U-HAUL HOLDING CO /NV/, 10-Q filed on 2/4/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2025
Feb. 04, 2026
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Fiscal Period Focus Q3  
Document Period End Date Dec. 31, 2025  
Amendment Flag false  
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-11255  
Entity Tax Identification Number 88-0106815  
Entity address, address line one 5555 Kietzke Lane  
Entity address, address line two Ste 100  
Entity address, City or Town Reno  
Entity address, State or Province NV  
Entity address, postal zip code 89511  
City Area Code 775  
Local Phone Number 688-6300  
Entity Incorporation, State or Country Code NV  
Document Quarterly Report true  
Document Transition Report false  
Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL  
Entity Common Stock, Shares Outstanding   19,607,788
Title of 12(b) Security Common Stock, $0.25 par value  
Security Exchange Name NYSE  
Nonvoting Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL.B  
Entity Common Stock, Shares Outstanding   176,470,092
Title of 12(b) Security Series N Non-Voting Common Stock, $0.001 par value  
Security Exchange Name NYSE  
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
ASSETS:    
Cash and cash equivalents $ 1,032,257 $ 988,828
Reinsurance recoverables and trade receivables, net 172,649 230,716
Inventories, net 175,023 163,132
Prepaid Expense 353,201 282,406
Fixed maturities - available for sale 2,501,436 2,479,498
Equity securities, at estimated fair value 57,418 65,549
Investments, other 720,713 678,254
Deferred policy acquisition costs, net 116,178 121,729
Other assets 129,516 126,732
Right of use Assets - Financing 30,561 138,698
Right of use Assets - Operating 40,689 46,025
Related party assets (liabilities) 60,630 45,003
Property, plant and equipment, at cost:    
Land 1,854,024 1,812,820
Buildings and improvements 10,329,648 9,628,271
Furniture and equipment 1,068,623 1,047,414
Property, plant and equipment (gross) 22,844,026 21,004,679
Less: Accumulated depreciation (6,616,653) (5,892,079)
Total property, plant and equipment 16,227,373 15,112,600
Total assets 21,617,644 20,479,170
Liabilities:    
Accounts payable and accrued expenses 765,426 820,900
Notes, loans and leases payable 8,017,296 7,193,857
Operating lease liability 41,464 46,973
Policy benefits and losses, claims and loss expenses payable 930,764 857,521
Liabilities from investment contracts 2,453,325 2,511,422
Other policyholders' funds and liabilities 5,786 7,539
Deferred income 54,227 52,895
Deferred Income Tax Liabilities, Net 1,605,547 1,489,920
Total liabilities 13,873,835 12,981,027
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss 168,090 229,314
Retained earnings 8,116,328 7,931,886
Total stockholders' equity 7,743,809 7,498,143
Total liabilities and stockholders' equity 21,617,644 20,479,170
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Serial Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 0 0
Amerco Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Nonvoting Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 176 176
Common Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (525,653) (525,653)
Preferred Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (151,997) (151,997)
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 1,175,723 1,046,135
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 8,416,008 $ 7,470,039
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 3,789 $ 3,104
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,649,214 $ 2,708,562
Series Preferred Stock With or Without Par Value [Member]    
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Series A Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 6,100,000 6,100,000
Preferred stock, shares issued 6,100,000 6,100,000
Series B Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 100,000 100,000
Serial Common Stock With or Without Par Value [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, par or stated value per share $ 0.25 $ 0.25
Serial Common Stock [Member]    
Common stock:    
Common stock, shares authorized 10,000,000 10,000,000
Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, par or stated value per share $ 0.25 $ 0.25
Amerco Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 41,985,700 41,985,700
Common stock, shares, outstanding 19,607,788 19,607,788
Common stock, par or stated value per share $ 0.25 $ 0.25
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, outstanding 176,470,092 176,470,092
Common stock, par or stated value per share $ 0.001 $ 0.001
Common Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 22,377,912 22,377,912
Preferred Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 6,100,000 6,100,000
v3.25.4
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues:        
Self-moving equipment rentals $ 886,170 $ 878,585 $ 3,054,920 $ 2,980,265
Self-storage revenues 245,060 227,125 725,596 667,381
Self moving and self-storage products and service sales 68,929 70,407 256,946 254,761
Property management fees 8,817 8,869 28,020 27,950
Life insurance premiums 17,848 22,926 55,387 64,154
Property and casualty insurance premiums 30,355 28,364 80,365 75,360
Net investment and Interest income 47,259 40,536 122,492 115,455
Other revenue 111,170 111,746 442,274 409,830
Total revenues 1,415,608 1,388,558 4,766,000 4,595,156
Costs and expenses:        
Operating Costs and Expenses 848,614 782,351 2,584,905 2,463,181
Commission expenses 96,101 95,031 334,649 326,610
Cost of product sales 50,871 52,767 190,701 181,031
Benefits and losses 49,232 48,683 142,592 137,081
Amortization of deferred policy acquisition costs 4,922 4,493 14,801 13,578
Lease expense 4,281 5,052 14,226 15,386
Depreciation, net of (gains) losses on disposals 325,219 246,091 969,836 689,906
Net (gains) losses on disposal of real estate 2,696 3,358 5,610 9,453
Costs and Expenses, Total 1,381,936 1,237,826 4,257,320 3,836,226
Earnings from operations 33,672 150,732 508,680 758,930
Other components of net periodic benefit costs (346) (372) (1,037) (1,116)
Interest Income, Other 10,784 15,638 31,468 50,004
Interest expense (95,527) (76,581) (268,162) (215,297)
Fees and amortization on early extinguishment of debt (163)   (189) (495)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 51,580 89,417 270,760 592,026
Net earnings, Tax (14,612) (22,251) (59,847) (142,645)
Net earnings available to common stockholders $ 36,968 $ 67,166 $ 210,913 $ 449,381
Common Stock [Member]        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.23 $ 0.3 $ 0.94 $ 2.16
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.18 $ 0.35 $ 1.09 $ 2.31
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]        
Costs and expenses:        
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.25.4
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Depreciation:        
Net of (gains) losses on sale of real and personal property $ (26,300) $ 3,526 $ (86,732) $ 28,849
Related party:        
Related party, revenues, net of eliminations 8,817 8,869 28,020 27,950
Related party, costs and expenses, net of eliminations $ 26,200 $ 26,500 $ 91,008 $ 89,953
v3.25.4
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Comprehensive income (loss) (pretax):        
Net earnings, Pre-tax $ 51,580 $ 89,417 $ 270,760 $ 592,026
Comprehensive income (loss) (tax effect):        
Net earnings, Tax (14,612) (22,251) (59,847) (142,645)
Comprehensive income (loss) (net of tax):        
Net earnings available to common stockholders 36,968 67,166 210,913 449,381
Other comprehensive income (loss):        
Foreign currency translation, Pre-tax 1,841 3,929 2,802 3,712
Foreign currency translation, Net 1,841 3,929 2,802 3,712
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Pre-tax 25,393 68,650 75,331 57,171
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Tax (5,367) (14,542) (15,871) (12,508)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Tax 20,026 54,108 59,460 44,663
Change in fair value of cash flow hedges, Pre-tax 610 6,121 5,299 5,907
Change in fair value of cash flow hedges, Tax 153 1,510 1,319 1,505
Change in fair value of cash flow hedges, net 457 4,611 3,980 4,402
Amounts reclassified into earnings on hedging activities, Pre-tax 813 1,596 3,923 12,500
Amounts reclassified into earnings on hedging activities, Tax 203 399 981 3,125
Amounts reclassified into earnings on hedging activities, Net 610 1,197 2,942 9,375
Other Comprehensive Income (Loss), Pre-tax 27,031 69,246 76,757 46,866
Other comprehensive income (loss) Tax (5,317) (15,653) (15,533) (10,888)
Other comprehensive income (loss) Net 21,714 53,593 61,224 35,978
Total comprehensive income (loss) (Pre-tax) 24,549 158,663 347,517 638,892
Total comprehensive income (loss) (Tax) 9,295 37,904 75,380 153,533
Comprehensive income (loss) Net $ 15,254 $ 120,759 $ 272,137 $ 485,359
v3.25.4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance, beginning of period at Mar. 31, 2024 $ 7,172,445 $ 10,497 $ 462,548 $ (223,216) $ 7,600,090 $ 525,653 $ 151,997 $ 176
Cosolidated statement of change in equity                
Foreign currency translation 3,712     3,712        
Unrealized net gain (loss) on investments, net of tax 44,663     44,663        
Change in fair value of cash flow hedges 4,402     4,402        
Amounts reclassified into earnings on hedging activities, Net 9,375     9,375        
Net Income (Loss) 449,381       449,381      
Series N Non-Voting Common Stock dividends paid (26,471)       (26,471)      
Net activity 458,888     35,978 422,910      
Balance, end of period at Dec. 31, 2024 7,631,333 10,497 462,548 (187,238) 8,023,000 525,653 151,997 176
Balance, beginning of period at Sep. 30, 2024 7,519,398 10,497 462,548 (240,831) 7,964,658 525,653 151,997 176
Cosolidated statement of change in equity                
Foreign currency translation 3,929     3,929        
Unrealized net gain (loss) on investments, net of tax 54,108     54,108        
Change in fair value of cash flow hedges 4,611     4,611        
Amounts reclassified into earnings on hedging activities, Net 1,197     1,197        
Net Income (Loss) 67,166       67,166      
Series N Non-Voting Common Stock dividends paid (8,824)       (8,824)      
Net activity 111,935     53,593 58,342      
Balance, end of period at Dec. 31, 2024 7,631,333 10,497 462,548 (187,238) 8,023,000 525,653 151,997 176
Balance, beginning of period at Mar. 31, 2025 7,498,143 10,497 462,548 (229,314) 7,931,886 525,653 151,997 176
Cosolidated statement of change in equity                
Foreign currency translation 2,802     2,802        
Unrealized net gain (loss) on investments, net of tax 59,460     59,460        
Change in fair value of cash flow hedges 3,980     3,980        
Amounts reclassified into earnings on hedging activities, Net 2,942     2,942        
Net Income (Loss) 210,913       210,913      
Series N Non-Voting Common Stock dividends paid (26,471)       (26,471)      
Net activity 245,666     61,224 184,442      
Balance, end of period at Dec. 31, 2025 7,743,809 10,497 462,548 (168,090) 8,116,328 525,653 151,997 176
Balance, beginning of period at Sep. 30, 2025 7,767,887 10,497 462,548 (189,804) 8,162,120 (525,653) 151,997 176
Cosolidated statement of change in equity                
Foreign currency translation 1,841     1,841        
Unrealized net gain (loss) on investments, net of tax 20,026     20,026        
Change in fair value of cash flow hedges 457     457        
Amounts reclassified into earnings on hedging activities, Net 610     610        
Net Income (Loss) 36,968       36,968      
Series N Non-Voting Common Stock dividends paid (8,824)       8,824      
Net activity 24,078     21,714 45,792      
Balance, end of period at Dec. 31, 2025 $ 7,743,809 $ 10,497 $ 462,548 $ (168,090) $ 8,116,328 $ 525,653 $ 151,997 $ 176
v3.25.4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Common Stock, Dividends, Per Share, Declared $ 0.15 $ 0.15
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities:    
Net Income (Loss) $ 210,913 $ 449,381
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 883,104 718,755
Amortization of premiums and accretion of discounts related to investments, net 13,527 10,431
Amortization of debt issuance costs 5,213 4,275
Interest credited to policyholders 72,952 58,290
Change in allowance for losses on trade receivables (1,369) 1,463
Operating lease right-of-use asset amortization 6,813 8,015
Net gain on sale of real and personal property 86,732 (28,849)
Net losses on disposal of real estate 5,610 9,453
Net (gains) losses on sales of fixed maturity securities 2,356 19
Net gains on equity securities (5,175) (7,299)
Deferred income taxes 99,677 48,769
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 59,566 34,720
Inventories and parts (11,888) (4,209)
Prepaid expenses (70,301) (20,559)
Capitalization of deferred policy acquisition costs 5,551 (1,791)
Other assets (2,704) (19,270)
Related party assets (12,987) (2,404)
Increase (Decrease) in Accounts Payable and Accrued Liabilities (16,859) 20,461
Policy benefits and losses, claims and loss expenses payable 63,053 (22,069)
Other policyholders' funds and liabilities (1,754) 2,825
Deferred income 1,195 3,602
Related party liabilities (2,630) (909)
Net cash provided by operating activities 1,390,595 1,255,896
Cash flow from investing activities:    
Increase Decrease Escrow Deposits 729 3,445
Purchase of:    
Property, plant and equipment (2,602,669) (2,863,496)
Fixed maturity investments (266,213) (441,974)
Equity securities (3,531) (852)
Investments, other (144,986) (92,774)
Proceeds from sales and paydowns of:    
Property, plant and equipment 571,544 530,135
Fixed maturity investments 310,459 318,634
Equity securities 14,745 10,842
Investments, other 107,318 97,594
Net cash used by investing activities (2,012,604) (2,438,446)
Cash flow from financing activities:    
Borrowings from credit facilities 1,760,351 1,404,974
Principal repayments on credit facilities (902,232) (713,949)
Payment of debt issuance costs (10,602) (4,224)
Finance lease payments (32,901) (60,661)
Securitization deposits 345 331
Series N Non-Voting Common Stock dividends paid (26,471) (26,471)
Investment contract deposits 247,328 389,848
Investment contract withdrawals (378,377) (318,005)
Net cash provided by financing activities 657,441 671,843
Effects of exchange rate on cash 7,997 (6,439)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation, Total 43,429 (517,146)
Cash and cash equivalents at the beginning of period 988,828 1,534,544
Cash and cash equivalents at the end of period $ 1,032,257 $ 1,017,398
v3.25.4
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]    
Interest paid in cash $ 251,099 $ 207,241
Interest on derivatives 1,935 4,163
Income Taxes Paid, Net 507 70,812
Right-of-use assets in exchange for lease liabilities 1,471 3,067
Purchase of property, plant and equipment included in accounts payable $ 66,124 $ 62,709
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 36,968 $ 67,166 $ 210,913 $ 449,381
v3.25.4
Insider Trading Arrangements
 9 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Basis of Presentation
 9 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Basis of Presentation

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating and Reportable Segments

U-Haul Holding Company's three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA Risk Retention Group is a

group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.
v3.25.4
Earnings Per Share
 9 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Company's Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and the Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for the Voting Common Stock and the Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended December 31, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

Quarter Ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings (losses) available to common stockholders

 

$

(36,968

)

 

$

67,166

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings (losses) available to common stockholders

 

$

(45,792

)

 

$

58,342

 

Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock

 

$

(4,579

)

 

$

5,834

 

 

 

 

 

 

 

 

Undistributed earnings (losses) per share of Voting Common Stock

 

$

(0.23

)

 

$

0.30

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings (losses) per share of Voting Common Stock

 

$

(0.23

)

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings (losses) available to common stockholders

 

$

(36,968

)

 

$

67,166

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings (losses) available to common stockholders

 

$

(45,792

)

 

$

58,342

 

Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock

 

$

(41,213

)

 

$

52,508

 

 

 

 

 

 

 

 

Undistributed earnings (losses) per share of Non-Voting Common Stock

 

$

(0.23

)

 

$

0.30

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

Basic and diluted earnings (losses) per share of Non-Voting Common Stock

 

$

(0.18

)

 

$

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

18,444

 

 

$

42,291

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

 

$

165,998

 

 

$

380,619

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.15

 

 

 

0.15

 

Basic and diluted earnings per share of Non-Voting Common Stock

 

$

1.09

 

 

$

2.31

 

 

 

 

 

 

 

 
v3.25.4
Investments
 9 Months Ended
Dec. 31, 2025
Investments Debt Equity Securities [Abstract]  
Investments

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $21.5 million as of December 31, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

104,262

 

 

$

265

 

 

$

(5,320

)

 

$

—

 

 

$

99,207

 

U.S. government agency mortgage-backed securities

 

 

156,754

 

 

 

1,024

 

 

 

(7,672

)

 

 

—

 

 

 

150,106

 

