Liberty Broadband Corporation (LBRDK): Business Model Canvas [Dec-2025 Updated]

You're probably looking at Liberty Broadband Corporation (LBRDK) expecting a complicated telecom structure, but honestly, after the GCI spin-off in July 2025, the model is surprisingly clean: it's essentially a focused investment vehicle. My two decades in this game tell me that when a company simplifies like this, you need to see the mechanics right away. The entire story boils down to managing that significant 26% equity stake in Charter Communications and playing the arbitrage on the definitive merger agreement. If you want to see exactly how this structure generates shareholder value-from capital allocation actions like the Q1 2025 share repurchases to the specific investor base-dive into the full canvas below; it's a masterclass in concentrated holding strategy.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Liberty Broadband Corporation's structure, especially given the major corporate actions taking place through late 2025. These aren't just vendors; they are foundational equity and debt partners.

Charter Communications, Inc. (CHTR) as the Core Equity Investment

Charter Communications, Inc. (CHTR) remains the single most important relationship, as Liberty Broadband Corporation's principal assets consist of its significant interest in the company. You know the deal: Charter entered into a definitive agreement on November 12, 2024, to acquire Liberty Broadband. Shareholder approval for this transaction was secured on February 26, 2025, though the expected closing date is still set for June 30, 2027. This structure means that, for now, the value of that core holding is paramount. As of December 31, 2024, the reported fair value of the Charter investment stood at $15.5 billion. The transaction terms dictate that Liberty Broadband shareholders are set to receive 0.236 shares of Charter Class A common stock for every share of Liberty Broadband they hold. This consolidation is the defining partnership event of the period.

Even before the final merger, the financial ties are deep. In July 2024, Liberty Broadband closed a private offering of $860 million aggregate original principal amount of its 3.125% Exchangeable Senior Debentures due 2054, which are exchangeable for Charter Class A common stock. As part of that financing, Liberty Broadband repaid $540 million of borrowings under the margin loan agreement of an indirect, wholly-owned special purpose entity. The relationship is complex, involving both equity stakes and significant debt instruments tied to the underlying asset.

Major Institutional Investors and Shareholder Base

The ownership structure is heavily weighted toward large, sophisticated capital allocators. Honestly, this concentration provides a certain stability, but it also means institutional sentiment drives the stock price more than retail trading.

As of late 2025 reporting, institutional investors and hedge funds collectively own approximately 80.22% of Liberty Broadband Corporation stock. This is a massive vote of confidence, or at least, a massive commitment to the thesis. You can see the activity in the recent quarters, with firms like Norges Bank initiating a stake worth about $137.2 million in the second quarter of 2025, and Arrowstreet Capital growing its position to 1,557,714 shares, valued around $153.2 million.

Here's a look at some of the largest reported holders, using the most granular data available for related share classes:

John C. Malone, A Key Shareholder and Influential Board Member

Dr. John C. Malone serves as the Chairman of the Board for Liberty Broadband Corporation. His influence is undeniable, stemming from his long history in the cable industry. As of the latest data, he holds approximately 7,679,335 shares, representing 5.35% of the LBRDA class, valued at about $355.63 million. While there were reports that he was expected to transition from his Chairman role at Liberty Broadband around July 2025, his continued presence in a leadership capacity is a key factor for many long-term holders. He remains a strategic voice, which is what matters most in these complex holding company structures.

Financial Institutions for Debt Financing and Capital Market Activities

Securing capital is a constant partnership activity, especially when managing large equity stakes and corporate transactions. The relationship with the debt markets is evidenced by specific issuances and facilities.

• The company closed a private offering of $860 million in 3.125% Exchangeable Senior Debentures due 2054 in July 2024.
• This offering included an option exercise for an additional $60 million in aggregate original principal amount.
• The Debentures are exchangeable for Charter Class A common stock, initially at an exchange price of approximately $393.05 per share.
• As of June 30, 2025, the remaining portion of a settlement is expected to be settled using proceeds from the Margin Loan Facility.

These financial partners provide the necessary leverage and liquidity to manage the portfolio, which is critical while the Charter acquisition remains pending.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Key Activities

The Key Activities for Liberty Broadband Corporation center heavily on managing its massive investment in Charter Communications and executing the complex, pending acquisition by Charter itself. This period, late 2025, is defined by the final stages of corporate simplification ahead of the full combination.

