(7) Stock-Based Compensation

Liberty Live grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Live Group common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and RSUs) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are $2,445 thousand and $1,725 thousand of stock-based compensation during the three months ended September 30, 2026 and 2025, respectively, and $7,396 thousand and $3,668 thousand of stock-based compensation during the nine months ended September 30, 2026 and 2025, respectively.

Grants of Awards

Liberty Live did not grant any options to purchase shares of Series A Liberty Live Group common stock (“LLYVA”), Series B Liberty Live Group common stock (“LLYVB”) or Series C Liberty Live Group common stock (“LLYVK”) during the nine months ended September 30, 2026.

The Company has calculated the GDFV for all of its equity classified options using the Black-Scholes Model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for options is based on the historical volatility of Liberty Live Group common stock. The Company uses a zero-dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

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Outstanding Awards

The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty Live Group common stock granted to directors and employees, as well as the weighted average remaining life and aggregate intrinsic value of the options.

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The following table presents the number and weighted average GDFV of RSUs granted to directors, employees and employees of subsidiaries of the Company.

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As of September 30, 2026, 100 thousand LLYVA options remained outstanding at an exercise price of $78.57, a remaining contractual life of 6.2 years and an intrinsic value of approximately $1.6 million. None of these options were exercisable as of September 30, 2026.

As of September 30, 2026, there were no outstanding options to purchase shares of LLYVB.

As of September 30, 2026, the total unrecognized compensation cost related to unvested Awards was approximately $19.1 million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 2.6 years.

As of September 30, 2026, 1.2 million shares of LLYVA and LLYVK were reserved by Liberty Live for issuance under exercise privileges of outstanding stock options.

Exercises

The aggregate intrinsic value of all LLYVK options exercised during the nine months ended September 30, 2026 and 2025 was $8.5 million and $2.9 million, respectively.

Restricted Stock and Restricted Stock Units

The aggregate fair value of all RSUs of Liberty Live Group common stock that vested during the nine months ended September 30, 2026 and 2025 was $2.8 million and $1.1 million, respectively.