0001493152-26-022202 | 10-Q | XBRL Viewer | Security National Financial Corp

Effect of actual variances from expected experience

^[1]

$ (2,090,326)

$ (1,872,267)

Net liability for future policy benefits, post-flooring

10,380,153

10,298,015

570,378,453

560,123,835

Net liability for future policy benefits, after reinsurance

9,053,706

9,262,372

561,324,747

550,861,463

Deferred Profit Liability [Member]

Effect of actual variances from expected experience

205,802,774

192,278,993

^[2]

(1,026,648)

(1,320,624)

Adjusted balance, beginning of period

204,776,126

190,958,369

Profits deferred

16,091,911

16,632,303

Net liability for future policy benefits, post-flooring

2,553,079

2,394,251

Amortization

(14,934,255)

(14,635,574)

Other adjustments

208,486,861

195,349,349

Net liability for future policy benefits, after reinsurance

972,336

1,011,354

$ 207,514,525

$ 194,337,995

[1]	For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
[2]	For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Balance, beginning of period

$ 384,184

$ 696,626

Provision on current loan originations

170,996

^[1]

$ 183,034

805,518

^[1]

Additional provision

^[2]

40,000

Charge-offs, net of recaptured amounts

(170,996)

(1,157,960)

$ 384,184

[1]	Included in mortgage fee income
[2]	Included in other expenses

Earnings Per Share (Details Narrative) - shares	3 Months Ended
Earnings Per Share (Details Narrative) - shares	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	402,994	382,700

Schedule of Error Correcetion Prior Period Adjustments (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Dec. 31, 2024

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

$ 24,539,397

$ 25,455,174

2,979,318

2,796,999

70,676,462

74,489,390

9,052,318

8,250,333

(2,050,892)

(1,836,598)

Net earnings per Class A equivalent common share

$ 7,001,426

$ 6,413,735

^[1]

$ 0.28

$ 0.26

^[2]

Net earnings per Class A equivalent common share - assuming dilution

^[1]

$ 0.27

$ 0.25

^[2]

Other comprehensive income:

Unrealized gains on fixed maturity securities available for sale

$ (4,316,311)

$ 3,861,257

Interest rate remeasurement of future policy benefits

14,536,081

(8,122,845)

Other comprehensive income (loss), before income tax

10,216,794

(4,254,485)

Other comprehensive income (loss), net of income tax

(2,142,855)

892,348

8,073,939

(3,362,137)

Comprehensive income (loss)

15,075,365

3,051,598

Accumulated other comprehensive income (loss)

36,836,062

30,357,492

$ 28,762,123

$ 33,719,629

Retained earnings

255,796,901

234,218,174

248,795,475

Total stockholders’ equity

$ 425,515,510

385,325,528

$ 410,368,728

$ 381,898,427

Previously Reported [Member]

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

26,235,077

4,696,535

77,168,829

5,570,894

(1,232,602)

Net earnings per Class A equivalent common share

$ 4,338,292

^[2]

$ 0.18

Net earnings per Class A equivalent common share - assuming dilution

^[2]

$ 0.18

Other comprehensive income:

Unrealized gains on fixed maturity securities available for sale

$ 3,788,729

Interest rate remeasurement of future policy benefits

Other comprehensive income (loss), before income tax

3,795,832

Other comprehensive income (loss), net of income tax

(798,220)

2,997,612

Comprehensive income (loss)

7,335,904

Accumulated other comprehensive income (loss)

(3,953,654)

Retained earnings

229,697,478

Total stockholders’ equity

346,493,686

Revision of Prior Period, Adjustment [Member]

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

(779,903)

(1,899,536)

(2,679,439)

2,679,439

(603,996)

Net earnings per Class A equivalent common share

$ 2,075,443

^[2]

$ 0.08

Net earnings per Class A equivalent common share - assuming dilution

^[2]

$ 0.07

Other comprehensive income:

Unrealized gains on fixed maturity securities available for sale

$ 72,528

Interest rate remeasurement of future policy benefits

(8,122,845)

Other comprehensive income (loss), before income tax

(8,050,317)

Other comprehensive income (loss), net of income tax

1,690,568

(6,359,749)

Comprehensive income (loss)

(4,284,306)

Accumulated other comprehensive income (loss)

34,311,146

Retained earnings

4,520,696

Total stockholders’ equity

$ 38,831,842

[1]	Net earnings per share have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share.
[2]	Adjusted retroactively for the effect of annual stock dividends

Schedule of Balances and Changes in Policyholder Account Balances (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

$ 140,605,750

138,842,575

3,092,871

Universal Life [Member]

Surrenders, withdrawals and benefit payments

35,825,494

$ 37,091,230

Deposits

337,324

353,341

Interest credited

437,262

423,220

Policy charges

^[1]

(590,416)

(532,389)

(720,386)

(384,291)

35,289,278

36,951,111

Policyholder account balances, net of reinsurance

$ 35,289,278

$ 36,951,111

Weighted-average crediting rate

4.16%

Net amount at risk

^[2]

$ 130,213,794

$ 137,245,425

Cash surrender value

35,289,277

36,951,111

Policyholder Account Balances - Fixed Annuities [Member]

Surrenders, withdrawals and benefit payments

104,233,454

105,088,621

Deposits

2,202,600

2,711,947

Interest credited

764,992

767,523

Policy charges

^[1]

(2,097)

(1,690)

(4,169,578)

(3,713,105)

103,029,371

104,853,296

Policyholder account balances, net of reinsurance

3,092,871

3,438,939

99,936,500

101,414,357

Fixed Annuity [Member]

104,233,454

103,029,371

$ 104,853,296

Weighted-average crediting rate

$ 3,092,871

3.04%

3.03%

Cash surrender value

$ 102,546,622

$ 104,493,368

[1]	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. Included in premiums and other considerations on the consolidated statements of earnings.
[2]	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date

Schedule of Balances of and Changes in the Liability for Future Policy Benefits (Details) - Traditional And Limited Payment Life [Member] - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Beginning balance at original discount rate

$ 250,450,302

$ 252,828,339

250,331,770

258,790,212

Effect of changes in cash flow assumptions

Effect of actual variances from expected experience

^[1]

(3,405,648)

(3,096,557)

Adjusted beginning of year balance

246,926,122

255,693,655

Issuances

12,049,636

13,385,026

Ending balance at original discount rate

2,951,697

3,092,598

Net premiums collected

^[2]

(12,686,388)

(12,953,003)

249,241,067

259,218,276

Effect of changes in discount rate assumptions

(3,606,047)

(3,196,885)

245,635,020

256,021,391

Beginning balance at original discount rate

831,839,700

800,812,826

867,177,517

858,516,933

Effect of actual variances from expected experience

^[1]

(2,090,326)

(1,872,267)

Adjusted beginning of year balance

865,087,191

856,644,666

Issuances

12,084,657

13,473,915

Ending balance at original discount rate

10,380,153

10,298,015

Benefit payments

(17,940,051)

(17,455,096)

869,611,950

862,961,500

Effect of changes in discount rate assumptions

(53,598,477)

(46,816,274)

Net liability for future policy benefits, pre-flooring

816,013,473

816,145,226

570,379,368

560,112,641

Flooring impact, end of period

(915)

11,194

Net liability for future policy benefits, post-flooring

570,378,453

560,123,835

Net liability for future policy benefits, after reinsurance

9,053,706

9,262,372

$ 561,324,747

$ 550,861,463

[1]	For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
[2]	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 7,001,426	$ 6,413,735

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 50: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
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Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net cash provided by operating activities	$ 32,939,808	$ 9,585,902
Cash flows from investing activities:
Purchases of fixed maturity securities	(13,789,720)	(28,292,634)
Sales, calls and maturities of fixed maturity securities	24,701,046	26,374,371
Purchases of equity securities	(1,173,461)	(1,114,187)
Sales of equity securities	912,747	1,085,712
Purchases of restricted assets	(2,086,944)	(933,673)
Sales, calls and maturities of restricted assets	1,234,336	96,874
Purchases of cemetery perpetual care trust investments	(235,488)	(26,565)
Sales, calls and maturities of perpetual care trust investments	153,025	859,715
Mortgage loans held for investment, other investments and policy loans made	(180,161,316)	(217,905,832)
Payments received for mortgage loans held for investment, other investments and policy loans	198,643,862	198,431,585
Purchases of property and equipment	(189,702)	(441,530)
Sales of property and equipment		1,200
Purchases of real estate	(31,470,405)	(16,643,207)
Sales of real estate	11,172,949	9,241,645
Net cash provided by (used in) investing activities	7,710,929	(29,266,526)
Cash flows from financing activities:
Policyholder account balances - deposits	2,539,604	3,065,288
Policyholder account balances - withdrawals	(4,707,568)	(4,097,396)
Proceeds from stock options exercised	6,642	81,246
Purchases of treasury stock	(785,521)	(242,265)
Repayment of bank loans	(525,837)	(504,009)
Net change in warehouse line borrowings for loans held for sale	10,806,644	16,567,385
Net cash provided by financing activities	7,333,964	14,870,249
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	47,984,701	(4,810,375)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	114,112,108	150,102,620
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	162,096,809	145,292,245
Cash paid during the year for:
Interest	986,881	1,098,086
Federal income taxes	19,680
State income taxes	30
Non Cash Operating, Investing and Financing Activities:
Benefit plans funded with treasury stock	381,165	227,262
Right-of-use assets obtained in exchange for operating lease liabilities	191,212	436,109
Right-of-use assets obtained in exchange for finance lease liabilities	71,441
Transfer from fixed maturity securities available for sale to other investments		1,185,603
Cash and cash equivalents	150,120,283	132,946,068
Restricted assets	10,659,181	11,455,091
Cemetery perpetual care trust investments	$ 1,317,345	$ 891,086

Schedule of Investments and Obligation (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Available for sale securities, gross unrealized gain

$ 371,602,158

$ 382,401,293

5,100,688

8,196,174

Available for sale securities, gross unrealized losses

(8,460,924)

^[1]

(7,240,099)

^[2]

Available for sale securities, estimated fair value

367,565,925

382,777,918

Equity securities cost

12,477,275

12,206,559

18,346,314

18,050,062

305,268,440

322,435,385

1,202,531

1,189,558

162,096,809

114,112,108

$ 145,292,245

$ 150,102,620

Total cemetery perpetual care trust investments

9,596,277

9,054,645

10,026,606

9,871,947

Cemetery Perpectual Care Obligation [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, gross unrealized gain

274,271

274,161

842

Available for sale securities, gross unrealized losses

(1,909)

(2,991)

Available for sale securities, estimated fair value

272,403

272,012

1,303,245

1,290,271

1,317,345

1,935,480

Total cemetery perpetual care trust investments

7,540

4,243

10,026,606

9,871,947

Cemetery perpetual care obligation

(5,998,538)

(5,918,776)

Trust investments in excess of trust obligations

4,028,068

3,953,171

Cemetery Perpectual Care Obligation [Member] | US Treasury Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, gross unrealized gain

154,594

152,738

842

Available for sale securities, gross unrealized losses

Available for sale securities, estimated fair value

154,635

153,580

Cemetery Perpectual Care Obligation [Member] | US States and Political Subdivisions Debt Securities [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Available for sale securities, gross unrealized gain

119,677

121,423

Available for sale securities, gross unrealized losses

(1,909)

(2,991)

Available for sale securities, estimated fair value

117,768

118,432

Cemetery Perpectual Care Obligation [Member] | Industrial Miscellaneous and All Other [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Equity securities cost

5,000,830

4,835,663

1,687,074

1,637,554

(172,761)

(169,485)

Cemetery Perpectual Care Obligation [Member] | Equity Securities One [Member]

6,515,143

6,303,732

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Equity securities cost

5,000,830

4,835,663

1,687,074

1,637,554

(172,761)

(169,485)

6,515,143

6,303,732

Cemetery Perpectual Care Obligation [Member] | Residential Construction [Member]

610,930

66,209

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Mortgage loans on real estate and construction, allowance for credit losses

612,154

66,342

$ (1,224)

$ (133)

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses

Summary of Activities in Shares of Capital Stock (Details) - shares

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Common Class A [Member]

Class of Stock [Line Items]

Outstanding shares, beginning

22,428,625

22,321,559

^[1]

Exercise of stock options

1,051

66,273

Vesting of restricted stock units

3,087

460

Conversion of Class C to Class A

Outstanding shares, ending

22,432,763

22,388,292

Common Class C [Member]

Class of Stock [Line Items]

Outstanding shares, beginning

3,587,237

3,492,674

^[1]

Exercise of stock options

95,337

Vesting of restricted stock units

Conversion of Class C to Class A

Outstanding shares, ending

3,587,237

3,588,011

[1]	Adjusted retroactively for the effect of annual stock dividends

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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Number of shares issued during the period as a result of the conversion of convertible securities.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Schedule of Residential Construction Mortgage Loans (Details) - Residential Construction Mortgage Loans [Member] - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 23,597,361	$ 105,516,880
Year 2	84,789,314	42,129,717
Year 3	31,832,775	5,820,344
Year 4	5,450,344
Year 5	3,931,765	3,931,764
Total	$ 149,601,559	$ 157,398,705
% of Total	100.00%	100.00%
Less than 65% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 7,552,555	$ 24,286,540
Year 2	29,563,386	20,684,760
Year 3	23,423,845	5,820,344
Year 4	5,450,344
Year 5	3,931,765	3,931,764
Total	$ 69,921,895	$ 54,723,408
% of Total	46.74%	34.77%
65% to 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 16,044,806	$ 78,223,502
Year 2	52,184,990	21,444,957
Year 3	8,408,930
Year 4
Year 5
Total	$ 76,638,726	$ 99,668,459
% of Total	51.23%	63.32%
Greater than 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1		$ 3,006,838
Year 2	3,040,938
Year 3
Year 4
Year 5
Total	$ 3,040,938	$ 3,006,838
% of Total	2.03%	1.91%
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 23,597,361	$ 105,516,880
Year 2	84,789,314	42,129,717
Year 3	31,832,775	5,820,344
Year 4	5,450,344
Year 5	3,931,765	3,931,764
Total	$ 149,601,559	$ 157,398,705
% of Total	100.00%	100.00%
Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1
Year 2
Year 3
Year 4
Year 5
Total
% of Total	0.00%	0.00%

Investments (Details Narrative) - USD ($)	3 Months Ended
Investments (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Credit loss recognized	$ 96,547	$ 86,307
Fixed maturity securities rated investment grade, percent	98.40%		98.50%
Bank loan carrying values	$ 108,760,032		$ 98,387,919
Interest not accrued on non-performing loans	1,315,892		$ 1,042,325
Loan commitment	193,773,996
Loan amount drawn	152,238,001
Net investment income	18,501,348	19,202,624
Cemeteries and Mortuaries [Member]
Debt Securities, Available-for-Sale [Line Items]
Net realized gains	74,328	213,979
Net investment income	$ 207,132	146,838
HHH Real Estate LLC [Member]
Debt Securities, Available-for-Sale [Line Items]
Ownership interest	50.00%
SN Oquirrh LLC [Member]
Debt Securities, Available-for-Sale [Line Items]
Ownership interest	50.00%
SN Towns LLC [Member]
Debt Securities, Available-for-Sale [Line Items]
Ownership interest	50.00%
Minimum [Member]
Debt Securities, Available-for-Sale [Line Items]
Interest rate	2.00%
Mortgage loans term	9 months
Mortgage loans amortization period	0 years
Minimum [Member] \| Loans [Member]
Debt Securities, Available-for-Sale [Line Items]
Interest rate	5.25%
Loan commitment ranges	50.00%
Maximum [Member]
Debt Securities, Available-for-Sale [Line Items]
Interest rate	10.50%
Mortgage loans term	30 years
Mortgage loans amortization period	30 years
Maximum [Member] \| Loans [Member]
Debt Securities, Available-for-Sale [Line Items]
Interest rate	8.50%
Loan commitment ranges	85.00%
Federal Home Loan Bank of Des Moines and Dallas [Member]
Debt Securities, Available-for-Sale [Line Items]
FHLB advances owed
506 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost	94.60%
339 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost			93.60%
Commercial Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Collateral for bank loans	$ 113,348,613		$ 114,683,175
Bank loan carrying values	93,638,639		94,120,446
Depreciation expense	1,433,507	1,422,016
Residential Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Depreciation expense	2,718	2,676
Impairment losses	35,651
Foreclosed real estate expense	$ 1,235,017		$ 1,270,669

Schedule of Other Revenues (Details) - USD ($)	3 Months Ended
Schedule of Other Revenues (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Contractual service fees	$ 222,067	$ 232,101
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues
Late fees	$ 17,306	$ 19,617
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues
Total	$ 239,373	$ 251,718

Schedule of Allowance for Credit Losses (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Beginning balance

$ 1,428,672

$ 1,678,531

^[1]

147,555

16,142

(53,155)

(62,574)

Ending balance

$ 1,523,072

$ 1,632,099

[1]	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

$ 7,261,634

$ 6,635,723

24,539,397

25,455,174

19,504,047

19,254,369

(20,040,088)

(18,498,572)

Life Insurance Product Line [Member]

6,725,593

7,391,520

6,941,791

6,363,243

^[1]

15,889,797

16,045,465

(16,474,852)

(15,559,375)

6,356,736

6,849,333

Fixed Annuity [Member]

302,843

255,480

^[2]

3,602,875

3,208,604

(3,563,861)

(2,938,897)

Accident and Health [Member]

341,857

525,187

17,000

^[3]

11,375

300

(1,375)

(300)

$ 27,000

$ 17,000

[1]	Included in policyholder benefits and claims on the condensed consolidated statements of earnings
[2]	Released from policyholder account balances
[3]	Included in policyholder benefits and claims on the condensed consolidated statements of earnings

Schedule of Activity Restricted Stock Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, available RSUs for future grant	1,896,335	53,718
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, beginning	$ 9.33	$ 12.90
Weighted average grant date fair value, ending	$ 8.53	$ 13.08
Restricted Stock Units (RSUs) [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested, number of shares, beginning	17,568	12,813
Non-vested, number of shares, granted
Non-vested, number of shares, vested	(3,087)	(460)
Non-vested, number of shares, ending	14,481	12,353
Number of shares, available RSUs for future grant	489,706	4,187

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Schedule of Investments (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Available for sale securities, unrecognized holding gain

$ 371,602,158

$ 382,401,293

5,100,688

8,196,174

Available for sale securities, unrecognized holding loss

(8,460,924)

^[1]

(7,240,099)

^[2]

Available for sale securities, allowance for credit losses

(675,997)

(579,450)

$ (507,300)

$ (420,993)

Available for sale securities, estimated fair value

367,565,925

382,777,918

Equity securities, amortized cost basis

12,477,275

12,206,559

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

18,346,314

18,050,062

(1,664,276)

(1,995,795)

Mortgage loans on real estate and construction, allowance for losses

(2,553,360)

(2,588,918)

(2,008,592)

(1,885,390)

Mortgage loans on real estate and construction, discount

(249,646)

(254,983)

Real estate held for investment, net of depreciation

305,268,440

322,435,385

234,345,333

214,897,130

Federal home loan bank stock

6,388,376

6,424,027

Policy loans

14,536,305

14,467,357

Insurance assignments

46,315,781

46,183,999

677,100

^[3]

646,500

^[4]

Allowance for credit losses

23,490,927

25,601,905

(1,518,047)

(1,676,468)

Total policy loans and other investments

83,502,066

85,223,293

US Treasury Securities [Member]

9,596,277

9,054,645

Total investments

1,025,012,731

1,038,862,460

Available for sale securities, unrecognized holding gain

65,521,592

75,713,307

551,988

982,769

Available for sale securities, unrecognized holding loss

(105,766)

^[1]

(89,550)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

65,967,814

76,606,526

US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, unrecognized holding gain

3,093,790

3,396,999

5,517

11,662

Available for sale securities, unrecognized holding loss

(180,711)

^[1]

(172,184)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

2,918,596

3,236,477

Corporate Debt Securities [Member]

Available for sale securities, unrecognized holding gain

278,845,730

277,708,638

4,478,480

7,029,453

Available for sale securities, unrecognized holding loss

(4,529,438)

^[1]

(3,387,651)

^[2]

Available for sale securities, allowance for credit losses

(521,948)

(425,401)

Available for sale securities, estimated fair value

278,272,824

280,925,039

Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]

Available for sale securities, unrecognized holding gain

23,391,046

24,832,349

57,503

161,348

Available for sale securities, unrecognized holding loss

(3,607,509)

^[1]

(3,553,214)

^[2]

Available for sale securities, allowance for credit losses

(154,049)

Available for sale securities, estimated fair value

19,686,991

21,286,434

Redeemable Preferred Stock [Member]

Available for sale securities, unrecognized holding gain

750,000

7,200

10,942

Available for sale securities, unrecognized holding loss

(37,500)

^[1]

(37,500)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

719,700

723,442

Industrial Miscellaneous and All Other [Member]

Equity securities, amortized cost basis

12,477,275

12,206,559

6,222,419

6,176,440

(353,380)

^[1]

(332,937)

^[2]

Equity Securities One [Member]

18,346,314

18,050,062

Equity securities, amortized cost basis

12,477,275

12,206,559

6,222,419

6,176,440

(353,380)

^[1]

(332,937)

^[2]

18,346,314

18,050,062

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

85,519,490

90,644,590

(1,173,134)

(1,283,049)

Mortgage loans on real estate and construction, allowance for losses

(932,072)

(904,738)

(647,107)

(850,550)

Mortgage loans on real estate and construction, discount

(107,097)

(108,449)

Real estate held for investment, net of depreciation

83,307,187

88,348,354

114,491,810

93,638,938

6,236,823

6,272,474

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

149,601,559

157,398,705

(248,395)

(338,374)

Mortgage loans on real estate and construction, allowance for losses

(299,204)

(316,059)

$ (339,755)

$ (302,346)

Mortgage loans on real estate and construction, discount

149,053,960

156,744,272

Commercial [Member]

Real estate held for investment, net of depreciation

74,614,673

79,231,786

119,853,523

121,258,192

$ 151,553

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses
[3]	Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.
[4]	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

Receivables

3 Months Ended

Mar. 31, 2026

Basis Of Presentation And Recent Accounting Pronouncements

Receivables

4) Receivables

Receivables consist of the following:

Schedule of Receivable

	As of March 31, 2026			As of December 31, 2025
Contracts with customers	$	7,034,138		$	6,981,676
Receivables from sales agents		4,441,441			4,193,842
Insurance premiums due		1,414,850			1,275,664
Other		4,835,232			4,588,564
Total receivables		17,725,661			17,039,746
Allowance for credit losses		(1,523,072	)		(1,428,672	)
Net receivables	$	16,202,589		$	15,611,074

The Company records an allowance for credit losses for its receivables in accordance with GAAP.

