Q4 2025 Security National Financial Corp Earnings Call

March 17, 2026

Heather Street: Good afternoon, everyone, and welcome to Security National Financial Corporation's Q4 2025 Earnings Call. We thank you for joining us today to review our financial and operational results for the period ended December 31, 2025. Before we begin, I'd like to remind everyone that our remarks today will include forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from those projected. Such risks include, but are not limited to, changes in economic conditions, interest rates, regulatory developments, competitive pressures, and other factors detailed in our filings with the Securities and Exchange Commission. We'd caution you not to place undue reliance on these forward-looking statements, which speak only as of today's date.

Speaker #2: Welcome to Security National Financial Corp Q4 2025 earnings call. We thank you for joining us today to review our financial and operational results for the period ending December 31, 2025.

Speaker #2: Before we begin, I'd like to remind everyone that our remarks today will include forward-looking statements. These statements are based on current expectations and assumptions that are subject to risk and uncertainty.

Speaker #2: Which may cause actual results to differ, materially, from those projected. Such risks include, but are not limited to, changes in economic conditions, interest rates, regulatory developments, competitive pressures, and other factors detailed in our filings with the Securities and Exchange Commission.

Speaker #2: We caution you not to place undue reliance on these forward-looking statements, which are only as of today's date. We undertake no obligation to publicly update or revise these statements to reflect future events or circumstances, except as required by law.

Heather Street: We undertake no obligation to publicly update or revise these statements to reflect future events or circumstances, except as required by law. With that, I'd like to turn the call over to our Chairman, President, and our Chief Executive Officer, Scott Quist. Scott?

Speaker #2: With that, I'd like to turn the call over to our Chairman, President, and our Chief Executive Officer, Scott Quist. Scott.

Speaker #3: Thank you, Ms. Heather. First of all, happy St. Patrick's Day, everyone. Thank you for attending our Q4 earnings call, and I believe it could accurately be characterized as our year-end 2025 conference call investor call.

Scott M. Quist: Thank you, Ms. Heather. First of all, Happy St. Patrick's Day, everyone. Thank you for attending our Q4 earnings call, and I believe it could accurately be characterized as our year-end 2025 conference call, investor call. For the 12 months ended December 31, 2025, SNFC's after-tax earnings from operations increased 10.8% from $29 million in 2024, using round numbers, to $32 million in 2025 on a 3% increase in revenues to $345 million.

Scott Quist: Thank you, Ms. Heather. First of all, Happy St. Patrick's Day, everyone. Thank you for attending our Q4 earnings call, and I believe it could accurately be characterized as our year-end 2025 conference call, investor call. For the 12 months ended December 31, 2025, SNFC's after-tax earnings from operations increased 10.8% from $29 million in 2024, using round numbers, to $32 million in 2025 on a 3% increase in revenues to $345 million.

Speaker #3: For the 12 months ended December 31, 2025, SNFC's after-tax earnings from operations increased 10.8%, from $29 million in 2024 to $32 million in 2025, on a 3% increase in revenues to $345 million.

Scott M. Quist: Absent the pandemic-related years of 2020 and 2021, I have started excluding those years simply because of the extraordinary circumstances those years presented, both in terms of the interest rate environment, which as many will recall, actually for a very short period of time, gave negative rates, but also the mortality increase, which boosted our cemetery and mortuary earnings. Which circumstances are unlikely to duplicate in the future. I choose to compare ourselves to more normal times. Again, absent the pandemic-related years of 20 and 21, 2020 and 2021, this was our best net profit year ever, beating 2024 by nearly 11%, which is significant realizing that 2024 was our previous best year ever, again, absent 2020 and 2021.

Scott Quist: Absent the pandemic-related years of 2020 and 2021, I have started excluding those years simply because of the extraordinary circumstances those years presented, both in terms of the interest rate environment, which as many will recall, actually for a very short period of time, gave negative rates, but also the mortality increase, which boosted our cemetery and mortuary earnings. Which circumstances are unlikely to duplicate in the future. I choose to compare ourselves to more normal times. Again, absent the pandemic-related years of 20 and 21, 2020 and 2021, this was our best net profit year ever, beating 2024 by nearly 11%, which is significant realizing that 2024 was our previous best year ever, again, absent 2020 and 2021.

Speaker #3: Absent the pandemic-related years of 2020 and 2021—and I have started excluding those years simply because of the extraordinary circumstances those years presented, both in terms of the interest rate environment, which, as many will recall, actually for a very short period of time gave negative rates, but also the mortality increase, which boosted our cemetery and mortuary earnings—these circumstances are unlikely to duplicate in the future.

Speaker #3: So I choose to compare ourselves to more normal times. So again, absent the pandemic-related years of ’20 and ’21—2020 and 2021—this was our best net profit year ever, beating 2024 by nearly 11%, which is significant, realizing that 2024 was our previous best year ever, again, absent 2020 and 2021.

Speaker #3: 2025 was a very good year for our company, and I believe the fourth quarter in particular delivered excellent results. Regarding the life segment, Mr. Sill will be addressing this more following my remarks.

Scott M. Quist: 2025 was a very good year for our company, and I believe the Q4 in particular delivered excellent results. Regarding the Life segment, Mr. Sill will be addressing this more, following my remarks. I would urge your awareness that pursuant to the implementation of ASU 2018-12 long duration targeted improvements, otherwise known as LDTI. Our Life segment's 2024 full year results were restated upwards by approximately $2 million. Regarding my use of the phrase very good in describing our year-end results, I think any time a financial services company achieves a 2% return on total assets is very good. Our entire team, mortgage, life insurance, and cemetery and mortuary, joined together to produce that result.

Scott Quist: 2025 was a very good year for our company, and I believe the Q4 in particular delivered excellent results. Regarding the Life segment, Mr. Sill will be addressing this more, following my remarks. I would urge your awareness that pursuant to the implementation of ASU 2018-12 long duration targeted improvements, otherwise known as LDTI. Our Life segment's 2024 full year results were restated upwards by approximately $2 million. Regarding my use of the phrase very good in describing our year-end results, I think any time a financial services company achieves a 2% return on total assets is very good. Our entire team, mortgage, life insurance, and cemetery and mortuary, joined together to produce that result.

Speaker #3: I would urge your awareness that, pursuant to the implementation of ASU 2018-12, Long-Duration Targeted Improvements (otherwise known as LDTI), our Life segment's 2024 full-year results were restated upwards by approximately $2 million.

Speaker #3: Regarding my use of the phrase "very good" in describing our year-end results, I think any time a financial services company achieves a 2% return on total assets, it is very good.

