Trust Investments (Tables)

6 Months Ended

Jun. 30, 2025

Preneed Trust Investments [Abstract]

Components of preneed cemetery trust investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheets are as follows (in thousands):


	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

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at June 30, 2025, are detailed below (in thousands):


	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		%

The cost and market values associated with preneed cemetery trust investments at December 31, 2024 are detailed below (in thousands):


	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		%

Estimated maturities of fixed preneed cemetery trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	74
Due in one to five years	2,120
Due in five to ten years	211
Thereafter	2,682
Total fixed income securities	$	5,087

Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments

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)

Preneed cemetery trust investment security transactions

Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	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
	$	—	$	—	$	—	$	—

Purchases and sales of investments in preneed cemetary trusts

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,
	2025		2024		2025		2024
Purchases	$	(38,172)	$	(6,784)	$	(41,678)	$	(11,110)
Sales	29,933		5,177		48,002		21,737

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheets are as follows (in thousands):


	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

Estimated maturities of fixed preneed funeral trust income securities

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	1,858
Due in five to ten years	98
Thereafter	2,465
Total fixed income securities	$	4,421

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at June 30, 2025 are detailed below (in thousands):


	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		%

The cost and market values associated with preneed funeral trust investments at December 31, 2024 are detailed below (in thousands):


	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		%

Schedule of fair market value and unrealized loss on preneed funeral trust investments

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)

Purchases and sales of investments in preneed funeral trusts

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,
	2025		2024		2025	2024
Purchases	$	(33,083)	$	(6,211)	(36,455)	(10,214)
Sales	25,098		4,608		42,457	19,726

Cemetery Perpetual Care Trust Investments

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

The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at June 30, 2025 (in thousands):


	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		%

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	1,590
Due in five to ten years	110
Thereafter	2,418
Total fixed income securities	$	4,118

The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2024 (in thousands):


	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)

Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	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
	$	—	$	—	$	—	$	—

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,
	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

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,
	2025		2024		2025		2024
Purchases	$	(35,774)	$	(5,464)	$	(38,896)	$	(9,113)
Sales	26,968		4,469		$	42,931	$	19,130

Preneed funereal trust investment security transactions

Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	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
	$	—	$	—	$	—	$	—