What changed in this filing

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Item 9A. Controls and Procedures

2026-02-05 compared with 2025-02-27 · 322 added, 810 removed, 693 unchanged (62% of the section changed)

1 unchanged sentence

In accordance with Exchange Act Rules 13a-15 and 15d-15, the Company carried out an evaluation, under the supervision and with the participation of management, including its chief executive officer and its principal accounting and financial officer (the “Executives”), and under the oversight of its Board of Directors, of the effectiveness of the design and operation of its disclosure controls and procedures as of December 31, 2025.

Based on that evaluation, the Executives concluded that the Company's disclosure controls and procedures were effective as of December 31, 2024 to provide reasonable assurance that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Based on that evaluation, the Executives concluded the Company's disclosure controls and procedures were effective as of December 31, 2025 to provide reasonable assurance that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

See page II-14 for Management's Report on Internal Control Over Financial Reporting.

60 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Equity method accounting for the Company’s investment in Charter

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The investment represents approximately 98.2% of the total assets of the Company as of December 31, 2025.

The investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses as they occur and for additional purchases and sales of Charter shares.

The investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses as they occur, including any impairments of Charter that are considered other than temporary and for additional purchases and sales of Charter shares.

The Company’s investment in Charter differs from the underlying equity of Charter which results in excess basis in the investment.

8 unchanged sentences

We recalculated the excess basis amortization.

Sufficiency of audit evidence over certain data, wireless, and other revenue streams

As discussed in note 2 to the consolidated financial statements and disclosed in the consolidated statements of operations, the Company reported revenue of $1,016 million for the year ended December 31, 2024, which included $940 million of revenue related to data, wireless, and other revenue services at GCI Holdings.

The Company’s accounting for these revenue streams involves multiple processes and information technology (IT) systems.

We identified the evaluation of sufficiency of audit evidence over certain data, wireless, and other revenue streams at GCI Holdings as a critical audit matter.

Evaluating the sufficiency of audit evidence required subjective auditor judgment due to the number of revenue streams and related IT applications utilized throughout the revenue recognition process.

Subjective auditor judgment was required to evaluate whether relevant revenue data was captured and aggregated throughout these various processes and IT applications, which included the involvement of IT professionals with specialized skills and knowledge.

We applied auditor judgment in determining the revenue streams over which procedures would be performed and evaluating the nature and extent of evidence obtained over each relevant revenue stream.

The following are the primary procedures we performed to address this critical audit matter.

We applied auditor judgment to determine the nature and extent of procedures to be performed over revenue.

For each revenue stream where procedures were performed, we:

— evaluated the design and tested the operating effectiveness of certain internal controls related to the revenue recognition process, including controls related to accurately recording amounts for certain of the Company’s data, wireless, and other revenue streams

— assessed the recorded revenue for a selection of transactions by comparing the amounts recognized to underlying documentation, including evidence of contracts with customers.

For one revenue stream, we performed a software-assisted data analysis to test relationships among certain revenue transactions.

We involved IT professionals with specialized skills and knowledge, who assisted in:

— testing relevant IT applications and internal controls over the Company’s revenue recognition processes

— testing the transfer of relevant revenue data between different IT systems used in the Company’s revenue recognition processes

We evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the appropriateness of the nature and extent of such evidence.

We have served as the Company’s auditor since 2014.

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amounts in millions,

except share amounts

Current assets:

Cash and cash equivalents

Trade and other receivables, net

Prepaid and other current assets

Restricted cash and other current assets

Current assets of discontinued operations

Total current assets

Investment in Charter, accounted for using the equity method (note 6)

Property and equipment, net (note 2)

Intangible assets not subject to amortization

Goodwill (note 6)

Cable certificates

Intangible assets subject to amortization, net (note 6)

Other assets, net

See accompanying notes to consolidated financial statements.

LIBERTY BROADBAND CORPORATION

Consolidated Balance Sheets (Continued)

December 31, 2024 and 2023

amounts in millions,

except share amounts

Restricted cash and other assets, net

Non-current assets of discontinued operations

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

Deferred revenue

Current portion of debt

Taxes payable

Current portion of debt, including $ 956 and zero measured at fair value, respectively (note 7)

Other current liabilities

Current liabilities of discontinued operations

Total current liabilities

Long-term debt, net, including $ 1,897 and $ 1,255 measured at fair value, respectively (note 7)

Obligations under tower obligations and finance leases, excluding current portion (note 8)

Long-term deferred revenue

Long-term debt, net, including zero and $ 1,897 measured at fair value, respectively (note 7)

Deferred income tax liabilities (note 8)

Preferred stock (note 9)

Other liabilities

Non-current liabilities of discontinued operations

Total liabilities

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Authorized 500,000,000 shares;

issued and outstanding 18,251,013 and 18,233,573 at December 31, 2024 and 2023 respectively

issued and outstanding 18,254,690 and 18,251,013 at December 31, 2025 and December 31, 2024, respectively

Series B common stock, $ .01 par value.

Authorized 18,750,000 shares;

issued and outstanding 2,007,705 and 2,025,232 at December 31, 2024 and 2023, respectively

issued and outstanding 386,988 and 2,007,705 at December 31, 2025 and December 31, 2024, respectively

Series C common stock, $ .01 par value.

Authorized 500,000,000 shares;

issued and outstanding 123,022,488 and 123,704,814 at December 31, 2024 and 2023, respectively

issued and outstanding 124,856,052 and 123,022,488 at December 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

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Operating costs and expenses:

Operating expense (exclusive of depreciation and amortization shown separately below)

Selling, general and administrative, including stock-based compensation (note 11)

Depreciation and amortization

Litigation settlement, net of recoveries (note 13)

General and administrative, including stock-based compensation

Operating income (loss)

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Realized and unrealized gains (losses) on financial instruments, net (note 5)

Gain (loss) on dispositions, net (note 1)

Earnings (loss) before income taxes

Income tax benefit (expense)

Net earnings (loss) from continuing operations

Net earnings (loss) from discontinued operations

Net earnings (loss)

Less net earnings (loss) attributable to the non-controlling interests

Net earnings (loss) attributable to Liberty Broadband shareholders

Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2)

Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2)

Basic net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 3)

Basic net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 3)

Diluted net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 3)

Diluted net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 3)

See accompanying notes to consolidated financial statements.

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Credit risk on fair value debt instruments gains (loss)

Recognition of previously unrealized losses (gains) on debt, net

Other comprehensive earnings (loss), net of taxes

Recognition of previously unrealized losses (gains) on debt instruments, net

Other comprehensive earnings (loss) from continuing operations

Other comprehensive earnings (loss) from discontinued operations

Comprehensive earnings (loss)

Less comprehensive earnings (loss) attributable to the non-controlling interests

Comprehensive earnings (loss) attributable to Liberty Broadband shareholders

See accompanying notes to consolidated financial statements.

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Adjustments to reconcile net earnings (loss) to net cash from operating activities:

Depreciation and amortization

(Earnings) loss from discontinued operations

Stock-based compensation

Litigation settlement, net of recoveries

Share of (earnings) losses of affiliate, net

2 unchanged sentences

Deferred income tax expense (benefit)

(Gain) loss on dispositions, net

State indemnification paid to GCI Liberty

Changes in operating assets and liabilities:

1 unchanged sentence

Payables and other liabilities

Taxes payable

Net cash provided by (used in) operating activities

Cash flows from investing activities:

Capital expenditures

Grant proceeds received for capital expenditures

Cash received for Charter shares repurchased by Charter

Cash proceeds from dispositions, net

Cash released from escrow related to dispositions

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Borrowings of debt

Repayments of debt, tower obligations and finance leases

Repayments of debt

Repurchases of Liberty Broadband common stock

Indemnification payment to QVC Group

Distribution from former subsidiary

Other financing activities, net

Net cash provided by (used in) financing activities

Net cash provided by (used in) discontinued operations:

Cash provided by (used in) operating activities

Cash provided by (used in) investing activities

Cash provided by (used in) financing activities

Net cash provided by (used in) by discontinued operations

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

25 unchanged sentences

Stock-based compensation

Liberty Broadband stock repurchases

GCI Divestiture

Noncontrolling interest activity at Charter and other

1 unchanged sentence

See accompanying notes to consolidated financial statements.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements

December 31, 2024 , 2023 and 2022

(1) Basis of Presentation

The accompanying consolidated financial statements include the accounts of Liberty Broadband Corporation and its controlled subsidiaries (collectively, "Liberty Broadband," the "Company," “us,” “we,” or “our” unless the context otherwise requires).

Liberty Broadband is primarily comprised of GCI Holdings, LLC (“GCI Holdings” or “GCI”), a wholly owned subsidiary, and an equity method investment in Charter Communications, Inc.

GCI Holdings provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under the GCI brand.

Charter is a leading broadband connectivity company and cable operator.

Over an advanced communications network, Charter offers a full range of state-of-the-art residential and business services including Spectrum Internet, TV, Mobile and Voice.

For small and medium-sized companies, Spectrum Business ® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise ® provides highly customized, fiber-based solutions.

Spectrum Reach ® delivers tailored advertising and production for the modern media landscape.

Charter also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks.

On December 18, 2020, GCI Liberty, Inc.

(“GCI Liberty”), the parent company of GCI Holdings, was acquired by Liberty Broadband.

Skyhook Holdings, Inc.

(“Skyhook”) was a wholly owned subsidiary of Liberty Broadband until its sale on May 2, 2022 for aggregate consideration of approximately $ 194 million, including amounts held in escrow of approximately $ 23 million that were released to Liberty Broadband on May 3, 2023.

Liberty Broadband recognized a gain on the sale of $ 179 million, net of closing fees, in the second quarter of 2022, which is recorded in Gain (loss) on dispositions, net in the accompanying consolidated statement of operations.

Skyhook is included in Corporate and other through April 30, 2022 and is not presented as a discontinued operation as the sale did not represent a strategic shift that had a major effect on Liberty Broadband’s operations and financial results.

Included in Revenue in the accompanying consolidated statements of operations is $ 6 million for the year ended December 31, 2022 related to Skyhook.

Included in Net earnings (loss) in the accompanying consolidated statement of operations are earnings of $ 4 million for the year ended December 31, 2022 related to Skyhook.

The accompanying consolidated financial statements include the accounts of Liberty Broadband Corporation ("Liberty Broadband," the "Company," “us,” “we,” or “our” unless the context otherwise requires).

Liberty Broadband is primarily comprised of an equity method investment in Charter Communications, Inc.

On December 18, 2020, the original GCI Liberty, Inc.

(“prior GCI Liberty”), the previous parent company of GCI, was acquired by Liberty Broadband.

In July 2025, Liberty Broadband and its subsidiaries completed an internal reorganization preceding the GCI Divestiture (as defined below) to transfer the GCI Business (as defined below) to GCI Liberty, Inc.

(“GCI Liberty”).

Following the internal reorganization, GCI Liberty owns, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business (collectively, “GCI”).

GCI Liberty was a wholly owned subsidiary of Liberty Broadband until the GCI Divestiture, which was completed on July 14, 2025.

GCI Liberty is presented as a discontinued operation in the Company’s consolidated financial statements.

See note 2 for details of the GCI Divestiture.

Recent Events

On November 11, 2024, Gregory B.

Maffei , the Company’s President and Chief Executive Officer, and a member of the Board of Directors of Liberty Broadband, notified Liberty Broadband that he would be stepping down from these roles at the end of 2024.

Liberty Broadband’s Chairman, John C.

Malone, has assumed the additional role of interim Chief Executive Officer of Liberty Broadband effective January 1, 2025.

On November 12, 2024, the Company entered into a definitive agreement (the “Merger Agreement”) under which Charter has agreed to acquire Liberty Broadband (the “Combination”, together with the other transactions contemplated by the Merger Agreement, the “Transactions”).

Under the terms of the Merger Agreement, each holder of Liberty Broadband Series A common stock, Series B common stock, and Series C common stock (collectively, “Liberty Broadband common stock”) will receive 0.236 of a share of Charter Class A common stock per share of Liberty Broadband common stock held, with cash to be issued in lieu of fractional shares.

Under the terms of the Merger Agreement, each holder of Liberty Broadband Series A common stock (“LBRDA”), Series B common stock (“LBRDB”), and Series C common stock (“LBRDK”) (collectively, “Liberty Broadband common stock”) will receive 0.236 of a share of Charter Class A common stock per share of Liberty Broadband common stock held, with cash to be paid in lieu of fractional shares.

Each holder of Liberty Broadband Series A cumulative redeemable preferred stock (“Liberty Broadband preferred stock”) will receive one share of newly issued Charter Series A cumulative redeemable preferred stock (“Charter preferred stock”) per share of Liberty Broadband preferred stock held.

The Charter preferred stock will substantially mirror the current terms of the Liberty Broadband preferred stock, including a mandatory redemption date of March 8, 2039.

As a condition to closing the Combination, Liberty Broadband has agreed to divest the business of GCI (the “GCI business”) by way of a distribution to the holders of Liberty Broadband common stock prior to the closing of the Combination (the “GCI Divestiture”).

The GCI Divestiture is expected to be taxable to Liberty Broadband and its stockholders, with Charter bearing the corporate level tax liability upon completion of the Combination.

However, to the extent such corporate level tax

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

liability exceeds $ 420 million, Charter will be entitled under a tax receivables agreement to the portion of the tax benefits realized by GCI corresponding to such excess.

The companies currently expect the Combination to close on June 30, 2027 unless otherwise agreed, subject to the completion of the GCI Divestiture and other customary closing conditions.

As a result of the Transactions, as of November 12, 2024, Charter expects to retire the approximately 45.6 million shares of Charter Class A common stock owned by Liberty Broadband as of that date and to issue approximately 34.0 million shares of Charter Class A common stock to holders of Liberty Broadband common stock at the closing, resulting in a net decrease of approximately 11.5 million shares of Charter Class A common stock outstanding.

As of November 12, 2024, Liberty Broadband had existing debt of $ 2.6 billion (excluding debt at GCI) that will be repaid prior to closing or assumed by Charter, and $ 180 million in aggregate liquidation preference of Liberty Broadband preferred stock that will be converted into an equal amount of Charter preferred stock in the Combination.

At the special meeting held on February 26, 2025, the requisite holders of LBRDA, LBRDB and Liberty Broadband preferred stock approved the adoption of the Merger Agreement, pursuant to which, among other things, Liberty Broadband will combine with Charter and divested the business of GCI (the “GCI Business”).

As discussed above, as a condition to closing the Combination, Liberty Broadband agreed to divest the GCI Business by way of a distribution to the holders of Liberty Broadband common stock (the “GCI Divestiture”), which was completed on July 14, 2025.

The GCI Divestiture was taxable to Liberty Broadband and its stockholders, with Charter bearing the corporate level tax liability upon completion of the Combination.

If such corporate level tax liability exceeded $ 420 million, Liberty Broadband (and Charter upon completion of the Combination) would be entitled under a tax receivables agreement to the portion of the tax benefits realized by GCI Liberty corresponding to such excess;

however, the corporate level tax liability from the GCI Divestiture is estimated to be significantly less than $ 420 million.

In addition, in connection with the entry into the Merger Agreement, Charter, Liberty Broadband and Advance/Newhouse Partnership (“A/N”) entered into an amendment (the “Stockholders and Letter Agreement Amendment”) to (i) that certain Second Amended and Restated Stockholders Agreement, dated as of May 23, 2015 (as amended, the “Stockholders Agreement”), by and among Charter, Liberty Broadband, and A/N, and (ii) that certain Letter Agreement, dated as of February 23, 2021 (the “Letter Agreement”), by and between Charter and Liberty Broadband.

Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed Transactions under the Merger Agreement, Charter will repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $ 100 million and (ii) an amount such that immediately after giving effect thereto, Liberty Broadband would have sufficient cash to satisfy certain obligations as set forth in the Stockholders and Letter Agreement Amendment and Merger Agreement, provided that if any repurchase would reduce Liberty Broadband’s equity interest in Charter below 25.25 % after giving effect to such repurchase or if all or a portion of such repurchase is not permitted under applicable law, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) an agreed minimum liquidity threshold as set forth in the Stockholders and Letter Agreement Amendment less the repurchase amount that is repurchased, with such loan to occur on the terms set forth in the Stockholders and Letter Agreement Amendment.

Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed Transactions under the Merger Agreement, Charter is intended to repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $ 100 million and (ii) an amount such that immediately after giving effect thereto, Liberty Broadband would have sufficient cash to satisfy certain obligations as set forth in the Stockholders and Letter Agreement Amendment and Merger Agreement, provided that if any repurchase would reduce Liberty Broadband’s equity interest in Charter below 25.25 % after giving effect to such repurchase or if all or a portion of such repurchase is not permissible, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) an agreed minimum liquidity threshold as set forth in the Stockholders and Letter Agreement Amendment less the repurchase amount that is repurchased, with such loan to occur on the terms set forth in the Stockholders and Letter Agreement Amendment, in each case, subject to certain conditions.

Liberty Broadband will remain subject to the existing voting cap of 25.01 % as described in note 6.

Proceeds from share repurchases applied to debt service are expected to be tax free.

At the virtual special meeting held on February 26, 2025, the requisite holders of Liberty Broadband’s Series A common stock, Series B common stock and Series A cumulative redeemable preferred stock, approved the adoption of the Merger Agreement, pursuant to which, among other things, Liberty Broadband will combine with Charter and divest of the GCI business.

On May 16, 2025, Charter and Cox Enterprises, Inc.

(“Cox”) announced that they entered into a definitive agreement to combine their businesses (the “Cox Transactions”).

In connection with this transaction, Liberty Broadband has agreed to accelerate the closing of the Combination to occur contemporaneously with the Cox Transactions.

There are no changes to any other transaction terms of the pending Liberty Broadband and Charter transaction.

In connection with the GCI Divestiture, Martin E.

Patterson was appointed to the role of President and Chief Executive Officer of Liberty Broadband, effective July 14, 2025.

Upon effectiveness of Mr.

Patterson’s appointment, John C.

Malone resigned as President and Chief Executive Officer but remains Chairman of the Board.

Historical Spin-Off Arrangements

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In connection with the Broadband Spin-Off, Liberty and Liberty Broadband entered into certain agreements in order to govern certain of the ongoing relationships between the two companies and to provide for an orderly transition, including a tax sharing agreement, services agreement and a facilities sharing agreement.

Additionally, in connection with a prior transaction, GCI Liberty and QVC Group, Inc., formerly Qurate Retail, Inc.

(“QVC Group”) entered into a tax sharing agreement, which was assumed by Liberty Broadband as a result of the combination of GCI Liberty and Liberty Broadband.

Additionally, in connection with a prior transaction, prior GCI Liberty and QVC Group, Inc., formerly Qurate Retail, Inc.

(“QVC Group”) entered into a tax sharing agreement, which was assumed by Liberty Broadband as a result of the combination of prior GCI Liberty and Liberty Broadband.

The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between QVC Group and Liberty Broadband and other agreements related to tax matters.

2 unchanged sentences

Liberty Broadband reimburses Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services which are negotiated semi-annually, as necessary.

Pursuant to the services agreement, in connection with Liberty’s employment

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

arrangement with Mr.

Maffei, the Company’s President and Chief Executive Officer through 2024, components of Mr.

Maffei’s compensation were either paid directly to him or reimbursed to Liberty, based on allocations set forth in the services agreement.

For the years ended December 31, 2024, 2023 and 2022, the allocation percentage for Liberty Broadband was 23 %, 23 % and 33 %, respectively.

Under these various agreements, amounts reimbursable to Liberty were approximately $ 8 million and $ 7 million for the years ended December 31, 2025 and 2024, respectively.

Liberty Broadband had a tax sharing receivable with QVC Group of approximately $ 20 million and $ 16 million as of December 31, 2024 and 2023, respectively, included in Other assets.

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and represent the historical consolidated financial information of GCI Holdings and the Company’s interest in Charter, as well as certain other assets and liabilities.

Liberty Broadband had a tax sharing receivable with QVC Group of approximately $ 10 million and $ 20 million as of December 31, 2025 and 2024, respectively, included in Restricted cash and other assets, net in the consolidated balance sheets.

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and represent the historical consolidated financial information of the Company’s interest in Charter, as well as certain other assets and liabilities.

All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

(2 ) Discontinued Operations

GCI Divestiture

On June 19, 2025, Liberty Broadband entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”), whereby, subject to the terms thereof, GCI Liberty, a Nevada corporation and a wholly owned subsidiary of Liberty Broadband, would spin-off from Liberty Broadband.

Pursuant to the Separation and Distribution Agreement, the GCI Divestiture was accomplished by means of a distribution by Liberty Broadband of 0.20 of a share of GCI Liberty’s Series A, B and C GCI Group common stock (collectively, the “GCI Group common stock”), for each whole share of the corresponding series of Liberty Broadband common stock held as of June 30, 2025 by the holder thereof.

The distribution of the GCI Group common stock was completed on July 14, 2025.

As a result of the GCI Divestiture, GCI Liberty is an independent, publicly traded company and its businesses, assets and liabilities initially consisted of 100 % of the outstanding equity interests in GCI.

In connection with the GCI Divestiture, Liberty Broadband entered into certain agreements with GCI Liberty, including the Separation and Distribution Agreement, pursuant to which, among other things, Liberty Broadband and GCI Liberty will

indemnify each other against certain losses that may arise, a tax sharing agreement (the “GCI Tax Sharing Agreement”) and a tax receivables agreement (the “GCI Tax Receivables Agreement”).

The GCI Tax Sharing Agreement governs the allocation of taxes, tax benefits, tax items and tax-related losses between Liberty Broadband and GCI Liberty, and the GCI Tax Receivables Agreement governs the respective rights and obligations of Liberty Broadband and GCI Liberty with respect to certain tax matters.

During the fourth quarter of 2025, Liberty Broadband reimbursed $ 91 million to GCI Liberty for state income taxes related to the GCI Divestiture that were Liberty Broadband’s responsibility under the Tax Sharing Agreement.

As disclosed in note 1, GCI Liberty is presented as a discontinued operation in Liberty Broadband’s consolidated financial results as the GCI Divestiture represents a strategic shift that had a major effect on Liberty Broadband’s operations and financial results.

The following table presents a reconciliation of the carrying amounts of the major classes of assets and liabilities of discontinued operations to the total assets and liabilities of discontinued operations as presented in the consolidated balance sheet.

amounts in millions

Total current assets

Property and equipment, net

Intangible assets not subject to amortization

Intangible assets subject to amortization, net

Other assets, net

Liabilities and Equity

Total current liabilities

Long-term debt, net

Deferred income tax liabilities

Other liabilities

Total liabilities

Non-controlling interests

In connection with the GCI Divestiture, the Company identified events that indicated that it was more likely than not that the carrying value of the GCI reporting unit and certain indefinite-lived intangible assets exceeded their fair value.

A quantitative goodwill impairment test was completed, comparing the estimated fair value to its carrying value.

Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows.

The cash flows employed in the Company’s valuation analyses are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years.

The Company estimated the fair value of the GCI reporting unit and indefinite-lived intangible assets using an income approach (Level 3).

As a result, the Company recognized impairment charges of $ 534 million related to intangible assets not subject to amortization, which is included in Net earnings (loss) from discontinued operations for the year ended December 31, 2025.

The following table provides details about the major classes of line items constituting earnings (loss) from discontinued operations, net of tax as presented in the consolidated statements of operations.

Years ended December 31,

amounts in millions

Operating costs and expenses:

Operating expense (exclusive of depreciation and amortization shown separately below)

Selling, general and administrative, including stock-based compensation

Impairment of intangible assets

Depreciation and amortization

Operating income (loss)

Other income (expense):

Interest expense (including amortization of deferred loan fees)

Earnings (loss) from discontinued operations before income taxes

Income tax benefit (expense)

Net earnings (loss) from discontinued operations

(3) Summary of Significant Accounting Policies

6 unchanged sentences

Restricted cash and restricted cash equivalents are cash and highly liquid investments, respectively, that are restricted for usage.

The majority of the Company’s restricted cash and restricted cash equivalents balance at December 31, 2024 relates to the proceeds from sales of Charter shares occurring after the Merger Agreement was entered into, which are restricted for use to settle Liberty Broadband debt and/or pay interest on Liberty Broadband debt pursuant to the Stockholders and Letter Agreement Amendment, as defined and more fully described in note 5.

The Company classifies the restricted cash and restricted cash equivalents from sales of Charter shares as noncurrent to align with the noncurrent classification of the debt and has included it in Other assets, net line item in the accompanying consolidated balance sheets.

There is also cash restricted for use on GCI Holdings’ various arrangements to help fund projects that extended terrestrial broadband service for the first time to rural Alaska communities via a high capacity hybrid fiber optic and microwave network.

The restricted cash associated with those agreements is classified as current or noncurrent dependent on the terms and timelines of those contracts.

The majority of the Company’s restricted cash and restricted cash equivalents balance at December 31, 2025 and 2024 relate to the proceeds from sales of Charter shares occurring after the Merger Agreement was entered into, which are restricted for use to settle Liberty Broadband debt and/or pay interest on Liberty Broadband debt pursuant to the Stockholders and Letter Agreement Amendment, as more fully described in note 6.

The Company classifies the restricted cash and restricted cash equivalents from sales of Charter shares to align with the classification of the Company’s debt.

See note 4 for more information on restricted cash and restricted cash equivalents.

Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are recorded at the invoiced amount and interest is not billed to the customer.

For financed device contracts with customers, which is included within trade accounts receivable and other assets, the Company imputes interest and records the imputed interest as a reduction to the related accounts receivable.

Interest is recognized over the financed device payment term.

The allowance for credit losses is the Company’s best estimate of the amount of expected credit losses in its existing accounts receivable.

The Company bases its estimates on the aging of its accounts receivable balances, financial health of specific customers, regional economic data, changes in its collections process, regulatory requirements and its customers’ compliance with the Federal Communications Commission ("FCC") rules.

The Company reviews its allowance for credit losses methodology at least annually.

Depending upon the type of account receivable, the Company’s allowance is calculated using a pooled basis using a percentage of related accounts, or a specific identification method.

When a specific identification method is used, potentially uncollectible accounts due to bankruptcy or other issues are reviewed individually for collectability.

Write-offs of accounts

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

receivable balances occur when the Company deems the receivables are uncollectible.

The Company does not have any off-balance-sheet credit exposure related to its customers.

A summary of activity in the allowance for credit losses for the years ended December 31, 2024, 2023 and 2022 is as follows (amounts in millions):

Write-offs net

of recoveries

Investments in Equity Method Affiliates

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We periodically evaluate our equity method investment to determine if decreases in fair value below our cost basis are other than temporary.

If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our consolidated statements of operations.

If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our

consolidated statements of operations.

Other than temporary declines in fair value of our equity method investment would be included in Share of earnings (losses) of affiliates in our consolidated statements of operations.

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and our intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value.

As Liberty Broadband does not control the decision making process or business management practices of our affiliates accounted for using the equity method, Liberty Broadband relies on management of its affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method.

As Liberty Broadband does not control the decision making process or business management practices of its affiliate accounted for using the equity method, Liberty Broadband relies on management of its affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method.

In addition, Liberty Broadband relies on the audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliate.

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Other Investments

All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

instruments in the accompanying consolidated statements of operations.

The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values.

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When the Company’s qualitative assessment indicates that an impairment could exist, it estimates the fair value of the investment and to the extent the fair value is less than the carrying value, it records the difference as an impairment in the consolidated statements of operations.

Property and Equipment

Property and equipment is stated at depreciated cost less impairments, if any.

Construction costs of facilities are capitalized.

Construction in progress represents equipment, distribution facilities, fiber and other capital assets not yet placed in service on December 31, 2024 or 2023, that management intends to place in service when the assets are ready for their intended use.

Depreciation is computed using the straight-line method based upon the shorter of the estimated useful lives of the assets or the lease term, if applicable.

Net property and equipment consists of the following:

amounts in millions

Buildings ( 25 years )

Telephony transmission equipment and distribution facilities ( 5 - 20 years )

Cable transmission equipment and distribution facilities ( 5 - 30 years )

Support equipment and systems ( 3 - 20 years )

Fiber optic cable systems ( 15 - 25 years )

Other ( 2 - 20 years )

Construction in progress

Accumulated depreciation

Property and equipment, net

Depreciation of property and equipment under finance leases is included in depreciation and amortization expense in the consolidated statements of operations.

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $ 147 million, $ 166 million and $ 195 million, respectively.

Repairs and maintenance are charged to expense as incurred.

Expenditures for major renewals and betterments are capitalized.

Accumulated depreciation is removed and gains or losses are recognized at the time of sales or other dispositions of property and equipment.