Speaker #3: Our entire team—mortgage, life insurance, and cemetery mortuary—joined together to produce that result. Regarding my use of the word 'excellent' in describing quarterly results, I think any time we achieve a nearly 200% increase over the prior year's Q4, it is excellent.

Scott M. Quist: Going to my use of the word excellent in describing quarterly results, I think any time we achieve a nearly 200% increase over the prior year's Q4 is excellent. Turning now to our specific business segment results. 2025 is our insurance segment's best operational year ever. We did and are continuing to expend considerable strategic thought, effort, and expense to improve our sales systems, both from the agent and managerial views and our end customers' views, in order to grow our top-line revenue. We have brought on and continue to bring on new capable talent and have continued to refine and improve our sales support and commission system. Our cemetery and mortuary segment delivered a nearly 30% EBITDA margin for the year, which is very good, especially considering the increasing cremation rates.

Scott Quist: Going to my use of the word excellent in describing quarterly results, I think any time we achieve a nearly 200% increase over the prior year's Q4 is excellent. Turning now to our specific business segment results. 2025 is our insurance segment's best operational year ever. We did and are continuing to expend considerable strategic thought, effort, and expense to improve our sales systems, both from the agent and managerial views and our end customers' views, in order to grow our top-line revenue. We have brought on and continue to bring on new capable talent and have continued to refine and improve our sales support and commission system. Our cemetery and mortuary segment delivered a nearly 30% EBITDA margin for the year, which is very good, especially considering the increasing cremation rates.

Speaker #3: Turning now to our specific business segment results, 2025 is our insurance segment's best operational year ever. We did, and are continuing to, expend considerable strategic thought, effort, and expense to improve our sales systems—both from the agent and managerial views, and our end customers' views.

Speaker #3: In order to grow our top-line revenue, we have brought on, and continue to bring on, new capable talent and have continued to refine and improve our sales support and commission system.

Speaker #3: Our cemetery mortuary segment delivered a nearly 30% EBITDA margin for the year, which is very good, especially considering the increasing cremation rates. Here, we have also brought on new sales talent and continue to spend considerable resources refining our sales support systems to grow top-line revenue.

Scott M. Quist: Here, we have also brought on new sales talent and continue to spend considerable resources refining our sales support systems to grow top-line revenue. We believe revenue will grow as we drive the implementation of our initiatives. Our mortgage segment had a fabulous Q4, delivering a 74% net income improvement on a 4.6% revenue decrease. A tremendous amount of thought, work, accountability, and effort has gone into streamlining and rationalizing our corporate, regional, and branch operations, as well as expanding our sales offerings, both in terms of capability and personnel. The improvement and momentum are significant. It is essential to understand the integrated nature of our company. A major reason for the life segment's continued improvement is its investment income, much of which is related to our mortgage segment's operations.

Scott Quist: Here, we have also brought on new sales talent and continue to spend considerable resources refining our sales support systems to grow top-line revenue. We believe revenue will grow as we drive the implementation of our initiatives. Our mortgage segment had a fabulous Q4, delivering a 74% net income improvement on a 4.6% revenue decrease. A tremendous amount of thought, work, accountability, and effort has gone into streamlining and rationalizing our corporate, regional, and branch operations, as well as expanding our sales offerings, both in terms of capability and personnel. The improvement and momentum are significant. It is essential to understand the integrated nature of our company. A major reason for the life segment's continued improvement is its investment income, much of which is related to our mortgage segment's operations.

Speaker #3: We believe revenue will grow as we drive the implementation of our initiatives. Our mortgage segment had a fabulous Q4, delivering a 74% net income improvement on a 4.6% revenue decrease.

Speaker #3: A tremendous amount of thought, work, accountability, and effort has gone into streamlining and rationalizing our corporate, regional, and branch operations, as well as expanding our sales offerings both in terms of capability and personnel.

Speaker #3: The improvement and momentum are significant. It is essential to understand the integrated nature of our company. A major reason for the life segment's continued improvement is its investment income.

Speaker #3: Much of which is related to our mortgage segment's operations. While I agree with my father's saying that every tub sits on its own bottom, and thus we need to measure our three business segments' financial results in those terms, nevertheless, we are designed such that each segment synergistically supports its figures.

Scott M. Quist: While I agree with my father's saying that every tub sits on its own bottom, and thus we need to measure our three business segments' financial results in those terms, nevertheless, we are designed such that each segment synergistically supports its siblings. We, as a company, would not have had our best year ever without the significant push from each of our business segments. Finally, before turning the time over to Mr. Sill, I would note that I am the Chief Executive Officer and President of the holding company. I am not the Chief Executive Officer of our life segment or our mortgage segment or our memorial segments. If I'm keeping those in line, our life segment is Mr. Adam Quist, memorial would be Mr. Adam Quist, and mortgage would be Mr. Andrew Quist. With that, simple explanation, we'll go to Mr.

Scott Quist: While I agree with my father's saying that every tub sits on its own bottom, and thus we need to measure our three business segments' financial results in those terms, nevertheless, we are designed such that each segment synergistically supports its siblings. We, as a company, would not have had our best year ever without the significant push from each of our business segments. Finally, before turning the time over to Mr. Sill, I would note that I am the Chief Executive Officer and President of the holding company. I am not the Chief Executive Officer of our life segment or our mortgage segment or our memorial segments. If I'm keeping those in line, our life segment is Mr. Adam Quist, memorial would be Mr. Adam Quist, and mortgage would be Mr. Andrew Quist. With that, simple explanation, we'll go to Mr.

Speaker #3: We, as a company, would not have had our best year ever without the significant push from each of our business segments. Finally, before turning the time over to Mr. Sill, I would note that I am the chief executive officer and president of the holding company.

Speaker #3: I am not the Chief Executive Officer of our Life segment, or our Mortgage segment, or our Memorial segments. If I'm keeping those in line, our Life segment is Mr. Adams Quist, Memorial would be Mr. Adams Quist, and Mortgage would be Mr. Andrew Quist.

Speaker #3: With that simple explanation, we'll go to Mr. Sill, our Chief Financial Officer. Mr. Sill? Thank you, Scott. Good afternoon, and thank you for joining us today.

Scott M. Quist: Sill, our Chief Financial Officer. Mr. Sill?

Scott Quist: Sill, our Chief Financial Officer. Mr. Sill?

Garrett S. Sill: Thank you, Scott Quist. Good afternoon, and thank you for joining us today. As Scott Quist mentioned, my name is Garrett Sill, and I am the Chief Financial Officer of Security National Financial Corporation. As mentioned in our last call, accelerated filing status brought with it some significant changes and challenges to the company. The most significant change was the adoption and formalization of the company's internal controls over financial reporting. The company's internal controls can generally fall into two categories, business process controls, and information technology general controls. The runway was short in 2025 to bring the company up to speed with our new control standards, but we got there.

