[SCHEDULE 13G] Liberty Broadband Corporation Series A Cumulative Redeemable Preferred Stock SEC Filing

Rhea-AI Filing Summary

Liberty Broadband Corporation received a Schedule 13G showing that the State of Wisconsin Investment Board reports beneficial ownership of 982,934 shares of Series A Common Stock (CUSIP 530307107), representing 5.38% of the class. The filing specifies the reporting person has sole voting power and sole dispositive power over those shares and lists the Title of Class as Series A Common Stock.

The Schedule includes a certification that the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The document is signed by Lisa Lange, Director of Compliance and Senior Legal Counsel for the State of Wisconsin Investment Board, dated 08/14/2025.

Insights

Financial Analyst

TL;DR: An institutional investor now holds a >5% passive stake (982,934 shares, 5.38%) with sole voting and dispositive power.

The State of Wisconsin Investment Board's Schedule 13G discloses a meaningful but passive position in Liberty Broadband's Series A common stock. At 5.38% ownership, this holding crosses the regulatory 5% reporting threshold and is therefore material for disclosure purposes. The filing explicitly states sole voting and dispositive authority for the reported shares, which confirms SWIB's direct control over voting for this block even as it asserts a passive intent. This level of ownership can affect market perception and may draw attention from other shareholders and governance observers.

Corporate Governance Expert

TL;DR: The disclosure is complete on ownership and authority but provides limited context on filing classification.

The Schedule provides clear ownership metrics and the reporting party's certification that the position is held in the ordinary course of business. It records sole voting and dispositive power, which is important for governance tracking because a single institutional holder can influence proxy outcomes for that block. However, the cover information does not clearly indicate which specific Rule 13d-1 classification box was checked on the form, which would clarify the legal basis for the passive filing. The signature by the firm's compliance counsel documents responsibility for the disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Liberty Broadband Corporation

(Name of Issuer)

Series A Common Stock

(Title of Class of Securities)

530307107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 530307107

1

Names of Reporting Persons

State of Wisconsin Investment Board

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 982,934.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 982,934.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

982,934.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

EP

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Liberty Broadband Corporation
(b)	Address of issuer's principal executive offices: 12300 Liberty Blvd, Englewood, COLORADO 80112
Item 2.
(a)	Name of person filing: State of Wisconsin Investment Board
(b)	Address or principal business office or, if none, residence: 4703 Madison Yards Way, Suite 700, Madison, WI 53705
(c)	Citizenship: Wisconsin
(d)	Title of class of securities: Series A Common Stock
(e)	CUSIP No.: 530307107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the Cover Pages.
(b)	Percent of class: See Item 11 of the Cover Pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the Cover Pages.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the Cover Pages.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the Cover Pages.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the Cover Pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

State of Wisconsin Investment Board

Signature:	Lisa Lange
Name/Title:	Director of Compliance and Senior Legal Counsel
Date:	08/14/2025

FAQ

How many Liberty Broadband shares does the State of Wisconsin Investment Board report owning?

The filing reports 982,934 shares of Liberty Broadband Series A Common Stock.

What percentage of Liberty Broadband does SWIB's holding represent?

The reported position represents 5.38% of the class.

Does the filing state whether SWIB can vote the shares?

Yes. The Schedule reports sole voting power and sole dispositive power for the 982,934 shares.

What does the filer certify about the purpose of the holdings?

The filer certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Who signed the Schedule 13G for the State of Wisconsin Investment Board?

The document is signed by Lisa Lange, Director of Compliance and Senior Legal Counsel, dated 08/14/2025.