Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 53

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 related to GHC One and GHC Two LLC (GHC Two) was $21.5 million at June 30, 2025, with $8.4 million included in current liabilities due to the expected dissolution of GHC One by March 31, 2026.In December 2024, the Company acquired some of the minority-owned shares of CSI for a total estimated amount of $2.0 million. The Company paid cash of $0.6 million and entered into a promissory note with the minority owner for the remaining $1.4 million at an interest rate of 5.5% per annum. The note is included in other indebtedness and is due and payable on January 31, 2026. Following the redemption, the Company owns 87.5% of CSI.As of June 30, 2025, the Company holds a controlling financial interest in GHC One and GHC Two and therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial statements. GHC One acquired Clarus during 2019. GHC Two acquired Impact Medical during 2021 and Skin Clique and Surpass in 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.