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Trust Investments | 9 Months Ended
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Sep. 30, 2024
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on earnings until such time the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.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 Sheet are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Preneed cemetery trust investments, at market value | $ | 105,617 |  |  | $ | 99,461 |
Less: allowance for contract cancellation | (3,226) |  |  | (3,087) |
Preneed cemetery trust investments | $ | 102,391 |  |  | $ | 96,374 |
The cost and market values associated with preneed cemetery trust investments at September 30, 2024 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 24,268 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,268 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. agency obligations | 2 |  | 664 |  |  | — |  |  | (33) |  |  | 631 |
Foreign debt | 2 |  | 8,530 |  |  | 1,519 |  |  | (8) |  |  | 10,041 |
Corporate debt | 2 |  | 13,669 |  |  | 509 |  |  | (2,446) |  |  | 11,732 |
Preferred stock | 2 |  | 10,990 |  |  | 483 |  |  | (1,558) |  |  | 9,915 |
Certificates of deposit | 2 |  | 79 |  |  | — |  |  | (5) |  |  | 74 |
Common stock | 1 |  | 31,416 |  |  | 3,033 |  |  | (3,142) |  |  | 31,307 |
Limited partnership fund |  |  | 3,514 |  |  | 456 |  |  | — |  |  | 3,970 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 907 |  |  | 107 |  |  | (1) |  |  | 1,013 |
Fixed income | 2 |  | 13,516 |  |  | 181 |  |  | (1,880) |  |  | 11,817 |
Trust securities |  |  | $ | 107,553 |  |  | $ | 6,288 |  |  | $ | (9,073) |  |  | $ | 104,768 |
Accrued investment income |  |  | $ | 849 |  |  |  |  |  |  | $ | 849 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 105,617 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 97.4%
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less | $ | 139 |
Due in one to five years | 13,444 |
Due in five to ten years | 939 |
Thereafter | 17,871 |
Total fixed income securities | $ | 32,393 |
The cost and market values associated with preneed cemetery trust investments at December 31, 2023 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 9,643 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,643 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. agency obligations | 2 |  | 803 |  |  | 1 |  |  | (51) |  |  | 753 |
Foreign debt | 2 |  | 7,764 |  |  | 1,371 |  |  | (17) |  |  | 9,118 |
Corporate debt | 2 |  | 15,071 |  |  | 342 |  |  | (3,657) |  |  | 11,756 |
Preferred stock | 2 |  | 10,965 |  |  | 473 |  |  | (1,572) |  |  | 9,866 |
Certificate of deposit | 2 |  | 79 |  |  | — |  |  | (7) |  |  | 72 |
Common stock | 1 |  | 43,057 |  |  | 9,466 |  |  | (7,935) |  |  | 44,588 |
Limited partnership fund |  |  | 3,575 |  |  | — |  |  | (3) |  |  | 3,572 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 553 |  |  | 10 |  |  | (30) |  |  | 533 |
Fixed income | 2 |  | 11,369 |  |  | 16 |  |  | (2,759) |  |  | 8,626 |
Trust Securities |  |  | $ | 102,879 |  |  | $ | 11,679 |  |  | $ | (16,031) |  |  | $ | 98,527 |
Accrued investment income |  |  | $ | 934 |  |  |  |  |  |  | $ | 934 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 99,461 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 95.8%
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| September 30, 2024
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | — |  |  | $ | — |  |  | $ | 492 |  |  | $ | (33) |  |  | $ | 492 |  |  | $ | (33) |
Foreign debt | — |  |  | — |  |  | 210 |  |  | (8) |  |  | 210 |  |  | (8) |
Corporate debt | 695 |  |  | (136) |  |  | 2,268 |  |  | (2,310) |  |  | 2,963 |  |  | (2,446) |
Preferred stock | 700 |  |  | (2) |  |  | 7,664 |  |  | (1,556) |  |  | 8,364 |  |  | (1,558) |
Certificates of deposit | — |  |  | — |  |  | 74 |  |  | (5) |  |  | 74 |  |  | (5) |
Total fixed income securities with an unrealized loss | $ | 1,395 |  |  | $ | (138) |  |  | $ | 10,708 |  |  | $ | (3,912) |  |  | $ | 12,103 |  |  | $ | (4,050) |
