Security National Financial Corporation (SNFCA): Business Model Canvas [Dec-2025 Updated]

You're looking to map out how Security National Financial Corporation actually makes its money, and honestly, it's a fascinating blend of the deeply personal-funeral services-and the purely financial-real estate investment. This isn't a one-trick pony; they manage everything from underwriting final expense policies to originating $518 million in mortgage volume in Q1 2025, all while holding a book value per share of $14.79 as of Q3 2025. Their resilience comes from this mix, which generated $20.1 million in net investment income in Q3 2025, even as personnel costs crept up about 6% year-to-date as of Q3 2025 due to strategic hires. Dive into the nine blocks below to see exactly how this dual-engine strategy-end-of-life care and property finance-is structured for the near term.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Key Partnerships

You're looking at how Security National Financial Corporation (SNFCA) builds value through its external relationships, which is crucial given its three-segment structure: life insurance, cemetery/mortuary, and mortgage loans. These partnerships are how SNFCA scales distribution and manages complex assets like real estate.

Latinos Unidos for the new Loyalty Sales Division

Security National Life Insurance Company (SNL), a subsidiary of Security National Financial Corporation (SNFCA), formally partnered with Latinos Unidos in May 2024 to lead the new Loyalty Sales Division. This partnership specifically targets the final expense market, offering tailored plans to customers and insurance agents. A key component of this alliance is the exclusive Loyalty Family Support Plan, which provides a dedicated funeral concierge service to beneficiaries. This leverages Security National Financial Corporation's ownership of funeral homes and cemeteries, which total approximately seven mortuaries and five cemeteries in Utah, plus one cemetery in California. While the direct financial contribution of this partnership isn't broken out, the Life Insurance segment, which houses this division, saw revenues increase by 9.1% to $51.5 million in the first half of 2025.

Residential land developers and home builders for real estate investments

The real estate component of Security National Financial Corporation's business model relies on relationships with residential land developers and home builders through what the company terms 'builder partnerships.' As of the third quarter of 2025, management noted that the nature of these real estate-based activities, including these partnerships, was creating a significant current drag to income, though they believe it will be positively accretive over time. This is set against a backdrop where, in Q1 2025, investments in real estate were still expanding as Security National Financial Corporation continued to develop single-family real estate. The company had 24,697,314 Class A equivalent shares outstanding as of September 30, 2025, reflecting the capital base supporting these long-term investments.

Independent insurance agents and brokers for life policy distribution

Security National Financial Corporation distributes its life insurance and annuity products primarily through a network of independent insurance agents and brokers. This distribution channel is vital for the Life Insurance Segment. While the exact count of independent agents working with Security National Life Insurance Company isn't public, the industry context shows that independent agencies place 61.5% of all property & casualty insurance written in the U.S. as of 2024 data. For Security National Financial Corporation, the performance of this segment is key to overall stability; for the nine months ending September 30, 2025, after-tax earnings were $18,866,000, with the Life Insurance Segment showing revenue growth. The company, which has 1,421 total employees as of late 2025, relies on these external partners for broad market reach.

Third-party vendors for digital tools and technology deployment

Security National Financial Corporation uses third-party vendors to deploy digital tools and technology across its operations, particularly to support the mortgage segment and enhance internal efficiency. The company has been working on significant internal resource investments related to changes in how life insurance reserves are calculated and reported, which required work over the last two years. While specific vendor names or contract values aren't detailed, the industry trend for agents in 2025 shows that access to technology is a key driver for network participation. The mortgage segment, which originates and underwrites residential and commercial loans, is the segment that generates the majority of Security National Financial Corporation's revenue.

Here's a quick look at the financial context surrounding the segments involved in these key partnerships as of the nine months ended September 30, 2025:

The company's reliance on external distribution, like independent agents, is a core part of its strategy to maintain stability across its diverse operations. The structure of these partnerships helps Security National Financial Corporation manage the cyclical nature of its mortgage business with the more stable life insurance and funeral service segments.

• Partnering with Latinos Unidos for final expense market penetration.
• Engaging in builder partnerships for real estate investment deployment.
• Distributing life policies via a broad network of independent agents.
• Investing in third-party digital tools for operational support.

Finance: draft 13-week cash view by Friday.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Key Activities

You're looking at the core engine of Security National Financial Corporation (SNFCA), the day-to-day work that keeps the whole structure running. Honestly, it's a mix of long-term promises and immediate transactions across three distinct segments.