Garrett Sill: Thank you, Scott Quist. Good afternoon, and thank you for joining us today. As Scott Quist mentioned, my name is Garrett Sill, and I am the Chief Financial Officer of Security National Financial Corporation. As mentioned in our last call, accelerated filing status brought with it some significant changes and challenges to the company. The most significant change was the adoption and formalization of the company's internal controls over financial reporting. The company's internal controls can generally fall into two categories, business process controls, and information technology general controls. The runway was short in 2025 to bring the company up to speed with our new control standards, but we got there.

Speaker #3: As Scott mentioned, my name is Garrett Sill, and I am the Chief Financial Officer of Security National Financial Corporation. As mentioned in our last call, accelerated filing status brought with it some significant changes and challenges to the company.

Speaker #3: The most significant change was the adoption and formalization of the company's internal controls over financial reporting. The company's internal controls can generally fall into two categories: business process controls and information and technology general controls.

Speaker #3: The runway was short in 2025 to bring the company up to speed with our new control standards, but we got there. Fortunately, we have a much longer runway in 2026, and we'll use the framework developed last year to refine, enhance, and remediate our controls from both a 404(a) and a 404(b) perspective.

Garrett S. Sill: Fortunately, we have a much longer runway in 2026, and we'll use the framework developed last year to refine, enhance, and remediate our controls, both from a Section 404(a) and a Section 404(b) perspective. 2025 also brought a significant change to our financial statements, as Scott mentioned, as we officially adopted ASU 2018-12, better known as Targeted Improvements to the Accounting for Long-Duration Contracts, or LDTI. With our filing on Monday, this project is completed, and I can officially erase it from my office's whiteboard. It has been a 3-year effort, and I want to thank our actuary and finance teams, as well as Deloitte, for the efforts involved.

Garrett Sill: Fortunately, we have a much longer runway in 2026, and we'll use the framework developed last year to refine, enhance, and remediate our controls, both from a Section 404(a) and a Section 404(b) perspective. 2025 also brought a significant change to our financial statements, as Scott mentioned, as we officially adopted ASU 2018-12, better known as Targeted Improvements to the Accounting for Long-Duration Contracts, or LDTI. With our filing on Monday, this project is completed, and I can officially erase it from my office's whiteboard. It has been a 3-year effort, and I want to thank our actuary and finance teams, as well as Deloitte, for the efforts involved.

Speaker #3: 2025 also brought a significant change to our financial statements, as Scott mentioned. We officially adopted ASU 2018-12, better known as targeted improvements to the accounting for long-duration contracts, or LDTI.

Speaker #3: With our filing on Monday, this project is completed, and I can officially erase it from my office's whiteboard. It has been a three-year effort, and I want to thank our actuary, finance teams, as well as Deloitte for the efforts involved.

Speaker #3: Regarding our adoption of LDTI, I would encourage you to review pages 49 through 52 of our 10-K, as those pages add some clarity to the various effects on the company's financial statements as we restated our annual results for 2024 for comparison purposes.

Garrett S. Sill: Regarding our adoption of LDTI, I would encourage you to review pages 49 through 52 of our 10-K, as those pages add some clarity to the various effects to the company's financial statements as we restated our annual results for 2024 for comparison purposes. The simplest way for me to explain the effect of LDTI is to focus on 2 key items. First, under old accounting standards, deferred acquisition costs, or DAC, was amortized based on the premium paid period of the policy. Under our new accounting standards, or LDTI, DAC is now amortized over the life of the policy. The result is a lower DAC amortization, which means accelerated earnings. Second, we use a standardized discount rate when calculating our future policy reserves, and we apply the standardized rate to our in-force business every quarter.

Garrett Sill: Regarding our adoption of LDTI, I would encourage you to review pages 49 through 52 of our 10-K, as those pages add some clarity to the various effects to the company's financial statements as we restated our annual results for 2024 for comparison purposes. The simplest way for me to explain the effect of LDTI is to focus on 2 key items. First, under old accounting standards, deferred acquisition costs, or DAC, was amortized based on the premium paid period of the policy. Under our new accounting standards, or LDTI, DAC is now amortized over the life of the policy. The result is a lower DAC amortization, which means accelerated earnings. Second, we use a standardized discount rate when calculating our future policy reserves, and we apply the standardized rate to our in-force business every quarter.

Speaker #3: The simplest way for me to explain the effect of LDTI is to focus on two key items. First, under old accounting standards, deferred acquisition costs, or DAC, was amortized based on the premium paying period of the policy.

Speaker #3: Under our new accounting standards, or LDTI, DAC is now amortized over the life of the policy. The result is a lower DAC amortization, which means accelerated earnings.

Speaker #3: Second, we use a standardized discount rate when calculating our future policy reserves, or our reserves. And we apply the standardized rate to our in-force business every quarter.

Speaker #3: The result is that changes in interest rates will cause our reserves to increase as interest rates decrease, and to decrease as interest rates increase.

Garrett S. Sill: The result is that changes in interest rates will cause our reserves to increase as interest rates decrease and to decrease as interest rates increase. The change in reserves due to interest rate changes flows through our accumulated other comprehensive income, which is a component of our stockholders' equity. Now, I just want to mention a few items regarding our consolidated financial statements. First, on our balance sheet, invested assets increased nearly $72 million, or 7.5%, as we increased our investment in key areas. We also saw a favorable swing in our fixed income or our bond portfolio with the easing of interest rates in 2025. Our deferred acquisition costs or DAC balances increased almost $9 million or 60.9% because of LDTI, which I mentioned earlier. In all, our total assets increased $67 million or 4.5%.

Garrett Sill: The result is that changes in interest rates will cause our reserves to increase as interest rates decrease and to decrease as interest rates increase. The change in reserves due to interest rate changes flows through our accumulated other comprehensive income, which is a component of our stockholders' equity. Now, I just want to mention a few items regarding our consolidated financial statements. First, on our balance sheet, invested assets increased nearly $72 million, or 7.5%, as we increased our investment in key areas. We also saw a favorable swing in our fixed income or our bond portfolio with the easing of interest rates in 2025. Our deferred acquisition costs or DAC balances increased almost $9 million or 60.9% because of LDTI, which I mentioned earlier. In all, our total assets increased $67 million or 4.5%.

Speaker #3: The change in reserves due to interest rate changes flows through our accumulated other comprehensive income, which is a component of our stockholders' equity. Now, I just want to mention a few items regarding our consolidated financial statements.

