[Form 4] Graham Holdings Co Insider Trading Activity

Rhea-AI Filing Summary

Anne M. Mulcahy, a director of Graham Holdings Co (GHC), reported acquiring 21 Class B common shares on 10/01/2025 under the Director Share Purchase Program, which allows directors to receive fees in stock instead of cash. The reported price per share is listed as $1,165.25. After the transaction, Ms. Mulcahy beneficially owns 692 Class B shares, held indirectly through a revocable trust. The Form 4 was signed on 10/02/2025. The filing states the acquisition resulted from elected director compensation and provides no additional transactions, options, or dispositions.

Positive

• Director alignment: Anne M. Mulcahy acquired 21 Class B shares under the director compensation program, increasing stake to 692 shares
• Transparent reporting: Transaction and beneficial ownership details were filed on Form 4 and signed on 10/02/2025

Negative

• None.

Insights

Corporate Governance Analyst

Director elected to receive fees in stock, acquiring 21 Class B shares.

The Form 4 shows Anne M. Mulcahy used the Director Share Purchase Program to convert director fees into 21 Class B shares on 10/01/2025, increasing her indirect beneficial ownership to 692 shares via a revocable trust. This is a routine governance action reflecting compensation choice rather than a market-timed trade.

Because the shares were received as compensation, the transaction is administrative in nature and not disclosed as a purchase for investment purposes; the filing contains no derivative activity or dispositions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MULCAHY ANNE M

(Last) (First) (Middle)

C/O GRAHAM HOLDINGS 1812 NORTH MOORE ST.

SUITE 2100

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Graham Holdings Co [ GHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	10/01/2025		A(1)		21	A	$1,165.25	692	I	Revocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Securities acquired pursuant to the Director's election under the Director Share Purchase Program to receive a portion of the fees received for service as a director in stock in lieu of cash.

Remarks:

	Nicole Maddrey for Anne M. Mulcahy	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Anne M. Mulcahy report on Form 4 for GHC?

She reported acquiring 21 Class B common shares on 10/01/2025 under the Director Share Purchase Program.

How many GHC shares does Anne M. Mulcahy beneficially own after the transaction?

The Form 4 reports she beneficially owns 692 Class B shares following the reported acquisition.

At what price were the shares reported on the Form 4?

The filing lists a price of $1,165.25 associated with the reported acquisition line.

How is Ms. Mulcahy's ownership held according to the filing?

Her ownership is reported indirect through a revocable trust.

When was the Form 4 signed and filed?

The Form 4 bears a signature line dated 10/02/2025.