Financial Position - Total assets decreased by $92.4 million to $7.65 billion at September 30, 2025, from $7.74 billion at June 30, 2025[115] - Net loans receivable decreased by $44.4 million, or 0.8%, to $5.72 billion at September 30, 2025, from $5.77 billion at June 30, 2025[119] - Nonperforming assets increased by $19.0 million to $64.6 million, or 0.84% of total assets, at September 30, 2025[123] - Total deposits decreased by $43.3 million, or 0.8%, to $5.63 billion at September 30, 2025, from $5.68 billion at June 30, 2025[127] - Stockholders' equity increased by $7.2 million to $753.2 million at September 30, 2025, driven by net income of $9.5 million[132] Income Statement - Net income for the quarter ended September 30, 2025, was $9.5 million, or $0.15 per diluted share, compared to $6.1 million, or $0.10 per diluted share, for the same quarter in 2024[134] - Net interest income increased by $5.3 million to $37.7 million for the quarter ended September 30, 2025, compared to $32.4 million for the same quarter in 2024[135] - Net interest margin increased by 30 basis points to 2.10% for the quarter ended September 30, 2025, from 1.80% for the same quarter in 2024[136] - Total non-interest income increased by $1.2 million to $5.8 million for the quarter ended September 30, 2025, compared to $4.6 million for the same quarter in 2024[144] - Provision for credit losses recorded a reversal of $82,000 for the quarter ended September 30, 2025, compared to a provision of $108,000 for the same quarter in 2024[143] - Total non-interest expense increased by $1.9 million to $31.7 million for the quarter ended September 30, 2025, compared to $29.8 million for the same quarter in 2024[146] - Salaries and employee benefits increased by $1.2 million to $18.7 million for the quarter ended September 30, 2025, from $17.5 million for the same quarter in 2024[147] Liquidity and Capital - Liquidity included $130.1 million of short-term cash and cash equivalents and $1.02 billion of investment securities available for sale as of September 30, 2025[154] - Commitments to originate and purchase loans totaled $72.1 million as of September 30, 2025, compared to $26.4 million at June 30, 2025[155] - As of September 30, 2025, the total capital to risk-weighted assets ratio was 14.66%, exceeding the minimum regulatory requirement of 8.00%[158] - The Tier 1 capital to risk-weighted assets ratio was 13.70% as of September 30, 2025, above the minimum requirement of 6.00%[158] - Common equity tier 1 capital to risk-weighted assets ratio stood at 13.70% on September 30, 2025, surpassing the minimum of 4.50%[158] - The total capital to risk-weighted assets ratio increased from 14.49% on June 30, 2025, to 14.66% on September 30, 2025[158] - The Tier 1 capital to adjusted total assets ratio was 8.73% as of September 30, 2025, exceeding the minimum requirement of 4.00%[158] Interest Rate Sensitivity - The Economic Value of Equity (EVE) decreased by 34.77% to $437,413 under a +300 basis points interest rate scenario as of September 30, 2025[166] - Net interest income (NII) decreased by 9.61% to $140,548 under a +300 basis points interest rate scenario as of September 30, 2025[166] - The company maintains an Asset/Liability Management program to manage interest rate risk, overseen by the Board of Directors[162] - The sensitivity of projected NII is calculated using a static balance sheet assumption, with adjustments for product pricing and prepayment speeds[163] Loan Activity - Commercial loan origination volume for the three months ended September 30, 2025, totaled $61.4 million[119] - Construction loans in process were $137.4 million at September 30, 2025, compared to $115.7 million at June 30, 2025[156]

Financial Performance - Operating revenues for Q3 2025 increased to $164.7 million, up 20.3% from $136.9 million in Q3 2024[14] - Net income for the nine months ended September 30, 2025, was $55.5 million, compared to $33.9 million for the same period in 2024, representing a 63.8% increase[14] - The company reported a loss from operations of $12.4 million for Q3 2025, an improvement from a loss of $19.3 million in Q3 2024[14] - Net income for the nine months ended September 30, 2025, increased to $55,526,000, up from $33,869,000 in 2024, representing a growth of 63.9%[20] - Operating revenues for the nine months ended September 30, 2025, reached $776,845,000, compared to $744,156,000 in 2024, reflecting an increase of 4.4%[21] - The company experienced a net loss of $27,080,000 for the three months ended September 30, 2025, compared to a net loss of $26,348,000 in 2024[21] - For the three months ended September 30, 2025, NW Holdings reported operating revenues of $164.7 million, up from $146.7 million in the same period of 2024[161] - The net income for the nine months ended September 30, 2025, was $59.2 million, compared to $19.3 million for the same period in 2024[161] Expenses and Liabilities - Total operating expenses for Q3 2025 were $177.2 million, a 13.3% increase from $156.3 million in Q3 2024[14] - Current liabilities increased to $742.8 million as of September 30, 2025, compared to $567.4 million in 2024, a 30.8% rise[18] - Long-term debt rose to $2.13 billion as of September 30, 2025, compared to $1.56 billion in 2024, indicating a 37.0% increase[18] - Interest paid, net of capitalization, increased to $90,500,000 for the nine months ended September 30, 2025, compared to $57,837,000 in 2024[20] - Interest expense for NW Holdings was $30,435,000 for the three months ended September 30, 2025, compared to $19,060,000 in the same period of 2024[71] Assets and Equity - Total assets as of September 30, 2025, were $5.85 billion, up from $4.94 billion a year earlier, reflecting a 18.3% increase[16] - Total equity increased to $1,470,909,000 as of September 30, 2025, compared to $1,219,886,000 in 2024, reflecting a growth of 20.6%[25] - Total assets as of September 30, 2025, were $4,793,810,000, up from $4,498,485,000 in 2024, showing