Speaker #3: First, on our balance sheet, invested assets increased nearly $72 million, or 7.5%, as we increased our investment in key areas. We also saw a favorable swing in our fixed income, or our bond portfolio, with the easing of interest rates in 2025.

Speaker #3: Our deferred acquisition costs, or DAC, balances increased almost $9 million, or 6.9%, because of LDTI, which I mentioned earlier. In all, our total assets increased $67 million, or 4.5%.

Speaker #3: Most of our liabilities remained relatively flat, except for our future policy benefits for reserves, which increased nearly $48 million, or 6.3%. This is largely due to the change in our discount rate at year-end.

Garrett S. Sill: Most of our liabilities remained relatively flat except for our future policy benefits for reserves, which increased nearly $48 million or 6.3%. This is largely due to the change in our discount rate at year-end. As a reminder, this increase in reserve flows directly to stockholders' equity and was partially offset by the appreciation in our bond portfolio. These two items, along with our earnings, pushed our stockholders' equity to $410 million, or an increase of 7.5%. Moving to our statement of earnings. The 3% increase in revenue that Scott mentioned was primarily a result of good investment returns, which is shown in the net investment income and gains on investment lines of that statement. The $10 million increase in revenues was muted by the increased costs that totaled approximately $6 million.

Garrett Sill: Most of our liabilities remained relatively flat except for our future policy benefits for reserves, which increased nearly $48 million or 6.3%. This is largely due to the change in our discount rate at year-end. As a reminder, this increase in reserve flows directly to stockholders' equity and was partially offset by the appreciation in our bond portfolio. These two items, along with our earnings, pushed our stockholders' equity to $410 million, or an increase of 7.5%. Moving to our statement of earnings. The 3% increase in revenue that Scott mentioned was primarily a result of good investment returns, which is shown in the net investment income and gains on investment lines of that statement. The $10 million increase in revenues was muted by the increased costs that totaled approximately $6 million.

Speaker #3: As a reminder, this increase in reserves flows directly to stockholders' equity and was partially offset by the appreciation in our bond portfolio. These two items, along with our earnings, pushed our stockholders' equity to $410 million, or an increase of 7.5%.

Speaker #3: Moving to our statement of earnings, the 3% increase in revenue that Scott mentioned was primarily a result of good investment returns, which is shown in the net investment income and gains on investment lines of that statement.

Speaker #3: The $10 million increase in revenues was muted by increased costs that totaled approximately $6 million. The most significant areas of increase were our personnel expenses, which were up about $2 million, and other expenses, which increased by about $3 million.

Garrett S. Sill: The most significant areas of increase were our personnel expenses, which was up about $2 million, and other expenses increased by about $3 million. The most noticeable increases in the subcategory of our other expenses were bad debt, professional fees, insurance premiums, and data processing. The net result was an increase in net earnings year-over-year of $3 million or 10%. In closing, 2025 was a good financial year for the company as we saw growth in total assets, stockholders' equity, and net earnings year-over-year. We still have a significant amount of work as we continue to navigate our accelerated filing status, but I am confident that we can meet the rigorous standards. Next, we'll hear from Andrew Quist, President and Chief Executive Officer of SecurityNational Mortgage Company. Thank you.

Garrett Sill: The most significant areas of increase were our personnel expenses, which was up about $2 million, and other expenses increased by about $3 million. The most noticeable increases in the subcategory of our other expenses were bad debt, professional fees, insurance premiums, and data processing. The net result was an increase in net earnings year-over-year of $3 million or 10%. In closing, 2025 was a good financial year for the company as we saw growth in total assets, stockholders' equity, and net earnings year-over-year. We still have a significant amount of work as we continue to navigate our accelerated filing status, but I am confident that we can meet the rigorous standards. Next, we'll hear from Andrew Quist, President and Chief Executive Officer of SecurityNational Mortgage Company. Thank you.

Speaker #3: The most noticeable increases in the subcategory of our other expenses were bad debt, professional fees, insurance premiums, and data processing. The net result

Speaker #1: Salt with an increase in net earnings year over year of $3 million , or 10% . In closing , 2025 was a good financial year for the company , as we saw growth and total assets , stockholders equity and net earnings year over year .

Speaker #1: We still have a significant amount of work as we continue to navigate our accelerated filing status, but I am confident that we can meet the rigorous standards.

Speaker #1: Next , we'll hear from Andrew Quist , President and Chief Executive Officer of security , National Mortgage . Thank you Thank you . Garrett , and .

S. Andrew Quist: Thank you, Garrett, and good afternoon, fellow shareholders. As Garrett mentioned, I'm Andrew Quist, President and CEO of SecurityNational Mortgage Company. In the Q4 of 2025, SecurityNational Mortgage Company had a pre-tax net loss of $1,161,000 compared to a net loss of $4,400,000 in the Q4 of 2024. A decrease to our net loss of $3,239,000, or a 74% reduction. Though still a net loss, averaging more than $1 million a month improvement over the same quarter last year shows significant progress in our company and a trajectory I'm proud of. This improvement came on reduced origination volumes.

Andrew Quist: Thank you, Garrett, and good afternoon, fellow shareholders. As Garrett mentioned, I'm Andrew Quist, President and CEO of SecurityNational Mortgage Company. In the Q4 of 2025, SecurityNational Mortgage Company had a pre-tax net loss of $1,161,000 compared to a net loss of $4,400,000 in the Q4 of 2024. A decrease to our net loss of $3,239,000, or a 74% reduction. Though still a net loss, averaging more than $1 million a month improvement over the same quarter last year shows significant progress in our company and a trajectory I'm proud of. This improvement came on reduced origination volumes.

Speaker #2: Good afternoon , fellow shareholders As Garrett mentioned , I'm Andrew Quist , president and CEO of Security National Mortgage Company . In the fourth quarter of 2025 .

Speaker #2: Security National Mortgage Company had a pre-tax net loss of $1,161,000, compared to a net loss of $4,400,000 in the fourth quarter of 2020.

Speaker #2: For a decrease to our net loss of $3,239,000, for a 74% reduction, though still a net loss, averaging more than $1 million a month.

Speaker #2: Improvements over the same quarter last year show significant progress in our company and our trajectory. I'm proud that this improvement came on reduced origination volumes in the fourth quarter of 2025.

S. Andrew Quist: In Q4 2025, we originated $540 million of loan volume compared to $573 million in Q4 2024, a 6% year-over-year decrease. On a sequential quarter basis, origination volumes were down 13%. Based on the Mortgage Bankers Association's reported total industry origination volumes for Q4, Security National Mortgage Company's market share decreased to 9 basis points from 11 basis points in Q3. This reduction in origination volume and market share was the result of the company separating from loan originators that could not originate loans profitably and continued underperformance in refinance volumes. Turning to refinance volumes, Security National improved from 14% refinance volume in Q3 to 19% in Q4, with 23% refinance volume in December alone, which marks a three-year high in that metric.

