UZF · Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070

Array Digital Infrastructure reported a transformative first quarter of 2026, with total operating revenues surging 93% year-over-year to $52.0 million, driven primarily by a 92% increase in site rental revenues to $51.0 million. The company's tower operations continued to benefit from new colocation applications and steady tenancy growth, despite excluding DISH Wireless from colocation counts due to collection uncertainty. Net income attributable to Array shareholders skyrocketed to $179.8 million from $4.7 million in the prior year, largely due to a $156.6 million book gain ($117.5 million net of tax) from the sale of certain 3.45 GHz and 700 MHz spectrum licenses closed on January 13, 2026. Operating income swung to a profit of $160.8 million from a loss of $29.6 million, reflecting the gain and improved cost management. Management commentary highlighted a focus on optimizing tower operations and closing pending spectrum transactions. The company reaffirmed its full-year 2026 guidance, expecting total operating revenues of $200-$215 million, Adjusted EBITDA of $200-$215 million, and capital expenditures of $25-$35 million. Additionally, on May 5, 2026, Array closed on the sale of certain 700 MHz spectrum licenses for $74.8 million, part of a larger $178 million agreement with T-Mobile. A significant development was the receipt of a non-binding proposal from TDS on May 7, 2026, to acquire all outstanding Array shares not owned by TDS, for which a special committee has been formed. The DISH Wireless dispute remains unresolved, with Array asserting that DISH's claim of excused obligations is without merit. Overall, the quarter reflects strong operational execution and strategic progress in monetizing spectrum assets.