Berkshire Hathaway (LLYVA) details Liberty Live indirect share holdings

Rhea-AI Filing Summary

Berkshire Hathaway and Warren E. Buffett reported their initial indirect ownership in Liberty Live Holdings, Inc. on a Form 3. As of December 15, 2025, entities associated with Berkshire reported beneficial ownership of 4,986,588 shares of Series A Liberty Live Group common stock and 10,917,661 shares of Series C Liberty Live Group common stock.

Most of these shares are held by Berkshire insurance subsidiaries and subsidiary pension plans, with Berkshire in the ownership chain. Warren E. Buffett may be deemed to beneficially own some of these shares only to the extent of his pecuniary interest, and he disclaims beneficial ownership beyond that.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

BERKSHIRE HATHAWAY INC

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/15/2025

3. Issuer Name and Ticker or Trading Symbol
Liberty Live Holdings, Inc. [ LLYVA/K ]

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Series A Liberty Live Group Common Stock	4,986,588	I	See footnotes.(1)(2)(5)
Series C Liberty Live Group Common Stock	10,917,661	I	See footnotes.(3)(4)(5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BERKSHIRE HATHAWAY INC

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BUFFETT WARREN E

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. 3,974,890 of the total reported shares of Series A Liberty Live Group Common Stock ("Series A Common Stock") of Liberty Live Holdings, Inc. ("Liberty") are owned by the following subsidiaries of Berkshire Hathaway Inc. ("Berkshire"): Government Employees Insurance Company (3,284,775), National Fire & Marine Insurance Company (233,347) and National Indemnity Company (456,768). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. 1,011,698 of the total reported shares of Series A Common Stock are owned by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (524,649), BNSF Master Retirement Trust (234,000), and Precision Castparts Corp. Master Trust (253,049). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares.

3. 7,278,079 of the total reported shares of Series C Liberty Live Group Common Stock ("Series C Common Stock") of Liberty are owned by the following subsidiaries of Berkshire: Government Employees Insurance Company (5,529,646), National Fire & Marine Insurance Company (162,620), National Indemnity Company (1,442,656) and Berkshire Hathaway Life Insurance Company of Nebraska (143,157). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

4. 3,639,582 of the total reported shares of Series C Common Stock are owned by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (2,460,237), BNSF Master Retirement Trust (753,539), and Precision Castparts Corp. Master Trust (425,806). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares.

5. Shares of Series A Common Stock and Series C Common Stock are reported as of December 15, 2025.

	/s/ Warren E. Buffett (on behalf of himself and each other reporting person hereunder)	02/17/2026
	** 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 5 (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 Liberty Live (LLYVA) stake did Berkshire report on this Form 3?

Berkshire-related entities reported indirect beneficial ownership of 4,986,588 Series A and 10,917,661 Series C Liberty Live Group common shares. These holdings are reported as of December 15, 2025, reflecting Berkshire’s significant shareholder status.

How are Berkshire’s Series A Liberty Live (LLYVA) shares held?

Of the reported Series A shares, 3,974,890 are held by Berkshire insurance subsidiaries and 1,011,698 by subsidiary pension plans. Berkshire is in the ownership chain, but each entity and Warren E. Buffett disclaim beneficial ownership where noted.

How are Berkshire’s Series C Liberty Live (LLYVA) shares held?

Of the reported Series C shares, 7,278,079 are held by Berkshire insurance subsidiaries and 3,639,582 by subsidiary pension plans. Berkshire and Warren E. Buffett may be deemed beneficial owners only to the extent of any pecuniary interest described.

What does Warren Buffett’s disclaimer mean in this Liberty Live Form 3?

Warren E. Buffett states he may be deemed to beneficially own Liberty Live shares only to the extent of his pecuniary interest. He expressly disclaims beneficial ownership of the reported securities beyond that interest, consistent with common Form 3 disclosure practice.

Are the Liberty Live (LLYVA) holdings direct or indirect for Berkshire?

All reported Liberty Live holdings are shown as indirect. Shares are owned through Berkshire insurance subsidiaries and their pension plans, with Berkshire in the chain of ownership, rather than through direct holdings by Berkshire or Warren E. Buffett personally.

As of what date are Berkshire’s Liberty Live holdings measured in the Form 3?

The reported positions in Series A and Series C Liberty Live Group common stock are measured as of December 15, 2025. This date anchors the share counts for Berkshire-related entities disclosed in the Form 3 filing.