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| December 31, 2023
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | — |  |  | $ | — |  |  | $ | 613 |  |  | $ | (51) |  |  | $ | 613 |  |  | $ | (51) |
Foreign debt | 284 |  |  | (5) |  |  | 209 |  |  | (12) |  |  | 493 |  |  | (17) |
Corporate debt | 666 |  |  | (62) |  |  | 4,239 |  |  | (3,595) |  |  | 4,905 |  |  | (3,657) |
Preferred stock | 45 |  |  | — |  |  | 7,821 |  |  | (1,572) |  |  | 7,866 |  |  | (1,572) |
Certificates of deposit | — |  |  | — |  |  | 72 |  |  | (7) |  |  | 72 |  |  | (7) |
Total fixed income securities with an unrealized loss | $ | 995 |  |  | $ | (67) |  |  | $ | 12,954 |  |  | $ | (5,237) |  |  | $ | 13,949 |  |  | $ | (5,304) |
Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Investment income | $ | 647 |  |  | $ | 610 |  |  | $ | 2,030 |  |  | $ | 1,889 |
Realized gains | — |  |  | 246 |  |  | 11,500 |  |  | 2,247 |
Realized losses | — |  |  | (190) |  |  | (8,511) |  |  | (1,336) |
Unrealized gains (losses), net | 2,151 |  |  | 1,818 |  |  | (2,785) |  |  | (6,896) |
Expenses and taxes | (365) |  |  | (454) |  |  | (1,704) |  |  | (1,076) |
Net change in deferred preneed cemetery receipts held in trust | (2,433) |  |  | (2,030) |  |  | (530) |  |  | 5,172 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Purchases | $ | — |  |  | $ | (5,481) |  |  | $ | (11,110) |  |  | $ | (14,619) |
Sales | — |  |  | 5,368 |  |  | 21,737 |  |  | 11,230 |
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 Sheet are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Preneed funeral trust investments, at market value | $ | 112,373 |  |  | $ | 111,247 |
Less: allowance for contract cancellation | (3,417) |  |  | (3,405) |
Preneed funeral trust investments | $ | 108,956 |  |  | $ | 107,842 |
The cost and market values associated with preneed funeral trust investments at September 30, 2024 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 34,849 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,849 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 406 |  |  | — |  |  | (24) |  |  | 382 |
Foreign debt | 2 |  | 8,291 |  |  | 1,485 |  |  | (8) |  |  | 9,768 |
Corporate debt | 2 |  | 13,134 |  |  | 496 |  |  | (2,288) |  |  | 11,342 |
Preferred stock | 2 |  | 10,345 |  |  | 471 |  |  | (1,548) |  |  | 9,268 |
Common stock | 1 |  | 28,794 |  |  | 2,815 |  |  | (2,715) |  |  | 28,894 |
Limited partnership fund |  |  | 3,435 |  |  | 446 |  |  | — |  |  | 3,881 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 773 |  | 69 |  |  | (1) |  |  | 841 |
Fixed income | 2 |  | 11,941 |  |  | 162 |  |  | (1,697) |  |  | 10,406 |
Other investments | 2 |  | 1,938 |  |  | — |  |  | — |  |  | 1,938 |
Trust securities |  |  | $ | 113,906 |  |  | $ | 5,944 |  |  | $ | (8,281) |  |  | $ | 111,569 |
Accrued investment income |  |  | $ | 804 |  |  |  |  |  |  | $ | 804 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 112,373 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 97.9%
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less | $ | 82 |
Due in one to five years | 12,828 |
Due in five to ten years | 809 |
Thereafter | 17,041 |
Total fixed income securities | $ | 30,760 |
The cost and market values associated with preneed funeral trust investments at December 31, 2023 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 26,707 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,707 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 451 |  |  | — |  |  | (34) |  |  | 417 |
Foreign debt | 2 |  | 7,300 |  |  | 1,297 |  |  | (16) |  |  | 8,581 |
Corporate debt | 2 |  | 13,848 |  |  | 323 |  |  | (3,255) |  |  | 10,916 |
Preferred stock | 2 |  | 9,786 |  |  | 442 |  |  | (1,468) |  |  | 8,760 |
Common stock | 1 |  | 38,600 |  |  | 8,858 |  |  | (6,855) |  |  | 40,603 |
Limited partnership fund |  |  | 3,383 |  |  | — |  |  | (2) |  |  | 3,381 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 401 |  |  | 3 |  |  | (29) |  |  | 375 |
