As of December 31, 2025, the company operates through three reportable segments: Infrastructure, Life Sciences, and Spectrum, along with an Other segment for businesses not meeting reportable thresholds. The Infrastructure segment includes DBM Global Inc. (DBMG), which provides integrated structural and steel construction services. The Life Sciences segment includes Pansend Life Sciences, LLC (Pansend), focused on healthcare and biotechnology product development. The Spectrum segment includes HC2 Broadcasting Holdings Inc. and its subsidiaries (Broadcasting), operating Over-The-Air broadcasting stations across the United States and Puerto Rico. The Other segment comprises all other businesses or investments not classified within the defined segments. Following refinancing transactions in the third quarter of 2025, new milestone covenants in debt agreements require the company to initiate sales processes for the Infrastructure and Spectrum segments, which have commenced. After these sales, the company plans to focus on operating and managing the remaining segments. The company continues to evaluate strategic alternatives, including operating, growing, acquiring, winding down, or selling assets or businesses within or outside current segments, pursuing controlling interests in durable, cash-flow generating businesses or companies with significant growth potential, and aligning management incentives to support sustainable long-term value.
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