an increase of 6.6%[23] Cash Flow - Cash provided by operating activities for the nine months ended September 30, 2025, was $265,852,000, an increase from $219,697,000 in 2024, marking a rise of 21%[20] - The company reported a decrease in cash and cash equivalents to $35,830,000 at the end of the period, down from $46,808,000 in 2024[20] - The cash and cash equivalents for NW Holdings decreased to $32.203 million as of September 30, 2025, down from $35.047 million in 2024, representing a decline of 5.4%[40] - NW Natural's cash and cash equivalents increased to $20.265 million as of September 30, 2025, compared to $18.268 million in 2024, reflecting an increase of 10.9%[40] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, totaled $332,652,000, compared to $294,261,000 in 2024, indicating an increase of 13%[20] - Capital expenditures for NW Holdings totaled $109,988,000 for the three months ended September 30, 2025, compared to $95,332,000 in the same period of 2024[71] - NW Holdings' total capital expenditures for the nine months ended September 30, 2025, were $262.698 million, compared to $264.673 million in the same period of 2024[73] Acquisitions - The acquisition of SiEnergy Operating, LLC on January 7, 2025, expanded the company's regulated natural gas distribution activities into Texas, serving metropolitan areas including Houston, Dallas, and Austin[29] - NW Holdings acquired SiEnergy Operating, LLC for a total consideration of $271.1 million in cash and $156.1 million of assumed debt, serving approximately 79,000 customers in Texas[153] - Preliminary goodwill of $171.1 million was recognized from the SiEnergy acquisition, primarily due to its natural gas utility service territory and expected growth benefits[156] - The acquisition of Hughes Gas Resources, Inc. (rebranded as Pines Holdings) was completed for $60.8 million in cash, expanding SiEnergy's customer base by approximately 7,000 in Texas[158] Regulatory and Environmental Liabilities - The company has recorded environmental liabilities totaling $115.6 million as of September 30, 2025, compared to $82.2 million in 2024, representing a 40.6% increase[201] - The Portland Harbor Superfund site cleanup is estimated to cost approximately $1.05 billion, with a potential variance of -30% to +50%[202] - NW Natural has recorded a liability of $52.8 million for the Gasco sediment clean-up, reflecting the low end of the estimated costs ranging from $52.8 million to $350 million[206] - The estimated costs for remedial alternatives at the Gasco uplands site range from $41.5 million to $358 million, with NW Natural recording a liability of $41.5 million[213] Shareholder Returns - The company declared dividends of $0.49 per share for Q3 2025, slightly up from $0.4875 per share in Q3 2024[19] - The company paid cash dividends on common stock totaling $57,573,000 for the nine months ended September 30, 2025, compared to $53,760,000 in 2024, an increase of 7.4%[27] Derivatives and Hedging - NW Holdings hedged approximately 80% of forecasted sales volume for the 2024-25 gas year, including 64% in financial hedges[178] - Unrealized losses from natural gas derivatives for the three months ended September 30, 2025, amounted to $31.6 million[179] - For the nine months ended September 30, 2025, NW Natural reported realized net losses of $69.5 million from natural gas financial derivative contracts, compared to net losses of $83.2 million for the same period in 2024, indicating a 16.5% improvement year-over-year[182] Employee Benefits and Compensation - NW Natural made cash contributions of $8.4 million to its defined benefit pension plans for the nine months ended September 30, 2025, compared to $17.9 million for the same period in 2024[141] - The net periodic benefit cost charged to expense for NW Natural was $13.002 million for the nine months ended September 30, 2025, up from $8.270 million in 2024, reflecting an increase of 57.5%[139] - During the nine months ended September 30, 2025, 66,018 RSUs were granted under the LTIP with a weighted-average grant date fair value of $41.68 per share[124] Miscellaneous - The company does not have any material contract assets or liabilities, as net accounts receivable and accrued unbilled revenue balances are unconditional[87] - The company has not posted collateral with counterparties as of September 30, 2025, minimizing liquidity risk through diversification and credit limits[183]

Financial Performance - Consolidated revenue decreased by $5 million to $257 million for the three months ended September 30, 2025, but increased by $31 million to $784 million for the nine months ended September 30, 2025, compared to the same periods in 2024[102]. - Operating income for the three months ended September 30, 2025, was a loss of $488 million, compared to an operating income of $41 million for the same period in 2024[102]. - Total revenue for the three months ended September 30, 2025, was $257 million, a decrease of 2% compared to $262 million for the same period in 2024[107]. - Adjusted OIBDA for the nine months ended September 30, 2025, was $313 million, an increase from $276 million in the same period of 2024[102]. - Adjusted OIBDA for the three months ended September 30, 2025, was $92 million, a decrease of $8 million (8.0%) compared to $100 million for the same period in 2024[120]. - Operating loss for the three months ended September 30, 2025, was $488 million, compared to an operating income of $41 million for the same period in 2024, reflecting a significant increase in losses[119]. Subscriber and Service Metrics - GCI Holdings had 153,100 cable modem subscribers as of September 30, 2025, down from 157,400 in 2024, while wireless lines in service increased to 207,500 from 204,000[104]. - Consumer data revenue decreased by $2 million (3.3%) for the three months ended September 30, 2025, primarily due to a decrease in the number of subscribers[108]. - Consumer wireless revenue increased by $5 million (10.6%) for the