Array Digital Infrastructure, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 6, 2026, disclosing tower operations, retained spectrum holdings, and the status of multiple spectrum sale agreements following its August 2025 sale to T-Mobile.

Key Highlights

  • Tower portfolio: As of September 30, 2026, the company owned 4,455 towers across 19 states, according to the filing.
  • TDS ownership: Array is an 81.9%-owned subsidiary of Telephone and Data Systems, Inc. (TDS) as of September 30, 2026.
  • Retained spectrum book value: The book value of remaining spectrum not subject to pending sale agreements was $1,584.7 million as of September 30, 2026, consisting primarily of C-Band spectrum.
  • T-Mobile sale proceeds: Total consideration received from the August 1, 2025 sale of wireless operations and select spectrum assets to T-Mobile was $4,293.8 million after adjustments, comprising $2,628.8 million in cash and $1,665.0 million in debt assumed by T-Mobile.
  • Purchase price true-up: As of September 30, 2026, the company recorded an estimated purchase price true-up payable to T-Mobile of $24.3 million.
  • Spectrum management costs: Costs related to management of retained spectrum were $3.1 million for the three months and $7.1 million for the nine months ended September 30, 2026.
  • Shares outstanding: As of September 30, 2026, there were 53.5 million Common Shares and 33.0 million Series A Common Shares outstanding, each with $1 par value.

Array Digital Infrastructure Transitions to Tower and Spectrum Business After T-Mobile Sale

Array Digital Infrastructure, Inc. (NYSE:AD), a large accelerated filer incorporated in Delaware and headquartered at 500 West Madison Street, Suite 810, Chicago, Illinois 60661, submitted its quarterly report covering the period ended September 30, 2026. According to the filing, the company's current operations center on leasing tower space to tenants, providing ancillary services, holding noncontrolling interests in primarily wireless operating companies managed by Verizon and AT&T, and managing retained wireless spectrum licenses. The company disclosed that it owned 4,455 towers in 19 states as of the reporting date.

The filing describes how the company sold its wireless operations and select spectrum assets to T-Mobile US, Inc. on August 1, 2025, under a Securities Purchase Agreement, receiving total consideration of $4,293.8 million after adjustments. That figure included $2,628.8 million in cash proceeds and $1,665.0 million in debt assumed by T-Mobile through an exchange offer made to Array's debtholders. The filing notes that final cash proceeds remain subject to adjustment under the terms of the Securities Purchase Agreement, and that the company recorded an estimated purchase price true-up payable to T-Mobile of $24.3 million as of September 30, 2026. The wireless operations and select spectrum assets sold to T-Mobile are presented as discontinued operations throughout the report.

Separately, the filing discloses several additional spectrum sale agreements. These include a $1,000,000 thousand sale of AWS, Cellular and PCS licenses to Verizon, which closed June 1, 2026; a $1,018,044 thousand sale of 3.45 GHz and 700 MHz licenses to AT&T, which closed January 13, 2026; and multiple agreements with T-Mobile covering 700 MHz and 600 MHz licenses with purchase prices ranging from $10,200 thousand to $86,387 thousand. The filing notes that one T-Mobile license transaction received regulatory approval on October 7, 2026, but "remains subject to FCC finality and other customary closing conditions." Retained spectrum not subject to pending sale agreements had a book value of $1,584.7 million, consisting primarily of C-Band spectrum.

What Was Disclosed

Array Digital Infrastructure disclosed its financial and operational position for the quarter ended September 30, 2026, including its 4,455-tower portfolio, retained C-Band spectrum valued at $1,584.7 million, the status of multiple spectrum sale agreements, and the $24.3 million estimated purchase price true-up payable to T-Mobile.