Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 14

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 the Company had money market investments of $5.6 million and $3.9 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.Investments in Marketable Equity Securities.  Investments in marketable equity securities consist of the following:  As ofSeptember 30,2025December 31,2024(in thousands)Total cost$256,897 $227,153 Gross unrealized gains760,003 627,760 Gross unrealized losses(18,107)(2,479)Total Fair Value$998,793 $852,434 At September 30, 2025 and December 31, 2024, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $105.9 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 September 30, 2025, the Company owned 422 Class A and 481,920 Class B shares in Berkshire Hathaway valued at $560.6 million, which exceeded 5% of the Company’s total assets. The Company purchased $29.8 million of marketable equity securities during the first nine months of 2025. The Company purchased $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