three months ended September 30, 2025, driven by increased wireless USF support for high-cost areas[109]. - Business data revenue increased by $1 million (0.8%) for the three months ended September 30, 2025, primarily due to service upgrades with existing healthcare and education customers[111]. Impairments and Legal Challenges - The company recorded an impairment of goodwill and intangible assets amounting to $525 million during the third quarter of 2025[102]. - The company recorded an impairment of goodwill and intangible assets of $525 million during the nine months ended September 30, 2025[118]. - The company faces risks from ongoing legal challenges to the constitutionality of the FCC Universal Service Support Programs, which could disrupt or eliminate financial support received[100]. Economic and Operational Environment - The Alaska economy, which GCI Holdings is heavily dependent on, faces recessionary pressures due to volatility in oil prices and inflation, potentially affecting demand for its services[92]. - GCI Holdings continues to monitor inflation-sensitive costs, which have been rising and could impact its ability to maintain margins[93]. Cash Flow and Debt Management - Net cash provided by operating activities increased to $302 million for the nine months ended September 30, 2025, compared to $223 million for the same period in 2024[128]. - As of September 30, 2025, the company had a cash and cash equivalents balance of $124 million[127]. - The projected uses of cash include approximately $80 million for net capital expenditures and $20 million for interest payments on outstanding debt[131]. - As of September 30, 2025, the company has variable rate debt amounting to $372 million with a weighted average interest rate of 6.2%[135]. - The company also holds fixed rate debt totaling $600 million with a weighted average interest rate of 4.8%[135]. Other Financial Considerations - The company expects to incur fees not exceeding approximately $5 million for public company support services from Liberty Media in the first year of the Services Agreement[90]. - The enactment of the One Big Beautiful Bill Act (OBBBA) allowed the company to defer cash taxes to future years, although it did not materially impact income tax expense[94].

Financial Performance - Consolidated revenue decreased by $5 million to $257 million for the three months ended September 30, 2025, but increased by $31 million to $784 million for the nine months ended September 30, 2025, compared to the same periods in 2024 [102]. - Operating income for the three months ended September 30, 2025, was a loss of $488 million, compared to an operating income of $41 million in the same period of 2024 [102]. - The company experienced a net loss of $387 million for the three months ended September 30, 2025, compared to a net earnings of $21 million in the same period of 2024 [102]. - Total revenue for the three months ended September 30, 2025, was $257 million, a decrease of 2% compared to $262 million for the same period in 2024 [107]. - Adjusted OIBDA for the nine months ended September 30, 2025, increased to $313 million from $276 million in the same period of 2024 [102]. - Adjusted OIBDA for the three months ended September 30, 2025, was $92 million, a decrease of $8 million (8.0%) compared to $100 million for the same period in 2024 [120]. Subscriber Metrics - The number of cable modem subscribers decreased from 157,400 in September 2024 to 153,100 in September 2025, while wireless lines in service increased from 204,000 to 207,500 during the same period [104]. - Consumer data revenue decreased by $2 million (3.3%) for the three months ended September 30, 2025, primarily due to a decrease in the number of subscribers [108]. - Consumer wireless revenue increased by $5 million (10.6%) for the three months ended September 30, 2025, driven by increased wireless USF support for high-cost areas [109]. - Business data revenue increased by $1 million (0.8%) for the three months ended September 30, 2025, primarily due to service upgrades with existing healthcare and education customers [111]. Impairments and Losses - The company recorded an impairment of goodwill and intangible assets amounting to $525 million for the three and nine months ended September 30, 2025 [102]. - Operating loss for the three months ended September 30, 2025, was $488 million, compared to an operating income of $41 million for the same period in 2024, reflecting a significant increase in losses [119]. - The company recorded an impairment of goodwill and intangible assets of $525 million during the nine months ended September 30, 2025 [118]. Economic and Regulatory Environment - The Alaska economy, which GCI Holdings is dependent on, is facing recessionary pressures due to volatility in oil prices and inflation, potentially affecting demand for GCI's products and services [92]. - The company anticipates that ongoing inflationary pressures on materials and labor could impact its cost structure and margins [93]. - The enactment of the One Big Beautiful Bill Act (OBBBA) allowed the company to defer cash taxes to future years, although it did not materially impact income tax expense [94]. - The company is monitoring the potential impacts of a federal government shutdown on the timeliness of government grant approvals and funding [95]. Cash Flow and Debt - Net cash provided by operating activities increased to $302 million for the nine months ended September 30, 2025, compared to $223 million for the same period in 2024 [128]. - As of September 30, 2025, the company had a cash and cash equivalents balance of $124 million [127]. - The projected net capital expenditures for the company are approximately $80 million [131]. - As of September 30, 2025, the company has variable rate debt amounting to $372 million with a weighted average interest rate of 6.2% [135]. - The company also holds fixed rate debt totaling $600 million with a weighted average interest rate of 4.8% [135].