Managing the significant 26% equity stake in Charter Communications.

This activity involves active management of the underlying asset, which, as of March 31, 2025, had a fair value of $16.4 billion. The structure of the relationship is governed by contractual limits, specifically an Equity Cap set at 26% of Charter's equity ownership (on a fully diluted basis),. Furthermore, Charter has committed to monthly repurchases of its own stock from Liberty Broadband to ensure Liberty's ownership does not fall below a floor of 25.25%,. You need to keep a close eye on this floor, as it dictates the minimum level of your primary asset exposure.

Key metrics related to this core asset management include:

• Fair Value of Charter Investment (as of March 31, 2025): $16.4 billion
• Equity Cap on Ownership: 26%
• Ownership Floor during Charter Repurchases: 25.25%

Executing the definitive merger agreement with Charter.

The definitive agreement, dated November 12, 2024, to be acquired by Charter is the most critical activity. Stockholder approval for the Merger Agreement was secured on February 26, 2025. The transaction is an all-stock deal where Liberty Broadband shareholders are set to receive 0.236 of a share of Charter common stock for each share of Liberty Broadband common stock held,. The expected closing date was initially June 30, 2027, but Liberty Broadband agreed to accelerate this to occur contemporaneously with Charter's combination with Cox Communications,. A major prerequisite activity was the spin-off of Liberty Broadband's GCI business, which was successfully executed on July 14, 2025, allowing GCI to emerge as an independent entity.

The merger execution involves several moving parts:

Capital allocation, including share repurchases (e.g., $89 million in Q1 2025).

Capital allocation is dual-sided: Charter repurchasing from Liberty Broadband, and Liberty Broadband managing its own capital structure. Charter committed to repurchasing $100 million of its Class A common stock monthly from Liberty Broadband until the closing of the acquisition,,. From February 1, 2025, through April 30, 2025, Liberty Broadband realized $300 million from selling 830 thousand Charter shares to Charter for debt service. On the Liberty Broadband side, the company completed its latest buyback tranche but paused further repurchases in the third quarter of 2025. For context on past activity, Liberty Broadband did repurchase $89 million of its own Series C common stock (LBRDK) during the six months ended June 30, 2024. You should note that during the nine months ended September 30, 2025, net cash used in financing activities was ($889 million).

Providing strategic oversight through board representation at Charter.

Strategic oversight is maintained through board seats, though this is temporary given the acquisition. The structure includes three Liberty Broadband nominees serving on Charter's board,. A key condition of the merger agreement is that these three nominees will resign from the Charter board upon the closing of Charter's acquisition of Liberty Broadband,. This signals the final step in dissolving the distinct corporate governance relationship between the two entities.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Key Resources

You're looking at the core assets that power Liberty Broadband Corporation's value proposition right now, late in 2025. These aren't just line items; they are the foundation for its strategic position, especially with the Charter Communications merger pending.

The 26% equity ownership in Charter Communications remains the single most significant asset underpinning the entire enterprise value. This massive, concentrated holding dictates much of Liberty Broadband Corporation's financial performance and strategic direction.

Liberty Broadband Corporation maintains substantial capital and liquidity, though constrained by the pending transaction. As of the end of the third quarter, specifically September 30, 2025, the company reported cash and cash equivalents of $73 million. The overall financial scale is reflected in the Total Assets figure reported for the quarter ending September 30, 2025, which stood at $13.193B. Substantially all of this liquidity was held in highly rated instruments like U.S. Treasury securities and AAA rated money market funds.

The firm relies on an experienced management team, recently seeing a key transition. Martin E. Patterson was appointed President and Chief Executive Officer effective July 14, 2025. John C. Malone, the long-time leader, resigned as President and CEO but continues as Chairman of the Board. This team is focused on navigating the final stages of the Charter combination and managing the GCI spin-off.

The tax-efficient corporate structure is a key resource, though its near-term shape is defined by the pending merger and the recent GCI spin-off. The GCI Divestiture was accomplished by distributing 0.20 of a share of GCI Liberty stock for each share of Liberty Broadband common stock held as of June 30, 2025. Furthermore, the structure allowed for a very low effective tax rate for the period; for the nine months ended September 30, 2025, the effective income tax rate was 0%.