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Credit Losses

	Three Months Ended
Beginning balance - December 31, 2025	$	1,428,672
Change in provision for credit losses (1)		147,555
Charge-offs		(53,155	)
Ending balance - March 31, 2026	$	1,523,072

Beginning balance - December 31, 2024	$	1,678,531
Change in provision for credit losses (1)		16,142
Charge-offs		(62,574	)
Ending balance - March 31, 2025	$	1,632,099

(1)

Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

4) Receivables (Continued)

Contracts with Customers

The Company reports revenues from contracts with customers pursuant to ASC No. 606, Revenue from Contracts with Customers.

Information about Performance Obligations and Contract Balances

The Company’s funeral home and cemetery segment sells a variety of goods and services to customers in both at-need and pre-need situations. Due to the timing of the fulfillment of the obligation, revenue is deferred until that obligation is fulfilled.

The Company’s two types of future obligations are as follows:

Pre-need Merchandise and Service Revenue: All pre-need merchandise and service revenue are deferred, and the funds are placed in trust until the need arises; the merchandise is received, or the service is performed. The trust is then relieved, and the revenue and commissions are recognized. Pre-need contracts are required to be paid in full prior to a customer using a good or service from a pre-need contract. Goods and services from pre-need contracts can be transferred when paid in full from one owner to another. In such cases, the Company will act as an agent in transferring the requested goods and services. The transfer of goods and services does not fulfill the contract and revenue remains deferred.

At-need Specialty Merchandise Revenue: At-need specialty merchandise revenue consists of customizable merchandise ordered from manufacturers such as markers and bases. When specialty merchandise is ordered, it can take time to manufacture and deliver the product. Revenue is deferred until the at-need merchandise is received.

Complete payment does not constitute fulfillment of the contract. Goods or services are deferred until such a time the service is performed, or merchandise is received.

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (December 31, 2025)	$	6,981,676	$	-	$	22,991,603
Closing (March 31, 2026)		7,034,138		-		23,487,532
Increase/(decrease)		52,462		-		495,929

	Contract Balances
	Receivables (1)			Contract Asset		Contract Liability
Opening (December 31, 2024)	$	7,095,589		$	-	$	20,168,405
Closing (December 31, 2025)		6,981,676			-		22,991,603
Increase/(decrease)		(113,913	)		-		2,823,198

(1)

Included in Receivables, net on the condensed consolidated balance sheets

The amount of revenue recognized and included in the opening contract liability balance for the three-month periods ended March 31, 2026, and 2025 was $1,723,991 and $1,159,212, respectively.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment.

Disaggregation of Revenue

The following table disaggregates revenue for the Company’s funeral home and cemetery contracts:


	Three Months Ended March 31,
	2026		2025
Major goods/service lines
At-need	$	5,845,861	$	5,716,277
Pre-need		1,887,962		1,583,944
Net mortuary and cemetery sales	$	7,733,823	$	7,300,221

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,859,344	$	4,154,547
Services transferred at a point in time		2,874,479		3,145,674
Net mortuary and cemetery sales	$	7,733,823	$	7,300,221

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

15) Earnings Per Share

Earnings per share have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share were calculated as follows:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net earnings	$	7,001,426	$	6,413,735
Denominator:
Basic weighted-average shares outstanding		24,818,596		24,699,405
Effect of dilutive securities:
Employee stock options		721,312		992,242
Unvested restricted stock units		749		-

Diluted weighted-average shares outstanding		25,540,657		25,691,647

Basic net earnings per share	$	0.28	$	0.26

Diluted net earnings per share	$	0.27	$	0.25

For the three-month periods ended March 31, 2026, and 2025, there were 402,994 and 382,700 anti-dilutive stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. Basic and diluted earnings per share are the same for each class of common stock.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

Basis of Presentation and Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2026

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month periods ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the liability for future policy benefits; those used in determining the value of loans held for sale; and those used in determining loan loss reserve. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

Certain prior-period amounts have been reclassified to conform to the current-period presentation.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted in 2025

ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” — Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The standard is aimed at improving the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplifying amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, ASU No. 2020-11: “Financial Services – Insurance (Topic 944): Effective Date and Early Application,” was issued. This ASU was issued to provide additional time for the implementation of ASU No. 2018-12 by deferring the effective date by one year. For smaller reporting companies, this update is effective for annual reporting periods beginning after December 15, 2024, and interim reporting periods beginning after December 15, 2025. On December 31, 2025, the Company adopted ASU No. 2018-12, using the modified retrospective approach, for changes to the liability for future policy benefits and deferred policy acquisition costs. The Company applied the guidance as of a transition date of January 1, 2024, and retrospectively adjusted prior period amounts to reflect the new guidance. The Company’s condensed consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2024.

After adoption, cash flow assumptions, such as mortality, lapse, and expense, will be reviewed at least annually and, if necessary, they will be updated to reflect actual experience and current expectations in the calculation of the Company’s future policy benefits. Historically, cash flow assumptions were locked in at policy issuance and remained in place for the life of the business—even when material variances emerged between assumptions and actual experience—except in the case of a premium deficiency. Under the new guidance, net premiums are capped at 100 percent of gross premiums at the cohort level. Adoption of this standard also requires changes in the future treatment of the Company’s Deferred Acquisition Cost (“DAC”) asset.

Historically, the interest rate used to calculate the Company’s future policy benefits was set at policy issuance and remained in effect for the life of the policy. The Company used an expected investment portfolio rate of return based on a conservative experience assumption. The new guidance seeks to improve reporting on the financial impact associated with interest rate sensitivity. To accomplish this, future policy benefits are calculated using a discount rate based on an upper-medium-grade (A-rated) fixed income instrument.

The initial future policy benefit for each cohort is calculated using the original discount rate and then remeasured using the current discount rate curve. The original rate is used to determine interest accretion on the liability—which is included in net earnings—as well as to calculate the net premiums in both scenarios. The impact of remeasurement, from the original locked-in discount rate to the current rate, is reported as a component of the Company’s AOCI. This original discount rate is locked in at the cohort’s inception or at the Transition Date and will continue to be used in determining the impact on future net earnings associated with that contract.

DAC is used by insurance companies to defer costs related to acquiring insurance policies. Under the new guidance, amortization methods are simplified, and DAC for all insurance contracts will be subject to constant-level basis amortization over the lifetime of the policy. Historically, traditional life contracts were amortized in proportion to premiums over the expected premium-paying period. Additionally, shadow DAC is no longer reported.

The requirements of the new guidance did not impact capital and surplus or net income under statutory accounting practices, cash flows on the Company’s policies, or the underlying economics of the Company’s business.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

The following tables present amounts as previously reported in 2025, the effect upon those amounts from the adoption of the new guidance under ASU No. 2018-12, and the resulting adjusted amounts that are reflected in the condensed consolidated financial statements included herein. The following tables only include those line items impacted by the adoption of the new guidance.

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	26,235,077		$	(779,903	)	$	25,455,174
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		4,696,535			(1,899,536	)		2,796,999
Total benefits and expenses		77,168,829			(2,679,439	)		74,489,390

Earnings before income taxes		5,570,894			2,679,439			8,250,333
Income tax expense		(1,232,602	)		(603,996	)		(1,836,598	)
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735

Net earnings per Class A equivalent common share (1)	$	0.18		$	0.08		$	0.26

Net earnings per Class A equivalent common share - assuming dilution (1)	$	0.18		$	0.07		$	0.25

(1)

Adjusted retroactively for the effect of annual stock dividends

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale		3,788,729			72,528			3,861,257
Interest rate remeasurement of future policy benefits		-			(8,122,845	)		(8,122,845	)
Other comprehensive income (loss), before income tax		3,795,832			(8,050,317	)		(4,254,485	)
Income tax benefit (expense)		(798,220	)		1,690,568			892,348
Other comprehensive income (loss), net of income tax		2,997,612			(6,359,749	)		(3,362,137	)
Comprehensive income (loss)	$	7,335,904		$	(4,284,306	)	$	3,051,598

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statements of Stockholders’ Equity:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(3,953,654	)	$	34,311,146	$	30,357,492
Retained earnings		229,697,478			4,520,696		234,218,174
Total stockholders’ equity	$	346,493,686		$	38,831,842	$	385,325,528

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

Accounting Standards Issued But Not Yet Adopted

ASU No. 2024-03: “Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” — Issued in November 2024, ASU 2024-03 requires public business entities to disclose, in the notes to the consolidated financial statements, specified information about certain expenses at each interim and annual reporting period. ASU 2024-03 requires disclosures about specific types of expenses (i.e., (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization) included in the expense captions presented on the face of the statement of earnings as well as disclosures about selling expenses. ASU 2024-03 does not change the requirements for the presentation of expenses on the statement of earnings. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Accordingly, the Company will adopt the standard commencing with its annual reporting period ending December 31, 2027. The Company is in the process of estimating the potential impact of this new standard on the consolidated financial statements.

ASU No. 2025-11: “Interim Reporting (Topic 270): Narrow-Scope Improvements” — Issued in December 2025, ASU 2025-11 clarifies the form, content, and disclosure requirements for interim financial statements and the application of Topic 270. The update differentiates requirements by entity type: SEC registrants must continue to follow SEC rules for condensed financial statements; non-SEC registrants may present either full or condensed statements, using either the ASU’s guidance or SEC-style condensed guidance; and not-for-profit entities follow the non-SEC model with additional presentation considerations specific to NFP reporting. The ASU also compiles a comprehensive list of required interim disclosures for condensed statements from across the Codification, supported by conforming edits, to improve usability (while not replacing underlying guidance). In addition, the ASU reinforces a disclosure principle requiring entities to provide interim disclosures for significant events or transactions that have had a material effect since the most recent year-end, such as changes in accounting principles, key estimates, financing arrangements, long-term contracts, or the reporting entity. The amendments are effective for public business entities for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance may be applied prospectively or retrospectively. The Company is in the process of estimating the potential impact of this new standard on the consolidated financial statements.

The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share were calculated as follows:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net earnings	$	7,001,426	$	6,413,735
Denominator:
Basic weighted-average shares outstanding		24,818,596		24,699,405
Effect of dilutive securities:
Employee stock options		721,312		992,242
Unvested restricted stock units		749		-

Diluted weighted-average shares outstanding		25,540,657		25,691,647

Basic net earnings per share	$	0.28	$	0.26

Diluted net earnings per share	$	0.27	$	0.25

Restricted Assets (Tables)

3 Months Ended

Mar. 31, 2026

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
March 31, 2026
U.S. Treasury securities and obligations of U.S. Government agencies	$	47,025	$	12,992,660	$	58,741	$	1,581,809	$	105,766	$	14,574,469
Obligations of states and political subdivisions		3,152		196,848		177,559		2,081,355		180,711		2,278,203
Corporate securities including public utilities		1,423,738		76,810,812		3,105,700		37,427,064		4,529,438		114,237,876
Mortgage-backed securities		12,324		973,482		3,595,185		16,667,312		3,607,509		17,640,794
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	1,523,739	$	91,186,302	$	6,937,185	$	57,757,540	$	8,460,924	$	148,943,842

December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of March 31, 2026, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay their obligations.

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,665,703	$	19,641,777
Due in 2-5 years		129,855,952		130,217,565
Due in 5-10 years		130,676,874		131,821,597
Due in more than 10 years		67,262,583		65,478,295
Mortgage-backed securities		23,391,046		19,686,991
Redeemable preferred stock		750,000		719,700
Total	$	371,602,158	$	367,565,925

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds

Restricted assets as of March 31, 2026, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	269,363		$	-	$	-		$	269,363
Obligations of states and political subdivisions		229,553			125		(2,003	)		227,675
Corporate securities including public utilities		51,481			-		(487	)		50,994
Total fixed maturity securities available for sale	$	550,397		$	125	$	(2,490	)	$	548,032

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	14,065,145		$	2,724,027	$	(504,294	)	$	16,284,878
Total equity securities at estimated fair value	$	14,065,145		$	2,724,027	$	(504,294	)	$	16,284,878

Mortgage loans held for investment at amortized cost:
Residential construction	$	788,778
Less: Allowance for credit losses		(1,578	)
Total mortgage loans held for investment	$	787,200

Other investments	$	1,654,250

Cash and cash equivalents (1)	$	10,659,181

Accrued investment income	$	20,092

Total restricted assets	$	29,953,633

(1)

Including cash and cash equivalents of $8,965,571 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

5) Restricted Assets (Continued)

Restricted assets as of December 31, 2025, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	895,817		$	1,735	$	-		$	897,552
Obligations of states and political subdivisions		228,512			124		(8	)		228,628
Corporate securities including public utilities		52,030			-		(959	)		51,071
Total fixed maturity securities available for sale	$	1,176,359		$	1,859	$	(967	)	$	1,177,251

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917
Total equity securities at estimated fair value	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917

Mortgage loans held for investment at amortized cost:
Residential construction	$	812,427
Less: Allowance for credit losses		(1,625	)
Total mortgage loans held for investment	$	810,802

Other investments	$	1,957,888

Cash and cash equivalents (1)	$	9,919,800

Accrued investment income	$	11,288

Total restricted assets	$	28,805,946

(1)

Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
At March 31, 2026
Obligations of states and political subdivisions	$	-	$	-	$	2,003	$	102,549	$	2,003	$	102,549
Corporate securities including public utilities		-		-		487		50,995		487		50,995
Total unrealized losses	$	-	$	-	$	2,490	$	153,544	$	2,490	$	153,544

At December 31, 2025
Obligations of states and political subdivisions	$	-	$	-	$	8	$	103,504	$	8	$	103,504
Corporate securities including public utilities		-		-		959		51,071		959		51,071
Total unrealized losses	$	-	$	-	$	967	$	154,575	$	967	$	154,575

Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and estimated fair value of fixed maturity securities available for sale as of March 31, 2026, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay their obligations.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	319,363	$	319,376
Due in 2-5 years		-		-
Due in 5-10 years		75,000		75,112
Due in more than 10 years		156,034		153,544
Total	$	550,397	$	548,032

Future Policy Benefits and Unpaid Claims (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Liability for Future Policy Benefits, by Product Segment

The following table provides a reconciliation of future policy benefits and unpaid claims and the related receivable from reinsurers to the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
Traditional and limited-payment life	$	570,378,453	$	581,389,399
Deferred profit liability - traditional and limited-payment life		208,486,861		205,802,774
Payout annuities		92,238		95,436
Accident and health		502,669		505,208
Other policyholder funds		4,487,939		4,514,783
Reported but unpaid claims		3,004,213		3,299,899
Incurred but not reported claims		3,993,134		4,099,447

Gross future policy benefits and unpaid claims	$	790,945,507	$	799,706,946

Receivable from reinsurers

Traditional and limited-payment life		9,053,706		9,186,983
Deferred profit liability - traditional and limited-payment life		972,336		985,258
Accident and health		70,173		70,173
Reported but unpaid claims		265,754		131,712
Incurred but not reported claims		6,000		6,000

Total receivable from reinsurers		10,367,969		10,380,126

Net future policy benefits and unpaid claims	$	780,577,538	$	789,326,820

Net unpaid claims	$	6,725,593	$	7,261,634

Schedule of Balances of and Changes in the Liability for Future Policy Benefits

The following table summarizes the balance of and changes in the liability for future policy benefits for traditional and limited-payment life:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Present Value of Expected Net Premiums:
Balance, beginning of year	$	250,450,302		$	252,828,339
Beginning balance at original discount rate		250,331,770			258,790,212
Effect of changes in cash flow assumptions		-			-
Effect of actual variances from expected experience (1)		(3,405,648	)		(3,096,557	)
Adjusted beginning of year balance		246,926,122			255,693,655
Issuances		12,049,636			13,385,026
Interest accrual		2,951,697			3,092,598
Net premiums collected (2)		(12,686,388	)		(12,953,003	)
Ending balance at original discount rate		249,241,067			259,218,276
Effect of changes in discount rate assumptions		(3,606,047	)		(3,196,885	)
Balance, end of period	$	245,635,020		$	256,021,391

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	831,839,700		$	800,812,826
Beginning balance at original discount rate		867,177,517			858,516,933
Effect of changes in cash flow assumptions		-			-
Effect of actual variances from expected experience (1)		(2,090,326	)		(1,872,267	)
Adjusted beginning of year balance		865,087,191			856,644,666
Issuances		12,084,657			13,473,915
Interest accrual		10,380,153			10,298,015
Benefit payments		(17,940,051	)		(17,455,096	)
Ending balance at original discount rate		869,611,950			862,961,500
Effect of changes in discount rate assumptions		(53,598,477	)		(46,816,274	)
Balance, end of period	$	816,013,473		$	816,145,226

Net liability for future policy benefits, pre-flooring	$	570,379,368		$	560,112,641
Flooring impact, end of period		(915	)		11,194
Net liability for future policy benefits, post-flooring		570,378,453			560,123,835
Less: Receivable from reinsurers		9,053,706			9,262,372
Net liability for future policy benefits, after reinsurance	$	561,324,747		$	550,861,463

(1)

For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

(2)

Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Schedule of Amount of Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefit Payments

The following table summarizes the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for traditional and limited-payment life:

	2026		2025
	Three Months Ended March 31,
	2026		2025
Undiscounted expected future benefit payments	$	1,932,292,660	$	1,935,169,657
Discounted expected future benefit payments (at original discount rate)		869,611,949		862,961,500
Discounted expected future benefit payments (at current discount rate)		816,013,472		816,145,226

Undiscounted expected future gross premiums	$	809,818,009	$	839,169,818
Discounted expected future gross premiums (at original discount rate)		542,367,174		560,102,998
Discounted expected future gross premiums (at current discount rate)		534,520,146		553,195,364

Schedule of Gross Premiums and Interest Accretion

The following table summarizes the amount of gross premiums and interest accretion recognized in insurance premiums and other considerations and policyholder benefits and claims, respectively, in the condensed consolidated statements of earnings for traditional and limited-payment life:

	2026		2025
	Three Months Ended March 31,
	2026		2025
Gross premiums	$	28,778,299	$	29,585,306
Interest accretion	$	7,428,456	$	7,205,417

Schedule of Weighted-average Interest Rates

The following table summarizes the weighted-average interest rates for traditional and limited-payment life:

	2026			2025
	As of March 31,
	2026			2025
Interest accretion rate		4.90	%		4.90	%
Current discount rate		5.90	%		5.60	%

Schedule of Weighted Average Duration of the Liability

The following table summarizes the weighted-average duration of the liability for traditional and limited-payment life:


	As of March 31,
	2026		2025
Duration of the liability in years (at original discount rate)		15		15
Duration of the liability in years (at current discount rate)		13		14

Schedule of Balances of and Changes in Deferred Profit Liability for Traditional and Limited- Payment Life

The following table summarizes the balances of and changes in deferred profit liability for traditional and limited-payment life:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Balance, beginning of year	$	205,802,774		$	192,278,993
Effect of actual variances from expected experience (1)		(1,026,648	)		(1,320,624	)
Adjusted balance, beginning of period		204,776,126			190,958,369
Profits deferred		16,091,911			16,632,303
Interest accrual		2,553,079			2,394,251
Amortization		(14,934,255	)		(14,635,574	)
Other adjustments		-			-
Balance, end of period		208,486,861			195,349,349
Less: Receivable from reinsurers		972,336			1,011,354
Deferred profit liability, net of reinsurance	$	207,514,525		$	194,337,995

(1)

For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Schedule of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims

The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2025	$	6,941,791		$	302,843		$	17,000		$	7,261,634
Incurred		15,889,797	(1)		3,602,875	(2)		11,375	(3)		19,504,047
Settled		(16,474,852	)		(3,563,861	)		(1,375	)		(20,040,088	)
Balance at 3/31/2026	$	6,356,736		$	341,857		$	27,000		$	6,725,593

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2024	$	6,363,243		$	255,480		$	17,000		$	6,635,723
Incurred		16,045,465	(1)		3,208,604	(2)		300	(3)		19,254,369
Settled		(15,559,375	)		(2,938,897	)		(300	)		(18,498,572	)
Balance at 3/31/2025	$	6,849,333		$	525,187		$	17,000		$	7,391,520

(1)

Included in policyholder benefits and claims on the condensed consolidated statements of earnings

(2)

Released from policyholder account balances

(3)

Included in policyholder benefits and claims on the condensed consolidated statements of earnings

Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity:

Schedule of Mortgage Servicing Rights

	As of March 31, 2026			As of December 31, 2025
Amortized cost:
Balance before valuation allowance at beginning of year	$	2,528,459		$	2,939,878
MSR additions resulting from loan sales (1)		53,768			151,056
Amortization (2)		(121,966	)		(562,475	)
Sale of MSRs		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	2,460,261		$	2,528,459

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$	-		$	-
Additions		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance at end of period	$	-		$	-

Mortgage servicing rights, net	$	2,460,261		$	2,528,459

Estimated fair value of MSRs at end of period	$	3,994,484		$	4,035,635

(1)

Included in mortgage fee income on the condensed consolidated statements of earnings

(2)

Included in other expenses on the condensed consolidated statements of earnings

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights

The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its March 31, 2026, valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time.