Fixed income | 2 |  | 9,513 |  |  | 15 |  |  | (2,383) |  |  | 7,145 |
Other investments | 2 |  | 3,510 |  |  | — |  |  | — |  |  | 3,510 |
Trust securities |  |  | $ | 113,499 |  |  | $ | 10,938 |  |  | $ | (14,042) |  |  | $ | 110,395 |
Accrued investment income |  |  | $ | 852 |  |  |  |  |  |  | $ | 852 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 111,247 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 97.3%
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| September 30, 2024
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury debt | $ | — |  |  | $ | — |  |  | $ | 382 |  |  | $ | (24) |  |  | $ | 382 |  |  | $ | (24) |
Foreign debt | — |  |  | — |  |  | 205 |  |  | (8) |  |  | 205 |  |  | (8) |
Corporate debt | 680 |  |  | (133) |  |  | 2,115 |  |  | (2,155) |  |  | 2,795 |  |  | (2,288) |
Preferred stock | 684 |  |  | (2) |  |  | 7,125 |  |  | (1,546) |  |  | 7,809 |  |  | (1,548) |
Total fixed income securities with an unrealized loss | $ | 1,364 |  |  | $ | (135) |  |  | $ | 9,827 |  |  | $ | (3,733) |  |  | $ | 11,191 |  |  | $ | (3,868) |
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, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| December 31, 2023
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury debt | $ | — |  |  | $ | — |  |  | $ | 371 |  |  | $ | (34) |  |  | $ | 371 |  |  | $ | (34) |
Foreign debt | 269 |  |  | (5) |  |  | 198 |  |  | (11) |  |  | 467 |  |  | (16) |
Corporate debt | 630 |  |  | (59) |  |  | 3,802 |  |  | (3,196) |  |  | 4,432 |  |  | (3,255) |
Preferred stock | — |  |  | — |  |  | 7,078 |  |  | (1,468) |  |  | 7,078 |  |  | (1,468) |
Total fixed income securities with an unrealized loss | $ | 899 |  |  | $ | (64) |  |  | $ | 11,449 |  |  | $ | (4,709) |  |  | $ | 12,348 |  |  | $ | (4,773) |
Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Investment income | $ | 486 |  |  | $ | 479 |  |  | $ | 1,597 |  |  | $ | 1,542 |  |  |  |  |
Realized gains | — |  |  | 235 |  |  | 10,626 |  |  | 2,178 |  |  |  |  |
Realized losses | — |  |  | (181) |  |  | (7,504) |  |  | (1,278) |  |  |  |  |
Unrealized gains (losses), net | 1,638 |  |  | 1,911 |  |  | (2,337) |  |  | (5,294) |  |  |  |  |
Expenses and taxes | (213) |  |  | (182) |  |  | (880) |  |  | (576) |  |  |  |  |
Net change in deferred preneed funeral receipts held in trust | (1,911) |  |  | (2,262) |  |  | (1,502) |  |  | 3,428 |  |  |  |  |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Purchases | $ | — |  |  | $ | (5,237) |  |  | $ | (10,214) |  |  | $ | (13,987) |  |  |  |  |
Sales | — |  |  | 5,135 |  |  | 19,726 |  |  | 10,820 |  |  |  |  |
Cemetery Perpetual Care Trust Investments Care trusts’ corpus on our Consolidated Balance Sheet represents the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Cemetery perpetual care trust investments, at market value | $ | 85,925 |  |  | $ | 85,331 |
Obligations due to (due from) trust | 1,093 |  |  | (980) |
Care trusts’ corpus | $ | 87,018 |  |  | $ | 84,351 |
The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at September 30, 2024 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 13,900 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,900 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 7,699 |  |  | 1,335 |  |  | (7) |  |  | 9,027 |
Corporate debt | 2 |  | 12,401 |  |  | 486 |  |  | (2,289) |  |  | 10,598 |
Preferred stock | 2 |  | 10,241 |  |  | 418 |  |  | (1,406) |  |  | 9,253 |
Common stock | 1 |  | 27,278 |  |  | 2,697 |  |  | (2,825) |  |  | 27,150 |
Limited partnership fund |  |  | 3,051 |  |  | 396 |  |  | — |  |  | 3,447 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 783 |  |  | 87 |  |  | (1) |  |  | 869 |
Fixed income | 2 |  | 12,336 |  |  | 247 |  |  | (1,691) |  |  | 10,892 |
Trust securities |  |  | $ | 87,689 |  |  | $ | 5,666 |  |  | $ | (8,219) |  |  | $ | 85,136 |
Accrued investment income |  |  | $ | 789 |  |  |  |  |  |  | $ | 789 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 85,925 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 97.1%