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $314.7 million, compared to $303.7 million for the same period in 2024, reflecting a year-over-year increase [136]. - Total lease income rose by $67.9 million to $1.1 billion for the nine months ended September 30, 2025, driven by a $42.1 million increase in base rent and a $20.8 million increase in recoveries from tenants [156][158]. - Net income attributable to common shareholders increased by $11.1 million to $314.7 million for the nine months ended September 30, 2025, compared to $303.7 million in 2024 [165]. - Total real estate revenue for the nine months ended September 30, 2025, increased by $55,853,000 (4.9%) to $1,184,523,000 compared to the same period in 2024 [169]. - Net income attributable to common shareholders for Q3 2025 was $105,960,000, up from $98,056,000 in Q3 2024 [171]. - Nareit FFO for Q3 2025 was $213,499,000, an increase of $18,414,000 (9.4%) compared to Q3 2024 [172]. - Core Operating Earnings for Q3 2025 were $202,610,000, reflecting an increase of $14,847,000 (7.9%) from Q3 2024 [173]. - AFFO for Q3 2025 was $176,522,000, up from $158,216,000 in Q3 2024, representing a growth of 11.5% [173]. Leasing and Occupancy - Pro-rata same property NOI, excluding termination fees, grew by 5.5% compared to the nine months ended September 30, 2024, driven by improvements in occupancy rates and contractual rent increases [136]. - A total of 1,418 new and renewal leasing transactions were executed, representing 5.3 million Pro-rata square feet, with positive rent spreads of 10.4% during the nine months ended September 30, 2025 [136]. - The total property portfolio was 96.0% leased as of September 30, 2025, compared to 96.3% and 95.6% for December 31, 2024, and September 30, 2024, respectively [136]. - The same property portfolio was 96.4% leased as of September 30, 2025, compared to 96.7% and 96.0% for December 31, 2024, and September 30, 2024, respectively [136]. - The percentage leased for operating properties remains stable at 96.5% for both September 30, 2025, and December 31, 2024 [138]. - The weighted-average base rent PSF on signed Shop Space leases for the nine months ended September 30, 2025, is $41.39, reflecting a positive rent spread of 10.4% compared to the previous year [140]. - Base rent increased by $12,259,000 (4.5%) for Q3 2025 and $34,056,000 (4.2%) for the nine months ended September 30, 2025, driven by contractual rent steps and increased occupancy [170]. - Uncollectible lease income decreased by $2,058,000 during the nine months ended September 30, 2025, indicating improved collection rates [170]. Capital Structure and Financing - The company maintained a conservative capital structure with sufficient liquidity to meet capital needs and manage debt maturities [137]. - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025 [139]. - The company has $646.3 million of loans maturing within the next 12 months, with $250 million repaid upon maturity on November 3, 2025 [139]. - The company plans to utilize cash flows from operations, borrowings, and proceeds from real estate sales to meet long-term capital needs [176]. - As of September 30, 2025, the Company had $646.3 million of debt maturing within the next 12 months, including $450 million of unsecured public and private placement debt [179]. - The company expects to repay maturing notes payable from new borrowings and/or partner capital contributions, with potential higher interest expenses if refinancing occurs in a high-rate environment [200]. - The average interest rate for fixed rate debt is projected to range from 4.19% to 4.79% over the next five years, while the variable rate debt is at 4.97% [209]. - The company has the capacity to fund its pro-rata share of capital requirements from existing cash balances and operating cash flows [201]. Development and Investment - The company executed a disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns [136]. - Estimated pro-rata project costs for current development and redevelopment projects increased to $668.1 million as of September 30, 2025, up from $497.3 million at December 31, 2024 [139]. - The Company invested $307.3 million in development, redevelopment, and capital improvements during the nine months ended September 30, 2025 [193]. - Total net development costs for in-process developments amount to $371.1 million, with 54% of costs incurred as of September 30, 2025 [196]. - The Shops at SunVet in Long Island, NY has the highest estimated project cost of $92.9 million, with 86% of costs incurred [196]. Corporate Responsibility and Strategy - The company focuses on owning and managing high-quality neighborhood and community shopping centers, primarily anchored by market-leading grocers [135]. - The company aims to create shareholder value by increasing earnings and dividends per share, targeting total returns at or near the top of its shopping center peers [136]. - The company emphasizes corporate responsibility practices to support and enhance its business goals and objectives [136]. - The company continuously monitors capital market conditions to assess its ability to access financing for maturing debt obligations [205]. Cash Flow and Liquidity - Cash flows from operations for the nine months ended September 30, 2025, were $623.7 million, an increase of $24.9 million from $598.8 million in 2024 [183]. - Total cash, cash equivalents, and restricted cash as of September 30, 2025, amounted to $205.6 million, up from $114.8 million in 2024 [189]. - The Company plans to require approximately $1,085.5 million in capital over the next 12 months for leasing commissions, tenant improvements, and maturing debt repayments [184]. - Net cash used in investing activities increased by $195.6 million, totaling $404.7 million for the nine months ended September 30, 2025 [190]. - Net cash used in financing activities decreased by $290.9 million, from $(366.3) million in 2024 to $(75.3) million in 2025 [197].