Obligations of states and political subdivisions

 

 

133,861

 

 

 

520

 

 

 

(5,904

)

 

 

—

 

 

 

128,477

 

Corporate securities

 

 

1,660,382

 

 

 

5,420

 

 

 

(102,335

)

 

 

(3,789

)

 

 

1,559,678

 

Mortgage-backed securities

 

 

593,955

 

 

 

3,847

 

 

 

(33,834

)

 

 

—

 

 

 

563,968

 

 

 

$

2,649,214

 

 

$

11,076

 

 

$

(155,065

)

 

$

(3,789

)

 

$

2,501,436

 

 

Available-for-sale investments as of March 31, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

119,289

 

 

$

206

 

 

$

(8,353

)

 

$

—

 

 

$

111,142

 

U.S. government agency mortgage-backed securities

 

 

81,909

 

 

 

232

 

 

 

(8,712

)

 

 

—

 

 

 

73,429

 

Obligations of states and political subdivisions

 

 

137,280

 

 

 

272

 

 

 

(8,808

)

 

 

—

 

 

 

128,744

 

Corporate securities

 

 

1,807,605

 

 

 

1,623

 

 

 

(155,749

)

 

 

(3,104

)

 

 

1,650,375

 

Mortgage-backed securities

 

 

562,479

 

 

 

582

 

 

 

(47,253

)

 

 

—

 

 

 

515,808

 

 

 

$

2,708,562

 

 

$

2,915

 

 

$

(228,875

)

 

$

(3,104

)

 

$

2,479,498

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 and March 31, 2025 were as follows:

 

 

 

December 31, 2025

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

—

 

 

 

$

—

 

 

 

$

92,760

 

 

 

$

(5,320

)

 

 

$

92,760

 

 

 

$

(5,320

)

U.S. government agency mortgage-backed securities

 

 

 

37,360

 

 

 

 

(190

)

 

 

 

19,478

 

 

 

 

(7,482

)

 

 

 

56,838

 

 

 

 

(7,672

)

Obligations of states and political subdivisions

 

 

 

18,120

 

 

 

 

(434

)

 

 

 

62,533

 

 

 

 

(5,470

)

 

 

 

80,653

 

 

 

 

(5,904

)

Corporate securities

 

 

 

72,656

 

 

 

 

(370

)

 

 

 

1,113,633

 

 

 

 

(101,965

)

 

 

 

1,186,289

 

 

 

 

(102,335

)

Mortgage-backed securities

 

 

 

35,644

 

 

 

 

(2,192

)

 

 

 

194,896

 

 

 

 

(31,642

)

 

 

 

230,540

 

 

 

 

(33,834

)

 

 

 

$

163,780

 

 

 

$

(3,186

)

 

 

$

1,483,300

 

 

 

$

(151,879

)

 

 

$

1,647,080

 

 

 

$

(155,065

)

 

 

 

 

March 31, 2025

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,760

 

 

 

$

(24

)

 

 

$

95,058

 

 

 

$

(8,329

)

 

 

$

96,818

 

 

 

$

(8,353

)

U.S. government agency mortgage-backed securities

 

 

 

36,871

 

 

 

 

(197

)

 

 

 

20,928

 

 

 

 

(8,515

)

 

 

 

57,799

 

 

 

 

(8,712

)

Obligations of states and political subdivisions

 

 

 

46,036

 

 

 

 

(1,628

)

 

 

 

52,903

 

 

 

 

(7,179

)

 

 

 

98,939

 

 

 

 

(8,807

)

Corporate securities

 

 

 

294,133

 

 

 

 

(5,822

)

 

 

 

1,239,884

 

 

 

 

(149,927

)

 

 

 

1,534,017

 

 

 

 

(155,749

)

Mortgage-backed securities

 

 

 

188,328

 

 

 

 

(3,911

)

 

 

 

217,020

 

 

 

 

(43,343

)

 

 

 

405,348

 

 

 

 

(47,254

)

 

 

 

$

567,128

 

 

 

$

(11,582

)

 

 

$

1,625,793

 

 

 

$

(217,293

)

 

 

$

2,192,921

 

 

 

$

(228,875

)

 

Gross proceeds from sales of securities were $7.4 million and $10.8 million for the first nine months ended December 31, 2025 and December 31, 2024, respectively. No material gross realized gains or losses were recognized.

 

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.7 million and $2.0 million net impairment charge recorded in the first nine months ended December 31, 2025 and 2024, respectively.

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

176,399

 

 

$

175,753

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

577,465

 

 

 

568,566

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

547,894

 

 

 

518,739

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

753,501

 

 

 

674,410

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,055,259

 

 

 

1,937,468

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

593,955

 

 

 

563,968

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,649,214

 

 

$

2,501,436

 

 

$

2,708,562

 

 

$

2,479,498

 

 

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

32,990

 

 

$

49,343

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

11,045

 

 

 

8,075

 

 

 

25,144

 

 

 

22,136

 

 

 

$

44,035

 

 

$

57,418

 

 

$

55,252

 

 

$

65,549

 

 

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.

Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

699,878

 

 

$

657,567

 

Policy loans

 

 

12,521

 

 

 

11,868

 

Other investments

 

 

8,314

 

 

 

8,819

 

 

 

$

720,713

 

 

$

678,254

 

 

 
v3.25.4
Accounts Payable and Accrued Expense
 9 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

181,825

 

$

 

263,280

 

Accrued expenses

 

 

583,601

 

 

 

557,620

 

 

$

 

765,426

 

$

 

820,900

 

 

Other Reserves

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $439.8 million and $360.8 million of liabilities related to these programs as of December 31, 2025 and March 31, 2025, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents.
v3.25.4
Borrowings
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net . Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2026 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

December 31, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.35

 

%

 

2027

 

-

2037

 

 

4.88

 

%

 

$

256,977

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.69

 

%

 

 

2,839,587

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.37

 

%

 

 

154,964

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

4.77

 

%

-

 

5.27

 

%

 

2028

 

-

2030

 

 

5.14

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

4.66

 

%

 

2026

 

-

2026

 

 

4.25

 

%

 

 

11,437

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2033

 

 

5.19

 

%

 

 

2,395,416

 

 

 

1,963,644

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2026

 

-

2049

 

 

6.41

 

%

 

 

64,798

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,058,179

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,883

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

8,017,296

 

 

$

7,193,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.

 

(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2025.

 

 

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:

 

 

 

Years Ended December 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

863,796

 

 

$

1,089,226

 

 

$

864,684

 

 

$

956,517

 

 

$

925,310

 

 

$

3,358,646

 

 

$

8,058,179

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

96,337

 

 

$

80,760

 

Capitalized interest

 

 

(2,161

)

 

 

(4,608

)

Amortization of transaction costs

 

 

1,779

 

 

 

1,390

 

Interest expense resulting from cash flow hedges

 

 

(428

)

 

 

(961

)

Total interest expense

 

$

95,527

 

 

$

76,581

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

272,810

 

 

$

226,148

 

Capitalized interest

 

 

(8,013

)

 

 

(11,188

)

Amortization of transaction costs

 

 

4,882

 

 

 

4,229

 

Interest expense resulting from cash flow hedges

 

 

(1,517

)

 

 

(3,892

)

Total interest expense

 

$

268,162

 

 

$

215,297

 

 

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.35

 

%

 

6.05

 

%

Interest rate at the end of the quarter

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the quarter

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the quarter

 

$

732,826

 

 

$

745,272

 

 

Facility fees

 

$

234

 

 

$

214

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

5.53

 

%

 

6.43

 

%

Interest rate at the end of the period

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the period

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the period

 

$

699,364

 

 

$

665,376

 

 

Facility fees

 

$

764

 

 

$

793

 

 

 

 
v3.25.4
Derivatives
 9 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives . Derivatives

Cash Flow Hedges

We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models, which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate, and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

2,310

 

 

$

4,381

 

Liabilities

 

$

411

 

 

$

777

 

Notional amount

 

$

270,527

 

 

$

376,887

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.0) million and $4.4 million, respectively, net of taxes. During the first nine months of fiscal 2026 and 2025, we reclassified $2.9 million and ($9.4) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2025, we expect to reclassify $1.2 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2025 and 2024 were $7.5 million and $5.0 million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,314

 

 

$

8,819

 

Notional amount

 

$

296,776

 

 

$

326,218

 

 

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
v3.25.4
Accumulated Other Comprehensive Loss
 9 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Loss . Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

Foreign currency translation

 

 

1,841

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,841

 

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

20,026

 

 

 

—

 

 

 

—

 

 

 

20,026

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

457

 

 

 

—

 

 

 

457

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(610

)

 

 

—

 

 

 

(610

)

Other comprehensive income (loss)

 

 

1,841

 

 

 

20,026

 

 

 

(153

)

 

 

—

 

 

 

21,714

 

Balance as of December 31, 2025

 

$

(54,738

)

 

$

(114,860

)

 

$

(1,094

)

 

$

2,602

 

 

$

(168,090

)

(a) Liability for future policy benefits

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2024

 

$

(53,490

)

 

$

(186,328

)

 

$

(2,057

)

 

$

1,044

 

 

$

(240,831

)

Foreign currency translation

 

 

(3,929

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,929

)

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

54,108

 

 

 

—

 

 

 

—

 

 

 

54,108

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,611

 

 

 

—

 

 

 

4,611

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,197

)

 

 

—

 

 

 

(1,197

)

Other comprehensive income (loss)

 

 

(3,929

)

 

 

54,108

 

 

 

3,414

 

 

 

—

 

 

 

53,593

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

(a) Liability for future policy benefits

 

 

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,802

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,802

 

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

59,460

 

 

 

—

 

 

 

—

 

 

 

59,460

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(3,980

)

 

 

—

 

 

 

(3,980

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

2,942

 

 

 

—

 

 

 

2,942

 

Other comprehensive income (loss)

 

 

2,802

 

 

 

59,460

 

 

 

(1,038

)

 

 

—

 

 

 

61,224

 

Balance as of December 31, 2025

 

$

(54,738

)

 

$

(114,860

)

 

$

(1,094

)

 

$

2,602

 

 

$

(168,090

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(3,712

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,712

)

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

44,663

 

 

 

—

 

 

 

—

 

 

 

44,663

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,402

 

 

 

—

 

 

 

4,402

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(9,375

)

 

 

—

 

 

 

(9,375

)

Other comprehensive income (loss)

 

 

(3,712

)

 

 

44,663

 

 

 

(4,973

)

 

 

—

 

 

 

35,978

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

(a) Liability for future policy benefits
v3.25.4
Dividends
 9 Months Ended
Dec. 31, 2025
Stockholders' Equity [Abstract]  
8. Dividends . Dividends

The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2026 and 2025:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 3, 2025

 

$

0.05

 

 

December 15, 2025

 

December 30, 2025

August 21, 2025

 

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

 

 

0.05

 

 

June 16, 2025

 

June 27, 2025

December 4, 2024

 

 

0.05

 

 

December 16, 2024

 

December 27, 2024

August 15, 2024

 

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

 

 

0.05

 

 

June 17, 2024

 

June 28, 2024

 

As of December 31, 2025, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.
v3.25.4
Leases
 9 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases . Leases

The following tables show the components of our right-of-use (“ROU") assets, net:

 

 

 

As of December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

72,557

 

 

$

72,557

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

9,192

 

 

 

—

 

 

 

9,192

 

Rental trucks

 

 

80,722

 

 

 

—

 

 

 

80,722

 

Right-of-use assets, gross

 

 

89,975

 

 

 

72,557

 

 

 

162,532

 

Less: Accumulated depreciation

 

 

(59,414

)

 

 

(31,868

)

 

 

(91,282

)

Right-of-use assets, net

 

$

30,561

 

 

$

40,689

 

 

$

71,250

 

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

71,330

 

 

$

71,330

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

58,071

 

 

 

—

 

 

 

58,071

 

Rental trucks

 

 

309,475

 

 

 

—

 

 

 

309,475

 

Right-of-use assets, gross

 

 

367,607

 

 

 

71,330

 

 

 

438,937

 

Less: Accumulated depreciation

 

 

(228,909

)

 

 

(25,305

)

 

 

(254,214

)

Right-of-use assets, net

 

$

138,698

 

 

$

46,025

 

 

$

184,723

 

 

As of December 31, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $11.4 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $108.1 million and $120.5 million as of December 31, 2025 and December 31, 2024, respectively.

 

 

 

Finance leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

0.2

 

 

0.6

 

 

Weighted average discount rate

 

 

4.3

 

%

 

4.4

 

%

 

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

26.0

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.6

 

%

 

For the nine months ended December 31, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $25.4 million and $15.7 million, respectively, and our financing cash flow activities were $32.9 million and $60.7 million, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:

 

 

 

Nine months ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

14,226

 

 

$

15,386

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

7,631

 

 

$

23,903

 

Interest on lease liabilities

 

 

1,062

 

 

 

3,048

 

Total finance lease cost

 

$

8,693

 

 

$

26,951

 

 

The short-term lease costs for the first nine months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2026 (3 months)

 

$

11,558

 

 

$

2,439

 

2027

 

 

—

 

 

 

8,696

 

2028

 

 

—

 

 

 

7,265

 

2029

 

 

—

 

 

 

5,309

 

2030

 

 

—

 

 

 

4,018

 

Thereafter

 

 

—

 

 

 

57,278

 

Total lease payments

 

 

11,558

 

 

 

85,005

 

Less: imputed interest

 

 

(121

)

 

 

(43,541

)

Present value of lease liabilities

 

$

11,437

 

 

$

41,464

 
v3.25.4
Contingencies
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies . Contingencies

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.
v3.25.4
Related Party Transactions
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group, as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,167

 

 

$

7,193

 

U-Haul management fee revenue from Mercury

 

 

1,650

 

 

 

1,676

 

 

 

$

8,817

 

 

$

8,869

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,776

 

 

$

22,713

 

U-Haul management fee revenue from Mercury

 

 

5,244

 

 

 

5,237

 

 

 

$

28,020

 

 

$

27,950

 

 

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $28.2 million and $28.5 million from the above-mentioned entities during the first nine months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

 

Related Party Costs and Expenses

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,756

 

 

 

1,176

 

U-Haul commission expenses to Blackwater

 

 

18,611

 

 

 

19,409

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

5,148

 

 

 

5,304

 

 

 

$

26,153

 

 

$

26,531

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,802

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

4,636

 

 

 

3,734

 

U-Haul commission expenses to Blackwater

 

 

66,376

 

 

 

66,538

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

114

 

U-Haul commission expenses to Mercury

 

 

18,080

 

 

 

17,755

 

 

 

$

91,008

 

 

$

89,953

 

 

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of December 31, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $28.0 million and $28.0 million, expenses of $6.6 million and $5.7 million and we received cash flows of $26.3 million and $26.5 million, during the first nine months of fiscal 2026 and 2025, respectively. Revenues were $404.6 million and $408.6 million and commission expenses were $84.5 million and $84.3 million, related to the Dealer Agreements, during the first nine months of fiscal 2026 and 2025, respectively.

 

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.

Related Party Assets

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

41,445

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

16,528

 

 

 

12,517

 

Other (a)

 

 

2,657

 

 

 

4,044

 

 

 

$

60,630

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.4
Consolidating Financial Information by Industry Segment
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting processes and as a basis for making decisions about allocating capital and other resources to each segment.