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less | $ | — |
Due in one to five years | 11,555 |
Due in five to ten years | 928 |
Thereafter | 16,395 |
Total fixed income securities | $ | 28,878 |
The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at December 31, 2023 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 6,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,688 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 7,101 |  |  | 1,177 |  |  | (18) |  |  | 8,260 |
Corporate debt | 2 |  | 13,491 |  |  | 334 |  |  | (3,367) |  |  | 10,458 |
Preferred stock | 2 |  | 10,723 |  |  | 415 |  |  | (1,435) |  |  | 9,703 |
Common stock | 1 |  | 36,413 |  |  | 8,098 |  |  | (6,580) |  |  | 37,931 |
Limited partnership fund |  |  | 3,042 |  |  | — |  |  | (2) |  |  | 3,040 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 467 |  |  | 5 |  |  | (26) |  |  | 446 |
Fixed income | 2 |  | 10,326 |  |  | 14 |  |  | (2,382) |  |  | 7,958 |
Trust securities |  |  | $ | 88,251 |  |  | $ | 10,043 |  |  | $ | (13,810) |  |  | $ | 84,484 |
Accrued investment income |  |  | $ | 847 |  |  |  |  |  |  | $ | 847 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 85,331 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 95.7%
The following table summarizes our fixed income securities (excluding mutual funds) within our cemetery perpetual care trust investment in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| September 30, 2024
| 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 | $ | — |  |  | $ | — |  |  | $ | 182 |  |  | $ | (7) |  |  | $ | 182 |  |  | $ | (7) |
Corporate debt | 604 |  |  | (118) |  |  | 2,218 |  |  | (2,171) |  |  | 2,822 |  |  | (2,289) |
Preferred stock | 608 |  |  | (2) |  |  | 7,349 |  |  | (1,404) |  |  | 7,957 |  |  | (1,406) |
Total fixed income securities with an unrealized loss | $ | 1,212 |  |  | $ | (120) |  |  | $ | 9,749 |  |  | $ | (3,582) |  |  | $ | 10,961 |  |  | $ | (3,702) |
The following table summarizes our fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
| December 31, 2023
| 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 | $ | 440 |  |  | $ | (8) |  |  | $ | 178 |  |  | $ | (10) |  |  | $ | 618 |  |  | $ | (18) |
Corporate debt | 567 |  |  | (53) |  |  | 3,879 |  |  | (3,314) |  |  | 4,446 |  |  | (3,367) |
Preferred stock | — |  |  | — |  |  | 7,301 |  |  | (1,435) |  |  | 7,301 |  |  | (1,435) |
Total fixed income securities with an unrealized loss | $ | 1,007 |  |  | $ | (61) |  |  | $ | 11,358 |  |  | $ | (4,759) |  |  | $ | 12,365 |  |  | $ | (4,820) |
Cemetery perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Realized gains | $ | — |  |  | $ | 31 |  |  | $ | 1,419 |  |  | $ | 862 |
Realized losses | — |  |  | (24) |  |  | (1,089) |  |  | (494) |
Unrealized gains (losses), net | 1,676 |  |  | 1,444 |  |  | (2,553) |  |  | (5,883) |
Net change in care trusts’ corpus | (1,676) |  |  | (1,451) |  |  | 2,223 |  |  | 5,515 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cemetery perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Investment income | $ | 3,820 |  |  | $ | 2,663 |  |  | $ | 10,444 |  |  | $ | 8,741 |
Realized losses, net | (1,087) |  |  | (322) |  |  | (2,212) |  |  | (796) |
Total | $ | 2,733 |  |  | $ | 2,341 |  |  | $ | 8,232 |  |  | $ | 7,945 |
Purchases and sales of investments in the cemetery perpetual care trusts are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Purchases | $ | — |  |  | $ | (4,625) |  |  | $ | (9,113) |  |  | $ | (11,336) |
Sales | — |  |  | 4,529 |  |  | 19,130 |  |  | 15,433 |

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- Definition PRENEED TRUST INVESTMENTS + References No definition available. + Details
Name: | csv_PreneedTrustInvestmentsAbstract
Namespace Prefix: | csv_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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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
Name: | csv_PreneedTrustInvestmentsTextBlock
Namespace Prefix: | csv_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration