Smart Sand, Inc.
US ˙ NasdaqGS ˙ US83191H1077

SecuritySND / Smart Sand, Inc.
InstitutionVanguard Group Inc
Latest Disclosed Ownership1,355,094 shares
Latest Disclosed Value $ 5,420,376
Vanguard Group Inc reports 2.56% decrease in ownership of SND / Smart Sand, Inc.

On January 29, 2026 - Vanguard Group Inc filed a 13F-HR form disclosing ownership of 1,355,094 shares of Smart Sand, Inc. (US:SND) valued at $5,420,376 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 7, 2025 disclosing 1,390,712 shares of Smart Sand, Inc.. This represents a change in shares of -2.56% during the quarter. The current value of the position is $7,737,587 USD.

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 Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-29 2025-12-31 13F SMART SAND COM 83191H107 1,355,094 -35,618 -2.56 5,420 82.12 0.0001
2025-11-07 2025-09-30 13F SMART SAND COM 83191H107 1,390,712 -95,503 -6.43 2,976 -0.37 0.0000
2025-08-11 2025-06-30 13F SMART SAND COM 83191H107 1,486,215 23,585 1.61 2,987 -21.15 0.0000
2025-05-09 2025-03-31 13F SMART SAND COM 83191H107 1,462,630 -1,458 -0.10 3,788 15.00 0.0001
2025-02-11 2024-12-31 13F SMART SAND COM 83191H107 1,464,088 -6,200 -0.42 3,294 13.74 0.0001
2024-11-13 2024-09-30 13F SMART SAND COM 83191H107 1,470,288 0 0.00 2,896 -6.64 0.0001
2024-08-13 2024-06-30 13F SMART SAND COM 83191H107 1,470,288 0 0.00 3,102 10.47 0.0001
2024-05-10 2024-03-31 13F SMART SAND COM 83191H107 1,470,288 0 0.00 2,808 -1.02 0.0001
2024-03-11 2023-12-31 13F/A-1 SMART SAND COM 83191H107 1,470,288 0 0.00 2,838 -16.83 0.0001
2024-02-14 2023-12-31 13F SMART SAND COM 83191H107 1,470,288 0 2,838 0.0001
2023-12-18 2023-09-30 13F/A-1 SMART SAND COM 83191H107 1,470,288 -8,212 -0.56 3,411 40.72 0.0001
2023-11-14 2023-09-30 13F SMART SAND COM 83191H107 1,470,288 -8,212 3,411 0.0000
2023-08-14 2023-06-30 13F SMART SAND COM 83191H107 1,478,500 -78,109 -5.02 2,425 -11.50 0.0001
2023-07-14 2023-03-31 13F/A-1 SMART SAND COM 83191H107 1,556,609 349,454 28.95 2,740 26.81 0.0001
2023-05-15 2023-03-31 13F SMART SAND COM 83191H107 1,556,609 349,454 2,740 0.0001
2023-02-10 2022-12-31 13F SMART SAND COM 83191H107 1,207,155 319,461 35.99 2,161 55.96 0.0001
2022-11-14 2022-09-30 13F SMART SAND COM 83191H107 887,694 141,133 18.90 1,385 -7.23 0.0000
2022-08-12 2022-06-30 13F SMART SAND COM 83191H107 746,561 -212,361 -22.15 1,493 -54.87 0.0000
2022-05-13 2022-03-31 13F SMART SAND COM 83191H107 958,922 -5,176 -0.54 3,308 92.77 0.0001
2022-02-14 2021-12-31 13F SMART SAND COM 83191H107 964,098 -1,411 -0.15 1,716 -27.47 0.0000
2021-11-12 2021-09-30 13F SMART SAND COM 83191H107 965,509 0 0.00 2,366 -26.41 0.0001
2021-08-13 2021-06-30 13F SMART SAND COM 83191H107 965,509 0 0.00 3,215 31.60 0.0001
2021-05-14 2021-03-31 13F SMART SAND COM 83191H107 965,509 19,647 2.08 2,443 50.15 0.0001
2021-02-12 2020-12-31 13F SMART SAND COM 83191H107 945,862 23,044 2.50 1,627 34.57 0.0000
2020-11-16 2020-09-30 13F SMART SAND COM 83191H107 922,818 84,017 10.02 1,209 37.23 0.0000
2020-08-14 2020-06-30 13F SMART SAND COM 83191H107 838,801 -75,297 -8.24 881 -7.36 0.0000
2020-05-15 2020-03-31 13F SMART SAND COM 83191H107 914,098 -82,688 -8.30 951 -62.14 0.0000
2020-02-14 2019-12-31 13F SMART SAND COM 83191H107 996,786 -929 -0.09 2,512 -11.02 0.0001
2019-11-14 2019-09-30 13F SMART SAND COM 83191H107 997,715 -353,198 -26.15 2,823 -14.35 0.0001
2019-08-14 2019-06-30 13F SMART SAND COM 83191H107 1,350,913 418,800 44.93 3,296 -20.54 0.0001
2019-05-15 2019-03-31 13F SMART SAND COM 83191H107 932,113 358,679 62.55 4,148 225.59 0.0002
2019-02-14 2018-12-31 13F SMART SAND COM 83191H107 573,434 -620,235 -51.96 1,274 -74.03 0.0001
2018-12-13 2018-09-30 13F/A-2 SMART SAND COM 83191H107 1,193,669 194,397 19.45 4,906 -7.52 0.0002
2018-11-23 2018-09-30 13F/A-1 SMART SAND COM 83191H107 1,193,669 0 4,906 0.0002
2018-11-14 2018-09-30 13F SMART SAND COM 83191H107 1,193,669 194,397 4,906
2018-08-14 2018-06-30 13F SMART SAND COM 83191H107 999,272 -20,800 -2.04 5,305 -10.65 0.0002
2018-05-15 2018-03-31 13F SMART SAND COM 83191H107 1,020,072 69,232 7.28 5,937 -27.90 0.0003
2018-02-14 2017-12-31 13F SMART SAND COM 83191H107 950,840 29,098 3.16 8,234 31.74 0.0004
2017-11-14 2017-09-30 13F SMART SAND COM 83191H107 921,742 43,097 4.90 6,250 -20.17 0.0003
2017-08-24 2017-06-30 13F/A-1 SMART SAND COM 83191H107 878,645 122,188 16.15 7,829 -36.31 0.0004
2017-08-11 2017-06-30 13F SMART SAND COM 83191H107 878,645 122,188 7,829
2017-05-12 2017-03-31 13F SMART SAND COM 83191H107 756,457 402,123 113.49 12,292 109.62 0.0006
2017-02-14 2016-12-31 13F SMART SAND COM 83191H107 354,334 354,334 5,864 0.0003
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.