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Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments
Investments consisted of the following:
(in thousands)September 30,
2025		December 31,
2024
SERP investments at fair value$3,022 $2,670 
Cost method investments13,117 12,813 
Equity method investments205 226 
Total investments$16,344 $15,709 

SERP investments at fair value: The fair value of the supplemental executive retirement plan (“SERP”) investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.4 million and $12.1 million as of September 30, 2025 and December 31, 2024, respectively. Shentel recognized approximately $0.8 million and $0.4 million of patronage income in other income, net for the three months ended September 30, 2025 and 2024, respectively, and approximately $2.3 million and $1.1 million during the nine months ended September 30, 2025 and 2024, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity in 2025.