Powered by QuartrNov 12, 2026, 3:00 PM EST
SNFCA reported a 37% YoY decrease in Q3 pre-tax earnings, driven by a sharp mortgage segment loss amid rising interest rates and depressed housing activity. Despite this, stockholders’ equity rose 8.2% sequentially to $469 million, with strong insurance sales momentum and operational improvements offsetting market headwinds. Management remains focused on disciplined expense control, capital allocation, and segment-specific growth, but cautions that interest rate volatility and credit risk remain material factors.
Heather StreetVP of Human Resources
Good afternoon, everyone, and welcome to Security National Financial Corporation’s Q3 2026 earnings call. We thank you for joining us today to review our financial and operational results for the period ended September 30, 2026. Before we begin, I would 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 caution you not to place undue reliance on these forward-looking statements, which speak 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. With that, I would like to turn the call over to our Chairman, President, and Chief Executive Officer, Scott Quist. Scott?
Scott QuistChairman, President, and CEO
Thank you, Heather. Yes, my name is Scott Quist. I am the Chairman and CEO of Security National Financial Corporation, not necessarily or not its operating subsidiaries. I would like to take this moment, as we get started, to note two things. First, I would like to note Ms. Heather Street, who introduced the call, has been our Director of Human Resources and recently received the title of Vice President in addition to Director. I just wanted to take this opportunity to congratulate Ms. Heather. I also wanted to note that we have a new Chief Legal Officer in the room, Ms. Alissa Neufeld. Very excited to have her. Welcome, Alissa. Let me go into my prepared remarks.
There are two major financial statements in the 10-Q, the statement of earnings, which goes for or income statement, excuse me, which is basically one page in length, and the balance sheet, which is basically two pages in length. From the income statement point of view, we had a very rugged Q3 with earnings decreasing some 37%. I will be using pre-tax numbers as compared to Q3 2025. From a balance sheet point of view, we had what we believe is the largest single-quarter dollar increase in stockholders’ equity in our history, with equity increasing some $36 million or 8.2% for the quarter to $469 million. From my point of view, both results, as divergent as they may seem, are driven primarily by the same macro factor, i.e., increased interest rates.
Going to the segment analysis, our mortgage segment fell from a profit of $66,000 in 2025 to a loss of $2.65 million in 2026. About $625,000 of that loss is a non-cash fair value adjustment on derivatives. These derivatives are primarily interest rate lock commitments, which is further based upon estimates of future loan fundings from our locked loan pipeline, and which can fluctuate from period to period. The major reason behind our reduced profitability in our mortgage segment is simply market conditions. The geopolitical environment was very unfavorable in Q3, which led to accelerating, deteriorating market conditions through the entire quarter and very reduced volumes. For comparison’s sake, in the Utah housing market, which is one of our major markets, pending home sales were down 27% September 2026 over September 2025, and closed sales were down 12%, with homes for sale increasing 4%.
To summarize the Utah market, inventory increased and sales decreased sharply. Similar conditions exist in most of our markets we service. It should be noted that despite the very rugged third quarter, we narrowed our losses by 9% over 2025 on a year-to-date basis. To me, our mortgage segment deserves a very hearty thank you for their continued tenacity in the face of such very tough market conditions. I am not discouraged one bit from our deliberate overall corporate strategy. In our insurance segment, the reduced profitability causes were similar from an income statement point of view. I should stress at the outset that our investment yield remains quite above industry average for life insurance companies. According to the National Association of Insurance Commissioners, industry book yields at year-end 2025 were in the mid-4% range, while ours for Q3 2026 was in the mid-5% range.
Nevertheless, our average portfolio yield, as comparing last year to this year, did decline by approximately 90 basis points, primarily driven by the timing of home builder profit recognition, with additional impacts from the allowance for credit losses, or CECL, and the decreased funeral funding yields, as well as modest declines in construction interest earnings, fee income, and gains on sales. The decreased home builder profits and construction interest earnings require no further comment than what has been given above regarding mortgage market conditions. Regarding the allowance for credit losses, under the accounting standard current expected credit losses, or CECL, we recorded a provision for credit losses of roughly $2 million in Q3, primarily related to two loans that went in default during this quarter. If our ultimate recoveries exceed current estimates, a portion of this provision could be reversed in future periods.
