Investments

12 Months Ended

Mar. 31, 2024

Investments Debt Equity Securities [Abstract]

Investments

Note 6. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $23.1 million and $23.4 million for March 31, 2024 and 2023, respectively.

Available-for-Sale Investments

Available-for-sale investments as of March 31, 2024 were as follows:

		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Allowance for Expected Credit Losses				Fair Value
		(In thousands)
U.S. treasury securities and government obligations	$		191,070	$		2,123	$		(8,921	)	$		—		$		184,272
U.S. government agency mortgage-backed securities			48,067			250			(7,664	)			—				40,653
Obligations of states and political subdivisions			151,197			918			(7,533	)			—				144,582
Corporate securities			1,963,249			2,762			(152,799	)			(1,052	)			1,812,160
Mortgage-backed securities			306,510			34			(45,707	)			—				260,837
	$		2,660,093	$		6,087	$		(222,624	)	$		(1,052	)	$		2,442,504

Available-for-sale investments as of March 31, 2023 were as follows:

		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Allowance for Expected Credit Losses				Fair Value
		(in thousands)
U.S. treasury securities and government obligations	$		353,189	$		3,061	$		(11,574	)	$		—		$		344,676
U.S. government agency mortgage-backed securities			34,126			40			(6,935	)			—				27,231
Obligations of states and political subdivisions			161,960			649			(12,104	)			—				150,505
Corporate securities			2,086,432			1,491			(216,589	)			(2,101	)			1,869,233
Mortgage-backed securities			370,880			78			(53,566	)			—				317,392
	$		3,006,587	$		5,319	$		(300,768	)	$		(2,101	)	$		2,709,037

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2024 and March 31, 2023 are as follows:

	March 31, 2024
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
U.S. treasury securities and government obligations	$	1,888	$	(13	)	$	103,336	$	(8,908	)	$	105,224	$	(8,921	)
U.S. government agency mortgage-backed securities		—		—			23,711		(7,664	)		23,711		(7,664	)
Obligations of states and political subdivisions		10,492		(222	)		80,082		(7,311	)		90,574		(7,533	)
Corporate securities		132,513		(1,258	)		1,495,167		(151,541	)		1,627,680		(152,799	)
Mortgage-backed securities		3,008		(23	)		248,423		(45,684	)		251,431		(45,707	)
	$	147,901	$	(1,516	)	$	1,950,719	$	(221,108	)	$	2,098,620	$	(222,624	)

	March 31, 2023
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
U.S. treasury securities and government obligations	$	75,952	$	(3,935	)	$	36,736	$	(7,639	)	$	112,688	$	(11,574	)
U.S. government agency mortgage-backed securities		2,019		(228	)		23,966		(6,707	)		25,985		(6,935	)
Obligations of states and political subdivisions		101,974		(8,090	)		13,463		(4,014	)		115,437		(12,104	)
Corporate securities		1,553,647		(158,038	)		213,947		(58,551	)		1,767,594		(216,589	)
Mortgage-backed securities		189,370		(13,207	)		118,539		(40,359	)		307,909		(53,566	)
	$	1,922,962	$	(183,498	)	$	406,651	$	(117,270	)	$	2,329,613	$	(300,768	)

Gross proceeds from matured or redeemed securities were $667.0 million, $196.2 million and $352.3 million in fiscal 2024, 2023 and 2022, respectively. Included in the fiscal 2024 proceeds was $322.3 million from the Moving and Storage

Treasuries that matured. The gross realized gains on these sales totaled $1.9 million, $0.9 million and $9.5 million in fiscal 2024, 2023 and 2022, respectively. The gross realized losses on these sales of $3.1 million, $0.3 million and $1.4 million in fiscal 2024, 2023 and 2022, respectively.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $1.0 million and $2.0 million net impairment charge reported in fiscal 2024 and 2023, respectively.

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:

		March 31, 2024						March 31, 2023
		Amortized Cost			Fair Value			Amortized Cost			Fair Value
		(In thousands)
Due in one year or less	$		266,357	$		266,578	$		354,875	$		354,184
Due after one year through five years			748,338			723,903			754,175			717,552
Due after five years through ten years			614,890			564,422			736,089			665,708
Due after ten years			723,998			626,764			790,568			654,201
			2,353,583			2,181,667			2,635,707			2,391,645
Mortgage-backed securities			306,510			260,837			370,880			317,392
	$		2,660,093	$		2,442,504	$		3,006,587	$		2,709,037

Equity investments of common stock and non-redeemable preferred stock were as follows:

		March 31, 2024						March 31, 2023
		Amortized Cost			Fair Value			Amortized Cost			Fair Value
		(In thousands)
Common stocks	$		29,604	$		45,014	$		29,577	$		39,375
Non-redeemable preferred stocks			25,144			21,260			26,054			21,982
	$		54,748	$		66,274	$		55,631	$		61,357

Investments, other

The carrying value of other investments were as follows:

		March 31,
		2024			2023
		(In thousands)
Mortgage loans, net	$		604,481	$		466,531
Short-term investments			997			15,921
Policy loans			11,229			10,921
Other investments			17,229			82,167
	$		633,936	$		575,540

Mortgage loans are carried at the unpaid balance, less an allowance for expected losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 3.5% to 7.7% with maturities between 2024 and 2036. The allowance for expected losses was $0.5 million for both March 31, 2024 and 2023. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2024. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area.

Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value.

Other equity investments are carried at cost and assessed for impairment.

Insurance policy loans are carried at their unpaid balance.