Andrew Quist: In Q4 2025, we originated $540 million of loan volume compared to $573 million in Q4 2024, a 6% year-over-year decrease. On a sequential quarter basis, origination volumes were down 13%. Based on the Mortgage Bankers Association's reported total industry origination volumes for Q4, Security National Mortgage Company's market share decreased to 9 basis points from 11 basis points in Q3. This reduction in origination volume and market share was the result of the company separating from loan originators that could not originate loans profitably and continued underperformance in refinance volumes. Turning to refinance volumes, Security National improved from 14% refinance volume in Q3 to 19% in Q4, with 23% refinance volume in December alone, which marks a three-year high in that metric.

Speaker #2: We originated $540 million of loan volume compared to $573 million in the fourth quarter of 2020, for a 6% year-over-year decrease. On a sequential quarter basis, origination volumes were down 13%, based on the Mortgage Bankers Association's reported total industry origination volumes for Q4.

Speaker #2: Security National Mortgage Company's market share decreased to nine basis points from 11 basis points in the third quarter. This reduction in origination volume and market share was the result of the company separating from loan originators that could not originate loans profitably, and continued underperformance in refinance volumes. Turning to refinance volumes.

Speaker #2: Security National improved from 14% refinance volume in the third quarter to 19% in Q4, with 23% refinance volume in December alone, which marks a three-year high in that metric.

Speaker #2: I believe this shows our focus on capturing more of the refinance market and improving our skill set in this area is working again.

S. Andrew Quist: I believe this shows our focus on capturing more of the refinance market and improving our skill set in this area is working. Again, we will always be a purchase transaction-based lender, but improving our capture of refinance loans is key to gaining market share and improving origination volumes in this environment. Reviewing full-year results, SecurityNational Mortgage Company had a net loss of $4,761,000 in 2025, compared to a net loss of $6,213,000 in 2024. This was a $1,452,000 reduction in our loss or a 23% improvement. I believe GAAP results understate the year-over-year improvement at SNMC. On an operating basis, the year-over-year improvement was over $4 million in 2025. This was on flat origination volumes.

Andrew Quist: I believe this shows our focus on capturing more of the refinance market and improving our skill set in this area is working. Again, we will always be a purchase transaction-based lender, but improving our capture of refinance loans is key to gaining market share and improving origination volumes in this environment. Reviewing full-year results, SecurityNational Mortgage Company had a net loss of $4,761,000 in 2025, compared to a net loss of $6,213,000 in 2024. This was a $1,452,000 reduction in our loss or a 23% improvement. I believe GAAP results understate the year-over-year improvement at SNMC. On an operating basis, the year-over-year improvement was over $4 million in 2025. This was on flat origination volumes.

Speaker #2: We will always be a purchase transaction-based lender, but improving our capture of refinance loans is key to gaining market share and improving origination volumes.

Speaker #2: In this environment, reviewing full year results, Security National Mortgage had a net loss of $4,761,000 in 2025, compared to a net loss of $6,213,000 in 2020.

Speaker #2: For this was a $1,452,000 reduction in our loss , or a 23% improvement . I believe . GAAP results understate the year over year improvement at Snmc on an operating basis .

Speaker #2: The year over year improvement was over $4 million in 2025 . This was on flat origination volumes Security . National Mortgage funded $2.3 billion in both 2025 and 2024 .

S. Andrew Quist: SecurityNational Mortgage funded $2.3 billion in both 2025 and 2024. In summary, SecurityNational Mortgage showed significant improvement in Q4, beating last year's results by over $1 million a month on average. We also improved our full year results in 2025 by 23%. I'm confident we will continue on this path of improvement, and I want to express a heartfelt thank you to our loan officers and our employees for their continued work to improve SNMC. It is bearing results. Thank you.

Andrew Quist: SecurityNational Mortgage funded $2.3 billion in both 2025 and 2024. In summary, SecurityNational Mortgage showed significant improvement in Q4, beating last year's results by over $1 million a month on average. We also improved our full year results in 2025 by 23%. I'm confident we will continue on this path of improvement, and I want to express a heartfelt thank you to our loan officers and our employees for their continued work to improve SNMC. It is bearing results. Thank you.

Speaker #2: In summary, Security National Mortgage showed significant improvement in the fourth quarter, beating last year's results by over $1 million a month on average.

Speaker #2: We also improved our full year results in 2025, by 23%. I'm confident we will continue on this path of improvement, and I want to give a heartfelt thank you to our loan officers and our employees for their continued work to improve SNMC.

Speaker #2: It is bearing results. Thank you, thank you.

Adam G. Quist: Thank you, Andrew. My name is Adam Quist, and I'm President and CEO of the Security National Life Insurance Company. My comments will focus specifically on the performance of our life companies.

Adam Quist: Thank you, Andrew. My name is Adam Quist, and I'm President and CEO of the Security National Life Insurance Company. My comments will focus specifically on the performance of our life companies.

Speaker #1: Andrew .

Speaker #2: My name is Adam Curtis, and I'm President and CEO of Security National.

Speaker #1: Life Insurance Company . So my comments will focus specifically on the performance of our life companies , which as Scott mentioned in 2025 , delivered their strongest operational year ever For the year 2025 , the life segment's net earnings rose to $37.4 million on pre-tax net income , up nearly 8% year over year .

Adam G. Quist: Which, as Scott mentioned, in 2025 delivered the strongest operational year ever. For the year 2025, the Life segment's net earnings rose to $37.4 million on pre-tax net income, up nearly 8% year-over-year. We accomplished this by generating approximately $208 million in total revenue, an increase of about 5% over 2024. These results reflect our strong investment performance, the continued stability of our insurance operations, and the progress we are making in strengthening both our distribution and operations platforms. Let me further highlight a few of the key drivers behind those results. First, investment income was the most meaningful contributor to our performance this year. Net investment income increased to approximately $76 million, representing about a 12% growth over the prior year.

Adam Quist: Which, as Scott mentioned, in 2025 delivered the strongest operational year ever. For the year 2025, the Life segment's net earnings rose to $37.4 million on pre-tax net income, up nearly 8% year-over-year. We accomplished this by generating approximately $208 million in total revenue, an increase of about 5% over 2024. These results reflect our strong investment performance, the continued stability of our insurance operations, and the progress we are making in strengthening both our distribution and operations platforms. Let me further highlight a few of the key drivers behind those results. First, investment income was the most meaningful contributor to our performance this year. Net investment income increased to approximately $76 million, representing about a 12% growth over the prior year.

