Liberty Broadband preferreds trade below par with 8%+ yield and strong merger-backed security.

Liberty Broadband preferred shares (LBRDP) are trading at $22, below their $25 par value, offering an attractive 8%+ annual yield and a guaranteed capital gain at redemption in 2039. The upcoming merger with Charter Communications enhances the security of these preferreds, supported by Charter's $100 million monthly buybacks and a term loan facility that reduces balance sheet risk. This merger, independent of the Cox deal, positions LBRDP as a compelling investment with strong backing from a leading telecom company and ensured dividend safety through recent agreements.