v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments

The Company’s investments as of March 31, 2026, are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
March 31, 2026:                    
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $65,521,592   $551,988   $(105,766)  $-   $65,967,814 
                          
Obligations of states and political subdivisions   3,093,790    5,517    (180,711)   -    2,918,596 
                          
Corporate securities including public utilities   278,845,730    4,478,480    (4,529,438)   (521,948)   278,272,824 
                          
Mortgage-backed securities   23,391,046    57,503    (3,607,509)   (154,049)   19,686,991 
                          
Redeemable preferred stock   750,000    7,200    (37,500)   -    719,700 
                          
Total fixed maturity securities available for sale  $371,602,158   $5,100,688   $(8,460,924)  $(675,997)  $367,565,925 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $12,477,275   $6,222,419   $(353,380)       $18,346,314 
                          
Total equity securities at estimated fair value  $12,477,275   $6,222,419   $(353,380)       $18,346,314 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $85,519,490                     
Residential construction   149,601,559                     
Commercial   74,614,673                     
Less: Unamortized deferred loan fees, net   (1,664,276)                    
Less: Allowance for credit losses   (2,553,360)                    
Less: Net discounts   (249,646)                    
                          
Total mortgage loans held for investment  $305,268,440                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $114,491,810                     
Commercial   119,853,523                     
                          
Total real estate held for investment  $234,345,333                     
                          
Real estate held for sale:                         
Residential  $6,236,823                     
Commercial   151,553                     
                          
Total real estate held for sale  $6,388,376                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $14,536,305                     
Insurance assignments   46,315,781                     
Federal Home Loan Bank stock (2)   677,100                     
Other investments   23,490,927                     
Less: Allowance for credit losses for insurance assignments   (1,518,047)                    
                          
Total other investments and policy loans  $83,502,066                     
                          
Accrued investment income  $9,596,277                     
                          
Total investments  $1,025,012,731                     

 

 

(1)Gross unrealized losses are net of allowance for credit losses

(2)Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

 

2)  Investments (Continued)

 

The Company’s investments as of December 31, 2025, are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
December 31, 2025:                    
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $75,713,307   $982,769   $(89,550)  $-   $76,606,526 
                          
Obligations of states and political subdivisions   3,396,999    11,662    (172,184)   -    3,236,477 
                          
Corporate securities including public utilities   277,708,638    7,029,453    (3,387,651)   (425,401)   280,925,039 
                          
Mortgage-backed securities   24,832,349    161,348    (3,553,214)   (154,049)   21,286,434 
                          
Redeemable preferred stock   750,000    10,942    (37,500)   -    723,442 
                          
Total fixed maturity securities available for sale  $382,401,293   $8,196,174   $(7,240,099)  $(579,450)  $382,777,918 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $12,206,559   $6,176,440   $(332,937)       $18,050,062 
                          
Total equity securities at estimated fair value  $12,206,559   $6,176,440   $(332,937)       $18,050,062 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $90,644,590                     
Residential construction   157,398,705                     
Commercial   79,231,786                     
Less: Unamortized deferred loan fees, net   (1,995,795)                    
Less: Allowance for credit losses   (2,588,918)                    
Less: Net discounts   (254,983)                    
                          
Total mortgage loans held for investment  $322,435,385                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $93,638,938                     
Commercial   121,258,192                     
                          
Total real estate held for investment  $214,897,130                     
                          
Real estate held for sale:                         
Residential  $6,272,474                     
Commercial   151,553                     
                          
Total real estate held for sale  $6,424,027                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $14,467,357                     
Insurance assignments   46,183,999                     
Federal Home Loan Bank stock (2)   646,500                     
Other investments   25,601,905                     
Less: Allowance for credit losses for insurance assignments   (1,676,468)                    
                          
Total policy loans and other investments  $85,223,293                     
                          
Accrued investment income  $9,054,645                     
                          
Total investments  $1,038,862,460                     

 

(1)Gross unrealized losses are net of allowance for credit losses
(2)Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.
Schedule of Fair Value of Fixed Maturity Securities

 

