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on earnings until such time the services are performed, or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.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.


	June 30, 2025		December 31, 2024
Preneed cemetery trust investments, at market value	$	104,114	$	106,143
Less: allowance for contract cancellation	(3,102)		(3,147)
Preneed cemetery trust investments	$	101,012	$	102,996
Less: Held for sale	(1,104)		(4,876)
Preneed cemetery trust investments	$	99,908	$	98,120


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	17,436	$	—	$	—	$	17,436
Fixed income securities:

U.S. agency obligations	2	526		—		(30)		496
Foreign debt	2	1,542		85		—		1,627
Corporate debt	2	2,725		167		(46)		2,846
Preferred stock	2	43		1		—		44
Certificates of deposit	2	79		—		(5)		74

Common stock	1	14,838		1,435		(1,754)		14,519
Limited partnership fund		3,550		—		(237)		3,313
Mutual funds:
Equity	1	500		—		(5)		495
Fixed income	2	37,791		272		(53)		38,010
Alternative investments		24,384		139		—		24,523
Trust securities		$	103,414	$	2,099	$	(2,130)	$	103,383
Accrued investment income		$	731					$	731

Preneed cemetery trust investments								$	104,114
Market value as a percentage of cost								100.0		%


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	23,215	$	—	$	—	$	23,215
Fixed income securities:

U.S. agency obligations	2	664		1		(46)		$	619
Foreign debt	2	8,575		1,431		(8)		9,998
Corporate debt	2	8,500		365		(256)		8,609
Preferred stock	2	2,833		479		(176)		3,136
Certificates of deposit	2	79		—		(5)		74

Common stock	1	29,325		4,322		(3,381)		30,266
Limited partnership fund		3,530		84		—		3,614

Mutual funds:
Equity	1	911		85		—		996
Fixed income	2	27,268		94		(2,376)		24,986


Trust securities		$	104,900	$	6,861	$	(6,248)	$	105,513
Accrued investment income		$	630					$	630
Preneed cemetery trust investments								$	106,143
Market value as a percentage of cost								100.6		%

The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at June 30, 2025, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	June 30, 2025
	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	$	—	$	—	$	496	$	(30)	$	496	$	(30)
Foreign debt	—		—		—		—		—		—
Corporate debt	—		—		6		(46)		6		(46)
Preferred stock	—		—		—		—		—		—
Certificates of deposit	—		—		74		(5)		74		(5)
Total fixed income securities with an unrealized loss	$	—	$	—	$	576	$	(81)	$	576	$	(81)

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, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 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	$	—	$	—	$	479	$	(46)	$	479	$	(46)
Foreign debt	—		—		211		(8)		211		(8)
Corporate debt	1,274		(139)		94		(117)		1,368		(256)
Preferred stock	889		(5)		891		(171)		1,780		(176)
Certificates of deposit	—		—		74		(5)		74		(5)
Total fixed income securities with an unrealized loss	$	2,163	$	(144)	$	1,749	$	(347)	$	3,912	$	(491)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Investment income	$	770	$	844	$	1,417	$	1,383
Realized gains	6,199		924		8,202		11,500
Realized losses	(5,494)		(4,747)		(7,097)		(8,511)
Unrealized gains (losses), net	(886)		2,023		(31)		(4,936)
Expenses and taxes	(585)		(705)		(809)		(1,339)
Net change in deferred preneed cemetery receipts held in trust	(4)		1,661		(1,682)		1,903
	$	—	$	—	$	—	$	—

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.


	June 30, 2025		December 31, 2024
Preneed funeral trust investments, at market value	$	111,668	$	111,721
Less: allowance for contract cancellation	(3,324)		(3,305)
Preneed funeral trust investments	$	108,344	$	108,416
Less: Held for sale	(177)		(2,197)
Preneed funeral trust investments	$	108,167	$	106,219


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	31,781	$	—	$	—	$	31,781
Fixed income securities:

U.S agency obligations	2	305		—		(21)		284
Foreign debt	2	1,397		81		—		1,478
Corporate debt	2	2,503		156		—		2,659



Common stock	1	13,570		1,343		(1,460)		13,453
Limited partnership fund		3,325		—		(222)		3,103
Mutual funds:
Equity	1	—		—		—		—
Fixed income	2	33,196		252		(49)		33,399
Other investments	2	1,880		—		—		1,880
Alternative investments		22,838		131		—		22,969
Trust securities		$	110,795	$	1,963	$	(1,752)	$	111,006
Accrued investment income		$	662					$	662
Preneed cemetery trust investments								$	111,668
Market value as a percentage of cost								100.2		%


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	33,735	$	—	$	—	$	33,735
Fixed income securities:

U.S agency obligations	2	387		—		(30)		357
Foreign debt	2	8,193		1,373		(7)		9,559
Corporate debt	2	7,941		351		(134)		8,158
Preferred stock	2	2,577		460		(218)		2,819


