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Trust Investments
 6 Months Ended
Jun. 30, 2026
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 Condensed 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on earnings until such time the services are performed, or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.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 Condensed Consolidated Balance Sheets are as follows (in thousands):
June 30, 2026December 31, 2025
Preneed cemetery trust investments, at market value$116,947 $112,531 
Less: allowance for contract cancellation(3,491)(3,379)
Preneed cemetery trust investments$113,456 $109,152 
The cost and market values associated with preneed cemetery trust investments at June 30, 2026, are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$15,317 $— $— $15,317
Common stock111,736 2,123 (1,679)12,180
Limited partnership fund3,514 679 — 4,193
Mutual funds:
Equity110,233 77 (1,203)9,107
Fixed income243,007 92 (358)42,741
Alternative investments32,552 392 (157)32,787
Trust securities$116,359 $3,363 $(3,397)$116,325
Accrued investment income$622 $622
Preneed cemetery trust investments$116,947
Market value as a percentage of cost100.0 %
The cost and market values associated with preneed cemetery trust investments at December 31, 2025 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$15,653 $— $— $15,653
Common stock111,599 768 (1,709)10,658
Limited partnership fund3,496 — (93)3,403
Mutual funds:
Equity19,483 — (279)9,204
Fixed income243,013 353 (50)43,316
Alternative investments29,380 374 (68)29,686
Trust securities$112,624 $1,495 $(2,199)$111,920
Accrued investment income$611 $611
Preneed cemetery trust investments$112,531
Market value as a percentage of cost99.4 %
There were no fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at June 30, 2026 and December 31, 2025.
Preneed cemetery trust investment security transactions recorded in Other, net on our Condensed Consolidated Statements of Operations are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Investment income$648 $770 $1,156 $1,417 
Realized gains40 6,199 402 8,202 
Realized losses(16)(5,494)(98)(7,097)
Unrealized gains (losses), net294 (886)(34)(31)
Expenses and taxes(271)(585)(923)(809)
Net change in deferred preneed cemetery receipts held in trust(695)(4)(503)(1,682)
$— $— $— $— 
Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Purchases$(8,359)$(38,172)$(12,398)$(41,678)
Sales6,793 29,933 10,100 48,002 
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 Condensed Consolidated Balance Sheets are as follows (in thousands):
June 30, 2026December 31, 2025
Preneed funeral trust investments, at market value$116,379 $118,993 
Less: allowance for contract cancellation(3,479)(3,577)
Preneed funeral trust investments$112,900 $115,416 
The cost and market values associated with preneed funeral trust investments at June 30, 2026 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$20,488 $— $— $20,488
Fixed income securities:
U.S agency obligations2307 — (19)288
Common stock111,373 2,057 (1,627)11,803
Limited partnership fund3,405 658 — 4,063
Mutual funds:
Equity19,382 7 (1,165)8,224
Fixed income237,746 79 (321)37,504
Other investments21,692 — — 1,692
Alternative investments31,545 379 (153)31,771
Trust securities$115,938 $3,180 $(3,285)$115,833
Accrued investment income$546 $546
Preneed cemetery trust investments$116,379
Market value as a percentage of cost99.9 %
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less$99 
Due in one to five years91 
Due in five to ten years98 
Thereafter— 
Total fixed income securities$288 
The cost and market values associated with preneed funeral trust investments at December 31, 2025 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$20,985 $— $— $20,985
Fixed income securities:
U.S agency obligations2306 — (18)288
Common stock111,981 793 (1,765)11,009
Limited partnership fund3,611 — (97)3,514
Mutual funds:
Equity19,226 — (276)8,950
Fixed income241,059 331 (48)41,342
Other investments21,724 — — 1,724
Alternative investments30,344 386 (70)30,660
Trust securities$119,236 $— $1,510 $— $(2,274)$118,472
Accrued investment income$521 $521
Preneed cemetery trust investments$118,993
Market value as a percentage of cost99.4 %
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at June 30, 2026, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
June 30, 2026
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair market valueUnrealized LossesFair market valueUnrealized LossesFair market valueUnrealized Losses
Fixed income securities:
U.S agency obligations$— $— $288 $(19)$288 $(19)
Total fixed income securities with an unrealized loss$— $— $288 $(19)$288 $(19)
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
December 31, 2025
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair market valueUnrealized LossesFair market valueUnrealized LossesFair market valueUnrealized Losses
Fixed income securities:
U.S agency obligations$— $— $288 $(18)$288 $(18)
Total fixed income securities with an unrealized loss$— $— $288 $(18)$288 $(18)
Preneed funeral trust investment security transactions recorded in Other, net on our Condensed Consolidated Statements of Operations are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Investment income$498 $521 897 994 
Realized gains39 5,521 406 7,448 
Realized losses(15)(4,519)(98)(6,228)
Unrealized gains (losses), net296 (1,102)(105)211 
Expenses and taxes(316)(365)(705)(470)
Net change in deferred preneed funeral receipts held in trust(501)(56)(395)(1,955)
$1 $— $— $— 
Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Purchases$(7,669)$(33,083)(11,407)(36,455)
Sales6,583 25,098 9,934 42,457 
Cemetery Perpetual Care Trust Investments
Care trusts’ corpus on our Condensed Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands): 
June 30, 2026December 31, 2025
Cemetery perpetual care trust investments, at market value$98,772 $95,625 
Obligations due to (due from) trust(908)(2,200)
Care trusts' corpus$97,864 $93,425 
The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at June 30, 2026 (in thousands):
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$6,302 $— $— $6,302
Common stock110,288 1,861 (1,472)10,677
Limited partnership fund3,081 595 — 3,676
Mutual funds:
Equity19,386 120 (1,054)8,452
Fixed income240,564 90 (330)40,324
Alternative investments28,535 344 (138)28,741
Trust securities$98,156 $3,010 $(2,994)$98,172
Accrued investment income$600 $600
Preneed cemetery trust investments$98,772
Market value as a percentage of cost100.0 %
The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2025 (in thousands): 
Fair Value Hierarchy LevelCostUnrealized GainsUnrealized LossesFair Market Value
Cash and money market accounts1$8,800 $— $— $8,800
Fixed income securities:
Corporate debt294 2 — 96
Common stock110,527 1,028 (1,451)10,104
Limited partnership fund2,892 — (77)2,815
Mutual funds:
Equity19,271 216 (257)9,230
Fixed income239,229 319 (145)39,403
Alternative investments24,308 310 (57)24,561
Trust securities$95,121 $1,875 $(1,987)$95,009
Accrued investment income$616 $616
Preneed cemetery trust investments$95,625
Market value as a percentage of cost99.9 %
There were no fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at June 30, 2026 and December 31, 2025.
Perpetual care trust investment security transactions recorded in Other, net on our Condensed Consolidated Statements of Operations are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Realized gains$5 $1,028 700 1,279 
Realized losses(2)(1,228)$(173)$(1,429)
Unrealized gains (losses), net257 (901)16 (213)
Net change in care trusts’ corpus(260)1,101 (543)363 
$— $— $— $— 
Perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Investment income$1,528 $2,420 $3,828 $4,907 
Realized losses(462)(587)(891)(1,259)
Total$1,066 $1,833 $2,937 $3,648 
Purchases and sales of investments in the perpetual care trusts are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Purchases$(7,682)$(35,774)$(11,232)$(38,896)
Sales5,955 26,968 $12,332 $42,931