Material interest costs incurred during the construction period of non-software capital projects are capitalized.

Interest is capitalized in the period commencing with the first expenditure for a qualifying capital project and ending when the capital project is substantially complete and ready for its intended use.

Capitalized interest costs for the years ended December 31, 2024, 2023 and 2022 were $ 10 million, $ 7 million and $ 4 million, respectively.

Impairment of Long-lived Assets

The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangible assets) to determine whether current events or circumstances indicate that such

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

carrying amounts may not be recoverable.

If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, including its ultimate disposition, an impairment adjustment is to be recognized.

Such adjustment is measured by the amount that the carrying value of such asset groups exceeds its fair value.

The Company generally measures fair value by considering sale prices for similar asset groups or by discounting estimated future cash flows using an appropriate discount rate.

Considerable management judgment is necessary to estimate the fair value of asset groups.

Accordingly, actual results could vary significantly from such estimates.

Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.

Asset Retirement Obligations

The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred in Other liabilities in the consolidated balance sheets.

When the liability is initially recorded, the Company capitalizes a cost by increasing the carrying amount of the related long-lived asset.

In periods subsequent to initial measurement, changes in the liability for an asset retirement obligation resulting from revisions to either the timing or the amount of the original estimate of undiscounted cash flows are recognized.

Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset.

Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss upon settlement.

The majority of the Company’s asset retirement obligations are the estimated cost to remove telephony transmission equipment and support equipment from leased property.

The asset retirement obligation is in Other liabilities in the consolidated balance sheets.

Following is a reconciliation of the beginning and ending aggregate carrying amounts of the liability for asset retirement obligations (amounts in millions):

Balance at December 31, 2022

Liability incurred

Accretion expense

Liability settled

Balance at December 31, 2023

Liability incurred

Accretion expense

Liability settled

Balance at December 31, 2024

Certain of the Company’s network facilities are on property that requires it to have a permit and the permit contains provisions requiring the Company to remove its network facilities in the event the permit is not renewed.

The Company expects to continually renew its permits and therefore cannot reasonably estimate any liabilities associated with such agreements.

A remote possibility exists that the Company would not be able to successfully renew a permit, which could result in it incurring significant expense in complying with restoration or removal provisions.

Intangible Assets

Internally used software, whether developed or purchased and installed as is, is capitalized and amortized using the straight-line method over an estimated useful life of three to five years .

The Company capitalizes certain costs associated with internally developed software such as payroll costs of employees devoting time to the projects, external direct costs for materials and services, and interest costs incurred.

Costs associated with internally developed software to be used internally are expensed until the point the project has reached the development stage.

Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform.

Software maintenance and training costs are expensed in the period in which they are incurred.

The capitalization of software requires judgment in determining when a project has reached the development stage.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

The Company has Software as a Service ("SaaS") arrangements which are accounted for as service agreements and are not capitalized.

Internal and other third party costs for SaaS arrangements are capitalized or expensed in accordance with the internal use software guidance as discussed in the preceding paragraph.

Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment upon certain triggering events.

Intangible assets with estimable useful lives are being amortized over three to 25 year periods with a weighted-average life of 12 years .

Goodwill, cable certificates (certificates of convenience and public necessity) and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually.

Cable certificates represent agreements or authorizations with government entities that allow access to homes in cable service areas, including the future economic benefits of the right to solicit and service potential customers and the right to deploy and market new services to potential customers.

Goodwill represents the excess of cost over fair value of net assets acquired in connection with a business acquisition.

The Company’s annual impairment assessment of its indefinite-lived intangible assets is performed during the fourth quarter of each year.

The accounting guidance allows entities the option to perform a qualitative impairment test for goodwill.

The entity may resume performing the quantitative assessment in any subsequent period.

In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it was more likely than not that an indicated impairment exists for any of its reporting units.

The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods.

As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current year and prior year for other purposes.

If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test.

The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value and to the extent the carrying value is greater than the fair value, the difference is recorded as an impairment in the consolidated statements of operations.

There is no assurance that actual results in the future will approximate these forecasts.

The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset, other than goodwill, is impaired.

The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test.

The entity may resume performing the qualitative assessment in any subsequent period.

If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed.

If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Revenue Recognition

Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties.

GCI Holdings recognizes revenue when it satisfies a performance obligation by transferring control of a product or service to a customer.

Substantially all of GCI Holdings’ revenue is earned from services transferred over time.

If at contract inception, GCI Holdings determines the time period between when it transfers a promised good or service to a customer and when the customer pays for that good or service is one year or less, it does not adjust the promised amount of consideration for the effects of a significant financing component.

Certain of GCI Holdings’ customers have guaranteed levels of service.

If an interruption in service occurs, GCI Holdings does not recognize revenue for any portion of the monthly service fee that will be refunded to the customer or not billed to the customer due to these service level agreements.

Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction that are collected by GCI Holdings from a customer, are excluded from revenue from contracts with customers.

Nature of Services and Products

Data revenue is generated by providing data network access, high-speed internet services, and product sales.

Monthly service revenue for data network access and high-speed internet services is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer.

Internet service excess usage revenue is recognized when the services are provided.

GCI Holdings recognizes revenue for product sales when a customer takes possession of the equipment.

GCI Holdings provides telecommunications engineering services on a time and materials basis.

Revenue is recognized for these services as-invoiced.

Wireless revenue is generated by providing access to, and usage of GCI Holdings’ network by consumer, business, and wholesale carrier customers.

Additionally, GCI Holdings generates revenue by selling wireless equipment such as handsets and tablets.

In general, access revenue is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer.

Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and control transfers to the customer.

Consideration received from the customer is allocated to the service and products based on stand-alone selling prices when purchased together.

New and existing wireless customers have the option to purchase certain wireless devices in installments over a period of up to 36 months .

Under the Upgrade Now program, participating customers have the right to trade-in the original equipment for a new device after making the equivalent of 12 monthly installment payments, provided their handset is in good working condition.

Upon upgrade, the outstanding balance of the wireless equipment installment plan is exchanged for the used handset.

GCI Holdings accounts for this upgrade option as a right of return with a reduction of Revenue and Operating expense for handsets expected to be upgraded based on historical data.

Other revenue consists of video and voice revenue.

Video revenue is generated primarily from residential and business customers that subscribe to GCI Holdings’ cable video plans.

Video revenue is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer.

GCI Holdings has announced that it plans to exit the video business in 2025, subject to regulatory approvals.

Voice revenue is for fixed monthly fees for voice plans

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

as well as usage based fees for long-distance service usage.

Voice plan fees are billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer.

Usage based fees are recognized as services are provided.

Arrangements with Multiple Performance Obligations

Contracts with customers may include multiple performance obligations as customers purchase multiple services and products within those contracts.

For such arrangements, revenue is allocated to each performance obligation based on the relative standalone selling price for each service or product within the contract.

Standalone selling prices are generally determined based on the prices charged to customers.

Significant Judgments

Some contracts with customers include variable consideration and may require significant judgment to determine the total transaction price, which impacts the amount and timing of revenue recognized.

GCI Holdings uses historical customer data to estimate the amount of variable consideration included in the total transaction price and reassess its estimate at each reporting period.

Any change in the total transaction price due to a change in the estimated variable consideration is allocated to the performance obligations on the same basis as at contract inception.

Any portion of a change in transaction price that is allocated to a satisfied or partially satisfied performance obligation is recognized as revenue (or a reduction in revenue) in the period of the transaction price change.

Variable consideration has been constrained to reduce the likelihood of a significant revenue reversal.

Often contracts with customers include promises to transfer multiple products and services to a customer.

Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Judgment is required to determine the standalone selling price for each distinct performance obligation.

Services and products are generally sold separately, which helps establish standalone selling price for services and products GCI Holdings provides.

Remaining Performance Obligations

The Company expects to recognize revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024 of $ 369 million in 2025 , $ 223 million in 2026 , $ 113 million in 2027 , $ 27 million in 2028 and $ 21 million in 2029 and thereafter.

The Company applies certain practical expedients as permitted and does not disclose information about remaining performance obligations that have original expected durations of one year or less, information about revenue remaining from usage based performance obligations that are recognized over time as-invoiced, or variable consideration allocated to wholly unsatisfied performance obligations.

The Company excludes variable consideration from its remaining performance obligations that are unsatisfied for certain of its business data contracts that have an original expected duration greater than one year.

Such contracts are associated with GCI Holdings’ participation in the Rural Health Care (“RHC”) Program because the rates charged under those contracts are highly regulated by the FCC and must be approved annually.

Beyond the variability in the rate to be determined annually, the RHC Program is also subject to funding caps that could potentially limit the amount of funding for the RHC Program, which would also reduce the amount of funding available to GCI Holdings.

The RHC Program contracts typically have a term that ranges from three to five years .

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Contract Balances

The Company had receivables of $ 193 million and $ 181 million at December 31, 2024 and 2023, respectively, the long-term portion of which are included in Other assets, net.

The Company had deferred revenue of $ 33 million and $ 43 million at December 31, 2024 and 2023, respectively.

The receivables and deferred revenue are only from contracts with customers.

GCI Holdings’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue.

The deferred revenue is recognized as revenue in the accompanying consolidated statements of operations as the services are provided.

Changes in the contract liability balance for the Company during 2024 was not materially impacted by other factors.

Assets Recognized from the Costs to Obtain a Contract with a Customer

Management expects that incremental commission fees paid to intermediaries as a result of obtaining customer contracts are recoverable and therefore the Company capitalizes them as contract costs.

Capitalized commission fees are amortized based on the transfer of goods or services to which the assets relate which typically range from two to five years , and are included in selling, general and administrative expenses.

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that otherwise would have been recognized is one year or less.

These costs are included in selling, general and administrative expenses.

Revenue from contracts with customers, classified by customer type and significant service offerings, is as follows:

Years ended December 31,

amounts in millions

Consumer Revenue

Business Revenue

Lease, grant, and revenue from subsidies

Total GCI Holdings

Corporate and other

Advertising Costs

Advertising costs generally are expensed as incurred.

Advertising expense aggregated $ 7 million, $ 5 million and $ 4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Advertising costs are reflected in the Selling, general and administrative, including stock-based compensation line item in our consolidated statements of operations.

Stock-Based Compensation

As more fully described in note 11, Liberty Broadband has granted to its directors, employees and employees of certain of its subsidiaries, restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Broadband common stock

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

(collectively, “Awards”).

Liberty Broadband measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value of the Award and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award).

As more fully described in note 10, Liberty Broadband has granted to its directors, employees and employees of certain of its former subsidiaries, restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Broadband common stock (collectively, “Awards”).

Liberty Broadband measures the cost of employee services received in exchange for equity classified Awards (such as stock options and restricted stock) based on the grant-date fair value of the Awards and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Awards).

Liberty Broadband measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award and remeasures the fair value of the Award at each reporting date.

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The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.

Due to inherent complexities arising from the nature of our businesses, future changes in income tax law, tax sharing agreements or variances between our actual and anticipated operating results, we make certain judgments and estimates.

Due to inherent complexities arising from the nature of our business, future changes in income tax

law, tax sharing agreements or variances between our actual and anticipated operating results, we make certain judgments and estimates.

Therefore, actual income taxes could materially vary from these estimates.

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We recognize in our consolidated financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position.

Certain Risks and Concentrations

GCI Holdings offers wireless and wireline telecommunication services, data services, video services, and managed services to customers primarily throughout Alaska.

Because of this geographic concentration, growth of GCI Holdings’ business and operations depends upon economic conditions in Alaska.

GCI Holdings receives support from each of the various Universal Service Fund ("USF") programs:

rural health care, schools and libraries, high-cost, and lifeline.

The programs are subject to change by regulatory actions taken by the FCC or legislative actions, therefore, changes to the programs could result in a material decrease in revenue that the Company has recorded.

Historical revenue recognized from the programs was 42 %, 39 % and 35 % of GCI Holdings’ revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company had USF net receivables of $ 125 million at December 31, 2024.

See note 13 for more information regarding the rural health care receivables.

Loss Contingencies

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Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable.

We base accruals made on the best information available at the time which can

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

be highly subjective.

We base accruals made on the best information available at the time which can be highly subjective.

The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements.

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Earnings Attributable to Liberty Broadband Stockholders per Common Share

Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Liberty Broadband stockholders by the weighted average number of common shares outstanding (“WASO”) for the period.

Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period.

Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented.

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(1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Government Assistance

In current and prior years, the Company has been awarded, as either the recipient or subrecipient, federal government grants to construct broadband infrastructure to unserved and underserved communities in rural Alaska.

During the years ended December 31, 2024, 2023 and 2022, the Company received approximately $ 54 million, $ 6 million and $ 25 million, respectively, for grants awarded in current and/or prior years.

For accounting purposes, these grants are accounted for using a grant accounting model by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance.

These grants were recorded as deferred revenue since the primary conditions for the receipt of the grant are the build out and operation of the broadband services over the established time frames, which range from 11 to 17 years for assets already placed in service and will be based on the property’s useful life for assets currently being constructed.

During the years ended December 31, 2024, 2023 and 2022, revenue recorded in the consolidated financial statements was not material.

Both short-term and long-term deferred revenue have been recorded for the amounts of the grants received, with a non-material amount recorded as short-term and approximately $ 92 million and $ 41 million recorded as long-term deferred revenue, respectively, as of December 31, 2024 and 2023.

Reclassifications

Reclassifications have been made to the prior years’ consolidated financial statements to conform to the classifications used in the current year.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

Actual results could differ from those estimates.

The Company considers (i) the application of the equity method of accounting for its affiliates, (ii) non-recurring fair value measurements of non-financial instruments and (iii) accounting for income taxes to be its most significant estimates.

The Company considers (i) the application of the equity method of accounting for its affiliates and (ii) accounting for income taxes to be its most significant estimates.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses.

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , which requires more detailed income tax disclosures.

The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction.

The effective date for the standard is for fiscal years beginning after December 15, 2024, and interim periods beginning after December 15, 2025.

The Company adopted this guidance for the year ended December 31, 2025 and has applied it retrospectively to all prior periods presented in the financial statements.

See note 14 for segment disclosures .

See notes 4 and 8 for required disclosures.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires more detailed income tax disclosures.

The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction.

The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively.

The effective date for the standard is for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is in the process of evaluating the impact of the new standard on the related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods.

The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is in the process of evaluating the impact of the new standard on the related disclosures.

In November 2024, the FASB issued ASU No.