U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:

•
Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.
•
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

•
Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2025 were as follows:

 

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,319,890

 

$

 

42,516

 

$

 

56,207

 

$

 

(3,005

)

(b,c)

$

 

1,415,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

308,494

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

308,494

 

Equipment maintenance and repair expenses

 

 

204,299

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

204,299

 

Other operating expenses

 

 

101,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

101,016

 

Other segment items

 

 

219,237

 

 

 

13,763

 

 

 

4,091

 

 

 

(2,286

)

(b,c)

 

 

234,805

 

Operating expenses

 

 

833,046

 

 

 

13,763

 

 

 

4,091

 

 

 

(2,286

)

 

 

 

848,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

96,101

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

96,101

 

Cost of product sales

 

 

50,871

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

50,871

 

Benefits and losses

 

 

—

 

 

 

7,860

 

 

 

41,372

 

 

 

—

 

 

 

 

49,232

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,922

 

 

 

—

 

 

 

 

4,922

 

Lease expense

 

 

4,873

 

 

 

74

 

 

 

25

 

 

 

(691

)

(b)

 

 

4,281

 

Depreciation, net of (gains) losses on disposal

 

 

325,219

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

325,219

 

Net (gains) losses on disposal of real estate

 

 

2,696

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,696

 

Total costs and expenses

 

 

1,312,806

 

 

 

21,697

 

 

 

50,410

 

 

 

(2,977

)

 

 

 

1,381,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

7,084

 

 

 

20,819

 

 

 

5,797

 

 

 

(28

)

 

 

 

33,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

21,018

 

 

 

—

 

 

 

—

 

 

 

(21,018

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

28,102

 

 

 

20,819

 

 

 

5,797

 

 

 

(21,046

)

 

 

 

33,672

 

Other components of net periodic benefit costs

 

 

(346

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(346

)

Other interest income

 

 

10,856

 

 

 

—

 

 

 

—

 

 

 

(72

)

(b)

 

 

10,784

 

Interest expense

 

 

(95,555

)

 

 

—

 

 

 

(72

)

 

 

100

 

(b)

 

 

(95,527

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(163

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(163

)

Pretax earnings (losses)

 

 

(57,106

)

 

 

20,819

 

 

 

5,725

 

 

 

(21,018

)

 

 

 

(51,580

)

Income tax (expense) benefit

 

 

20,138

 

 

 

(4,358

)

 

 

(1,168

)

 

 

—

 

 

 

 

14,612

 

Net earnings (losses) available to common stockholders

$

 

(36,968

)

$

 

16,461

 

$

 

4,557

 

$

 

(21,018

)

 

$

 

(36,968

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2024 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,296,556

 

$

 

38,141

 

$

 

56,762

 

$

 

(2,901

)

(b,c)

$

 

1,388,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

292,289

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

292,289

 

Equipment maintenance and repair expenses

 

 

191,226

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

191,226

 

Other operating expenses

 

 

63,107

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

63,107

 

Other segment items

 

 

219,838

 

 

 

12,550

 

 

 

5,347

 

 

 

(2,006

)

(b,c)

 

 

235,729

 

Operating expenses

 

 

766,460

 

 

 

12,550

 

 

 

5,347

 

 

 

(2,006

)

 

 

 

782,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

95,031

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

95,031

 

Cost of product sales

 

 

52,767

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

52,767

 

Benefits and losses

 

 

—

 

 

 

6,038

 

 

 

42,645

 

 

 

—

 

 

 

 

48,683

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,493

 

 

 

—

 

 

 

 

4,493

 

Lease expense

 

 

5,572

 

 

 

90

 

 

 

33

 

 

 

(643

)

(b)

 

 

5,052

 

Depreciation, net of (gains) losses on disposal

 

 

246,091

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

246,091

 

Net (gains) losses on disposal of real estate

 

 

3,358

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

3,358

 

Total costs and expenses

 

 

1,169,279

 

 

 

18,678

 

 

 

52,518

 

 

 

(2,649

)

 

 

 

1,237,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

127,277

 

 

 

19,463

 

 

 

4,244

 

 

 

(252

)

 

 

 

150,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

17,956

 

 

 

—

 

 

 

—

 

 

 

(17,956

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

145,233

 

 

 

19,463

 

 

 

4,244

 

 

 

(18,208

)

 

 

 

150,732

 

Other components of net periodic benefit costs

 

 

(372

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(372

)

Other interest income

 

 

15,734

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

15,638

 

Interest expense

 

 

(76,833

)

 

 

—

 

 

 

(96

)

 

 

348

 

(b)

 

 

(76,581

)

Fees on early extinguishment of debt and costs of defeasance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Pretax earnings

 

 

83,762

 

 

 

19,463

 

 

 

4,148

 

 

 

(17,956

)

 

 

 

89,417

 

Income tax expense

 

 

(16,596

)

 

 

(4,072

)

 

 

(1,583

)

 

 

—

 

 

 

 

(22,251

)

Net earnings available to common stockholders

$

 

67,166

 

$

 

15,391

 

$

 

2,565

 

$

 

(17,956

)

 

$

 

67,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2025 were as follows:

 

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

4,506,576

 

$

 

108,128

 

$

 

160,414

 

$

 

(9,118

)

(b,c)

$

 

4,766,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

936,215

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

936,215

 

Equipment maintenance and repair expenses

 

 

622,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

622,016

 

Other operating expenses

 

 

274,831

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

274,831

 

Other segment items

 

 

709,391

 

 

 

38,947

 

 

 

10,510

 

 

 

(7,005

)

(b,c)

 

 

751,843

 

Operating expenses

 

 

2,542,453

 

 

 

38,947

 

 

 

10,510

 

 

 

(7,005

)

 

 

 

2,584,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

334,649

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

334,649

 

Cost of product sales

 

 

190,701

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

190,701

 

Benefits and losses

 

 

—

 

 

 

19,096

 

 

 

123,496

 

 

 

—

 

 

 

 

142,592

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

14,801

 

 

 

—

 

 

 

 

14,801

 

Lease expense

 

 

15,925

 

 

 

224

 

 

 

106

 

 

 

(2,029

)

(b)

 

 

14,226

 

Depreciation, net of (gains) losses on disposal

 

 

969,836

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

969,836

 

Net (gains) losses on disposal of real estate

 

 

5,610

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

5,610

 

Total costs and expenses

 

 

4,059,174

 

 

 

58,267

 

 

 

148,913

 

 

 

(9,034

)

 

 

 

4,257,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

447,402

 

 

 

49,861

 

 

 

11,501

 

 

 

(84

)

 

 

 

508,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

48,523

 

 

 

—

 

 

 

—

 

 

 

(48,523

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

495,925

 

 

 

49,861

 

 

 

11,501

 

 

 

(48,607

)

 

 

 

508,680

 

Other components of net periodic benefit costs

 

 

(1,037

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,037

)

Other interest income

 

 

31,732

 

 

 

—

 

 

 

—

 

 

 

(264

)

(b)

 

 

31,468

 

Interest expense

 

 

(268,246

)

 

 

—

 

 

 

(264

)

 

 

348

 

(b)

 

 

(268,162

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(189

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(189

)

Pretax earnings

 

 

258,185

 

 

 

49,861

 

 

 

11,237

 

 

 

(48,523

)

 

 

 

270,760

 

Income tax expense

 

 

(47,272

)

 

 

(10,341

)

 

 

(2,234

)

 

 

—

 

 

 

 

(59,847

)

Net earnings available to common stockholders

$

 

210,913

 

$

 

39,520

 

$

 

9,003

 

$

 

(48,523

)

 

$

 

210,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2024 were as follows:

 

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

4,339,360

 

$

 

97,780

 

$

 

166,668

 

$

 

(8,652

)

(b,c)

$

 

4,595,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

888,153

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

888,153

 

Equipment maintenance and repair expenses

 

 

593,388

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

593,388

 

Other operating expenses

 

 

196,574

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

196,574

 

Other segment items

 

 

733,956

 

 

 

36,055

 

 

 

20,697

 

 

 

(5,642

)

(b,c)

 

 

785,066

 

Operating expenses

 

 

2,412,071

 

 

 

36,055

 

 

 

20,697

 

 

 

(5,642

)

 

 

 

2,463,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

326,610

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

326,610

 

Cost of product sales

 

 

181,031

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

181,031

 

Benefits and losses

 

 

—

 

 

 

16,669

 

 

 

120,412

 

 

 

—

 

 

 

 

137,081

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

13,578

 

 

 

—

 

 

 

 

13,578

 

Lease expense

 

 

17,259

 

 

 

287

 

 

 

94

 

 

 

(2,254

)

(b)

 

 

15,386

 

Depreciation, net of (gains) losses on disposal

 

 

689,906

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

689,906

 

Net (gains) losses on disposal of real estate

 

 

9,453

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

9,453

 

Total costs and expenses

 

 

3,636,330

 

 

 

53,011

 

 

 

154,781

 

 

 

(7,896

)

 

 

 

3,836,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

703,030

 

 

 

44,769

 

 

 

11,887

 

 

 

(756

)

 

 

 

758,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

43,980

 

 

 

—

 

 

 

—

 

 

 

(43,980

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

747,010

 

 

 

44,769

 

 

 

11,887

 

 

 

(44,736

)

 

 

 

758,930

 

Other components of net periodic benefit costs

 

 

(1,116

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,116

)

Other interest income

 

 

50,340

 

 

 

—

 

 

 

—

 

 

 

(336

)

(b)

 

 

50,004

 

Interest expense

 

 

(216,053

)

 

 

—

 

 

 

(336

)

 

 

1,092

 

(b)

 

 

(215,297

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

579,686

 

 

 

44,769

 

 

 

11,551

 

 

 

(43,980

)

 

 

 

592,026

 

Income tax expense

 

 

(130,305

)

 

 

(9,293

)

 

 

(3,047

)

 

 

—

 

 

 

 

(142,645

)

Net earnings available to common stockholders

$

 

449,381

 

$

 

35,476

 

$

 

8,504

 

$

 

(43,980

)

 

$

 

449,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The significant segment expense categories and amounts align with the segment-level information in that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

 

Gross capital expenditures by reportable segment for the quarters ended December 31, 2025 and 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the quarter ended December 31, 2025

 

$

688,167

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

688,167

 

Gross capital expenditures for the quarter ended December 31, 2024

 

$

936,494

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

936,494

 

 

Gross capital expenditures by reportable segment for the nine months ended December 31, 2025 and 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the nine months ended December 31, 2025

 

$

2,602,669

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,602,669

 

Gross capital expenditures for the nine months ended December 31, 2024

 

$

2,863,496

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,863,496

 

 

Total assets by reportable segment as of December 31, 2025 and March 31, 2025 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of December 31, 2025

 

$

18,717,342

 

 

$

580,267

 

 

$

3,071,603

 

 

$

(751,568

)

 

$

21,617,644

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

 

 

 
v3.25.4
Geographic Area Data
 9 Months Ended
Dec. 31, 2025
Segments, Geographical Areas [Abstract]  
Geographic Area Data

13. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Quarter ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,341,619

 

 

$

73,989

 

 

$

1,415,608

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

318,818

 

 

 

14,019

 

 

 

332,837

 

Interest expense

 

 

94,878

 

 

 

649

 

 

 

95,527

 

Pretax losses

 

 

(48,362

)

 

 

(3,218

)

 

 

(51,580

)

Income tax benefit

 

 

(14,013

)

 

 

(599

)

 

 

(14,612

)

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (losses)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,506,680

 

 

$

259,320

 

 

$

4,766,000

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

951,681

 

 

 

38,566

 

 

 

990,247

 

Interest expense

 

 

266,179

 

 

 

1,983

 

 

 

268,162

 

Pretax earnings

 

 

261,981

 

 

 

8,779

 

 

 

270,760

 

Income tax expense

 

 

56,866

 

 

 

2,981

 

 

 

59,847

 

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 
v3.25.4
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2025
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

245

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

371

 

 

 

374

 

Other components

 

 

(25

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

346

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

515

 

 

$

617

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

507

 

 

$

736

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,112

 

 

 

1,124

 

Other components

 

 

(75

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,037

 

 

 

1,116

 

Net periodic postretirement benefit cost

 

$

1,544

 

 

$

1,852

 
v3.25.4
Fair Value Measurements
 9 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2025 and March 31, 2025 that are measured at fair value on a recurring basis and the level within the fair value hierarchy:

 

As of December 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,501,436

 

 

$

—

 

 

$

2,501,436

 

 

$

—

 

Preferred stock

 

 

8,075

 

 

 

8,075

 

 

 

—

 

 

 

—

 

Common stock

 

 

49,343

 

 

 

49,343

 

 

 

—

 

 

 

—

 

Derivatives

 

 

10,624

 

 

 

8,314

 

 

 

2,310

 

 

 

—

 

Total

 

$

2,569,478

 

 

$

65,732

 

 

$

2,503,746

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

411

 

 

$

—

 

 

$

411

 

 

$

—

 

Embedded derivatives

 

 

8,966

 

 

 

—

 

 

 

—

 

 

 

8,966

 

Market risk benefits

 

 

12,123

 

 

 

—

 

 

 

—

 

 

 

12,123

 

Total

 

$

21,500

 

 

$

—

 

 

$

411

 

 

$

21,089

 

 

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,479,498

 

 

$

—

 

 

$

2,479,498

 

 

$

—

 

Preferred stock

 

 

22,136

 

 

 

22,136

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,413

 

 

 

43,413

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,200

 

 

 

8,819

 

 

 

4,381

 

 

 

—

 

Total

 

$

2,558,247

 

 

$

74,368

 

 

$

2,483,879

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

777

 

 

$

—

 

 

$

777

 

 

$

—

 

Embedded derivatives

 

 

8,693

 

 

 

—

 

 

 

—

 

 

 

8,693

 

Market risk benefits

 

 

13,432

 

 

 

—

 

 

 

—

 

 

 

13,432

 

Total

 

$

22,902

 

 

$

—

 

 

$

777

 

 

$

22,125

 

 

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents were $839.7 million and $700.0 million as of December 31, 2025 and March 31, 2025, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of December 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

140,467

 

 

$

—

 

 

$

—

 

 

$

140,467

 

 

$

140,467

 

Mortgage loans, net

 

 

699,878

 

 

 

—

 

 

 

—

 

 

 

695,362

 

 

 

695,362

 

Policy loans

 

 

12,521

 

 

 

—

 

 

 

—

 

 

 

12,521

 

 

 

12,521

 

Total

 

$

852,866

 

 

$

—

 

 

$

—

 

 

$

848,350

 

 

$

848,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

8,058,179

 

 

$

—

 

 

$

7,462,822

 

 

$

—

 

 

$

7,462,822

 

Liabilities from investment contracts

 

 

2,444,359

 

 

 

—

 

 

 

—

 

 

 

2,406,345

 

 

 

2,406,345

 

Total

 

$

10,502,538

 

 

$

—

 

 

$

7,462,822

 

 

$

2,406,345

 

 

$

9,869,167

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

195,710

 

 

$

—

 

 

$

—

 

 

$

195,710

 

 

$

195,710

 

Mortgage loans, net

 

 

657,567

 

 

 

—

 

 

 

—

 

 

 

639,162

 

 

 

639,162

 

Policy loans

 

 

11,868

 

 

 

—

 

 

 

—

 

 

 

11,868

 

 

 

11,868

 

Total

 

$

865,145

 

 

$

—

 

 

$

—

 

 

$

846,740

 

 

$

846,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

7,229,341

 

 

$

—

 

 

$

6,703,510

 

 

 

—

 

 

$

6,703,510

 

Liabilities from investment contracts

 

 

2,502,729

 

 

 

—

 

 

 

—

 

 

 

2,436,537

 

 

 

2,436,537

 

Total

 

$

9,732,070

 

 

$

—

 

 

$

6,703,510

 

 

$

2,436,537

 

 

$

9,140,047

 

 

 

 
v3.25.4
Revenue Recognition
 9 Months Ended
Dec. 31, 2025
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2025 and March 31, 2025.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

 

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 2026 did not have a material effect on our financial statements.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842 (as defined below), while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed-upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $0.8 million and $52.4 million, was recognized as revenue for the third quarter and nine months ended December 31, 2025, respectively.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases (Topic 842"), because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:

 

 

 

Year Ending December 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,918

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

5,187

 

 

 

17,934

 

 

 

11,134

 

 

 

8,051

 

 

 

6,006

 

 

 

26,067

 

Total

 

$

11,105

 

 

$

17,934

 

 

$

11,134

 

 

$

8,051

 

 

$

6,006

 

 

$

26,067

 

 

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

In the following tables, revenue is disaggregated by timing of revenue recognition:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

80,898

 

 

$

81,773

 

Revenues recognized at a point in time:

 

 

82,274

 

 

 

83,703

 

Total revenues recognized under ASC 606

 

 

163,172

 

 

 

165,476

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,155,366

 

 

 

1,129,821

 

Insurance premium revenues recognized under ASC 944

 

 

49,811

 

 

 

52,725

 

Net investment and interest income recognized under other topics

 

 

47,259

 

 

 

40,536

 

Total revenues

 

$

1,415,608

 

 

$

1,388,558

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

331,709

 

 

$

307,740

 

Revenues recognized at a point in time:

 

 

308,351

 

 

 

304,810

 

Total revenues recognized under ASC 606

 

 

640,060

 

 

 

612,550

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,862,925

 

 

 

3,723,458

 

Insurance premium revenues recognized under ASC 944

 

 

140,523

 

 

 

143,693

 

Net investment and interest income recognized under other topics

 

 

122,492

 

 

 

115,455

 

Total revenues

 

$

4,766,000

 

 

$

4,595,156

 

 

In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.
v3.25.4
Allowance For Credit Losses
 9 Months Ended
Dec. 31, 2025
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

17. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. The Company rents equipment to corporate customers for which the payment terms are 30 days.

