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v3.25.1

Investments | 12 Months Ended
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Mar. 31, 2025
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 amortized cost of bonds on deposit with insurance regulatory authorities was $21.5 million and $23.1 million for March 31, 2025 and 2024, respectively. Available-for-Sale Investments Available-for-sale investments as of March 31, 2025 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 | $ |  | 119,289 |  | $ |  | 206 |  | $ |  | (8,353 | ) | $ |  | — |  | $ |  | 111,142 |
U.S. government agency mortgage-backed securities |  |  | 81,909 |  |  |  | 232 |  |  |  | (8,712 | ) |  |  | — |  |  |  | 73,429 |
Obligations of states and political subdivisions |  |  | 137,280 |  |  |  | 272 |  |  |  | (8,808 | ) |  |  | — |  |  |  | 128,744 |
Corporate securities |  |  | 1,807,605 |  |  |  | 1,623 |  |  |  | (155,749 | ) |  |  | (3,104 | ) |  |  | 1,650,375 |
Mortgage-backed securities |  |  | 562,479 |  |  |  | 582 |  |  |  | (47,253 | ) |  |  | — |  |  |  | 515,808 |
| $ |  | 2,708,562 |  | $ |  | 2,915 |  | $ |  | (228,875 | ) | $ |  | (3,104 | ) | $ |  | 2,479,498 |
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 |
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, 2025 and March 31, 2024 are as follows:
|  |  | March 31, 2025 |
|  |  | 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 |  |  | $ | 1,760 |  |  |  | $ | (24 | ) |  |  | $ | 95,058 |  |  |  | $ | (8,329 | ) |  |  | $ | 96,818 |  |  |  | $ | (8,353 | )
U.S. government agency mortgage-backed securities |  |  |  | 36,871 |  |  |  |  | (197 | ) |  |  |  | 20,928 |  |  |  |  | (8,515 | ) |  |  |  | 57,799 |  |  |  |  | (8,712 | )
Obligations of states and political subdivisions |  |  |  | 46,036 |  |  |  |  | (1,628 | ) |  |  |  | 52,903 |  |  |  |  | (7,179 | ) |  |  |  | 98,939 |  |  |  |  | (8,807 | )
Corporate securities |  |  |  | 294,133 |  |  |  |  | (5,822 | ) |  |  |  | 1,239,884 |  |  |  |  | (149,927 | ) |  |  |  | 1,534,017 |  |  |  |  | (155,749 | )
Mortgage-backed securities |  |  |  | 188,328 |  |  |  |  | (3,911 | ) |  |  |  | 217,020 |  |  |  |  | (43,343 | ) |  |  |  | 405,348 |  |  |  |  | (47,254 | )
|  |  | $ | 567,128 |  |  |  | $ | (11,582 | ) |  |  | $ | 1,625,793 |  |  |  | $ | (217,293 | ) |  |  | $ | 2,192,921 |  |  |  | $ | (228,875 | )
|  |  | 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 | )
Gross proceeds from matured or redeemed securities were $439.4 million, $667.0 million and $196.2 million in fiscal 2025, 2024 and 2023, respectively. Included in the fiscal 2025 and 2024 proceeds was $13.3 million and $106.5 million of proceeds from sales of available-for-sale investments. No material gross realized gains or losses were recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $2.1 million and $1.0 million net impairment charge reported in fiscal 2025 and 2024, respectively. The amortized cost and fair value of available-for-sale investments by contractual maturity, were as follows:
|  | March 31, 2025 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less | $ |  | 196,238 |  | $ |  | 194,896 |  | $ |  | 266,357 |  | $ |  | 266,578 |
Due after one year through five years |  |  | 591,589 |  |  |  | 576,204 |  |  |  | 748,338 |  |  |  | 723,903 |
Due after five years through ten years |  |  | 611,788 |  |  |  | 558,430 |  |  |  | 614,890 |  |  |  | 564,422 |
Due after ten years |  |  | 746,468 |  |  |  | 634,160 |  |  |  | 723,998 |  |  |  | 626,764 |
|  |  | 2,146,083 |  |  |  | 1,963,690 |  |  |  | 2,353,583 |  |  |  | 2,181,667 |
Mortgage-backed securities |  |  | 562,479 |  |  |  | 515,808 |  |  |  | 306,510 |  |  |  | 260,837 |
| $ |  | 2,708,562 |  | $ |  | 2,479,498 |  | $ |  | 2,660,093 |  | $ |  | 2,442,504 |
Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | March 31, 2025 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Common stocks | $ |  | 30,108 |  | $ |  | 43,413 |  | $ |  | 29,604 |  | $ |  | 45,014 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 22,136 |  |  |  | 25,144 |  |  |  | 21,260 |
| $ |  | 55,252 |  | $ |  | 65,549 |  | $ |  | 54,748 |  | $ |  | 66,274 |
Investments, other The carrying value of other investments were as follows:
|  | March 31, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Mortgage loans, net | $ |  | 657,567 |  | $ |  | 604,481 |
Policy loans |  |  | 11,868 |  |  |  | 11,229 |
Other investments |  |  | 8,819 |  |  |  | 18,226 |
| $ |  | 678,254 |  | $ |  | 633,936 |
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 2025 and 2036. The allowance for expected losses was $0.4 million for both March 31, 2025 and 2024. 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, 2025. 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.

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