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $314.7 million, compared to $303.7 million for the same period in 2024, reflecting a year-over-year increase [136]. - Total lease income rose by $67.9 million to $1.1 billion for the nine months ended September 30, 2025, driven by a $42.1 million increase in base rent and a $20.8 million increase in recoveries from tenants [156][158]. - Net income attributable to common shareholders increased by $11.1 million to $314.7 million for the nine months ended September 30, 2025, compared to $303.7 million in 2024 [165]. - Total real estate revenue for the nine months ended September 30, 2025, increased by $55,853,000 (4.9%) to $1,184,523,000 compared to the same period in 2024 [169]. - Net income attributable to common shareholders for Q3 2025 was $105,960,000, up from $98,056,000 in Q3 2024 [171]. - Nareit FFO for Q3 2025 was $213,499,000, an increase of $18,414,000 (9.4%) compared to Q3 2024 [172]. - Core Operating Earnings for Q3 2025 reached $202,610,000, up from $187,763,000 in Q3 2024 [173]. - AFFO for Q3 2025 was $176,522,000, an increase of $18,306,000 (11.6%) compared to Q3 2024 [173]. Leasing and Occupancy - Pro-rata same property NOI, excluding termination fees, grew by 5.5% compared to the nine months ended September 30, 2024, driven by improvements in occupancy rates and contractual rent increases [136]. - A total of 1,418 new and renewal leasing transactions were executed, representing 5.3 million Pro-rata square feet, with positive rent spreads of 10.4% during the nine months ended September 30, 2025 [136]. - The total property portfolio was 96.0% leased as of September 30, 2025, compared to 96.3% and 95.6% for December 31, 2024, and September 30, 2024, respectively [136]. - The same property portfolio was 96.4% leased as of September 30, 2025, compared to 96.7% and 96.0% for December 31, 2024, and September 30, 2024, respectively [136]. - The percentage leased for operating properties remains stable at 96.5% for both September 30, 2025, and December 31, 2024 [138]. - The company experienced a 10.4% positive rent spread for new and renewal leases for the nine months ended September 30, 2025, compared to 9.0% for the same period in 2024 [140]. Capital Structure and Debt Management - The company maintained a conservative capital structure with sufficient liquidity to meet capital needs and manage debt maturities [137]. - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025 [139]. - The company has $646.3 million of loans maturing within the next 12 months, with $250 million repaid upon maturity on November 3, 2025 [139]. - The company plans to require approximately $1,085.5 million in capital over the next 12 months for leasing commissions, tenant improvements, and maturing debt repayments [184]. - As of September 30, 2025, the Company had $646.3 million of debt maturing within the next 12 months, including $450 million of unsecured public and private placement debt [179]. - The company has notes payable of $1.6 billion maturing through 2034, with 93.8% at a fixed interest rate of 4.0% and the remaining at a variable rate of 6.7% [200]. - The total scheduled principal payments and maturities for the remainder of the year reflect a total of $1.58 billion [200]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, increased by $8.3 million to $244.2 million, compared to $235.9 million for the same period in 2024 [147]. - Operating expenses increased by $11.2 million to $714.3 million for the nine months ended September 30, 2025, with property operating expenses rising by $11.4 million [157]. - Interest expense, net increased by $16.5 million to $149.6 million for the nine months ended September 30, 2025, primarily due to a provision for impairment of real estate of $4.6 million [160]. Investment and Development - The company executed a disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns [136]. - Estimated pro-rata project costs for current development and redevelopment projects totaled $668.1 million as of September 30, 2025, up from $497.3 million at December 31, 2024 [139]. - The Company invested $307.3 million in development, redevelopment, and capital improvements during the nine months ended September 30, 2025, an increase of $71.998 million from the prior year [193]. - Total net development costs for projects in-process amount to $371.1 million, with 54% of costs incurred as of September 30, 2025 [196]. - The company has several redevelopment projects in-process with total estimated project costs of $296.99 million and 48% of costs incurred [196]. Shareholder Value and Dividends - The company aims to create shareholder value by increasing earnings and dividends per share, targeting total returns at or near the top of its shopping center peers [136]. - The Company declared a quarterly cash dividend of $0.705 per share on October 2, 2025, and plans to increase the dividend to $0.755 per share for January 6, 2026, representing a 7.1% increase [187]. - The company paid $14.4 million more in dividends in 2025 compared to 2024 due to a higher dividend rate and an increase in shares outstanding [197]. Corporate Responsibility and Market Conditions - The company emphasizes corporate responsibility practices to support and enhance its business goals and objectives [136]. - The company continuously monitors capital market conditions to assess financing options for maturing debt obligations [205]. - Strategies to mitigate interest rate risk include the use of interest rate swaps and prioritizing refinancing of maturing debt with long-duration fixed-rate debt [177].

