INNOVATE Corp. completed the sale of a controlling interest in its Broadcasting segment, HC2 Broadcasting Holdings Inc., to CONX Corp. on September 1, 2026. CONX acquired a 75% ownership stake in HC2, while INNOVATE retained a 25% interest subject to post-closing adjustments. The transaction involved the extinguishment of a $105 million bridge loan facility and included an equity commitment by CONX of up to $75 million, with approximately $3.7 million funded at closing. INNOVATE retains an option to purchase up to 15% additional equity in HC2 over 18 months, while a CONX affiliate holds an option to acquire up to 80.1% of HC2 within two years. Concurrently, the Company entered into a Tenth Amendment to its Credit Agreement with MSD PCOF Partners IX, LLC on August 28, 2026, extending the maturity date to December 31, 2026. INNOVATE Corp. operates in the new economy sector, focusing on infrastructure, life sciences, and spectrum assets.

INNOVATE Corp. entered into a definitive agreement to sell approximately 91.21% of its subsidiary DBM Global Inc. to IES Holdings for an aggregate base purchase consideration valued at $650 million, subject to customary adjustments. The transaction involves the acquisition of shares followed by a statutory merger under Delaware law. INNOVATE will receive approximately $453 million in cash and 215,487 shares of IES common stock valued at $140 million, plus an additional $35 million for tax election costs. The company intends to use all net proceeds to repay its revolving credit facility, mandatorily redeem its 10.500% Senior Secured Notes due 2027 within 15 days of closing, and offer to purchase its 9.5% Convertible Senior Secured Notes due 2027 at par plus accrued interest. The transaction is expected to close in the fourth quarter of 2026, pending regulatory approvals including Hart-Scott-Rodino clearance and SEC review of an information statement. Concurrently, INNOVATE filed a prospectus supplement for an at-the-market equity offering of up to $31 million with Jefferies LLC. This filing accompanies pro forma financial statements reflecting the disposition alongside the separate Spectrum Merger transaction.

INNOVATE Corp. reported second quarter 2026 results with consolidated revenue of $421.6 million, a 74.2% increase from the prior year period. Net income attributable to common stockholders was $10.4 million, or $0.71 per diluted share, compared to a net loss of $22.0 million in the same quarter last year. Total Adjusted EBITDA rose 194.9% to $46.3 million. The Infrastructure segment drove growth with DBM Global reporting record revenue of $414.0 million and adjusted backlog reaching $2.7 billion. In the Spectrum segment, Broadcasting closed a $105 million refinancing and agreed to sell a controlling 75% interest to CONX Corp., leaving INNOVATE with a 25% stake. The company operates in infrastructure construction, life sciences medical devices, and broadcasting.

On July 31, 2026, Innovate Corp. entered into supplemental indentures permitting PIK interest on its 10.500% Senior Secured Notes and 9.5% Convertible Senior Secured Notes due 2027 for the period ending July 31, 2026. Consenting holders received a 1.5% consent fee paid in additional notes. Consequently, the principal of the 10.500% notes increased to $400.9 million with only $3.1 million cash interest due on August 1, down from $19.9 million, while the convertible notes' principal rose to $58.9 million with $0.5 million cash interest instead of $2.7 million. Lancer Capital LLC consented and received $0.1 million in additional notes. Additionally, Innovate Corp.'s subsidiary R2 Technologies extended its promissory note maturity with Lancer Capital from August 1, 2026 to December 31, 2026. Innovate Corp. operates in the technology sector, providing software and digital solutions.

INNOVATE Corp. announced via press release that its portfolio company, DBM Global, DBM Global to Pay Cash Dividend. INNOVATE Corp. is a diversified holding company.