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Trust Investments | 3 Months Ended
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Mar. 31, 2020
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. Preneed trust investments are reduced by the trust earnings we have been allowed to withdraw in certain states prior to our performance. These earnings are recognized as earned, in Other revenue, when a service is performed or merchandise is delivered. Trust management fees charged by CSV RIA are included as revenue in the period in which they are earned. Cemetery perpetual care trust investments represent a portion of the proceeds from the sale of cemetery property interment rights which 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, as earned, in Other revenue. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U.S. treasury debt, common stock and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities, including foreign debt, corporate debt, preferred stocks, mortgage-backed securities and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. See Note 8 to the Consolidated Financial Statements included herein for further information of the fair value measurement. As of March 31, 2020, we have net unrealized losses of $45.1 million in our trusts. At March 31, 2020, these net unrealized losses represented 18% of our original cost basis of $245.2 million. The decline in fair value is largely due to changes in interest rates and other market conditions. Our trusts have been and continue to be impacted by adverse conditions in the U.S. and global financial markets primarily as a result of COVID-19. Our investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. In addition, 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. Changes in unrealized gains and/or losses related to these securities are reflected in Other comprehensive income (loss) and offset by the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus interests in those unrealized gains and/or losses. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to the preneed contracts and the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations. For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If our assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. 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 Sheet at December 31, 2019 and March 31, 2020 are as follows (in thousands):
| December 31, 2019 |  |  | March 31, 2020 |
Preneed cemetery trust investments, at market value | $ | 74,572 |  |  | $ | 63,130 |
Less: allowance for contract cancellation | (2,190 | ) |  | (2,354 | )
Preneed cemetery trust investments, net | $ | 72,382 |  |  | $ | 60,776 |
The cost and market values associated with preneed cemetery trust investments at March 31, 2020 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 3,516 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,516 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 8,294 |  |  | 180 |  |  | (1,687 | ) |  | 6,787 |
Corporate debt | 2 |  | 15,474 |  |  | 301 |  |  | (2,979 | ) |  | 12,796 |
Preferred stock | 2 |  | 13,691 |  |  | 35 |  |  | (2,289 | ) |  | 11,437 |
Mortgage-backed securities | 2 |  | 451 |  |  | — |  |  | (251 | ) |  | 200 |
Common stock | 1 |  | 34,456 |  |  | 1,646 |  |  | (11,022 | ) |  | 25,080 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed Income | 2 |  | 2,583 |  |  | 161 |  |  | (400 | ) |  | 2,344 |
Trust securities |  |  | $ | 78,465 |  |  | $ | 2,323 |  |  | $ | (18,628 | ) |  | $ | 62,160 |
Accrued investment income |  |  | $ | 970 |  |  |  |  |  |  | $ | 970 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 63,130 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 79.2 | %
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | — |
Due in one to five years | 4,178 |
Due in five to ten years | 8,025 |
Thereafter | 19,017 |
Total fixed income securities | $ | 31,220 |
The cost and market values associated with preneed cemetery trust investments at December 31, 2019 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 5,729 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,729 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 5,609 |  |  | 312 |  |  | (243 | ) |  | 5,678 |
Corporate debt | 2 |  | 16,916 |  |  | 1,044 |  |  | (649 | ) |  | 17,311 |
Preferred stock | 2 |  | 14,206 |  |  | 904 |  |  | (164 | ) |  | 14,946 |
