Investments

12 Months Ended

Mar. 31, 2025

Investments Debt Equity Securities [Abstract]

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.