Here's a look at the share structure that defines the ownership base as of late 2025, which is critical given the all-stock nature of the Charter transaction:

The management team's focus on capital deployment and corporate actions is supported by the structure of its assets and liabilities, as seen in the balance sheet components:

• Total Assets as of June 30, 2025: $16,593 million.
• Total Liabilities as of June 30, 2025: $6,179 million.
• Total Stockholders' Equity as of June 30, 2025: $10,396 million.
• Net cash provided by investing activities for the nine months ended September 30, 2025: $907 million.

The impending merger with Charter Communications, agreed upon in November 2024, is the primary near-term use of this resource base, with an expected closing date of June 30, 2027, contingent on the GCI spin-off completion. Finance: draft 13-week cash view by Friday.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Value Propositions

You're looking at the core value delivered to Liberty Broadband Corporation shareholders as of late 2025, right after a major corporate separation. The value proposition is now heavily weighted toward the Charter Communications holding, simplified by the recent divestiture.

Providing shareholders with concentrated, liquid exposure to Charter Communications.

The primary value proposition is the direct, focused stake in Charter Communications, Inc. Following the GCI Liberty spin-off, Liberty Broadband Corporation's assets are overwhelmingly concentrated in this investment. This structure offers a clean way to hold exposure to one of the largest US broadband providers, which, as of Q3 2025, served approximately 58 million homes and businesses under the Spectrum brand.

The structure is designed to be a highly liquid proxy for the Charter investment, given the pending transaction.

Capital appreciation potential tied to the Charter merger arbitrage play.

Shareholders are positioned to benefit from the pending all-stock acquisition by Charter Communications, Inc. The terms set a clear conversion ratio, which creates a defined relationship between the current Liberty Broadband Corporation stock price and the implied Charter value. The shareholder approval for this transaction was secured on February 26, 2025.

• Exchange Ratio: 0.236 shares of Charter Class A common stock per share of Liberty Broadband common stock held.
• Expected Closing Date: June 30, 2027, subject to conditions.
• Transaction Type: All-stock transaction.

This pending merger simplifies the structure by eliminating the holding company layer, effectively converting LBRDK shares directly into CHTR shares.

Simplified corporate structure following the GCI spin-off in July 2025.

The completion of the GCI Liberty spin-off on July 14, 2025, removed the Alaskan telecommunications operations from the parent company's direct financial reporting. This separation was a prerequisite for accelerating the Charter merger. The GCI business, which had 155,800 broadband subscribers and 202,300 wireless subscribers as of Q1 2025, now trades independently under symbols like GLIBA and GLIBK, streamlining Liberty Broadband Corporation's focus.

The result of this separation is reflected in the balance sheet; Liberty Broadband Corporation reported total assets of $13.19 billion as of September 30, 2025, a decrease from $16.30 billion a year prior, directly attributable to the divestiture.

A vehicle for strategic investment in the US broadband sector.

Even with the Charter focus, Liberty Broadband Corporation maintains a corporate structure capable of future strategic maneuvers, supported by recent liquidity actions. The company reported $137 million in cash and cash equivalents at the end of Q3 2025. Furthermore, management announced a $300 million rights offering to enhance liquidity for future opportunities.

• Q3 2025 Revenue (Post-Spin): $257 million (a 2% year-over-year decline).
• Trailing Twelve Months Net Cash from Operations: $357 million.
• Q3 2025 Reported EPS: -$13.34.
• Adjusted EBITDA (Q3 2025): $92 million (an 8% decrease).

This structure allows for focused management on the Charter investment while retaining a capital base for potential opportunistic actions, though the near-term focus is clearly on the merger closing.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Customer Relationships

You're managing a relationship with a highly sophisticated, concentrated customer base-primarily large institutions-while simultaneously dealing with the public market's daily demands. Here's how Liberty Broadband Corporation (LBRDK) structures those interactions as of late 2025.

