SCHEDULE: Kontiki Capital Discloses 5.03% Stake in GCI Liberty Series C

Kontiki Capital Management and related entities have reported a 5.03% beneficial ownership stake in GCI Liberty Inc.'s Series C Common Stock.

Summary

• Kontiki Capital Management (HK) Ltd., Kontiki Capital Management (Cayman) Ltd., and Mr. Gregard Heje collectively reported beneficial ownership of 1,796,821 shares of GCI Liberty Inc. Series C Common Stock.
• This represents a 5.03% stake in the class of securities, based on 35,713,233 Series C common stock outstanding following a rights offering that concluded on December 17, 2025.
• The shares are held directly by two private funds, Kontiki Master Fund (1,054,842 shares) and Kontiki Long Only Master Fund (741,979 shares), which are managed and advised by Kontiki Capital Management (HK) Ltd.
• The reporting persons have sole voting and dispositive power over all 1,796,821 shares.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing the control of GCI Liberty Inc.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a standard disclosure of beneficial ownership by an institutional investor and does not contain new operational or financial information about the issuer.

Positives

• NA (This filing is a disclosure of beneficial ownership and does not contain information on the issuer's operational or financial performance.)

Negatives

• NA (This filing is a disclosure of beneficial ownership and does not contain information on the issuer's operational or financial performance.)

Risks

• NA (This filing is a disclosure of beneficial ownership and does not contain information on the issuer's risks.)

Future Outlook

NA (This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from the issuer.)

Management Comments

• The filing includes certifications from the reporting persons that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by institutional investors who acquire more than 5% of a company's voting shares, indicating a passive investment intent. This particular filing highlights continued institutional interest in GCI Liberty Inc.'s Series C Common Stock.

Comparison to Industry Standards

• NA (This filing is a disclosure of beneficial ownership and does not provide data for comparison to industry standards.)

Management Changes

Corporate Governance

Legal Proceedings

• NA (This filing is a disclosure of beneficial ownership and does not contain information on legal proceedings for the issuer.)

Related Party Transactions

• NA (This filing is a disclosure of beneficial ownership and does not contain information on related party transactions for the issuer.)

Stakeholder Impact

• NA (This filing is a disclosure of beneficial ownership and does not directly detail impacts on stakeholders beyond the ownership structure itself.)

Next Steps

• NA (This filing is a disclosure of beneficial ownership and does not outline future actions or milestones for the issuer.)

Key Dates

Recommendation

This Schedule 13G filing indicates a significant, passive stake taken by an institutional investor. While it signals institutional interest, it does not provide new fundamental information about GCI Liberty Inc.'s operations, financial performance, or strategic direction that would warrant a change in investment thesis. Therefore, a "hold" recommendation is appropriate, maintaining current positions while awaiting further operational or financial updates from the company.

Keywords

GCI Liberty Inc, Series C Common Stock, Kontiki Capital Management, Gregard Heje, Schedule 13G, beneficial ownership, institutional investor, equity stake, investment adviser