Common stock	1	26,293		3,989		(2,876)		27,406
Limited partnership fund		3,392		80		—		3,472

Mutual funds:
Equity	1	763		41		—		804
Fixed income	2	24,952		83		(2,118)		22,917
Other investments	2	1,910		—		—		1,910

Trust securities		$	110,143	$	6,377	$	(5,383)	$	111,137
Accrued investment income		$	584					$	584
Preneed cemetery trust investments								$	111,721
Market value as a percentage of cost								100.9		%

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, 2025, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	June 30, 2025
	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	$	—	$	—	$	283	$	(21)	$	283	$	(21)
Foreign debt	—		—		—		—		—		—
Corporate debt	—		—		—		—		—		—
Preferred stock	—		—		—		—		—		—

Total fixed income securities with an unrealized loss	$	—	$	—	$	283	$	(21)	$	283	$	(21)

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, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 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	$	—	$	—	$	274	$	(30)	$	274	$	(30)
Foreign debt	—		—		203		(7)		203		(7)
Corporate debt	1,225		(133)		—		(1)		1,225		(134)
Preferred stock	842		(4)		717		(214)		1,559		(218)

Total fixed income securities with an unrealized loss	$	2,067	$	(137)	$	1,194	$	(252)	$	3,261	$	(389)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Investment income	$	521	$	675	994		1,111
Realized gains	5,521		846		7,448		10,626
Realized losses	(4,519)		(4,295)		(6,228)		(7,504)
Unrealized gains (losses), net	(1,102)		1,873		211		(3,975)
Expenses and taxes	(365)		(296)		(470)		(667)
Net change in deferred preneed funeral receipts held in trust	(56)		1,197		(1,955)		409
	$	—	$	—	$	—	$	—

Care trusts’ corpus on our 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, 2025		December 31, 2024
Cemetery perpetual care trust investments, at market value	$	87,066	$	87,337
Obligations due to (due from) trust	366		(885)
Care trusts’ corpus, including HFS	$	87,432	$	86,452
Less: Held for sale	(322)		(2,234)
Care trusts' corpus	$	87,110	$	84,218


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	8,552	$	—	$	—	$	8,552
Fixed income securities:


Foreign debt	2	1,413		76		—		1,489
Corporate debt	2	2,517		147		(145)		2,519
Preferred stock	2	112		—		(2)		110


Common stock	1	13,521		1,353		(1,741)		13,133
Limited partnership fund		3,126		—		(209)		2,917
Mutual funds:
Equity	1	750		—		(8)		742
Fixed income	2	35,130		241		(48)		35,323

Alternative investments		21,468		123		—		21,591
Trust securities		$	86,589	$	1,940	$	(2,153)	$	86,376
Accrued investment income		$	690					$	690
Preneed cemetery trust investments								$	87,066
Market value as a percentage of cost								99.8		%


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	14,054	$	—	$	—	$	14,054
Fixed income securities:


Foreign debt	2	7,770		1,262		(7)		9,025
Corporate debt	2	7,942		357		(402)		7,897
Preferred stock	2	2,725		418		(148)		2,995


Common stock	1	25,563		3,866		(3,036)		26,393
Limited partnership fund		3,078		73		—		3,151

Mutual funds:
Equity	1	789		68		—		857
Fixed income	2	24,374		111		(2,115)		22,370


Trust securities		$	86,295	$	6,155	$	(5,708)	$	86,742
Accrued investment income		$	595					$	595
Preneed cemetery trust investments								$	87,337
Market value as a percentage of cost								100.5		%

The following table summarizes our fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at June 30, 2025, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	June 30, 2025
	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	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt	—		—		18		(145)		18		(145)
Preferred stock	111		(2)		—		—		111		(2)

Total fixed income securities with an unrealized loss	$	111	$	(2)	$	18	$	(145)	$	129	$	(147)

The following table summarizes our fixed income securities within our perpetual care trust investment in an unrealized loss position at December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 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	$	—	$	—	$	184	$	(7)	$	184	$	(7)
Corporate debt	1,111		(121)		316		(281)		1,427		(402)
Preferred stock	764		(4)		1,086		(144)		1,850		(148)

Total fixed income securities with an unrealized loss	$	1,875	$	(125)	$	1,586	$	(432)	$	3,461	$	(557)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

Realized gains	$	1,028	$	113	1,279		1,419
Realized losses	(1,228)		(663)		$	(1,429)	$	(1,089)
Unrealized gains (losses), net	(901)		1,840		(213)		(4,229)

Net change in care trusts’ corpus	1,101		(1,290)		363		3,899
	$	—	$	—	$	—	$	—


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Investment income	$	2,420	$	3,495	$	4,907	$	6,624
Realized losses	(587)		(751)		(1,259)		(1,125)
Total	$	1,833	$	2,744	$	3,648	$	5,499