In January 2024, the Company's board of directors established a Fiber Review Committee to oversee and direct the review of strategic and operational alternatives that were available to the Company with respect to its Fiber Business. The operational review concluded in June 2024 and resulted in the restructuring plan that management initiated in June 2024 ("2024 Restructuring Plan"), while the strategic review concluded in March 2025 with the signing of the Strategic Fiber Agreement. See note 13 to the Company's condensed consolidated financial statements for a discussion of the 2024 Restructuring Plan.

On March 13, 2025, management signed the Strategic Fiber Agreement to sell the Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cells business. The Strategic Fiber Transaction was completed on May 1, 2026. In accordance with the Strategic Fiber Agreement, the Company received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process. Through the completion of the Strategic Fiber Transaction, management continued to operate the Fiber Business in accordance with the Strategic Fiber Agreement.

The Fiber Business' results and net assets are presented herein as discontinued operations for all periods presented through the completion of the Strategic Fiber Transaction. Related to the classification of the Fiber Business as "held for sale", the Company recorded a loss from disposal of discontinued operations of $280 million and $252 million for the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million for the six months ended June 30, 2026 and 2025, respectively. The loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell. The additional loss recorded for the three months ended June 30, 2026, relates to ongoing investment in the Fiber Business through April 30, 2026, as well as the impact of preliminary purchase price adjustments, which are subject to a post-

closing settlement process. The loss is included in "Gain (loss) from disposal of discontinued operations" in the condensed consolidated statement of operations and comprehensive income (loss). Due to the Company's REIT tax filing status, there is no tax benefit recognized related to the loss from disposal of the Fiber Business.

The historic Fiber segment was previously a separate reportable segment of the Company. The Company's Fiber reportable segment is treated as discontinued operations for all periods presented because the disposal represents a strategic shift that had a material impact on the Company's operating results.

As a result of the completion of the Strategic Fiber Transaction on May 1, 2026, the Company had no assets or liabilities of discontinued operations as of June 30, 2026. The tables below set forth the assets and liabilities related to discontinued operations as of December 31, 2025, and results of operations related to discontinued operations for the three and six months ended June 30, 2026 and 2025. See note 11 to the Company's condensed consolidated financial statements for information regarding its reportable segment.


	December 31, 2025
ASSETS
Current assets:
Receivables, net	$	324
Other current assets(a)	110
Total current assets	434
Property and equipment(b)	9,766
Other intangible assets, net(b)	1,706
Operating lease right-of-use assets and other assets, net(b)	326
Valuation allowance for assets held for sale	(1,507)
Total assets	$	10,725
LIABILITIES
Current liabilities:
Accounts payable	$	156
Deferred revenues	355
Operating lease liabilities and other accrued liabilities	242
Current maturities of debt and other obligations	9
Total current liabilities	762
Debt and other long-term obligations	20
Operating lease liabilities	168
Deferred revenue and other long-term liabilities	1,364
Total liabilities	$	2,314


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net revenues	$	192	$	536	$	756	$	1,068
Operating expenses(b)	116		256		404		705
Income (loss) from discontinued operations before income taxes	76		280		352		363
Benefit (provision) for income taxes	(1)		(2)		(2)		(3)
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax	$	75	$	278	$	350	$	360

(b)Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of long-lived assets included in discontinued operations. For the six months ended June 30, 2025, the Company recorded $204 million of depreciation and amortization expense associated with the Fiber Business.