   Unrealized Losses for Less than Twelve Months   Fair Value   Unrealized Losses for More than Twelve Months   Fair Value   Total Unrealized Loss   Combined Fair Value 
March 31, 2026                              
U.S. Treasury securities and obligations of U.S. Government agencies  $47,025   $12,992,660   $58,741   $1,581,809   $105,766   $14,574,469 
Obligations of states and political subdivisions   3,152    196,848    177,559    2,081,355    180,711    2,278,203 
Corporate securities including public utilities   1,423,738    76,810,812    3,105,700    37,427,064    4,529,438    114,237,876 
Mortgage-backed securities   12,324    973,482    3,595,185    16,667,312    3,607,509    17,640,794 
Redeemable preferred stock   37,500    212,500    -    -    37,500    212,500 
Totals  $1,523,739   $91,186,302   $6,937,185   $57,757,540   $8,460,924   $148,943,842 
                               
December 31, 2025                              
U.S. Treasury securities and obligations of U.S. Government agencies  $2,591   $2,047,280   $86,959   $11,033,603   $89,550   $13,080,883 
Obligations of states and political subdivisions   4,884    195,116    167,300    2,095,220    172,184    2,290,336 
Corporate securities including public utilities   638,436    30,085,561    2,749,214    42,688,720    3,387,650    72,774,281 
Mortgage-backed securities   4,353    192,242    3,548,862    17,504,265    3,553,215    17,696,507 
Redeemable preferred stock   37,500    212,500    -    -    37,500    212,500 
Totals  $687,764   $32,732,699   $6,552,335   $73,321,808   $7,240,099   $106,054,507 
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

 

   March 31, 2026   December 31, 2025 
NAIC Designation  Amortized
Cost		   Estimated Fair
 Value		   Amortized
Cost		   Estimated Fair
 Value		 
1  $188,389,332   $186,162,155   $198,055,737   $197,788,945 
2   175,261,903    174,739,103    177,242,472    178,441,019 
3   6,544,197    5,741,086    6,145,460    5,616,342 
4   155,585    153,881    155,717    160,830 
5   -    -    -    - 
6   501,141    50,000    51,907    47,340 
Total  $370,852,158   $366,846,225   $381,651,293   $382,054,476 
Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three-month periods ended March 31, 2026, and 2025:

 

                
   Three Months Ended March 31, 2026 
   U.S. Treasury securities and obligations of U.S. Government agencies   Obligations of states and political subdivisions   Corporate securities including public utilities   Mortgage-backed securities   Total 
                     
Beginning balance - December 31, 2025  $         -   $       -   $425,401   $154,049   $579,450 
                          
Additions for credit losses not previously recorded   -    -    22,498    -    22,498 
Change in allowance on securities with previous allowance   -    -    74,049    -    74,049 
Reductions for securities sold during the period   -    -    -    -    - 
Reductions for securities with credit losses due to intent to sell   -    -    -    -    - 
Write-offs charged against the allowance   -    -    -    -    - 
Recoveries of amounts previously written off   -    -    -    -    - 
                          
Ending Balance - March 31, 2026  $-   $-   $521,948   $154,049   $675,997 

 

                
   Three Months Ended March 31, 2025 
   U.S. Treasury securities and obligations of U.S. Government agencies   Obligations of states and political subdivisions   Corporate securities including public utilities   Mortgage-backed securities   Total 
                     
Beginning balance - December 31, 2024  $           -   $          -   $408,944   $12,049   $420,993 
                          
Additions for credit losses not previously recorded   -    -    72,000    -    72,000 
Change in allowance on securities with previous allowance   -    -    14,437    -    14,437 
Reductions for securities sold during the period   -    -    -    -    - 
Reductions for securities with credit losses due to intent to sell   -    -    -    -    - 
Write-offs charged against the allowance   -    -    -    -    - 
Recoveries of amounts previously written off   -    -    (130)   -    (130)
                          
Ending Balance - March 31, 2025  $-   $-   $495,251   $12,049   $507,300 
Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of March 31, 2026, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay their obligations.