	Estimated MSR Amortization
2026		250,438
2027		234,927
2028		215,762
2029		193,541
2030		174,002
Thereafter		1,391,591
Total	$	2,460,261

Schedule of Other Revenues

The Company collected the following contractual service fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings.

Schedule of Other Revenues

	2026		2025
	Three Months Ended March 31,
	2026		2025
Contractual service fees	$	222,067	$	232,101
Late fees		17,306		19,617
Total	$	239,373	$	251,718

Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

As of

March 31, 2026

As of

December 31, 2025

Servicing UPB

358,018,607

361,632,543

Schedule of Assumptions Used in Determining MSR Value

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
March 31, 2026		12.10		7.54		11.73
December 31, 2025		12.27		7.44		11.92

Schedule of Balances of and Changes in Deferred Profit Liability for Fixed Annuities (Details) - Fixed Annuity [Member] - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Adjusted balance, beginning of period	$ 546,802	$ 627,465
Effect of actual variances from expected experience
Profits deferred
Interest accrual
Amortization	(22,876)	(19,409)
Other adjustments
Balance, end of period	523,926	608,056
Less: Receivable from reinsurers
Deferred profit liability, net of reinsurance	$ 523,926	$ 608,056

Cemetery Perpetual Care Trust Investments and Obligation (Tables)

3 Months Ended

Mar. 31, 2026

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments and Obligation

The Company’s investments as of March 31, 2026, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	65,521,592		$	551,988	$	(105,766	)	$	-		$	65,967,814

Obligations of states and political subdivisions		3,093,790			5,517		(180,711	)		-			2,918,596

Corporate securities including public utilities		278,845,730			4,478,480		(4,529,438	)		(521,948	)		278,272,824

Mortgage-backed securities		23,391,046			57,503		(3,607,509	)		(154,049	)		19,686,991

Redeemable preferred stock		750,000			7,200		(37,500	)		-			719,700

Total fixed maturity securities available for sale	$	371,602,158		$	5,100,688	$	(8,460,924	)	$	(675,997	)	$	367,565,925

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Total equity securities at estimated fair value	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Mortgage loans held for investment at amortized cost:
Residential	$	85,519,490
Residential construction		149,601,559
Commercial		74,614,673
Less: Unamortized deferred loan fees, net		(1,664,276	)
Less: Allowance for credit losses		(2,553,360	)
Less: Net discounts		(249,646	)

Total mortgage loans held for investment	$	305,268,440

Real estate held for investment - net of accumulated depreciation:
Residential	$	114,491,810
Commercial		119,853,523

Total real estate held for investment	$	234,345,333

Real estate held for sale:
Residential	$	6,236,823
Commercial		151,553

Total real estate held for sale	$	6,388,376

Other investments and policy loans at amortized cost:
Policy loans	$	14,536,305
Insurance assignments		46,315,781
Federal Home Loan Bank stock (2)		677,100
Other investments		23,490,927
Less: Allowance for credit losses for insurance assignments		(1,518,047	)

Total other investments and policy loans	$	83,502,066

Accrued investment income	$	9,596,277

Total investments	$	1,025,012,731

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company’s investments as of December 31, 2025, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
March 31, 2026
U.S. Treasury securities and obligations of U.S. Government agencies	$	47,025	$	12,992,660	$	58,741	$	1,581,809	$	105,766	$	14,574,469
Obligations of states and political subdivisions		3,152		196,848		177,559		2,081,355		180,711		2,278,203
Corporate securities including public utilities		1,423,738		76,810,812		3,105,700		37,427,064		4,529,438		114,237,876
Mortgage-backed securities		12,324		973,482		3,595,185		16,667,312		3,607,509		17,640,794
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	1,523,739	$	91,186,302	$	6,937,185	$	57,757,540	$	8,460,924	$	148,943,842

December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,665,703	$	19,641,777
Due in 2-5 years		129,855,952		130,217,565
Due in 5-10 years		130,676,874		131,821,597
Due in more than 10 years		67,262,583		65,478,295
Mortgage-backed securities		23,391,046		19,686,991
Redeemable preferred stock		750,000		719,700
Total	$	371,602,158	$	367,565,925

Cemetery Perpectual Care Obligation [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments and Obligation

The components of cemetery perpetual care investments and obligation as of March 31, 2026, are as follows:

Schedule of Investments and Obligation

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	154,594		$	41	$	-		$	154,635
Obligations of states and political subdivisions		119,677			-		(1,909	)		117,768
Total fixed maturity securities available for sale	$	274,271		$	41	$	(1,909	)	$	272,403

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	5,000,830		$	1,687,074	$	(172,761	)	$	6,515,143
Total equity securities at estimated fair value	$	5,000,830		$	1,687,074	$	(172,761	)	$	6,515,143

Mortgage loans held for investment at amortized cost:
Residential construction	$	612,154
Less: Allowance for credit losses		(1,224	)
Total mortgage loans held for investment	$	610,930

Other investments	$	1,303,245

Cash and cash equivalents	$	1,317,345

Accrued investment income	$	7,540

Total cemetery perpetual care trust investments	$	10,026,606

Cemetery perpetual care obligation	$	(5,998,538	)

Trust investments in excess of trust obligations	$	4,028,068

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

6) Cemetery Perpetual Care Trust Investments and Obligation (Continued)

The components of cemetery perpetual care investments and obligation as of December 31, 2025, are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	152,738		$	842	$	-		$	153,580
Obligations of states and political subdivisions		121,423			-		(2,991	)		118,432
Total fixed maturity securities available for sale	$	274,161		$	842	$	(2,991	)	$	272,012

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732
Total equity securities at estimated fair value	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732

Mortgage loans held for investment at amortized cost:
Residential construction	$	66,342
Less: Allowance for credit losses		(133	)
Total mortgage loans held for investment	$	66,209

Cash and cash equivalents	$	1,935,480

Other investments	$	1,290,271

Accrued investment income	$	4,243

Total cemetery perpetual care trust investments	$	9,871,947

Cemetery perpetual care obligation	$	(5,918,776	)

Trust investments in excess of trust obligations	$	3,953,171

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
March 31, 2026
Obligations of states and political subdivisions	$	-	$	-	$	1,909	$	117,768	$	1,909	$	117,768
Totals	$	-	$	-	$	1,909	$	117,768	$	1,909	$	117,768

December 31, 2025
Obligations of states and political subdivisions	$	-	$	-	$	2,991	$	118,432	$	2,991	$	118,432
Totals	$	-	$	-	$	2,991	$	118,432	$	2,991	$	118,432

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	154,593	$	154,634
Due in 2-5 years		68,914		67,151
Due in 5-10 years		50,764		50,618
Due in more than 10 years		-		-
Total	$	274,271	$	272,403

Schedule of Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Location, Statement of Income, Balance [Axis]: SNFCA:MajorGoodsOrServicesLines
Net mortuary and cemetery sales	$ 7,733,823	$ 7,300,221
Location, Statement of Income, Balance [Axis]: SNFCA:MajorGoodsOrServicesLinesAtNeed
Net mortuary and cemetery sales	5,845,861	5,716,277
Location, Statement of Income, Balance [Axis]: SNFCA:MajorGoodsOrServicesLinesPreNeed
Net mortuary and cemetery sales	1,887,962	1,583,944
Location, Statement of Income, Balance [Axis]: SNFCA:TimingOfRevenueRecognition
Net mortuary and cemetery sales	7,733,823	7,300,221
Location, Statement of Income, Balance [Axis]: SNFCA:TimingOfRevenueRecognitionGoodsTransferredAtAPointInTime
Net mortuary and cemetery sales	4,859,344	4,154,547
Location, Statement of Income, Balance [Axis]: SNFCA:TimingOfRevenueRecognitionServicesTransferredAtAPointInTime
Net mortuary and cemetery sales	$ 2,874,479	$ 3,145,674

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Insider Trading Arrangements [Line Items]
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

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of March 31, 2026, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	65,521,592		$	551,988	$	(105,766	)	$	-		$	65,967,814

Obligations of states and political subdivisions		3,093,790			5,517		(180,711	)		-			2,918,596

Corporate securities including public utilities		278,845,730			4,478,480		(4,529,438	)		(521,948	)		278,272,824

Mortgage-backed securities		23,391,046			57,503		(3,607,509	)		(154,049	)		19,686,991

Redeemable preferred stock		750,000			7,200		(37,500	)		-			719,700

Total fixed maturity securities available for sale	$	371,602,158		$	5,100,688	$	(8,460,924	)	$	(675,997	)	$	367,565,925

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Total equity securities at estimated fair value	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Mortgage loans held for investment at amortized cost:
Residential	$	85,519,490
Residential construction		149,601,559
Commercial		74,614,673
Less: Unamortized deferred loan fees, net		(1,664,276	)
Less: Allowance for credit losses		(2,553,360	)
Less: Net discounts		(249,646	)

Total mortgage loans held for investment	$	305,268,440

Real estate held for investment - net of accumulated depreciation:
Residential	$	114,491,810
Commercial		119,853,523

Total real estate held for investment	$	234,345,333

Real estate held for sale:
Residential	$	6,236,823
Commercial		151,553

Total real estate held for sale	$	6,388,376

Other investments and policy loans at amortized cost:
Policy loans	$	14,536,305
Insurance assignments		46,315,781
Federal Home Loan Bank stock (2)		677,100
Other investments		23,490,927
Less: Allowance for credit losses for insurance assignments		(1,518,047	)

Total other investments and policy loans	$	83,502,066

Accrued investment income	$	9,596,277

Total investments	$	1,025,012,731

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company’s investments as of December 31, 2025, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
March 31, 2026
U.S. Treasury securities and obligations of U.S. Government agencies	$	47,025	$	12,992,660	$	58,741	$	1,581,809	$	105,766	$	14,574,469
Obligations of states and political subdivisions		3,152		196,848		177,559		2,081,355		180,711		2,278,203
Corporate securities including public utilities		1,423,738		76,810,812		3,105,700		37,427,064		4,529,438		114,237,876
Mortgage-backed securities		12,324		973,482		3,595,185		16,667,312		3,607,509		17,640,794
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	1,523,739	$	91,186,302	$	6,937,185	$	57,757,540	$	8,460,924	$	148,943,842

December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

	March 31, 2026				December 31, 2025
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	188,389,332	$	186,162,155	$	198,055,737	$	197,788,945
2		175,261,903		174,739,103		177,242,472		178,441,019
3		6,544,197		5,741,086		6,145,460		5,616,342
4		155,585		153,881		155,717		160,830
5		-		-		-		-
6		501,141		50,000		51,907		47,340
Total	$	370,852,158	$	366,846,225	$	381,651,293	$	382,054,476

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three-month periods ended March 31, 2026, and 2025:

	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total
	Three Months Ended March 31, 2026
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total

Beginning balance - December 31, 2025	$	-	$	-	$	425,401	$	154,049	$	579,450

Additions for credit losses not previously recorded		-		-		22,498		-		22,498
Change in allowance on securities with previous allowance		-		-		74,049		-		74,049
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance - March 31, 2026	$	-	$	-	$	521,948	$	154,049	$	675,997

	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total
	Three Months Ended March 31, 2025
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993
Balance	$	-	$	-	$	408,944		$	12,049	$	420,993

Additions for credit losses not previously recorded		-		-		72,000			-		72,000
Change in allowance on securities with previous allowance		-		-		14,437			-		14,437
Reductions for securities sold during the period		-		-		-			-		-
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		(130	)		-		(130	)

Ending Balance - March 31, 2025	$	-	$	-	$	495,251		$	12,049	$	507,300
Balance	$	-	$	-	$	495,251		$	12,049	$	507,300

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,665,703	$	19,641,777
Due in 2-5 years		129,855,952		130,217,565
Due in 5-10 years		130,676,874		131,821,597
Due in more than 10 years		67,262,583		65,478,295
Mortgage-backed securities		23,391,046		19,686,991
Redeemable preferred stock		750,000		719,700
Total	$	371,602,158	$	367,565,925

Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	2026			2025
	Three Months Ended March 31,
	2026			2025
Proceeds from sales	$	1,179,677		$	3,224,848
Gross realized gains		247			526
Gross realized losses		(65,035	)		(40,504	)

Schedule of Assets on Deposit with Life Insurance

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale at estimated fair value	$	7,041,560	$	7,744,141
Other investments		424,670		-
Cash and cash equivalents		1,455,333		1,543,842
Total assets on deposit	$	8,921,563	$	9,287,983

Assets held in trust related to third-party reinsurance agreements were as follows:

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale at estimated fair value	$	22,083,221	$	23,915,884
Other investments		1,177,008		-
Cash and cash equivalents		2,634,084		2,136,642
Total assets on deposit	$	25,894,313	$	26,052,526

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company, through two of its life insurance subsidiaries, is a member of the Federal Home Loan Banks of Des Moines and Dallas (“FHLBs”). Assets pledged as collateral with the FHLBs are presented below. These pledged securities are used as collateral for any FHLB cash advances. As of March 31, 2026, the Company owed nil to the FHLBs for advances. Amounts owed, if any, are included in Bank and other loans payable on the condensed consolidated balance sheets. The Company did not receive or repay any advances during the three months ended March 31, 2026.

As of
March 31, 2026

As of

December 31, 2025

Fixed maturity securities available for sale at estimated fair value

51,704,240

64,066,256

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Utah (1)	$	119,835,765	$	121,240,268		546,941		546,941
Louisiana		17,758		17,924		1,622		1,622

	$	119,853,523	$	121,258,192		548,563		548,563

(1)

Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)

Consists of approximately 93 acres of undeveloped land

Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of March 31, 2026, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Funeral Home/Cemetery Operations, and Mortgage Operations and Sales		216,865		50	%
1818 Marshall Street, Shreveport, LA (2) (3)	Life Insurance Operations		12,274		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets
(3)	Listed for sale

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Utah (1)	$	114,491,810	$	93,638,938
	$	114,491,810	$	93,638,938

(1)

Includes multiple residential subdivision development projects, refer to the following table

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

	March 31, 2026		December 31, 2025
Lots developed		435		492
Lots to be developed		990		761
Book Value	$	114,330,346	$	93,474,755

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Utah	$	5,456,806	$	5,456,806
Colorado		121,000		140,000
Florida		130,000		146,651
Georgia		380,000		380,000
Nevada		149,017		149,017
	$	6,236,823	$	6,272,474

Schedule of Mortgage Loans Held for Investment

The following table presents the distribution of the Company’s mortgage loans held for investment across the various states.

	Commercial			Residential			Residential Construction			Total
As of March 31, 2026:
Utah		27	%		15	%		96	%		58	%
Florida		1	%		25	%		0	%		7	%
California		19	%		6	%		0	%		6	%
Texas		12	%		16	%		0	%		7	%
Arizona		9	%		14	%		0	%		6	%
Other states		32	%		24	%		4	%		16	%

Total		100	%		100	%		100	%		100	%

As of December 31, 2025:
Utah		26	%		16	%		96	%		57	%
Florida		1	%		25	%		0	%		7	%
California		24	%		5	%		0	%		7	%
Texas		12	%		14	%		0	%		7	%
Arizona		9	%		15	%		0	%		6	%
Other states		28	%		25	%		4	%		16	%

Total		100	%		100	%		100	%		100	%

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - December 31, 2025	$	1,368,121		$	904,738		$	316,059		$	2,588,918
Change in provision for credit losses (1)		(46,037	)		27,334			(16,855	)		(35,558	)
Charge-offs		-			-			-			-
Ending balance - March 31, 2026	$	1,322,084		$	932,072		$	299,204		$	2,553,360

Beginning balance - December 31, 2024	$	732,494		$	850,550		$	302,346		$	1,885,390
Change in provision for credit losses (1)		289,236			(203,443	)		37,409			123,202
Charge-offs		-			-			-			-
Ending balance - March 31, 2025	$	1,021,730		$	647,107		$	339,755		$	2,008,592

(1)

Included in other expenses on the condensed consolidated statements of earnings

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
March 31, 2026
30-59 days past due	$	81,837		$	6,858,959		$	-		$	6,940,796
60-89 days past due		-			1,195,773			-			1,195,773
Over 90 days past due (1)		2,827,352			4,487,106			-			7,314,458
In process of foreclosure (1)		588,013			1,462,111			-			2,050,124
Total past due		3,497,202			14,003,949			-			17,501,151
Current		71,117,471			71,515,541			149,601,559			292,234,571
Total mortgage loans		74,614,673			85,519,490			149,601,559			309,735,722
Allowance for credit losses		(1,322,084	)		(932,072	)		(299,204	)		(2,553,360	)
Unamortized deferred loan fees, net		(242,747	)		(1,173,134	)		(248,395	)		(1,664,276	)
Unamortized discounts, net		(142,549	)		(107,097	)		-			(249,646	)
Net mortgage loans held for investment	$	72,907,293		$	83,307,187		$	149,053,960		$	305,268,440

December 31, 2025
30-59 days past due	$	86,117		$	7,302,658		$	-		$	7,388,775
60-89 days past due		-			2,485,313			-			2,485,313
Over 90 days past due (1)		2,832,372			2,479,479			-			5,311,851
In process of foreclosure (1)		588,013			616,430			-			1,204,443
Total past due		3,506,502			12,883,880			-			16,390,382
Current		75,725,284			77,760,710			157,398,705			310,884,699
Total mortgage loans		79,231,786			90,644,590			157,398,705			327,275,081
Allowance for credit losses		(1,368,121	)		(904,738	)		(316,059	)		(2,588,918	)
Unamortized deferred loan fees, net		(374,372	)		(1,283,049	)		(338,374	)		(1,995,795	)
Unamortized discounts, net		(146,534	)		(108,449	)		-			(254,983	)
Net mortgage loans held for investment	$	77,342,759		$	88,348,354		$	156,744,272		$	322,435,385

(1)

Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Total		% of Total
LTV:
Less than 65%	$	2,264,400	$	26,486,545	$	3,889,812	$	15,600,000	$	462,761	$	9,002,062	$	57,705,580		77.34	%
65% to 80%		1,260,000		3,525,554		10,432,656		1,000,506		293,872		-		16,512,588		22.13	%
Greater than 80%		-		-		-		-		-		396,505		396,505		0.53	%