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $314.7 million, compared to $303.7 million for the same period in 2024, reflecting a year-over-year increase [136]. - Total lease income for the three months ended September 30, 2025, increased by $28.7 million to $377.8 million, compared to $349.1 million for the same period in 2024 [145][147]. - Net income attributable to common shareholders increased by $11.1 million to $314.7 million for the nine months ended September 30, 2025, compared to $303.7 million in 2024 [165]. - Total lease income rose by $67.9 million to $1.1 billion for the nine months ended September 30, 2025, driven by a $42.1 million increase in base rent and a $20.8 million increase in recoveries from tenants [156][158]. - Net income attributable to common shareholders for Q3 2025 was $105,960,000, up from $98,056,000 in Q3 2024 [171]. - Nareit FFO for Q3 2025 was $213,499,000, an increase of $18,414,000 (9.4%) compared to Q3 2024 [172]. - Core Operating Earnings for Q3 2025 were $202,610,000, reflecting an increase of $14,847,000 (7.9%) from Q3 2024 [173]. - AFFO for Q3 2025 was $176,522,000, up from $158,216,000 in Q3 2024, representing a growth of 11.5% [173]. Leasing and Occupancy - Pro-rata same property NOI, excluding termination fees, grew by 5.5% compared to the nine months ended September 30, 2024, driven by improvements in occupancy rates and contractual rent increases [136]. - A total of 1,418 new and renewal leasing transactions were executed, representing 5.3 million Pro-rata square feet, with positive rent spreads of 10.4% during the nine months ended September 30, 2025 [136]. - The total property portfolio was 96.0% leased as of September 30, 2025, compared to 96.3% and 95.6% for December 31, 2024, and September 30, 2024, respectively [136]. - The same property portfolio was 96.4% leased as of September 30, 2025, compared to 96.7% and 96.0% for December 31, 2024, and September 30, 2024, respectively [136]. - The percentage leased for operating properties remains stable at 96.5% for both September 30, 2025, and December 31, 2024 [138]. - The company experienced a 10.4% positive rent spread for new and renewal leases for the nine months ended September 30, 2025, compared to 9.0% for the same period in 2024 [140]. Capital Structure and Debt Management - The company maintained a conservative capital structure with sufficient liquidity to meet capital needs and manage debt maturities [137]. - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025 [139]. - The company has $646.3 million of loans maturing within the next 12 months, with $250 million repaid upon maturity on November 3, 2025 [139]. - The company plans to require approximately $1,085.5 million in capital over the next 12 months for leasing commissions, tenant improvements, and maturing debt repayments [184]. - As of September 30, 2025, the Company had $646.3 million of debt maturing within the next 12 months, including $450 million of unsecured public and private placement debt [179]. - The company expects to repay maturing notes payable from new borrowings and/or partner capital contributions, with potential higher interest expenses if refinancing occurs in a high-rate environment [200]. - The average interest rate for fixed rate debt is projected to be 4.19% in 2025, increasing to 4.79% by 2029 [209]. - The total fair value of fixed rate debt as of September 30, 2025, is $4.81 billion [209]. Investment and Development - Estimated pro-rata project costs for current development and redevelopment projects totaled $668.1 million as of September 30, 2025, up from $497.3 million at December 31, 2024 [139]. - The Company invested $307.3 million in development, redevelopment, and capital improvements during the nine months ended September 30, 2025, an increase of $71.998 million from the prior year [193]. - Total net development costs for projects in-process amount to $371.1 million, with 54% of costs incurred as of September 30, 2025 [196]. - The company has completed redevelopment projects with total costs of $38.9 million, achieving a 95% cost incurred rate [196]. - The company has 16 real estate partnerships with combined assets of $2.8 billion and liabilities of $1.7 billion as of September 30, 2025 [198]. Shareholder Value and Dividends - The company aims to create shareholder value by increasing earnings and dividends per share, targeting total returns at or near the top of its shopping center peers [136]. - The Company declared a quarterly cash dividend of $0.705 per share on October 2, 2025, and plans to increase the dividend to $0.755 per share for January 2026, representing a 7.1% increase [187]. - The company paid $14.4 million more in dividends in 2025 compared to 2024 due to a higher dividend rate and an increase in shares outstanding [197]. Operating Expenses and Income - Total operating expenses for the three months ended September 30, 2025, increased by $8.3 million to $244.2 million, compared to $235.9 million for the same period in 2024 [147]. - Interest expense, net increased by $16.5 million to $149.6 million for the nine months ended September 30, 2025, primarily due to new public debt issuances [160]. - Provision for impairment of real estate, net of tax was recognized at $4.6 million during the nine months ended September 30, 2025, related to the sale of five operating properties [160]. - Net investment income decreased by $1.9 million to $(2.6) million for the nine months ended September 30, 2025, primarily due to market volatility [164]. - Other operating expenses decreased by $1.9 million, mainly due to the phase-out of transition costs related to the acquisition of Urstadt Biddle Properties [150]. Market Conditions and Risks - The company continuously monitors capital market conditions to assess financing options for maturing debt obligations [205]. - Strategies to mitigate interest rate risk include the use of interest rate swaps and prioritizing refinancing of maturing debt with long-duration fixed-rate debt [177]. - A 100 basis point increase in interest rates could decrease future earnings and cash flows by approximately $0.3 million per year based on a $30 million floating rate line of credit [206]. - The Adjusted SOFR plus applicable margin was 4.965% as of September 30, 2025, indicating exposure to interest rate risk [204]. - The company has the capacity to fund its pro-rata share of capital requirements from existing cash balances and operating cash flows [201].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 37-1699499 ...