 

   Amortized
Cost		   Estimated Fair
 Value		 
Due in 1 year  $19,665,703   $19,641,777 
Due in 2-5 years   129,855,952    130,217,565 
Due in 5-10 years   130,676,874    131,821,597 
Due in more than 10 years   67,262,583    65,478,295 
Mortgage-backed securities   23,391,046    19,686,991 
Redeemable preferred stock   750,000    719,700 
Total  $371,602,158   $367,565,925 
Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

 

       
  

Three Months Ended

March 31,

 
   2026   2025 
Proceeds from sales  $1,179,677   $3,224,848 
Gross realized gains   247    526 
Gross realized losses   (65,035)   (40,504)
Schedule of Assets on Deposit with Life Insurance

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

 

   As of
March 31, 2026		  

As of

December 31, 2025

 
Fixed maturity securities available for sale at estimated fair value  $7,041,560   $7,744,141 
Other investments   424,670    - 
Cash and cash equivalents   1,455,333    1,543,842 
Total assets on deposit  $8,921,563   $9,287,983 

 

Assets held in trust related to third-party reinsurance agreements were as follows:

 

   As of
March 31, 2026		  

As of

December 31, 2025

 
Fixed maturity securities available for sale at estimated fair value  $22,083,221   $23,915,884 
Other investments   1,177,008    - 
Cash and cash equivalents   2,634,084    2,136,642 
Total assets on deposit  $25,894,313   $26,052,526 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

 

2)  Investments (Continued)

 

The Company, through two of its life insurance subsidiaries, is a member of the Federal Home Loan Banks of Des Moines and Dallas (“FHLBs”). Assets pledged as collateral with the FHLBs are presented below. These pledged securities are used as collateral for any FHLB cash advances. As of March 31, 2026, the Company owed nil to the FHLBs for advances. Amounts owed, if any, are included in Bank and other loans payable on the condensed consolidated balance sheets. The Company did not receive or repay any advances during the three months ended March 31, 2026.

 

   As of
March 31, 2026		  

As of

December 31, 2025

 
Fixed maturity securities available for sale at estimated fair value  $51,704,240   $64,066,256 
Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

 

   Net Book Value   Total Square Footage 
  

March 31, 2026

   December 31, 2025  

March 31, 2026

   December 31, 2025 
Utah (1)  $119,835,765   $121,240,268    546,941    546,941 
Louisiana   17,758    17,924    1,622    1,622 
                     
   $119,853,523   $121,258,192    548,563    548,563 

 

 

(1)Includes Center53
The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

 

   Net Book Value 
   March 31, 2026   December 31, 2025 
Mississippi (1)  $151,553   $151,553 
           
   $151,553   $151,553 

 

 

(1)Consists of approximately 93 acres of undeveloped land
 
Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of March 31, 2026, real estate owned and occupied by the Company is summarized as follows:

 

Location  Business Segment  Approximate Square Footage   Square Footage Occupied by the Company 
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)  Corporate Offices, Life Insurance, Funeral Home/Cemetery Operations, and Mortgage Operations and Sales   216,865    50%
1818 Marshall Street, Shreveport, LA (2) (3)  Life Insurance Operations   12,274    100%

 

 

(1) Included in real estate held for investment on the condensed consolidated balance sheets
(2) Included in property and equipment on the condensed consolidated balance sheets
(3) Listed for sale
Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

 

   Net Book Value 
   March 31, 2026   December 31, 2025 
Utah (1)  $114,491,810   $93,638,938 
   $114,491,810   $93,638,938 

 

 

(1)Includes multiple residential subdivision development projects, refer to the following table

 

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

 

   March 31, 2026   December 31, 2025 
Lots developed   435    492 
Lots to be developed   990    761 
Book Value  $114,330,346   $93,474,755 

 

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

 

   Net Book Value 
   March 31, 2026   December 31, 2025 
Utah  $5,456,806   $5,456,806 
Colorado   121,000    140,000 
Florida   130,000    146,651 
Georgia   380,000    380,000 
Nevada   149,017    149,017 
   $6,236,823   $6,272,474 
Schedule of Mortgage Loans Held for Investment

The following table presents the distribution of the Company’s mortgage loans held for investment across the various states.

 

   Commercial   Residential   Residential Construction   Total 
As of March 31, 2026:                    
Utah   27%   15%   96%   58%
Florida   1%   25%   0%   7%
California   19%   6%   0%   6%
Texas   12%   16%   0%   7%
Arizona   9%   14%   0%   6%
Other states   32%   24%   4%   16%
                     
Total   100%   100%   100%   100%
                     
As of December 31, 2025:                    
Utah   26%   16%   96%   57%
Florida   1%   25%   0%   7%
California   24%   5%   0%   7%
Texas   12%   14%   0%   7%
Arizona   9%   15%   0%   6%
Other states   28%   25%   4%   16%
                     
Total   100%   100%   100%   100%
Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

 