Total	$	3,524,400	$	30,012,099	$	14,322,468	$	16,600,506	$	756,633	$	9,398,567	$	74,614,673		100.00	%

DSCR
>1.20x	$	-	$	7,680,478	$	12,089,812	$	7,500,000	$	-	$	5,265,290	$	32,535,580		43.60	%
1.00x - 1.20x		3,524,400		17,956,621		2,232,656		9,100,506		756,633		348,050		33,918,866		45.46	%
<1.00x		-		4,375,000		-		-		-		3,785,227		8,160,227		10.94	%

Total	$	3,524,400	$	30,012,099	$	14,322,468	$	16,600,506	$	756,633	$	9,398,567	$	74,614,673		100.00	%

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

`	2025		2024		2023		2022		2021		Prior		Total		% of Total
LTV:
Less than 65%	$	34,518,653	$	3,890,144	$	15,600,000	$	462,761	$	810,696	$	8,299,883	$	63,582,137		80.25	%
65% to 80%		3,525,554		10,432,942		1,000,776		293,872		-		-		15,253,144		19.25	%
Greater than 80%		-		-		-		-		396,505		-		396,505		0.50	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

DSCR
>1.20x	$	7,519,000	$	10,000,000	$	7,500,000	$	-	$	-	$	5,292,385	$	30,311,385		38.26	%
1.00x - 1.20x		28,300,207		4,323,086		9,100,776		756,633		1,207,201		3,007,498		46,695,401		58.94	%
<1.00x		2,225,000		-		-		-		-		-		2,225,000		2.81	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Total		% of Total
Performance Indicators:
Performing	$	1,387,990	$	8,283,600	$	11,736,720	$	8,888,926	$	35,481,702	$	13,791,335	$	79,570,273		93.04	%
Non-performing (1)		-		1,470,213		878,703		1,705,661		539,860		1,354,780		5,949,217		6.96	%

Total	$	1,387,990	$	9,753,813	$	12,615,423	$	10,594,587	$	36,021,562	$	15,146,115	$	85,519,490		100.00	%

(1)

Includes residential mortgage loans in the process of foreclosure of $1,462,111

LTV:
Less than 65%	$	640,727	$	1,888,800	$	6,042,451	$	4,103,812	$	5,640,640	$	8,734,429	$	27,050,859	31.63	%
65% to 80%		747,263		6,660,280		6,418,110		6,196,811		28,359,148		5,876,068		54,257,680	63.44	%
Greater than 80%		-		1,204,733		154,862		293,964		2,021,774		535,618		4,210,951	4.92	%

Total	$	1,387,990	$	9,753,813	$	12,615,423	$	10,594,587	$	36,021,562	$	15,146,115	$	85,519,490	100.00	%

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
Performance Indicators:
Performing	$	10,946,252	$	11,711,336	$	10,177,427	$	39,714,697	$	2,264,902	$	12,734,067	$	87,548,681		96.58	%
Non-performing (1)		546,602		927,255		616,430		255,544		-		750,078		3,095,909		3.42	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590		100.00	%

(1)

Includes residential mortgage loans in the process of foreclosure of $616,430

LTV:	Year 1		Year 2		Year 3		Year 4		Year 5
Less than 65%	$	4,382,324	$	6,054,903	$	4,118,599	$	5,710,475	$	968,377	$	7,259,011	$	28,493,689	31.43	%
65% to 80%		6,673,602		6,428,826		6,380,363		32,514,676		1,296,525		5,688,715		58,982,707	65.07	%
Greater than 80%		436,928		154,862		294,895		1,745,090		-		536,419		3,168,194	3.50	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590	100.00	%

Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Total		% of Total
Performance Indicators:
Performing	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%

LTV:
Less than 65%	$	7,552,555	$	29,563,386	$	23,423,845	$	5,450,344	$	3,931,765	$	69,921,895		46.74	%
65% to 80%		16,044,806		52,184,990		8,408,930		-		-		76,638,726		51.23	%
Greater than 80%		-		3,040,938		-		-		-		3,040,938		2.03	%

Total	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

LTV:
Less than 65%	$	24,286,540	$	20,684,760	$	5,820,344	$	-	$	3,931,764	$	54,723,408		34.77	%
65% to 80%		78,223,502		21,444,957		-		-		-		99,668,459		63.32	%
Greater than 80%		3,006,838		-		-		-		-		3,006,838		1.91	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of March 31, 2026			As of December 31, 2025
30-59 days past due	$	8,926,915		$	8,444,866
60-89 days past due		3,969,994			3,344,793
Over 90 days past due		5,494,846			4,976,211
Total past due		18,391,755			16,765,870
Current		27,924,026			29,418,129
Total insurance assignments		46,315,781			46,183,999
Allowance for credit losses		(1,518,047	)		(1,676,468	)
Net insurance assignments	$	44,797,734		$	44,507,531

Schedule of Allowance for Credit Losses for Insurance Assignments

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

	Three Months Ended
Beginning balance - December 31, 2025	$	1,676,468
Change in provision for credit losses (1)		284,826
Charge-offs		(443,247	)
Ending balance - March 31, 2026	$	1,518,047

Beginning balance - December 31, 2024	$	1,536,926
Change in provision for credit losses (1)		293,798
Charge-offs		(312,941	)
Ending balance - March 31, 2025	$	1,517,783

(1)

Included in other expenses on the condensed consolidated statements of earnings

Schedule of Carrying Value of Investments

The following table presents the carrying value of the investments as of the dates indicated:

	As of March 31, 2026		As of December 31, 2025
HHH (1)	$	8,639,798	$	10,530,515
Oquirrh (1)		775,138		887,532
Towns (2)		2,358,039		2,656,616
Total	$	11,772,975	$	14,074,663

(1)

Included in other investments and policy loans on the condensed consolidated balance sheets

(2)

Out of these totals, $1,155,507 and $1,467,058 of which at March 31, 2026, and December 31, 2025, respectively, were included in restricted assets and $1,202,531 and $1,189,558 of which at March 31, 2026, and December 31, 2025, respectively, were included in cemetery perpetual care trust investments on the condensed consolidated balance sheets

Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2026			2025
	Three Months Ended March 31,
	2026			2025
Fixed maturity securities:
Gross realized gains	$	25,794		$	1,068
Gross realized losses		(77,874	)		(42,286	)
Net credit loss provision		(96,547	)		(86,307	)

Equity securities:
Gains on securities sold		15,722			114,127
Unrealized gains (losses) on securities held at the end of the period		(54,513	)		273,477

Real estate held for investment and sale:
Gross realized gains		586,972			394,525
Gross realized losses		(35,651	)		-

Other assets:
Gross realized gains		667			6,525
Gross realized losses		(13,822	)		(75,108	)
Total	$	350,748		$	586,021

Major categories of net investment income were as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Fixed maturity securities available for sale	$	4,712,644		$	4,664,833
Equity securities		207,832			192,631
Mortgage loans held for investment		8,274,060			7,964,539
Real estate held for investment and sale		2,937,919			2,959,711
Policy loans		241,508			244,605
Insurance assignments		5,444,231			5,732,150
Other investments		315,638			161,486
Cash and cash equivalents		1,047,236			1,402,636
Gross investment income		23,181,068			23,322,591
Investment expenses		(4,679,720	)		(4,119,967	)
Net investment income	$	18,501,348		$	19,202,624

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale	$	4,418,548	$	4,089,819
Equity securities		9,943		13,169
Mortgage loans held for investment		1,444,226		1,032,964
Real estate held for investment		3,666,530		3,850,958
Other investments		4,667		30,916
Cash and cash equivalents		52,363		36,819
Total accrued investment income	$	9,596,277	$	9,054,645

Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Reconciliation of Policyholder Account Balances and the Related Receivable from Reinsurers to the Consolidated Balance Sheets

The following table provides a reconciliation of policyholder account balances and the related receivable from reinsurers to the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
Policyholder account balances - fixed annuities	$	103,029,371	$	104,233,454
Deferred profit liability - fixed annuities		523,926		546,802
Policyholder account balances - universal life		35,289,278		35,825,494

Gross policyholder account balances	$	138,842,575	$	140,605,750

Receivable from reinsurers

Policyholder account balances - fixed annuities		3,092,871		3,275,247

Total receivable from reinsurers		3,092,871		3,275,247

Net policyholder account balances	$	135,749,704	$	137,330,503

Schedule of Balances and Changes in Policyholder Account Balances

The following table summarizes the balances and changes in policyholder account balances for the lines of business indicated:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Universal Life			Fixed Annuities			Universal Life			Fixed Annuities
Balance, beginning of year	$	35,825,494		$	104,233,454		$	37,091,230		$	105,088,621
Deposits		337,324			2,202,600			353,341			2,711,947
Interest credited		437,262			764,992			423,220			767,523
Policy charges (1)		(590,416	)		(2,097	)		(532,389	)		(1,690	)
Surrenders, withdrawals and benefit payments		(720,386	)		(4,169,578	)		(384,291	)		(3,713,105	)
Balance, end of period		35,289,278			103,029,371			36,951,111			104,853,296
Less: Receivable from reinsurers		-			3,092,871			-			3,438,939
Policyholder account balances, net of reinsurance	$	35,289,278		$	99,936,500		$	36,951,111		$	101,414,357

Weighted-average crediting rate		4.16	%		3.04	%		4.16	%		3.03	%
Net amount at risk (2)		130,213,794			N/A			137,245,425			N/A
Cash surrender value		35,289,277			102,546,622			36,951,111			104,493,368

(1)	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. Included in premiums and other considerations on the consolidated statements of earnings.

(2)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date

Schedule of Balances of and Changes in Deferred Profit Liability for Fixed Annuities

The following table summarizes the balances of and changes in deferred profit liability for fixed annuities:


	Three Months Ended March 31,
	2026			2025
Balance, beginning of year	$	546,802		$	627,465
Effect of actual variances from expected experience		-			-
Adjusted balance, beginning of period		546,802			627,465
Profits deferred		-			-
Interest accrual		-			-
Amortization		(22,876	)		(19,409	)
Other adjustments		-			-
Balance, end of period		523,926			608,056
Less: Receivable from reinsurers		-			-
Deferred profit liability, net of reinsurance	$	523,926		$	608,056

Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates and the Related Range of Difference

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums for the lines of business indicated are as follows:


	March 31, 2026
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%	$	-	$	-	$	-	$	-	$	-
1.00% - 1.99%		-		-		-		-		-
2.00% - 2.99%		-		-		-		-		-
3:00%-4.00%		24,884,774		-		1,541,532		-		26,426,306
Greater than 4.00%		4,284,184		4,578,788		-		-		8,862,972
Total	$	29,168,958	$	4,578,788	$	1,541,532	$	-	$	35,289,278

Fixed Annuities
Less than 1.00%	$	-	$	-	$	-	$	-	$	-
1.00% - 1.99%		10,729,410		9,927,428		-		-		20,656,838
2.00% - 2.99%		5,689,266		-		330,239		4,848,175		10,867,680
3:00%-4.00%		47,533,902		10,286,807		55,261		432,287		58,308,257
Greater than 4.00%		12,847,413		-		349,183		-		13,196,596
Total	$	76,799,991	$	20,214,235	$	734,683	$	5,280,462	$	103,029,371


	March 31, 2025
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%	$	-	$	-	$	-	$	-	$	-
1.00% - 1.99%		-		-		-		-		-
2.00% - 2.99%		-		-		-		-		-
3:00%-4.00%		25,948,248		-		1,524,901		-		27,473,149
Greater than 4.00%		4,725,717		4,752,245		-		-		9,477,962
Total	$	30,673,965	$	4,752,245	$	1,524,901	$	-	$	36,951,111

Fixed Annuities
Less than 1.00%	$	-	$	-	$	-	$	-	$	-
1.00% - 1.99%		11,826,448		11,168,785		-		-		22,995,233
2.00% - 2.99%		4,854,112		-		327,727		5,054,713		10,236,552
3:00%-4.00%		47,384,970		10,552,439		36,757		450,086		58,424,252
Greater than 4.00%		12,848,005		-		349,254		-		13,197,259
Total	$	76,913,535	$	21,721,224	$	713,738	$	5,504,799	$	104,853,296

Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Stock Option Plans

The activity of the Plans during the three-month period ended March 31, 2026, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at December 31, 2025		760,838		$	6.85		2,366,291	$	7.54
Granted		7,500					-
Exercised		(1,051	)				-
Cancelled		(6,598	)				-
Outstanding at March 31, 2026		760,689		$	6.88		2,366,291	$	7.54

As of March 31, 2026:
Options exercisable		557,659		$	6.28		1,860,534	$	7.26

As of March 31, 2026:
Available options for future grant		1,896,335					4,207

Weighted average contractual term of options
outstanding at March 31, 2026		6.64 years					6.75 years

Weighted average contractual term of options
exercisable at March 31, 2026		5.54 years					5.99 years

Aggregated intrinsic value of options
outstanding at March 31, 2026 (1)	$	2,136,093				$	5,659,342

Aggregated intrinsic value of options
exercisable at March 31, 2026 (1)	$	1,952,408				$	5,192,461

(1)	The Company used a stock price of $9.48 as of March 31, 2026 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

18) Stock Compensation Plans (Continued)

The activity of the Plans during the three-month period ended March 31, 2025, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares			Weighted Average Exercise Price (2)

Outstanding at December 31, 2024		646,594		$	5.93		1,724,400		$	7.23
Granted		24,000					-
Exercised		(112,735	)				(113,023	)
Cancelled		-					-
Outstanding at March 31, 2025		557,859		$	6.24		1,611,377		$	7.50

As of March 31, 2025:
Options exercisable		501,834		$	5.51		1,363,881		$	6.47

As of March 31, 2025:
Available options for future grant		53,718					146,238

Weighted average contractual term of options
outstanding at March 31, 2025		5.38 years					6.64 years

Weighted average contractual term of options
exercisable at March 31, 2025		5.02 years					6.16 years

Aggregated intrinsic value of options
outstanding at March 31, 2025 (1)	$	3,269,071				$	7,406,757

Aggregated intrinsic value of options
exercisable at March 31, 2025 (1)	$	3,305,118				$	7,676,614

(1)	The Company used a stock price of $12.10 as of March 31, 2025 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

Schedule of Activity Restricted Stock Units

Activity of the RSUs during the three-month period ended March 31, 2026, is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2025		17,568		$	9.33
Granted		-
Vested		(3,087	)
Non-vested at March 31, 2026		14,481		$	8.53

Available RSUs for future grant		489,706

Activity of the RSUs during the three-month period ended March 31, 2025, is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2024		12,813		$	12.90
Granted		-
Vested		(460	)
Non-vested at March 31, 2025		12,353		$	13.08

Available RSUs for future grant		4,187

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

19) Commitments and Contingencies

Mortgage Loan Loss Settlements

Future loan losses can be extremely difficult to estimate. However, the Company believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its potential losses on loans sold. See Note 3 to the condensed consolidated financial statements for additional information about the Company’s loan loss reserve.

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary SecurityNational Mortgage, has three lines of credit agreements for funding mortgage loans held for sale: one through U.S. Bank, a second through Western Alliance Bank, and a third through JPMorgan Chase Bank. The Company anticipates renewing all agreements in 2026.

The U.S. Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $15,000,000. The relevant agreement contemplates interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR on drawn amounts and matures on July 17, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum net loss of $2.5 million for the quarter.

The Western Alliance Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $25,000,000. The relevant agreement contemplates interest at the 1-Month SOFR rate plus 2.0% on drawn amounts and matures on August 15, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum pre-tax loss of $2.5 million for the quarter.

The JPMorgan Chase Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $35,000,000. The relevant agreement contemplates interest at the 1-Month SOFR rate plus 1.95% on drawn amounts and matures on August 15, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum pre-tax income of $1 for the year.

The agreements for US Bank and JP Morgan Chase Bank warehouse lines of credit include a cross-default provision where certain events of default under other of SecurityNational Mortgage’s obligations constitute events of default under the warehouse lines of credit. As of March 31, 2026, SecurityNational Mortgage was in compliance with all covenants under its warehouse lines of credit. The Company has also performed an analysis of its funding capacities of both internal and external sources and has determined that there are sufficient funds to continue its current business model. The Company continues to negotiate other warehouse lines of credit with other lenders.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

19) Commitments and Contingencies (Continued)

Debt Covenants for Revolving Lines of Credit and Bank Loans

The Company’s revolving line of credit agreements contain debt covenants requiring the Company to maintain minimum operating cash flow ratios and minimum net worth requirements for each of its business segments. The Company is also subject to debt covenants under one of its real estate loans which require maintenance of a minimum consolidated operating cash flow ratio, minimum liquidity amounts, and minimum consolidated net worth value. In addition to these financial debt covenants, the Company is required to provide segment specific financial statements and building specific financial statements under the agreements for each of its bank loans. As of March 31, 2026, the Company was in compliance with all of those debt covenants.

Other Contingencies and Commitments

The Company belongs to a captive insurance group (“the captive group”) for certain casualty insurance, worker compensation and general liability programs. The captive group maintains insurance reserves relative to these programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the insurance liabilities and related reserves, the captive group considers several factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. If actual claims or adverse development of loss reserves occurs and exceed these estimates, additional reserves may be required from the Company and its subsidiaries. The estimation process contains uncertainty since captive insurance management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date.

The Company is a defendant in various legal actions arising from the normal conduct of business. The Company believes that none of the actions, if adversely determined, will have a material effect on the Company’s financial position or results of operations. Based on management’s assessment and legal counsel’s analysis concerning the likelihood of unfavorable outcomes, no amounts have been accrued for the above claims in the consolidated financial statements. The Company is not a party to any other material legal proceedings outside the ordinary course of business or to any other legal proceedings, which, if adversely determined, would have a material adverse effect on its financial condition or results of operations.

Summary of Unpaid Principal Balances of the Servicing Portfolio (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Servicing unpaid principal balance	$ 358,018,607	$ 361,632,543

Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator (Details) (Parenthetical) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Mortgage loans in process of foreclosure, amount	$ 1,462,111	$ 616,430

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Schedule of Carrying Value of Investments (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

HHH Real Estate LLC [Member]

$ 11,772,975

$ 14,074,663

^[1]

8,639,798

10,530,515

SN Oquirrh LLC [Member]

^[1]

775,138

887,532

SN Towns LLC [Member]

^[2]

$ 2,358,039

$ 2,656,616

[1]	Included in other investments and policy loans on the condensed consolidated balance sheets
[2]	Out of these totals, $1,155,507 and $1,467,058 of which at March 31, 2026, and December 31, 2025, respectively, were included in restricted assets and $1,202,531 and $1,189,558 of which at March 31, 2026, and December 31, 2025, respectively, were included in cemetery perpetual care trust investments on the condensed consolidated balance sheets

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

14) Equity

Capital Stock

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
Outstanding shares at December 31, 2025		22,428,625		3,587,237

Exercise of stock options		1,051		-
Vesting of restricted stock units		3,087		-
Conversion of Class C to Class A		-		-

Outstanding shares at March 31, 2026		22,432,763		3,587,237

Outstanding shares at December 31, 2024 (1)		22,321,559		3,492,674
Outstanding shares, beginning		22,321,559		3,492,674

Exercise of stock options		66,273		95,337
Vesting of restricted stock units		460		-

Outstanding shares at March 31, 2025		22,388,292		3,588,011
Outstanding shares, ending		22,388,292		3,588,011

(1)	Adjusted retroactively for the effect of annual stock dividends

Accumulated Other Comprehensive Income (Loss)

Refer to Note 1 regarding the adoption of ASU 2018-12.