Underwriting and managing life insurance and final expense policies

This activity centers on securing future liabilities and managing the existing book of business. The Insurance Segment has been focused on locking in better profitability on new business.

• Improved premium margin by several percentage points through implemented rate increases.
• The Insurance Segment had its second best First Quarter out of the last 5 years (including the pandemic period).

Operating and managing owned cemeteries and mortuaries

The Death Care Segment involves direct service delivery, managing physical assets, and handling increasing cremation-related volumes. Here's how the first quarter of 2025 looked for these operations.

Cemetery term in volumes rose by 3% over the prior year, showing strong reception to broadened offerings, especially cremation-related services.

Originating and servicing mortgage loans

This is a high-volume, transaction-based activity where Security National Financial Corporation (SNFCA) focuses on origination volume and product mix, often outperforming the broader market.

For the three months ended March 31, 2025, the Mortgage Segment originated $518 million in loan volume. This represented an 11% increase compared to Q1 2024 volume of $467 million. Management noted this strong origination performance significantly outperformed the nationwide market increase of just 2% for the same period. Still, the segment recorded a loss of $1.994 million in Q1 2025.

Strategic investment management, especially in real estate holdings

Security National Financial Corporation (SNFCA) actively manages a portfolio that includes real estate investments, which are a major driver of investment income volatility. The company lends on various property types.

• Real estate activities accounted for roughly 56%, or $1.7 million, of the total $3 million decline in investment income seen in Q1 2025 versus Q1 2024.
• This decline was due to participating in fewer home closings and lower gains on the sale of residential lots from builder relationships in Q1 2025.
• The real estate lending portfolio includes single or multi-tenant office, retail, warehouse, multifamily properties, construction, and land development financing.
• For the nine months ended September 30, 2025, net investment income rose to $20.1 million.

Talent development and training for sales and funeral staff

This activity is a deliberate investment in personnel to support growth goals, reflected directly in operating expenses. You see the cost of acquiring this talent in the personnel line items.

Personnel Costs rose by approximately 11.7%, or roughly $2.2 million, over Q1 2024. About 5 percentage points of that increase related to general annual compensation increases, while the remaining increase related to deliberate strategic hirings of high-quality individuals to augment sales and fulfillment staffs. By the third quarter of 2025, year-to-date personnel costs were up roughly 6%, indicating that efficiencies were found to offset the initial cost of talent hiring undertaken in late 2024.

Finance: draft 13-week cash view by Friday.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Key Resources

You're looking at the core assets Security National Financial Corporation (SNFCA) leans on to run its business as of late 2025. These aren't just line items; they are the engines for their diversified revenue streams across insurance, death care, and mortgage lending.

Investment Portfolio, Including Residential Land Holdings

The investment portfolio is a critical, though sometimes lagging, resource, particularly the real estate component. Security National Financial Corporation explicitly notes that its real estate-based activities, like lending and direct ownership, create a current drag on income, but they expect positive accretion over time.

The commitment to future growth in this area is clear:

• Gross additional investment in residential land holdings for the first half of 2025 was approximately $50MM.
• No income is recognized on these land holdings until a lot is sold or vertical construction begins.

Investment income was reported at $1.44 million for the third quarter of 2025.

Network of Owned Funeral Homes and Cemeteries

The Death Care segment relies on a concentrated physical network, which is a major profit driver when preneed cemetery land sales stabilize. Security National Financial Corporation is Utah's largest funeral and cemetery provider.

Here's the breakdown of the physical assets as reported:

Memorial Mortuaries & Cemeteries operates three different brands of funeral homes in Utah, totaling 10 different locations.

Segment financial performance for Q3 2025 included:

• Funeral Home Revenue increased 9.4% to $3.52 million in Q3 2025.
• Cemetery Earnings Before Tax were $880,000 in Q3 2025, up 21.7% from Q3 2024.

Licensed Insurance Agents and Sales Force Talent

The Life Insurance Segment's ability to generate new premium sales is directly tied to its distribution network. Management has made significant recent investments in this area. The company noted it has 'completely revamped our cemetery sales force' over the last nine months.

The talent base supports the Life Insurance Segment, which markets products through a commissioned sales force of independent licensed insurance agents who may also sell products from other companies.