I will add, I would be surprised if it is not. Expense levels at our insurance segment were a little elevated, which I view as money well spent. First-year life sales are up over 20% year-to-date as measured by annualized premium, 27% as measured by face amount over 2025, which is a very credible accomplishment given that we changed out almost our entire senior sales management staff last year. Much hard work from new sales management has gone into improving our sales processes and offerings, and we believe we are just getting started. Due to how first-year sales are accounted for, the profit from those sales will not be realized from an accounting point of view until future years. In fact, first-year sales are mildly profit negative in the insurance segment. Lastly, due to the increase in interest rates, our life reserves were revalued downwards.
Under current accounting rules, that revaluation is not included in net earnings. Instead, it flows through other comprehensive income, which is reported in a separate statement on the 10-Q, and directly into stockholders’ equity, which is what caused the large increase noted above. In a nutshell, our liabilities have a longer average duration than our assets, so increases in interest rates generally have the effect noted, meaning that reserves would go down and owner’s equity going up, but decreases will have the opposite effect. Our cemetery and mortuary segment similarly had a rugged Q3 with profit declining roughly $500,000 or 17% as compared to 2025. While there are numerous impacts that lead to any increase or decrease in profitability, there were two major factors for Q3 totaling over $600,000.
First, the segment had unrealized losses of over $400,000 in its stock portfolio for the quarter, and in comparison’s sake, in Q3 2025, they had recognized a leasing income gain of $241,000, which is not present in the 2026, thus giving a negative comparison. Operationally speaking, while families served in Q3 increased modestly over 2025, for year-to-date, families served decreased modestly, reflecting the constrained death rate environment that has been experienced nationwide. Our traditional funeral versus cremation mix leaned more towards cremation, which gives a lower revenue, and we are experiencing cost pressures. Nevertheless, we controlled what we could control, and our pre-need cemetery sales rose roughly 12% for the quarter and 17% for the year, which is the largest single factor giving us a 9% profit improvement year-to-date.
To summarize very broadly, we held serve operationally, and our pre-need cemetery sales year-to-date overcame our unrealized losses, giving a 9% year-to-date profit improvement. Lastly, I will comment at this time that the financial balance inherent in our businesses is illustrated markedly when the financial statements are viewed as a whole, meaning that increased interest rates gave our mortgage segment a very rugged environment, but at least from a GAAP balance sheet point of view, gave our insurance segment a very favorable environment. Our cemetery and mortuary segment, which is not affected nearly as much by interest rates, is affected by the death rate. But again, note the balance that decreases in death rates benefit the insurance segment. With that, I will turn the time over to Mr. Garrett Sill.
Thanks, Scott, and good afternoon, everyone. I’m Garrett Sill, Chief Financial Officer of Security National Financial Corporation, and I appreciate you taking time to be with us. Before getting into the numbers, I’d like to recognize the employees of Security National. In a rugged quarter, as Scott described, your hard work and commitment are what keep this company moving forward, and we are grateful for your efforts. Let me now add some color to the consolidated financial statements beyond what Scott covered. Starting with the balance sheet, total assets reached $1.62 billion at September 30, 2026, up almost $62 million or 4% since December 31. Cash and cash equivalents nearly doubled to $196 million, primarily a result of lower mortgage volume, which led to a decrease in our loans held for sale by $55 million or 35%.
Our total investments edged up $7.5 million or 0.7% to a little over $1 billion. On the other side of the ledger, total liabilities were essentially flat, up just $3.7 million or 0.3% to $1.16 billion because of the $47 million reduction in future policy benefits from the higher discount rates, which were largely offset a $41 million decrease in bank and other loans payables. Stockholders’ equity has grown $58.2 million or 14.2% so far this year to just about $469 million, which brings our debt-to-equity ratio down to 2.47x. On the income statement, third quarter net earnings came in at about $6.2 million, down $2.8 million or 31% from the $9 million we earned in the second quarter. Our expense discipline remained a bright spot.
Commissions and personnel costs, which together make up the bulk of our operating expenses, fell $6 million or 17.4% versus the third quarter of 2025. We are down $14 million or 13.7% through the nine months, reflecting both reduced mortgage activity and cost actions taken throughout the organization. Those savings were partly offset by a $2.8 million increase in other expenses, driven mainly by the credit loss provision Scott discussed, and a $450,000 or 42% increase in interest expense tied to the greater use of our third-party mortgage warehouse lines. As a reminder, all 2025 comparisons we are presenting today continue to reflect our LDTI restatement, so the periods are comparable. Next, Scott explained how the downward revaluation of our life reserves bypasses the net earnings and goes through our comprehensive income, and I’d like to quantify that effect.