High-touch Investor Relations for large institutional shareholders

The relationship with major shareholders is managed with direct access, though the overall ownership structure shows a heavy institutional tilt. As of September 30, 2025, the total outstanding shares across the common classes (LBRDA, LBRDB, LBRDK) stood at approximately 143.49 million. While the most recent specific institutional ownership figure I have is from late 2024 at 91.65%, this concentration dictates a focus on high-touch engagement for those key holders.

Engagement points are scheduled around major corporate events:

• Annual Meeting of Stockholders held virtually on May 12, 2025.
• Special Meeting on February 26, 2025, to vote on the Charter merger.
• Quarterly Q&A sessions following GCI Liberty earnings calls, such as the one on November 5, 2025.

For direct contact, Liberty Broadband Corporation provides dedicated Investor Relations contacts and offers email alerts for timely updates.

Standardized communication via SEC filings and earnings calls

The core of standardized communication follows the public company rhythm, ensuring all investors receive the same material data simultaneously. This is crucial given the pending merger with Charter Communications, which requires rigorous disclosure.

The cadence for formal updates in 2025 included:

• Filing the Form 10-Q for the quarter ended September 30, 2025, around November 5, 2025.
• Hosting the Q1 2025 Earnings Conference Call on May 7, 2025, at 11:15 a.m. E.T.
• Conducting a brief quarterly Q&A session on October 13, 2025, following GCI Liberty's Q3 remarks.

These filings and calls are archived on the Liberty Broadband website after appropriate submissions to the SEC. You'll see material event reports, like the Form 8-K filed on November 19, 2025, keeping the market informed of significant, immediate developments.

Board-level engagement with Charter Communications management

The relationship with Charter Communications, Inc. (CHTR) is exceptionally deep, moving from a significant shareholder relationship to a full acquisition. Liberty Broadband shareholders approved the merger on February 26, 2025. This all-stock transaction dictates that each share of Liberty Broadband common stock receives 0.236 shares of Charter Class A common stock.

The financial alignment is clear:

The governance tie is being unwound as part of the closing process; the three Liberty Broadband nominees serving on Charter's board agreed to resign upon the transaction's completion. This signals a transition from a major investor/partner relationship to full integration.

Transactional relationship with the market via stock exchanges

The relationship with the broader market is purely transactional, governed by trading mechanics on the NASDAQ exchange under symbols like LBRDK. You see the daily reality of this relationship in the trading data.

For example, on December 5, 2025, the stock traded at approximately $47.30 per share. The market capitalization hovered around $6.74 billion. The stock trades with a P/E Ratio around 8.36.

Key market statistics as of late 2025 reporting periods:

• Market Capitalization: Approximately $6.74 billion.
• Shares Outstanding (as of Sep 30, 2025): 143.49 million.
• 52-Week Trading Range (as of Dec 5, 2025): Low of $44.51 to High of $95.912.
• P/E Ratio (TTM): 8.36.

This is a high-volume, high-scrutiny environment for a holding company whose primary asset value is tied to another publicly traded entity.

Finance: draft 13-week cash view by Friday.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Channels

You're looking at how Liberty Broadband Corporation communicates its story and accesses the financial plumbing needed to fund its operations and investments. The Channels block here is all about getting information out and getting capital in.

The primary venue for trading Liberty Broadband Corporation common stock, ticker LBRDK, is the NASDAQ Stock Exchange. As of December 5, 2025, the last traded price was reported at $47.12. This exchange is the main conduit for liquidity for your shares.

For all official investor communications, the Investor Relations section of the Liberty Broadband Corporation website is the central hub. This channel provides direct access to critical documents and updates, which is key for you to track performance. For instance, the Q3 2025 Financial Results were posted, including the Earnings Release in both PDF and HTML formats, the Earnings Webcast, and the corresponding 10-Q Filing.

• Investor Relations Website for financial reporting and news.
• Direct contact via phone at (844) 826-8735 or email at investor@libertybroadband.com.
• Subscription options include Email Alerts and an RSS News Feed for timely updates.
• Presentations, such as the 2025 GCI Liberty Investor Conference Call materials, are archived here.

Mandatory disclosures flow through the Securities and Exchange Commission (SEC) filings system, which Liberty Broadband Corporation uses to keep the market informed. You can track material events and insider activity directly. For example, an 8-K reporting a Material Event was filed on November 19, 2025, and the quarterly 10-Q for the period ended September 30, 2025, was filed on November 5, 2025.

