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

Rhea-AI Filing Summary

Insider purchases by John C. Malone in GCI Liberty, Inc. (GLIBK/GLIBA) John C. Malone, a director and >10% owner, reported purchases of 725 shares on 09/24/2025 and 1,594 shares on 09/25/2025 of Series C GCI Group Common Stock at a reported price of $35 per share. After the first transaction, the filing shows 1,219,001 shares beneficially owned and after the second 1,220,595 shares beneficially owned, held in a direct ownership form. The filing also discloses indirect holdings of 71,421 shares attributable to the Leslie A. Malone 1995 Revocable Trust and 42,666 shares attributable to the Malone LG 2013 Charitable Remainder Unitrust. The report is signed by an attorney-in-fact and includes a disclaimer that the reporting person disclaims beneficial ownership of shares owned by his spouse.

Positive

• Director and >10% owner increased direct holdings with purchases on 09/24/2025 and 09/25/2025
• Complete disclosure of indirect ownership via Leslie A. Malone 1995 Revocable Trust and Malone LG 2013 Charitable Remainder Unitrust
• Form 4 signed by attorney-in-fact, indicating procedural compliance

Negative

• Purchases are small relative to total reported holdings, totaling 2,319 shares versus over 1.2 million direct shares
• Filing disclaims spousal beneficial ownership, which can complicate interpretation of ultimate control

Insights

Securities Analyst

TL;DR A significant insider with >10% ownership made modest open-market purchases, slightly increasing direct holdings.

The transactions are purchases executed over two days totaling 2,319 shares at $35 per share, increasing reported direct beneficial ownership from 1,219,001 to 1,220,595 shares. For a >10% owner, incremental purchases can signal confidence but the absolute size is small relative to reported holdings. The filing properly discloses indirect holdings via trust and charitable vehicle and includes the required signature by an attorney-in-fact. No derivatives, dispositions, or price variations beyond the stated $35 per share are reported.

Corporate Governance Expert

TL;DR Disclosure is complete and timely; signature by attorney-in-fact is noted and spousal ownership is disclaimed.

The Form 4 identifies the reporting person as both a director and a >10% owner, details two open-market purchases on consecutive dates, and lists direct and indirect ownership by named trusts. The explicit disclaimer about spousal ownership clarifies beneficial ownership boundaries. The submission follows Form 4 formatting and includes the attorney-in-fact signature dated 09/25/2025. No amendments or additional instruments are reported.

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
Estimated average burden
hours per response:			0.5

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

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)
09/24/2025

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	09/24/2025		P		725	A	$35	1,219,001	D
Series C GCI Group Common Stock	09/25/2025		P		1,594	A	$35	1,220,595	D
Series C GCI Group Common Stock								71,421	I	Leslie A. Malone 1995 Revocable Trust(1)
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 reporting person disclaims beneficial ownership of these shares owned by his spouse.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone	09/25/2025
	** 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 for GLIBA on this Form 4?

The filing reports purchases of 725 shares on 09/24/2025 and 1,594 shares on 09/25/2025 of Series C GCI Group Common Stock at $35 per share.

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

The Form 4 shows 1,219,001 shares after the first transaction and 1,220,595 shares after the second transaction in direct form, plus indirect holdings of 71,421 and 42,666 shares in listed trusts.

Does the filing disclose indirect ownership for John C. Malone?

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

Who signed the Form 4 for John C. Malone?

The Form 4 is signed by Brittany A. Uthoff as Attorney-in-Fact for John C. Malone dated 09/25/2025.

Is there any disposition or derivative transaction reported in this filing?

No. The filing reports only non-derivative purchases; Table II (derivatives) shows no entries.