 

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. For credit card receivables, the Company uses a trailing 13-month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

We believe that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% and 4% as of December 31, 2025 and March 31, 2025, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of December 31, 2025 and March 31, 2025 was $3.5 million and $5.1 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.8 million and $29.4 million as of December 31, 2025 and March 31, 2025, respectively, and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that is 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine

the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.

When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.

There were no delinquent commercial mortgage loans as of December 31, 2025 and March 31, 2025. As of December 31, 2025 and March 31, 2025, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of December 31, 2025.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of December 31, 2025, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $0.9 million and $4.1 million as of December 31, 2025 and March 31, 2025, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

The following table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 2024

 

$

6,236

 

 

$

1,052

 

 

$

817

 

 

$

8,105

 

Provision for (reversal of) credit losses

 

 

10,534

 

 

 

2,052

 

 

 

(369

)

 

 

12,217

 

Write-offs against allowance

 

 

(11,688

)

 

 

—

 

 

 

—

 

 

 

(11,688

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2025

 

$

5,082

 

 

$

3,104

 

 

$

448

 

 

$

8,634

 

Provision for (reversal of) credit losses

 

 

3,359

 

 

 

685

 

 

 

—

 

 

 

4,044

 

Write-offs against allowance

 

 

(4,943

)

 

 

—

 

 

 

—

 

 

 

(4,943

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2025

 

$

3,498

 

 

$

3,789

 

 

$

448

 

 

$

7,735

 
v3.25.4
Income Taxes
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the third quarter ended December 31, 2025 and 2024 was a provision of 28.3% and 24.9%, respectively

and for the nine months ended December 31, 2025 and 2024 was a provision of 22.1% and 24.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods. The third quarter fiscal 2026 tax rate change was also affected by U-Haul being in a pre-tax loss position and continuing to recognize income tax credits for this quarter.

The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for this quarter. We will continue to evaluate such legislation.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We have evaluated the tax provisions of OBBB and the impact to our financial statements, and the newly enacted legislation does not have a material impact on our effective tax rate.
v3.25.4
Accounting Pronouncements
 9 Months Ended
Dec. 31, 2025
Text Block [Abstract]  
Accounting Pronouncements . Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts

as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project. 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.25.4
Deferred Policy Acquisition Costs, Net
 9 Months Ended
Dec. 31, 2025
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs, Net . Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2025 and 2024.

 

 

 

Nine months ended December 31, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

6,810

 

 

 

2,375

 

 

 

65

 

 

 

9,250

 

Amortization expense

 

 

(8,414

)

 

 

(5,794

)

 

 

(593

)

 

 

(14,801

)

Balance, end of period

 

$

58,876

 

 

$

54,567

 

 

$

2,735

 

 

$

116,178

 

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 
v3.25.4
Policy Benefits and Losses, Claims and Loss Expenses Payable
 9 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

(2,788

)

 

 

—

 

Effect of actual variances from expected experience

 

 

(1,396

)

 

 

(2,233

)

Adjusted beginning of year balance

 

$

181,324

 

 

$

202,073

 

Issuances

 

 

3,058

 

 

 

7,353

 

Interest accrual

 

 

6,624

 

 

 

7,486

 

Net premium collected

 

 

(24,750

)

 

 

(27,224

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

166,256

 

 

$

189,688

 

Effect of changes in discount rate assumptions (AOCI)

 

 

1,445

 

 

 

3,322

 

Balance, end of period

 

$

167,701

 

 

$

193,010

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

(3,773

)

 

 

—

 

Effect of actual variances from expected experiences

 

 

(1,591

)

 

 

(4,279

)

Adjusted beginning of year balance

 

$

485,611

 

 

$

509,834

 

Issuances

 

 

3,057

 

 

 

7,353

 

Interest accrual

 

 

17,739

 

 

 

18,888

 

Benefit payments

 

 

(42,413

)

 

 

(39,689

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

463,994

 

 

$

496,386

 

Effect of changes in discount rate assumptions (AOCI)

 

 

5,426

 

 

 

13,778

 

Balance, end of period

 

$

469,420

 

 

$

510,164

 

End of period, LFPB net

 

 

301,719

 

 

 

317,153

 

Payout annuities and market risk benefits

 

 

22,637

 

 

 

24,752

 

Health insurance

 

 

10,042

 

 

 

11,598

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

23,222

 

 

 

24,527

 

Life DPL / Other life and health

 

 

8,085

 

 

 

8,941

 

LFPB flooring effect

 

 

(1

)

 

 

52

 

Life Insurance end of period balance

 

$

365,704

 

 

$

387,023

 

Moving and Storage balance

 

 

440,597

 

 

 

313,439

 

Property and Casualty Insurance balance

 

 

124,463

 

 

 

129,530

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

$

930,764

 

 

$

829,992

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except for percentages and weighted average information)

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

309,987

 

 

$

348,354

 

 

Discounted balance at original discount rate

 

$

240,279

 

 

$

270,029

 

 

Discounted balance at current discount rate

 

$

242,432

 

 

$

274,428

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

665,628

 

 

$

714,265

 

 

Discounted balance at original discount rate

 

$

463,993

 

 

$

496,385

 

 

Discounted balance at current discount rate

 

$

469,419

 

 

$

510,163

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.53

 

%

 

4.89

 

%

Mortality expected experience

 

 

6.58

 

%

 

5.43

 

%

Lapses actual experience

 

 

2.14

 

%

 

2.18

 

%

Lapses expected experience

 

 

3.10

 

%

 

2.72

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

34,519

 

 

$

37,561

 

 

Interest expense (2)

 

$

11,115

 

 

$

11,402

 

 

 

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

 

4.90

 

%

 

4.97

 

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

 

4.28

 

%

 

5.20

 

%

 

(1) Gross premiums are related to life insurance and are included in Life insurance premiums.

(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

 

The following tables present the balances and changes in liabilities from investment contracts account balances:

 

 

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

247,328

 

Surrenders and withdrawals

 

 

(353,662

)

Benefit payments

 

 

(24,715

)

Interest credited

 

 

72,952

 

Other

 

 

—

 

End of period

 

$

2,453,325

 

Weighted average credited rate

 

 

3.92

 

Cash surrender value

 

$

2,157,343

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 
v3.25.4
Earnings Per Share (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

18,444

 

 

$

42,291

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

 

$

165,998

 

 

$

380,619

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.15

 

 

 

0.15

 

Basic and diluted earnings per share of Non-Voting Common Stock

 

$

1.09

 

 

$

2.31

 

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

18,444

 

 

$

42,291

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.94

 

 

$

2.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

210,913

 

 

$

449,381

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(26,471

)

Undistributed earnings available to common stockholders

 

$

184,442

 

 

$

422,910

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

 

$

165,998

 

 

$

380,619

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.94

 

 

$

2.16

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.15

 

 

 

0.15

 

Basic and diluted earnings per share of Non-Voting Common Stock

 

$

1.09

 

 

$

2.31

 
v3.25.4
Investments (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of December 31, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

104,262

 

 

$

265

 

 

$

(5,320

)

 

$

—

 

 

$

99,207

 

U.S. government agency mortgage-backed securities

 

 

156,754

 

 

 

1,024

 

 

 

(7,672

)

 

 

—

 

 

 

150,106

 

Obligations of states and political subdivisions

 

 

133,861

 

 

 

520

 

 

 

(5,904

)

 

 

—

 

 

 

128,477

 

Corporate securities

 

 

1,660,382

 

 

 

5,420

 

 

 

(102,335

)

 

 

(3,789

)

 

 

1,559,678

 

Mortgage-backed securities

 

 

593,955

 

 

 

3,847

 

 

 

(33,834

)

 

 

—

 

 

 

563,968

 

 

 

$

2,649,214

 

 

$

11,076

 

 

$

(155,065

)

 

$

(3,789

)

 

$

2,501,436

 
Available for sale investments, unrealized losses, fair value

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 and March 31, 2025 were as follows:

 

 

 

December 31, 2025

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

—

 

 

 

$

—

 

 

 

$

92,760

 

 

 

$

(5,320

)

 

 

$

92,760

 

 

 

$

(5,320

)

U.S. government agency mortgage-backed securities

 

 

 

37,360

 

 

 

 

(190

)

 

 

 

19,478

 

 

 

 

(7,482

)

 

 

 

56,838

 

 

 

 

(7,672

)

Obligations of states and political subdivisions

 

 

 

18,120

 

 

 

 

(434

)

 

 

 

62,533

 

 

 

 

(5,470

)

 

 

 

80,653

 

 

 

 

(5,904

)

Corporate securities

 

 

 

72,656

 

 

 

 

(370

)

 

 

 

1,113,633

 

 

 

 

(101,965

)

 

 

 

1,186,289

 

 

 

 

(102,335

)

Mortgage-backed securities

 

 

 

35,644

 

 

 

 

(2,192

)

 

 

 

194,896

 

 

 

 

(31,642

)

 

 

 

230,540

 

 

 

 

(33,834

)

 

 

 

$

163,780

 

 

 

$

(3,186

)

 

 

$

1,483,300

 

 

 

$

(151,879

)

 

 

$

1,647,080

 

 

 

$

(155,065

)
Adjusted Cost and Estimated Market Value of Available-for-sale Investments

The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

176,399

 

 

$

175,753

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

577,465

 

 

 

568,566

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

547,894

 

 

 

518,739

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

753,501

 

 

 

674,410

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,055,259

 

 

 

1,937,468

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

593,955

 

 

 

563,968

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,649,214

 

 

$

2,501,436

 

 

$

2,708,562

 

 

$

2,479,498

 
Available for sale equity investments

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

32,990

 

 

$

49,343

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

11,045

 

 

 

8,075

 

 

 

25,144

 

 

 

22,136

 

 

 

$

44,035

 

 

$

57,418

 

 

$

55,252

 

 

$

65,549

 
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

699,878

 

 

$

657,567

 

Policy loans

 

 

12,521

 

 

 

11,868

 

Other investments

 

 

8,314

 

 

 

8,819

 

 

 

$

720,713

 

 

$

678,254

 

 

 
v3.25.4
Accounts Payable and Accrued Expense (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses were as follows:

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

181,825

 

$

 

263,280

 

Accrued expenses

 

 

583,601

 

 

 

557,620

 

 

$

 

765,426

 

$

 

820,900

 
v3.25.4
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instruments [Abstract]    
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2026 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

December 31, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.35

 

%

 

2027

 

-

2037

 

 

4.88

 

%

 

$

256,977

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.69

 

%

 

 

2,839,587

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.37

 

%

 

 

154,964

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

4.77

 

%

-

 

5.27

 

%

 

2028

 

-

2030

 

 

5.14

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

4.66

 

%

 

2026

 

-

2026

 

 

4.25

 

%

 

 

11,437

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2033

 

 

5.19

 

%

 

 

2,395,416

 

 

 

1,963,644

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2026

 

-

2049

 

 

6.41

 

%

 

 

64,798

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,058,179

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,883

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

8,017,296

 

 

$

7,193,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.

 

(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2025.

 
 
Annual Maturities of Notes, Loans and Leases Payable

The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:

 

 

 

Years Ended December 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

863,796

 

 

$

1,089,226

 

 

$

864,684

 

 

$

956,517

 

 

$

925,310

 

 

$

3,358,646

 

 

$

8,058,179

 
 
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

96,337

 

 

$

80,760

 

Capitalized interest

 

 

(2,161

)

 

 

(4,608

)

Amortization of transaction costs

 

 

1,779

 

 

 

1,390

 

Interest expense resulting from cash flow hedges

 

 

(428

)

 

 

(961

)

Total interest expense

 

$

95,527

 

 

$

76,581

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

272,810

 

 

$

226,148

 

Capitalized interest

 

 

(8,013

)

 

 

(11,188

)

Amortization of transaction costs

 

 

4,882

 

 

 

4,229

 

Interest expense resulting from cash flow hedges

 

 

(1,517

)

 

 

(3,892

)

Total interest expense

 

$

268,162

 

 

$

215,297

 

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

96,337

 

 

$

80,760

 

Capitalized interest

 

 

(2,161

)

 

 

(4,608

)

Amortization of transaction costs

 

 

1,779

 

 

 

1,390

 

Interest expense resulting from cash flow hedges

 

 

(428

)

 

 

(961

)

Total interest expense

 

$

95,527

 

 

$

76,581

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

272,810

 

 

$

226,148

 

Capitalized interest

 

 

(8,013

)

 

 

(11,188

)

Amortization of transaction costs

 

 

4,882

 

 

 

4,229

 

Interest expense resulting from cash flow hedges

 

 

(1,517

)

 

 

(3,892

)

Total interest expense

 

$

268,162

 

 

$

215,297

 
Interest rates and company borrowings

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.35

 

%

 

6.05

 

%

Interest rate at the end of the quarter

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the quarter

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the quarter

 

$

732,826

 

 

$

745,272

 

 

Facility fees

 

$

234

 

 

$

214

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

5.53

 

%

 

6.43

 

%

Interest rate at the end of the period

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the period

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the period

 

$

699,364

 

 

$

665,376

 

 

Facility fees

 

$

764

 

 

$

793

 

 

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.35

 

%

 

6.05

 

%

Interest rate at the end of the quarter

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the quarter

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the quarter

 

$

732,826

 

 

$

745,272

 

 

Facility fees

 

$

234

 

 

$

214

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

5.53

 

%

 

6.43

 

%

Interest rate at the end of the period

 

 

5.22

 

%

 

5.88

 

%

Maximum amount outstanding during the period

 

$

785,000

 

 

$

765,000

 

 

Average amount outstanding during the period

 

$

699,364

 

 

$

665,376

 

 

Facility fees

 

$

764

 

 

$

793

 

 
v3.25.4
Derivatives (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

2,310

 

 

$

4,381

 

Liabilities

 

$

411

 

 

$

777

 

Notional amount

 

$

270,527

 

 

$

376,887

 
Equity Swap [Member]  
Derivative [Line Items]  
Effect of Interest Rate Contracts on the Statement of Operations

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,314

 

 

$

8,819

 

Notional amount

 

$

296,776

 

 

$

326,218

 
v3.25.4
Accumulated Other Comprehensive Loss (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Table Text Block Supplement [Abstract]    
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,802

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,802

 

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

59,460

 

 

 

—

 

 

 

—

 

 

 

59,460

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(3,980

)

 

 

—

 

 

 

(3,980

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

2,942

 

 

 

—

 

 

 

2,942

 

Other comprehensive income (loss)

 

 

2,802

 

 

 

59,460

 

 

 

(1,038

)

 

 

—

 

 

 

61,224

 

Balance as of December 31, 2025

 

$

(54,738

)

 

$

(114,860

)

 

$

(1,094

)

 

$

2,602

 

 

$

(168,090

)

(a) Liability for future policy benefits

 

 

Foreign
Currency
Translation

 

 

Unrealized
Net Gains
(Losses) on
Investments
and Impact
of LFPB
Discount
Rates (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(3,712

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,712

)

Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement

 

 

—

 

 

 