• Mandatory disclosures include 10-Qs, 10-Ks, and 8-Ks for current reports.
• Ownership reports like SCHEDULE 13G/A are also filed to report beneficial ownership changes.
• The number of outstanding LBRDK shares as of September 30, 2025, was 124,847,905.

Access to capital markets relies heavily on relationships with investment banks and brokers, evidenced by the large institutional holders and recent financing activities. The firm's ability to secure favorable debt terms is a direct result of these channels. For instance, GCI refinanced its credit facility, raising a $450 million revolver and a $300 million Term Loan A at attractive rates. Also, institutional investors like Norges Bank, with a stake valued around $137,249,000 in Q2 2025, signal strong engagement with major capital allocators.

Here's a quick look at the market context surrounding these channels as of late 2025:

The flow of capital is also visible through debt instruments; Liberty Broadband issued a redemption notice for $860 million principal amount of its 3.125% exchangeable senior debentures due 2054 in Q1 2025. That's how they manage the liability side of the balance sheet, which is just as important as the equity side for you.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Customer Segments

When you look at Liberty Broadband Corporation (LBRDK) as of late 2025, you aren't just looking at a typical operating company; you're looking at a holding company whose primary value proposition is tied up in a massive, pending transaction. This context fundamentally shapes who its customers-or more accurately, its direct security holders-are.

The ownership structure is heavily weighted toward sophisticated financial players, which makes sense given the complex corporate maneuvers like the GCI spin-off completed on July 14, 2025, and the pending acquisition by Charter Communications, expected to close by June 30, 2027.

Institutional Investors, including index funds and asset managers.

This group forms the bedrock of Liberty Broadband Corporation's shareholder base. Based on the latest ownership data for the primary tracking stock (LBRDA), institutions and hedge funds collectively own approximately 81.70% of the company. That's a huge concentration of professional money.

You can see the depth of this institutional interest by looking at the sheer number of participants and the major players involved. As of late 2025, there were 426 institutional owners filing 13D/G or 13F forms with the SEC. Furthermore, as of the second quarter of 2025, about 50 hedge fund portfolios held the stock.

Here are some of the key institutional holders and their approximate positions:

Index funds, like the Vanguard Total Stock Market Index Fund Investor Shares (VTSMX), are definitely in the mix, reflecting the passive inclusion of Liberty Broadband Corporation in broad market benchmarks, even as the company undergoes this transition.

Retail shareholders seeking exposure to Charter's performance.

While institutions dominate, a meaningful segment of individual investors holds shares, often to gain leveraged exposure to Charter Communications (CHTR) without directly owning CHTR stock, or perhaps because they are long-term holders of the Liberty ecosystem.

Retail investors, defined as those not captured in the institutional or insider buckets, account for about 10.28% of the ownership. This group is often looking for the value unlock from the pending all-stock deal where Liberty Broadband Corporation shareholders will receive 0.236 shares of Charter common stock per Liberty Broadband share held.

It's important to note the insider segment, which is closely related to the ecosystem's core management. John C. Malone, the Chairman, is the largest individual shareholder, holding 5.35% of the company, or 7,679,335 shares, as of the latest filings.

Merger arbitrage funds trading the definitive acquisition terms.

The pending acquisition by Charter Communications makes Liberty Broadband Corporation a prime target for merger arbitrage funds. These funds focus on profiting from the spread between the current trading price and the implied acquisition price, factoring in the time value of money and execution risk.

The deal terms-0.236 Charter shares for every Liberty Broadband share-provide a clear, albeit distant, endpoint. As of May 16, 2025, with Charter trading at $407, the implied value for LBRDK was $96.13, which was in line with the market price then. By November 12, 2025, with Charter at around $377.50, the implied value dropped to approximately $89 per share, suggesting the arbitrage spread widened due to the time until the 2027 closing date.

The activity of these funds is visible in the market. For instance, one Merger Fund reported that the Liberty Broadband/Charter Communications deal contributed 0.13% to its performance in the third quarter of 2025.

The key factors these funds monitor include:

• The completion of the GCI spin-off (completed July 14, 2025).
• The expected closing date of June 30, 2027.
• The regulatory certainty, which is considered relatively low-risk given the geographic separation of GCI from Charter's main footprint.