Comprehensive income was about $35 million for the third quarter, up $2.6 million a year ago, and a little over $57 million for the first nine months, almost 4x the $15 million reported for the same 2025 period. Nearly all of that improvement came from remeasuring our future policy benefits at higher discount rates, a pre-tax benefit of nearly $52 million in the quarter and almost $65 million year-to-date. In the first nine months of 2025, that same line was $23 million, so the year-over-year change is roughly $88 million. Higher rates had the opposite effect on our bond holdings, producing pre-tax unrealized losses of about $15 million in the quarter and $20.3 million year-to-date, versus unrealized gains of $10 million through September last year. Last quarter, the three-month and nine-month comprehensive income trends pointed in different directions. This quarter, they both improved.
Because these results move with interest rates, they can reverse just as quickly, and it highlights how the company’s equity will change with fluctuations in interest rates. On the credit, the bond portfolio continues to be of strong quality. 98.4% carried an investment-grade designation at September 30th versus the same number at December 31st, with roughly $60 million considered non-grade investment. Within our mortgage loans held for investment, balances more than 90 days delinquent or in foreclosure rose to $17.5 million, up from $15.8 million at the end of the second quarter and $6.5 million at year-end 2025. Loans in foreclosures account for about $11 million, $7.5 million of which are commercial. The allowance for credit losses on these loans now stands at about $4.5 million compared to $2.6 million at the start of the year.
Lastly, the 10-Q discloses that at quarter end, SecurityNational Mortgage did not meet the quarterly net income covenant on two of its warehouse lines of credit. Since then, we have obtained every waiver we needed. They just arrived after the 10-Q was filed. To wrap up, the third quarter tested our earnings largely because of conditions in the mortgage market, yet total assets and stockholders’ equity both grew. Our capital position is stronger than it was at the start of the year. On internal controls over financial reporting, remediation of the information technology general controls identified at year-end is ongoing, and we are continuing to test and refine our processes. Our priorities are unchanged: grow revenue and improve profitability across all three segments. With that, I will turn the time over to Andrew Quist, President and Chief Executive Officer of SecurityNational Mortgage. Thank you.
Thank you, Garrett, and good afternoon, fellow shareholders. I am Andrew Quist, President and CEO of SecurityNational Mortgage Company. In the third quarter of 2026, SecurityNational Mortgage Company had a pre-tax net loss of $2,649,000 compared to pre-tax net income of $66,000 in the third quarter of 2025. This was a year-over-year decrease of $2,715,000 from last year’s quarterly result. Year-to-date, SNMC has a pre-tax net loss of $3,276,000 compared to a pre-tax net loss of $3,601,000 in 2025. This is a decrease to our year-to-date loss of $325,000, or an improvement of 9%. Swinging to a loss in the third quarter after a profitable second quarter was disappointing. This swing was the result of a historic rise in interest rates during the quarter.
We experienced a 90 basis point increase in 30-year rates over the third quarter, which significantly depressed mortgage activity. While we are still slightly ahead of 2025’s results, we must continue to realign SNMC for the current interest rate environment. This is an ongoing and constantly evolving exercise that changes with the rate environment. I would like to thank our employees for their tireless effort and work in that alignment. The rise in interest rates resulted in SNMC’s lowest quarterly origination volume in 10 quarters. In the third quarter of 2026, we originated $470 million of loan volume compared to $622 million in the third quarter of 2025, a 24% year-over-year decrease. On a sequential quarter basis, origination volumes were down 14%.
Based on the Mortgage Bankers Association’s reported total industry origination volumes for the third quarter, SNMC’s market share decreased to 9 basis points, down from 10 basis points in Q2. There were two bright spots for SNMC in an otherwise dim origination market. First, SNMC’s third quarter reverse mortgage origination volume more than doubled with a 187% increase over Q3 2025. We believe we are now a top 50 lender nationwide of reverse mortgages. The second bright spot for SNMC is HELOC originations. In the third quarter, our HELOC originations were up 128% over Q3 2025. We will continue to increase our focus on the pockets of the mortgage industry where loan volume is growing so we can better serve our borrowers and help our loan officers close more loans. On that note, our loans originated per loan officer increased 9% in the third quarter over Q3 2025.