   Three Months Ended 
   Commercial   Residential   Residential Construction   Total 
Beginning balance - December 31, 2025  $1,368,121   $904,738   $316,059   $2,588,918 
Change in provision for credit losses (1)   (46,037)   27,334    (16,855)   (35,558)
Charge-offs   -    -    -    - 
Ending balance - March 31, 2026  $1,322,084   $932,072   $299,204   $2,553,360 
                     
Beginning balance - December 31, 2024  $732,494   $850,550   $302,346   $1,885,390 
Change in provision for credit losses (1)   289,236    (203,443)   37,409    123,202 
Charge-offs   -    -    -    - 
Ending balance - March 31, 2025  $1,021,730   $647,107   $339,755   $2,008,592 

 

 

(1)Included in other expenses on the condensed consolidated statements of earnings
Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

 

   Commercial   Residential   Residential
 Construction		   Total 
March 31, 2026                    
30-59 days past due  $81,837   $6,858,959   $-   $6,940,796 
60-89 days past due   -    1,195,773    -    1,195,773 
Over 90 days past due (1)   2,827,352    4,487,106    -    7,314,458 
In process of foreclosure (1)   588,013    1,462,111    -    2,050,124 
Total past due   3,497,202    14,003,949    -    17,501,151 
Current   71,117,471    71,515,541    149,601,559    292,234,571 
Total mortgage loans   74,614,673    85,519,490    149,601,559    309,735,722 
Allowance for credit losses   (1,322,084)   (932,072)   (299,204)   (2,553,360)
Unamortized deferred loan fees, net   (242,747)   (1,173,134)   (248,395)   (1,664,276)
Unamortized discounts, net   (142,549)   (107,097)   -    (249,646)
Net mortgage loans held for investment  $72,907,293   $83,307,187   $149,053,960   $305,268,440 
                     
December 31, 2025                    
30-59 days past due  $86,117   $7,302,658   $-   $7,388,775 
60-89 days past due   -    2,485,313    -    2,485,313 
Over 90 days past due (1)   2,832,372    2,479,479    -    5,311,851 
In process of foreclosure (1)   588,013    616,430    -    1,204,443 
Total past due   3,506,502    12,883,880    -    16,390,382 
Current   75,725,284    77,760,710    157,398,705    310,884,699 
Total mortgage loans   79,231,786    90,644,590    157,398,705    327,275,081 
Allowance for credit losses   (1,368,121)   (904,738)   (316,059)   (2,588,918)
Unamortized deferred loan fees, net   (374,372)   (1,283,049)   (338,374)   (1,995,795)
Unamortized discounts, net   (146,534)   (108,449)   -    (254,983)
Net mortgage loans held for investment  $77,342,759   $88,348,354   $156,744,272   $322,435,385 

 

 

(1)Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.
Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

 

Credit Quality Indicator  2026   2025   2024   2023   2022   Prior   Total   % of Total 
LTV:                                        
Less than 65%  $2,264,400   $26,486,545   $3,889,812   $15,600,000   $462,761   $9,002,062   $57,705,580    77.34%
65% to 80%   1,260,000    3,525,554    10,432,656    1,000,506    293,872    -    16,512,588    22.13%
Greater than 80%   -    -    -    -    -    396,505    396,505    0.53%
                                         
Total  $3,524,400   $30,012,099   $14,322,468   $16,600,506   $756,633   $9,398,567   $74,614,673    100.00%
                                         
DSCR                                        
>1.20x  $-   $7,680,478   $12,089,812   $7,500,000   $-   $5,265,290   $32,535,580    43.60%
1.00x - 1.20x   3,524,400    17,956,621    2,232,656    9,100,506    756,633    348,050    33,918,866    45.46%
<1.00x   -    4,375,000    -    -    -    3,785,227    8,160,227    10.94%
                                         
Total  $3,524,400   $30,012,099   $14,322,468   $16,600,506   $756,633   $9,398,567   $74,614,673    100.00%

 

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

 

`  2025   2024   2023   2022   2021   Prior   Total   % of Total 
LTV:                                        
Less than 65%  $34,518,653   $3,890,144   $15,600,000   $462,761   $810,696   $8,299,883   $63,582,137    80.25%
65% to 80%   3,525,554    10,432,942    1,000,776    293,872    -    -    15,253,144    19.25%
Greater than 80%   -    -    -    -    396,505    -    396,505    0.50%
                                         