High-net-worth individuals affiliated with Liberty's ecosystem.

This segment includes individuals, often founders or long-time associates of the broader Liberty media and telecom complex, who hold shares directly or through affiliated entities. Their investment thesis is less about the short-term arbitrage spread and more about the long-term value crystallization within the combined Charter entity post-merger.

The insider ownership group, at 8.02%, represents a significant portion of this category, with John C. Malone's 5.35% stake being the most prominent example. These individuals are betting on the operational strategy under Charter's leadership, which John Malone himself endorsed when stating he looks forward to holding Charter shares after the merger closes.

The total market capitalization as of November 10, 2025, was reported at $6.978 billion, which gives you the scale of the investment base these high-net-worth individuals are participating in.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Cost Structure

The Cost Structure for Liberty Broadband Corporation, based on the latest available filings as of late 2025, is dominated by expenses related to its debt obligations and corporate overhead, particularly in the context of the pending Charter Communications acquisition.

Corporate general and administrative (G&A) expenses include specific compensation elements, though total G&A is not explicitly itemized in the search snippets.

• Stock-based compensation recognized in Selling, general and administrative expenses for the nine months ended September 30, 2025: $4 million.
• Stock-based compensation recognized in Selling, general and administrative expenses for the three months ended September 30, 2025: $2 million.

Compensation costs for a small, centralized management team are embedded within the broader G&A structure. The focus on executive compensation is reflected in compensation plan disclosures.

• Grants of time-based RSUs (Restricted Stock Units) of LBRDK to the Chief Executive Officer during the nine months ended September 30, 2025: 17 thousand.

Interest expense on outstanding corporate debt reflects the management of significant liabilities, including exchangeable senior debentures.

The decrease in interest expense for the nine months ended September 30, 2025, was driven by lower interest rates on variable rate debt and lower outstanding amounts of exchangeable senior debentures.

• Settlement payment for 3.125 % Debentures due 2054 during the nine months ended September 30, 2025: $952 million.
• The decrease in interest expense for the nine months ended September 30, 2025, compared to the prior year: $27 million.

Legal and advisory fees related to the Charter merger transaction are not explicitly quantified in the available financial summaries, though the transaction agreement was dated November 12, 2024, and the closing was accelerated to occur contemporaneously with Charter's combination with Cox, announced May 16, 2025.

Finance: review Q3 2025 S-3 filing for detailed breakdown of non-stock compensation G&A costs by Friday.

Liberty Broadband Corporation (LBRDK) - Canvas Business Model: Revenue Streams

You're looking at Liberty Broadband Corporation's revenue sources as of late 2025, a period defined by the GCI spin-off and the pending combination with Charter Communications. The core of the business is clearly the investment portfolio, but the other streams provide important liquidity and operational context.

The primary driver of continuing operations revenue is the equity method investment in Charter Communications, Inc. For the three months ended September 30, 2025, net earnings from these continuing operations rose to $255 million, which reflects Charter's performance during that quarter.

The residual revenue stream from the GCI segment, which was spun off effective July 14, 2025, is reported as a discontinued operation for Q3 2025. For that third quarter, GCI Liberty reported total revenue of $257 million. This figure represents the last significant pre-spin-off revenue contribution from that business.

Strategic dispositions also contributed to cash flow. For instance, in the first quarter of 2025, specifically from February 1, 2025, through April 30, 2025, Liberty Broadband received proceeds of $300 million from the sale of 830 thousand Charter Class A common shares back to Charter.

We can map out the key financial figures related to these streams for the third quarter of 2025, keeping in mind that the specific figure for interest income from cash and short-term investments is not explicitly detailed in the available summaries for this period.

You should also note the related cash flow and liquidity activities that support the overall financial picture, even if they aren't direct revenue:

• GCI Liberty generated net cash provided by operating activities of $357 million over the trailing twelve months ended September 30, 2025.
• GCI Liberty announced a rights offering expected to raise approximately $300 million to enhance liquidity.
• GCI Liberty reported free cash flow of $155 million over the trailing twelve months ended September 30, 2025.

Also, the GCI preferred stock carried a 12% dividend rate.

Finance: draft 13-week cash view by Friday.