Financial Position - As of September 30, 2025, the Formula One Group had cash and cash equivalents of approximately $1,291 million, including $825 million of subsidiary cash[164] - The Liberty Live Group had cash and cash equivalents of approximately $297 million as of September 30, 2025[165] - As of September 30, 2025, Liberty's total cash and cash equivalents amounted to $1,291 million for Formula One Group and $297 million for Liberty Live Group[187][188] - As of September 30, 2025, substantially all cash and cash equivalents were invested in highly rated financial instruments, indicating a strong liquidity position[184] - During the nine months ended September 30, 2025, Formula One Group generated $813 million in cash from operating activities, while Liberty Live Group used $28 million[188] - Liberty expects to fund its projected uses of cash through cash on hand, borrowing capacity, and distributions from operating subsidiaries[190] Acquisitions and Corporate Structure - The Company acquired approximately 84% of the equity interests in Dorna Sports, S.L. (MotoGP) on July 3, 2025, making it a consolidated subsidiary[157] - The Liberty Live Split-Off is expected to be completed on December 15, 2025, and is intended to be tax-free to stockholders[167] - The Liberty Sirius XM Holdings Split-Off was completed on September 9, 2024, exchanging each share of Liberty SiriusXM common stock for 0.8375 of a share of Liberty Sirius XM Holdings common stock[161] - The Company is pursuing a plan to split off the Liberty Live Group, which will involve reattributing assets and cash from the Formula One Group[167] - The reclassification of common stock into three new tracking stocks occurred on August 3, 2023, affecting the attribution of businesses, assets, and liabilities[160] - Liberty acquired approximately 84% of MotoGP's equity interests on July 3, 2025, consolidating results from that date[211] Revenue and Earnings - Consolidated revenue increased by $174 million (19.1%) and $387 million (15.6%) for the three and nine months ended September 30, 2025, respectively, driven by increases in Formula 1 revenue and MotoGP revenue from its acquisition in July 2025[169] - Formula One Group's primary revenue for the nine months ended September 30, 2025, increased by $129 million to $2,089 million compared to the same period in 2024[195][196] - Other revenue for Formula One increased by $84 million during the nine months ended September 30, 2025, driven by higher hospitality revenue and growth in licensing income[200] - MotoGP's total motorsport revenue for the three months ended September 30, 2025, was $169 million, unchanged from the prior year, while for the nine months it increased to $417 million from $371 million[214] - Primary revenue for MotoGP increased by $1 million (0.7%) in Q3 2025 compared to Q3 2024, and by $41 million (12.7%) for the nine months ended September 30, 2025, primarily due to additional events and favorable currency exchange rates[215] Operating Performance - Consolidated operating income increased by $42 million (39.3%) and $94 million (36.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to improvements in Formula 1's operating results and the acquisition of MotoGP[170] - Adjusted OIBDA increased by $84 million (40.9%) and $152 million (26.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to increases in Formula 1's Adjusted OIBDA and the acquisition of MotoGP[174] - Formula 1's operating income for the nine months ended September 30, 2025, was $433 million, an increase from $366 million in the prior year[195] - MotoGP's operating income for Q3 2025 was $28 million, down from $36 million in Q3 2024, while for the nine months it decreased to $41 million from $44 million[214] Expenses and Costs - Stock-based compensation expense was $18 million for the nine months ended September 30, 2025, down from $27 million in the same period of 2024[172] - Acquisition costs related to corporate acquisitions were $14 million for the three months ended September 30, 2025, compared to $3 million in the same period of 2024[173] - Interest expense increased by $24 million (38.7%) and $14 million (7.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to an increase in the average amount of debt outstanding[177] - Selling, general and administrative expenses increased by $33 million during the nine months ended September 30, 2025, primarily due to higher marketing costs and personnel expenses[207] - Selling, general and administrative expenses rose by $2 million (11.8%) in Q3 2025 and by $13 million (32.5%) for the nine months, primarily due to higher personnel costs[222] - Cost of motorsport revenue increased by $5 million (6.3%) in Q3 2025 and by $37 million (20.9%) for the nine months, mainly due to additional MotoGP events and unfavorable currency exchange rates[221] Tax and Financial Risks - The effective income tax rate for the three months ended September 30, 2025, was 43%, significantly higher than the expected federal tax rate of 21% due to non-deductible expenses[182] - The company does not have a debt rating, which may impact its borrowing costs and financial flexibility[186] - The company is exposed to market risks including interest rates and foreign currency exchange rates, with a significant portion of its debt being variable rate[224][225] - A 10% change in the Euro/U.S. dollar exchange rate would impact MotoGP's reported revenue by approximately $17 million[228] Market and Competitive Environment - The Company faces various risks including economic conditions, competition, and regulatory challenges that could impact its operations and financial performance[156] - MotoGP's 2025 Championship calendar is scheduled to consist of 22 events, an increase from 20 events in 2024[210] - MotoGP's revenue in constant currency decreased by 4.7% for Q3 2025, while it grew by 8.9% for the nine months, indicating the impact of currency fluctuations[219]