Personnel cost management shows progress:

• Personnel costs were flat for the quarter ending September 30, 2025.
• Year-to-date personnel costs were up roughly 6% as of September 30, 2025.

Financial Capital Base

The balance sheet strength underpins the operations, even when current earnings are soft. The company has two classes of common stock outstanding, Class A and Class C.

Key capital structure metrics as of September 30, 2025:

The annualized Return On Equity (ROE) for the nine months ended September 30, 2025, was 10.5%, an improvement from 8.5% reported in June.

Proprietary Life Insurance Products and Final Expense Plans

The Life Insurance Segment's core resource is its product suite, which includes offerings tailored for end-of-life planning. These products are sold in 40 states.

The product lines include:

• Selected lines of life insurance.
• Funeral plans.
• Interest-sensitive life insurance.
• Annuity products, including single and flexible premium deferred annuities.
• Accident and health insurance.

The Life Insurance segment's pre-tax income for Q3 2025 was $7.5 million.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Value Propositions

Integrated, comprehensive end-of-life planning and services

Security National Financial Corporation offers a continuum of death care services through its Memorial Mortuaries & Cemeteries segment. This segment operates eleven mortuaries and five cemeteries in Utah, one cemetery in California, and four mortuaries and one cemetery in New Mexico. Rivera, a provider in Northern New Mexico, holds a market share in excess of 40%. In the first quarter of 2025, the cemetery operations delivered pre-tax net earnings of $815,000, a 1.2% increase compared to $805,000 in the same period last year. The funeral home operations reported pre-tax net earnings of $613,000 in Q1 2025, despite a 6.9% decrease year-over-year. The company has realized double digit operational net income growth every year in this segment since 2014, averaging a compound annual growth rate of over 20%.

Financial security through final expense life insurance products

The Life Insurance segment is a market leader in end-of-life insurance products. For the year ended December 31, 2024, this segment achieved record year performance with 25% growth. For the second quarter of 2025, Life Insurance segment revenues increased 9.1% to $51.5 million, with Q2 profit actually ahead by $1 million versus Q2 2024 profit, primarily through increased investment income. Management notes that newly increased life insurance premium rates are expected to add 1.5 percentage points of Return On Equity over the shorter term.

Loyalty Family Support Plan, a dedicated funeral concierge service

The Loyalty Family Support Plan provides concierge funeral planning services across America, connecting subscribers to a national network of trusted providers to alleviate stress. The service is available to support families around the clock, 24 hours a day, 7 days a week. Members can add up to 4 co-members to their membership. The plan has associated membership fees:

• Membership fee of $4.00 per month for EFT payment.
• Membership fee of $5.00 per month for Direct Bill.

Competitive mortgage loan products for home financing

Security National Mortgage Company offers a full-service lending approach with a wide range of loan products. In the first quarter of 2025, Security National Mortgage Company originated $518 million in loan volume, an 11% increase over Q1 2024's $467 million, which management noted was a significant outperformance to the market. The Mortgage Segment was both profitable and cash flow positive in March 2025. However, the segment reported a loss of $1.7 million in Q2 2025. For the nine months ended September 30, 2025, the Mortgage Segment was profitable.

Financial diversity and resilience across three core segments

Security National Financial Corporation demonstrates financial diversity, with roughly 1/3 of its revenue and equity historically in the mortgage industry. The company achieved an annualized Return On Equity of 10.5% for the nine months ended September 30, 2025. This is an improvement from the annualized ROE of 8.5% reported in June. The 10-year average ROE is 13.3%. The financial performance across the three core segments for the nine months ended September 30, 2025, and the latest reported quarter is detailed below.

The company started with only $543,000 in assets in 1965 and is celebrating 60 years of service in 2025. As of September 30, 2025, there were 24,697,314 Class A equivalent shares outstanding.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Customer Relationships

You're focused on how Security National Financial Corporation (SNFCA) builds and maintains its connections with clients across its diverse service lines. The core of their approach is deeply personal, which is a key differentiator in the financial services and death care industries.

