Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 56

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 56
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losses)Fair valueAmortized cost basisAccumulated unrealized gainsFair valuein millionsin millionsCommercial paper$— $— $— $72.0 $(0.1)$71.9 Government bonds— — — 129.4 0.4 129.8 Certificates of deposit— — — 70.5 — 70.5 Corporate debt securities— — — 66.4 0.2 66.6 Structured note (a)(a)(a)77.9 (a)(a)88.0 Other debt securities— — — 6.3 — 6.3 Total debt securities$— $— $77.9 $344.6 $0.5 $433.1 ______________(a)Amounts represent an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value and has a scheduled maturity date of October 1, 2026. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. During 2024, we invested an additional $46.6 million and redeemed $62.3 million of the leveraged structured note. The proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table: March 31,2025December 31,2024 Subsidiary:Telenet36.80 %32.10 %Affiliate:VodafoneZiggo JV34.80 %33.90 %VMO2 JV28.40 %— %Other (1)— %34.00 %Total100.00 %100.00 %_______________(1)Other represents cash proceeds from redemptions that remain invested in the