44,663

 

 

 

—

 

 

 

—

 

 

 

44,663

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,402

 

 

 

—

 

 

 

4,402

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(9,375

)

 

 

—

 

 

 

(9,375

)

Other comprehensive income (loss)

 

 

(3,712

)

 

 

44,663

 

 

 

(4,973

)

 

 

—

 

 

 

35,978

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)
v3.25.4
Dividends (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2026 and 2025:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 3, 2025

 

$

0.05

 

 

December 15, 2025

 

December 30, 2025

August 21, 2025

 

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

 

 

0.05

 

 

June 16, 2025

 

June 27, 2025

December 4, 2024

 

 

0.05

 

 

December 16, 2024

 

December 27, 2024

August 15, 2024

 

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

 

 

0.05

 

 

June 17, 2024

 

June 28, 2024
v3.25.4
Leases (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Supplemental Balance Sheet Information Related to Leases

The following tables show the components of our right-of-use (“ROU") assets, net:

 

 

 

As of December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

72,557

 

 

$

72,557

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

9,192

 

 

 

—

 

 

 

9,192

 

Rental trucks

 

 

80,722

 

 

 

—

 

 

 

80,722

 

Right-of-use assets, gross

 

 

89,975

 

 

 

72,557

 

 

 

162,532

 

Less: Accumulated depreciation

 

 

(59,414

)

 

 

(31,868

)

 

 

(91,282

)

Right-of-use assets, net

 

$

30,561

 

 

$

40,689

 

 

$

71,250

 

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

71,330

 

 

$

71,330

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

58,071

 

 

 

—

 

 

 

58,071

 

Rental trucks

 

 

309,475

 

 

 

—

 

 

 

309,475

 

Right-of-use assets, gross

 

 

367,607

 

 

 

71,330

 

 

 

438,937

 

Less: Accumulated depreciation

 

 

(228,909

)

 

 

(25,305

)

 

 

(254,214

)

Right-of-use assets, net

 

$

138,698

 

 

$

46,025

 

 

$

184,723

 
 
Finance lease, Liability, to be Paid, Maturity

 

 

Finance leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

0.2

 

 

0.6

 

 

Weighted average discount rate

 

 

4.3

 

%

 

4.4

 

%
 
Lessee, Operating Lease, Liability, to be Paid, Maturity

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

26.0

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.6

 

%
 
Components of Lease Expense

The components of lease costs, including leases of less than 12 months, were as follows:

 

 

 

Nine months ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

14,226

 

 

$

15,386

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

7,631

 

 

$

23,903

 

Interest on lease liabilities

 

 

1,062

 

 

 

3,048

 

Total finance lease cost

 

$

8,693

 

 

$

26,951

 

The components of lease costs, including leases of less than 12 months, were as follows:

 

 

 

Nine months ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

14,226

 

 

$

15,386

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

7,631

 

 

$

23,903

 

Interest on lease liabilities

 

 

1,062

 

 

 

3,048

 

Total finance lease cost

 

$

8,693

 

 

$

26,951

 
Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2026 (3 months)

 

$

11,558

 

 

$

2,439

 

2027

 

 

—

 

 

 

8,696

 

2028

 

 

—

 

 

 

7,265

 

2029

 

 

—

 

 

 

5,309

 

2030

 

 

—

 

 

 

4,018

 

Thereafter

 

 

—

 

 

 

57,278

 

Total lease payments

 

 

11,558

 

 

 

85,005

 

Less: imputed interest

 

 

(121

)

 

 

(43,541

)

Present value of lease liabilities

 

$

11,437

 

 

$

41,464

 
 
v3.25.4
Related Party Transations (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Revenue [Abstract]    
Related Party Revenue

Related Party Revenue

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,167

 

 

$

7,193

 

U-Haul management fee revenue from Mercury

 

 

1,650

 

 

 

1,676

 

 

 

$

8,817

 

 

$

8,869

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,776

 

 

$

22,713

 

U-Haul management fee revenue from Mercury

 

 

5,244

 

 

 

5,237

 

 

 

$

28,020

 

 

$

27,950

 

Related Party Revenue

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,167

 

 

$

7,193

 

U-Haul management fee revenue from Mercury

 

 

1,650

 

 

 

1,676

 

 

 

$

8,817

 

 

$

8,869

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,776

 

 

$

22,713

 

U-Haul management fee revenue from Mercury

 

 

5,244

 

 

 

5,237

 

 

 

$

28,020

 

 

$

27,950

 
Related Party costs and expenses

Related Party Costs and Expenses

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,756

 

 

 

1,176

 

U-Haul commission expenses to Blackwater

 

 

18,611

 

 

 

19,409

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

5,148

 

 

 

5,304

 

 

 

$

26,153

 

 

$

26,531

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,802

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

4,636

 

 

 

3,734

 

U-Haul commission expenses to Blackwater

 

 

66,376

 

 

 

66,538

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

114

 

U-Haul commission expenses to Mercury

 

 

18,080

 

 

 

17,755

 

 

 

$

91,008

 

 

$

89,953

 

Related Party Costs and Expenses

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,756

 

 

 

1,176

 

U-Haul commission expenses to Blackwater

 

 

18,611

 

 

 

19,409

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

5,148

 

 

 

5,304

 

 

 

$

26,153

 

 

$

26,531

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,802

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

4,636

 

 

 

3,734

 

U-Haul commission expenses to Blackwater

 

 

66,376

 

 

 

66,538

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

114

 

U-Haul commission expenses to Mercury

 

 

18,080

 

 

 

17,755

 

 

 

$

91,008

 

 

$

89,953

 
Related party assets

Related Party Assets

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

41,445

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

16,528

 

 

 

12,517

 

Other (a)

 

 

2,657

 

 

 

4,044

 

 

 

$

60,630

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
 
v3.25.4
Consolidating Financial Information by Industry Segment (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Table Text Block Supplement [Abstract]    
Revenues and earnings by segment

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

4,506,576

 

$

 

108,128

 

$

 

160,414

 

$

 

(9,118

)

(b,c)

$

 

4,766,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

936,215

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

936,215

 

Equipment maintenance and repair expenses

 

 

622,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

622,016

 

Other operating expenses

 

 

274,831

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

274,831

 

Other segment items

 

 

709,391

 

 

 

38,947

 

 

 

10,510

 

 

 

(7,005

)

(b,c)

 

 

751,843

 

Operating expenses

 

 

2,542,453

 

 

 

38,947

 

 

 

10,510

 

 

 

(7,005

)

 

 

 

2,584,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

334,649

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

334,649

 

Cost of product sales

 

 

190,701

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

190,701

 

Benefits and losses

 

 

—

 

 

 

19,096

 

 

 

123,496

 

 

 

—

 

 

 

 

142,592

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

14,801

 

 

 

—

 

 

 

 

14,801

 

Lease expense

 

 

15,925

 

 

 

224

 

 

 

106

 

 

 

(2,029

)

(b)

 

 

14,226

 

Depreciation, net of (gains) losses on disposal

 

 

969,836

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

969,836

 

Net (gains) losses on disposal of real estate

 

 

5,610

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

5,610

 

Total costs and expenses

 

 

4,059,174

 

 

 

58,267

 

 

 

148,913

 

 

 

(9,034

)

 

 

 

4,257,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

447,402

 

 

 

49,861

 

 

 

11,501

 

 

 

(84

)

 

 

 

508,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

48,523

 

 

 

—

 

 

 

—

 

 

 

(48,523

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

495,925

 

 

 

49,861

 

 

 

11,501

 

 

 

(48,607

)

 

 

 

508,680

 

Other components of net periodic benefit costs

 

 

(1,037

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,037

)

Other interest income

 

 

31,732

 

 

 

—

 

 

 

—

 

 

 

(264

)

(b)

 

 

31,468

 

Interest expense

 

 

(268,246

)

 

 

—

 

 

 

(264

)

 

 

348

 

(b)

 

 

(268,162

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(189

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(189

)

Pretax earnings

 

 

258,185

 

 

 

49,861

 

 

 

11,237

 

 

 

(48,523

)

 

 

 

270,760

 

Income tax expense

 

 

(47,272

)

 

 

(10,341

)

 

 

(2,234

)

 

 

—

 

 

 

 

(59,847

)

Net earnings available to common stockholders

$

 

210,913

 

$

 

39,520

 

$

 

9,003

 

$

 

(48,523

)

 

$

 

210,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

4,339,360

 

$

 

97,780

 

$

 

166,668

 

$

 

(8,652

)

(b,c)

$

 

4,595,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

888,153

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

888,153

 

Equipment maintenance and repair expenses

 

 

593,388

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

593,388

 

Other operating expenses

 

 

196,574

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

196,574

 

Other segment items

 

 

733,956

 

 

 

36,055

 

 

 

20,697

 

 

 

(5,642

)

(b,c)

 

 

785,066

 

Operating expenses

 

 

2,412,071

 

 

 

36,055

 

 

 

20,697

 

 

 

(5,642

)

 

 

 

2,463,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

326,610

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

326,610

 

Cost of product sales

 

 

181,031

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

181,031

 

Benefits and losses

 

 

—

 

 

 

16,669

 

 

 

120,412

 

 

 

—

 

 

 

 

137,081

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

13,578

 

 

 

—

 

 

 

 

13,578

 

Lease expense

 

 

17,259

 

 

 

287

 

 

 

94

 

 

 

(2,254

)

(b)

 

 

15,386

 

Depreciation, net of (gains) losses on disposal

 

 

689,906

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

689,906

 

Net (gains) losses on disposal of real estate

 

 

9,453

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

9,453

 

Total costs and expenses

 

 

3,636,330

 

 

 

53,011

 

 

 

154,781

 

 

 

(7,896

)

 

 

 

3,836,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

703,030

 

 

 

44,769

 

 

 

11,887

 

 

 

(756

)

 

 

 

758,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

43,980

 

 

 

—

 

 

 

—

 

 

 

(43,980

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

747,010

 

 

 

44,769

 

 

 

11,887

 

 

 

(44,736

)

 

 

 

758,930

 

Other components of net periodic benefit costs

 

 

(1,116

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,116

)

Other interest income

 

 

50,340

 

 

 

—

 

 

 

—

 

 

 

(336

)

(b)

 

 

50,004

 

Interest expense

 

 

(216,053

)

 

 

—

 

 

 

(336

)

 

 

1,092

 

(b)

 

 

(215,297

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

579,686

 

 

 

44,769

 

 

 

11,551

 

 

 

(43,980

)

 

 

 

592,026

 

Income tax expense

 

 

(130,305

)

 

 

(9,293

)

 

 

(3,047

)

 

 

—

 

 

 

 

(142,645

)

Net earnings available to common stockholders

$

 

449,381

 

$

 

35,476

 

$

 

8,504

 

$

 

(43,980

)

 

$

 

449,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of December 31, 2025

 

$

18,717,342

 

 

$

580,267

 

 

$

3,071,603

 

 

$

(751,568

)

 

$

21,617,644

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 
 
v3.25.4
Geographic Area Data (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Geographic Areas, Long-Lived Assets [Abstract]    
Summary of Geographic Area Data

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Quarter ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,341,619

 

 

$

73,989

 

 

$

1,415,608

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

318,818

 

 

 

14,019

 

 

 

332,837

 

Interest expense

 

 

94,878

 

 

 

649

 

 

 

95,527

 

Pretax losses

 

 

(48,362

)

 

 

(3,218

)

 

 

(51,580

)

Income tax benefit

 

 

(14,013

)

 

 

(599

)

 

 

(14,612

)

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (losses)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,506,680

 

 

$

259,320

 

 

$

4,766,000

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

951,681

 

 

 

38,566

 

 

 

990,247

 

Interest expense

 

 

266,179

 

 

 

1,983

 

 

 

268,162

 

Pretax earnings

 

 

261,981

 

 

 

8,779

 

 

 

270,760

 

Income tax expense

 

 

56,866

 

 

 

2,981

 

 

 

59,847

 

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Quarter ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,341,619

 

 

$

73,989

 

 

$

1,415,608

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

318,818

 

 

 

14,019

 

 

 

332,837

 

Interest expense

 

 

94,878

 

 

 

649

 

 

 

95,527

 

Pretax losses

 

 

(48,362

)

 

 

(3,218

)

 

 

(51,580

)

Income tax benefit

 

 

(14,013

)

 

 

(599

)

 

 

(14,612

)

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (losses)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

(All amounts are in thousands of U.S. $'s)

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,506,680

 

 

$

259,320

 

 

$

4,766,000

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

951,681

 

 

 

38,566

 

 

 

990,247

 

Interest expense

 

 

266,179

 

 

 

1,983

 

 

 

268,162

 

Pretax earnings

 

 

261,981

 

 

 

8,779

 

 

 

270,760

 

Income tax expense

 

 

56,866

 

 

 

2,981

 

 

 

59,847

 

Identifiable assets

 

 

20,642,541

 

 

 

975,103

 

 

 

21,617,644

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) losses on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 
v3.25.4
Employee Benefit Plans (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Compensation and Retirement Disclosure [Abstract]    
Components of Net Periodic Post Retirement Benefit Cost

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

245

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

371

 

 

 

374

 

Other components

 

 

(25

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

346

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

515

 

 

$

617

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

507

 

 

$

736

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,112

 

 

 

1,124

 

Other components

 

 

(75

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,037

 

 

 

1,116

 

Net periodic postretirement benefit cost

 

$

1,544

 

 

$

1,852

 

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

245

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

371

 

 

 

374

 

Other components

 

 

(25

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

346

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

515

 

 

$

617

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

507

 

 

$

736

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,112

 

 

 

1,124

 

Other components

 

 

(75

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,037

 

 

 

1,116

 

Net periodic postretirement benefit cost

 

$

1,544

 

 

$

1,852

 
v3.25.4
Fair Value Measurements (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of December 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,501,436

 

 

$

—

 

 

$

2,501,436

 

 

$

—

 

Preferred stock

 

 

8,075

 

 

 

8,075

 

 

 

—

 

 

 

—

 

Common stock

 

 

49,343

 

 

 

49,343

 

 

 

—

 

 

 

—

 

Derivatives

 

 

10,624

 

 

 

8,314

 

 

 

2,310

 

 

 

—

 

Total

 

$

2,569,478

 

 

$

65,732

 

 

$

2,503,746

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

411

 

 

$

—

 

 

$

411

 

 

$

—

 

Embedded derivatives

 

 

8,966

 

 

 

—

 

 

 

—

 

 

 

8,966

 

Market risk benefits

 

 

12,123

 

 

 

—

 

 

 

—

 

 

 

12,123

 

Total

 

$

21,500

 

 

$

—

 

 

$

411

 

 

$

21,089

 

 

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,479,498

 

 

$

—

 

 

$

2,479,498

 

 

$

—

 

Preferred stock

 

 

22,136

 

 

 

22,136

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,413

 

 

 

43,413

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,200

 

 

 

8,819

 

 

 

4,381

 

 

 

—

 

Total

 

$

2,558,247

 

 

$

74,368

 

 

$

2,483,879

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

777

 

 

$

—

 

 

$

777

 

 

$

—

 

Embedded derivatives

 

 

8,693

 

 

 

—

 

 

 

—

 

 

 

8,693

 

Market risk benefits

 

 

13,432

 

 

 

—

 

 

 

—

 

 

 

13,432

 

Total

 

$

22,902

 

 

$

—

 

 

$

777

 

 

$

22,125

 

 
Financial Instruments, Carrying and Estimated fair values

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of December 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

140,467

 

 

$

—

 

 

$

—

 

 

$

140,467

 

 

$

140,467

 

Mortgage loans, net

 

 

699,878

 

 

 

—

 

 

 

—

 

 

 

695,362

 

 

 

695,362

 

Policy loans

 

 

12,521

 

 

 

—

 

 

 

—

 

 

 

12,521

 

 

 

12,521

 

Total

 

$

852,866

 

 

$

—

 

 

$

—

 

 

$

848,350

 

 

$

848,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

8,058,179

 

 

$

—

 

 

$

7,462,822

 

 

$

—

 

 

$

7,462,822

 