2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses (“ASU 2024-03”), which expands disclosures about specific expense categories at interim and annual reporting periods.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 (year ending December 31, 2027 for the Company), and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is in the process of evaluating the impact of ASU 2024-03 on the related disclosures.

In September 2025, the FASB issued ASU No.

2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which amends certain aspects of the accounting for and disclosure of software costs under Subtopic 350-40.

The amendments improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future.

ASU 2025-06 is effective for annual periods beginning after December 15, 2027 (year ending December 31, 2028 for the Company).

The Company is currently evaluating the impact the adoption of ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued ASU No.

2025-10, Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), to establish guidance on the recognition, measurement, and presentation of government grants received by business entities.

ASU 2025-10 is effective for annual periods beginning after December 15, 2028 (year ending December 31, 2029 for the Company).

The Company is currently evaluating the impact the adoption of ASU 2025-10 will have on its consolidated financial statements.

(4) Supplemental Disclosures to Consolidated Statements of Cash Flows

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Cash paid for interest, net of amounts capitalized

Cash paid for taxes, net

Noncash activity:

Property and equipment expenditures incurred but not yet paid

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Cash paid for taxes, net of refunds:

United States

State and local

Total cash paid for taxes, net of refunds

The following table reconciles cash and cash equivalents, restricted cash and restricted cash equivalents reported in the Company’s consolidated balance sheets to the total amount presented in its consolidated statements of cash flows:

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Cash and cash equivalents

Restricted cash included in other current assets

Restricted cash and restricted cash equivalents included in other long-term assets

Cash and cash equivalents included in current assets of discontinued operations

Restricted cash and restricted cash equivalents included in other current assets

Restricted cash and restricted cash equivalents included in other assets

Restricted cash included in non-current assets of discontinued operations

Total cash and cash equivalents, restricted cash and restricted cash equivalents at end of period

Restricted cash and restricted cash equivalents for the year ended December 31, 2024 primarily relates to proceeds from Charter share repurchases occurring after the Merger Agreement was entered into, which are restricted for use to settle Liberty Broadband debt and/or pay interest on Liberty Broadband debt pursuant to the Stockholders and Letter Agreement Amendment, as defined and more fully described in note 5.

Restricted cash for the years ended December 31, 2023 and 2022 primarily related to cash restricted for use on GCI Holdings’ various arrangements to help fund projects that extended terrestrial broadband service for the first time to rural Alaska communities via a high capacity hybrid fiber optic and microwave network.

Restricted cash and restricted cash equivalents for the years ended December 31, 2025 and 2024 primarily relates to proceeds from Charter share repurchases occurring after the Merger Agreement was entered into, which are restricted for use to settle Liberty Broadband debt and/or pay interest on Liberty Broadband debt pursuant to the Stockholders and Letter Agreement Amendment, as more fully described in note 6.

(5) Assets and Liabilities Measured at Fair Value

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Other Financial Instruments

Other financial instruments not measured at fair value on a recurring basis include trade receivables, trade payables, accrued and other current liabilities, equity securities, current portion of long-term debt (with the exception of the 3.125 % Debentures due 2053 and the 3.125 % Debentures due 2054 (each as defined in note 7)).

With the exception of long-term debt

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

and preferred stock, the carrying amount approximates fair value due to the short maturity of these instruments as reported on our consolidated balance sheets.

The carrying value of the Margin Loan Facility, the Senior Credit Facility and the Wells Fargo Note Payable (each as defined in note 7) all bear interest at a variable rate and therefore are also considered to approximate fair value.

Other financial instruments not measured at fair value on a recurring basis include normal working capital accounts, equity securities, preferred stock and both current and long-term debt, with the exception of the 3.125 % Debentures due 2054 prior to their redemption in the second quarter of 2025 and the 3.125 % Debentures due 2053 (each as defined in note 7)).

With the exception of long-term debt and preferred stock, the carrying amount approximates fair value due to the short maturity of these instruments as reported on our consolidated balance sheets.

The carrying value of the Margin Loan Facility (as defined in note 7) bears interest at a variable rate and therefore is also considered to approximate fair value.

Realized and Unrealized Gains (Losses) on Financial Instruments

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Exchangeable senior debentures (1)

Indemnification obligation (2)

(1) The Company has elected to account for its exchangeable senior debentures using the fair value option.

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The Company isolates the portion of the unrealized gain (loss) attributable to the change in the instrument specific credit risk and recognizes such amount in other comprehensive income.

The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a gain of $ 27 million, a gain of $ 55 million and a loss of $ 7 million for the years ended December 31, 2024, 2023 and 2022, respectively, net of the recognition of previously unrecognized gains and losses.

During the year ended December 31, 2024, the Company recognized $ 9 million of previously unrecognized gains related to the retirement of a portion of the 3.125 % Debentures due 2053.

The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a loss of $ 9 million, a gain of $ 27 million and a gain of $ 55 million for the years ended December 31, 2025, 2024 and 2023, respectively, net of the recognition of previously unrecognized gains and losses.

During the years ended December 31, 2025 and 2024, the Company recognized $ 53 million and $ 9 million, respectively, of previously unrecognized gains related to the retirement of the 3.125 % Debentures due 2054 and a portion of the 3.125 % Debentures due 2053, respectively.

The cumulative change was a gain of $ 20 million as of December 31, 2025, net of the recognition of previously unrecognized gains and losses.

(2) Pursuant to an indemnification agreement, Liberty Broadband agreed to indemnify Liberty Interactive LLC (“LI LLC”), a subsidiary of QVC Group, for certain payments made to holders of LI LLC’s 1.75 % exchangeable debentures due 2046 (the "LI LLC 1.75 % Exchangeable Debentures").

As of December 31, 2023, all remaining LI LLC 1.75 % Exchangeable Debentures were either retired or exchanged.

(2) For the year ended December 31, 2024, the Company recognized an impairment on an equity security.

5 unchanged sentences

As discussed in more detail in note 1, Charter has agreed to acquire Liberty Broadband.

The Stockholders and Letter Agreement Amendment sets forth certain agreements relating to the governance of Charter and the participation of Liberty Broadband in Charter’s share repurchase program.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

The Stockholders Agreement and Letter Agreement, as amended by the Stockholders and Letter Agreement Amendment, sets forth certain agreements relating to the governance of Charter and the participation of Liberty Broadband in Charter’s share repurchase program.

Pursuant to the Stockholders Agreement, Liberty Broadband’s equity ownership in Charter (on a fully diluted basis) is capped at the greater of 26 % or the Voting Cap (as defined below) (the “Equity Cap”).

2 unchanged sentences

As of December 31, 2025, due to Liberty Broadband’s voting interest exceeding the current voting cap of 25.01 % (the “Voting Cap”), our voting control of the aggregate voting power of Charter is 25.01 %.

Under the Stockholders Agreement, Liberty Broadband has agreed to vote (subject to certain exceptions) all voting securities beneficially owned by it, or over which it has voting discretion or control that are in excess of the Voting Cap in the same proportion as all other votes cast by public stockholders of Charter with respect to the applicable matter.

Under the Stockholders Agreement and the Stockholders and Letter Agreement Amendment, Liberty Broadband has agreed to vote all voting securities beneficially owned by it, or over which it has voting discretion or control that are in excess of the Voting Cap in the same proportion as all other votes cast by public stockholders of Charter with respect to the applicable matter.

In February 2021, Liberty Broadband was notified that its ownership interest, on a fully diluted basis, had exceeded the Equity Cap set forth in the Stockholders Agreement.

On February 23, 2021, Charter and Liberty Broadband entered into the Letter Agreement in order to implement, facilitate and satisfy the terms of the Stockholders Agreement with respect to the Equity Cap .

On February 23, 2021, Charter and Liberty Broadband entered into the

Letter Agreement in order to implement, facilitate and satisfy the terms of the Stockholders Agreement with respect to the Equity Cap .

Pursuant to the Letter Agreement, following any month during which Charter purchases, redeems or buys back shares of its Class A common stock, and prior to certain meetings of Charter’s stockholders, Liberty Broadband will be obligated to sell to Charter, and Charter will be obligated to purchase, such number of shares of Class A common stock as is necessary (if any) to reduce Liberty Broadband’s percentage equity interest, on a fully diluted basis, to the Equity Cap (such transaction, a “Charter Repurchase”).

3 unchanged sentences

Simultaneously with the execution and delivery of the Merger Agreement, Charter, Liberty Broadband and A/N have entered into an amendment to (i) the Stockholders Agreement, and (ii) the Letter Agreement.

The Stockholders and Letter Agreement Amendment sets forth certain agreements relating to the governance of Charter and the participation of Liberty Broadband in Charter’s share repurchase program.

Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed Transactions under the Merger Agreement, Charter will repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $ 100 million, and (ii) an amount such that immediately after giving effect thereto, Liberty Broadband would have sufficient cash to satisfy certain obligations as set forth in the Stockholders and Letter Agreement Amendment and Merger Agreement, provided that if any repurchase would reduce Liberty Broadband’s equity interest in Charter below 25.25 % after giving effect to such repurchase or if all or a portion of such repurchase is not permitted under applicable law, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) the Liberty Broadband minimum liquidity threshold less the repurchase amount that is repurchased, with such loan to occur on the terms set forth in the Stockholders and Letter Agreement Amendment.

From and after the date Liberty Broadband’s 3.125 % Debentures due 2053 and 3.125 % Debentures due 2054 (each as defined in note 7) are no longer outstanding, the amount of monthly repurchases will be the lesser of (i) $ 100 million and (ii) an amount equal to the sum of (x) an amount such that immediately after giving effect thereto, Liberty Broadband would satisfy certain minimum liquidity requirements as set forth in the Stockholders and Letter Agreement Amendment and (y) the aggregate principal amount outstanding under the Margin Loan Facility.

The Stockholders Agreement and the Letter Agreement, as amended by the Stockholders and Letter Agreement Amendment sets forth certain agreements relating to the governance of Charter and the participation of Liberty Broadband in Charter’s share repurchase program.

Pursuant to the Stockholders and Letter Agreement Amendment, each month during the pendency of the proposed Transactions under the Merger Agreement, Charter is intended to repurchase shares of Charter Class A common stock from Liberty Broadband in an amount equal to the greater of (i) $ 100 million, and (ii) an amount such that immediately after giving effect thereto, Liberty Broadband would have sufficient cash to satisfy certain obligations as set forth in the Stockholders and Letter Agreement Amendment and Merger Agreement, provided that if any repurchase would reduce Liberty Broadband’s equity interest in Charter below 25.25 % after giving effect to such repurchase or if all or a portion of such repurchase is not permissible, then Charter shall instead loan to Liberty Broadband an amount equal to the lesser of (x) the repurchase amount that cannot be repurchased and (y) the Liberty Broadband minimum liquidity threshold less the repurchase amount that is repurchased, with such loan to occur on the terms set forth in the Stockholders and Letter Agreement Amendment, in each case, subject to certain conditions.

From and after the date Liberty Broadband’s 3.125 % Debentures due 2053 are no longer outstanding, the amount of monthly repurchases would instead the lesser of (i) $ 100 million and (ii) an amount equal to the sum of (x) an amount such that immediately after giving effect thereto, Liberty Broadband would satisfy certain minimum liquidity requirements as set forth in the Stockholders and Letter Agreement Amendment and (y) the aggregate principal amount outstanding under the Margin Loan Facility.

The per share sales price shall be determined as set forth in the Letter Agreement, provided that if Charter has not repurchased shares of its common stock during the relevant repurchase period, the repurchase price shall be based on a Bloomberg Volume Weighted Average Price methodology proposed by Charter and reasonably acceptable to Liberty Broadband.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Under the terms of the Stockholders and Letter Agreement Amendment and original Letter Agreement, Liberty Broadband sold Charter Class A common stock to Charter as follows:

5 unchanged sentences

During the years ended December 31, 2025, 2024 and 2023, there were dilution losses of $ 96 million, $ 32 million, and $ 60 million, respectively, in the Company’s investment in Charter.

The dilution losses were primarily attributable to the exercise of stock options and restricted stock units held by employees and other third parties, offset by gains on dilution related to Charter’s repurchase of Liberty Broadband’s Charter shares during the periods presented.

The excess basis has been allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions):

The dilution losses were primarily attributable to the exercise of stock options and restricted stock units held by employees and other third parties at differing share prices, partially offset by net gains on dilution related to Charter’s repurchase of Liberty Broadband’s Charter shares during the periods presented.

The excess basis in our investment in Charter is allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions):

Years ended December 31,

5 unchanged sentences

The excess basis of outstanding debt is amortized over the contractual period using the straight-line method.

The decrease in excess basis for the year ended December 31, 2024 was primarily due to amortization expense during the period, as well as Liberty Broadband’s participation in Charter’s share buyback program and other equity activity at Charter.

Included in our share of earnings from Charter of $ 1,323 million, $ 1,155 million and $ 1,326 million for the years ended December 31, 2024, 2023 and 2022, respectively, are $ 303 million, $ 277 million and $ 232 million, respectively, of losses, net of related taxes, due to the amortization of the excess basis related to assets with identifiable useful lives and debt.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

The decrease in excess basis for the year ended December 31, 2025 was primarily due to a $ 4.4 billion impairment loss on our equity method investment, as further described below.

The decrease in excess basis was also impacted by amortization expense during the period.

Included in our share of earnings (losses) from Charter of ($ 3,062 ) million, $ 1,323 million and $ 1,155 million for the years ended December 31, 2025, 2024 and 2023, respectively, are $ 266 million, $ 303 million and $ 277 million, respectively, of losses, net of related taxes, due to the amortization of the excess basis related to assets with identifiable useful lives and debt.

Due to a sustained decline in Charter’s share price, we recorded a $ 4.4 billion impairment loss on our equity method investment in Charter during the fourth quarter of 2025, reducing our investment balance to fair value determined using Charter’s share price, which is a Level 1 fair value input.

The impairment reflects an other than temporary decline in our investment in Charter’s fair value.

We will continue to monitor Charter’s share price, among other relevant considerations, to determine if the carrying value of our investment is appropriate.

Future declines in share price could result in additional impairments, which could be material.

