Company: GHC
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000104889-25-000053
Chunk: 10

Company: Graham Holdings Co
Filing Date: 2025-06-27
Form: 11-K
Chunk 10
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. The plan administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for the years prior to 2021.

#### NOTE 5 - GRAHAM HOLDINGS COMPANY MASTER TRUST
The Master Trust was established for the purpose of maintaining assets for the exclusive benefit of the participants of The Savings Plan for Graham Holdings Company, The Kaplan, Inc. Tax Deferred Savings Plan for Salaried Employees, and The 401(k) Savings Plan for GHC Affiliates (collectively, Participating Plans). Each Participating Plans’ specific interest in the Master Trust is based on the account balances of the participants and their elected investment options specific to each plan. The Master Trust assets are allocated among the Participating Plans by assigning to each Participating Plan the entire amount of contributions received on behalf of each Participating Plan, benefit payments, or other expenses attributed solely to such Participating Plan, and every other transaction relating only to such Participating Plan and by allocating among all Participating Plans, in proportion to the value of the assets assigned to each Participating Plan, income and expenses resulting from collective investment of the assets of the Master Trust.

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The following table presents the net assets of the Master Trust:

|                                    |     |              | As of December 31, 2024 |     |                               |             |     |              | As of December 31, 2023 |     |                               |             |
|:-----------------------------------|:----|:-------------|------------------------:|:----|:------------------------------|------------:|:----|:-------------|------------------------:|:----|:------------------------------|------------:|
|                                    |     | Master Trust |                         |     | Plan Interest in Master Trust |             |     | Master Trust |                         |     | Plan Interest in Master Trust |             |
| Registered Investment              |     |              |                         |     |                               |             |     |              |                         |     |                               |             |
| Companies (Mutual Funds)           |     | $            |             569,373,225 |     | $                             | 309