Our loan officers were closing more loans in the third quarter than they were last year. I am particularly proud of that accomplishment in such a difficult environment. Focusing on what we can control in this environment, SecurityNational Mortgage has reduced expenses by $14 million year-over-year, or by 16%. Additionally, we have recently completed another $2.5 million of annualized expense savings to costs other than variable compensation. These are necessary steps as we focus on profitability in this market, and I believe this right-sizing will ensure SNMC stays competitive. In summary, in the third quarter of 2026, SecurityNational Mortgage had a pre-tax net loss of $2,649,000. This was a departure from our profitable second quarter and our profitable third quarter last year. Rapidly rising interest rates put extreme pressure on the mortgage market, and we are aligning SecurityNational Mortgage to this rate environment.
I would like to conclude by again thanking our loan officers and employees for their wonderful work improving Security National in this difficult environment. The progress is tangible, and I am optimistic about our competitive position moving forward. Thank you, and I will now turn the time over to Adam Quist.
Thanks, Andrew. My name is Adam Quist, as Andrew said. I am President and CEO of the Security National Life Insurance Company. My remarks will focus on the third quarter for our life companies, with some context on the year-to-date. For the third quarter, our life segment reported earnings before income taxes of $8.3 million, compared to approximately $10 million a year ago, or a decrease of about $1.65 million, or about 16%. When we look at our results, I think there are three main themes: insurance results, investment results, and our expenses. I will address each of these three themes in turn. First, our insurance results. Collected premiums were down about $1.5 million in the quarter, with all of that decrease occurring in our least profitable products, while our insured multi-pay collected premiums were up for the quarter for both our first-year and renewal premiums.
Of course, premiums do not occur in a vacuum. Every premium dollar must fund reserves and acquisition costs, and as total premiums came down, those associated costs also came down with them. Additionally, when considering the deferral of acquisition costs pursuant to GAAP and the amortization of those deferred acquisition costs, our insurance results were about $400,000 better than a year ago for the quarter. Year-to-date, that improvement is about $1.2 million. Within that, our mortality results, meaning death benefits net of the reserves released when claims are paid, were about $800,000 better than last year through nine months. Perhaps most importantly, our focus on building our new sales engine is working. Year-to-date, first-year new sales on our core products are up more than 20% by annualized premium and more than 30% when measured by face.
This increase is led by a sales leadership team that is largely new to our organization since last year. Under GAAP, new business is mildly profit negative in the first year, so those new sales cost us a little today, but will build earnings in the years ahead. Turning to our investment results. Net investment income was about $600,000 lower than a year ago on the quarter. For the quarter, the pressure predominantly came from lower funding volume from our mortgage segment, decreased home builder profit shares, and lower construction lending interest and fees, all of which, in my view, are related to the housing market Scott described. Year to date, this is the single largest factor in our results, with investment income down about $5.6 million.
However, as mentioned, our average portfolio yield declined year over year, but it remains in the mid 5% range, which we believe compares favorably to the industry averages despite our decline on the year. Lastly, our land position, which we view as a leading indicator of future builder profit share, but which also carries an opportunity cost in current periods, sits at about $120 million as of the end of the quarter. Finally, examining our expenses. The single largest item in the quarter was a credit loss provision of roughly $2 million under the current expected credit loss, or CECL, accounting standard, as Scott mentioned. If our recoveries exceed current estimates established by CECL, all or a portion of that provision could be reversed in future periods.
Excluding the CECL provision, operating expenses were up only modestly, mainly from continued investment in sales leadership, in the people and systems that support our agents and partners, and some exploratory AI initiatives. As noted, higher rates also caused our life reserves to be revalued downwards. That revaluation does not run through earnings. It flows through other comprehensive income into stockholders’ equity, and it was a major contributor to the increased equity, as Scott mentioned. To summarize, the quarter’s decline largely came from a credit loss provision and investment income, largely related to the macro housing market. Our insurance results improved, our mortality experience improved, and our new sales are growing by more than 20%. I remain confident in the direction of our life companies and in the team executing our strategy.