Summarized financial information for Charter is as follows:

Consolidated Balance Sheets

Charter Consolidated Balance Sheets

amounts in millions

7 unchanged sentences

Total liabilities and shareholders' equity

Consolidated Statements of Operations

Charter Consolidated Statements of Operations

Years ended December 31,

8 unchanged sentences

Income tax (expense) benefit

Net earnings (loss)

Net income (loss)

Net income attributable to noncontrolling interests

Net income (loss) attributable to Charter shareholders

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

(6) Goodwill and Intangible Assets

Goodwill and Indefinite Lived Assets

Changes in the carrying amount of goodwill are as follows:

amounts in millions

Balance at December 31, 2022

Balance at December 31, 2023

Balance at December 31, 2024

As presented in the accompanying consolidated balance sheets, cable certificates are the majority of the other significant indefinite lived intangible assets.

Intangible Assets Subject to Amortization, net

December 31, 2024

December 31, 2023

amounts in millions

Customer relationships

Other amortizable intangible assets

Intangible assets are being amortized generally on an accelerated basis as reflected in amortization expense and in the future amortization table below.

Amortization expense for intangible assets with finite useful lives was $ 60 million, $ 64 million and $ 67 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in millions):

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Debt is summarized as follows:

Carrying value

amounts in millions

2 unchanged sentences

3.125 % Exchangeable Senior Debentures due 2054

Senior credit facility

Wells Fargo note payable

Deferred financing costs

Debt classified as current

8 unchanged sentences

The Eighth Amendment provided for, among other things, the extension of the scheduled maturity date to June 30, 2027.

Outstanding borrowings under the Margin Loan Agreement were $ 790 million and $ 1.5 billion as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, SPV was permitted to borrow an additional $ 1,150 million under the Margin Loan Agreement, subject to certain funding conditions, which may be drawn until five business days prior to the maturity date.

Outstanding borrowings under the Margin Loan Agreement were $ 790 million as of both December 31, 2025 and 2024.

As of December 31, 2025, SPV had borrowing capacity of $ 1,150 million under the Margin Loan Agreement with approximately $ 800 million available to be drawn, subject to certain funding conditions, which may be drawn until five business days prior to the maturity date.

The maturity date of the loans under the Margin Loan Agreement is June 30, 2027.

The borrowings under the Margin Loan Agreement accrue interest at a rate equal to the three-month Secured Overnight Financing Rate (“ SOFR ”) plus a per annum spread of 1.875 % (the “Base Spread”) (unless and until the replacement of such rate as provided for under the Margin Loan Agreement).

Loan Agreement).

The Margin Loan Agreement also has a commitment fee equal to 0.50 % per annum on the daily unused amount of the Revolving Loans.

The interest rates on the Margin Loan Facility were 5.5 % and 6.2 % at December 31, 2025 and 2024, respectively.

The Margin Loan Agreement contains various affirmative and negative covenants that restrict the activities of SPV (and, in some cases, the Company and its subsidiaries with respect to shares of Charter owned by the Company and its subsidiaries).

2 unchanged sentences

SPV’s obligations under the Margin Loan Agreement are secured by first priority liens on a portion of the Company’s ownership interest in Charter, sufficient for SPV to meet the loan to value requirements under the Margin Loan Agreement.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Margin Loan Agreement indicates that no lender party shall have any voting rights with respect to the shares pledged as collateral, except to the extent that a lender party buys any shares in a sale or other disposition made pursuant to the terms of the loan agreement.

The Margin Loan Agreement indicates that no lender party shall have any voting rights with respect to the shares pledged as collateral, except to the extent that a lender party buys any shares in a sale or other disposition made pursuant to the terms of the loan agreement.

As of December 31, 2025, 19.1 million shares of Charter common stock with a value of $ 4.0 billion were held in collateral accounts related to the Margin Loan Agreement.

Exchangeable Senior Debentures

On August 27, 2020, the Company closed a private offering of $ 575 million aggregate original principal amount of its 2.75 % Exchangeable Senior Debentures due 2050 (the “ 2.75 % Debentures”), including debentures with an aggregate original principal amount of $ 75 million issued pursuant to the exercise of an option granted to the initial purchasers.

During the first quarter of 2023, the Company repurchased all of the outstanding 2.75 % Debentures using proceeds from the issuance of the 3.125 % Debentures due 2053, as defined and further described below.

On November 23, 2020, the Company closed a private offering of $ 825 million aggregate original principal amount of its 1.25 % Exchangeable Senior Debentures due 2050 (the “ 1.25 % Debentures”), including debentures with an aggregate original principal amount of $ 75 million issued pursuant to the exercise of an option granted to the initial purchasers.

During the first quarter of 2023, the Company repurchased a significant portion of the 1.25 % Debentures using proceeds from the issuance of the 3.125 % Debentures due 2053, as defined and further described below.

On October 5, 2023, the remaining 1.25 % Debentures were redeemed.

In connection with the closing of the Liberty Broadband combination with GCI Liberty on December 18, 2020, the Company assumed all of GCI Liberty’s outstanding 1.75 % exchangeable senior debentures due 2046 (the “ 1.75 % Debentures”) with an original outstanding principal amount of $ 15 million at fair value.

The total fair value of the acquired 1.75 % Debentures was approximately $ 26 million.

The 1.75 % Debentures were initially issued on June 18, 2018 by GCI Liberty.

During the first quarter of 2023, the Company repurchased all of the outstanding 1.75 % Debentures using proceeds from the issuance of the 3.125 % Debentures due 2053, as defined and further described below.

On February 28, 2023, the Company closed a private offering of $ 1,265 million aggregate original principal amount of its 3.125 % Exchangeable Senior Debentures due 2053 (the “ 3.125 % Debentures due 2053”), including debentures with an aggregate original principal amount of $ 165 million issued pursuant to the exercise of an option granted to the initial purchasers.

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Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2023.

The 3.125 % Debentures due 2053 may be redeemed by the Company, in whole or in part, on or after April 6, 2026.

The 3.125 % Debentures due 2053 may be redeemed by the Company, in whole or in part, on or after April 6, 2026 or, in whole but not in part, prior to April 6, 2026 if such redemption is due to the execution by the Company of an agreement which, if consummated, would result in a change in control (including, for the avoidance of doubt, the Merger Agreement).

Holders of the 3.125 % Debentures due 2053 also have the right to require the Company to purchase their 3.125 % Debentures due 2053 on April 6, 2026.

The redemption and purchase price will generally equal 100 % of the adjusted principal amount of the 3.125 % Debentures due 2053 plus accrued and unpaid interest to the redemption date, plus any final period distribution.

As of December 31, 2024, a holder of the 3.125 % Debentures due 2053 does not have the ability to exchange their debentures and, accordingly, the 3.125 % Debentures due 2053 have been classified as long-term debt within the consolidated balance sheet as of December 31, 2024.

As mentioned above, the Company used the net proceeds of the offering of the 3.125 % Debentures due 2053, together with existing cash on hand, to repurchase all of the outstanding 1.75 % Debentures, all of the outstanding 2.75 % Debentures and a significant portion of the outstanding 1.25 % Debentures.

On October 5, 2023, the remaining portion of the 1.25 % Debentures were retired at the adjusted principal amount plus accrued interest and, pursuant to a supplemental indenture entered into in February 2023, the Company delivered solely cash to satisfy its obligations.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

As of December 31, 2025, a holder of the 3.125 % Debentures due 2053 has the ability to exchange their debentures at any time after January 1, 2026 until the close of business on the second scheduled trading day immediately preceding April 6, 2026 or put their debentures on April 6, 2026 and, accordingly, the 3.125 % Debentures due 2053 have been classified as current within the consolidated balance sheet as of December 31, 2025.

On July 2, 2024, the Company closed a private offering of $ 860 million aggregate original principal amount of its 3.125 % Exchangeable Senior Debentures due 2054 (the “ 3.125 % Debentures due 2054”), including debentures with an aggregate original principal amount of $ 60 million issued pursuant to the exercise of an option granted to the initial purchasers.

Upon an exchange of the 3.125 % Debentures due 2054, the Company, at its election, may deliver shares of Charter Class A common stock, the value thereof in cash, or any combination of shares of Charter Class A common stock and cash.

Initially, 2.5442 shares of Charter Class A common stock are attributable to each $ 1,000 original principal amount of 3.125 % Debentures due 2054, representing an initial exchange price of approximately $ 393.05 for each share of Charter Class A common stock.

A total of approximately 2.2 million shares of Charter Class A common stock were initially attributable to the 3.125 % Debentures due 2054.

Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2024.

The 3.125 % Debentures due 2054 may be redeemed by the Company, in whole or in part, on or after December 15, 2028.

Holders of the 3.125 % Debentures due 2054 also have the right to require the Company to purchase their 3.125 % Debentures due 2054 on December 15, 2028.

The redemption and purchase price will generally equal 100 % of the adjusted principal amount of the 3.125 % Debentures due 2054 plus accrued and unpaid interest to the redemption date, plus any final period distribution.

As of December 31, 2024, a holder of the 3.125 % Debentures due 2054 does not have the ability to exchange their debentures and, accordingly, the 3.125 % Debentures due 2054 have been classified as long-term debt within the consolidated balance sheet as of December 31, 2024.

In connection with the closing of the private offering of the 3.125 % Debentures due 2054, the Company repaid $ 540 million of borrowings under the Margin Loan Agreement and repurchased a total of $ 300 million in aggregate principal amount of the 3.125 % Debentures due 2053 pursuant to individually privately negotiated transactions.

In connection with the closing of the private offering of the 3.125 % Debentures due 2054, the Company repurchased a total of $ 300 million in aggregate principal amount of the 3.125 % Debentures due 2053 pursuant to individually privately negotiated transactions.

After the repurchase, approximately 1.8 million shares of Charter Class A common stock are attributable to the 3.125 % Debentures due 2053.

In March 2025, at the request of Charter, Liberty Broadband called for redemption all of its 3.125 % Debentures due 2054.

Pursuant to a supplemental indenture entered into in March 2025, the Company delivered cash to satisfy its exchange obligations.

The 3.125 % Debentures due 2054 were either redeemed in April 2025 or exchanged in March 2025 (with such exchanges settled in May 2025).

During the year ended December 31, 2025, the Company paid approximately $ 952 million to settle the 3.125 % Debentures due 2054 using corporate cash, restricted cash and proceeds from the Margin Loan Facility.

The Company has elected to account for all of its exchangeable senior debentures at fair value in its consolidated financial statements.

Accordingly, changes in the fair value of these instruments are recognized in Realized and unrealized gains (losses) on financial instruments, net in the accompanying consolidated statements of operations.

See note 4 for information related to unrealized gains (losses) on debt measured at fair value.

See note 5 for information

related to unrealized gains (losses) on debt measured at fair value.

The Company reviews the terms of all the debentures on a quarterly basis to determine whether an event has occurred to require current classification on the consolidated balance sheets.

Following the satisfaction of certain conditions set forth in the Merger Agreement, Liberty Broadband must call for redemption its 3.125 % Debentures due 2053 and/or its 3.125 % Debentures due 2054 for cash within 10 business days of a request by Charter, subject to Liberty Broadband having sufficient liquidity to satisfy the applicable redemption and/or exchange obligation and certain other terms and conditions set forth in the Merger Agreement.

GCI, LLC is the issuer of $ 600 million aggregate principal amount of 4.75 % senior notes due 2028 (the “Senior Notes”).

The Senior Notes were issued by GCI, LLC on October 7, 2020 and are unsecured.

Interest on the Senior Notes is payable semi-annually in arrears.

The Senior Notes are redeemable at the Company’s option, in whole or in part, at a redemption price defined in the indenture, and accrued and unpaid interest (if any) to the date of redemption.

The Senior Notes are stated net of an aggregate unamortized premium of $ 19 million at December 31, 2024.

Such premium is being amortized to interest expense in the accompanying consolidated statements of operations.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Senior Credit Facility

On October 15, 2021, GCI, LLC entered into an Eighth Amended and Restated Credit Agreement, which includes a $ 550 million revolving credit facility, with a $ 25 million sublimit for standby letters of credit, that matures on October 15, 2026 and a $ 250 million Term Loan A (the “Term Loan A”) that matures on October 15, 2027.

On June 12, 2023, GCI, LLC entered into Amendment No.

1 to the Eighth Amended and Restated Credit Agreement (as amended, the “Senior Credit Facility”) which modified the interest rates to reference SOFR instead of the London Interbank Offered Rate (“LIBOR”).

Following the amendment in June 2023, the revolving credit facility borrowings under the Senior Credit Facility that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50 % and 1.75 % depending on GCI, LLC’s total leverage ratio.

The Senior Credit Facility has several leverage ratios defined in the Senior Credit Facility that are referenced throughout.

The revolving credit facility borrowings under the Senior Credit Facility that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a Credit Spread Adjustment (as defined in the Senior Credit Facility) plus a margin that varies between 1.50 % and 2.75 % depending on GCI, LLC’s total leverage ratio.

Term Loan A borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00 % and 2.25 % depending on GCI, LLC’s total leverage ratio.

Term Loan A borrowings that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a margin that varies between 2.00 % and 3.25 % depending on GCI, LLC’s total leverage ratio.

Principal payments are due quarterly on the Term Loan A equal to 0.25 % of the original principal amount, which may step up to 1.25 % of the original principal amount of the Term Loan A depending on GCI, LLC’s secured leverage ratio.

Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs.

Any amounts prepaid on the revolving credit facility may be reborrowed.

Prior to the amendment in June 2023, all rates indexed to SOFR were previously indexed to LIBOR.

The Senior Credit Facility also has a commitment fee that accrues at a per annum rate between 0.375 % and 0.500 % on the daily unused amount of the revolving credit facility depending on GCI, LLC’s total leverage ratio.

GCI, LLC’s first lien leverage ratio may not exceed 4.00 to 1.00.

The terms of the Senior Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default.

At any time after the occurrence of an event of default under the Senior Credit Facility, the lenders may, among other options, declare any amounts outstanding under the Senior Credit Facility immediately due and payable and terminate any commitment to make further loans under the Senior Credit Facility.

The obligations under the Senior Credit Facility are secured by a security interest on substantially all of the assets of GCI, LLC and the subsidiary guarantors, as defined in the Senior Credit Facility, and on the stock of GCI Holdings.

As of December 31, 2024, there was $ 242 million outstanding under the Term Loan A, $ 205 million outstanding under the revolving portion of the Senior Credit Facility and $ 3 million in letters of credit under the Senior Credit Facility, leaving $ 342 million available for borrowing.

Wells Fargo Note Payable

GCI Holdings issued a note to Wells Fargo that matures on July 15, 2029 and is payable in monthly installments of principal and interest (the "Wells Fargo Note Payable").

Outstanding borrowings on the Wells Fargo Note Payable were $ 4 million and $ 5 million as of December 31, 2024 and 2023, respectively.