Speaker #2: We accomplished this by generating approximately $208 million in total revenue, an increase of about 5% over 2024. These results reflect our strong investment performance.

Speaker #2: To continue the stability of our insurance operations and the progress we are making in strengthening both our distribution and operations platforms, let me further highlight a few of the key drivers behind those results. First, investment income was the most meaningful contributor to our performance this year.

Speaker #2: Net investment income increased to approximately $76 million, representing about 12% growth over the prior year. This was largely due to returns associated with our real estate investment strategies.

Adam G. Quist: This was largely due to returns associated with our residential real estate investment strategies. Our Life companies benefit from a diversified investment portfolio, and an important component of that portfolio are the assets generated in synergy with our Mortgage segment. As Scott stated, the integrated structure of Security National continues to provide a unique advantage for our Life companies, allowing us to deploy capital efficiently while generating what we view as strong risk-adjusted returns over the long term within the Life segment. Second, our core premium revenue remained very stable, totaling roughly $120 million for this year. This reflects the durability of our policyholder base and the strength of our agent network. Over the past two years, we have invested significant time and resources into improving our sales management, sales systems, agent support infrastructure, and the overall agent, partner, and customer experience.

Adam Quist: This was largely due to returns associated with our residential real estate investment strategies. Our Life companies benefit from a diversified investment portfolio, and an important component of that portfolio are the assets generated in synergy with our Mortgage segment. As Scott stated, the integrated structure of Security National continues to provide a unique advantage for our Life companies, allowing us to deploy capital efficiently while generating what we view as strong risk-adjusted returns over the long term within the Life segment. Second, our core premium revenue remained very stable, totaling roughly $120 million for this year. This reflects the durability of our policyholder base and the strength of our agent network. Over the past two years, we have invested significant time and resources into improving our sales management, sales systems, agent support infrastructure, and the overall agent, partner, and customer experience.

Speaker #2: Our live companies benefit from a diversified investment portfolio, and an important component of that portfolio are the assets generated in synergy with our mortgage segment.

Speaker #2: As Scott stated , the integrated structure of security , National continues to provide a unique advantage for our life companies , allowing us to deploy capital efficiently while generating what we view as strong risk adjusted returns over the long term .

Speaker #2: Within the life segment, second, our core premium revenue remained very stable, totaling roughly $120 million for this year. This reflects the durability of our policyholder base and the strength of our agent network over the past two years.

Speaker #2: We have invested significant time and resources into improving our sales management , sales systems , agent support infrastructure , and the overall agent , partner and customer experience Those investments are helping us maintain a consistent production base while positioning us for future growth .

Adam G. Quist: Those investments are helping us maintain a consistent production base while positioning us for future growth. To be clear, our goal is not to just have stable premium revenue. Our goal is to grow premium. While it is a process, I believe the investments we have made over the past two years are starting to show their fruits. Third, we continue to make targeted investments in personnel while maintaining disciplined expense management. We did see some increases in operating expenses as we expanded our sales support capabilities, invested in technology, and continued modernizing our internal infrastructure. These investments are intentional and strategic. They are aimed at strengthening our distribution platform and ensuring that our Life companies are positioned for long-term growth. Again, it is important to remember that, as Garrett mentioned, our results reflect the implementation of ASU 2018-12 for the LDTI accounting standards.

Adam Quist: Those investments are helping us maintain a consistent production base while positioning us for future growth. To be clear, our goal is not to just have stable premium revenue. Our goal is to grow premium. While it is a process, I believe the investments we have made over the past two years are starting to show their fruits. Third, we continue to make targeted investments in personnel while maintaining disciplined expense management. We did see some increases in operating expenses as we expanded our sales support capabilities, invested in technology, and continued modernizing our internal infrastructure. These investments are intentional and strategic. They are aimed at strengthening our distribution platform and ensuring that our Life companies are positioned for long-term growth. Again, it is important to remember that, as Garrett mentioned, our results reflect the implementation of ASU 2018-12 for the LDTI accounting standards.

Speaker #2: To be clear , our goal is not to just have stable premium revenue . Our goal is to grow premium . While it is a process , I believe the investments we have made over the past two years are starting to show their fruits Third , we continue to make targeted investments in personnel while maintaining disciplined expense management .

Speaker #2: We did see some increases in operating expenses as we expanded our sales support capabilities, invested in technology, and continued modernizing our internal infrastructure.

Speaker #2: These investments are intentional and strategic . They are aimed at strengthening our distribution platform and ensuring that our life companies are positioned for long term growth Again , it is important to remember that , as Garrett mentioned , our results reflect the implementation of ASU 20 1812 for the accounting standards .

Speaker #2: While the accounting presentation has changed somewhat, as you can see in our results, the underlying economics and performance of the live companies remain strong.

Adam G. Quist: While the accounting presentation has changed somewhat, as you can see in our results, the underlying economics and performance of the Life companies remain strong. I want to echo Garrett and extend my gratitude to our finance and actuarial teams, as the implementation of LDTI was a heavy lift and required significant effort from both teams. Beyond the financial results, our focus remains on three core priorities. First, expanding and strengthening our sales leadership and sales distribution. We continue to recruit new agents and develop new leadership within our sales organization. Second, improving the systems that support our leaders, agents, and funeral home partners. Over the past two years, we have worked to refine our sales support tools, commission systems, and operational process.

Adam Quist: While the accounting presentation has changed somewhat, as you can see in our results, the underlying economics and performance of the Life companies remain strong. I want to echo Garrett and extend my gratitude to our finance and actuarial teams, as the implementation of LDTI was a heavy lift and required significant effort from both teams. Beyond the financial results, our focus remains on three core priorities. First, expanding and strengthening our sales leadership and sales distribution. We continue to recruit new agents and develop new leadership within our sales organization. Second, improving the systems that support our leaders, agents, and funeral home partners. Over the past two years, we have worked to refine our sales support tools, commission systems, and operational process.

Speaker #2: I want to echo Garrett and extend my gratitude to our finance and actuarial teams. As the implementation of LTI was heavy and required significant effort from both teams, beyond the financial results, our focus remains on three core priorities.

Speaker #2: First , expanding and strengthening our sales , leadership and sales distribution . We continue to recruit new agents and develop new leadership within our sales organization Second , improving the systems that support our leaders , agents and funeral home partners Over the past two years , we have worked to refine our sales support tools , commission systems and operational processes Our goal is simple to increase our value to agents and partners and make it easier for our agents and partners to do business with us as we help them grow their production .