The following table summarizes the changes in accumulated other comprehensive income (loss):


	Three Months Ended March 31,
	2026			2025

Unrealized gains (losses) on fixed maturity securities available for sale	$	(4,167,685	)	$	3,988,782
Amounts reclassified into net earnings		(148,626	)		(127,525	)
Net unrealized gains (losses) before taxes		(4,316,311	)		3,861,257
Tax (expense) benefit		908,982			(811,680	)
Net		(3,407,329	)		3,049,577
Unrealized gains (losses) on restricted assets (1)		(3,257	)		4,288
Tax (expense) benefit		811			(1,068	)
Net		(2,446	)		3,220
Unrealized gains on cemetery perpetual care trust investments (1)		281			2,815
Unrealized gains (losses)		281			2,815
Tax (expense)		(70	)		(701	)
Net		211			2,114
Interest rate remeasurement of future policy benefits		14,536,081			(8,122,845	)
Tax (expense) benefit		(3,052,578	)		1,705,797
Net		11,483,503			(6,417,048	)
Other comprehensive income (loss) changes	$	8,073,939		$	(3,362,137	)

(1)	Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

14) Equity (Continued)

The following table presents the accumulated balances of other comprehensive income (loss) as of March 31, 2026:

	Beginning Balance December 31, 2025			Change for the period			Ending Balance March 31, 2026
Unrealized gains (losses) on fixed maturity securities available for sale	$	752,551		$	(3,407,329	)	$	(2,654,778	)
Unrealized gains (losses) on restricted assets (1)		669			(2,446	)		(1,777	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(1,613	)		211			(1,402	)
Interest rate remeasurement of future policy benefits		28,010,516			11,483,503			39,494,019
Other comprehensive income	$	28,762,123		$	8,073,939		$	36,836,062

(1)	Fixed maturity securities available for sale

The following table presents the accumulated balances of other comprehensive income (loss) as of December 31, 2025:

	Beginning Balance December 31, 2024			Change for the period			Ending Balance December 31, 2025
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,147,384	)	$	7,899,935		$	752,551
Unrealized gains (losses) on restricted assets (1)		(4,126	)		4,795			669
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(5,225	)		3,612			(1,613	)
Interest rate remeasurement of future policy benefits		40,876,364		$	(12,865,848	)		28,010,516
Other comprehensive income (loss)	$	33,719,629		$	(4,957,506	)	$	28,762,123

(1)	Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

The entire disclosure for equity.

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Schedule of Balance and the Changes in Unearned Premium Reserve (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Balance, beginning of period

$ 1,824,796

Unearned premium reserve, end of period

1,777,365

Universal Life [Member]

Balance, beginning of period

1,824,796

$ 2,013,245

Deferrals

Amortization

^[1]

(47,431)

(44,487)

Unearned premium reserve, end of period

$ 1,777,365

$ 1,968,758

[1]	Included in premiums and other considerations on the condensed consolidated statements of earnings.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Derivative Assets at Fair Value

The following table shows the fair value and notional amounts of derivative instruments:

		March 31, 2026						December 31, 2025
	Balance Sheet Location	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives not designated as hedging instruments:
Loan commitments	Other assets and Other liabilities	$	182,729,508	$	2,959,819	$	94,955	$	132,887,592	$	1,700,742	$	220,605
Total		$	182,729,508	$	2,959,819	$	94,955	$	132,887,592	$	1,700,742	$	220,605

Schedule of Gains and Losses on Derivatives

The table below presents the gains (losses) on derivatives. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion, or any amounts excluded from effective testing.

		Three Months Ended March 31,
Derivative	Classification	2026		2025
Loan commitments	Mortgage fee income	$	1,384,727	$	474,540

Schedule of Aging of Insurance Assignments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Insurance assignments, allowance for loan losses	$ (1,518,047)	$ (1,676,468)
Past Due 30 to 59 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	8,926,915	8,444,866
Past Due 60 to 89 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	3,969,994	3,344,793
Over 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	5,494,846	4,976,211
Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	18,391,755	16,765,870
Current [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	27,924,026	29,418,129
Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	46,315,781	46,183,999
Insurance assignments, allowance for loan losses	(1,518,047)	(1,676,468)	$ (1,517,783)	$ (1,536,926)
Net Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	$ 44,797,734	$ 44,507,531

Stock Compensation Plans (Details Narrative) - USD ($)	3 Months Ended
Stock Compensation Plans (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,233,463
Intrinsic value stock options exercised	2,449	$ 1,357,776
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	5,431	9,988
Unrecognized compensation expense	21,194
Stock Option Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 463,699	$ 299,272

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Fair Value of Fixed Maturity Securities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	$ 1,523,739	$ 687,764
Available for sale securities, fair value	91,186,302	32,732,699
Available for sale securities, unrealized losses for more than twelve months	6,937,185	6,552,335
Available for sale securities, fair value	57,757,540	73,321,808
Available for sale securities, unrecognized holding loss	8,460,924	7,240,099
Available for sale securities, fair value	148,943,842	106,054,507
Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months
Available for sale securities, fair value
Available for sale securities, unrealized losses for more than twelve months	2,490	967
Available for sale securities, fair value	153,544	154,575
Available for sale securities, unrecognized holding loss	2,490	967
Available for sale securities, fair value	153,544	154,575
US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	47,025	2,591
Available for sale securities, fair value	12,992,660	2,047,280
Available for sale securities, unrealized losses for more than twelve months	58,741	86,959
Available for sale securities, fair value	1,581,809	11,033,603
Available for sale securities, unrecognized holding loss	105,766	89,550
Available for sale securities, fair value	14,574,469	13,080,883
US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	3,152	4,884
Available for sale securities, fair value	196,848	195,116
Available for sale securities, unrealized losses for more than twelve months	177,559	167,300
Available for sale securities, fair value	2,081,355	2,095,220
Available for sale securities, unrecognized holding loss	180,711	172,184
Available for sale securities, fair value	2,278,203	2,290,336
US States and Political Subdivisions Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months
Available for sale securities, fair value
Available for sale securities, unrealized losses for more than twelve months	2,003	8
Available for sale securities, fair value	102,549	103,504
Available for sale securities, unrecognized holding loss	2,003	8
Available for sale securities, fair value	102,549	103,504
Corporate Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	1,423,738	638,436
Available for sale securities, fair value	76,810,812	30,085,561
Available for sale securities, unrealized losses for more than twelve months	3,105,700	2,749,214
Available for sale securities, fair value	37,427,064	42,688,720
Available for sale securities, unrecognized holding loss	4,529,438	3,387,650
Available for sale securities, fair value	114,237,876	72,774,281
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	12,324	4,353
Available for sale securities, fair value	973,482	192,242
Available for sale securities, unrealized losses for more than twelve months	3,595,185	3,548,862
Available for sale securities, fair value	16,667,312	17,504,265
Available for sale securities, unrecognized holding loss	3,607,509	3,553,215
Available for sale securities, fair value	17,640,794	17,696,507
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	37,500	37,500
Available for sale securities, fair value	212,500	212,500
Available for sale securities, unrealized losses for more than twelve months
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	37,500	37,500
Available for sale securities, fair value	212,500	212,500
Corporate Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months
Available for sale securities, fair value
Available for sale securities, unrealized losses for more than twelve months	487	959
Available for sale securities, fair value	50,995	51,071
Available for sale securities, unrecognized holding loss	487	959
Available for sale securities, fair value	50,995	51,071
Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months
Available for sale securities, fair value
Available for sale securities, unrealized losses for more than twelve months	1,909	2,991
Available for sale securities, fair value	117,768	118,432
Available for sale securities, unrecognized holding loss	1,909	2,991
Available for sale securities, fair value	117,768	118,432
Cemetery Perpectual Care Obligation [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months
Available for sale securities, fair value
Available for sale securities, unrealized losses for more than twelve months	1,909	2,991
Available for sale securities, fair value	117,768	118,432
Available for sale securities, unrecognized holding loss	1,909	2,991
Available for sale securities, fair value	$ 117,768	$ 118,432

Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2026

Mortgage Servicing Rights

7) Mortgage Servicing Rights

The Company initially records its MSRs at fair value. After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. Amortization expenses are included in other expenses on the condensed consolidated statements of earnings. MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets.

The Company periodically assesses MSRs for impairment. Impairment occurs when the current fair value of the MSR falls below the carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance.

The Company periodically reviews the various loan strata to determine whether the value of the MSRs in each stratum is impaired and likely to recover. If the Company deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

The following table presents the MSR activity:

Schedule of Mortgage Servicing Rights

	As of March 31, 2026			As of December 31, 2025
Amortized cost:
Balance before valuation allowance at beginning of year	$	2,528,459		$	2,939,878
MSR additions resulting from loan sales (1)		53,768			151,056
Amortization (2)		(121,966	)		(562,475	)
Sale of MSRs		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	2,460,261		$	2,528,459

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$	-		$	-
Additions		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance at end of period	$	-		$	-

Mortgage servicing rights, net	$	2,460,261		$	2,528,459

Estimated fair value of MSRs at end of period	$	3,994,484		$	4,035,635

(1)

Included in mortgage fee income on the condensed consolidated statements of earnings

(2)

Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

7) Mortgage Servicing Rights (Continued)

	Estimated MSR Amortization
2026		250,438
2027		234,927
2028		215,762
2029		193,541
2030		174,002
Thereafter		1,391,591
Total	$	2,460,261

The Company collected the following contractual service fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings.

Schedule of Other Revenues

	2026		2025
	Three Months Ended March 31,
	2026		2025
Contractual service fees	$	222,067	$	232,101
Late fees		17,306		19,617
Total	$	239,373	$	251,718

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

As of

March 31, 2026

As of

December 31, 2025

Servicing UPB

358,018,607

361,632,543

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
March 31, 2026		12.10		7.54		11.73
December 31, 2025		12.27		7.44		11.92

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment


	For the Three Months Ended March 31, 2026
	Life		Funeral Home
	Insurance		and Cemetery			Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	28,855,254	$	7,733,823		$	23,489,659		$	60,078,736
Net investment income		17,717,277		652,531			131,540			18,501,348
Gains (losses) on investments and other assets		382,514		(74,328	)		42,562			350,748
Other revenues		375,052		160,642			262,254			797,948
Intersegment revenues		1,523,146		83,836			72,306			1,679,288
Total segment revenues		48,853,243		8,556,504			23,998,321			81,408,068

Elimination of intersegment revenues										(1,679,288	)
Total consolidated revenues										79,728,780

Less:
Policyholder benefits and claims		24,539,397		-			-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		2,689,374		289,944			-
Selling, general and administrative expenses:
Commissions		472,826		238,209			8,082,825
Personnel		8,738,857		2,733,070			9,129,709
Advertising		90,904		101,937			544,222
Rent and rent related		94,375		37,903			689,999
Depreciation on property and equipment		213,559		241,226			125,305
Cost related to funding mortgage loans		-		-			1,673,977
Data processing and IT related (1)		354,819		88,667			1,031,269
Premium taxes on insurance premiums and other considerations (1)		659,615		-			-
Other segment items (1)(2)		2,349,313		1,362,050			1,873,463
Intersegment expenses (3)		156,141		80,089			1,443,058
Interest expense		892,777		708			102,714
Costs of goods and services sold-mortuaries and cemeteries		-		1,233,449			-
Income tax expense (benefit)		1,663,288		518,697			(131,093	)
Segment net earnings (loss)		5,937,998		1,630,555			(567,127	)		7,001,426

Net earnings									$	7,001,426

Segment assets	$	1,412,106,259	$	108,161,913		$	81,768,909		$	1,602,037,081

Elimination of intersegment assets										(21,253,140	)
Total consolidated assets									$	1,580,783,941

Expenditures for long-lived assets	$	31,477,400	$	182,707		$	-		$	31,660,107

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Funeral Home and Cemetery - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Funeral Home and Cemetery - rent expense, data processing and IT related expenses, and interest expense.
Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

16) Business Segment Information (Continued)


	For the Three Months Ended March 31, 2025
	Life		Funeral Home
	Insurance		and Cemetery		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	29,779,525	$	7,300,221	$	24,809,241		$	61,888,987
Net investment income		18,630,945		421,253		150,426			19,202,624
Gains on investments and other assets		290,534		209,970		85,517			586,021
Other revenues		585,598		187,850		288,643			1,062,091
Intersegment revenues		1,319,923		83,836		121,868			1,525,627
Total segment revenues		50,606,525		8,203,130		25,455,695			84,265,350

Elimination of intersegment revenues									(1,525,627	)
Total consolidated revenues									82,739,723

Less:
Policyholder benefits and claims		25,455,174		-		-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		2,623,034		173,965		-
Selling, general and administrative expenses:
Commissions		862,343		208,420		9,367,618
Personnel		8,526,188		2,538,026		11,118,194
Advertising		99,976		151,609		572,360
Rent and rent related		99,790		38,038		850,783
Depreciation on property and equipment		242,812		212,361		159,962
Cost related to funding mortgage loans		-		-		1,415,252
Data processing and IT related (1)		235,788		70,526		878,110
Premium taxes on insurance premiums and other considerations (1)		718,071		-		-
Other segment items (1)(2)		2,624,538		1,231,210		1,642,444
Intersegment expenses (3)		205,558		87,441		1,232,628
Interest expense		906,447		163		212,918
Costs of goods and services sold-mortuaries and cemeteries		-		1,253,270		-
Income tax expense (benefit)		1,785,207		534,844		(483,453	)
Segment net earnings (loss)		6,221,599		1,703,257		(1,511,121	)		6,413,735

Net earnings								$	6,413,735

Segment assets	$	1,360,748,004	$	100,073,999	$	100,755,930		$	1,561,577,933

Elimination of intersegment assets									(30,644,368	)
Total consolidated assets								$	1,530,933,565

Expenditures for long-lived assets	$	16,717,670	$	257,933	$	109,134		$	17,084,737

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Funeral Home and Cemetery - rent expense, data processing and IT related expenses, and interest expense.
Mortgage - rent expense and interest expense.

Schedule of Allowance for Loan Losses (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Financing receivable, allowance for credit loss, beginning balance

$ 2,588,918

$ 1,885,390

^[1]

(35,558)

123,202

Financing receivable, allowance for credit loss, ending balance

2,553,360

2,008,592

Commercial Loan [Member]

Financing receivable, allowance for credit loss, beginning balance

1,368,121

732,494

^[1]

(46,037)

289,236

Financing receivable, allowance for credit loss, ending balance

1,322,084

1,021,730

Financing receivable, allowance for credit loss, beginning balance

904,738

850,550

^[1]

27,334

(203,443)

Financing receivable, allowance for credit loss, ending balance

932,072

647,107

Financing receivable, allowance for credit loss, beginning balance

316,059

302,346

^[1]

(16,855)

37,409

Financing receivable, allowance for credit loss, ending balance

$ 299,204

$ 339,755

[1]	Included in other expenses on the condensed consolidated statements of earnings

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477263/942-210-45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph c
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (3)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Schedule of Major Categories of Net Investment Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales	$ 1,179,677	$ 3,224,848
Gross realized gains	247	526
Gross realized losses	$ (65,035)	$ (40,504)

Commitments and Contingencies (Details Narrative)	3 Months Ended
Commitments and Contingencies (Details Narrative)	Mar. 31, 2026 USD ($)
U.S. Bank [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 15,000,000
Interest rate terms	contemplates interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR
Line of credit, maturity date	Jul. 17, 2026
Minimum pre-tax loss	$ 2,500,000
Western Alliance Bank [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 25,000,000
Interest rate terms	contemplates interest at the 1-Month SOFR rate plus 2.0%
Line of credit, maturity date	Aug. 15, 2026
Minimum pre-tax loss	$ 2,500,000
J P Morgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 35,000,000
Interest rate terms	contemplates interest at the 1-Month SOFR rate plus 1.95%
Line of credit, maturity date	Aug. 15, 2026
Minimum pre-tax loss	$ 1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Schedule of Weighted Average Duration of the Liability (Details) - Traditional And Limited Payment Life [Member]	Mar. 31, 2026	Mar. 31, 2025
Original Discount Rate [Member]
Effects of Reinsurance [Line Items]
Duration of the liability in years (at current discount rate)	15 years	15 years
Current Discount Rate [Member]
Effects of Reinsurance [Line Items]
Duration of the liability in years (at current discount rate)	13 years	14 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Residential Real Estate Investment (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Real estate held for investment (net of accumulated depreciation)

$ 234,345,333

$ 214,897,130

Residential Real Estate [Member]

6,388,376

6,424,027

Real estate held for investment (net of accumulated depreciation)

114,491,810

93,638,938

UTAH | Land Developments [Member]

6,236,823

6,272,474

Real estate held for investment (net of accumulated depreciation)

114,330,346

93,474,755

Lots developed

435

492

Lots to be developed

990

761

UTAH | Residential Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

^[1]

114,491,810

93,638,938

COLORADO | Residential Real Estate [Member]

5,456,806

FLORIDA | Residential Real Estate [Member]

121,000

140,000

GEORGIA | Residential Real Estate [Member]

130,000

146,651

NEVADA | Residential Real Estate [Member]

380,000

Cemetery Perpetual Care Trust Investments And Obligation

$ 149,017

[1]	Includes multiple residential subdivision development projects, refer to the following table

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Impairment Effects on Earnings Per Share [Line Items]
Balance	$ 579,450	$ 420,993
Additions for credit losses not previously recorded	22,498	72,000
Change in allowance on securities with previous allowance	74,049	14,437
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off		(130)
Balance	675,997	507,300
US Treasury Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance
US States and Political Subdivisions Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance
Corporate Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance	425,401	408,944
Additions for credit losses not previously recorded	22,498	72,000
Change in allowance on securities with previous allowance	74,049	14,437
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off		(130)
Balance	521,948	495,251
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance	154,049	12,049
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance	$ 154,049	$ 12,049

Cemetery Perpetual Care Trust Investments and Obligation

3 Months Ended

Mar. 31, 2026

Cemetery Perpetual Care Trust Investments and Obligation

6) Cemetery Perpetual Care Trust Investments and Obligation

State law requires the Company to pay into endowment care trusts a portion of the proceeds from the sale of certain cemetery property interment rights for cemeteries that have established an endowment care trust. These endowment care trusts are defined as Variable Interest Entities pursuant to GAAP. The Company is the primary beneficiary of these trusts, as it absorbs both the losses and any expenses associated with the trusts. The Company has consolidated cemetery endowment care trust investments with a corresponding amount recorded as Cemetery Perpetual Care Obligation in the accompanying consolidated balance sheets.

The components of cemetery perpetual care investments and obligation as of March 31, 2026, are as follows:

Schedule of Investments and Obligation

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	154,594		$	41	$	-		$	154,635
Obligations of states and political subdivisions		119,677			-		(1,909	)		117,768
Total fixed maturity securities available for sale	$	274,271		$	41	$	(1,909	)	$	272,403

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	5,000,830		$	1,687,074	$	(172,761	)	$	6,515,143
Total equity securities at estimated fair value	$	5,000,830		$	1,687,074	$	(172,761	)	$	6,515,143

Mortgage loans held for investment at amortized cost:
Residential construction	$	612,154
Less: Allowance for credit losses		(1,224	)
Total mortgage loans held for investment	$	610,930

Other investments	$	1,303,245

Cash and cash equivalents	$	1,317,345

Accrued investment income	$	7,540

Total cemetery perpetual care trust investments	$	10,026,606

Cemetery perpetual care obligation	$	(5,998,538	)

Trust investments in excess of trust obligations	$	4,028,068

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

6) Cemetery Perpetual Care Trust Investments and Obligation (Continued)

The components of cemetery perpetual care investments and obligation as of December 31, 2025, are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	152,738		$	842	$	-		$	153,580
Obligations of states and political subdivisions		121,423			-		(2,991	)		118,432
Total fixed maturity securities available for sale	$	274,161		$	842	$	(2,991	)	$	272,012

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732
Total equity securities at estimated fair value	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732

Mortgage loans held for investment at amortized cost:
Residential construction	$	66,342
Less: Allowance for credit losses		(133	)
Total mortgage loans held for investment	$	66,209

Cash and cash equivalents	$	1,935,480

Other investments	$	1,290,271

Accrued investment income	$	4,243

Total cemetery perpetual care trust investments	$	9,871,947

Cemetery perpetual care obligation	$	(5,918,776	)

Trust investments in excess of trust obligations	$	3,953,171

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

6) Cemetery Perpetual Care Trust Investments and Obligation (Continued)

Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
March 31, 2026
Obligations of states and political subdivisions	$	-	$	-	$	1,909	$	117,768	$	1,909	$	117,768
Totals	$	-	$	-	$	1,909	$	117,768	$	1,909	$	117,768

December 31, 2025
Obligations of states and political subdivisions	$	-	$	-	$	2,991	$	118,432	$	2,991	$	118,432
Totals	$	-	$	-	$	2,991	$	118,432	$	2,991	$	118,432

Relevant holdings were comprised of two securities with fair values aggregating 98.4% of the aggregate amortized cost as of March 31, 2026. Relevant holdings were comprised of two securities with fair values aggregating 97.5% of aggregate amortized cost as of December 31, 2025. No credit losses have been recognized for the three-month periods ended March 31, 2026, and 2025, since the unrealized losses are primarily the result of increases in interest rates. See Note 2 for additional information regarding the Company’s evaluation of the allowance for credit losses for fixed maturity securities available for sale.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	154,593	$	154,634
Due in 2-5 years		68,914		67,151
Due in 5-10 years		50,764		50,618
Due in more than 10 years		-		-
Total	$	274,271	$	272,403

See Notes 2 and 17 for additional information regarding cemetery perpetual care trust investments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Schedule of Assumptions Used in Determining MSR Value (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Prepayment speed	12.10	12.27
Average life	7 years 6 months 14 days	7 years 5 months 8 days
Discount rate	11.73	11.92

Cover - $ / shares	3 Months Ended
Cover - $ / shares	Mar. 31, 2026	May 01, 2026
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity File Number	000-09341
Entity Registrant Name	Security National Financial Corporation
Entity Central Index Key	0000318673
Entity Tax Identification Number	87-0345941
Entity Incorporation, State or Country Code	UT
Entity Address, Address Line One	433 Ascension Way
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84123
City Area Code	(801)
Local Phone Number	264-1060
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SNFCA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		22,450,787
Entity Listing, Par Value Per Share	$ 2.00
Common Class C [Member]
Entity Common Stock, Shares Outstanding		3,587,099
Entity Listing, Par Value Per Share	$ 2.00

Schedule of Gross Premiums and Interest Accretion (Details) - Traditional And Limited Payment Life [Member] - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Gross premiums	$ 28,778,299	$ 29,585,306
Interest accretion	$ 7,428,456	$ 7,205,417

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Activity Stock Due [Member]

Schedule of Investments (Details) (Parenthethical) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Short term investment

$ 677,100

^[1]

$ 646,500

^[2]

Membership [Member]

Short term investment

612,300

581,600

Short term investment

$ 64,800

$ 64,900

[1]	Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.
[2]	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

Derivative Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

9) Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a loan commitment is made to an applicant to the time the loan that would result from the exercise of that loan commitment is funded. Managing price risk is complicated by the fact that the ultimate percentage of loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded, or the loan application is denied or withdrawn within the terms of the commitment is driven by several factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment.

