LLYVA

Liberty Live Holdings is not an operating company in the usual sense — it is a Malone-controlled holding entity, split off from Liberty Media on December 15, 2025, whose principal asset is approximately 69.6 million shares of Live Nation Entertainment, plus the Quint experiential-hospitality business and corporate cash and debt. Crucially, the Live Nation position is carried under the equity method, so the consolidated GAAP statements reflect Liberty Live's share of Live Nation's earnings and its own corporate costs — not the market value of the stake. That is why FY2025 shows a $87.0M net loss on $382M of revenue and negative stockholders' equity of -$49.1M, and why the printed ratios (177.2% ROE, -39.04x liabilities/equity) are meaningless artifacts of a negative equity base. The MD&A and risk factors warn explicitly that 'historical financial information ... is not necessarily representative of our future' results.

The figures that do matter for solvency are concerning at the margin. Long-term debt is $1.67B and the entire $1.67B is also classified as current — current liabilities jumped 911.6% to $1.90B against only $629M of current assets — which signals near-term debt maturities or exchangeable-note mechanics that will need refinancing or settlement. The company holds $545M of cash (up 35.5%), but operating cash flow was -$29.5M, so it does not self-fund; it depends on its investment assets and capital-markets access.