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Trust Investments (Tables)
9 Months Ended
Sep. 30, 2024
Preneed Trust Investments [Abstract]  
Components of preneed cemetery trust investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):
September 30, 2024December 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 
Cost and fair market values associated with preneed cemetery trust investments
The cost and market values associated with preneed cemetery trust investments at September 30, 2024 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$24,268 $— $— $24,268 
Fixed income securities:
U.S. agency obligations2664 — (33)631 
Foreign debt28,530 1,519 (8)10,041 
Corporate debt213,669 509 (2,446)11,732 
Preferred stock210,990 483 (1,558)9,915 
Certificates of deposit279 — (5)74 
Common stock131,416 3,033 (3,142)31,307 
Limited partnership fund3,514 456 — 3,970 
Mutual funds:
Equity1907 107 (1)1,013 
Fixed income213,516 181 (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 cost97.4%
The cost and market values associated with preneed cemetery trust investments at December 31, 2023 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$9,643 $— $— $9,643 
Fixed income securities:
U.S. agency obligations2803 (51)753 
Foreign debt27,764 1,371 (17)9,118 
Corporate debt215,071 342 (3,657)11,756 
Preferred stock210,965 473 (1,572)9,866 
Certificate of deposit279 — (7)72 
Common stock143,057 9,466 (7,935)44,588 
Limited partnership fund3,575 — (3)3,572 
Mutual funds:
Equity1553 10 (30)533 
Fixed income211,369 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 cost95.8%
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$139 
Due in one to five years13,444 
Due in five to ten years939 
Thereafter17,871 
Total fixed income securities$32,393 
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
September 30, 2024
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
U.S. agency obligations$— $— $492 $(33)$492 $(33)
Foreign debt— — 210 (8)210 (8)
Corporate debt695 (136)2,268 (2,310)2,963 (2,446)
Preferred stock700 (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 $(4,050)
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
December 31, 2023
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
U.S. agency obligations$— $— $613 $(51)$613 $(51)
Foreign debt284 (5)209 (12)493 (17)
Corporate debt666 (62)4,239 (3,595)4,905 (3,657)
Preferred stock45 — 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 $(5,304)
The following table summarizes our fixed income securities (excluding mutual funds) within our cemetery perpetual care trust investment in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
September 30, 2024
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
Foreign debt$— $— $182 $(7)$182 $(7)
Corporate debt604 (118)2,218 (2,171)2,822 (2,289)
Preferred stock608 (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 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
Foreign debt$440 $(8)$178 $(10)$618 $(18)
Corporate debt567 (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)
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 September 30,Nine months ended September 30,
2024202320242023
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), net2,151 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 
$— $— $— $— 
Purchases and sales of investments in preneed cemetary trusts
Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Purchases$— $(5,481)$(11,110)$(14,619)
Sales— 5,368 21,737 11,230 
Components of preneed funeral trust investments
The components of Preneed funeral trust investments on our Consolidated Balance Sheet are as follows (in thousands):
September 30, 2024December 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 
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$82 
Due in one to five years12,828 
Due in five to ten years809 
Thereafter17,041 
Total fixed income securities$30,760 
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less$— 
Due in one to five years11,555 
Due in five to ten years928 
Thereafter16,395 
Total fixed income securities$28,878 
Cost and fair market values associated with preneed funeral trust investments
The cost and market values associated with preneed funeral trust investments at September 30, 2024 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$34,849 $— $— $34,849 
Fixed income securities:
U.S. treasury debt1406 — (24)382 
Foreign debt28,291 1,485 (8)9,768 
Corporate debt213,134 496 (2,288)11,342 
Preferred stock210,345 471 (1,548)9,268 
Common stock128,794 2,815 (2,715)28,894 
Limited partnership fund3,435 446 — 3,881 
Mutual funds:
Equity177369 (1)841 
Fixed income211,941 162 (1,697)10,406 
Other investments21,938 — — 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 cost97.9%
The cost and market values associated with preneed funeral trust investments at December 31, 2023 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$26,707 $— $— $26,707 
Fixed income securities:
U.S. treasury debt1451 — (34)417 
Foreign debt27,300 1,297 (16)8,581 
Corporate debt213,848 323 (3,255)10,916 
Preferred stock29,786 442 (1,468)8,760 
Common stock138,600 8,858 (6,855)40,603 
Limited partnership fund3,383 — (2)3,381 
Mutual funds:
Equity1401 (29)375 
Fixed income29,513 15 (2,383)7,145 
Other investments23,510 — — 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 cost97.3%
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 LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$13,900 $— $— $13,900 
Fixed income securities:
Foreign debt27,699 1,335 (7)9,027 
Corporate debt212,401 486 (2,289)10,598 
Preferred stock210,241 418 (1,406)9,253 
Common stock127,278 2,697 (2,825)27,150 
Limited partnership fund3,051 396 — 3,447 
Mutual funds:
Equity1783 87 (1)869 
Fixed income212,336 247 (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 cost97.1%
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 LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$6,688 $— $— $6,688 
Fixed income securities:
Foreign debt27,101 1,177 (18)8,260 
Corporate debt213,491 334 (3,367)10,458 
Preferred stock210,723 415 (1,435)9,703 
Common stock136,413 8,098 (6,580)37,931 
Limited partnership fund3,042 — (2)3,040 
Mutual funds:
Equity1467 (26)446 
Fixed income210,326 14 (2,382)7,958 
Trust securities$88,251 $10,043 $(13,810)$84,484 
Accrued investment income$847 $847 
Cemetery perpetual care investments$85,331 
Market value as a percentage of cost95.7%
Schedule of fair market value and unrealized loss on preneed funeral trust investments
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at September 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
September 30, 2024
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
U.S. treasury debt$— $— $382 $(24)$382 $(24)
Foreign debt— — 205 (8)205 (8)
Corporate debt680 (133)2,115 (2,155)2,795 (2,288)
Preferred stock684 (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 $(3,868)
The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
December 31, 2023
In Loss Position Less than 12 monthsIn Loss Position Greater than 12 monthsTotal
Fair Market ValueUnrealized LossesFair Market ValueUnrealized LossesFair Market ValueUnrealized Losses
Fixed income securities:
U.S. treasury debt$— $— $371 $(34)$371 $(34)
Foreign debt269 (5)198 (11)467 (16)
Corporate debt630 (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
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,
2024202320242023
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), net1,638 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 
$— $— $— $— 
Purchases and sales of investments in preneed funeral trusts
Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Purchases$— $(5,237)$(10,214)$(13,987)
Sales— 5,135 19,726 10,820 
Purchases and sales of investments in the cemetery perpetual care trusts are as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Purchases$— $(4,625)$(9,113)$(11,336)
Sales— 4,529 19,130 15,433 
Components of care trusts' corpus
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, 2024December 31, 2023
Cemetery perpetual care trust investments, at market value$85,925 $85,331 
Obligations due to (due from) trust1,093 (980)
Care trusts’ corpus$87,018 $84,351 
Cemetery perpetual care trust investment security transactions recorded on Consolidated Statements of Operations
Cemetery perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Realized gains$— $31 $1,419 $862 
Realized losses— (24)(1,089)(494)
Unrealized gains (losses), net1,676 1,444 (2,553)(5,883)
Net change in care trusts’ corpus(1,676)(1,451)2,223 5,515 
Total$— $— $— $— 
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,
2024202320242023
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