[Form 4] Liberty Broadband Corporation Series A Cumulative Redeemable Preferred Stock Insider Trading Activity

Rhea-AI Filing Summary

Form 4 snapshot: Director Julie D. Frist reported technical adjustments to her Liberty Broadband Corp. (LBRDK) Series C common-stock options on 07/17/2025. The changes stem from the 07/14/2025 spin-off of GCI Liberty, which required proportional revisions to every outstanding option grant.

Five new option positions totalling 25,601 shares were credited at revised strike prices of $71.17‒$153.58, while five legacy awards covering 23,832 shares were cancelled. Net result: an incremental 1,769 additional options; all awards are fully exercisable and expire between 12/07/2027 and 12/11/2030. No non-derivative shares were reported.

The transaction code “J” confirms these were corporate-action adjustments approved under Rule 16b-3; there was no open-market buying or selling and no cash changed hands. Consequently, the insider’s economic exposure is effectively unchanged, and the filing carries minimal direct valuation impact for shareholders.

Insights

Financial Analyst

TL;DR: Spin-off-driven option recalibration; no real buying/selling—neutral.

The board’s Rule 16b-3 action merely resets strike prices and option counts so Ms. Frist’s intrinsic value mirrors pre-spin conditions. Net 1,769 extra options is immaterial relative to Liberty Broadband’s 150 m+ share count and does not signal bullish or bearish sentiment. Because no cash was paid and all options remain fully vested, dilution risk and insider-motivation dynamics are unchanged. Investors can treat the filing as bookkeeping, not a trade signal.

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

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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).

1. Name and Address of Reporting Person^*

WELSH JOHN E III

(Last) (First) (Middle)

12300 LIBERTY BLVD.

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Broadband Corp [ LBRDK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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

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
Stock Option - LBRDK (Right to Buy)	$76.76	07/17/2025		J(1)	V	3,494		(2)	12/06/2025	Series C Common Stock	3,494	$0.0000(1)	3,494	D
Stock Option - LBRDK (Right to Buy)	$153.58	07/17/2025		J(1)	V	2,242		(2)	12/07/2027	Series C Common Stock	2,242	$0.0000(1)	2,242	D
Stock Option - LBRDK (Right to Buy)	$147.33	07/17/2025		J(1)	V	2,961		(2)	12/07/2028	Series C Common Stock	2,961	$0.0000(1)	2,961	D
Stock Option - LBRDK (Right to Buy)	$110.24	07/17/2025		J(1)	V	2,841		(2)	12/10/2026	Series C Common Stock	2,841	$0.0000(1)	2,841	D
Stock Option - LBRDK (Right to Buy)	$71.17	07/17/2025		J(1)	V	3,243		(2)	12/11/2030	Series C Common Stock	3,243	$0.0000(1)	3,243	D
Stock Option - LBRDK (Right to Buy)	$83.37	07/17/2025		J(1)	V	6,184		(2)	12/12/2029	Series C Common Stock	6,184	$0.0000(1)	6,184	D
Stock Option - LBRDK (Right to Buy)	$82.46	07/17/2025		J(1)	V		3,253	12/06/2019	12/06/2025	Series C Common Stock	3,253	$0.0000(1)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$164.99	07/17/2025		J(1)	V		2,087	12/07/2021	12/07/2027	Series C Common Stock	2,087	$0.0000(1)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$158.27	07/17/2025		J(1)	V		2,757	12/07/2022	12/07/2028	Series C Common Stock	2,757	$0.0000(1)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$118.43	07/17/2025		J(1)	V		2,645	12/10/2020	12/10/2026	Series C Common Stock	2,645	$0.0000(1)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$76.45	07/17/2025		J(1)	V		3,019	12/11/2024	12/11/2030	Series C Common Stock	3,019	$0.0000(1)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$89.56	07/17/2025		J(1)	V		5,757	12/12/2023	12/12/2029	Series C Common Stock	5,757	$0.0000(1)	0.0000	D

Explanation of Responses:

1. On July 14, 2025, Liberty Broadband Corporation completed the spin-off of GCI Liberty, Inc. (the "Spin-Off"), which was effected by the distribution to each holder of its common stock as of 5:00 p.m., New York City time, on June 30, 2025, of 0.20 of a share of GCI Liberty, Inc.'s Series A, Series B and Series C GCI Group common stock for each whole share of the corresponding series of Liberty Broadband Corporation's common stock, with cash (with no interest) paid in lieu of fractional shares. In connection with the Spin-Off, all stock options held by the Reporting Person in the Issuer's Series C Common Stock were adjusted in a manner designed to preserve the value associated with the original awards prior to the Spin-Off. The number of shares and the exercise price for each adjusted award were determined on July 17, 2025. Otherwise, such award remains subject to the terms and conditions of the corresponding original award.

2. This option award is fully exercisable.

Remarks:

The adjustments described above were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John E. Welsh, III	07/23/2025
	** Signature of Reporting Person	Date
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