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Trust Investments
 3 Months Ended
Mar. 31, 2026
Preneed Trust Investments [Abstract]  
TRUST INVESTMENTS TRUST INVESTMENTS
Preneed trust investments represent trust fund assets that we are generally permitted to withdraw as the services and merchandise are provided to customers. Preneed funeral and cemetery contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. These earnings are recognized in Other revenue on our Consolidated Statements of Operations, when a service is performed or merchandise is delivered. Trust management fees charged by our wholly owned registered investment advisory firm are included as revenue in the period in which they are earned. Our investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery.
Cemetery perpetual care trust investments represent a portion of the proceeds from the sale of cemetery property interment rights that we are required by various state laws to deposit into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized in Other revenue.
Changes in the fair value of our trust fund assets (Preneed funeral, cemetery and perpetual care trust investments) are offset by changes in the fair value of our trust fund liabilities (Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus) and reflected in Other, net. There is no impact on earnings until such time the services are performed, or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.
We rely on our trust investments to provide funding for the various contractual obligations that arise upon maturity of the underlying preneed contracts. Because of the long-term relationship between the establishment of trust investments and the required performance of the underlying contractual obligations, the impact of current market conditions that may exist at any given time is not necessarily indicative of our ability to generate profit on our future performance obligations.
Preneed Cemetery Trust Investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheets are as follows (in thousands):
March 31, 2026December 31, 2025
Preneed cemetery trust investments, at market value$114,827 $112,531 
Less: allowance for contract cancellation(3,420)(3,379)
Preneed cemetery trust investments$111,407 $109,152 
The cost and market values associated with preneed cemetery trust investments at March 31, 2026, are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$15,724 $— $— $15,724
Common stock111,573 2,051 (1,671)11,953
Limited partnership fund3,471 439 1 3,911
Mutual funds:
Equity110,112 87 (1,103)9,096
Fixed income242,780 44 (419)42,405
Alternative investments30,351 285 (42)30,594
Trust securities$114,011 $2,906 $(3,234)$113,683
Accrued investment income$1,144 $1,144
Preneed cemetery trust investments$114,827
Market value as a percentage of cost99.7 %
The cost and market values associated with preneed cemetery trust investments at December 31, 2025 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$15,653 $— $— $15,653
Common stock111,599 768 (1,709)10,658
Limited partnership fund3,496 — (93)3,403
Mutual funds:
Equity19,483 — (279)9,204
Fixed income243,013 353 (50)43,316
Alternative investments29,380 374 (68)29,686
Trust securities$112,624 $1,495 $(2,199)$111,920
Accrued investment income$611 $611
Preneed cemetery trust investments$112,531
Market value as a percentage of cost99.4 %
There were no fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at March 31, 2026 and December 31, 2025.
Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
 Three months ended March 31,
 20262025
Investment income$508 $647 
Realized gains362 2,003 
Realized losses(82)(1,603)
Unrealized gains (losses), net(328)855 
Expenses and taxes(652)(224)
Net change in deferred preneed cemetery receipts held in trust192 (1,678)
$— $— 
Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):
 Three months ended March 31,
 20262025
Purchases$(4,039)$(3,506)
Sales3,307 18,069 
Preneed Funeral Trust Investments
Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by payments from customers, less retained amounts not required to be deposited into trust.