Thank you for your support, and I will now turn the time over to Steve Kehl, our Chief Operating Officer for our funeral homes and cemeteries division.
Thank you, Adam. Good afternoon, everyone, and thank you for joining us. I am Steve Kehl, Chief Operating Officer of Security National Funeral Homes and Cemeteries. I will walk through our third quarter results and what drove them. For the third quarter, earnings before tax decreased 16.9% to $2.53 million from $3.05 million a year ago. Revenue increased 1.3% to $9.05 million from $8.93 million. For the first nine months of the year, earnings before tax increased 9.1% to $7.72 million, and revenue increased 8.6% to $27.3 million. Excluding investment results, revenue for our funeral homes and cemeteries increased 8.4% in the third quarter to $7.96 million from $7.34 million. Operating earnings before tax were $1.41 million, essentially even with $1.42 million a year ago.
For the first nine months, operating revenue increased 7.7% to $23.62 million, and our operating earnings before tax increased 4.1% to $3.9 million from $3.74 million. Both of our businesses contributed. Funeral homes held steady on higher revenue, and our cemeteries grew on stronger pre-need land sales. In our funeral home operations, revenue increased 4.7% to $3.83 million from the $3.66 million, while earnings before tax decreased 7.3% to $671,000 from $724,000. Earnings declined because costs grew faster than revenue. Year to date, our personnel costs are the largest driver, followed by higher depreciation from our deliberate updates of several of our funeral home facilities. As I noted last quarter, both are investments in the family experience, and we are monitoring them closely. Several key operational metrics continue to move in the right direction.
Families served increased 2.5% in the quarter, although the year-to-date total remains 1.3% below last year in a lower death rate environment. The share of families choosing cremation with a service rose to 48% in the quarter, bringing our year-to-date figure to 46.3%. Average revenue per family served is up 4.7% year-to-date to $5,351 per family. Within our cemetery operations, revenue increased 12.3% to $4.13 million from $3.68 million. And earnings before tax increased 7.1% to $740,000 from $691,000. Net pre-need land sales remained the main driver. They were $1.85 million in the quarter, representing an increase of 8.5% over the third quarter of 2025. For the first nine months, they have increased 14.6% to $6.09 million. Interments also rose 8.8% in the quarter and 2.5% year-to-date, including increases in both our traditional families as well as cremation final resting places.
This growth reflects discipline in the basics of prospecting. Through the first nine months, our counselors held about 8% more conversations with families, and our appointments set gained 47%. A substantially greater share of those conversations are resulting in appointments being set. Our priorities within our cemeteries remain consistent. Build family relationships, carry more appointments through to a full presentation, and help more cremation families choose a permanent place of remembrance within one of our memorial parks. As Scott noted earlier, the decline this quarter came from our investment results. Net investment income increased 22% to $781,000. However, lower unrealized investment gains and the absence of last year’s one-time leasing gain more than offset that increase. As I said last quarter, these results can move in either direction, which is why we evaluate our operating businesses separately.
In summary, investment results held back reported earnings this quarter, while our operating businesses held steady and continue to grow through nine months. Cemetery revenue, particularly pre-need land sales, and our cremation with service families all improved. We cannot influence the death rate, but we can control how every family is served and how every property is maintained, and we will keep converting that discipline into earnings growth. I want to thank our funeral home, cemetery grounds, and operational support teams. These results are their work, and it is an honor to work alongside them. I’ll now turn the time back over to Ms. Heather Street, our Vice President of Human Resources.
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. We’ll take as many as time permits. Noticing we have a hand raised for Curtis Thompson. We’ll move forward with unmuting Curtis so that he can ask a question.
Curtis ThompsonPrivate Investor
Hey, guys. Thanks for hosting the call. I know we’ve chatted in the past, and I think I’ve been a shareholder now for probably five-ish years. But I am curious, the variability of the businesses are always there, and you guys have navigated a tough environment, as you spoke about. But I’m an old value investor. I think a number of shareholders that you have in the company are also. And I’m just curious about the debate. I do believe, and I don’t have all the numbers in front of me, that you guys have done some small buybacks over the last year. And not trying to pin you down to anything, but that value accretion that is exhibited, given your meaningful discount to book value, there’s just not many peers out there.