In general, the probability of funding increases if mortgage rates rise and decreases if mortgage rates fall. This is due primarily to the relative attractiveness of current mortgage rates compared to the applicant’s committed rate. The probability that a loan will not be funded within the terms of the mortgage loan commitment also is influenced by the source of the applications (retail, broker or correspondent channels), proximity to rate lock expiration, purpose for the loan (purchase or refinance), product type and the application approval status. The Company has developed fallout estimates using historical data that consider all the variables, as well as renegotiations of rate and point commitments that tend to occur when mortgage rates fall. These fallout estimates are used to estimate the number of loans that the Company expects to be funded within the terms of the loan commitments and are updated periodically to reflect the most current data.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment net of estimated commission expense. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued and is shown net of related expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will be funded within the terms of the commitments.

Forward Sale Commitments

The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from the exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value in contrast to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments.

The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the condensed consolidated balance sheets.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

9) Derivative Instruments (Continued)

The following table shows the fair value and notional amounts of derivative instruments:

		March 31, 2026						December 31, 2025
	Balance Sheet Location	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives not designated as hedging instruments:
Loan commitments	Other assets and Other liabilities	$	182,729,508	$	2,959,819	$	94,955	$	132,887,592	$	1,700,742	$	220,605
Total		$	182,729,508	$	2,959,819	$	94,955	$	132,887,592	$	1,700,742	$	220,605

		Three Months Ended March 31,
Derivative	Classification	2026		2025
Loan commitments	Mortgage fee income	$	1,384,727	$	474,540

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Receivables (Details Narrative) - USD ($)	3 Months Ended
Receivables (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Receivables [Abstract]
Revenue recognized included in the opening contract liability	$ 1,723,991	$ 1,159,212

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Guarantor Obligations [Line Items]
Amortized cost	$ 371,602,158	$ 382,401,293
Estimated fair value	367,565,925	382,777,918
NAIC, Class 1 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	188,389,332	198,055,737
Estimated fair value	186,162,155	197,788,945
NAIC, Class 2 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	175,261,903	177,242,472
Estimated fair value	174,739,103	178,441,019
NAIC, Class 3 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	6,544,197	6,145,460
Estimated fair value	5,741,086	5,616,342
NAIC, Class 4 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	155,585	155,717
Estimated fair value	153,881	160,830
NAIC, Class 5 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost
Estimated fair value
NAIC, Class 6 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	501,141	51,907
Estimated fair value	50,000	47,340
National Association of Insurance Commissioners [Member]
Guarantor Obligations [Line Items]
Amortized cost	370,852,158	381,651,293
Estimated fair value	$ 366,846,225	$ 382,054,476

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

13) Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. OBBBA did not have a material impact on the Company’s estimated effective tax rate for 2025.

The Company’s overall effective tax rate for the three-month periods ended March 31, 2026 and 2025 was 22.7% and 22.3%, respectively, which resulted in a provision for income taxes of $2,050,892 and $1,836,598, respectively. The Company’s effective tax rate is higher than the U.S. federal statutory rate of 21% due to, among other factors, state taxes as offset by certain state income tax benefits, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The increase in the effective tax rate when compared to the prior year was primarily due to certain permanent tax adjustments that are higher when compared to the prior year.

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Summary of Activities in Shares of Capital Stock

Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
Outstanding shares at December 31, 2025		22,428,625		3,587,237

Exercise of stock options		1,051		-
Vesting of restricted stock units		3,087		-
Conversion of Class C to Class A		-		-

Outstanding shares at March 31, 2026		22,432,763		3,587,237

Outstanding shares at December 31, 2024 (1)		22,321,559		3,492,674
Outstanding shares, beginning		22,321,559		3,492,674

Exercise of stock options		66,273		95,337
Vesting of restricted stock units		460		-

Outstanding shares at March 31, 2025		22,388,292		3,588,011
Outstanding shares, ending		22,388,292		3,588,011

(1)	Adjusted retroactively for the effect of annual stock dividends

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss):


	Three Months Ended March 31,
	2026			2025

Unrealized gains (losses) on fixed maturity securities available for sale	$	(4,167,685	)	$	3,988,782
Amounts reclassified into net earnings		(148,626	)		(127,525	)
Net unrealized gains (losses) before taxes		(4,316,311	)		3,861,257
Tax (expense) benefit		908,982			(811,680	)
Net		(3,407,329	)		3,049,577
Unrealized gains (losses) on restricted assets (1)		(3,257	)		4,288
Tax (expense) benefit		811			(1,068	)
Net		(2,446	)		3,220
Unrealized gains on cemetery perpetual care trust investments (1)		281			2,815
Unrealized gains (losses)		281			2,815
Tax (expense)		(70	)		(701	)
Net		211			2,114
Interest rate remeasurement of future policy benefits		14,536,081			(8,122,845	)
Tax (expense) benefit		(3,052,578	)		1,705,797
Net		11,483,503			(6,417,048	)
Other comprehensive income (loss) changes	$	8,073,939		$	(3,362,137	)

(1)	Fixed maturity securities available for sale

Schedule of Accumulated Balances of Other Comprehensive Income

The following table presents the accumulated balances of other comprehensive income (loss) as of March 31, 2026:

	Beginning Balance December 31, 2025			Change for the period			Ending Balance March 31, 2026
Unrealized gains (losses) on fixed maturity securities available for sale	$	752,551		$	(3,407,329	)	$	(2,654,778	)
Unrealized gains (losses) on restricted assets (1)		669			(2,446	)		(1,777	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(1,613	)		211			(1,402	)
Interest rate remeasurement of future policy benefits		28,010,516			11,483,503			39,494,019
Other comprehensive income	$	28,762,123		$	8,073,939		$	36,836,062

(1)	Fixed maturity securities available for sale

The following table presents the accumulated balances of other comprehensive income (loss) as of December 31, 2025:

	Beginning Balance December 31, 2024			Change for the period			Ending Balance December 31, 2025
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,147,384	)	$	7,899,935		$	752,551
Unrealized gains (losses) on restricted assets (1)		(4,126	)		4,795			669
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(5,225	)		3,612			(1,613	)
Interest rate remeasurement of future policy benefits		40,876,364		$	(12,865,848	)		28,010,516
Other comprehensive income (loss)	$	33,719,629		$	(4,957,506	)	$	28,762,123

(1)	Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized gains (losses) on fixed maturity securities available for sale

$ (4,167,685)

$ 3,988,782

Amounts reclassified into net earnings

(148,626)

(127,525)

Unrealized gains (losses)

(4,316,311)

3,861,257

Tax (expense)

908,982

(811,680)

Interest rate remeasurement of future policy benefits

(3,407,329)

3,049,577

14,536,081

(8,122,845)

Tax (expense) benefit

2,142,855

(892,348)

Other comprehensive income (loss) changes

11,483,503

(6,417,048)

8,073,939

(3,362,137)

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized gains (losses)

^[1]

(3,257)

4,288

Tax (expense)

811

(1,068)

Cemetery Perpetual Care Trust Investments [Member]

(2,446)

3,220

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized gains (losses)

^[1]

281

2,815

Tax (expense)

(70)

(701)

Future Policy Benefits [Member]

211

2,114

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Tax (expense) benefit

$ (3,052,578)

$ 1,705,797

[1]	Fixed maturity securities available for sale

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	22.70%	22.30%
Provision for income taxes	$ 2,050,892	$ 1,836,598
Federal statutory income tax rate, percent	21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet as of March 31, 2026:

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	367,565,925		$	-	$	366,991,282	$	574,643
Equity securities		18,346,314			18,346,314		-		-
Loans held for sale		137,607,689			-		-		137,607,689
Restricted assets (1)		548,032			-		548,032		-
Restricted assets (2)		16,284,878			16,284,878		-		-
Cemetery perpetual care trust investments (1)		272,403			-		272,403		-
Cemetery perpetual care trust investments (2)		6,515,143			6,515,143		-		-
Derivatives - loan commitments (3)		2,959,819			-		-		2,959,819
Total assets accounted for at fair value on a recurring basis	$	550,100,203		$	41,146,335	$	367,811,717	$	141,142,151

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(94,955	)		-		-		(94,955	)
Total liabilities accounted for at fair value on a recurring basis	$	(94,955	)	$	-	$	-	$	(94,955	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	382,777,918		$	-	$	382,203,275	$	574,643
Equity securities		18,050,062			18,050,062		-		-
Loans held for sale		155,968,266			-		-		155,968,266
Restricted assets (1)		1,177,251			-		1,177,251		-
Restricted assets (2)		14,928,917			14,928,917		-		-
Cemetery perpetual care trust investments (1)		272,012			-		272,012		-
Cemetery perpetual care trust investments (2)		6,303,732			6,303,732		-		-
Derivatives - loan commitments (3)		1,700,742			-		-		1,700,742
Total assets accounted for at fair value on a recurring basis	$	581,178,900		$	39,282,711	$	383,652,538	$	158,243,651

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(220,605	)	$	-	$	-	$	(220,605	)
Total liabilities accounted for at fair value on a recurring basis	$	(220,605	)	$	-	$	-	$	(220,605	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

For Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	March 31, 2026		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	137,607,689	Market approach	Investor contract pricing as a percentage of unpaid principal balance		87.0	%		109.0	%		101.0	%

Derivatives - loan commitments (net)		2,864,864	Market approach	Pull-through rate		51.0	%		100.0	%		91.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			50 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.07		$	100.10

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	December 31, 2025		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	155,968,266	Market approach	Investor contract pricing as a percentage of unpaid principal balance		86.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		1,480,137	Market approach	Pull-through rate		60.0	%		100.0	%		89.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			52 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.77		$	100.10

Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three-month period ended March 31, 2026:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2025	$	1,480,137		$	155,968,266		$	574,643
Originations and purchases		-			488,560,300			-
Sales, maturities and paydowns		-			(516,712,505	)		-
Total gains (losses):
Included in earnings		1,384,727	(1)		9,791,628	(1)		-	(2)
Included in other comprehensive income		-			-			-

Balance - March 31, 2026	$	2,864,864		$	137,607,689		$	574,643

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three-month period ended March 31, 2025:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926
Originations and purchases		-			517,886,377			-
Sales, maturities and paydowns		-			(521,382,576	)		-
Total gains (losses):
Included in earnings		474,540	(1)		12,149,277	(1)		-	(2)
Included in other comprehensive income		-			-			378

Balance - March 31, 2025	$	2,787,750		$	139,834,226		$	1,150,304

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

Schedule of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of March 31, 2026:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	83,307,187		$	-	$	-	$	85,877,780		$	85,877,780
Residential construction		149,053,960			-		-		149,053,960			149,053,960
Commercial		72,907,293			-		-		74,030,925			74,030,925
Mortgage loans held for investment, net	$	305,268,440		$	-	$	-	$	308,962,665		$	308,962,665
Policy loans (1)		14,536,305			-		-		14,536,305			14,536,305
Insurance assignments, net (1)		44,797,734			-		-		44,797,734			44,797,734
Restricted assets (2)		787,200			-		-		787,200			787,200
Cemetery perpetual care trust investments (2)		610,930			-		-		610,930			610,930
Mortgage servicing rights, net		2,460,261			-		-		3,994,484			3,994,484

Liabilities
Bank and other loans payable	$	(108,760,032	)	$	-	$	-	$	(97,468,978	)	$	(97,468,978	)
Policyholder account balances - universal life		(35,289,278	)		-		-		(35,358,733	)		(35,358,733	)
Policyholder account balances - fixed annuities		(103,553,297	)		-		-		(103,199,369	)		(103,199,369	)

(1)	Included in other investments and policy loans on the condensed consolidated balance sheets
(2)	Mortgage loans held for investment

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2025:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	88,348,354		$	-	$	-	$	89,318,434		$	89,318,434
Residential construction		156,744,272			-		-		156,744,272			156,744,272
Commercial		77,342,759			-		-		78,683,341			78,683,341
Mortgage loans held for investment, net	$	322,435,385		$	-	$	-	$	324,746,047		$	324,746,047
Policy loans (1)		14,467,357			-		-		14,467,357			14,467,357
Insurance assignments, net (1)		44,507,531			-		-		44,507,531			44,507,531
Restricted assets (2)		810,802			-		-		810,802			810,802
Cemetery perpetual care trust investments (2)		66,209			-		-		66,209			66,209
Mortgage servicing rights, net		2,528,459			-		-		4,035,635			4,035,635

Liabilities
Bank and other loans payable	$	(98,387,919	)	$	-	$	-	$	(87,490,315	)	$	(87,490,315	)
Policyholder account balances - universal life		(35,825,494	)		-		-		(35,986,392	)		(35,986,392	)
Policyholder account balances - fixed annuities		(104,780,256	)		-		-		(103,880,576	)		(103,880,576	)

(1)	Included in other investments and policy loans on the consolidated balance sheets
(2)	Mortgage loans held for investment

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $371,602,158 and $382,401,293 for 2026 and 2025, respectively; net of allowance for credit losses of $675,997 and $579,450 for 2026 and 2025, respectively)

$ 367,565,925

$ 382,777,918

Equity securities at estimated fair value (cost of $12,477,275 and $12,206,559 for 2026 and 2025, respectively)

18,346,314

18,050,062

137,607,689

155,968,266

548,032

^[1]

1,177,251

^[2]

16,284,878

^[3]

14,928,917

^[4]

272,403

^[1]

272,012

^[2]

6,515,143

^[3]

6,303,732

^[4]

Total assets accounted for at fair value on a recurring basis

2,959,819

^[5]

1,700,742

^[6]

550,100,203

581,178,900

Total liabilities accounted for at fair value on a recurring basis

(94,955)

^[7]

(220,605)

^[8]

(94,955)

(220,605)

Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Equity securities at estimated fair value (cost of $12,477,275 and $12,206,559 for 2026 and 2025, respectively)

18,346,314

18,050,062

^[1]

^[2]

16,284,878

^[3]

14,928,917

^[4]

^[1]

^[2]

6,515,143

^[3]

6,303,732

^[4]

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

41,146,335

39,282,711

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

366,991,282

382,203,275

Equity securities at estimated fair value (cost of $12,477,275 and $12,206,559 for 2026 and 2025, respectively)

548,032

^[1]

1,177,251

^[2]

^[3]

^[4]

272,403

^[1]

272,012

^[2]

^[3]

^[4]

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

367,811,717

383,652,538

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

574,643

Equity securities at estimated fair value (cost of $12,477,275 and $12,206,559 for 2026 and 2025, respectively)

137,607,689

155,968,266

^[1]

^[2]

^[3]

^[4]

^[1]

^[2]

^[3]

^[4]

Total assets accounted for at fair value on a recurring basis

2,959,819

^[5]

1,700,742

^[6]

141,142,151

158,243,651

Total liabilities accounted for at fair value on a recurring basis

(94,955)

^[7]

(220,605)

^[8]

$ (94,955)

$ (220,605)

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale
[3]	Equity securities
[4]	Equity securities
[5]	Included in other assets on the condensed consolidated balance sheets
[6]	Included in other assets on the condensed consolidated balance sheets
[7]	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets
[8]	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

Schedule of Roll Forward for the Lines of Business that Contain DAC Balances (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Balance, beginning of period	$ 135,978,803	$ 127,219,907
Deferrals	4,488,529	5,524,735
Amortization	(2,865,495)	(2,673,743)
Balance, end of period	137,601,837	130,070,899
Traditional Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	127,639,286	118,803,677
Deferrals	4,131,689	5,299,915
Amortization	(2,460,830)	(2,390,105)
Balance, end of period	129,310,145	121,713,487
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	571,370	535,836
Deferrals	29,139	43,786
Amortization	(32,470)	(33,165)
Balance, end of period	568,039	546,457
Universal Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	3,430,518	3,754,867
Deferrals
Amortization	(82,251)	(76,061)
Balance, end of period	3,348,267	3,678,806
Accident and Health Insurance Product Line [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period		466
Deferrals
Amortization		(447)
Balance, end of period		19
Preneed Contracts [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	4,337,629	4,125,061
Deferrals	327,701	181,034
Amortization	(289,944)	(173,965)
Balance, end of period	$ 4,375,386	$ 4,132,130

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479868/944-20-45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479401/944-30-55-2

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(7)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (u)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

Amount of deferred policy acquisition cost capitalized on contract remaining in force.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Future Policy Benefits and Unpaid Claims

3 Months Ended

Mar. 31, 2026

Future Policy Benefits and Unpaid Claims

10) Future Policy Benefits and Unpaid Claims

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liabilities, unpaid claims, and additional insurance liabilities. Also, refer to Note 1 regarding the adoption of ASU 2018-12.