Direct, personalized service at funeral homes and cemeteries

The commitment to direct, personalized care is evident in the structure of the Cemetery and Mortuary Segment. This segment is concentrated, with Memorial Mortuaries & Cemeteries operating 10 different funeral home locations across three brands in Utah, plus a cemetery in California. This localized presence allows for hands-on service delivery during sensitive times. For instance, in the first quarter of 2025, Funeral Home Operations saw revenue grow 3.4% year-over-year to $3.67 million, supported by a 3% rise in services performed. Similarly, Cemetery Operations saw interment volumes rise by 3% in Q1 2025. The company explicitly stated a focus on better organizing and training staff to provide the best care possible in inherently sensitive situations, a management focus that carried into 2025 with stated priorities like talent development and training for funeral staff.

Here's a look at the recent performance in the segment that delivers this direct service:

This table shows the revenue dip in the first half of 2025, which the company tied to market shifts like the increase in cremation services that carry lower revenue than traditional services.

Agent-driven sales and support for life insurance policies

For the Life Insurance Segment, the relationship is primarily facilitated through an agent sales force. Security National Financial Corporation has spent significant effort modernizing its commission systems to offer increased flexibility and capability to better reward high-performing sales professionals. The company's goal in 2025 included growing new life premium sales, though Q3 2025 earnings noted they did not achieve that specific goal for the quarter. Still, the segment showed strength, with Q2 2025 profit coming in $1MM ahead of Q2 2024 profit, largely due to increased investment income. The company's book value per common share stood at $14.79 as of September 30, 2025, reflecting the underlying value supporting these long-term products.

The relationship is supported by ongoing talent management:

• Talent development and training are a key strategic priority for 2025.
• Effort has been expended to retain and recruit improved sales and support talent across all segments.
• The company is preparing for the adoption of LDTI (Targeted Improvements to the Accounting for Long-Duration Contracts) in December 2025, which will impact life insurance reserve reporting.

Dedicated funeral concierge service for beneficiaries

While the search results confirm the existence of the mortuary and cemetery services that handle the immediate need, the specific term 'dedicated funeral concierge service for beneficiaries' is an area where the company emphasizes quality care during sensitive situations. The focus on staff organization and training in the Cemetery/Mortuary Segment directly supports the beneficiary experience by ensuring the best possible care is provided when families need it most. This personalized handling of the final arrangements is the practical application of their relationship focus at the point of service. It's about providing support when a policy is finally used.

Long-term relationship focus built on conservative financial principles

Security National Financial Corporation explicitly states that it is built upon conservative and sound financial principles, with a focus only on long-term relationships and business strategies. This principle guides the entire structure, from offering comprehensive 'end of life' insurance products to maintaining its funeral and cemetery services. The company's longevity, having been founded in 1965, reinforces this long-term view. This conservative stance is also reflected in the management's view of the troubled mortgage industry, where roughly 1/3 of revenue and equity resides; management believes the real estate-based activities will be positively accretive over time, showing patience with assets that may take longer to mature. You can see the result of these principles in the balance sheet strength, with book value per common share increasing from $13.44 at the end of 2024 to $14.79 by September 30, 2025.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Channels

You're looking at how Security National Financial Corporation (SNFCA) gets its services to the customer base across its three main segments as of late 2025. It's a mix of physical locations, a wide agent network, and a dedicated mortgage origination platform.

Company-owned funeral homes and cemetery locations

The Death Care segment, which includes funeral homes and cemeteries, relies on a concentrated physical footprint, primarily in Utah, but also with entities in New Mexico and California. For the third quarter of 2025, this segment posted sales of $8.9 million, which was an increase of 4.5% compared to the $8.5 million recorded in 3Q2024. However, for the first six months ended June 30, 2025, the Cemetery/Mortuary Revenue was $16.2 million, lagging the $17.0 million reported for the same period in 2024.

Here's a quick look at the segment's recent financial performance:

Memorial Mortuaries & Cemeteries, one of the brands, operates a total of 10 different locations across three brands in Utah.

Independent and captive insurance agent networks

The Life Insurance segment uses a broad network to distribute its products. These commissioned sales forces are independent licensed insurance agents. Security National Life Insurance Company markets its selected lines of life insurance, annuity products, and accident and health insurance across 40 states. Many of these agents also sell pre-need funeral, cemetery, and cremation services, linking this channel to the Death Care segment.

Security National Mortgage Company's origination platform

Security National Mortgage Company uses its origination platform to underwrite and purchase residential and commercial loans. For the first quarter of 2025, the company originated loan volume of $518 million. This represented an 11% increase over the $467 million originated in Q1 2024. For the first half of 2025, the Mortgage Segment accounted for roughly 1/3 of Security National Financial Corporation's total revenue and equity. The company reported that for the three months ending June 30, 2025, its Mortgage Segment was both profitable and cash flow positive in March.