Mortgage-backed securities | 2 |  | 517 |  |  | — |  |  | (114 | ) |  | 403 |
Common stock | 1 |  | 28,569 |  |  | 2,766 |  |  | (3,017 | ) |  | 28,318 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income | 2 |  | 1,463 |  |  | 72 |  |  | (85 | ) |  | 1,450 |
Trust Securities |  |  | $ | 73,009 |  |  | $ | 5,098 |  |  | $ | (4,272 | ) |  | $ | 73,835 |
Accrued investment income |  |  | $ | 737 |  |  |  |  |  |  | 737 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 74,572 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 101.1 | %
The following table summarized our fixed income securities within our preneed cemetery trust investment in an unrealized loss position at March 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| March 31, 2020
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 4,655 |  |  | $ | (1,153 | ) |  | $ | 168 |  |  | $ | (534 | ) |  | $ | 4,823 |  |  | $ | (1,687 | )
Corporate debt | 5,810 |  |  | (1,412 | ) |  | 3,253 |  |  | (1,567 | ) |  | 9,063 |  |  | (2,979 | )
Preferred stock | 10,813 |  |  | (2,289 | ) |  | — |  |  | — |  |  | 10,813 |  |  | (2,289 | )
Mortgage-backed securities | 80 |  |  | (115 | ) |  | 120 |  |  | (136 | ) |  | 200 |  |  | (251 | )
Total fixed income securities with an unrealized loss | $ | 21,358 |  |  | $ | (4,969 | ) |  | $ | 3,541 |  |  | $ | (2,237 | ) |  | $ | 24,899 |  |  | $ | (7,206 | )
| December 31, 2019
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 268 |  |  | $ | (42 | ) |  | $ | 758 |  |  | $ | (201 | ) |  | $ | 1,026 |  |  | $ | (243 | )
Corporate debt | 1,368 |  |  | (168 | ) |  | 4,520 |  |  | (481 | ) |  | 5,888 |  |  | (649 | )
Preferred stock | 4,135 |  |  | (164 | ) |  | — |  |  | — |  |  | 4,135 |  |  | (164 | )
Mortgage-backed securities | — |  |  | — |  |  | 402 |  |  | (114 | ) |  | 402 |  |  | (114 | )
Total fixed income securities with an unrealized loss | $ | 5,771 |  |  | $ | (374 | ) |  | $ | 5,680 |  |  | $ | (796 | ) |  | $ | 11,451 |  |  | $ | (1,170 | )
Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Investment income | $ | 571 |  |  | $ | 319 |
Realized gains | 1,458 |  |  | 1,916 |
Realized losses | (635 | ) |  | (1,372 | )
Expenses and taxes | (278 | ) |  | (187 | )
Net change in deferred preneed cemetery receipts held in trust | (1,116 | ) |  | (676 | )
| $ | — |  |  | $ | — |
Purchases and sales of investments in the preneed cemetery trusts for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Purchases | $ | (11,626 | ) |  | $ | (18,857 | )
Sales | 2,992 |  |  | 13,231 |
Preneed Funeral Trust Investments The components of Preneed funeral trust investments on our Consolidated Balance Sheet at December 31, 2019 and March 31, 2020 are as follows (in thousands):
| December 31, 2019 |  |  | March 31, 2020 |
Preneed funeral trust investments, at market value | $ | 99,246 |  |  | $ | 84,337 |
Less: allowance for expected credit losses and cancellations | (2,911 | ) |  | (2,960 | )
Preneed funeral trust investments | $ | 96,335 |  |  | $ | 81,377 |
The cost and market values associated with preneed funeral trust investments at March 31, 2020 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 22,033 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,033 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S treasury debt | 1 |  | 820 |  |  | 17 |  |  | — |  |  | 837 |
Foreign debt | 2 |  | 8,185 |  |  | 180 |  |  | (1,631 | ) |  | 6,734 |
Corporate debt | 2 |  | 14,374 |  |  | 290 |  |  | (2,826 | ) |  | 11,838 |
Preferred stock | 2 |  | 13,127 |  |  | 21 |  |  | (2,198 | ) |  | 10,950 |
Mortgage-backed securities | 2 |  | 503 |  |  | — |  |  | (252 | ) |  | 251 |
Common stock | 1 |  | 32,946 |  |  | 1,648 |  |  | (10,383 | ) |  | 24,211 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income | 2 |  | 2,519 |  |  | 162 |  |  | (302 | ) |  | 2,379 |
Other investments | 2 |  | 4,163 |  |  | — |  |  | — |  |  | 4,163 |
Trust securities |  |  | $ | 98,670 |  |  | $ | 2,318 |  |  | $ | (17,592 | ) |  | $ | 83,396 |
Accrued investment income |  |  | $ | 941 |  |  |  |  |  |  | $ | 941 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 84,337 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 84.5 | %
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | — |
Due in one to five years | 5,044 |
Due in five to ten years | 7,093 |
