SCHEDULE: BlackRock Discloses 4.9% Stake in Liberty Broadband

BlackRock, Inc. has filed an amended Schedule 13G, disclosing a 4.9% beneficial ownership stake in Liberty Broadband Corp's Class A Stock as of September 30, 2025.

Summary

• BlackRock, Inc. beneficially owns 897,543 shares of Liberty Broadband Corp's Class A Stock.
• This ownership represents 4.9% of the total outstanding Class A Stock.
• BlackRock holds sole voting power over 856,938 shares.
• BlackRock holds sole dispositive power over 897,543 shares.
• No shared voting or dispositive power is reported.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Liberty Broadband Corp.
• BlackRock, Inc. is a Delaware corporation with its principal business office at 50 Hudson Yards, New York, NY 10001.
• Several BlackRock subsidiaries are identified as potentially beneficially owning shares, including BlackRock Advisors, LLC and BlackRock Fund Advisors.

Sentiment

Score: 5

Explanation: The filing is a routine regulatory disclosure of beneficial ownership, providing factual information without indicating positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• BlackRock, a major institutional investor, maintains a significant stake in Liberty Broadband Corp, indicating continued investment interest.

Negatives

• The reported ownership of 4.9% is below the 5% threshold, which typically triggers initial Schedule 13G filings, suggesting a potential reduction from a previously higher stake or maintenance below the threshold.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Liberty Broadband Corp's future performance or BlackRock's investment strategy beyond the certification of ordinary course holdings.

Management Comments

• I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

This filing is a routine disclosure by a major asset manager, BlackRock, regarding its passive investment in Liberty Broadband Corp. It reflects BlackRock's ongoing portfolio management activities and its compliance with regulatory reporting requirements for significant equity holdings in publicly traded companies.

Stakeholder Impact

• Shareholders of Liberty Broadband Corp gain transparency regarding the significant institutional ownership by BlackRock, Inc.

Key Dates

Keywords

BlackRock, Liberty Broadband Corp, LBRDA, Class A Stock, Beneficial Ownership, Institutional Investor, SEC Filing, Schedule 13G, Equity Stake