Company: GHC
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000104889-25-000049
Chunk: 11

Company: Graham Holdings Co
Filing Date: 2025-06-27
Form: 11-K
Chunk 11
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     |                               | 38,441,951 |
| Berkshire Hathaway Stock Fund      |     |              |              55,306,537 |     |                               |  2,344,400 |     |              |              46,676,349 |     |                               |  2,477,807 |
| Graham Holdings Company Stock Fund |     |              |               4,321,924 |     |                               |    122,597 |     |              |               4,210,252 |     |                               |    124,050 |
| Total net assets                   |     | $            |             974,426,006 |     | $                             | 75,706,100 |     | $            |             854,808,288 |     | $                             | 79,166,903 |

The following table presents the net appreciation in the fair value of investments and investment income for the Master Trust for the year ended December 31, 2024:

| Net appreciation in fair value of investments |     | $ | 113,332,031 |
| Interest and dividends                        |     |   |  26,359,033 |
| Total investment income                       |     | $ | 139,691,064 |

Refer to Note 6 for a description of the valuation methodologies used.

#### NOTE 6 – FAIR VALUE MEASUREMENTS
A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability, based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Master Trust to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Master Trust’s assessment of the significance of a particular input to fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

Financial assets held in the Master Trust and the valuation techniques for measuring fair value are as follows:

#### Registered Investment Companies (Mutual Funds)
: Registered investment companies (mutual funds) are valued at their respective net asset values. The net