Linonia Partnership and Philip Uhde Report 9.2% Passive Stake in Liberty Live Holdings

Executive Summary

On September 18, 2026, The Linonia Partnership LP and affiliated entities, together with principal Philip Uhde, filed an initial Schedule 13G disclosing beneficial ownership of 5,871,505 shares of Series C Liberty Live Group common stock (par value $0.01 per share) of Liberty Live Holdings, Inc., representing 9.2% of the outstanding class.

Reporting Entities & Ownership Structure

Beneficial ownership is reported jointly by:

1. Linonia Partners Fund LP (direct holder of the shares)
2. The Linonia Partnership LP (Investment Manager to the Fund)
3. The Linonia Partnership GP LLC (General Partner of the Investment Manager)
4. Philip Uhde (Principal of the Investment Manager and Managing Member of the General Partner)

Voting and Dispositive Power Breakdown:

• Sole Voting Power: 0
• Shared Voting Power: 5,871,505
• Sole Dispositive Power: 0
• Shared Dispositive Power: 5,871,505
• Aggregate Ownership: 5,871,505 shares (9.2% based on 63,900,740 shares outstanding as of July 31, 2026)

Context of Acquisition

The position originated from the December 15, 2025 split-off of Liberty Live Holdings, Inc. from Liberty Media Corporation. Prior to the split-off, the reporting persons owned 5,746,719 shares (~9.0%) of Liberty Media's Series C Liberty Live common stock, which were redeemed on a 1-for-1 basis for shares of the Issuer. Additional shares were acquired between the split-off date and the filing date, increasing the position to 5,871,505 shares.

Classification & Intent

The Schedule 13G was filed pursuant to Rule 13d-1(c). Under Item 10 certifications, the filer confirms the securities were acquired and are held in the ordinary course of business without the purpose or effect of changing or influencing the control of the issuer.