Investments in unconsolidated entities consist of amounts invested in entities in which TDS holds a noncontrolling interest. TDS’ Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.


	June 30, 2026		December 31, 2025
(Dollars in thousands)
Equity method investments	$	446,104	$	433,636
Measurement alternative method investments	21,514		20,834
Investments recorded using the net asset value practical expedient	7,459		7,452
Total investments in unconsolidated entities	$	475,077	$	461,922

The following table, which is based on unaudited information provided in part by third parties, summarizes the combined results of operations of TDS’ equity method investments.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(Dollars in thousands)
Revenues	$	1,853,234	$	1,939,122	$	3,725,043	$	3,855,154
Operating expenses	1,476,288		1,516,445		2,998,846		3,039,971
Operating income	376,946		422,677		726,197		815,183
Other income (expense), net	(7,753)		(2,713)		(15,244)		(14,726)
Net income	$	369,193	$	419,964	$	710,953	$	800,457