Total  $38,044,207   $14,323,086   $16,600,776   $756,633   $1,207,201   $8,299,883   $79,231,786    100.00%
                                         
DSCR                                        
>1.20x  $7,519,000   $10,000,000   $7,500,000   $-   $-   $5,292,385   $30,311,385    38.26%
1.00x - 1.20x   28,300,207    4,323,086    9,100,776    756,633    1,207,201    3,007,498    46,695,401    58.94%
<1.00x   2,225,000    -    -    -    -    -    2,225,000    2.81%
                                         
Total  $38,044,207   $14,323,086   $16,600,776   $756,633   $1,207,201   $8,299,883   $79,231,786    100.00%

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

 

2) Investments (Continued)

 

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

 

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

 

Credit Quality Indicator  2026   2025   2024   2023   2022   Prior   Total   % of Total 
Performance Indicators:                                        
Performing  $1,387,990   $8,283,600   $11,736,720   $8,888,926   $35,481,702   $13,791,335   $79,570,273    93.04%
Non-performing (1)   -    1,470,213    878,703    1,705,661    539,860    1,354,780    5,949,217    6.96%
                                         
Total  $1,387,990   $9,753,813   $12,615,423   $10,594,587   $36,021,562   $15,146,115   $85,519,490    100.00%

 

 

(1)Includes residential mortgage loans in the process of foreclosure of $1,462,111

 

LTV:                                
Less than 65%  $640,727   $1,888,800   $6,042,451   $4,103,812   $5,640,640   $8,734,429   $27,050,859    31.63%
65% to 80%   747,263    6,660,280    6,418,110    6,196,811    28,359,148    5,876,068    54,257,680    63.44%
Greater than 80%   -    1,204,733    154,862    293,964    2,021,774    535,618    4,210,951    4.92%
                                         
Total  $1,387,990   $9,753,813   $12,615,423   $10,594,587   $36,021,562   $15,146,115   $85,519,490    100.00%

 

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

 

Credit Quality Indicator  2025   2024   2023   2022   2021   Prior   Total   % of Total 
Performance Indicators:                                        
Performing  $10,946,252   $11,711,336   $10,177,427   $39,714,697   $2,264,902   $12,734,067   $87,548,681    96.58%
Non-performing (1)   546,602    927,255    616,430    255,544    -    750,078    3,095,909    3.42%
                                         
Total  $11,492,854   $12,638,591   $10,793,857   $39,970,241   $2,264,902   $13,484,145   $90,644,590    100.00%

 

 

(1)Includes residential mortgage loans in the process of foreclosure of $616,430

 

LTV:  Year 1   Year 2   Year 3   Year 4   Year 5             
Less than 65%  $4,382,324   $6,054,903   $4,118,599   $5,710,475   $968,377   $7,259,011   $28,493,689    31.43%
65% to 80%   6,673,602    6,428,826    6,380,363    32,514,676    1,296,525    5,688,715    58,982,707    65.07%
Greater than 80%   436,928    154,862    294,895    1,745,090    -    536,419    3,168,194    3.50%
                                         
Total  $11,492,854   $12,638,591   $10,793,857   $39,970,241   $2,264,902   $13,484,145   $90,644,590    100.00%
Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

 

Credit Quality Indicator  2026   2025   2024   2023   2022   Total   % of Total 
Performance Indicators:                                   
Performing  $23,597,361   $84,789,314   $31,832,775   $5,450,344   $3,931,765   $149,601,559    100.00%
Non-performing   -    -    -    -    -    -    0.00%
                                    
Total  $23,597,361   $84,789,314   $31,832,775   $5,450,344   $3,931,765   $149,601,559    100.00%
                                    
LTV:                                   
Less than 65%  $7,552,555   $29,563,386   $23,423,845   $5,450,344   $3,931,765   $69,921,895    46.74%
65% to 80%   16,044,806    52,184,990    8,408,930    -    -    76,638,726    51.23%
Greater than 80%   -    3,040,938    -    -    -    3,040,938    2.03%
                                    
Total  $23,597,361   $84,789,314   $31,832,775   $5,450,344   $3,931,765   $149,601,559    100.00%

 

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

 

Credit Quality Indicator  2025   2024   2023   2022   2021   Total   % of Total 
Performance Indicators:                                   
Performing  $105,516,880   $42,129,717   $5,820,344   $-   $3,931,764   $157,398,705    100.00%
Non-performing   -    -    -    -    -    -    0.00%
                                    