Thereafter | 18,473 |
Total fixed income securities | $ | 30,610 |
The cost and market values associated with preneed funeral trust investments at December 31, 2019 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 24,160 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,160 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 822 |  |  | — |  |  | — |  |  | 822 |
Foreign debt | 2 |  | 5,587 |  |  | 309 |  |  | (232 | ) |  | 5,664 |
Corporate debt | 2 |  | 16,109 |  |  | 992 |  |  | (646 | ) |  | 16,455 |
Preferred stock | 2 |  | 14,094 |  |  | 874 |  |  | (198 | ) |  | 14,770 |
Mortgage-backed securities | 2 |  | 585 |  |  | — |  |  | (117 | ) |  | 468 |
Common stock | 1 |  | 27,652 |  |  | 2,773 |  |  | (2,869 | ) |  | 27,556 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 772 |  |  | 617 |  |  | (4 | ) |  | 1,385 |
Fixed income | 2 |  | 4,364 |  |  | 107 |  |  | (107 | ) |  | 4,364 |
Other investments | 2 |  | 2,902 |  |  | — |  |  | — |  |  | 2,902 |
Trust securities |  |  | $ | 97,047 |  |  | $ | 5,672 |  |  | $ | (4,173 | ) |  | $ | 98,546 |
Accrued investment income |  |  | $ | 700 |  |  |  |  |  |  | $ | 700 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 99,246 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 101.5 | %
The following table summarized our fixed income securities within our preneed funeral trust investment in an unrealized loss position at March 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| March 31, 2020
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 4,605 |  |  | $ | (1,152 | ) |  | $ | 152 |  |  | $ | (479 | ) |  | $ | 4,757 |  |  | $ | (1,631 | )
Corporate debt | 5,248 |  |  | (1,357 | ) |  | 3,127 |  |  | (1,469 | ) |  | 8,375 |  |  | (2,826 | )
Preferred stock | 10,594 |  |  | (2,198 | ) |  | — |  |  | — |  |  | 10,594 |  |  | (2,198 | )
Mortgage-backed securities | 84 |  |  | (115 | ) |  | 135 |  |  | (137 | ) |  | 219 |  |  | (252 | )
Total fixed income securities with an unrealized loss | 20,531 |  |  | (4,822 | ) |  | 3,414 |  |  | (2,085 | ) |  | 23,945 |  |  | (6,907 | )
| December 31, 2019
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 274 |  |  | $ | (43 | ) |  | $ | 723 |  |  | $ | (189 | ) |  | $ | 997 |  |  | $ | (232 | )
Corporate debt | 1,403 |  |  | (172 | ) |  | 4,433 |  |  | (474 | ) |  | 5,836 |  |  | (646 | )
Preferred stock | 4,412 |  |  | (198 | ) |  | — |  |  | — |  |  | 4,412 |  |  | (198 | )
Mortgage-backed securities | — |  |  | — |  |  | 439 |  |  | (117 | ) |  | 439 |  |  | (117 | )
Total fixed income securities with an unrealized loss | 6,089 |  |  | (413 | ) |  | 5,595 |  |  | (780 | ) |  | 11,684 |  |  | (1,193 | )
Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Investment income | $ | 573 |  |  | $ | 258 |
Realized gains | 1,320 |  |  | 2,551 |
Realized losses | (583 | ) |  | (1,129 | )
Expenses and taxes | (228 | ) |  | (97 | )
Net change in deferred preneed funeral receipts held in trust | (1,082 | ) |  | (1,583 | )
| $ | — |  |  | $ | — |
Purchases and sales of investments in the preneed funeral trusts for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Purchases | $ | (10,759 | ) |  | $ | (18,538 | )
Sales | 2,785 |  |  | 15,968 |
Cemetery Perpetual Care Trust Investments Care trusts’ corpus on our Consolidated Balance Sheet represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2019 and March 31, 2020 are as follows (in thousands):
| December 31, 2019 |  |  | March 31, 2020 |
Cemetery perpetual care trust investments, at market value | $ | 64,047 |  |  | $ | 52,677 |
Obligations due to (from) trust | (631 | ) |  | 97 |
Care trusts’ corpus | $ | 63,416 |  |  | $ | 52,774 |
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at March 31, 2020 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 4,128 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,128 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 7,041 |  |  | 139 |  |  | (1,448 | ) |  | 5,732 |
Corporate debt | 2 |  | 12,357 |  |  | 277 |  |  | (2,345 | ) |  | 10,289 |
Preferred stock | 2 |  | 11,988 |  |  | 45 |  |  | (2,138 | ) |  | 9,895 |
Mortgage-backed securities | 2 |  | 347 |  |  | — |  |  | (193 | ) |  | 154 |
Common stock | 1 |  | 26,621 |  |  | 1,261 |  |  | (8,736 | ) |  | 19,146 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed Income | 2 |  | 2,924 |  |  | 124 |  |  | (511 | ) |  | 2,537 |