Historically, the mortgage segment operated through 77 retail offices and one wholesale office in 21 states. The Q1 2025 performance showed an 11% increase in volume over Q1 2024.

The following table summarizes the Q1 2025 mortgage origination performance against the prior year:

Digital tools and online presence for customer experience

While direct digital channel revenue metrics aren't itemized separately, the overall company financial performance reflects the environment in which all channels operate. For the second quarter ended June 30, 2025, Security National Financial Corporation reported total revenue of $89.5 million. For the first half of 2025, the company achieved an 8% Return On Equity (ROE), which is below its 10-year average ROE of 13.3%. As of June 30, 2025, there were 24,713,575 Class A equivalent shares outstanding.

• Life Insurance Segment improved its premium margin by several percentage points due to increased premium rates implemented over the last several years.
• The company spent heavily on retaining and recruiting improved sales, sales support, and executive talent across all segments in the past year.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Customer Segments

Individuals and families seeking final expense life insurance are a core segment for Security National Financial Corporation (SNFCA). The life insurance segment markets funeral plans primarily to individuals aged 45 to 85 with low to moderate income across 42 states.

• Whole Life Policy Face Amounts: $1,000 - $25,000
• Preferred Whole Life Face Amounts: $25,000 - $30,000
• Policy Options: 10-Pay, 20-Pay, and Lifetime-Pay Available

Families requiring immediate or pre-need funeral and cemetery services are served through the Cemetery and Mortuary Segment. This segment has entities concentrated in Utah, New Mexico, and California. For the quarter ended September 30, 2025, this segment posted sales of $8.9 million. For the 9-months ended September 30, 2025, segment revenue was $25.1 million.

First-time and move-up home buyers in the US mortgage market are targeted by the Mortgage Segment, which is a full-service lender. The company has a strong presence in Utah, Florida, Texas, Nevada, and Arizona. In 2024, SecurityNational Mortgage originated 7,269 loans totaling $2,295,830,000 in volume. For the quarter ended March 31, 2025, mortgage volume increased by 11% over Q1 2024. The segment originated $518 million in Q1 2025, up from $467 million in Q1 2024. The Net Promoter Score (NPS) for the mortgage lending reached an outstanding 84 for Q1 & Q2 2025.

Policyholders and beneficiaries across various demographics are the ultimate recipients of the services across all three segments. The company had 24,713,575 Class A equivalent shares outstanding as of June 30, 2025. Book value per common share was $14.79 as of September 30, 2025.

Here's a quick math look at the segment contribution based on the latest reported figures:

The Life Insurance Segment's performance is also critical to this customer base, though specific revenue/policy count data for 2025 is less granular than for the other two segments in the provided reports. The segment achieved its second-best first quarter in the past five years in Q1 2025. The company is working to grow new life premium sales.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Security National Financial Corporation's operations as of late 2025, based on the latest reported figures through the third quarter. Honestly, the cost structure reflects a company balancing legacy insurance liabilities with a volatile mortgage market.

Policyholder benefits and claims (increased death benefits in Q3 2025)

The life insurance segment's cost of benefits directly impacted profitability in Q3 2025. Net income before taxes for the life segment was approximately $7.5 million for the quarter ended September 30, 2025, a pre-tax decrease of $4.4 million, or 37%, compared to $11.8 million in Q3 2024. Overall net earnings for Security National Financial Corporation fell to $7.8 million in Q3 2025, down from $11.8 million in Q3 2024, with higher death benefits cited as a contributing factor.

Personnel costs (up roughly 6% YTD as of Q3 2025 due to strategic hires)

Personnel costs showed improvement in cost control during the third quarter. While Year-to-Date (YTD) personnel costs were still up roughly 6% as of September 30, 2025, they were flat for the quarter itself. This is a notable deceleration, as YTD personnel costs were up roughly 10% back in June. This suggests operational efficiencies are starting to offset the talent hiring that began in Q4 of 2024.

