CARRIAGE SERVICES INC

Carriage Services, Inc. is a leading provider of funeral and cemetery services and merchandise in the United States. The company operates in two business segments: Funeral Home Operations, which currently generates approximately 65% of its total revenue, and Cemetery Operations, accounting for approximately 35% of its total revenue. As of December 31, 2025, Carriage Services operated 155 funeral homes across 24 states and 28 cemeteries in 9 states. The company offers funeral and cemetery services and products on both an "atneed" basis (at the time of death) and a "preneed" basis (planned prior to death). During the year ended December 31, 2025, Carriage Services acquired eight funeral homes, one cemetery, and one cremation-focused business in Florida for a total of $56.5 million. Additionally, it purchased the real property for one funeral home it previously leased for $2.5 million. In the same period, the company sold thirteen funeral homes and four cemeteries and related real property for an aggregate of $40.4 million, resulting in a gain of $1.5 million. It also sold additional real property for $4.0 million, generating a gain of $1.0 million.