-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	5,300	-50,155	-90.44	1,166	-89.68	0.0336
2025-02-11	2024-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	55,455	-1,128	-1.99	11,302	-17.02	0.2930
2024-11-07	2024-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	56,583	-1,693	-2.91	13,620	19.06	0.3344
2024-08-08	2024-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	58,276	-507	-0.86	11,440	-10.19	0.2889
2024-05-09	2024-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	58,783	-213	-0.36	12,738	-14.89	0.3242
2024-02-08	2023-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	58,996	-79	-0.13	14,967	26.57	0.4078
2023-11-08	2023-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,075	-325	-0.55	11,825	-14.11	0.3563
2023-08-10	2023-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,400	381	0.65	13,767	-10.59	0.3859
2023-05-09	2023-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,019	11,689	24.70	15,398	16.06	0.4512
2023-02-08	2022-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	47,330	-489	-1.02	13,267	-2.53	0.4084
2022-11-09	2022-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	47,819	-180	-0.38	13,612	-11.39	0.4459
2022-08-08	2022-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	47,999	-2,231	-4.44	15,362	-11.12	0.4712
2022-05-04	2022-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	50,230	-9,613	-16.06	17,284	-25.76	0.4597
2022-02-08	2021-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,843	36	0.06	23,280	17.75	0.5460
2021-11-12	2021-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,807	815	1.38	19,770	5.15	0.5219
2021-11-12	2021-06-30	13F/A-1	SBA COMMUNICATIONS CORP	CL A	78410G104	58,992	-1,631	-2.69	18,801	11.74	0.5195
2021-08-06	2021-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	58,992	-1,631		18,801		0.4113
2021-05-10	2021-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	60,623	498	0.83	16,826	-0.81	0.5311
2021-02-12	2020-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	60,125	-747	-1.23	16,963	-12.50	0.6093
2020-11-09	2020-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	60,872	-756	-1.23	19,387	5.59	0.8168
2020-08-06	2020-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	61,628	2,357	3.98	18,360	14.74	0.7849
2020-05-07	2020-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,271	-158	-0.27	16,001	11.72	0.8405
2020-02-10	2019-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,429	-592	-0.99	14,322	-1.05	0.6376
2019-11-06	2019-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	60,021	257	0.43	14,474	7.72	0.6763
2019-08-08	2019-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	59,764	-2,390	-3.85	13,437	8.28	0.6486
2019-05-06	2019-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	62,154	-10,083	-13.96	12,410	6.11	0.6274
2019-02-08	2018-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	72,237	-23,638	-24.66	11,695	-24.06	0.6755
2018-11-09	2018-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	95,875	-28	-0.03	15,401	-2.75	0.7692
2018-08-01	2018-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	95,903	807	0.85	15,836	-2.57	0.8476
2018-05-09	2018-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	95,096	19,708	26.14	16,254	31.97	0.8961
2018-02-01	2017-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	75,388	-8,001	-9.59	12,316	2.53	0.6771
2017-11-02	2017-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	83,389	-241	-0.29	12,012	6.47	0.6866
2017-08-03	2017-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	83,630	3,794	4.75	11,282	17.40	0.6733
2017-05-02	2017-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	79,836	-2,970	-3.59	9,610	12.38	0.6139
2017-01-23	2016-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	82,806	-655	-0.78	8,551	-8.65	0.5626
2016-10-27	2016-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	83,461	-1,537	-1.81	9,361	2.03	0.6008
2016-07-28	2016-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	84,998	1,588	1.90	9,175	9.81	0.6052
2016-04-20	2016-03-31	13F	SBA COMMUNICATIONS	COM	78388J106	83,410	870	1.05	8,355	-3.66	0.5564
2016-01-26	2015-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	82,540	-1,956	-2.31	8,672	-2.01	0.5859
2015-11-02	2015-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	84,496	1,500	1.81	8,850	-7.25	0.6207
2015-07-28	2015-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	82,996	2,226	2.76	9,542	0.89	0.6115
2015-05-08	2015-03-31	13F	SBA COMMUNICATIONS	COM	78388J106	80,770	80,770	0.00	9,458		0.6138
2015-01-30	2014-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	0	-75,010	-100.00	0	-100.00
2014-10-21	2014-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	75,010	-1,002	-1.32	8,318	6.97	0.7194
2014-07-28	2014-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	76,012	1,594	2.14	7,776	14.88	0.6663
2014-04-14	2014-03-31	13F	SBA COMMUNICATIONS	COM	78388J106	74,418	1,454	1.99	6,769	3.26	0.6364
2014-01-15	2013-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	72,964	8,878	13.85	6,555	27.13	0.6437
2013-10-17	2013-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	64,086	3,310	5.45	5,156	14.45	0.5742
2013-07-25	2013-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	60,776	60,776		4,505		0.5559

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.