Operating expenses for funeral homes and cemeteries

The Death Care segment shows mixed results regarding its underlying operating costs relative to earnings. For the nine months ended September 30, 2025, Earnings Before Taxes for the Cemetery/Mortuary segment dropped 11.4% to $7.07 million compared to $7.98 million for the same nine-month period in 2024. However, the third quarter alone showed a positive trend in segment earnings before taxes, jumping 7.2% to $3.04 million versus 3Q2024's $2.84 million. The first quarter of 2025 showed individual segment performance:

Interest expense and costs related to mortgage origination

Costs within the Mortgage Segment are heavily influenced by interest rate environments and the cost of funding originations. Security National Mortgage Company posted pre-tax net income of $66,000 in Q3 2025, an improvement over the $16,000 in net income from Q3 2024. The company's 2024 borrowing agreement for mortgage operations charged interest at 2.10% plus the greater of 0% or the one-month forward-looking term rate based on SOFR, with a maturity date of June 20, 2025. The segment's profitability suggests that origination costs, including interest expense on funding, were managed effectively relative to the modest revenue generated in the quarter.

Investment in technology and digital service enhancements

While a specific dollar amount for technology investment isn't detailed in the immediate reports, management commentary points to cost-related actions that imply process improvements. The focus is on finding and implementing sufficient efficiencies to offset personnel cost increases. Furthermore, the company is preparing for an accelerated filing status and is focused on enhancing internal controls and financial reporting, which necessitates technology upgrades.

• Focus on operational efficiencies to offset hiring costs.
• Management emphasis on enhancing internal controls.
• Strategic plan includes continued investment in sales distribution.

Finance: draft 13-week cash view by Friday.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Revenue Streams

You're looking at how Security National Financial Corporation (SNFCA) brings in the money, which is a mix of insurance, death care, and real estate finance. Honestly, the diversity is what management points to when things get choppy in one area.

Life insurance premiums and policy fees form a core part of the revenue base. For the first quarter of 2025, the Life Insurance segment generated revenues of approximately \$49,287,000, which was a slight dip of 1.4% from the \$49,971,000 seen in the first quarter of 2024. Still, the company notes they have improved the premium margin through rate increases, though the full effect takes time to show up.

The Net investment income stream was a definite bright spot in the third quarter of 2025. Security National Financial Corporation reported this figure specifically at \$20.1 million for the quarter ending September 30, 2025. This was a driver for the overall slight revenue increase for the company in that period. For the first six months of 2025, net investment income reached \$39,783,612.

Funeral and cemetery service sales (at-need and pre-need) provide steady, though sometimes lagging, cash flow. For the third quarter of 2025, the Cemetery and Mortuary Segment posted sales of \$8.9 million, up 4.5% from the \$8.5 million in the third quarter of 2024. Looking at the longer nine-month period ending September 30, 2025, this segment generated \$25.1 million in revenue. Management noted they are seeing stabilized, if not improved, preneed cemetery land sales, which they consider a major profit driver.

Mortgage origination fees and secondary market sales are bundled into the mortgage fee income. For the first six months of 2025, the Mortgage Segment brought in \$54,294,345 in mortgage fee income, an increase of 5.5% over the \$51,451,186 from the same period in 2024. A significant portion of this is tied to secondary market activity, with secondary gains year-to-date reaching \$37,140,165. The mortgage market remains challenging, but the company saw its mortgage segment post a pre-tax net income of \$66,000 in Q3 2025, an increase of 312% over Q3 2024.

Real estate development profits from land holdings and builder partnerships are often realized through the investment income line, as profits from builder partners contribute to higher investment income. For instance, in Q1 2025, a portion of the investment income decline was attributed to decreased construction profits and lot sales gains from builder relationships. The company views deploying capital into residential land holdings and builder relationships as a strategy for higher future yields, even if it sacrifices some current income.

Here's a quick look at the segment revenue contributions we have concrete numbers for, focusing on the most recent quarterly and year-to-date figures available:

You should keep in mind that the Life Insurance premium revenue isn't explicitly broken out for Q3 2025 in the same way the other segments are, so we use the Q1 2025 data as a proxy for that line item's contribution to the overall model. Also, the mortgage segment's profitability is modest, but it is showing a positive trend after a tough period.

• Life Insurance Segment Revenue (Q1 2025): \$49,287,000.
• Cemetery/Mortuary Segment Earnings Before Taxes (Q3 2025): \$3.04 million.
• Mortgage Segment Pre-Tax Net Income (Q3 2025): \$66,000.
• Mortgage Secondary Gains YTD (2025): \$37,140,165.

Finance: draft 13-week cash view by Friday.