The following table provides a reconciliation of future policy benefits and unpaid claims and the related receivable from reinsurers to the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
Traditional and limited-payment life	$	570,378,453	$	581,389,399
Deferred profit liability - traditional and limited-payment life		208,486,861		205,802,774
Payout annuities		92,238		95,436
Accident and health		502,669		505,208
Other policyholder funds		4,487,939		4,514,783
Reported but unpaid claims		3,004,213		3,299,899
Incurred but not reported claims		3,993,134		4,099,447

Gross future policy benefits and unpaid claims	$	790,945,507	$	799,706,946

Receivable from reinsurers

Traditional and limited-payment life		9,053,706		9,186,983
Deferred profit liability - traditional and limited-payment life		972,336		985,258
Accident and health		70,173		70,173
Reported but unpaid claims		265,754		131,712
Incurred but not reported claims		6,000		6,000

Total receivable from reinsurers		10,367,969		10,380,126

Net future policy benefits and unpaid claims	$	780,577,538	$	789,326,820

Net unpaid claims	$	6,725,593	$	7,261,634

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

10) Future Policy Benefits and Unpaid Claims (Continued)

Traditional and Limited-Payment Life

The following table summarizes the balance of and changes in the liability for future policy benefits for traditional and limited-payment life:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Present Value of Expected Net Premiums:
Balance, beginning of year	$	250,450,302		$	252,828,339
Beginning balance at original discount rate		250,331,770			258,790,212
Effect of changes in cash flow assumptions		-			-
Effect of actual variances from expected experience (1)		(3,405,648	)		(3,096,557	)
Adjusted beginning of year balance		246,926,122			255,693,655
Issuances		12,049,636			13,385,026
Interest accrual		2,951,697			3,092,598
Net premiums collected (2)		(12,686,388	)		(12,953,003	)
Ending balance at original discount rate		249,241,067			259,218,276
Effect of changes in discount rate assumptions		(3,606,047	)		(3,196,885	)
Balance, end of period	$	245,635,020		$	256,021,391

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	831,839,700		$	800,812,826
Beginning balance at original discount rate		867,177,517			858,516,933
Effect of changes in cash flow assumptions		-			-
Effect of actual variances from expected experience (1)		(2,090,326	)		(1,872,267	)
Adjusted beginning of year balance		865,087,191			856,644,666
Issuances		12,084,657			13,473,915
Interest accrual		10,380,153			10,298,015
Benefit payments		(17,940,051	)		(17,455,096	)
Ending balance at original discount rate		869,611,950			862,961,500
Effect of changes in discount rate assumptions		(53,598,477	)		(46,816,274	)
Balance, end of period	$	816,013,473		$	816,145,226

Net liability for future policy benefits, pre-flooring	$	570,379,368		$	560,112,641
Flooring impact, end of period		(915	)		11,194
Net liability for future policy benefits, post-flooring		570,378,453			560,123,835
Less: Receivable from reinsurers		9,053,706			9,262,372
Net liability for future policy benefits, after reinsurance	$	561,324,747		$	550,861,463

(1)

For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

(2)

Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

10) Future Policy Benefits and Unpaid Claims (Continued)

The following table summarizes the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for traditional and limited-payment life:

	2026		2025
	Three Months Ended March 31,
	2026		2025
Undiscounted expected future benefit payments	$	1,932,292,660	$	1,935,169,657
Discounted expected future benefit payments (at original discount rate)		869,611,949		862,961,500
Discounted expected future benefit payments (at current discount rate)		816,013,472		816,145,226

Undiscounted expected future gross premiums	$	809,818,009	$	839,169,818
Discounted expected future gross premiums (at original discount rate)		542,367,174		560,102,998
Discounted expected future gross premiums (at current discount rate)		534,520,146		553,195,364

	2026		2025
	Three Months Ended March 31,
	2026		2025
Gross premiums	$	28,778,299	$	29,585,306
Interest accretion	$	7,428,456	$	7,205,417

The following table summarizes the weighted-average interest rates for traditional and limited-payment life:

	2026			2025
	As of March 31,
	2026			2025
Interest accretion rate		4.90	%		4.90	%
Current discount rate		5.90	%		5.60	%

The following table summarizes the weighted-average duration of the liability for traditional and limited-payment life:


	As of March 31,
	2026		2025
Duration of the liability in years (at original discount rate)		15		15
Duration of the liability in years (at current discount rate)		13		14

Adverse Development

For the three months ended March 31, 2026 and 2025, respectively, there were immaterial impacts to net earnings for traditional and limited-payment life, where net premiums exceeded gross premiums for certain issue-year cohorts.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

10) Future Policy Benefits and Unpaid Claims (Continued)

Deferred Profit Liability

The following table summarizes the balances of and changes in deferred profit liability for traditional and limited-payment life:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Balance, beginning of year	$	205,802,774		$	192,278,993
Effect of actual variances from expected experience (1)		(1,026,648	)		(1,320,624	)
Adjusted balance, beginning of period		204,776,126			190,958,369
Profits deferred		16,091,911			16,632,303
Interest accrual		2,553,079			2,394,251
Amortization		(14,934,255	)		(14,635,574	)
Other adjustments		-			-
Balance, end of period		208,486,861			195,349,349
Less: Receivable from reinsurers		972,336			1,011,354
Deferred profit liability, net of reinsurance	$	207,514,525		$	194,337,995

(1)

For the three months ended March 31, 2026, and 2025, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Unpaid Claims

The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2025	$	6,941,791		$	302,843		$	17,000		$	7,261,634
Incurred		15,889,797	(1)		3,602,875	(2)		11,375	(3)		19,504,047
Settled		(16,474,852	)		(3,563,861	)		(1,375	)		(20,040,088	)
Balance at 3/31/2026	$	6,356,736		$	341,857		$	27,000		$	6,725,593

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2024	$	6,363,243		$	255,480		$	17,000		$	6,635,723
Incurred		16,045,465	(1)		3,208,604	(2)		300	(3)		19,254,369
Settled		(15,559,375	)		(2,938,897	)		(300	)		(18,498,572	)
Balance at 3/31/2025	$	6,849,333		$	525,187		$	17,000		$	7,391,520

(1)

Included in policyholder benefits and claims on the condensed consolidated statements of earnings

(2)

Released from policyholder account balances

(3)

Included in policyholder benefits and claims on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Basis of Presentation and Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2026

Basis Of Presentation And Recent Accounting Pronouncements

Schedule of Error Correcetion Prior Period Adjustments

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	26,235,077		$	(779,903	)	$	25,455,174
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		4,696,535			(1,899,536	)		2,796,999
Total benefits and expenses		77,168,829			(2,679,439	)		74,489,390

Earnings before income taxes		5,570,894			2,679,439			8,250,333
Income tax expense		(1,232,602	)		(603,996	)		(1,836,598	)
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735

Net earnings per Class A equivalent common share (1)	$	0.18		$	0.08		$	0.26

Net earnings per Class A equivalent common share - assuming dilution (1)	$	0.18		$	0.07		$	0.25

(1)

Adjusted retroactively for the effect of annual stock dividends

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale		3,788,729			72,528			3,861,257
Interest rate remeasurement of future policy benefits		-			(8,122,845	)		(8,122,845	)
Other comprehensive income (loss), before income tax		3,795,832			(8,050,317	)		(4,254,485	)
Income tax benefit (expense)		(798,220	)		1,690,568			892,348
Other comprehensive income (loss), net of income tax		2,997,612			(6,359,749	)		(3,362,137	)
Comprehensive income (loss)	$	7,335,904		$	(4,284,306	)	$	3,051,598

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statements of Stockholders’ Equity:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(3,953,654	)	$	34,311,146	$	30,357,492
Retained earnings		229,697,478			4,520,696		234,218,174
Total stockholders’ equity	$	346,493,686		$	38,831,842	$	385,325,528

Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ 1,384,727	$ 474,540

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

2) Investments

The Company’s investments as of March 31, 2026, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	65,521,592		$	551,988	$	(105,766	)	$	-		$	65,967,814

Obligations of states and political subdivisions		3,093,790			5,517		(180,711	)		-			2,918,596

Corporate securities including public utilities		278,845,730			4,478,480		(4,529,438	)		(521,948	)		278,272,824

Mortgage-backed securities		23,391,046			57,503		(3,607,509	)		(154,049	)		19,686,991

Redeemable preferred stock		750,000			7,200		(37,500	)		-			719,700

Total fixed maturity securities available for sale	$	371,602,158		$	5,100,688	$	(8,460,924	)	$	(675,997	)	$	367,565,925

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Total equity securities at estimated fair value	$	12,477,275		$	6,222,419	$	(353,380	)				$	18,346,314

Mortgage loans held for investment at amortized cost:
Residential	$	85,519,490
Residential construction		149,601,559
Commercial		74,614,673
Less: Unamortized deferred loan fees, net		(1,664,276	)
Less: Allowance for credit losses		(2,553,360	)
Less: Net discounts		(249,646	)

Total mortgage loans held for investment	$	305,268,440

Real estate held for investment - net of accumulated depreciation:
Residential	$	114,491,810
Commercial		119,853,523

Total real estate held for investment	$	234,345,333

Real estate held for sale:
Residential	$	6,236,823
Commercial		151,553

Total real estate held for sale	$	6,388,376

Other investments and policy loans at amortized cost:
Policy loans	$	14,536,305
Insurance assignments		46,315,781
Federal Home Loan Bank stock (2)		677,100
Other investments		23,490,927
Less: Allowance for credit losses for insurance assignments		(1,518,047	)

Total other investments and policy loans	$	83,502,066

Accrued investment income	$	9,596,277

Total investments	$	1,025,012,731

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $612,300 of Membership stock and $64,800 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company’s investments as of December 31, 2025, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)

Gross unrealized losses are net of allowance for credit losses

(2)

Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

There were no investments in fixed maturity securities or equity securities, aggregated by issuer, of more than 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) as of March 31, 2026, other than investments issued or guaranteed by the United States Government.

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value as of March 31, 2026, and December 31, 2025. The fair values of fixed maturity securities that are actively traded are based on quoted market prices. For fixed maturity securities that are not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. The table below sets forth unrealized losses by duration with the fair value of the related fixed maturity securities.

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
March 31, 2026
U.S. Treasury securities and obligations of U.S. Government agencies	$	47,025	$	12,992,660	$	58,741	$	1,581,809	$	105,766	$	14,574,469
Obligations of states and political subdivisions		3,152		196,848		177,559		2,081,355		180,711		2,278,203
Corporate securities including public utilities		1,423,738		76,810,812		3,105,700		37,427,064		4,529,438		114,237,876
Mortgage-backed securities		12,324		973,482		3,595,185		16,667,312		3,607,509		17,640,794
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	1,523,739	$	91,186,302	$	6,937,185	$	57,757,540	$	8,460,924	$	148,943,842

December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

Relevant holdings were comprised of 506 securities with fair values aggregating 94.6% of the aggregate amortized cost as of March 31, 2026, compared to 338 securities with fair values aggregating 93.6% of the aggregate amortized cost as of December 31, 2025. A credit loss provision of $96,547 and of $86,307 have been recognized for the three-month periods ended March 31, 2026, and 2025, respectively. Credit losses are included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. Other unrealized losses for which no credit loss was recognized are primarily the result of increases in interest rates.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Evaluation of Allowance for Credit Losses

The Company evaluates its fixed maturity securities classified as available for sale on a quarterly basis to identify any potential credit losses. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”) and other industry rating agencies. Securities with NAIC rating of 1 or 2 are considered investment grade and are only reviewed for credit loss if current market data or recent company news could lead to a credit downgrade. Securities with NAIC ratings of 3 to 5 are considered non-investment grade and are evaluated for credit loss. The evaluation involves assessing all facts and circumstances surrounding each security including, but not limited to, historical values, interest payment history, projected earnings, and revenue growth rates as well as a review of the reason for a downgrade in the NAIC rating. Based on the analysis of a security that is rated 3 to 5, a determination is made whether the security will likely make payments in accordance with the terms of the financial instrument. Securities with a rating of 6 are automatically determined to be impaired, and a credit loss is recognized in earnings.

Where the decline in fair value of fixed maturity securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and the Company anticipates recovery of all contractual or expected cash flows, the Company does not consider these securities to have credit loss because the Company does not intend to sell these securities and it is not more likely than not the Company will be required to sell these securities before a recovery of amortized cost, which may be at maturity.

If the Company intends to sell a fixed maturity security or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, a credit loss has occurred and the difference between the amortized cost and the fair value that relates to the expected credit loss is recognized as a loss in earnings, included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings.

If the Company does not intend to sell a fixed maturity security and it is less likely than not that the Company will be required to sell the security but the Company also does not expect to recover the entire amortized cost basis of the security, a credit loss is recognized in earnings for the amount of the expected credit loss with a corresponding allowance for credit losses as a contra-asset account. The credit loss is included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. The recognized credit loss is limited to the total unrealized loss on the security due to a change in credit.

Amounts due on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or when it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost.

The Company does not calculate a credit loss allowance on accrued interest income, included in accrued investment income on the condensed consolidated balance sheets, as the Company writes off any accrued interest income to net investment income if the accrued but unpaid amount exceeds 90 days.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Credit Quality Indicators

Based on the NAIC securities designations, the Company had 98.4% and 98.5% of its fixed maturity securities rated investment grade as of March 31, 2026, and December 31, 2025, respectively. The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

	March 31, 2026				December 31, 2025
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	188,389,332	$	186,162,155	$	198,055,737	$	197,788,945
2		175,261,903		174,739,103		177,242,472		178,441,019
3		6,544,197		5,741,086		6,145,460		5,616,342
4		155,585		153,881		155,717		160,830
5		-		-		-		-
6		501,141		50,000		51,907		47,340
Total	$	370,852,158	$	366,846,225	$	381,651,293	$	382,054,476

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three-month periods ended March 31, 2026, and 2025:

	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total
	Three Months Ended March 31, 2026
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total

Beginning balance - December 31, 2025	$	-	$	-	$	425,401	$	154,049	$	579,450

Additions for credit losses not previously recorded		-		-		22,498		-		22,498
Change in allowance on securities with previous allowance		-		-		74,049		-		74,049
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance - March 31, 2026	$	-	$	-	$	521,948	$	154,049	$	675,997

	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total
	Three Months Ended March 31, 2025
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993
Balance	$	-	$	-	$	408,944		$	12,049	$	420,993

Additions for credit losses not previously recorded		-		-		72,000			-		72,000
Change in allowance on securities with previous allowance		-		-		14,437			-		14,437
Reductions for securities sold during the period		-		-		-			-		-
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		(130	)		-		(130	)

Ending Balance - March 31, 2025	$	-	$	-	$	495,251		$	12,049	$	507,300
Balance	$	-	$	-	$	495,251		$	12,049	$	507,300

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	19,665,703	$	19,641,777
Due in 2-5 years		129,855,952		130,217,565
Due in 5-10 years		130,676,874		131,821,597
Due in more than 10 years		67,262,583		65,478,295
Mortgage-backed securities		23,391,046		19,686,991
Redeemable preferred stock		750,000		719,700
Total	$	371,602,158	$	367,565,925

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	2026			2025
	Three Months Ended March 31,
	2026			2025
Proceeds from sales	$	1,179,677		$	3,224,848
Gross realized gains		247			526
Gross realized losses		(65,035	)		(40,504	)

Assets on Deposit, Held in Trust, and Pledged as Collateral

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale at estimated fair value	$	7,041,560	$	7,744,141
Other investments		424,670		-
Cash and cash equivalents		1,455,333		1,543,842
Total assets on deposit	$	8,921,563	$	9,287,983

Assets held in trust related to third-party reinsurance agreements were as follows:

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale at estimated fair value	$	22,083,221	$	23,915,884
Other investments		1,177,008		-
Cash and cash equivalents		2,634,084		2,136,642
Total assets on deposit	$	25,894,313	$	26,052,526

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

As of
March 31, 2026

As of

December 31, 2025

Fixed maturity securities available for sale at estimated fair value

51,704,240

64,066,256

Real Estate Held for Investment and Held for Sale

The Company strategically deploys resources into real estate assets to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development, and mortgage foreclosures.

Commercial Real Estate Held for Investment and Held for Sale

The Company owns, invests in and manages commercial real estate as a means of both generating investment income and providing workspace for its employees. This asset class is acquired in accordance with the Company’s goals and objectives for risk-adjusted returns. Due diligence is conducted on each asset using internal and third-party resources. The geographic locations and asset sub-classes of investments are determined by senior management under the direction of the Board of Directors.

The Company employs full-time employees to manage the day-to-day operations of its commercial real estate within the greater Salt Lake area and close surrounding markets. The Company utilizes third party property managers where the geographic location does not warrant full-time staff or through strategic lease-up periods. The Company generally acquires commercial real estate in connection with company acquisitions or those that are in regions that are expected to have high growth in employment and population and that provide operational efficiencies.

The Company currently owns and operates six commercial properties in two states. These properties include office buildings, flex office space, and the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company uses bank debt in strategic cases, primarily where it is anticipated to improve yields, or facilitate the acquisition of higher quality assets or asset class diversification.

The aggregate net book value of commercial real estate serving as collateral for bank loans was $113,348,613 and $114,683,175 as of March 31, 2026, and December 31, 2025, respectively. The associated bank loan carrying values totaled $93,638,639 and $94,120,446 as of March 31, 2026, and December 31, 2025, respectively.

During the three-month periods ended March 31, 2026, and 2025, the Company did not record any impairment losses on commercial real estate held for investment or held for sale. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three-month periods ended March 31, 2026, and 2025, the Company recorded depreciation expense on commercial real estate held for investment of $1,433,507 and $1,422,016, respectively. Commercial real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the condensed consolidated statements of earnings.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Utah (1)	$	119,835,765	$	121,240,268		546,941		546,941
Louisiana		17,758		17,924		1,622		1,622

	$	119,853,523	$	121,258,192		548,563		548,563

(1)

Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)

Consists of approximately 93 acres of undeveloped land

Commercial Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of March 31, 2026, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Funeral Home/Cemetery Operations, and Mortgage Operations and Sales		216,865		50	%
1818 Marshall Street, Shreveport, LA (2) (3)	Life Insurance Operations		12,274		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets
(3)	Listed for sale

Residential Real Estate Held for Investment and Held for Sale

The Company occasionally acquires residential homes through the mortgage loan foreclosure process. The Company has the option to sell these properties or to continue to hold them for expected cash flow and price appreciation. The Company also looks for opportunities to acquire land that can be developed into single family lots. Once developed, finished lots are sold to builder partners and others.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

During the three-month periods ended March 31, 2026, and 2025 the Company recorded impairment losses of $35,651 and nil on residential real estate held for sale. Impairment losses are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three-month periods ended March 31, 2026, and 2025, the Company recorded depreciation expense on residential real estate held for investment of $2,718 and $2,676, respectively. Residential real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the condensed consolidated statements of earnings.

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Utah (1)	$	114,491,810	$	93,638,938
	$	114,491,810	$	93,638,938

(1)

Includes multiple residential subdivision development projects, refer to the following table

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

	March 31, 2026		December 31, 2025
Lots developed		435		492
Lots to be developed		990		761
Book Value	$	114,330,346	$	93,474,755

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	March 31, 2026		December 31, 2025
Utah	$	5,456,806	$	5,456,806
Colorado		121,000		140,000
Florida		130,000		146,651
Georgia		380,000		380,000
Nevada		149,017		149,017
	$	6,236,823	$	6,272,474

The net book value of foreclosed residential real estate included in residential real estate held for sale was $1,235,017 and $1,270,669 as of March 31, 2026, and December 31, 2025, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages and are generally classified into three distinct groups: Commercial, Residential and Residential Construction. These mortgage loans bear interest at rates ranging from 2.0% to 10.5%; maturity dates range from nine months to 30 years and have amortization periods of 0 to 30 years.

Concentrations of credit risk arise when several mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of the relevant debtors’ ability to honor obligations is dependent upon the economic stability of the geographic region in which the debtors do business or are employed.

The following table presents the distribution of the Company’s mortgage loans held for investment across the various states.

	Commercial			Residential			Residential Construction			Total
As of March 31, 2026:
Utah		27	%		15	%		96	%		58	%
Florida		1	%		25	%		0	%		7	%
California		19	%		6	%		0	%		6	%
Texas		12	%		16	%		0	%		7	%
Arizona		9	%		14	%		0	%		6	%
Other states		32	%		24	%		4	%		16	%

Total		100	%		100	%		100	%		100	%

As of December 31, 2025:
Utah		26	%		16	%		96	%		57	%
Florida		1	%		25	%		0	%		7	%
California		24	%		5	%		0	%		7	%
Texas		12	%		14	%		0	%		7	%
Arizona		9	%		15	%		0	%		6	%
Other states		28	%		25	%		4	%		16	%

Total		100	%		100	%		100	%		100	%

Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts, and the related allowance for credit losses. Interest income is included in net investment income on the condensed consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the terms of the loans. Origination fees are included in net investment income on the condensed consolidated statements of earnings.

Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company requires that loans not exceed 80% of the fair market value of the respective loan collateral. Loans that exceed 80% of the fair market value of the respective loan collateral require additional collateral or mortgage insurance by an approved third-party insurer.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Evaluation of Allowance for Credit Losses

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the Company’s mortgage loans held for investment to present the net amount expected to be collected. The Company reports in net earnings, as a credit loss expense, the amount necessary to adjust the allowance for credit losses for the Company’s current estimate of expected credit losses on mortgage loans held for investment. This credit loss expense is included in other expenses on the condensed consolidated statements of earnings.

Once a mortgage loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and reverse any interest income that had been accrued and the fair value is reassessed. Accrual of interest resumes if a mortgage loan is brought current. Given this policy, the Company does not measure a credit loss allowance on accrued interest receivable, which is included in accrued investment income on the condensed consolidated balance sheets. Payments received for mortgage loans on a non-accrual status are recognized when received. The interest income recognized from payments received for mortgage loans on a non-accrual status was immaterial. Interest income not accrued on these loans totaled approximately $1,315,892 and $1,042,325 as of March 31, 2026, and December 31, 2025, respectively.

The Company measures expected credit losses based on the fair value of the collateral when the Company determines that foreclosure is probable. When a mortgage loan becomes delinquent, the Company proceeds to foreclose. Once foreclosed, the property is classified as real estate held for investment or held for sale.

To determine the allowance for credit losses, the Company has segmented its mortgage loans held for investment into the following loan types: commercial, residential, and residential construction. The inherent risks within each loan type vary as follows:

Commercial - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondarily on the borrower’s (or guarantor’s) ability to repay.

Commercial loans are evaluated for credit loss by analyzing common metrics that are predictors for future credit losses such as debt service coverage ratio (“DSCR”), loan to value (“LTV”), local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The Company uses these metrics to pool similar loans. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and other factors that affect the collectability of the loan. The Company applies a future loss factor to the outstanding balance of each group to arrive at the allowance for credit losses.

