EQUITY INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

Schedule of Carrying Value of the Company's Equity Investments

The carrying value of the Company's equity investments consisted of the following (dollars in thousands):


	June 30, 2026			December 31, 2025
	Ownership Percentage	Carrying Value		Ownership Percentage	Carrying Value
Equity Investments Without Readily Determinable Fair Values
Point(1)	—	$	—	<10%	$	42,623
Visionary(2)	<10%	8,822		<10%	8,822
Others	<10%	8,482		<10%	8,113
Total		$	17,304		$	59,558

Equity Method Investments
Clearwave Fiber(3)	—	$	—	~57%(4)	$	56,355
MBI	~45%	31,817		~45%	386,402
Nextlink(5)	~22%	114,511		~22%	111,526
Point(1)	~15%	135,000		—	—
Total		$	281,328		$	554,283

Total equity investments		$	298,632		$	613,841

(1)Prior to the Point-Clearwave Fiber Transaction, the Company's investment in Point was accounted for under the ASC 321 measurement alternative. After the transaction, the Point investment is accounted for under the equity method.

(2)Visionary Communications, Inc., an internet service provider (“Visionary”).

(3)As a result of the Point-Clearwave Fiber Transaction, the Company's equity investment in Clearwave Fiber was converted into additional equity interests in Point during the three months ended June 30, 2026. As of December 31, 2025, the Company did not have a controlling financial interest and did not consolidate Clearwave Fiber for financial reporting purposes but accounted for its interest under the equity method of accounting as the entity’s governance arrangements required certain of the designees of the other unit holders to consent to all significant operating and financial decisions of the business.

(4)Represents the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber as of December 31, 2025. The Company's ownership interest in Clearwave Fiber was in the form of common equity units and the ownership interest in Clearwave Fiber of the unaffiliated third-party investors was in the form of convertible preferred equity units. The convertible preferred equity units held by the unaffiliated third-party investors were subject to a specified preferred return in relation to the common equity units held by the Company. As a result of the economic and other attributes of the various classes of equity units in Clearwave Fiber, the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber differed from its economic interest in Clearwave Fiber.

(5)AMG Technology Holdings, LLC, a wireless internet service provider (“Nextlink”).

Schedule of Equity Method Investments

Equity method investment income (loss), which increases (decreases) the carrying value of the respective investment, and which is recorded on a one quarter lag, along with other equity investment-related activity reflected in the condensed consolidated statements of operations and comprehensive income (loss), were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Equity Method Investment Income (Loss)
Clearwave Fiber(1)	$	67,725	$	(22,621)	$	43,645	$	(77,472)
MBI(2)	(353,059)		224		(354,585)		(3,320)
Nextlink	1,481		1,446		2,985		2,851
Total	$	(283,853)	$	(20,951)	$	(307,955)	$	(77,941)

Other Income (Expense), Net
MBI option fair value adjustment(3)	$	(443,960)	$	(15,270)	$	(457,800)	$	(19,940)
Gain on sale of equity investment	$	—	$	—	$	—	$	3,199
Loss on fair value adjustment of equity investment(4)	$	(7,623)	$	—	$	(7,623)	$	—
Recurring mark-to-market adjustments	$	(77)	$	(64)	$	(126)	$	(5)

(1)The amounts for the three and six months ended June 30, 2026 include a $67.7 million revaluation gain in connection with the Point-Clearwave Fiber Transaction. The amount for the six months ended June 30, 2025 includes $28.0 million of non-cash impairment charges recorded by Clearwave Fiber.

(2)The amounts for the three and six months ended June 30, 2026 include a $349.8 million non-cash impairment. The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s ~45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three and six months ended June 30, 2026, the Company recognized $3.3 million and $4.8 million of its proportionate share of MBI’s net loss, respectively, and $1.3 million and $3.0 million of its proportionate share of basis difference amortization, respectively. For the three and six months ended June 30, 2025, the Company recognized $1.9 million and $0.4 million of its proportionate share of MBI's net income, respectively, and $1.7 million and $3.7 million of its proportionate share of basis difference amortization, respectively.

(3)The amounts for the three and six months ended June 30, 2026 represent the change in fair value of the Put Option pending settlement. The amounts for the three and six months ended June 30, 2025 represent the change in fair value of the MBI Net Option. Such instruments are measured at fair value on a quarterly basis (refer to note 10 for further information).

(4)In May 2026, as a result of the Point-Clearwave Fiber Transaction, the Company adjusted the carrying value of its existing equity interest in Point to its fair value implied by the transaction, recognizing a $7.6 million loss.