Adam G. Quist: Our goal is simple: to increase our value to agents and partners and make it easier for our agents and partners to do business with us as we help them grow their production. We are continuing to invest in technology, policy application and administration capabilities, and digital tools that improve both agent productivity and our operational efficiency. Our third priority is to continue to build infrastructure that supports sustainable, strong investment returns for our Life companies over the long term. We have invested significant human and financial capital in strengthening this capability. Of course, we are not immune to the broader macroeconomic conditions which lie outside of our control. As a meaningful portion of our portfolio is real estate-related investments.

Adam Quist: Our goal is simple: to increase our value to agents and partners and make it easier for our agents and partners to do business with us as we help them grow their production. We are continuing to invest in technology, policy application and administration capabilities, and digital tools that improve both agent productivity and our operational efficiency. Our third priority is to continue to build infrastructure that supports sustainable, strong investment returns for our Life companies over the long term. We have invested significant human and financial capital in strengthening this capability. Of course, we are not immune to the broader macroeconomic conditions which lie outside of our control. As a meaningful portion of our portfolio is real estate-related investments.

Speaker #2: We are continuing to invest in technology policy, application and administration capabilities, and digital tools that improve both agent productivity and our operational efficiency. Our third priority is to continue to build the infrastructure that supports sustainable, strong investment returns for our life companies over the long term.

Speaker #2: We have invested significant human and financial capital in strengthening this capability. Of course, we are not immune to the broader macroeconomic conditions which lie outside of our control.

Speaker #2: As a meaningful and a meaningful proportion of our portion of our portfolio is real estate related investments . We can all read in the popular press of the broader economic trends affecting those markets , sometimes to the positive and sometimes not Nevertheless , we believe the platform and strategy we are implementing through disciplined underwriting , strong partnerships and thoughtful capital deployment will continue to generate attractive risk adjusted returns over the long term To summarize , 2025 was the strongest operational year in the history of our life .

Adam G. Quist: We can all read in the popular press of the broader economic trends affecting those markets, sometimes to a positive and sometimes not. Nevertheless, we believe the platform and strategy we are implementing through disciplined underwriting, strong partnerships, and thoughtful capital deployment will continue to generate attractive risk-adjusted returns over the long term. To summarize, 2025 was the strongest operational year in the history of our Life companies. We saw stable premium production, meaningful growth in investment income, and improved profitability, all while continuing to invest in the systems and infrastructure that will support and enable future growth. Thank you for your continued support, and I look forward to sharing our progress with you on future calls. I will now turn the time over to Steve Kehl to report on our Security National Funeral Homes & Cemeteries division.

Adam Quist: We can all read in the popular press of the broader economic trends affecting those markets, sometimes to a positive and sometimes not. Nevertheless, we believe the platform and strategy we are implementing through disciplined underwriting, strong partnerships, and thoughtful capital deployment will continue to generate attractive risk-adjusted returns over the long term. To summarize, 2025 was the strongest operational year in the history of our Life companies. We saw stable premium production, meaningful growth in investment income, and improved profitability, all while continuing to invest in the systems and infrastructure that will support and enable future growth. Thank you for your continued support, and I look forward to sharing our progress with you on future calls. I will now turn the time over to Steve Kehl to report on our Security National Funeral Homes & Cemeteries division.

Speaker #2: Companies . We saw stable premium production , meaningful growth and investment income , and improved profitability , all while continuing to invest in the systems and infrastructure that will support and enable future growth .

Speaker #2: Thank you for your continued support, and I look forward to sharing our progress with future calls. I will now turn the time over to Steve Kille to report on our funeral homes and cemeteries division. Thank you, Adam.

Steve Kehl: Thank you, Adam. Good afternoon, everyone. I am Steve Kehl, the Chief Operating Officer of Security National Funeral Homes & Cemeteries. In Q4 2025, our earnings before tax increased to $1.74 million, compared to $877,000 in the prior year period. Total revenue rose 9.7% to $8.13 million, up from $7.41 million in Q4 2024. For the full year, earnings before tax were $8.82 million compared to $8.86 million in 2024, while total revenue increased 0.9% to $33.32 million, up from $33.02 million in the prior year. While full-year earnings were modestly below the prior year, our performance reflects underlying stability and continued progress.

Speaker #2: Good

Speaker #3: Afternoon, everyone. I am Steve Keel, the Chief Operating Officer of Security National Funeral Homes and Cemeteries. In the fourth quarter of 2025.

Speaker #3: Our earnings before tax increased to $1.74 million compared to $877,000 in the prior year period. Total revenue rose 9.7% to $8.13 million, up from $7.41 million in the fourth quarter of 2020.

Speaker #3: For for the full year earnings before tax were 8.82 million , compared to 8.86 million in 2020 . Four , while total revenue increased 0.9% to 33.32 million , up from 33.02 million in the prior year , while full year earnings were modestly below the prior year .

Speaker #3: Our performance reflects underlying stability and continued progress . We are entering the new year with renewed conviction in our strategy and a clear path to sustained growth and long term value creation In the fourth quarter of 2025 , for our funeral home operations , funeral home earnings before tax increased 55.5% to 182,000 , compared to 117,000 in the prior year period Revenue remained stable at 3.27 million , up modestly from 3.26 million in the fourth quarter of last year .

Steve Kehl: We are entering the new year with renewed conviction in our strategy and a clear path to sustained growth and long-term value creation. In Q4 of 2025 for our funeral home operations, funeral home earnings before tax increased 55.5% to $182,000 compared to $117,000 in the prior year period. Revenue remained stable at $3.27 million, up modestly from $3.26 million in Q4 of last year. Despite a 4.3% decline in families served, the team delivered a 0.2% increase in average funeral sales, reflecting disciplined execution and a continued focus on value. For the full year, funeral home revenue increased 4% to $13.85 million, compared to $13.32 million in 2024.

Speaker #3: Despite a 4.3% decline in families served, the team delivered a 0.2% increase in average funeral sales, reflecting disciplined execution and a continued focus on value.

Speaker #3: For the full year , funeral home revenue increased 4% to 13.85 million compared to 13.32 million in 2020 . For this , growth was supported by a 3.5% increase in average funeral sales , along with an increase in the number of families served Notably , we achieved a 9.3% increase and the number of families choosing to hold service alongside cremation , reflecting continued success in aligning our offerings with evolving consumer preferences .

Steve Kehl: This growth was supported by a 3.5% increase in average funeral sales, along with an increase in the number of families served. Notably, we achieved a 9.3% increase in the number of families choosing to hold a service alongside cremation, reflecting continued success in aligning our offerings with evolving consumer preferences. We believe this pre-need performance underscores the effectiveness of our expanded service portfolio and the continued advancement of our funeral directors in guiding families toward more meaningful, personalized experiences. Over the past year, we have made targeted investments in professional development, strengthening capabilities within the arrangement conference, and elevating standards of execution across our funeral home teams, positioning us well for continued growth.