Total  $105,516,880   $42,129,717   $5,820,344   $-   $3,931,764   $157,398,705    100.00%
                                    
LTV:                                   
Less than 65%  $24,286,540   $20,684,760   $5,820,344   $-   $3,931,764   $54,723,408    34.77%
65% to 80%   78,223,502    21,444,957    -    -    -    99,668,459    63.32%
Greater than 80%   3,006,838    -    -    -    -    3,006,838    1.91%
                                    
Total  $105,516,880   $42,129,717   $5,820,344   $-   $3,931,764   $157,398,705    100.00%
Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

 

  

As of

March 31, 2026

  

As of

December 31, 2025

 
30-59 days past due  $8,926,915   $8,444,866 
60-89 days past due   3,969,994    3,344,793 
Over 90 days past due   5,494,846    4,976,211 
Total past due   18,391,755    16,765,870 
Current   27,924,026    29,418,129 
Total insurance assignments   46,315,781    46,183,999 
Allowance for credit losses   (1,518,047)   (1,676,468)
Net insurance assignments  $44,797,734   $44,507,531 
Schedule of Allowance for Credit Losses for Insurance Assignments

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

 

   Three Months Ended 
Beginning balance - December 31, 2025  $1,676,468 
Change in provision for credit losses (1)   284,826 
Charge-offs   (443,247)
Ending balance - March 31, 2026  $1,518,047 
      
Beginning balance - December 31, 2024  $1,536,926 
Change in provision for credit losses (1)   293,798 
Charge-offs   (312,941)
Ending balance - March 31, 2025  $1,517,783 

 

 
(1)Included in other expenses on the condensed consolidated statements of earnings
Schedule of Carrying Value of Investments

The following table presents the carrying value of the investments as of the dates indicated:

 

  

As of

March 31, 2026

  

As of

December 31, 2025

 
HHH (1)  $8,639,798   $10,530,515 
Oquirrh (1)   775,138    887,532 
Towns (2)   2,358,039    2,656,616 
Total  $11,772,975   $14,074,663 

 

 

(1)Included in other investments and policy loans on the condensed consolidated balance sheets
(2)Out of these totals, $1,155,507 and $1,467,058 of which at March 31, 2026, and December 31, 2025, respectively, were included in restricted assets and $1,202,531 and $1,189,558 of which at March 31, 2026, and December 31, 2025, respectively, were included in cemetery perpetual care trust investments on the condensed consolidated balance sheets
Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

 

       
   Three Months Ended March 31, 
   2026   2025 
Fixed maturity securities:          
Gross realized gains  $25,794   $1,068 
Gross realized losses   (77,874)   (42,286)
Net credit loss provision   (96,547)   (86,307)
           
Equity securities:          
Gains on securities sold   15,722    114,127 
Unrealized gains (losses) on securities held at the end of the period   (54,513)   273,477 
           
Real estate held for investment and sale:          
Gross realized gains   586,972    394,525 
Gross realized losses   (35,651)   - 
           
Other assets:          
Gross realized gains   667    6,525 
Gross realized losses   (13,822)   (75,108)
Total  $350,748   $586,021 
 

Major categories of net investment income were as follows:

 

       
   Three Months Ended March 31, 
   2026   2025 
Fixed maturity securities available for sale  $4,712,644   $4,664,833 
Equity securities   207,832    192,631 
Mortgage loans held for investment   8,274,060    7,964,539 
Real estate held for investment and sale   2,937,919    2,959,711 
Policy loans   241,508    244,605 
Insurance assignments   5,444,231    5,732,150 
Other investments   315,638    161,486 
Cash and cash equivalents   1,047,236    1,402,636 
Gross investment income   23,181,068    23,322,591 
Investment expenses   (4,679,720)   (4,119,967)
Net investment income  $18,501,348   $19,202,624 
 
Schedule of Accrued Investment Income

Accrued investment income consists of the following:

 

  

As of

March 31, 2026

  

As of

December 31, 2025

 
Fixed maturity securities available for sale  $4,418,548   $4,089,819 
Equity securities   9,943    13,169 
Mortgage loans held for investment   1,444,226    1,032,964 
Real estate held for investment   3,666,530    3,850,958 
Other investments   4,667    30,916 
Cash and cash equivalents   52,363    36,819 
Total accrued investment income  $9,596,277   $9,054,645