I know when I attended the meeting a few years ago, there was some discussion that Citizens, Inc. is a peer, and it was trading at whatever, 40% of tangible book at that time. That stock’s up probably 3X since then. And again, in particular in the financial arena, lower growth, slower growth businesses with that compounded ability to grow book value per share, you’ve done a great job growing capital. But you guys are significant owners of the company. Obviously, the ESOP and your employees are significant owners of the company. You’ve got a control structure in the stock, which is fine. But I am just curious about that ongoing debate as regards to the buyback, taking some of that share count down. You’ve got a difficult investment environment. We’ll just call it that. I don’t think that’s unique to any industry right now. But what’s the trigger?
What is the mechanism? I know you need liquidity. You have statutory book value somewhere up in the neighborhood of, I think, $16, $17, just a huge discount to book, and even a nominal use of that excess capital and even the earnings stream that you do have in the company, even during a tough time, sure seems to make a lot of sense.
Well, I will be happy to answer. That was not a question. I think there were several in there. Let me see if I can unpack it to the best of my memory. With regards to book value, what I would note that, as I would agree with your observation that our book value right now, including the recent reserve readjustment, is 16 and change, I believe, maybe 17 and change. Our stock price is nine and change. That would argue 50%. What I would note there is that the substantial increase in book value on a GAAP basis does not occur on a statutory basis. Let me explain that. In other words, the reserves for GAAP get revalued. The reserves for statutory do not. That delta, just hazarding a guess right now, might be $60 million, $80 million, Garrett?
Yeah, I was thinking about $88 million.
So maybe $90 million, with the point being that while the book value difference on a GAAP basis is huge, when you start factoring in the statutory basis from which we are regulated, that GAAP is not as big. So it is not as advantageous as it might seem. Secondly, the ongoing debate we have, and I do not think it is a debate, we look at our businesses and see, okay, where is the best place to deploy our capital? Is it better to buy shares back? Which we have bought some, and to your point, there is probably room to buy more. However, if our operating subsidiaries, we believe, have the opportunity to grow and reinvest those funds at higher rates, if we believe we do, then that would argue that that is where those funds should be deployed, that capital.
In other words, the deployment of capital should occur in growing operations, not in reducing our shareholders’ equity. Lastly, I would note that our 20% increase in life insurance sales, first-year life insurance sales, on a premium basis, and 27% on a face basis, indicates some pretty good momentum, at least on the life side. When you compare our cemetery mortuary side, for example, to its publicly traded peers, we think we have a little bit better mousetrap, which would argue we should continue to invest in that area. The same comment I would make with regards to our mortuary side. I hope that answered your questions.
It does on some level, and I appreciate the answer. I think there’s trade-offs to everything. You guys sit in, obviously, the most advantageous situation in your seat in terms of business prospects, business challenges. If I’m not mistaken, you still have some off-balance sheet value with some of the properties that you bought years and years ago. Again, I’ve been around the markets for the better part of 40 years, and again, a lot of value investors. I think as a show, and not that we’re in this for a show, but investors do look at capital utilization and the value of that capital. Again, there is the business, and then there’s the opportunistic side.
I think having a steady appetite, given some obvious price sensitivities to the stock relative to the GAAP value that you speak about, I think is incredibly valuable for shareholders to see. So, it’s important. People are looking out over a universe of hundreds and thousands of stocks out there. You guys do stand out as an incredibly cheap name. I continue to be supportive of the overall business, and quarter-over-quarter, I don’t think anybody really matters that’s worth having in your stock. But for people that are in it for the long term, including yourselves and your employees, it’s an incredibly valuable tool, and it’s an incredible sign to the marketplace, the capital allocation. No one wants you to go over the edge on risk and that type of thing. That’s obviously in no one’s best interest.
They look good for a short period of time. Anyway, it’s kind of the same question and comments that we’ve had over the years, and I just, again, encourage you guys to look at it and show the market that it’s important to you guys too.
I thank you very much for your comments. We will take those under consideration.
Thank you.
As we have come to the end of the time, we will note the end of our Q&A. Thank you again for your participation. We value the engagement and thoughtful input of our shareholders and analysts. For more information about the meeting, our latest financial reports, and other investor materials, we invite you to visit the Investor Relations section of our website at securitynational.com. We appreciate your continued support of Security National Financial Corporation. This concludes our third quarter 2026 earnings call. We look forward to speaking with you again soon. Thank you, and have a great day.
