Liberty Media Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Assets and Liabilities Measured at Fair Value (Tables)

Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Assets and Liabilities Measured at Fair Value

Schedule of assets and liabilities measured at fair value


		December 31, 2025				December 31, 2024
				Quoted prices	Significant other		Quoted prices	Significant other
				in active markets	observable		in active markets	observable
				for identical assets	inputs		for identical assets	inputs
		Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

		amounts in millions
Cash equivalents		$	783	783	—	2,142	2,142	—
Financial instrument assets		$	122	109	13	167	84	83
Debt		$	597	—	597	588	—	588
Financial instrument liabilities		$	—	—	—	138	—	138

Schedule of realized and unrealized gains (losses) on financial instruments

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions):


	Years ended December 31,
	2025		2024	2023
Debt measured at fair value (a)	$	(6)	(95)	(13)
Foreign currency forward contracts		335	(138)	—
Interest rate swaps		(41)	103	28
Debt and equity securities		(12)	(5)	27
Other		12	(4)	2
	$	288	(139)	44

(a)

The Company elected to account for its convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the convertible notes recognized in the consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value

of the convertible notes attributable to changes in the instrument specific credit risk was a loss of $4 million, loss of $15 million and loss of $12 million for the years ended December 31, 2025, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $65 million as of December 31, 2025, net of the recognition of previously unrecognized gains and losses.