[Form 4] GCI Liberty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

John C. Malone, a director and >10% owner of GCI Liberty, Inc. (GLIBK), reported purchases of company stock on 09/18/2025 and 09/22/2025. He acquired 8,092 shares on 09/18/2025 at a weighted average price of $34.9831, bringing his direct beneficial ownership to 1,216,098 shares after that trade. He acquired an additional 2,178 shares on 09/22/2025 at a weighted average price of $34.9292, bringing total direct beneficial ownership to 1,218,276 shares. The filing also discloses 71,421 shares held indirectly by the Leslie A. Malone 1995 Revocable Trust and 42,666 shares held indirectly by the Malone LG 2013 Charitable Remainder Unitrust. The Form 4 is signed by an attorney-in-fact on behalf of Mr. Malone on 09/22/2025.

Positive

• Insider purchases reported: John C. Malone acquired a total of 10,270 shares, demonstrating insider accumulation.
• Clear disclosure of indirect holdings: The filing lists 71,421 shares in the Leslie A. Malone 1995 Revocable Trust and 42,666 shares in the Malone LG 2013 Charitable Remainder Unitrust.

Negative

• None.

Insights

Securities Analyst

TL;DR: Significant insider purchases by a >10% owner signal increased insider accumulation of GLIBK shares.

The filing shows John C. Malone, a director and >10% owner, bought a total of 10,270 shares across two transactions at weighted average prices of $34.9831 and $34.9292. For a major shareholder, these are discrete purchases that modestly increase direct holdings to 1,218,276 shares. The disclosure of indirect holdings via family trusts (71,421 and 42,666) clarifies his broader economic exposure. These transactions are routine Section 16 reporting and provide transparency on insider activity.

Corporate Governance Expert

TL;DR: The Form 4 properly reports insider acquisitions and indirect holdings, maintaining governance transparency.

The report is complete in listing the reporting person, relationship to the issuer (director and 10% owner), transaction dates, share amounts, weighted average prices and indirect ownership through specified trusts. The reporting person disclaims beneficial ownership of shares owned by his spouse and the form is executed by an attorney-in-fact, consistent with common practice. No amendments or additional material events are included.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MALONE JOHN C

(Last) (First) (Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GCI Liberty, Inc. [ GLIBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series C GCI Group Common Stock	09/18/2025		P		8,092	A	$34.9831(1)	1,216,098	D
Series C GCI Group Common Stock	09/22/2025		P		2,178	A	$34.9292(2)	1,218,276	D
Series C GCI Group Common Stock								71,421	I	Leslie A. Malone 1995 Revocable Trust(3)
Series C GCI Group Common Stock								42,666	I	Malone LG 2013 Charitable Remainder Unitrust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price is a weighted average price. These shares were purchased in multiple transactions ranging from $34.970 to $35.000, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

2. The price is a weighted average price. These shares were purchased in multiple transactions ranging from $34.920 to $35.000, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

3. The reporting person disclaims beneficial ownership of these shares owned by his spouse.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did John C. Malone report on the GLIBK Form 4?

He reported purchases of 8,092 shares on 09/18/2025 at a weighted average price of $34.9831 and 2,178 shares on 09/22/2025 at a weighted average price of $34.9292.

How many GLIBK shares does John C. Malone beneficially own after these transactions?

Direct beneficial ownership reported after the transactions is 1,218,276 shares.

Are there any indirect holdings disclosed by John C. Malone in the Form 4?

Yes. The filing discloses 71,421 shares held by the Leslie A. Malone 1995 Revocable Trust and 42,666 shares held by the Malone LG 2013 Charitable Remainder Unitrust.

Who signed the Form 4 for John C. Malone and when?

The Form 4 is signed by Brittany A. Uthoff as Attorney-in-Fact for John C. Malone on 09/22/2025.

Did the reporting person disclaim any beneficial ownership?

Yes. The reporting person disclaims beneficial ownership of shares owned by his spouse as stated in the filing.