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

Rhea-AI Filing Summary

Garrett Motion Inc. (GTX) – Form 4 filed 07/23/2025. 10% owner Cyrus Capital Partners, L.P., its GP and CIO Stephen C. Freidheim reported two open-market sales of common stock.

• 07/21/2025: 43 shares sold at $11.76.
• 07/23/2025: 58,829 shares sold at a weighted-average $11.7977 (prices $11.75–$11.865).

Post-transaction indirect holdings fell from 22,905,824 to 22,846,995 shares, a reduction of roughly 0.26 % of their position. No derivative securities were reported. Each Reporting Person disclaims beneficial ownership beyond its pecuniary interest. The filing reflects routine portfolio activity rather than a strategic shift; the group remains a significant shareholder with an estimated $270 m position at the reported price level.

Insights

Equity Analyst

TL;DR: Very small insider sale; ownership remains >22.8 m shares—impact is negligible.

The disposal of 58.9 k shares versus a 22.9 m-share stake represents immaterial 0.26 % trimming. Such de-minimis transactions often relate to fund-level liquidity management rather than a change in thesis. GTX still counts Cyrus Capital as a major holder, limiting negative signalling. Valuation context: at ~$11.80, the fund realises ~$700 k in proceeds, leaving an implied $270 m exposure. Overall sentiment: neutral with a slight negative bias due to the direction of trade.

Corporate Governance Specialist

TL;DR: Filing shows compliance and transparency; no governance red flags.

Cyrus Capital properly aggregated group holdings, provided weighted-average price ranges and affirmed willingness to supply detailed trade data—hallmarks of good Section 16 practice. No exemptions or derivative instruments suggest complex hedging. The continuing 10 %-owner status maintains reporting obligations, keeping investors well-informed. Transaction size is non-material, so governance risk remains unchanged.

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

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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^*

Wendling Brian J

(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)

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

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
Restricted Stock Units-LBRDK	(1)	07/17/2025		J(2)	V	2,922		(3)	(3)	Series C Common Stock	2,922	$0.0000(2)	2,922	D
Restricted Stock Units-LBRDK	(1)	07/17/2025		J(2)	V		2,720	(3)	12/09/2026(3)	Series C Common Stock	2,720	$0.0000(2)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$153.58	07/17/2025		J(4)	V	16,732		(5)	12/07/2027	Series C Common Stock	16,732	$0.0000(4)	16,732	D
Stock Option - LBRDK (Right to Buy)	$153.39	07/17/2025		J(4)	V	10,746		(5)	12/07/2027	Series C Common Stock	10,746	$0.0000(4)	10,746	D
Stock Option - LBRDK (Right to Buy)	$164.78	07/17/2025		J(4)	V		10,003	(5)	12/07/2027	Series C Common Stock	10,003	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$164.99	07/17/2025		J(4)	V		15,575	(5)	12/07/2027	Series C Common Stock	15,575	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$71.17	07/17/2025		J(4)	V	12,098		(6)	12/11/2030	Series C Common Stock	12,098	$0.0000(4)	12,098	D
Stock Option - LBRDK (Right to Buy)	$76.45	07/17/2025		J(4)	V		11,262	(6)	12/11/2030	Series C Common Stock	11,262	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$72.31	07/17/2025		J(4)	V	35,383		(7)	12/13/2030	Series C Common Stock	35,383	$0.0000(4)	35,383	D
Stock Option - LBRDK (Right to Buy)	$77.68	07/17/2025		J(4)	V		32,936	(7)	12/13/2030	Series C Common Stock	32,936	$0.0000(4)	0.0000	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Series C Common Stock.

2. 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 restricted stock unit awards 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 for each adjusted award was determined on July 17, 2025. Otherwise, such award remains subject to the terms and conditions of the corresponding original award.

3. This restricted stock unit award vests in two substantially equal installments on December 9, 2025 and 2026.

4. 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.

5. This option award is fully exercisable.

6. This option award vests in three substantially equal installments on December 11, 2024, 2025, and 2026.

7. Represents a retention grant which vested 50% on December 13, 2024 and will vest 25% on December 13, 2025 and 2026, subject to the Reporting Person's continued service to the Issuer through the applicable vesting dates.

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 Brian J. Wendling	07/23/2025
	** 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).
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FAQ

How many Garrett Motion (GTX) shares did Cyrus Capital sell?

58,872 shares were sold – 43 on 07/21/25 and 58,829 on 07/23/25.

What was the average selling price of the GTX shares?

The weighted-average price on 07/23/25 was $11.7977; the 07/21/25 sale was at $11.76.

How many GTX shares does Cyrus Capital still own after the sale?

They report indirect beneficial ownership of 22,846,995 GTX common shares.

Does this Form 4 include any derivative transactions?

No. Table II shows no derivatives acquired or disposed.

Why is the impact of this insider sale considered minor?

The sale represents only 0.26 % of their holdings, indicating no significant change in investment stance.