Speaker #3: We believe this prep performance underscores the effectiveness of our expanded service portfolio and the continued advancement of our funeral directors in guiding families toward more meaningful, personalized experiences. Over the past year, we have made targeted investments in professional development, strengthening capabilities within the arrangement conference and elevating standards of execution across our funeral home teams, positioning us well for continued growth in the fourth quarter of 2025.

Steve Kehl: In Q4 of 2025 for our cemetery division, our cemetery earnings before tax were $518,000 compared to $934,000 in the prior year period. Revenue decreased 11.3% to $3.86 million from $4.35 million. The decline in revenue was primarily driven by lower net pre-need land sales, including the absence of larger, high-value property transactions in the quarter. Importantly, the team increased the number of pre-need contracts written by 11.8% and achieved a 2.9% increase in cemetery placements, reflecting continued underlying activity and engagement. For the full year, cemetery revenue decreased 6.2% to $15.22 million, compared to $16.22 million in 2024.

Speaker #3: For our cemetery division, our cemetery earnings before tax were $518,000, compared to $934,000 in the prior year period, and revenue decreased 11.3% to $3.86 million from $4.35 million.

Speaker #3: The decline in revenue was primarily primarily driven by lower net pre-need land sales . Including the absence of larger high value property transactions in the quarter Importantly , the team increased the number of Pre-need contracts written by 11.8% and achieved a 2.9% increase in cemetery placements , reflecting continued underlying activity and engagement .

Speaker #3: For the full year , cemetery revenue decreased 6.2% to 15.22 million , compared to 16.22 million in 2020 . For Notably , we delivered growth in contract volume across both Pre-need and Cemetery operations , underscoring sustained demand , while also continuing to see an evolution in consumer disposition preferences within our cemeteries as our cemetery teams remain focused on educating families on the value of establishing a permanent place of remembrance .

Steve Kehl: Notably, we delivered growth in contract volume across both pre-need and at-need cemetery operations, underscoring sustained demand while also continuing to see an evolution in consumer disposition preferences within our cemeteries. As our cemetery teams remain focused on educating families on the value of establishing a permanent place of remembrance, we are confident these efforts will translate into future revenue growth and strengthen our long-term position. We continue to prioritize consistent, high-quality arrangement presentations, targeted and education-based community events, and enhanced cemetery park tours and ongoing training initiatives to ensure our cemetery teams are effectively guiding families through all available options. Regarding our investment income, in Q4 2025, our investment income increased to $1 million compared to -$202,000 in the prior year period.

Speaker #3: We are confident these efforts will translate into future revenue growth and strengthen our long term position . We continue to prioritize consistent , high quality arrangements , presentations targeted and education based community events , and enhanced cemetery park tours and ongoing training initiatives to ensure our cemetery teams are effectively guiding families through all available options .

Speaker #3: Regarding our investment income, in the fourth quarter of 2025, our investment income increased to $1 million compared to negative $202,000 in the prior year period.

Speaker #3: For the full year , our investment income increased 21.9% to 4.25 million , compared to 3.48 million in the prior year . We approach our investment strategy with a long term perspective , expecting returns to compound steadily over time , both quarterly and annual investment income have been strengthened by partnerships within both our mortgage and life insurance segments .

Steve Kehl: For the full year, our investment income increased 21.9% to $4.25 million compared to $3.48 million in the prior year. We approach our investment strategy with a long-term perspective, expecting returns to compound steadily over time. Both quarterly and annual investment income have been strengthened by partnerships within both our mortgage and life insurance segments. We also saw favorable growth in unrealized gains on our common stock positions. We remain committed to disciplined capital allocation, including continued investment in our internal growth initiatives with our cemetery garden expansions. In closing, I'd like to express my sincere gratitude to our funeral home, cemetery grounds, and operational support teams. Your commitment to excellence and professionalism truly defines who we are and drives our success.

Speaker #3: We also saw favorable growth in unrealized gains on our common stock positions. We remain committed to disciplined capital allocation, including continued investment in our internal growth initiatives with our cemetery garden expansions.

Speaker #3: In closing , I'd like to express my sincere gratitude to our funeral home cemetery grounds and operational support teams . Your commitment to excellence and professionalism truly defines who we are and drives our success Because of you , we are not only maintaining our standards , we are strengthening them and continuing to serve families with the highest level of compare with a level of care , compassion and respect .

Steve Kehl: Because of you, we are not only maintaining our standards, we are strengthening them and continuing to serve families with the highest level of care, compassion, and respect. Thank you for your time and for your confidence. I now turn the time back over to our human resources director, Heather Street.

Speaker #3: Thank you for your time and for your confidence. I now turn the time back over to our Human Resources Director, Miss Heather Street.

Speaker #4: Thank you Steve . Before we conclude today's call , we would like to open the floor for questions . As a reminder to ask a question , please use the Zoom platform to raise your hand to unmute .

Heather Street: Thank you, Steve. Before we conclude today's call, we would like to open the floor for questions. As a reminder, to ask a question, please use the Zoom platform to raise your hand to unmute. Or you may submit questions through the Zoom Q&A panel. Include your name and organization, and we'll take as many as time permits. Are there any questions at all? Seeing no questions in the chat as well as through the participant channels. It looks like we've come to the end of our time. We'll note the end of our Q&A. As we have no more questions, thank you again for your questions and participation, and we value the engagement and thoughtful input of our shareholders and analysts.

Speaker #4: Or you may submit questions through the Zoom Q&A panel. Include your name and organization, and we'll take as many as time permits. Are there any questions at all?

Speaker #4: Seeing no questions in the chat, as well as through the participant channels, it looks like we've come to the end of our time.

Speaker #4: We'll move to the end of our Q&A And as if we have as if we have no more questions , we'll note the end of our Q&A .

Speaker #4: Thank you again for your questions and participation. We value the engagement and thoughtful input of our shareholders and analysts. For our latest financial reports and any other investor materials, we invite you to visit the Investor Relations section of our website at www.com.

Heather Street: Our latest financial reports or any other investor materials, we invite you to visit the investor relations section of our website at www.securitynational.com. We appreciate your continued support for Security National Financial Corporation. This concludes our Q4 2025 earnings call. We look forward to speaking with you again soon. Thank you, and have a great day.

Speaker #4: We appreciate your continued support for Security National Financial operations. This concludes our fourth quarter 2025 earnings call. We look forward to speaking with you again soon.

Q4 2025 Security National Financial Corp Earnings Call

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