Liabilities from investment contracts

 

 

2,444,359

 

 

 

—

 

 

 

—

 

 

 

2,406,345

 

 

 

2,406,345

 

Total

 

$

10,502,538

 

 

$

—

 

 

$

7,462,822

 

 

$

2,406,345

 

 

$

9,869,167

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

195,710

 

 

$

—

 

 

$

—

 

 

$

195,710

 

 

$

195,710

 

Mortgage loans, net

 

 

657,567

 

 

 

—

 

 

 

—

 

 

 

639,162

 

 

 

639,162

 

Policy loans

 

 

11,868

 

 

 

—

 

 

 

—

 

 

 

11,868

 

 

 

11,868

 

Total

 

$

865,145

 

 

$

—

 

 

$

—

 

 

$

846,740

 

 

$

846,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

7,229,341

 

 

$

—

 

 

$

6,703,510

 

 

 

—

 

 

$

6,703,510

 

Liabilities from investment contracts

 

 

2,502,729

 

 

 

—

 

 

 

—

 

 

 

2,436,537

 

 

 

2,436,537

 

Total

 

$

9,732,070

 

 

$

—

 

 

$

6,703,510

 

 

$

2,436,537

 

 

$

9,140,047

 

 
v3.25.4
Revenue Recognition (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue From Contract With Customer [Abstract]    
Next five years and thereafter revenue

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:

 

 

 

Year Ending December 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,918

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

5,187

 

 

 

17,934

 

 

 

11,134

 

 

 

8,051

 

 

 

6,006

 

 

 

26,067

 

Total

 

$

11,105

 

 

$

17,934

 

 

$

11,134

 

 

$

8,051

 

 

$

6,006

 

 

$

26,067

 
 
Disaggregation Of Revenue

In the following tables, revenue is disaggregated by timing of revenue recognition:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

80,898

 

 

$

81,773

 

Revenues recognized at a point in time:

 

 

82,274

 

 

 

83,703

 

Total revenues recognized under ASC 606

 

 

163,172

 

 

 

165,476

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,155,366

 

 

 

1,129,821

 

Insurance premium revenues recognized under ASC 944

 

 

49,811

 

 

 

52,725

 

Net investment and interest income recognized under other topics

 

 

47,259

 

 

 

40,536

 

Total revenues

 

$

1,415,608

 

 

$

1,388,558

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

331,709

 

 

$

307,740

 

Revenues recognized at a point in time:

 

 

308,351

 

 

 

304,810

 

Total revenues recognized under ASC 606

 

 

640,060

 

 

 

612,550

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,862,925

 

 

 

3,723,458

 

Insurance premium revenues recognized under ASC 944

 

 

140,523

 

 

 

143,693

 

Net investment and interest income recognized under other topics

 

 

122,492

 

 

 

115,455

 

Total revenues

 

$

4,766,000

 

 

$

4,595,156

 

In the following tables, revenue is disaggregated by timing of revenue recognition:

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

80,898

 

 

$

81,773

 

Revenues recognized at a point in time:

 

 

82,274

 

 

 

83,703

 

Total revenues recognized under ASC 606

 

 

163,172

 

 

 

165,476

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,155,366

 

 

 

1,129,821

 

Insurance premium revenues recognized under ASC 944

 

 

49,811

 

 

 

52,725

 

Net investment and interest income recognized under other topics

 

 

47,259

 

 

 

40,536

 

Total revenues

 

$

1,415,608

 

 

$

1,388,558

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

331,709

 

 

$

307,740

 

Revenues recognized at a point in time:

 

 

308,351

 

 

 

304,810

 

Total revenues recognized under ASC 606

 

 

640,060

 

 

 

612,550

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,862,925

 

 

 

3,723,458

 

Insurance premium revenues recognized under ASC 944

 

 

140,523

 

 

 

143,693

 

Net investment and interest income recognized under other topics

 

 

122,492

 

 

 

115,455

 

Total revenues

 

$

4,766,000

 

 

$

4,595,156

 
v3.25.4
Allowance For Credit Losses (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Allowance For Credit Loss [Abstract]  
Reserve Allowance for Various Credit Loss

The following table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 2024

 

$

6,236

 

 

$

1,052

 

 

$

817

 

 

$

8,105

 

Provision for (reversal of) credit losses

 

 

10,534

 

 

 

2,052

 

 

 

(369

)

 

 

12,217

 

Write-offs against allowance

 

 

(11,688

)

 

 

—

 

 

 

—

 

 

 

(11,688

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2025

 

$

5,082

 

 

$

3,104

 

 

$

448

 

 

$

8,634

 

Provision for (reversal of) credit losses

 

 

3,359

 

 

 

685

 

 

 

—

 

 

 

4,044

 

Write-offs against allowance

 

 

(4,943

)

 

 

—

 

 

 

—

 

 

 

(4,943

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2025

 

$

3,498

 

 

$

3,789

 

 

$

448

 

 

$

7,735

 
v3.25.4
Accounting Pronouncements (Table Text Block)
 9 Months Ended
Dec. 31, 2025
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables . Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts

as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project. 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.25.4
Deferred Policy Acquisition Costs, Net (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Compensation and Retirement Disclosure [Abstract]    
Schedule of Deferred Policy Acquisition Costs

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2025 and 2024.

 

 

 

Nine months ended December 31, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

6,810

 

 

 

2,375

 

 

 

65

 

 

 

9,250

 

Amortization expense

 

 

(8,414

)

 

 

(5,794

)

 

 

(593

)

 

 

(14,801

)

Balance, end of period

 

$

58,876

 

 

$

54,567

 

 

$

2,735

 

 

$

116,178

 

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2025 and 2024.

 

 

 

Nine months ended December 31, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

6,810

 

 

 

2,375

 

 

 

65

 

 

 

9,250

 

Amortization expense

 

 

(8,414

)

 

 

(5,794

)

 

 

(593

)

 

 

(14,801

)

Balance, end of period

 

$

58,876

 

 

$

54,567

 

 

$

2,735

 

 

$

116,178

 

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 
v3.25.4
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Present Value Expected Net Premiums and Expected Future Policy Benefits

The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

(2,788

)

 

 

—

 

Effect of actual variances from expected experience

 

 

(1,396

)

 

 

(2,233

)

Adjusted beginning of year balance

 

$

181,324

 

 

$

202,073

 

Issuances

 

 

3,058

 

 

 

7,353

 

Interest accrual

 

 

6,624

 

 

 

7,486

 

Net premium collected

 

 

(24,750

)

 

 

(27,224

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

166,256

 

 

$

189,688

 

Effect of changes in discount rate assumptions (AOCI)

 

 

1,445

 

 

 

3,322

 

Balance, end of period

 

$

167,701

 

 

$

193,010

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

(3,773

)

 

 

—

 

Effect of actual variances from expected experiences

 

 

(1,591

)

 

 

(4,279

)

Adjusted beginning of year balance

 

$

485,611

 

 

$

509,834

 

Issuances

 

 

3,057

 

 

 

7,353

 

Interest accrual

 

 

17,739

 

 

 

18,888

 

Benefit payments

 

 

(42,413

)

 

 

(39,689

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

463,994

 

 

$

496,386

 

Effect of changes in discount rate assumptions (AOCI)

 

 

5,426

 

 

 

13,778

 

Balance, end of period

 

$

469,420

 

 

$

510,164

 

End of period, LFPB net

 

 

301,719

 

 

 

317,153

 

Payout annuities and market risk benefits

 

 

22,637

 

 

 

24,752

 

Health insurance

 

 

10,042

 

 

 

11,598

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

23,222

 

 

 

24,527

 

Life DPL / Other life and health

 

 

8,085

 

 

 

8,941

 

LFPB flooring effect

 

 

(1

)

 

 

52

 

Life Insurance end of period balance

 

$

365,704

 

 

$

387,023

 

Moving and Storage balance

 

 

440,597

 

 

 

313,439

 

Property and Casualty Insurance balance

 

 

124,463

 

 

 

129,530

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

$

930,764

 

 

$

829,992

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except for percentages and weighted average information)

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

309,987

 

 

$

348,354

 

 

Discounted balance at original discount rate

 

$

240,279

 

 

$

270,029

 

 

Discounted balance at current discount rate

 

$

242,432

 

 

$

274,428

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

665,628

 

 

$

714,265

 

 

Discounted balance at original discount rate

 

$

463,993

 

 

$

496,385

 

 

Discounted balance at current discount rate

 

$

469,419

 

 

$

510,163

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.53

 

%

 

4.89

 

%

Mortality expected experience

 

 

6.58

 

%

 

5.43

 

%

Lapses actual experience

 

 

2.14

 

%

 

2.18

 

%

Lapses expected experience

 

 

3.10

 

%

 

2.72

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

34,519

 

 

$

37,561

 

 

Interest expense (2)

 

$

11,115

 

 

$

11,402

 

 

 

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

 

4.90

 

%

 

4.97

 

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

 

4.28

 

%

 

5.20

 

%

The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

(2,788

)

 

 

—

 

Effect of actual variances from expected experience

 

 

(1,396

)

 

 

(2,233

)

Adjusted beginning of year balance

 

$

181,324

 

 

$

202,073

 

Issuances

 

 

3,058

 

 

 

7,353

 

Interest accrual

 

 

6,624

 

 

 

7,486

 

Net premium collected

 

 

(24,750

)

 

 

(27,224

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

166,256

 

 

$

189,688

 

Effect of changes in discount rate assumptions (AOCI)

 

 

1,445

 

 

 

3,322

 

Balance, end of period

 

$

167,701

 

 

$

193,010

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

(3,773

)

 

 

—

 

Effect of actual variances from expected experiences

 

 

(1,591

)

 

 

(4,279

)

Adjusted beginning of year balance

 

$

485,611

 

 

$

509,834

 

Issuances

 

 

3,057

 

 

 

7,353

 

Interest accrual

 

 

17,739

 

 

 

18,888

 

Benefit payments

 

 

(42,413

)

 

 

(39,689

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

463,994

 

 

$

496,386

 

Effect of changes in discount rate assumptions (AOCI)

 

 

5,426

 

 

 

13,778

 

Balance, end of period

 

$

469,420

 

 

$

510,164

 

End of period, LFPB net

 

 

301,719

 

 

 

317,153

 

Payout annuities and market risk benefits

 

 

22,637

 

 

 

24,752

 

Health insurance

 

 

10,042

 

 

 

11,598

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

23,222

 

 

 

24,527

 

Life DPL / Other life and health

 

 

8,085

 

 

 

8,941

 

LFPB flooring effect

 

 

(1

)

 

 

52

 

Life Insurance end of period balance

 

$

365,704

 

 

$

387,023

 

Moving and Storage balance

 

 

440,597

 

 

 

313,439

 

Property and Casualty Insurance balance

 

 

124,463

 

 

 

129,530

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

$

930,764

 

 

$

829,992

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except for percentages and weighted average information)

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

309,987

 

 

$

348,354

 

 

Discounted balance at original discount rate

 

$

240,279

 

 

$

270,029

 

 

Discounted balance at current discount rate

 

$

242,432

 

 

$

274,428

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

665,628

 

 

$

714,265

 

 

Discounted balance at original discount rate

 

$

463,993

 

 

$

496,385

 

 

Discounted balance at current discount rate

 

$

469,419

 

 

$

510,163

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.53

 

%

 

4.89

 

%

Mortality expected experience

 

 

6.58

 

%

 

5.43

 

%

Lapses actual experience

 

 

2.14

 

%

 

2.18

 

%

Lapses expected experience

 

 

3.10

 

%

 

2.72

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

34,519

 

 

$

37,561

 

 

Interest expense (2)

 

$

11,115

 

 

$

11,402

 

 

 

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

 

4.90

 

%

 

4.97

 

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

 

4.28

 

%

 

5.20

 

%
Balance Changes Liabilities Investment Contracts

The following tables present the balances and changes in liabilities from investment contracts account balances:

 

 

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

247,328

 

Surrenders and withdrawals

 

 

(353,662

)

Benefit payments

 

 

(24,715

)

Interest credited

 

 

72,952

 

Other

 

 

—

 

End of period

 

$

2,453,325

 

Weighted average credited rate

 

 

3.92

 

Cash surrender value

 

$

2,157,343

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 

The following tables present the balances and changes in liabilities from investment contracts account balances:

 

 

 

Nine months ended December 31, 2025

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

247,328

 

Surrenders and withdrawals

 

 

(353,662

)

Benefit payments

 

 

(24,715

)

Interest credited

 

 

72,952

 

Other

 

 

—

 

End of period

 

$

2,453,325

 

Weighted average credited rate

 

 

3.92

 

Cash surrender value

 

$

2,157,343

 