On May 1, 2023, the Wells Fargo Note Payable was amended to update the interest rate to reference SOFR instead of LIBOR.

After this amendment, the interest rate is variable at SOFR plus 1.75 %.

Prior to the amendment, the interest rate was variable at one month LIBOR plus 2.25 %.

The Wells Fargo Note Payable is subject to similar affirmative and negative covenants as the Senior Credit Facility.

The obligations under the Wells Fargo Note Payable are secured by a security interest and lien on the building purchased with the note.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Debt Covenants

GCI, LLC is subject to covenants and restrictions under its Senior Notes and Senior Credit Facility.

The Company and GCI, LLC are in compliance with all debt maintenance covenants as of December 31, 2024.

Under the Merger Agreement, Liberty Broadband must call for redemption of its 3.125 % Debentures due 2053 for cash within 10 business days of a request by Charter, subject to Liberty Broadband having sufficient liquidity to satisfy the applicable redemption and/or exchange obligation and certain other terms and conditions set forth in the Merger Agreement.

Five Year Maturities

The annual principal maturities of debt, based on stated maturity dates, for each of the next five years is as follows (amounts in millions):

Fair Value of Debt

The fair value of the Senior Notes was $ 560 million at December 31, 2024 (Level 2).

Due to the variable rate nature of the Margin Loan, Senior Credit Facility and Wells Fargo Note Payable, the Company believes that the carrying amount approximates fair value at December 31, 2024.

In 2016 and 2017, GCI Holdings sold certain tower sites and entered into a master lease agreement in which it leased back space on those tower sites.

GCI Holdings determined that it is precluded from applying sales-leaseback accounting.

GCI Holdings has entered into finance lease agreements with satellite providers for transponder capacity to transmit voice and data traffic in rural Alaska.

GCI Holdings is also party to finance lease agreements for an office building and certain retail store locations.

GCI Holdings also leases office space, land for towers and communication facilities, satellite transponders, fiber capacity, and equipment.

These leases are classified as operating leases.

Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate at the commencement date of the lease.

If lease terms are modified, the ROU assets and operating lease liabilities are adjusted to reflect the updated future lease payments and changes in the incremental borrowing rate.

The Company has leases with remaining lease terms that range from less than one year up to 26 years .

Certain of the Company’s leases may include an option to extend the term of the lease with such options to extend ranging from one year up to 34 years .

The Company also has the option to terminate certain of its leases early with such options to terminate ranging from as early as 30 days up to 13 years from December 31, 2024.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

The components of lease cost during the years ended December 31, 2024, 2023 and 2022 were as follows:

Years ended December 31,

amounts in millions

Operating lease cost (1)

Finance lease cost

Depreciation of leased assets

Total finance lease cost

(1) Included within operating lease costs were short-term lease costs and variable lease costs, which were not material to the consolidated financial statements.

The remaining weighted-average lease term and the weighted-average discount rate were as follows:

Weighted-average remaining lease term (years):

Finance leases

Operating leases

Weighted-average discount rate:

Finance leases

Operating leases

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Supplemental balance sheet information related to leases was as follows:

amounts in millions

Operating leases:

Operating lease ROU assets, net (1)

Current operating lease liabilities (2)

Operating lease liabilities (3)

Total operating lease liabilities

Finance Leases:

Property and equipment, at cost

Accumulated depreciation

Property and equipment, net

Current obligations under finance leases (4)

Obligations under finance leases

Total finance lease liabilities

(1) Operating lease ROU assets, net are included within the Other assets, net line item in the accompanying consolidated balance sheets.

(2) Current operating lease liabilities are included within the Other current liabilities line item in the accompanying consolidated balance sheets.

(3) Operating lease liabilities are included within the Other liabilities line item in the accompanying consolidated balance sheets.

(4) Current obligations under finance leases are included within the Other current liabilities line item in the accompanying consolidated balance sheets.

Supplemental cash flow information related to leases was as follows:

Years ended December 31,

amounts in millions

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases

Financing cash outflows from finance leases

ROU assets obtained in exchange for lease obligations

Operating leases

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Future lease payments under finance leases, operating leases and tower obligations with initial terms of one year or more at December 31, 2024 consisted of the following:

Finance Leases

Operating Leases

Tower Obligations

amounts in millions

Total payments

imputed interest

Total liabilities

(8) Income Taxes

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State and local

Income tax (benefit) expense

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Income tax benefit (expense) differs from the amounts computed by applying the applicable U.S.

federal income tax rate of 21 % as a result of the following:

Income tax expense (benefit) differs from the amounts computed by applying the applicable United States (“U.S.”) federal income tax rate of 21 % as a result of the following:

Years ended December 31,

amounts in millions

Computed expected tax benefit (expense)

State and local taxes, net of federal income taxes

Nontaxable equity contribution

Change in valuation allowance

Sale of consolidated subsidiary

Executive compensation

Federal statutory tax rate

Domestic federal reconciling items

Nontaxable and nondeductible items, net

Nontaxable merger proceeds

Federal tax credits

Income tax (expense) benefit

For the year ended December 31, 2024, the significant reconciling items, as noted in the table above, are primarily due to state income taxes and certain non-taxable proceeds received in connection with the Merger Agreement.

For the year ended December 31, 2023, the significant reconciling items, as noted in the table above, are primarily due to state income taxes and certain non-deductible expenses.

For the year ended December 31, 2022, the significant reconciling items, as noted in the table above, are primarily due to the nontaxable decrease in the fair value of the indemnification obligation owed to QVC Group and tax benefits from the sale of stock of a subsidiary.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Domestic state and local income taxes, net of federal effect

Total income tax (benefit) expense

For the years ended December 31, 2025, 2024 and 2023, state and local income taxes in Colorado comprised the majority of the domestic state and local income taxes, net of federal effect category.

For the year ended December 31, 2025 and 2024, the significant reconciling items, as noted in the table above, are primarily due to non-taxable proceeds from Charter share repurchases received pursuant to the Merger Agreement.

For the year ended December 31, 2023, income tax expense did not differ from the U.S.

federal income tax rate of 21 %.

The tax effects of temporary differences and tax attributes that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

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Accrued stock-based compensation

Deferred revenue

Operating lease liabilities

Other accrued liabilities

Other future deductible amounts

Intangible assets

Total deferred tax assets

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Deferred tax liabilities:

Intangible assets

Operating lease ROU assets

Total deferred tax liabilities

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The remaining carryforwards expire at certain future dates.

These carryforwards are expected to be utilized prior to expiration, except for $ 1 million which based on current projections, may expire unused and accordingly are subject to a valuation allowance.

These carryforwards are expected to be utilized prior to expiration.

The carryforwards that are expected to be utilized begin to expire in 2034.

1 unchanged sentence

As of December 31, 2025, Liberty Broadband’s federal tax years prior to 2021 are closed.

However, because Liberty Broadband generated a net operating loss (“NOL”) in 2014, 2016, 2017, 2018, 2019 and 2020, utilization of the NOLs in future years is still subject to adjustment.

Liberty Broadband’s 2021 tax year is not under IRS examination.

The IRS has completed its examination of Liberty Broadband’s 2022 tax year, but the 2022 tax year remains open until the statute of limitations expires on October 15, 2026.

Liberty Broadband’s 2023 and 2024 tax years are being examined currently as part of the IRS’s compliance assurance process.

However, because Liberty Broadband generated net operating losses (“NOLs”) in years prior to 2021, utilization of the NOLs in future years is still subject

to adjustment.

The IRS has completed its examination of Liberty Broadband’s 2021, 2022 and 2023 tax years, but these years remain open until the statute of limitations expire on March 31, 2026, October 15, 2026 and October 15, 2027, respectively.

Liberty Broadband’s 2024 and 2025 tax years are being examined currently as part of the IRS Compliance Assurance Process program.

Because Liberty Broadband’s ownership of Charter is less than the required 80%, Charter is not consolidated with Liberty Broadband for federal income tax purposes.

As of December 31, 2024, all GCI and GCI Liberty tax years prior to 2021 are closed.

However, because GCI generated NOLs in tax years prior to 2020, utilization of the NOLs in future years are subject to adjustment.

Prior to the March 9, 2018 GCI Liberty split-off from QVC Group, certain GCI Liberty businesses were part of the QVC Group.

consolidated federal tax group.

As of December 31, 2025, all GCI and prior GCI Liberty tax years prior to 2021 are closed.

However, because GCI generated NOLs in tax years prior to 2020, utilization of the NOLs in future years is subject to adjustment.

Prior to the March 9, 2018 prior GCI Liberty split-off from QVC Group, certain prior GCI Liberty businesses were part of the QVC Group consolidated federal tax group.

QVC Group’s tax years prior to 2022 are closed for federal income tax purposes.

Various states are currently examining QVC Group’s prior years’ state income tax returns.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

(9) Stockholders' Equity

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Liberty Broadband's preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Liberty Broadband's board of directors.

Liberty Broadband preferred stock was issued as a result of the closing of the Liberty Broadband combination with GCI Liberty on December 18, 2020.

Each share of Series A Cumulative Redeemable Preferred Stock of GCI Liberty outstanding immediately prior to the closing was converted into one share of newly issued Liberty Broadband Preferred Stock.

The Liberty Broadband preferred stock was issued as a result of the closing of the Liberty Broadband combination with prior GCI Liberty on December 18, 2020.

Each share of Series A Cumulative Redeemable Preferred Stock of prior GCI Liberty outstanding immediately prior to the closing was converted into one share of newly issued Liberty Broadband preferred stock.

The Company is required to redeem all outstanding shares of Liberty Broadband preferred stock out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date through the redemption date, on the first business day following March 8, 2039.

5 unchanged sentences

The liquidation price is measured per share and shall mean the sum of (i) $ 25 , plus (ii) an amount equal to all unpaid dividends (whether or not declared) accrued with respect to such share have been added to and then remain part of the liquidation price as of such date.

The fair value of Liberty Broadband Preferred Stock of $ 203 million was recorded at the time of the closing of the Liberty Broadband combination with GCI Liberty.

The fair value of Liberty Broadband preferred stock of $ 203 million was recorded at the time of the closing of the Liberty Broadband combination with prior GCI Liberty.

The fair value of Liberty Broadband preferred stock as of December 31, 2025 was $ 173 million (Level 1).

4 unchanged sentences

On December 16, 2025, the Company announced that its board of directors had declared a quarterly cash dividend of approximately $ 0.44 per share of Liberty Broadband preferred stock which was paid on January 15, 2026 to shareholders of record of the Liberty Broadband preferred stock at the close of business on December 31, 2025.

Liberty Broadband Series A common stock (“LBRDA”) has one vote per share, Liberty Broadband Series B common stock (“LBRDB”) has ten votes per share and Liberty Broadband’s Series C common stock (“LBRDK”) has no votes per share (except as otherwise required by applicable law).

Each share of the Series B common stock is exchangeable at the option of the holder for one share of Series A common stock.

All series of our common stock participate on an equal basis with respect to dividends and distributions.

LBRDA has one vote per share, LBRDB has ten votes per share and LBRDK has no votes per share (except as otherwise required by applicable law).

Each share of the Series B common stock is exchangeable at the option of the holder for one share

All series of Liberty Broadband common stock participate on an equal basis with respect to dividends and distributions.

As of December 31, 2025, Liberty Broadband reserved 2.8 million shares of LBRDB and LBRDK common stock for issuance under exercise privileges of outstanding stock Awards.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Purchases of Common Stock

There were no repurchases of LBRDA, LBRDB or LBRDK during the year ended December 31, 2025, which is currently restricted by the Merger Agreement.

During the year ended December 31, 2024, the Company repurchased 1 million shares of LBRDK for aggregate cash consideration of $ 89 million.

2 unchanged sentences

There were no repurchases of LBRDB during the year ended December 31, 2023.

During the year ended December 31, 2022, the Company repurchased 24 million shares of LBRDA and LBRDK for aggregate cash consideration of $ 2.9 billion.

There were no repurchases of LBRDB during the year ended December 31, 2022.

All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance.

19 unchanged sentences

Malone’s voting power as close as possible to, without exceeding, the Target Voting Power and (ii) the number of Exchanged Series B Shares at such time, on the terms and subject to the conditions of the Exchange Agreement.

Under the Exchange Agreement, the JM Trust has exchanged 481,149 total shares of LBRDB for the same number of shares of LBRDK as of December 31, 2024.

On November 12, 2024, in connection with the entry into the Merger Agreement, Liberty Broadband entered into the Malone exchange side letter with the Malone exchange holders, whereby, among other things, the Malone exchange holders agreed to an arrangement under which Liberty Broadband will have the right, in connection with the GCI Divestiture, to exchange certain shares of LBRDB held by such Malone exchange holders for shares of LBRDK on a one -for-one basis (the “Malone

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

exchange”) to avoid the application of certain related party rules that otherwise could limit the availability of certain tax benefits to the divested GCI entity following the GCI Divestiture.

On November 12, 2024, in connection with the entry into the Merger Agreement, Liberty Broadband entered into the Malone exchange side letter with Mr.

Malone and certain trusts related to Mr.

Malone (collectively, the “Malone Exchange Holders”), whereby, among other things, the Malone Exchange Holders agreed to an arrangement under which Liberty Broadband had the right, in connection with the GCI Divestiture, to exchange certain shares of LBRDB held by such Malone Exchange Holders for shares of LBRDK on a one -for-one basis (the “Malone exchange”) to avoid the application of certain related party

rules that otherwise could limit the availability of certain tax benefits to the divested GCI entity following the GCI Divestiture.

If the Merger Agreement is terminated without the completion of the Combination having occurred but following the consummation of the Malone exchange (the “Malone exchange closing”), and unless otherwise agreed to in writing by the Malone Exchange Holders and Liberty Broadband, the Malone exchange will be automatically rescinded and treated as if neither the Malone exchange nor the Malone exchange closing had ever occurred.

Further, pursuant to the terms of the Malone exchange side letter, the parties thereto agreed to amend certain provisions of the Exchange Agreement to provide that (i) solely in connection with the GCI Divestiture, Malone Series C Exchangeable Shares (as defined in the Exchange Agreement) will not be exchanged for shares of LBRDB and the holders of such Malone Series C Exchangeable Shares will receive the same per share consideration received by holders of shares of LBRDK, (ii) Liberty Broadband waives its right to obligate the Malone exchange holders to enter into an exchange agreement with the divested GCI entity in connection with the GCI Divestiture, (iii) the Exchange Agreement would not be terminated as a result of the Malone exchange holders falling below 20 % voting power in connection with the GCI Divestiture, and (iv) following the Malone exchange and prior to any termination of the Merger Agreement, none of the Malone Series C Exchangeable Shares will be exchanged for shares of LBRDB.

