When are the record and ex‑dividend dates, and how might they influence short‑term trading activity and liquidity in both the preferred and common securities?

Record and ex‑dividend dates – Liberty Broadband’s press release (and the accompanying Form 8‑K) lists the record date for the Series A cumulative redeemable preferred shares as Wednesday, September 18, 2025. In line with the standard U.S. settlement cycle, the ex‑dividend date is two business days earlier, Monday, September 16, 2025. The dividend on the preferred issue is a cash payment that will be paid on the payable date disclosed in the filing (typically a few weeks after the record date). The common stock (LBRDA) does not receive this dividend, but the announcement often moves the market for both securities.

Trading impact –

- Preferred shares (LBRDA‑P): The ex‑dividend date will trigger a modest “buy‑the‑dividend” run as income‑focused investors scramble to lock in the quarterly yield. Expect a spike in volume and a short‑term price lift on September 15‑16, followed by the usual post‑ex‑div price adjustment (roughly the dividend amount per share) on the open of September 16. Because preferreds trade on a thinner order book than the common, the liquidity boost can be pronounced, creating tight spreads but also potential for rapid price swings if large institutional orders flow in. Traders may consider entering a long position before the ex‑date and taking profit on‑ or shortly after the ex‑date, or using sell‑stop orders to protect against a steeper-than‑expected drop.

• Common shares (LBRDA): Although the dividend is not paid to common shareholders, the news lifts overall visibility for the capital structure and can tighten the spread between the two series. Short‑term traders often see a correlated move in the common as market participants rebalance hedges (e.g., buying the common while shorting the preferred or vice‑versa). Anticipate a modest uptick in LBRDA volume on the ex‑div date as arbitrageurs position for the spread, and watch for options activity (especially near‑the‑money calls) that can amplify price moves. A practical play is to monitor the preferred‑common spread; if the preferred price falls more than the dividend‑adjusted expectation, the common may temporarily become undervalued, presenting a short‑term relative‑value entry.

Actionable take‑away:

1. Confirm the exact record/ex‑div dates from the SEC filing and set alerts for the Monday, Sept 16 ex‑date.

2. For the preferred, consider a pre‑ex‑date buy to capture the dividend, paired with a tight profit target (≈ dividend amount) or a stop‑loss just below the adjusted fair‑value level.

3. In the common, watch the preferred‑common spread and be ready to trade relative‑value deviations; increased liquidity on the ex‑date can provide clean entry points for short‑term scalps or spread trades.