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 
v3.25.4
Basis of Presentation - (Narratives) (Details)
 9 Months Ended
Dec. 31, 2025
Segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Number of reportable segments 3
v3.25.4
Earnings Per Share (Narratives) (Details) - $ / shares
Dec. 31, 2025
Mar. 31, 2025
Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.25  
Allocation of common stock available to share holders 10.00%  
Nonvoting Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.001 $ 0.001
Allocation of common stock available to share holders 90.00%  
v3.25.4
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share Diluted Other Disclosures [Abstract]        
Net earnings available to common shareholders $ 36,968 $ 67,166 $ 210,913 $ 449,381
Undistributed earnings available to common stockholders $ 45,792 $ 58,342 $ 184,442 $ 422,910
Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 19,607,788 19,607,788 19,607,788 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00% 10.00% 10.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (8,824)    
Undistributed earnings available to common stockholders $ 4,579 $ 5,834 $ 18,444 $ 42,291
Undistributed earnings per share, common stock $ 0.23 $ 0.3 $ 0.94 $ 2.16
Income Loss From Continuing Operations Per Basic Share, Total $ 0.23 $ 0.3 $ 0.94 $ 2.16
Nonvoting Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 176,470,092 176,470,092 176,470,092 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00% 90.00% 90.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (8,824) $ (26,471) $ (26,471)
Undistributed earnings available to common stockholders $ 41,213 $ 52,508    
Undistributed earnings available to common stockholders, participating securities     $ 165,998 $ 380,619
Undistributed earnings per share, common stock $ 0.23 $ 0.3 $ 0.94 $ 2.16
Dividends declared per share, distributed 0.05 0.05 0.15 0.15
Income Loss From Continuing Operations Per Basic Share, Total $ 0.18 $ 0.35 $ 1.09 $ 2.31
Nonvoting Common Stock [Member] | Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 196,077,880 196,077,880 196,077,880 196,077,880
v3.25.4
Investments (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 21.4   $ 21.5
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 7.4 $ 10.8  
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) $ 0.7 $ 2.0  
v3.25.4
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,649,214 $ 2,708,562
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 11,076 2,915
Gross unrealized losses more than 12 months (155,065) (228,875)
Allowance for expected credit loss (3,789) (3,104)
Available for sale investments, estimated market value 2,501,436 2,479,498
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 104,262 119,289
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 265 206
Gross unrealized losses more than 12 months (5,320) (8,353)
Available for sale investments, estimated market value 99,207 111,142
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 156,754 81,909
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,024 232
Gross unrealized losses more than 12 months (7,672) (8,712)
Available for sale investments, estimated market value 150,106 73,429
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 133,861 137,280
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 520 272
Gross unrealized losses more than 12 months (5,904) (8,808)
Available for sale investments, estimated market value 128,477 128,744
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,660,382 1,807,605
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 5,420 1,623
Gross unrealized losses more than 12 months (102,335) (155,749)
Allowance for expected credit loss (3,789) (3,104)
Available for sale investments, estimated market value 1,559,678 1,650,375
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 593,955 562,479
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 3,847 582
Gross unrealized losses more than 12 months (33,834) (47,253)
Available for sale investments, estimated market value $ 563,968 $ 515,808
v3.25.4
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 163,780 $ 567,128
Fair Value, Twelve Months or Longer 1,483,300 1,625,793
Fair Value, Total 1,647,080 2,192,921
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (3,186) (11,582)
Unrealized Loss, Twelve Months or Longer (151,879) (217,293)
Unrealized Loss, Total (155,065) (228,875)
US Treasury, Government and Corporate Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 92,760  
US Treasury, Government and Corporate Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   1,760
Fair Value, Twelve Months or Longer 92,760 95,058
Fair Value, Total   96,818
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (24)
Unrealized Loss, Twelve Months or Longer (5,320) (8,329)
Unrealized Loss, Total (5,320) (8,353)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 56,838  
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 37,360 36,871
Fair Value, Twelve Months or Longer 19,478 20,928
Fair Value, Total   57,799
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (190) (197)
Unrealized Loss, Twelve Months or Longer (7,482) (8,515)
Unrealized Loss, Total (7,672) (8,712)
US States and Political Subdivisions Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 80,653  
US States and Political Subdivisions Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 18,120 46,036
Fair Value, Twelve Months or Longer 62,533 52,903
Fair Value, Total   98,939
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (434) (1,628)
Unrealized Loss, Twelve Months or Longer (5,470) (7,179)
Unrealized Loss, Total (5,904) (8,807)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 1,186,289  
Corporate Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 72,656 294,133
Fair Value, Twelve Months or Longer 1,113,633 1,239,884
Fair Value, Total   1,534,017
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (370) (5,822)
Unrealized Loss, Twelve Months or Longer (101,965) (149,927)
Unrealized Loss, Total (102,335) (155,749)
Collateralized Mortgage Backed Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 35,644 188,328
Fair Value, Twelve Months or Longer 194,896 217,020
Fair Value, Total 230,540 405,348
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (2,192) (3,911)
Unrealized Loss, Twelve Months or Longer (31,642) (43,343)
Unrealized Loss, Total $ (33,834) $ (47,254)
v3.25.4
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,649,214 $ 2,708,562
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,501,436 2,479,498
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 176,399 196,238
Due after one year through five years 577,465 591,589
Due after five years through ten years 547,894 611,788
Due after ten years 753,501 746,468
Amortized cost 2,055,259 2,146,083
Available-for-sale securities, fair value:    
Due in one year or less 175,753 194,896
Due after one year through five years 568,566 576,204
Due after five years through ten years 518,739 558,430
Due after ten years 674,410 634,160
Available for sale investments, estimated market value 1,937,468 1,963,690
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 593,955 562,479
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 563,968 $ 515,808
v3.25.4
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 44,035 $ 55,252
Estimated market value, equity investments 57,418 65,549
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 32,990 30,108
Estimated market value, equity investments 49,343 43,413
Nonredeemable Preferred Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 11,045 25,144
Estimated market value, equity investments $ 8,075 $ 22,136
v3.25.4
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 695,362 $ 639,162
Investments, other 720,713 678,254
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 699,878 657,567
Policy loans 12,521 11,868
Investments, other 8,314 8,819
Investments other, amount $ 720,713 $ 678,254
v3.25.4
Accounts Payable and Accrued Expenses (Narratives) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]    
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense, Total $ 930,764 $ 857,521
Property, Liability and Casualty Insurance Product Line [Member]    
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]    
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense, Total $ 439,800 $ 360,800
v3.25.4
Accounts Payable and Accrued Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Payables and Accruals [Abstract]    
Accounts payable $ 181,825 $ 263,280
Accrued expenses 583,601 557,620
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 765,426 $ 820,900
v3.25.4
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Long-Term Debt, Unclassified [Abstract]      
Notes, loans and leases payable, gross $ 7,462,822   $ 6,703,510
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]      
Interest paid in cash 251,099 $ 207,241  
Private Placement      
Long-Term Debt, Unclassified [Abstract]      
Notes, loans and leases payable, gross $ 1,700,000   $ 1,700,000
v3.25.4
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.19%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 7,462,822 $ 6,703,510
Notes, loans and finance/capital leases payable 8,058,179 7,229,341
Less: Debt issuance costs (40,883) (35,484)
Total notes, loans and finance/capital leases payable, net $ 8,017,296 7,193,857
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.88%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 256,977 265,887
Real estate loan (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.30%  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.35%  
Senior mortgages    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.69%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 2,839,587 2,437,769
Senior mortgages | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.70%  
Senior mortgages | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.05%  
Real estate loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.37%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2033  
Debt Instrument Carrying Amount $ 154,964 125,839
Fleet loans (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.61%  
Fleet loans (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.02%  
Fleet loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.14%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2028  
Debt instrument, maturity year range, end 2030  
Debt Instrument Carrying Amount $ 635,000 625,000
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.77%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.27%  
Capital Leases (rental equipment) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.25%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2026  
Debt Instrument Carrying Amount $ 11,437 44,338
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.89%  
Capital Leases (rental equipment) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.66%  
Finance capital lease [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.19%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2033  
Debt Instrument Carrying Amount $ 2,395,416 1,963,644
Finance capital lease [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.60%  
Finance capital lease [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.80%  
Private Placement    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 3.62%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2035  
Debt Instrument Carrying Amount $ 1,700,000 1,700,000
Private Placement | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.43%  
Private Placement | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.00%  
Other obligations    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.41%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 64,798 $ 66,864
Other obligations | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.50%  
Other obligations | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
v3.25.4
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 5.19%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 7,462,822 $ 6,703,510
Participating Mortgages [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 4.10% 4.10%
Participating Mortgages [Member] | Minimum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 2.72% 2.72%
Participating Mortgages [Member] | Maximum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 2.86% 2.86%
Equipment Trust Certificate [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 4.36%  
v3.25.4
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Long-term debt, by Maturity:  
2026 $ 863,796
2027 1,089,226
2028 864,684
2029 956,517
2030 925,310
Thereafter 3,358,646
Notes, loans and finance leases payable, sum $ 8,058,179
v3.25.4
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Interest expense, borrowings:        
Interest expense $ 96,337 $ 80,760 $ 272,810 $ 226,148
Capitalized interest (2,161) (4,608) (8,013) (11,188)
Amortization of transaction costs 1,779 1,390 4,882 4,229
Interest expense resulting from derivatives 428 961 1,517 3,892
Total interest expense $ 95,527 $ 76,581 $ 268,162 $ 215,297
v3.25.4
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Interest and debt expense:        
Weighted average interest rate during the quarter 5.35% 6.05% 5.53% 6.43%
Interest rate at quarter end 5.22% 5.88% 5.22% 5.88%
Maximum amount outstanding during the quarter $ 785,000 $ 765,000 $ 785,000 $ 765,000
Average amount outstanding during the quarter 732,826 745,272 699,364 665,376
Facility fees $ 234 $ 214 $ 764 $ 793
v3.25.4
Derivatives (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
AOCI Attributable to Parent [Abstract]    
Investment Income, Net $ 7.5 $ 5.0
Decrease, fair value, cash flow hedges    
AOCI Attributable to Parent [Abstract]    
Fair value, cash flow derivatives 4.0 4.4
Reclassified AOCI    
AOCI Attributable to Parent [Abstract]    
Fair value, cash flow derivatives 2.9 $ 9.4
Reclassification net gains Interest Rate Contracts    
AOCI Attributable to Parent [Abstract]    
Fair value, cash flow derivatives $ 1.2  
v3.25.4
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 411 $ 777
Interest Rate Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 2,310 4,381
Derivative Notional Amount $ 270,527 $ 376,887
v3.25.4
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 411 $ 777
Equity Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 8,314 8,819
Derivative Notional Amount $ 296,776 $ 326,218
v3.25.4
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance     $ 7,498,143  
Foreign currency translation $ 1,841 $ 3,929 2,802 $ 3,712
Unrealized net gain on investments 20,026 54,108 59,460 44,663
Change in fair value of cash flow hedges 457 4,611 3,980 4,402
Amounts reclassified into earnings on hedging activities, Net 610 1,197 2,942 9,375
Other comprehensive income (loss) 21,714 53,593 61,224 35,978
Equity, Attributable to Parent, Ending Balance 7,743,809   7,743,809  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (56,579) (53,490) (57,540) (53,707)
Foreign currency translation 1,841 3,929 2,802 3,712
Other comprehensive income (loss) 1,841 3,929 2,802 3,712
Equity, Attributable to Parent, Ending Balance (54,738) (57,419) (54,738) (57,419)
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (134,886) (186,328) (174,320) (176,883)
Unrealized net gain on investments 20,026 54,108 59,460 44,663
Other comprehensive income (loss) 20,026 54,108 59,460 44,663
Equity, Attributable to Parent, Ending Balance (114,860) (132,220) (114,860) (132,220)
Fair Value of Cash Flow Hedges        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (941) (2,057) (56) 6,330
Change in fair value of cash flow hedges 457 4,611 3,980 4,402
Amounts reclassified into earnings on hedging activities, Net 610 1,197 2,942 9,375
Other comprehensive income (loss) 153 3,414 1,038 4,973
Equity, Attributable to Parent, Ending Balance (1,094) 1,357 (1,094) 1,357
Postretirement Benefit Obligation Gain [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance 2,602 1,044 2,602 1,044
Equity, Attributable to Parent, Ending Balance 2,602 1,044 2,602 1,044
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (189,804) (240,831) (229,314) (223,216)
Foreign currency translation 1,841 3,929 2,802 3,712
Unrealized net gain on investments 20,026 54,108 59,460 44,663
Change in fair value of cash flow hedges 457 4,611 3,980 4,402
Amounts reclassified into earnings on hedging activities, Net 610 1,197 2,942 9,375
Other comprehensive income (loss) 21,714 53,593 61,224 35,978
Equity, Attributable to Parent, Ending Balance $ (168,090) $ (187,238) $ (168,090) $ (187,238)
v3.25.4
Dividends - Summary of Dividends Declared (Details) - Nonvoting Common Stock [Member]
 9 Months Ended
Dec. 31, 2025
$ / shares
Current Year, Ordinary Dividend, Quarter one  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 04, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 16, 2025
Dividends Payable, Date to be Paid Jun. 27, 2025
Current Year, Ordinary Dividend, Quarter two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 21, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Sep. 15, 2025
Dividends Payable, Date to be Paid Sep. 26, 2025
Current Year, Ordinary Dividend, Quarter three  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Dec. 03, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Dec. 15, 2025
Dividends Payable, Date to be Paid Dec. 30, 2025
Prior Year, Ordinary Dividend, Quarter one  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 05, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 17, 2024
Dividends Payable, Date to be Paid Jun. 28, 2024
Prior Year, Ordinary Dividend, Quarter two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 15, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Sep. 16, 2024
Dividends Payable, Date to be Paid Sep. 27, 2024
Prior Year, Ordinary Dividend, Quarter three  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Dec. 04, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Dec. 16, 2024
Dividends Payable, Date to be Paid Dec. 27, 2024
v3.25.4
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Leases [Abstract]      
Right Of Use Asset Obtained In Exchange For Operating Lease Liability $ 11,400   $ 44,300
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 108,100 $ 120,500  
Cash paid for operating leases 25,400 15,700  
Cash paid for finance leases $ 32,901 $ 60,661  
v3.25.4
Leases (Components of our right-of-use assets) (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Finance Lease [Abstract]    
Buildings and Improvements $ 72,557 $ 71,330,000
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 9,192 58,071,000
Rental trucks 80,722 309,475,000
Right-of-use assets, gross 162,532 438,937,000
Less: Accumulated depreciation (91,282) (254,214,000)
Right of use assets, net 71,250 184,723,000
Finance Lease [Member]    
Finance Lease [Abstract]    
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 9,192 58,071,000
Rental trucks 80,722 309,475,000
Right-of-use assets, gross 89,975 367,607,000
Less: Accumulated depreciation (59,414) (228,909,000)
Right of use assets, net 30,561 138,698,000
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 72,557 71,330,000
Right-of-use assets, gross 72,557 71,330,000
Less: Accumulated depreciation (31,868) (25,305,000)
Right of use assets, net $ 40,689 $ 46,025,000
v3.25.4
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 0.2 0.6
Finance Lease Weighted Average Discount Rate Percent 4.30% 4.40%
v3.25.4
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 26.0 24.1
Operating Lease Weighted Average Discount Rate Percent 4.70% 4.60%
v3.25.4
Leases (Components Of Lease Expense) (Details) - USD ($)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lease cost:    
Operating lease costs $ 14,226,000 $ 15,386
Finance lease cost:    
Amortization of right of use assets 7,631,000 23,903
Interest on lease liabilities 1,062,000 3,048
Total finance lease cost $ 8,693,000 $ 26,951
v3.25.4
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Operating Lease Liabilities Payments Due [Abstract]    
2028 $ 7,265  
2029 5,309  
2030 4,018  
Operating lease liability 41,464 $ 46,973
Finance Leases    
Finance Lease Liabilities Payments Due [Abstract]    
2026 (9 months) 11,558  
Total lease payments 11,558  
Less: imputed interest (121)  
Financing lease liability 11,437  
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2026 (9 months) 2,439  
2027 8,696  
Thereafter 57,278  
Total lease payments 85,005  
Less: imputed interest (43,541)  
Operating lease liability $ 41,464  
v3.25.4
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sac Holdings [Member]    
Related party costs and expenses:    