Further, pursuant to the terms of the Malone exchange side letter, the parties thereto amended certain provisions of the Exchange Agreement to provide that (i) solely in connection with the GCI Divestiture, Malone Series C Exchangeable Shares (as defined in the Exchange Agreement) would not be exchanged for shares of LBRDB and the holders of such Malone Series C Exchangeable Shares would receive the same per share consideration received by holders of shares of LBRDK, (ii) Liberty Broadband waived its right to obligate the Malone Exchange Holders to enter into an exchange agreement with the divested GCI entity in connection with the GCI Divestiture, (iii) the Exchange Agreement would not be terminated as a result of the Malone Exchange Holders falling below 20 % voting power in connection with the GCI Divestiture, and (iv) following the Malone exchange and prior to any termination of the Merger Agreement, none of the Malone Series C Exchangeable Shares would be exchanged for shares of LBRDB.

In accordance with the Malone exchange side letter and concurrent with the GCI Divestiture, the Malone Exchange Holders exchanged 1,617,040 shares of LBRDB for 1,617,040 shares of LBRDK on July 14, 2025.

Under the Exchange Agreement and the Malone exchange side letter, the JM Trust has exchanged 2,098,189 total shares of LBRDB for the same number of LBRDK as of December 31, 2025.

(10) Stock-Based Compensation

Included in selling, general and administrative expenses in the accompanying consolidated statements of operations are $ 28 million, $ 34 million and $ 37 million of stock-based compensation during the years ended December 31, 2024, 2023 and 2022, respectively.

Included in general and administrative expenses in the accompanying consolidated statements of operations are $ 5 million, $ 15 million and $ 15 million of stock-based compensation during the years ended December 31, 2025, 2024 and 2023, respectively.

Incentive Plans

Liberty Broadband grants, to certain of its directors, employees and employees of its subsidiaries, RSUs and stock options to purchase shares of its common stock.

Liberty Broadband has granted, to certain of its directors, employees and employees of its former subsidiaries, RSUs and stock options to purchase shares of Liberty Broadband common stock.

The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award).

The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award and re-measures the fair value of the Award at each reporting date.

The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award and remeasures the fair value of the Award at each reporting date.

Holders of Liberty Broadband RSUs who provided services primarily or solely to GCI Liberty or its subsidiaries at the time of the GCI Divestiture, received RSUs that relate to Series C GCI Group common stock (“GLIBK”) in substitution for such Liberty Broadband RSUs.

The number of shares of GLIBK subject to such substituted RSUs was determined in a manner to preserve the value of the Liberty Broadband RSUs outstanding prior to the GCI Divestiture.

Holders of Liberty Broadband RSUs other than GCI employees and holders of Liberty Broadband options, none of which were held by GCI employees, were adjusted to preserve the value of such outstanding Liberty Broadband RSUs or Liberty Broadband options, as applicable, prior to the GCI Divestiture and continued to relate to the applicable series of Liberty Broadband common stock.

Holders of Liberty Broadband restricted shares outstanding as of the GCI Divestiture continued to hold their Liberty Broadband restricted shares and also received GLIBK restricted shares.

Pursuant to the Liberty Broadband 2024 Omnibus Incentive Plan (the “2024 Plan”), the Company may grant Awards to be made in respect of a maximum of 5.0 million shares of Liberty Broadband common stock plus the shares remaining available for Awards under the prior Liberty Broadband 2019 Omnibus Incentive Plan (the “2019 Plan”), as of close of business on May 23, 2024, the effective date of the 2024 Plan.

2 unchanged sentences

Liberty Broadband issues new shares upon exercise of equity awards.

During the years ended December 31, 2024, 2023 and 2022, Liberty Broadband granted 183 thousand, 129 thousand and 136 thousand options, respectively, to purchase shares of LBRDK to our former Chief Executive Officer in connection with his employment agreement.

Such options had a GDFV of $ 20.18 , $ 27.83 and $ 39.10 per share, respectively, at the time they were granted and vested on December 31, 2024, December 29, 2023 and December 30, 2022, respectively.

During the year ended December 31, 2025, the Company granted 17 thousand time-based RSUs of LBRDK to Mr.

Patterson, our Chief Executive Officer.

The RSUs had a GDFV of $ 61.49 per share and cliff vest ten days before the effective date of the Transactions.

There were no options to purchase shares of LBRDA, LBRDB or LBRDK granted during 2025.

There were also no options to purchase shares of LBRDA or LBRDB granted during 2024 and 2023.

During the years ended December 31, 2024 and 2023, Liberty Broadband granted 183 thousand and 129 thousand options, respectively, to purchase shares of LBRDK to Gregory B.

Maffei, our former Chief Executive Officer, in connection with his employment agreement.

Such options had a GDFV of $ 20.18 per share and $ 27.83 per share, respectively, at the time they were granted and vested on December 31, 2024 and December 29, 2023, respectively.

During the year ended December 31, 2024, Liberty Broadband granted cash awards equal to $ 12.9 million to its employees and non-employee directors.

These cash awards vested 50 % on December 11, 2024 and the remaining 50 % will vest on December 11, 2025.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

During the years ended December 31, 2023 and 2022, Liberty Broadband granted to its employees 407 thousand and 11 thousand options, respectively, to purchase shares of LBRDK.

Such options had a weighted average GDFV of $ 27.68 per share and $ 30.43 per share, respectively, and vest between one and three years .

During the years ended December 31, 2023 and 2022, Liberty Broadband granted 21 thousand and 24 thousand options, respectively, to purchase shares of LBRDK to its non-employee directors with a weighted average GDFV of $ 27.73 per share and $ 30.43 per share, respectively, which cliff vest over a one year vesting period.

During the years ended December 31, 2024, 2023 and 2022, Liberty Broadband granted 132 thousand, 227 thousand and 227 thousand time-based and performance-based RSUs, respectively, of LBRDK to its employees, employees of subsidiaries and non-employee directors.

The RSUs had a weighted average GDFV of $ 56.93 , $ 84.02 and $ 120.70 per share, respectively.

The time-based RSUs generally vest between one and five years for employees and employees of subsidiaries and in one year for non-employee directors.

These cash awards vested 50 % on December 11, 2024 and 50 % on December 11, 2025.

During the year ended December 31, 2023, Liberty Broadband granted to its employees 407 thousand options to purchase shares of LBRDK.

Such options had a weighted average GDFV of $ 27.68 per share and vest between one and three years .

During the year ended December 31, 2023, Liberty Broadband granted 21 thousand options to purchase shares of LBRDK to its non-employee directors.

Such options had a weighted average GDFV of $ 27.73 per share and cliff vested one year from the grant date.

During the years ended December 31, 2024 and 2023, Liberty Broadband granted 132 thousand and 227 thousand time-based and performance-based RSUs, respectively, of LBRDK to its employees, employees of former subsidiaries and non-employee directors.

The RSUs had a weighted average GDFV of $ 56.93 per share and $ 84.02 per share, respectively.

The time-based RSUs generally vest between one and five years for employees and employees of former subsidiaries and in one year for non-employee directors.

The performance-based RSUs mainly cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives.

2 unchanged sentences

The probability of satisfying the performance objectives is assessed at the end of each reporting period.

There were no options to purchase shares of LBRDA or LBRDB granted during 2024, 2023 and 2022.

The Company has calculated the GDFV for all of its equity classified awards and any subsequent re-measurement of its liability classified awards using the Black-Scholes Model.

The Company has calculated the GDFV for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model.

The Company estimates the expected term of the Awards based on historical exercise and forfeiture data.

For grants made in 2024, 2023 and 2022, the range of expected terms was 5.1 to 5.2 years.

For grants made in 2024 and 2023, the expected term was 5.2 years.

The volatility used in the calculation for Awards is based on the historical volatility of Liberty Broadband common stock.

7 unchanged sentences

Forfeited/Cancelled

GCI Divestiture adjustment

Outstanding at December 31, 2025

1 unchanged sentence

As of December 31, 2025, there were no outstanding options to purchase shares of LBRDA common stock.

During the years ended December 31, 2024 and 2023, Liberty Broadband had 150 thousand and 69 thousand LBRDB options, respectively, each with a WAEP of $ 97.21 , that were forfeited.

During the year ended December 31, 2022, the

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Company’s former Chief Executive Officer exercised 37 thousand LBRDB options at an exercise price of $ 97.21 per share.

Immediately following this exercise, the resulting LBRDB shares were exchanged for the same number of LBRDK shares pursuant to the terms of a stipulation and order where Mr.

Maffei agreed to exchange LBRDB shares for LBRDK shares following the exercise of certain stock options.

As of December 31, 2024, Liberty Broadband had 96 thousand LBRDB options outstanding and exercisable at a WAEP of $ 94.05 , a weighted average remaining contractual life of 0.3 years and aggregate intrinsic value of zero .

During the years ended December 31, 2025, 2024 and 2023, Liberty Broadband had 83 thousand, 150 thousand and 69 thousand LBRDB options, respectively, with exercise prices of $ 93.13 , $ 97.21 and $ 97.21 , respectively, that expired.

During the year ended December 31, 2025, the GCI Divestiture resulted in an adjustment of 1 thousand LBRDB options at an exercise price of $ 93.27 .

As of December 31, 2025, Liberty Broadband had 14 thousand LBRDB options outstanding and exercisable at an exercise price of $ 93.27 , a remaining contractual life of 0.2 years and aggregate intrinsic value of zero .

As of December 31, 2025, the total unrecognized compensation cost related to unvested Awards was approximately $ 4 million.

Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 1.2 years.

Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 1.0 year.

As of December 31, 2025, Liberty Broadband reserved approximately 2.8 million shares of LBRDB and LBRDK for issuance under exercise privileges of outstanding stock options.

1 unchanged sentence

Restricted Stock Awards and RSUs

The aggregate fair value of all LBRDA and LBRDK restricted stock awards and RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $ 12 million, $ 12 million and $ 18 million, respectively.

As of December 31, 2024, the Company had approximately 317 thousand unvested restricted stock awards and RSUs of LBRDK held by certain officers and employees of the Company with a weighted average GDFV of $ 88.51 per share.

(12) Employee Benefit Plans

Subsidiaries of the Company sponsor 401(k) plans, which provide their employees an opportunity to make contributions to a trust for investment.

The Company’s subsidiaries make matching contributions to their plans based on a percentage of the amount contributed by employees.

Employer cash contributions to all plans aggregated $ 14 million, $ 11 million and $ 12 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The aggregate fair value of all LBRDK restricted stock awards and RSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $ 21 million, $ 12 million and $ 12 million, respectively.

As of December 31, 2025, the Company had approximately 30 thousand unvested RSUs of LBRDK held by certain officers of the Company with a weighted average GDFV of $ 65.21 per share.

(11) Commitments and Contingencies

Guaranteed Service Levels

Certain customers have guaranteed levels of service with varying terms.

In the event the Company is unable to provide the minimum service levels, it may incur penalties or issue credits to customers.

Charter and Liberty Broadband - Delaware Litigation

In August 2015, a purported stockholder of Charter, Matthew Sciabacucchi, filed a lawsuit in the Delaware Court of Chancery, on behalf of a putative class of Charter stockholders, challenging the transactions involving Charter, Time Warner Cable Inc., A/N, and Liberty Broadband announced by Charter on May 26, 2015.

The lawsuit, which named as defendants Liberty Broadband, Charter and the board of directors of Charter, alleged that the transactions resulted from breaches of fiduciary duty by Charter’s directors and that Liberty Broadband improperly benefited from the challenged transactions at the expense of other Charter stockholders.

The lawsuit, which named as defendants Liberty

Broadband, Charter and the board of directors of Charter, alleged that the transactions resulted from breaches of fiduciary duty by Charter’s directors and that Liberty Broadband improperly benefited from the challenged transactions at the expense of other Charter stockholders.

On January 12, 2023, the parties reached a tentative agreement to settle the lawsuit.

The court approved the settlement at a fairness hearing on June 22, 2023 and Liberty Broadband paid approximately $ 38 million to Charter as a result

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

of the settlement, which had been accrued as a current liability in the consolidated balance sheet and recorded as a litigation settlement expense within operating income in the fourth quarter of 2022.

The court approved the settlement at a fairness hearing on June 22, 2023 and Liberty Broadband paid approximately $ 38 million to Charter as a result of the settlement, which had been accrued as a current liability in the consolidated balance sheet and recorded as a litigation settlement expense within operating income in the fourth quarter of 2022.

General Litigation

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In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying consolidated financial statements.

GCI Holdings receives support from various USF programs including the RHC Program.

The USF programs are subject to change by regulatory actions taken by the FCC, interpretations of or compliance with USF program rules, or legislative actions.

The USF programs have also been subject to legal challenge, which could disrupt or eliminate the support GCI Holdings receives.

Changes to any of the USF programs that GCI Holdings participates in could result in a material decrease in revenue and accounts receivable, which could have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

The following paragraphs describe certain separate matters related to the RHC Program that impact or could impact the revenue earned and receivables recognized by the Company.

As of December 31, 2024, the Company had net accounts receivable from the RHC Program in the amount of approximately $ 69 million, which is included within Trade and other receivables in the consolidated balance sheets.

The rates that GCI and other carriers can charge for service provided under the RHC Telecommunications Program are highly regulated by the FCC.

FCC rules provide that a telecommunications carrier can only charge a rural rate that is the average of rates actually being charged to commercial customers, other than health care providers, for identical or similar services in the rural area where the health care provider is located.

If that is not available, the rural rate must be the average of tariffed or other publicly available rates charged in that area over the same distance by other carriers.

If there is no rate available using rates actually being charged by GCI or other carriers, then, through the end of Funding Year 2025, which ends in June 2026, GCI may use a previously approved rural rate.

If none of the preceding options are available, then the rate must be determined by a cost study submitted to the FCC or, for jurisdictionally intrastate services, to the state public utility commission.

The RHC Telecommunications Program funds the difference between the rural rate and the urban rate, which is the amount that GCI must collect from the health care provider.

The FCC has an ongoing rulemaking proceeding addressing the RHC rules, how subsidies are determined and related processes.

GCI cannot predict which changes the FCC will adopt, and whether those changes will benefit or adversely affect GCI.

RHC Program Funding Cap.

