Array Digital Infrastructure

Management executed a major pivot: selling wireless operations to T‑Mobile (closed August 1, 2025) and then monetizing retained spectrum via AT&T (closed January 13, 2026) and Verizon (closed June 1, 2026).

Proceeds have largely been distributed to shareholders via three special dividends ($23.00 per share in 2025, $10.25 per share in February 2026, and $11.00 per share in June 2026), while keeping leverage moderate. We view the separation and spectrum monetization as rational and value‑creating.

Offsetting this, Array is a controlled company under NYSE rules with TDS holding 81.9 percent economic and 95.9 percent voting power, and a non‑binding TDS proposal to acquire the public float is under review by a special committee.

That governance structure increases the risk of minority holders being treated as financing partners rather than equal owners, so we apply a discount in our assessment.