Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest

As discussed in Note 2, Summary of Significant Accounting Policies, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The Company paid four PIK Dividends during the year ended December 31, 2025, resulting in a $6.0 million increase in the liquidation preference. The Company paid two PIK Dividends during the year ended December 31, 2024, resulting in a $3.1 million increase in the liquidation preference. The liquidation preference was $90.1 million and $84.1 million as of December 31, 2025 and 2024, respectively.

The Series A Preferred Stock also participates in dividends paid to common shareholders on an “as-converted” basis. As such, the Company paid $0.4 million and $0.3 million in participating dividends to the Series A Preferred Stock shareholder during the years ended December 31, 2025 and 2024, respectively.

As described in Note 2, Summary of Significant Accounting Policies, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of December 31, 2025, the Series A Preferred Stock was exchangeable for 3,678,627 shares of Common Stock.