The RHC Program has a funding cap for each individual funding year that is annually adjusted for inflation, and which the FCC can increase by carrying forward unused funds from prior funding years.

In recent years, including the current year, this funding cap has not limited the amount of funding received by participants;

however, management continues to monitor the funding cap and its potential impact on funding in future years.

Enforcement Bureau and Related Inquiries.

On March 23, 2018, GCI Holdings received a letter of inquiry and request for information from the Enforcement Bureau of the FCC relating to the period beginning January 1, 2015 and including all future periods.

This included inquiry into the rates charged by GCI Holdings and other aspects related to the Enforcement Bureau’s review of GCI Holdings’ compliance with program rules, which are discussed separately below.

The ongoing uncertainty in program funding, as well as the uncertainty associated with the rate review, could have an adverse effect on its business, financial position, results of operations or liquidity.

In the fourth quarter of 2019, GCI Holdings became aware of potential RHC Program compliance issues related to certain of GCI Holdings’ currently active and expired contracts with certain of its RHC customers.

The Company and its external experts performed significant and extensive procedures to determine whether GCI Holdings’ currently active and expired

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

contracts with its RHC customers would be deemed to be in compliance with the RHC Program rules.

GCI Holdings notified the FCC of the potential compliance issues in the fourth quarter of 2019.

On May 28, 2020, GCI Holdings received a second letter of inquiry from the Enforcement Bureau in the same matter noted above.

This second letter, which was in response to a voluntary disclosure made by GCI Holdings to the FCC, extended the scope of the original inquiry to also include various questions regarding compliance with the records retention requirements related to the (i) original inquiry and (ii) RHC Program.

On December 17, 2020, GCI Holdings received a Subpoena Duces Tecum from the FCC’s Office of the Inspector General requiring production of documents from January 1, 2009 to the present related to a single RHC customer and related contracts, information regarding GCI Holdings’ determination of rural rates for a single customer, and to provide information regarding persons with knowledge of pricing practices generally.

On April 21, 2021, representatives of the Department of Justice (“DOJ”) informed GCI Holdings that a qui tam action had been filed in the Western District of Washington arising from the subject matter under review by the Enforcement Bureau.

The DOJ was investigating whether GCI Holdings submitted false claims and/or statements in connection with GCI’s participation in the FCC’s RHC Program.

On July 14, 2021, the DOJ issued a Civil Investigative Demand with regard to the qui tam action.

The FCC’s Enforcement Bureau and GCI Holdings held discussions regarding GCI Holdings potential RHC Program compliance issues related to certain of its contracts with its RHC customers for which GCI Holdings had previously recognized an estimated liability for a probable loss of approximately $ 12 million in 2019 for contracts that were deemed probable of not complying with the RHC Program rules.

During the year ended December 31, 2022, GCI Holdings recorded an additional estimated settlement expense of $ 15 million relating to a settlement offer made by GCI Holdings resulting in a total estimated liability of $ 27 million.

The DOJ and GCI Holdings held discussions regarding the qui tam action whereby the DOJ clarified that its investigation relates to the years from 2010 through 2019 and alleged that GCI Holdings had submitted false claims under the RHC Program during this time period.

During the year ended December 31, 2022, GCI Holdings recorded a $ 14 million estimated settlement expense to reflect discussions and settlement offers that GCI Holdings made to the DOJ.

Separately, during the third quarter of 2022, GCI Holdings became aware of possible RHC Program compliance issues relating to potential conflicts of interest identified in the historical competitive bidding process with respect to certain of its contracts with its RHC customers.

GCI Holdings notified the FCC’s Enforcement Bureau of the potential compliance issues;

however, the Company is unable to assess the ultimate outcome of the potential compliance issues and is unable to reasonably estimate any range of loss or possible loss.

On May 10, 2023, GCI entered into a final settlement agreement with both the FCC and the DOJ to resolve all Enforcement Bureau and Related Inquiries discussed above except for the matter that was separately identified during the third quarter of 2022, which continues to remain outstanding.

The settlement with the FCC and the DOJ resulted in a total cash payment of $ 41 million of which $ 27 million was paid to the FCC and $ 14 million was paid to the DOJ in 2023, which had been previously recorded as liabilities.

Off-Balance Sheet Arrangements

Liberty Broadband did not have any off-balance sheet arrangements, except for those matters discussed above, that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, results of operations, liquidity, capital expenditures or capital resources.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

(12) Segment Information

Liberty Broadband identifies its reportable segments as (A) those consolidated companies that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings or losses represent 10% or more of Liberty Broadband’s annual pre-tax earnings (losses).

Liberty Broadband’s chief operating decision maker, the Chief Executive Officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA.

In addition, Liberty Broadband reviews nonfinancial measures such as subscriber growth.

For segment reporting purposes, Liberty Broadband defines Adjusted OIBDA as revenue less operating expenses and selling, general and administrative expenses (excluding stock-based compensation).

Liberty Broadband believes this measure is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends.

In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance.

This measure of performance excludes depreciation and amortization, stock based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP.

Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.

Liberty Broadband generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.

For the year ended December 31, 2024, Liberty Broadband has identified the following consolidated company and equity method investment as its reportable segments:

● GCI Holdings – a wholly owned subsidiary of the Company that provides a full range of data, wireless, video, voice, and managed services to residential, businesses, governmental entities, and educational and medical institutions primarily in Alaska.

● Charter – an equity method investment that is one of the largest providers of cable services in the United States, offering a variety of entertainment, information and communications solutions to residential and commercial customers.

Liberty Broadband’s operating segments are strategic business units that offer different products and services.

They are managed separately because each segment requires different technologies, distribution channels and marketing strategies.

The accounting policies of the segments that are also consolidated companies are the same as those described in the Company’s summary of significant accounting policies in the Company’s annual financial statements.

Liberty Broadband identifies its reportable segments as (A) those consolidated companies that represent 10% or more of its consolidated annual revenue or total assets and (B) those equity method affiliates whose share of earnings or losses represent 10% or more of Liberty Broadband’s annual pre-tax earnings (losses).

As a result of the GCI Divestiture and in consultation with Liberty Broadband’s chief operating decision maker, the Chief Executive Officer, the Company evaluated its operations and determined under the new organizational and reporting structure, the Company has one reportable segment, which is its equity method investment in Charter.

As a single reportable segment entity, the Company’s segment performance measure is net earnings (loss).

See note 6 for segment disclosure information related to Charter.

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Performance Measures

December 31, 2024

amounts in millions

Operating expense (excluding stock-based compensation)

Selling, general and administrative expense (excluding stock-based compensation)

Adjusted OIBDA

December 31, 2023

amounts in millions

Operating expense (excluding stock-based compensation)

Selling, general and administrative expense (excluding stock-based compensation)

Adjusted OIBDA

December 31, 2022

amounts in millions

Operating expense (excluding stock-based compensation)

Selling, general and administrative expense (excluding stock-based compensation)

Adjusted OIBDA

Other Information

December 31, 2024

December 31, 2023

in affiliates

amounts in millions

Corporate and other

Consolidated Liberty Broadband

LIBERTY BROADBAND CORPORATION

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 , 2023 and 2022

Revenue by Geographic Area

Years ended December 31,

amounts in millions

United States

Other countries

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and earnings (loss) before income taxes:

Years ended December 31,

amounts in millions

Consolidated segment Adjusted OIBDA

Stock-based compensation

Depreciation and amortization

Litigation settlement, net of recoveries

(13) Quarterly Financial Information (unaudited)

amounts in millions, except per share amounts

Operating income (loss)

Interest expense

Share of earnings (loss) of affiliates, net

Gain (loss) on dilution of investment in affiliate

Realized and unrealized gains (losses) on financial instruments, net

Gain (loss) on dispositions, net

Earnings (loss) before income taxes

Net earnings (loss) from continuing operations

Net earnings (loss) from discontinued operations

Net earnings (loss)

Basic net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Basic net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Diluted net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Diluted net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

amounts in millions, except per share amounts

Operating income (loss)

Net earnings (loss) from continuing operations

Net earnings (loss) from discontinued operations

Net earnings (loss)

Basic net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Basic net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Diluted net earnings (loss) from continuing operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

Diluted net earnings (loss) from discontinued operations attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

The following required information is incorporated by reference to our definitive proxy statement for our 2026 Annual Meeting of Stockholders presently scheduled to be held in the second quarter of 2026:

33 unchanged sentences

Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 15, 2024 (File No.

First Amendment to Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on July 15, 2025 (File No.

Certificate of Designations of Series A Cumulative Redeemable Preferred Stock of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed December 22, 2020 (File No.

29 unchanged sentences

333-248854)).

Indenture, dated as of February 28, 2023, by and between the Registrant, as issuer, and U.S.

Bank Trust Company National Association, as trustee.*

Form of 3.125% Exchangeable Senior Debentures due 2053*

The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith.

20 unchanged sentences

001-36713) (the “2019 10-K”)).

Form of Performance-Based Restricted Stock Units Award Agreement under the Liberty Broadband Corporation 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.18 to the 2019 10-K).

Services Agreement, dated as of November 4, 2014, by and between Liberty Media Corporation and the Registrant (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed on November 14, 2014 (File No.

2 unchanged sentences

(incorporated by reference to Exhibit 10.20 to the 2019 10-K).

Executive Employment Agreement, dated effective as of December 13, 2019, between Liberty Media Corporation and Gregory B.

Maffei (incorporated by reference to Exhibit 10.1 to Liberty Media Corporation’s Current Report on Form 8-K, filed on December 19, 2019 (File No.

Form of Annual Performance-based Restricted Stock Unit Award Agreement between the Registrant and Gregory B.

Maffei under the Liberty Broadband Corporation 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the December 2019 8-K).

Form of Annual Option Award Agreement between the Registrant and Gregory B.

Maffei under the Liberty Broadband Corporation 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed on December 19, 2019 (Filed No.

001-36713) (the “December 2019 8-K”)).

Form of Upfront Award Agreement between the Registrant and Gregory B.

15 unchanged sentences

and Liberty Interactive LLC (incorporated by reference to Annex J to the Prospectus).

GCI Liberty, Inc.

Transitional Stock Adjustment Plan (incorporated by reference to Exhibit 99.1 to GCI Liberty, Inc.’s Registration Statement on Form S-8 filed on March 15, 2018 (File No.

333-223667)).

GCI Liberty, Inc.

2018 Omnibus Incentive Plan (incorporated by reference to Annex A to GCI Liberty’s Proxy Statement on Schedule 14A filed on May 22, 2018 (File No.

Amendment to the Liberty Broadband Corporation 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 99.7 to the Registrant’s Registration Statement on Form S-8 filed on December 22, 2020 (File No.

13 unchanged sentences

Malone 1995 Revocable Trust U/A DTD 3/6/1995 and the Registrant (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 13, 2022 (File No.

Form of Restricted Stock Unit Agreement under the Liberty Broadband Corporation 2019 Omnibus Incentive Plan, as amended from time to time, for certain officers (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 8, 2024 (File No.

Liberty Broadband Corporation 2024 Omnibus Incentive Plan (incorporated by reference to Annex A to the Registrant’s Proxy Statement on Schedule 14A, filed on April 25, 2024 (File No.

Form of Time-Based Cash Award Agreement under the Liberty Broadband Corporation 2024 Omnibus Incentive Plan for Nonemployee Directors.*

Form of Time-Based Cash Award Agreement under the Liberty Broadband Corporation 2024 Omnibus Incentive Plan for certain officers.*

Form of Time-Based Cash Award Agreement under the Liberty Broadband Corporation 2024 Omnibus Incentive Plan for Nonemployee Directors (incorporated by reference to Exhibit 10.37 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 27, 2025 (File No.

001-36713) (the “2024 10-K”)).

Form of Time-Based Cash Award Agreement under the Liberty Broadband Corporation 2024 Omnibus Incentive Plan for certain officers (incorporated by reference to Exhibit 10.38 to the 2024 10-K).

Voting Agreement, dated November 12, 2024, by and among the Registrant, Charter Communications, Inc., The John C.

4 unchanged sentences

Maffei, Maven GRAT 1, LLC, Maven 2017-1 GRAT, LLC and the Maffei Foundation (incorporated by reference to Exhibit 10.2 to the November 2024 8-K).

Liberty Broadband Corporation Insider Trading Policies and Procedures.*

Side Letter, dated May 16, 2025, by and among Charter Communications, Inc., the Registrant, Fusion Merger Sub 1, LLC and Fusion Merger Sub 2, Inc.

(incorporated by reference to Exhibit 10.1 to the

Registrant’s Current Report on Form 8-K filed on May 19, 2025 (File No.

001-36713) (the “May 2025 8-K”).

Voting Agreement, dated May 16, 2025, by and among Charter Communications, Inc., the Registrant and Cox Enterprises, Inc.

(incorporated by reference to Exhibit 10.2 to the May 2025 8-K).

Separation and Distribution Agreement, dated June 19, 2025, by and between the Registrant and GCI Liberty, Inc.

(incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on June 20, 2025 (File No.

Tax Sharing Agreement, dated as of July 14, 2025, by and between the Registrant and GCI Liberty, Inc.

(incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on July 15, 2025 (File No.

001-36713) (the “July 2025 8-K”)).

Tax Receivables Agreement, dated as of July 14, 2025, by and between the Registrant and GCI Liberty, Inc.

(incorporated by reference to Exhibit 10.2 to the July 2025 8-K).

Restricted Stock Units Agreement, dated as of August 21, 2025, by and between the Registrant and Martin E.

Patterson under the Liberty Broadband Corporation 2024 Omnibus Incentive Plan, as amended from time to time (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed on November 5, 2025 (File No.

Liberty Broadband Corporation Insider Trading Policies and Procedures (incorporated by reference to Exhibit 19 to the 2024 10-K).

Subsidiaries of Liberty Broadband Corporation.*

4 unchanged sentences

Section 1350 Certification.**

Liberty Broadband Corporation Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed on February 16, 2024 (File No.

Audited consolidated financial statements of Charter Communications, Inc.

16 unchanged sentences

February 4, 2026

/s/ MARTIN E.

President and Chief Executive Officer

2 unchanged sentences

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

Chairman of the Board, Director, President and

Chief Executive Officer

Chairman of the Board

February 4, 2026

President and Chief Executive Officer

February 4, 2026

Chief Accounting Officer and Principal Financial Officer

9 unchanged sentences

February 4, 2026

/s/ Derek Chang

February 4, 2026

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures