Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 93

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 $5.0 million of marketable equity securities during the first nine months of 2024. There were no sales of marketable equity securities during the first nine months of 2025. During the first nine months of 2024, the gross cumulative realized net gains from the sales of marketable equity securities were $19.8 million. The total proceeds from such sales were $23.5 million. The Company donated marketable equity securities in the first nine months of 2025 and 2024, and recorded $0.4 million in gross cumulative realized gains from the donations in each year. The net gain on marketable equity securities comprised the following:Three Months Ended  September 30Nine Months Ended  September 30(in thousands)2025202420252024Gain on marketable equity securities, net$84,768 $30,496 $117,026 $154,276 Less: Net gains in earnings from marketable equity securities sold and donated(25)(5,908)(25)(6,010)Net unrealized gains in earnings from marketable equity securities still held at the end of the period$84,743 $24,588 $117,001 $148,266 Investments in Affiliates.  As of September 30, 2025, the Company’s healthcare subsidiary held investments in several affiliates that Graham Healthcare Group (GHG) actively manages; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network Healthcare at Home. For the three and nine months ended September 30, 2025, the Company recorded $4.2 million and $12.1 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and nine months ended September 30, 2024, the Company recorded $4.4 million and $12.9 million, respectively, in revenue for services provided to the affiliates of GHG. In September 2025, the Company invested an additional $29.3 million in Intersection Holdings, LLC (Intersection). Intersection used a portion of the additional investment to settle, in a non-cash exchange, $19.3 million of the outstanding amount owed to the Company on the $30 million term loan extended in April 2023. The outstanding balance on this loan was $5.0 million as of September 30, 2025