Financial Position - As of September 30, 2025, the Formula One Group had cash and cash equivalents of approximately $1,291 million, including $825 million of subsidiary cash[164]. - The Liberty Live Group had cash and cash equivalents of approximately $297 million as of September 30, 2025[165]. - As of September 30, 2025, Liberty's total cash and cash equivalents amounted to $1,291 million for the Formula One Group and $297 million for the Liberty Live Group[187]. - As of September 30, 2025, substantially all cash and cash equivalents were invested in highly rated financial instruments, indicating a strong liquidity position[184]. - Potential sources of liquidity include available cash balances, cash generated by operating activities, and proceeds from asset sales, among others[185]. - During the nine months ended September 30, 2025, Formula One Group generated $813 million in cash from operating activities, while Liberty Live Group used $28 million[188]. - Liberty's primary cash use was $3,267 million for the acquisition of MotoGP, funded by cash on hand and borrowings[189]. - Liberty expects to fund its projected uses of cash through cash on hand, margin loans, and distributions from operating subsidiaries[190]. Revenue and Earnings - Consolidated revenue increased by $174 million (19.1%) and $387 million (15.6%) for the three and nine months ended September 30, 2025, respectively, driven by increases in Formula 1 and MotoGP revenues[169]. - Formula 1's primary revenue for the nine months ended September 30, 2025, increased by $129 million to $2,089 million compared to the prior year, driven by contractual fee increases and new sponsorships[196]. - Other revenue for Formula 1 increased by $84 million during the nine months ended September 30, 2025, primarily due to higher hospitality revenue and growth in licensing income[200]. - Formula 1's operating income for the nine months ended September 30, 2025, was $433 million, up from $366 million in the prior year[195]. - MotoGP's total motorsport revenue for the three months ended September 30, 2025, was $169 million, unchanged from the prior year, while for the nine months it increased to $417 million from $371 million, a 12.4% increase[214][215]. - Primary revenue for the three months ended September 30, 2025, increased by $1 million to $147 million, and for the nine months, it rose by $41 million to $365 million, primarily due to additional MotoGP events and favorable currency exchange rates[215]. Operating Performance - Operating income increased by $42 million (39.3%) and $94 million (35.5%) for the three and nine months ended September 30, 2025, respectively, primarily due to improvements in Formula 1's results and the acquisition of MotoGP[170]. - Adjusted OIBDA rose by $84 million (40.9%) and $152 million (26.6%) for the three and nine months ended September 30, 2025, respectively, mainly due to increases in Formula 1's Adjusted OIBDA and the acquisition of MotoGP[174]. - MotoGP's operating income for the three months ended September 30, 2025, was $28 million, down from $36 million in the prior year, while for the nine months, it decreased to $41 million from $44 million[214]. Expenses - Stock-based compensation expense was $18 million for the nine months ended September 30, 2025, down from $27 million in the prior year[172]. - Acquisition costs totaled $14 million for the three months ended September 30, 2025, compared to $3 million in the prior year, and $28 million for the nine months ended September 30, 2025, compared to $23 million in the prior year[173]. - Selling, general and administrative expenses increased by $33 million during the nine months ended September 30, 2025, attributed to higher marketing and personnel costs[207]. - Cost of motorsport revenue increased by $5 million to $84 million for the three months ended September 30, 2025, and by $37 million to $214 million for the nine months, mainly due to additional events and unfavorable currency exchange rates[221]. - Selling, general and administrative expenses rose by $2 million to $19 million for the three months ended September 30, 2025, and by $13 million to $53 million for the nine months, primarily due to higher personnel costs[222]. Tax and Interest - The effective income tax rate for the three months ended September 30, 2025, was 43%, significantly higher than the expected federal tax rate of 21%[182]. - Interest expense increased by $24 million (38.7%) and $14 million (7.6%) for the three and nine months ended September 30, 2025, respectively, primarily due to an increase in the average amount of debt outstanding[177]. Acquisitions and Investments - The Company acquired approximately 84% of the equity interests in Dorna Sports, S.L. (MotoGP) on July 3, 2025, making it a consolidated subsidiary and reportable segment[157]. - Liberty acquired approximately 84% of MotoGP's equity interests on July 3, 2025, consolidating results from that date[211]. - The Company holds an ownership interest in Live Nation, which is accounted for as an equity method investment as of September 30, 2025[158]. - The Liberty Live Group is primarily comprised of Liberty's interest in Live Nation and other minority investments[165]. Future Plans and Events - The Liberty Live Split-Off is expected to be completed on December 15, 2025, and is intended to be tax-free to stockholders[167]. - The Liberty Sirius XM Holdings Split-Off was completed on September 9, 2024, exchanging each share of Liberty SiriusXM common stock for 0.8375 of a share of Liberty Sirius XM Holdings common stock[161]. - The company is pursuing a plan to split off the Liberty Live Group, which will involve reattributing assets from the Formula One Group[167]. - MotoGP's 2025 Championship calendar is scheduled to consist of 22 events, an increase from 20 events in 2024[210]. Market Risks - The company is exposed to market risks, including interest rates and foreign currency exchange rates, which can impact future earnings and cash flows[224][225]. - A 10% change in the Euro/U.S. dollar exchange rate would impact MotoGP's reported revenue by approximately $17 million for each reporting period[228].