Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 11

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 2022. The Company accounts for the minority ownership of the group of senior managers in GHC One and GHC Two as a mandatorily redeemable noncontrolling interest (see Note 8).

3.    INVESTMENTS

Money Market Investments.  As of June 30, 2025 and December 31, 2024, the Company had money market investments of $6.0 million and $3.9 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.

8

Investments in Marketable Equity Securities.  Investments in marketable equity securities consist of the following:  As ofJune 30,2025December 31,2024(in thousands)Total cost$231,976 $227,153 Gross unrealized gains663,867 627,760 Gross unrealized losses(6,328)(2,479)Total Fair Value$889,515 $852,434 At June 30, 2025 and December 31, 2024, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $110.7 million and $95.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of June 30, 2025, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $542.2 million, which exceeded 5% of the Company’s total assets. The Company purchased $4.8 million of marketable equity securities during the first six months of 2025. There were no purchases of marketable equity securities during the first six months of 2024. There were no sales of marketable equity securities during the first six months of 2025 and 2024, respectively. The Company donated marketable equity securities in the first six months of 2024, and recorded a $0.4 million gross cumulative realized gain from the donation. The net (loss) gain on marketable equity securities comprised the following:Three Months Ended  June 30Six Months Ended  June 30(in thousands)2025202420252024(Loss) gain on marketable equity securities, net$(11,543)$19,628 $32,258 $123,780 Less: Net gains in earnings from marketable equity securities donated—