Commission expenses, generated from dealer agreement with related parties $ 6.6 $ 5.7
Cash flow, related party 26.3 26.5
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]    
Property Management Fee [Abstract]    
Property Management Fee Revenue 28.2 28.5
Related party costs and expenses:    
Payments For Purchase Of Other Assets 1 $ 404.6 408.6
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]    
Property Management Fee [Abstract]    
Management fee rate 4.00%  
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]    
Property Management Fee [Abstract]    
Management fee rate 10.00%  
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]    
Related party costs and expenses:    
Commission expenses, generated from dealer agreement with related parties $ 84.5 84.3
Various Subsidiaries of Amerco [Member]    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties $ 28.0 $ 28.0
v3.25.4
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Related party transactions:        
Management fee revenue $ 8,817 $ 8,869 $ 28,020 $ 27,950
Blackwater [Member]        
Related party transactions:        
Management fee revenue 7,167 7,193 22,776 22,713
Mercury [Member]        
Related party transactions:        
Management fee revenue $ 1,650 $ 1,676 $ 5,244 $ 5,237
v3.25.4
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Related party cost and expense:        
Costs and Expenses, Related Party $ 26,200 $ 26,500 $ 91,008 $ 89,953
Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 26,153 26,531    
Lease expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 600 604 1,802 1,812
Lease expenses | Mercury [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 38 38 114 114
Printing expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 1,756 1,176 4,636 3,734
Commission expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 18,611 19,409 66,376 66,538
Commission expenses | Mercury [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party $ 5,148 $ 5,304 $ 18,080 $ 17,755
v3.25.4
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Related Party Transaction [Line Items]    
Related party assets $ 60,630 $ 45,003
Blackwater [Member]    
Related Party Transaction [Line Items]    
Related party assets 41,445 28,442
Mercury [Member]    
Related Party Transaction [Line Items]    
Related party assets 16,528 12,517
Insurance Group [Member]    
Related Party Transaction [Line Items]    
Related party assets $ 2,657 $ 4,044
v3.25.4
Reportable Segment Information - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues [Abstract]        
Revenues $ 1,415,608 $ 1,388,558 $ 4,766,000 $ 4,595,156
Operating Expenses [Abstract]        
Personnel expenses 308,494 292,289 936,215 888,153
Equipment maintenance and repair expenses 204,299 191,226 622,016 593,388
Other operating expenses 101,016 63,107 274,831 196,574
Other segment items 234,805 235,729 751,843 785,066
Operating Expenses, Total 848,614 782,351 2,584,905 2,463,181
Operating Costs and Expenses [Abstract]        
Commission expenses 96,101 95,031 334,649 326,610
Cost of product sales 50,871 52,767 190,701 181,031
Benefits and losses 49,232 48,683 142,592 137,081
Amortization of deferred policy acquisition costs 4,922 4,493 14,801 13,578
Lease expense 4,281 5,052 14,226 15,386
Depreciation, net of (gains) losses on disposals 325,219 246,091 969,836 689,906
Net (gains) losses on disposal of real estate 2,696 3,358 5,610 9,453
Costs and Expenses, Total 1,381,936 1,237,826 4,257,320 3,836,226
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 33,672 150,732 508,680 758,930
Earnings from operations 33,672 150,732 508,680 758,930
Other components of net periodic benefit costs (346) (372) (1,037) (1,116)
Other interest income 10,784 15,638 31,468 50,004
Interest expense 95,527 76,581 268,162 215,297
Fees and amortization on early extinguishment of debt (163)   (189) (495)
Pretax earnings 51,580 89,417 270,760 592,026
Income tax expense 14,612 22,251 59,847 142,645
Net earnings available to common stockholders 36,968 67,166 210,913 449,381
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues [Abstract]        
Revenues 1,319,890 1,296,556 4,506,576 4,339,360
Operating Expenses [Abstract]        
Personnel expenses 308,494 292,289 936,215 888,153
Equipment maintenance and repair expenses 204,299 191,226 622,016 593,388
Other operating expenses 101,016 63,107 274,831 196,574
Other segment items 219,237 219,838 709,391 733,956
Operating Expenses, Total 833,046 766,460 2,542,453 2,412,071
Operating Costs and Expenses [Abstract]        
Commission expenses 96,101 95,031 334,649 326,610
Cost of product sales 50,871 52,767 190,701 181,031
Lease expense 4,873 5,572 15,925 17,259
Depreciation, net of (gains) losses on disposals 325,219 246,091 969,836 689,906
Net (gains) losses on disposal of real estate 2,696 3,358 5,610 9,453
Costs and Expenses, Total 1,312,806 1,169,279 4,059,174 3,636,330
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 7,084 127,277 447,402 703,030
Equity in earnings of subsidiaries 21,018 17,956 48,523 43,980
Earnings from operations 28,102 145,233 495,925 747,010
Other components of net periodic benefit costs (346) (372) (1,037) (1,116)
Other interest income 10,856 15,734 31,732 50,340
Interest expense 95,555 76,833 268,246 216,053
Fees and amortization on early extinguishment of debt (163)   (189) (495)
Pretax earnings 57,106 83,762 258,185 579,686
Income tax expense 20,138 16,596 47,272 130,305
Net earnings available to common stockholders 36,968 67,166 210,913 449,381
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues [Abstract]        
Revenues 42,516 38,141 108,128 97,780
Operating Expenses [Abstract]        
Other segment items 13,763 12,550 38,947 36,055
Operating Expenses, Total 13,763 12,550 38,947 36,055
Operating Costs and Expenses [Abstract]        
Benefits and losses 7,860 6,038 19,096 16,669
Lease expense 74 90 224 287
Costs and Expenses, Total 21,697 18,678 58,267 53,011
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 20,819 19,463 49,861 44,769
Earnings from operations 20,819 19,463 49,861 44,769
Pretax earnings 20,819 19,463 49,861 44,769
Income tax expense 4,358 4,072 10,341 9,293
Net earnings available to common stockholders 16,461 15,391 39,520 35,476
Operating Segments [Member] | Life Insurance [Member]        
Revenues [Abstract]        
Revenues 56,207 56,762 160,414 166,668
Operating Expenses [Abstract]        
Other segment items 4,091 5,347 10,510 20,697
Operating Expenses, Total 4,091 5,347 10,510 20,697
Operating Costs and Expenses [Abstract]        
Benefits and losses 41,372 42,645 123,496 120,412
Amortization of deferred policy acquisition costs 4,922 4,493 14,801 13,578
Lease expense 25 33 106 94
Costs and Expenses, Total 50,410 52,518 148,913 154,781
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 5,797 4,244 11,501 11,887
Earnings from operations 5,797 4,244 11,501 11,887
Interest expense 72 96 264 336
Pretax earnings 5,725 4,148 11,237 11,551
Income tax expense 1,168 1,583 2,234 3,047
Net earnings available to common stockholders 4,557 2,565 9,003 8,504
Intersegment Eliminations [Member]        
Revenues [Abstract]        
Revenues (3,005) 2,901 (9,118) 8,652
Operating Expenses [Abstract]        
Other segment items (2,286) 2,006 (7,005) 5,642
Operating Expenses, Total 2,286 2,006 7,005 5,642
Operating Costs and Expenses [Abstract]        
Lease expense 691 643 2,029 2,254
Costs and Expenses, Total 2,977 2,649 9,034 7,896
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 28 252 84 756
Equity in earnings of subsidiaries (21,018) 17,956 (48,523) 43,980
Earnings from operations 21,046 18,208 48,607 44,736
Other interest income (72) 96 (264) 336
Interest expense 100 348 348 1,092
Pretax earnings 21,018 17,956 48,523 43,980
Net earnings available to common stockholders $ 21,018 $ 17,956 $ 48,523 $ 43,980
v3.25.4
Reportable Segment Information - (Gross Capital Expenditures) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information, Additional Information [Abstract]        
Gross capital expenditures $ 688,167 $ 936,494 $ 2,602,669 $ 2,863,496
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Segment Reporting Information, Additional Information [Abstract]        
Gross capital expenditures $ 688,167 $ 936,494 $ 2,602,669 $ 2,863,496
v3.25.4
Reportable Segment Information - (Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets [Abstract]      
Total assets $ 21,617,644 $ 20,479,170 $ 20,330,165
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 18,717,342 17,522,952  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 580,267 535,032  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 3,071,603 3,066,907  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ (751,568) $ (645,721)  
v3.25.4
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Quarter ended:          
Total revenues $ 1,415,608 $ 1,388,558 $ 4,766,000 $ 4,595,156  
Depreciation and amortization, net of (gains) losses on disposals 332,837 253,942 990,247 712,937  
Interest expense 95,527 76,581 268,162 215,297  
Pretax earnings 51,580 89,417 270,760 592,026  
Income tax expense 14,612 22,251 59,847 142,645  
Identifiable assets 21,617,644 20,330,165 21,617,644 20,330,165 $ 20,479,170
United States [Member]          
Quarter ended:          
Total revenues 1,341,619 1,318,694 4,506,680 4,351,865  
Depreciation and amortization, net of (gains) losses on disposals 318,818 242,717 951,681 688,729  
Interest expense 94,878 76,138 266,179 213,811  
Pretax earnings 48,362 89,456 261,981 573,375  
Income tax expense 14,013 22,180 56,866 137,269  
Identifiable assets 20,642,541 19,416,798 20,642,541 19,416,798  
Canada [Member]          
Quarter ended:          
Total revenues 73,989 69,864 259,320 243,291  
Depreciation and amortization, net of (gains) losses on disposals 14,019 11,225 38,566 24,208  
Interest expense 649 443 1,983 1,486  
Pretax earnings 3,218 39 8,779 18,651  
Income tax expense 599 71 2,981 5,376  
Identifiable assets $ 975,103 $ 913,367 $ 975,103 $ 913,367  
v3.25.4
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 169 $ 245 $ 507 $ 736
Other components of net periodic benefit costs:        
Interest cost on accumulated postretirement benefit 371 374 1,112 1,124
Other components 25 2 75 8
Total other components of net periodic benefit costs 346 372 1,037 1,116
Net periodic postretirement benefit cost $ 515 $ 617 $ 1,544 $ 1,852
v3.25.4
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 1,032,257 $ 988,828
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 9,869,167 9,140,047
Level 3 [Member]    
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 2,406,345 2,436,537
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent 839,700 700,000
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value $ 10,502,538 $ 9,732,070
v3.25.4
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Assets:    
Fixed maturities - available for sale $ 2,501,436 $ 2,479,498
Preferred stock 8,075 22,136
Common stock 49,343 43,413
Derivatives 10,624 13,200
Total 21,500 2,558,247
Liabilities:    
Derivatives 411 777
Guaranteed residual values of TRAC leases 8,966 8,693
Liabilities from investment contracts 2,406,345 2,436,537
Market risk benefits 12,123 13,432
Total 2,569,478 22,902
Level 1 [Member]    
Assets:    
Preferred stock 8,075 22,136
Common stock 49,343 43,413
Derivatives 8,314 8,819
Total   74,368
Liabilities:    
Total 65,732  
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,501,436 2,479,498
Derivatives 2,310 4,381
Total   2,483,879
Liabilities:    
Derivatives 411 777
Total 2,503,746 777
Level 3 [Member]    
Assets:    
Total 21,089  
Liabilities:    
Guaranteed residual values of TRAC leases 8,966 8,693
Liabilities from investment contracts 2,406,345 2,436,537
Market risk benefits $ 12,123 13,432
Total   $ 22,125
v3.25.4
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Assets    
Receivables, Fair Value Disclosure $ 140,467 $ 195,710
Mortgage loans, net 695,362 639,162
Other investments 12,521 11,868
Total 848,350 846,740
Liabilities    
Notes, loans and leases payable, gross 7,462,822 6,703,510
Liabilities from investment contracts 2,406,345 2,436,537
Total 9,869,167 9,140,047
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 7,462,822 6,703,510
Total 7,462,822 6,703,510
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure   195,710
Mortgage loans, net   639,162
Other investments   11,868
Total   846,740
Liabilities    
Liabilities from investment contracts 2,406,345 2,436,537
Total 2,406,345 2,436,537
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 140,467 195,710
Mortgage loans, net 699,878 657,567
Other investments 12,521 11,868
Total 852,866 865,145
Liabilities    
Notes, loans and leases payable, gross 8,058,179 7,229,341
Liabilities from investment contracts 2,444,359 2,502,729
Total $ 10,502,538 $ 9,732,070
v3.25.4
Revenue Recognition (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Description [Line Items]    
Deferred Revenue, Revenue Recognized $ 0.8 $ 52.4
v3.25.4
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Operating Lease Liabilities Payments Due [Abstract]  
2026 $ 11,105
2027 17,934
2028 11,134
2029 8,051
2030 6,006
Thereafter 26,067
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2026 5,918
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2026 5,187
2027 17,934
2028 11,134
2029 8,051
2030 6,006
Thereafter $ 26,067
v3.25.4
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues [Abstract]        
Total revenues $ 1,415,608 $ 1,388,558 $ 4,766,000 $ 4,595,156
Insurance premium revenues recognized ASC 944        
Revenues [Abstract]        
Total revenues 49,811 52,725 140,523 143,693
Net investment and interest income recognized under other topics        
Revenues [Abstract]        
Total revenues 47,259 40,536 122,492 115,455
Revenues recognized under ASC 842        
Revenues [Abstract]        
Total revenues 1,155,366 1,129,821 3,862,925 3,723,458
Revenues recognized under ASC 606        
Revenues [Abstract]        
Total revenues 163,172 165,476 640,060 612,550
Revenues recognized over time:        
Revenues [Abstract]        
Total revenues 80,898 81,773 331,709 307,740
Revenues recognized at a point in time:        
Revenues [Abstract]        
Total revenues $ 82,274 $ 83,703 $ 308,351 $ 304,810
v3.25.4
Allowance for Credit Losses (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Financing Receivable Impaired [Line Items]      
Paid and unpaid percentage 1.00%    
Allowance for expected credit losses $ 3.5 $ 5.1  
Available for sale securities, accrued interest receivable 28.8   $ 29.4
Commercial Real Estate Portfolio Segment [Member]      
Financing Receivable Impaired [Line Items]      
Premiums Receivable Gross $ 0.9   $ 0.1
Credit card receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term The Company rents equipment to corporate customers for which the payment terms are 30 days.    
Accrued interest receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.    
v3.25.4
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 8,634 $ 8,105
Transition adjustment current expected credit losses 4,044 12,217
Write-offs against allowance 4,943 11,688
December 31, 2023 7,735 8,634
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 5,082 6,236
Transition adjustment current expected credit losses 3,359 10,534
Write-offs against allowance 4,943 11,688
December 31, 2023 3,498 5,082
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,104 1,052
Transition adjustment current expected credit losses 685 2,052
December 31, 2023 3,789 3,104
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 448 817
Transition adjustment current expected credit losses   369
December 31, 2023 $ 448 $ 448
v3.25.4
Income Taxes (Narratives) (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Income taxes paid, federal 28.30% 24.90% 22.10% 24.10%
Income Taxes paid, state and local     21.00% 21.00%
v3.25.4
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 121,729 $ 121,224
Capitalization 9,250 15,369
Amortization expense (14,801) (13,578)
Balance, end of year 116,178 123,015
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 60,480 54,747
Capitalization 6,810 12,561
Amortization expense (8,414) (6,679)
Balance, end of year 58,876 60,629
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 57,986 62,426
Capitalization 2,375 2,716
Amortization expense (5,794) (6,260)
Balance, end of year 54,567 58,882
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 3,263 4,051
Capitalization 65 92
Amortization expense (593) (639)
Balance, end of year $ 2,735 $ 3,504
v3.25.4
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - Life Insurance Segment [Member] - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 482,805 $ 522,122    
Beginning balance at original discount rate 490,975 514,113    
Effect of changes in cash flow assumptions 3,773   $ 2,788  
Effect of actual variances from expected variances     1,396 $ 2,233
Adjust beginning of year balance     $ 485,611 $ 509,834
Issuances 3,058 7,353    
Interest accrual 6,624 7,486    
Net premium collected 24,750 27,224    
Ending balance at original discount rate 166,256 189,688    
Effect of changes in discount rate assumptions (AOCI) 1,445 3,322    
Balance, end of period $ 167,701 $ 193,010    
v3.25.4
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense $ 930,764 $ 829,992    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 440,597 313,439    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 124,463 129,530    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 182,658 205,389    
Beginning balance at original discount rate 185,508 204,306    
Effect of actual variances from expected experience     $ 1,591 $ 4,279
Adjusted beginning of year balance     $ 181,324 $ 202,073
Issuances 3,057 7,353    
Interest accrual 17,739 18,888    
Net premium collected 42,413 39,689    
Ending balance at original discount rate 463,994 496,386    
Effect of changes in discount rate assumptions (AOCI) 5,426 13,778    
Balance, end of the year 469,420 510,164    
End of period, LFPB, net 301,719 317,153    
Life Insurance Segment [Member] | Oxford        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 365,704 387,023    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 22,637 24,752    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 10,042 11,598    
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 23,222 24,527    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 8,085 8,941    
LFPB flooring effect        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits $ 1 $ 52    
v3.25.4
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Interest expense $ 95,527,000 $ 76,581,000 $ 268,162,000 $ 215,297,000
Life Insurance Segment [Member] | Oxford        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Gross premiums $ 34,519,000 $ 37,561,000 34,519,000 37,561,000
Interest expense     $ 11,115,000 $ 11,402,000
Expected future lifetime (persistency) of policies in force (years) 6 years 8 months 12 days 6 years 9 months 18 days 6 years 8 months 12 days 6 years 9 months 18 days
Weighted average original interest rate of the liability for future policy benefits 4.90% 4.97% 4.90% 4.97%
Weighted average current interest rate of the liability for future policy benefits 4.28% 5.20% 4.28% 5.20%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance $ 309,987,000 $ 348,354,000 $ 309,987,000 $ 348,354,000
Discounted balance at original discount rate 240,279,000 270,029,000 240,279,000 270,029,000
Discounted balance at current discount rate 242,432,000 274,428,000 242,432,000 274,428,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance 665,628,000 714,265,000 665,628,000 714,265,000
Discounted balance at original discount rate 463,993,000 496,385,000 463,993,000 496,385,000
Discounted balance at current discount rate $ 469,419,000 $ 510,163,000 $ 469,419,000 $ 510,163,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0653 0.0489 0.0653 0.0489
Life Insurance Segment [Member] | Oxford | Mortality expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0658 0.0543 0.0658 0.0543
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0214 0.0218 0.0214 0.0218
Life Insurance Segment [Member] | Oxford | Lapses expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.031 0.0272 0.031 0.0272
v3.25.4
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Deferred Fixed Annuity [Member] - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,511,422 $ 2,411,352
Deposits received 247,328 389,848
Surrenders and withdrawals (353,662) (290,875)
Benefit payments (24,715) (27,130)
Interest credited 72,952 58,290
Other   5,455
End of period $ 2,453,325 $ 2,546,940
Weighted average credited rate 3.92% 3.35%
Cash surrender value $ 2,157,343 $ 2,257,207