CAVANAGH BRENDAN THOMAS (Executive Vice President & CFO) exercised options at SBA COMMUNICATIONS CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 1 exercise

CAVANAGH BRENDAN THOMAS

Filed: 1/22/2026ACC: 0001293293-26-000002

InsiderCAVANAGH BRENDAN THOMASCIK 1293293

→

IssuerSBA COMMUNICATIONS CORPCIK 1034054

Officer· Executive Vice President & CFO

Since Nov 2018

-53.79K

Net shares

Net seller

$10.44M

Total sold

Open market trades

0B · 0S

Total transactions

55.74K acquired · 109.53K disposed

Non-Derivative Transactions2

Class A Common Stock

Direct

M · Option Exercise

+55.74K

Price / share

$182.30

Trade value

$10.16M

% of position

111.5%

1/20/2026

49.99K→105.73K

Class A Common Stock

Direct

F · Tax Withholding

−53.79K

Price / share

$194.11

Trade value

$10.44M

% of position

50.9%

1/20/2026

105.73K→51.94K

Total

Net shares

+1.95K

Net value

-$279.98K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Direct	1/20/2026	M · Option Exercise	+55.74K	$182.30	$10.16M	111.5%	49.99K	105.73K
Class A Common Stock Direct	1/20/2026	F · Tax Withholding	−53.79K	$194.11	$10.44M	50.9%	105.73K	51.94K
Total			+1.95K		-$279.98K

Derivative Transactions1

Stock Options (Right to Buy)

Direct

M · Option Exercise

Converts to

Class A Common Stock

55.74K shares

−55.74K

Strike price

182.3

Held after

0.00

Exercisable

—

1/20/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Stock Options (Right to Buy) Direct	Class A Common Stock55.74K shares	1/20/2026	M · Option Exercise	−55.74K	182.3	—	0.00

Non-Derivative Holdings (Post-Transaction)2

Class A Common Stock

Indirect

Shares owned19.05K

Class A Common Stock

Indirect

Shares owned14.25K

Total

33.31K indirect33.31K

Security Title	Shares Owned	Ownership Type
Class A Common Stock	19.05K	Indirect
Class A Common Stock	14.25K	Indirect
Total	33.31K	33.31K indirect

Derivative Holdings (Post-Transaction)7

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

4.33K

Shares owned

4.33K

Exercise price

Expiration

—

Exercise window

—

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

22.52K

Shares owned

22.52K

Exercise price

Expiration

—

Exercise window

—

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

4.33K

Shares owned

4.33K

Exercise price

Expiration

—

Exercise window

—

Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

7.93K

Shares owned

7.93K

Exercise price

Expiration

—

Exercise window

—

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

17.85K

Shares owned

17.85K

Exercise price

Expiration

—

Exercise window

—

Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

15.01K

Shares owned

15.01K

Exercise price

Expiration

—

Exercise window

—

Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

1.45K

Shares owned

1.45K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

73.42K

Owned

73.42K

Security	Underlying	Exercise Window	Expiration	Underlying Shares	Shares Owned
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	4.33K	4.33K
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	22.52K	22.52K
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	4.33K	4.33K
Restricted Stock Units Direct	Class A Common Stock	—	—	7.93K	7.93K
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	17.85K	17.85K
Restricted Stock Units Direct	Class A Common Stock	—	—	15.01K	15.01K
Restricted Stock Units Direct	Class A Common Stock	—	—	1.45K	1.45K
Total				73.42K	73.42K