The components of Preneed funeral trust investments on our Consolidated Balance Sheets are as follows (in thousands):
March 31, 2026December 31, 2025
Preneed funeral trust investments, at market value$119,033 $118,993 
Less: allowance for contract cancellation(3,551)(3,577)
Preneed funeral trust investments$115,482 $115,416 
The cost and market values associated with preneed funeral trust investments at March 31, 2026 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$20,981 $— $— $20,981
Fixed income securities:
U.S agency obligations2306 — (18)288
Common stock111,729 2,079 (1,694)12,114
Limited partnership fund3,518 446 — 3,964
Mutual funds:
Equity19,691 15 (1,117)8,589
Fixed income239,698 41 (399)39,340
Other investments21,701 — — 1,701
Alternative investments30,757 288 (42)31,003
Trust securities$118,381 $2,869 $(3,270)$117,980
Accrued investment income$1,053 $1,053
Preneed cemetery trust investments$119,033
Market value as a percentage of cost99.7 %
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less$98 
Due in one to five years91 
Due in five to ten years99 
Thereafter— 
Total fixed income securities$288 
The cost and market values associated with preneed funeral trust investments at December 31, 2025 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$20,985 $— $— $20,985
Fixed income securities:
U.S agency obligations2306 — (18)288
Common stock111,981 793 (1,765)11,009
Limited partnership fund3,611 — (97)3,514
Mutual funds:
Equity19,226 — (276)8,950
Fixed income241,059 331 (48)41,342
Other investments21,724 — — 1,724
Alternative investments30,344 386 (70)30,660
Trust securities$119,236 $— $1,510 $— $(2,274)$118,472
Accrued investment income$521 $521
Preneed cemetery trust investments$118,993
Market value as a percentage of cost99.4 %
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at March 31, 2026, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
March 31, 2026
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair market valueUnrealized LossesFair market valueUnrealized LossesFair market valueUnrealized Losses
Fixed income securities:
U.S agency obligations$— $— $288 $(18)$288 $(18)
Total fixed income securities with an unrealized loss$— $— $288 $(18)$288 $(18)
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
December 31, 2025
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair market valueUnrealized LossesFair market valueUnrealized LossesFair market valueUnrealized Losses
Fixed income securities:
U.S agency obligations$— $— $288 $(18)$288 $(18)
Total fixed income securities with an unrealized loss$— $— $288 $(18)$288 $(18)
Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
 Three months ended March 31,
 20262025
Investment income$399 $473 
Realized gains367 1,927 
Realized losses(83)(1,709)
Unrealized gains (losses), net(401)1,313 
Expenses and taxes(389)(105)
Net change in deferred preneed funeral receipts held in trust107 (1,899)
$— $— 
Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):
 Three months ended March 31,
 20262025
Purchases$(3,738)$(3,372)
Sales3,352 17,359 
Cemetery Perpetual Care Trust Investments
Care trusts’ corpus on our Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands): 
March 31, 2026December 31, 2025
Cemetery perpetual care trust investments, at market value$97,434 $95,625 
Obligations due to (due from) trust(1,852)(2,200)
Care trusts' corpus$95,582 $93,425 
The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at March 31, 2026 (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$8,331 $— $— $8,331
Common stock110,040 1,780 (1,450)10,370
Limited partnership fund3,011 382 — 3,393
Mutual funds:
Equity19,195 129 (956)8,368
Fixed income239,656 41 (376)39,321
Alternative investments26,331 247 (37)26,541
Trust securities$96,564 $2,579 $(2,819)$96,324
Accrued investment income$1,110 $1,110
Preneed cemetery trust investments$97,434
Market value as a percentage of cost99.8 %
The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2025 (in thousands): 
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$8,800 $— $— $8,800
Fixed income securities:
Corporate debt294 2 — 96
Common stock110,527 1,028 (1,451)10,104
Limited partnership fund2,892 — (77)2,815
Mutual funds:
Equity19,271 216 (257)9,230
Fixed income239,229 319 (145)39,403
Alternative investments24,308 310 (57)24,561
Trust securities$95,121 $1,875 $(1,987)$95,009
Accrued investment income$616 $616
Preneed cemetery trust investments$95,625
Market value as a percentage of cost99.9 %
There were no fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at March 31, 2026 and December 31, 2025.
Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
 Three months ended March 31,
 20262025
Realized gains695 251 
Realized losses$(171)$(201)
Unrealized gains (losses), net(240)688 
Net change in care trusts’ corpus(284)(738)
$— $— 
Perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):
 Three months ended March 31,
20262025
Investment income$2,300 $2,487 
Realized losses(429)(672)
Total$1,871 $1,815 
Purchases and sales of investments in the perpetual care trusts are as follows (in thousands):
Three months ended March 31,
 20262025
Purchases$(3,550)$(3,122)
Sales$6,377 $15,963