Trust securities |  |  | $ | 65,406 |  |  | $ | 1,846 |  |  | $ | (15,371 | ) |  | $ | 51,881 |
Accrued investment income |  |  | $ | 796 |  |  |  |  |  |  | $ | 796 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 52,677 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 79.3 | %
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | — |
Due in one to five years | 3,296 |
Due in five to ten years | 6,241 |
Thereafter | 16,533 |
Total fixed income securities | $ | 26,070 |
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2019 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 4,624 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,624 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 4,200 |  |  | 238 |  |  | (175 | ) |  | 4,263 |
Corporate debt | 2 |  | 11,658 |  |  | 802 |  |  | (534 | ) |  | 11,926 |
Preferred stock | 2 |  | 10,782 |  |  | 666 |  |  | (106 | ) |  | 11,342 |
Mortgage-backed securities | 2 |  | 324 |  |  | — |  |  | (71 | ) |  | 253 |
Common stock | 1 |  | 21,594 |  |  | 3,399 |  |  | (1,911 | ) |  | 23,082 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 233 |  |  | 146 |  |  | (1 | ) |  | 378 |
Fixed income | 2 |  | 7,156 |  |  | 618 |  |  | (107 | ) |  | 7,667 |
Trust securities |  |  | $ | 60,571 |  |  | $ | 5,869 |  |  | $ | (2,905 | ) |  | $ | 63,535 |
Accrued investment income |  |  | $ | 512 |  |  |  |  |  |  | $ | 512 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 64,047 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 104.9 | %
The following table summarized our fixed income securities within our perpetual care trust investment in an unrealized loss position at March 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| March 31, 2020
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 4,069 |  |  | $ | (976 | ) |  | $ | 151 |  |  | $ | (472 | ) |  | $ | 4,220 |  |  | $ | (1,448 | )
Corporate debt | 4,077 |  |  | (1,042 | ) |  | 2,803 |  |  | (1,303 | ) |  | 6,880 |  |  | (2,345 | )
Preferred stock | 9,173 |  |  | (2,138 | ) |  | — |  |  | — |  |  | 9,173 |  |  | (2,138 | )
Mortgage-backed securities | 61 |  |  | (88 | ) |  | 93 |  |  | (105 | ) |  | 154 |  |  | (193 | )
Total fixed income securities with an unrealized loss | $ | 17,380 |  |  | $ | (4,244 | ) |  | $ | 3,047 |  |  | $ | (1,880 | ) |  | $ | 20,427 |  |  | $ | (6,124 | )
| December 31, 2019
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 168 |  |  | $ | (26 | ) |  | $ | 549 |  |  | $ | (149 | ) |  | $ | 717 |  |  | $ | (175 | )
Corporate debt | 1,057 |  |  | (196 | ) |  | 3,253 |  |  | (338 | ) |  | 4,310 |  |  | (534 | )
Preferred stock | 2,989 |  |  | (106 | ) |  | — |  |  | — |  |  | 2,989 |  |  | (106 | )
Mortgage-backed securities | — |  |  | — |  |  | 252 |  |  | (71 | ) |  | 252 |  |  | (71 | )
Total fixed income securities with an unrealized loss | $ | 4,214 |  |  | $ | (328 | ) |  | $ | 4,054 |  |  | $ | (558 | ) |  | $ | 8,268 |  |  | $ | (886 | )
Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Realized gains | $ | 354 |  |  | $ | 709 |
Realized losses | (171 | ) |  | (679 | )
Net change in Care trusts’ corpus | (183 | ) |  | (30 | )
Total | $ | — |  |  | $ | — |
Perpetual care trust investment security transactions recorded in Other revenue for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Investment income | $ | 1,087 |  |  | $ | 1,405 |
Realized losses, net | (290 | ) |  | (36 | )
Total | $ | 797 |  |  | $ | 1,369 |
Purchases and sales of investments in the perpetual care trusts for the three months ended March 31, 2019 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2019 |  |  | 2020 |
Purchases | $ | (9,157 | ) |  | $ | (14,612 | )
Sales | 1,702 |  |  | 12,694 |

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- Definition PRENEED TRUST INVESTMENTS + References No definition available. + Details
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- Definition This note represents disclosures relating to preneed funeral and cemetery activity and major accounts which also include: (1) fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments; (2) variable interest entities; and (3)all other required (as defined) and desired information. + References No definition available. + Details
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Balance Type: | na
Period Type: | duration