Array Digital Infrastructure, Inc. (AD) as of March 31, 2026 is a tower infrastructure company (formerly a wireless carrier) that has completed the sale of its wireless operations to T-Mobile in August 2025 and is in an active wind-down/asset-monetization phase. The MFFAIS-computed liquidation values (CLV -$1.20B, LLV -$1.19B) reflect deeply negative equity recovery under the liquidation lens, consistent with what the balance sheet discloses when assets are haircut and liabilities held at face. Total reported assets of $3.96B versus total reported liabilities of approximately $2.10B yields $1.86B in book equity, but the liquidation picture is materially worse. The two dominant asset classes — Licenses ($1.64B) and Assets Held for Sale ($732M) — receive 0% recovery under the intangible haircut convention, which alone eliminates $2.37B of reported asset value. PP&E ($387M) at a 50-60% haircut yields approximately $190-230M. Cash ($254M) is 100% recoverable. Investments in unconsolidated entities ($435M, primarily equity method) are of uncertain liquidation value; the filing does not separately tag a fair value for these, and at a conservative 50% haircut they yield roughly $218M. Against these assets sit $674M in long-term debt (current + noncurrent), $512M in noncurrent operating lease liabilities (which do not extinguish on windup), $321M in deferred tax liabilities, and $333M in Other deferred liabilities/credits — the last including $65.8M of decommissioning liability and $16.7M of deferred T-Mobile purchase price, neither of which is separately XBRL-tagged but disclosed in Note 2 MD&A. Accrued taxes spiked to $131.7M from $16.9M at December 31, 2025, driven by the January 2026 AT&T spectrum sale gain. The special dividend of $885.5M paid February 2, 2026 ($10.25/share) transferred the bulk of cash from the AT&T transaction ($1.018B proceeds) to shareholders, compressing retained earnings from $770M to $59M. Assets held for sale declined from $1.59B to $732M as the AT&T spectrum sale closed. The Verizon spectrum sale ($1.0B, pending in Q2/Q3 2026) is the next material liquidity event; $586M of spectrum is classified as held for sale awaiting that close. Operating lease liabilities ($527M combined) represent a structural drag that does not dissolve on liquidation. The filing discusses the $65.8M decommissioning liability and $20.2M T-Mobile true-up payable in MD&A/footnotes but does not separately XBRL-tag the decommissioning amount; these appear within OtherLiabilitiesNoncurrent.
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