Residential — These loans are secured by first and second mortgages on single-family dwellings. The borrower’s ability to repay is sensitive to life events and the general economic condition of the region. Where LTV exceeds 80%, the loan is generally guaranteed by private mortgage insurance, the FHA, or VA.

Residential loans are evaluated for credit loss by using relevant available information from both internal and external sources. Among other things, the Company uses its historical delinquency information and considers current and forecasted economic conditions. External sources include a monthly analysis of its residential portfolio by a third party. The third party uses the Company’s current loan data and runs it through various models to project cash flows and provide a projected life of loan loss. The models consider loan features such as loan type, LTV, payment status, age, and current property values. Analyzing the information from various sources allows the Company to arrive at an allowance for credit losses.

Residential construction (including land acquisition and development loans) – These loans are underwritten in accordance with the Company’s underwriting policies, which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations, and factor in estimates of the value of construction projects upon completion. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Additionally, land acquisition and development loans are underwritten in accordance with the Company’s underwriting policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These loans are of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity.

The Company has commitments to fund existing construction and land development loans pursuant to the various loan agreements. As of March 31, 2026, the Company’s commitments were approximately $193,773,996 for these loans, of which $152,238,001 had been funded. The Company advances funds in accordance with the loan agreements once the work has been completed, and an independent inspection is made. The maximum loan commitment ranges between 50% and 85% of the appraised value. The Company receives fees and interest for these loans, and the interest rate is generally fixed at 5.25% to 8.50% per annum. Maturities range between six and eighteen months.

Residential construction mortgage loans are evaluated for credit loss by considering historical activity and current housing market trends to arrive at a per loan basis point allowance that is recognized at loan origination and subsequent draws. The per loan basis point is reviewed at least annually or as loan losses or market trends require.

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - December 31, 2025	$	1,368,121		$	904,738		$	316,059		$	2,588,918
Change in provision for credit losses (1)		(46,037	)		27,334			(16,855	)		(35,558	)
Charge-offs		-			-			-			-
Ending balance - March 31, 2026	$	1,322,084		$	932,072		$	299,204		$	2,553,360

Beginning balance - December 31, 2024	$	732,494		$	850,550		$	302,346		$	1,885,390
Change in provision for credit losses (1)		289,236			(203,443	)		37,409			123,202
Charge-offs		-			-			-			-
Ending balance - March 31, 2025	$	1,021,730		$	647,107		$	339,755		$	2,008,592

(1)

Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
March 31, 2026
30-59 days past due	$	81,837		$	6,858,959		$	-		$	6,940,796
60-89 days past due		-			1,195,773			-			1,195,773
Over 90 days past due (1)		2,827,352			4,487,106			-			7,314,458
In process of foreclosure (1)		588,013			1,462,111			-			2,050,124
Total past due		3,497,202			14,003,949			-			17,501,151
Current		71,117,471			71,515,541			149,601,559			292,234,571
Total mortgage loans		74,614,673			85,519,490			149,601,559			309,735,722
Allowance for credit losses		(1,322,084	)		(932,072	)		(299,204	)		(2,553,360	)
Unamortized deferred loan fees, net		(242,747	)		(1,173,134	)		(248,395	)		(1,664,276	)
Unamortized discounts, net		(142,549	)		(107,097	)		-			(249,646	)
Net mortgage loans held for investment	$	72,907,293		$	83,307,187		$	149,053,960		$	305,268,440

December 31, 2025
30-59 days past due	$	86,117		$	7,302,658		$	-		$	7,388,775
60-89 days past due		-			2,485,313			-			2,485,313
Over 90 days past due (1)		2,832,372			2,479,479			-			5,311,851
In process of foreclosure (1)		588,013			616,430			-			1,204,443
Total past due		3,506,502			12,883,880			-			16,390,382
Current		75,725,284			77,760,710			157,398,705			310,884,699
Total mortgage loans		79,231,786			90,644,590			157,398,705			327,275,081
Allowance for credit losses		(1,368,121	)		(904,738	)		(316,059	)		(2,588,918	)
Unamortized deferred loan fees, net		(374,372	)		(1,283,049	)		(338,374	)		(1,995,795	)
Unamortized discounts, net		(146,534	)		(108,449	)		-			(254,983	)
Net mortgage loans held for investment	$	77,342,759		$	88,348,354		$	156,744,272		$	322,435,385

(1)

Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Credit Quality Indicators

The Company evaluates and monitors the credit quality of its commercial loans by analyzing LTV and DSCR. Monitoring a commercial mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Total		% of Total
LTV:
Less than 65%	$	2,264,400	$	26,486,545	$	3,889,812	$	15,600,000	$	462,761	$	9,002,062	$	57,705,580		77.34	%
65% to 80%		1,260,000		3,525,554		10,432,656		1,000,506		293,872		-		16,512,588		22.13	%
Greater than 80%		-		-		-		-		-		396,505		396,505		0.53	%

Total	$	3,524,400	$	30,012,099	$	14,322,468	$	16,600,506	$	756,633	$	9,398,567	$	74,614,673		100.00	%

DSCR
>1.20x	$	-	$	7,680,478	$	12,089,812	$	7,500,000	$	-	$	5,265,290	$	32,535,580		43.60	%
1.00x - 1.20x		3,524,400		17,956,621		2,232,656		9,100,506		756,633		348,050		33,918,866		45.46	%
<1.00x		-		4,375,000		-		-		-		3,785,227		8,160,227		10.94	%

Total	$	3,524,400	$	30,012,099	$	14,322,468	$	16,600,506	$	756,633	$	9,398,567	$	74,614,673		100.00	%

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

`	2025		2024		2023		2022		2021		Prior		Total		% of Total
LTV:
Less than 65%	$	34,518,653	$	3,890,144	$	15,600,000	$	462,761	$	810,696	$	8,299,883	$	63,582,137		80.25	%
65% to 80%		3,525,554		10,432,942		1,000,776		293,872		-		-		15,253,144		19.25	%
Greater than 80%		-		-		-		-		396,505		-		396,505		0.50	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

DSCR
>1.20x	$	7,519,000	$	10,000,000	$	7,500,000	$	-	$	-	$	5,292,385	$	30,311,385		38.26	%
1.00x - 1.20x		28,300,207		4,323,086		9,100,776		756,633		1,207,201		3,007,498		46,695,401		58.94	%
<1.00x		2,225,000		-		-		-		-		-		2,225,000		2.81	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Prior		Total		% of Total
Performance Indicators:
Performing	$	1,387,990	$	8,283,600	$	11,736,720	$	8,888,926	$	35,481,702	$	13,791,335	$	79,570,273		93.04	%
Non-performing (1)		-		1,470,213		878,703		1,705,661		539,860		1,354,780		5,949,217		6.96	%

Total	$	1,387,990	$	9,753,813	$	12,615,423	$	10,594,587	$	36,021,562	$	15,146,115	$	85,519,490		100.00	%

(1)

Includes residential mortgage loans in the process of foreclosure of $1,462,111

LTV:
Less than 65%	$	640,727	$	1,888,800	$	6,042,451	$	4,103,812	$	5,640,640	$	8,734,429	$	27,050,859	31.63	%
65% to 80%		747,263		6,660,280		6,418,110		6,196,811		28,359,148		5,876,068		54,257,680	63.44	%
Greater than 80%		-		1,204,733		154,862		293,964		2,021,774		535,618		4,210,951	4.92	%

Total	$	1,387,990	$	9,753,813	$	12,615,423	$	10,594,587	$	36,021,562	$	15,146,115	$	85,519,490	100.00	%

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
Performance Indicators:
Performing	$	10,946,252	$	11,711,336	$	10,177,427	$	39,714,697	$	2,264,902	$	12,734,067	$	87,548,681		96.58	%
Non-performing (1)		546,602		927,255		616,430		255,544		-		750,078		3,095,909		3.42	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590		100.00	%

(1)

Includes residential mortgage loans in the process of foreclosure of $616,430

LTV:	Year 1		Year 2		Year 3		Year 4		Year 5
Less than 65%	$	4,382,324	$	6,054,903	$	4,118,599	$	5,710,475	$	968,377	$	7,259,011	$	28,493,689	31.43	%
65% to 80%		6,673,602		6,428,826		6,380,363		32,514,676		1,296,525		5,688,715		58,982,707	65.07	%
Greater than 80%		436,928		154,862		294,895		1,745,090		-		536,419		3,168,194	3.50	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590	100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential construction loans (including land acquisition and development loans) by analyzing LTV and loan performance. Monitoring a residential construction mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of March 31, 2026:

Credit Quality Indicator	2026		2025		2024		2023		2022		Total		% of Total
Performance Indicators:
Performing	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%

LTV:
Less than 65%	$	7,552,555	$	29,563,386	$	23,423,845	$	5,450,344	$	3,931,765	$	69,921,895		46.74	%
65% to 80%		16,044,806		52,184,990		8,408,930		-		-		76,638,726		51.23	%
Greater than 80%		-		3,040,938		-		-		-		3,040,938		2.03	%

Total	$	23,597,361	$	84,789,314	$	31,832,775	$	5,450,344	$	3,931,765	$	149,601,559		100.00	%

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

LTV:
Less than 65%	$	24,286,540	$	20,684,760	$	5,820,344	$	-	$	3,931,764	$	54,723,408		34.77	%
65% to 80%		78,223,502		21,444,957		-		-		-		99,668,459		63.32	%
Greater than 80%		3,006,838		-		-		-		-		3,006,838		1.91	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of March 31, 2026			As of December 31, 2025
30-59 days past due	$	8,926,915		$	8,444,866
60-89 days past due		3,969,994			3,344,793
Over 90 days past due		5,494,846			4,976,211
Total past due		18,391,755			16,765,870
Current		27,924,026			29,418,129
Total insurance assignments		46,315,781			46,183,999
Allowance for credit losses		(1,518,047	)		(1,676,468	)
Net insurance assignments	$	44,797,734		$	44,507,531

The Company records an allowance for credit losses when the insurance assignment is funded. Once an insurance assignment is 90 days past due or is in legal proceedings, it is monitored for write-off and collectability, and any adjustments to the allowance are recorded at that time.

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

	Three Months Ended
Beginning balance - December 31, 2025	$	1,676,468
Change in provision for credit losses (1)		284,826
Charge-offs		(443,247	)
Ending balance - March 31, 2026	$	1,518,047

Beginning balance - December 31, 2024	$	1,536,926
Change in provision for credit losses (1)		293,798
Charge-offs		(312,941	)
Ending balance - March 31, 2025	$	1,517,783

(1)

Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Variable Interest Entities (“VIE”)

The Company has 50% ownership interests in three VIEs: HHH Real Estate LLC (“HHH”), SN Oquirrh LLC (“Oquirrh”), and SN Towns LLC (“Towns”). These entities hold and develop single family lots for residential construction. In accordance with the operating agreements for these entities, net profits and losses are allocated to the members in accordance with their ownership interests. The investments in all three VIEs are accounted for under the equity method of accounting. The Company classifies distributions received using the cumulative earnings approach.

The following table presents the carrying value of the investments as of the dates indicated:

	As of March 31, 2026		As of December 31, 2025
HHH (1)	$	8,639,798	$	10,530,515
Oquirrh (1)		775,138		887,532
Towns (2)		2,358,039		2,656,616
Total	$	11,772,975	$	14,074,663

(1)

Included in other investments and policy loans on the condensed consolidated balance sheets

(2)

The Company has determined that HHH, Oquirrh and Towns are VIEs for which the Company is not the primary beneficiary for the following reasons: (1) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest, (2) the General Manager directs the activities and legal operations that most significantly affect the entity’s economic performance and (3) the Company does not have majority voting rights and no power to unilaterally direct the activities of the entity, and therefore, is not the primary beneficiary. The Company’s exposure to loss because of its involvement with the equity method investees is limited to the carrying value of the Company’s investments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Investment Related Earnings

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2026			2025
	Three Months Ended March 31,
	2026			2025
Fixed maturity securities:
Gross realized gains	$	25,794		$	1,068
Gross realized losses		(77,874	)		(42,286	)
Net credit loss provision		(96,547	)		(86,307	)

Equity securities:
Gains on securities sold		15,722			114,127
Unrealized gains (losses) on securities held at the end of the period		(54,513	)		273,477

Real estate held for investment and sale:
Gross realized gains		586,972			394,525
Gross realized losses		(35,651	)		-

Other assets:
Gross realized gains		667			6,525
Gross realized losses		(13,822	)		(75,108	)
Total	$	350,748		$	586,021

The realized gains and losses on the sale of securities are recorded on the trade date, and the cost of the securities sold is determined using the specific identification method.

Net realized gains and losses include gains and losses from cemetery perpetual care trust investments and the restricted assets of cemeteries and mortuaries and totaled $74,328 in net losses and $213,979 in net gains for the three-month periods ended March 31, 2026 and 2025, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

2) Investments (Continued)

Major categories of net investment income were as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Fixed maturity securities available for sale	$	4,712,644		$	4,664,833
Equity securities		207,832			192,631
Mortgage loans held for investment		8,274,060			7,964,539
Real estate held for investment and sale		2,937,919			2,959,711
Policy loans		241,508			244,605
Insurance assignments		5,444,231			5,732,150
Other investments		315,638			161,486
Cash and cash equivalents		1,047,236			1,402,636
Gross investment income		23,181,068			23,322,591
Investment expenses		(4,679,720	)		(4,119,967	)
Net investment income	$	18,501,348		$	19,202,624

Net investment income includes income earned from cemetery perpetual care trust investments and the restricted assets of cemeteries and mortuaries and totaled $207,132 and $146,838 for the three-month periods ended March 31, 2026, and 2025, respectively.

Net investment income on real estate consists primarily of rental revenue. Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate, and an estimated portion of administrative expenses relating to investment activities.

Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of March 31, 2026		As of December 31, 2025
Fixed maturity securities available for sale	$	4,418,548	$	4,089,819
Equity securities		9,943		13,169
Mortgage loans held for investment		1,444,226		1,032,964
Real estate held for investment		3,666,530		3,850,958
Other investments		4,667		30,916
Cash and cash equivalents		52,363		36,819
Total accrued investment income	$	9,596,277	$	9,054,645

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Schedule of Allowance for Credit Losses for Insurance Assignments (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Financing Receivable, Past Due [Line Items]

Financing Receivable, Allowance for Credit Loss, Beginning

$ 1,676,468

Financing Receivable, Allowance for Credit Loss, Ending

1,518,047

Insurance Assignments [Member]

Financing Receivable, Past Due [Line Items]

Financing Receivable, Allowance for Credit Loss, Beginning

1,676,468

$ 1,536,926

Allowance for credit losses, change in provision for credit losses

^[1]

284,826

293,798

Allowance for credit losses, charge-offs

(443,247)

(312,941)

Financing Receivable, Allowance for Credit Loss, Ending

$ 1,518,047

$ 1,517,783

[1]	Included in other expenses on the condensed consolidated statements of earnings

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Intangible Asset, Goodwill and Other [Abstract]

Restricted Assets (Details Narrative) - USD ($)	3 Months Ended
Restricted Assets (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cemetery Perpectual Care Obligation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit loss recognized	$ 0	$ 0
Three Securities [Member] \| Restricted Assets [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Average market value over amortized cost	98.40%
Two Securities [Member] \| Restricted Assets [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Average market value over amortized cost			99.40%

Schedule of Mortgage Servicing Rights (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Balance before valuation allowance at beginning of year

$ 2,528,459

$ 2,939,878

MSR additions resulting from loan sales

^[1]

53,768

151,056

Amortization

^[2]

(121,966)

(562,475)

Sale of MSRs

Application of valuation allowance to write down MSRs with other than temporary impairment

Balance before valuation allowance at end of period

2,460,261

2,528,459

Balance at beginning of year

Additions

Balance at end of period

Mortgage servicing rights, net

2,460,261

2,528,459

Estimated fair value of MSRs at end of period

$ 3,994,484

$ 4,035,635

[1]	Included in mortgage fee income on the condensed consolidated statements of earnings
[2]	Included in other expenses on the condensed consolidated statements of earnings

Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Loans held for sale at estimated fair value

$ 137,607,689

$ 155,968,266

Derivatives - loan commitments (net)

2,959,819

^[1]

1,700,742

^[2]

367,565,925

382,777,918

Loans Held For Sale [Member]

Loans held for sale at estimated fair value

$ 137,607,689

$ 155,968,266

$ 139,834,226

$ 131,181,148

Fair value measurement, range of inputs, minimum value

87.00%

86.00%

Fair value measurement, range of inputs, maximum value

109.00%

107.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

101.00%

102.00%

Net Derivatives Loan Commitments [Member]

Fair value measurement, range of inputs, minimum value

51.00%

60.00%

Fair value measurement, range of inputs, maximum value

100.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

91.00%

89.00%

Derivatives - loan commitments (net)

$ 2,864,864

$ 1,480,137

2,787,750

2,313,210

Fixed Maturity Securities Available For Sale 1 [Member]

Fair value measurement, range of inputs, minimum value, price per share

$ 574,643

$ 1,150,304

$ 1,149,926

$ 100.00

Fair value measurement, range of inputs, maximum value, price per share

100.07

100.77

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average, price per share

$ 100.10

[1]	Included in other assets on the condensed consolidated balance sheets
[2]	Included in other assets on the condensed consolidated balance sheets

Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Amortized cost	$ 371,602,158	$ 382,401,293
Estimated fair value	367,565,925	382,777,918
Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	550,397
Estimated fair value	548,032
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Amortized cost	23,391,046	24,832,349
Estimated fair value	19,686,991	21,286,434
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized cost	750,000	750,000
Estimated fair value	719,700	723,442
Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	274,271	274,161
Estimated fair value	272,403	$ 272,012
Due in 1 Year [Member]
Marketable Securities [Line Items]
Amortized cost	19,665,703
Estimated fair value	19,641,777
Due in 1 Year [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	319,363
Estimated fair value	319,376
Due in 1 Year [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	154,593
Estimated fair value	154,634
Due in 2-5 Years [Member]
Marketable Securities [Line Items]
Amortized cost	129,855,952
Estimated fair value	130,217,565
Due in 2-5 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 2-5 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	68,914
Estimated fair value	67,151
Due in 5-10 Years [Member]
Marketable Securities [Line Items]
Amortized cost	130,676,874
Estimated fair value	131,821,597
Due in 5-10 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	75,000
Estimated fair value	75,112
Due in 5-10 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	50,764
Estimated fair value	50,618
Due in More than 10 Years [Member]
Marketable Securities [Line Items]
Amortized cost	67,262,583
Estimated fair value	65,478,295
Due in More than 10 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	156,034
Estimated fair value	153,544
Due in More than 10 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value

Schedule of Carrying Value of Investments (Details) (Parenthetical) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Restricted assets	$ 1,155,507	$ 1,467,058
Cemetery perpetual care trust investments	$ 1,202,531	$ 1,189,558

Schedule of Assets on Deposit with Life Insurance (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Other investments	$ 83,502,066	$ 85,223,293
Asset Pledged as Collateral [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	51,704,240	64,066,256
Third Party Reinsurance Agreements [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	22,083,221	23,915,884
Other investments	1,177,008
Cash and cash equivalents	2,634,084	2,136,642
Total assets on deposit	25,894,313	26,052,526
Life Insurance Regulatory Authorities [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	7,041,560	7,744,141
Other investments	424,670
Cash and cash equivalents	1,455,333	1,543,842
Total assets on deposit	$ 8,921,563	$ 9,287,983

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3A
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Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Share [Abstract]

Basic weighted-average shares outstanding

$ 7,001,426

$ 6,413,735

^[1]

24,818,596

24,699,405

Employee stock options

721,312

992,242

Unvested restricted stock units

749

Diluted weighted-average shares outstanding

^[1]

25,540,657

25,691,647

Basic net earnings per share

^[1]

$ 0.28

$ 0.26

^[2]

Diluted net earnings per share

^[1]

$ 0.27

$ 0.25

^[2]

[1]	Net earnings per share have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share.
[2]	Adjusted retroactively for the effect of annual stock dividends

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Schedule of Commercial Real Estate Investment (Details)

Mar. 31, 2026

USD ($)

ft²

Dec. 31, 2025

USD ($)

ft²

Real estate held for investment (net of accumulated depreciation)

$ 234,345,333

$ 214,897,130

Commercial Real Estate [Member]

6,388,376

6,424,027

Real estate held for investment (net of accumulated depreciation)

$ 119,853,523

$ 121,258,192

Total square footage | ft²

548,563

UTAH | Commercial Real Estate [Member]

$ 151,553

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 119,835,765

$ 121,240,268

Total square footage | ft²

^[1]

546,941

LOUISIANA | Commercial Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

$ 17,758

$ 17,924

Total square footage | ft²

1,622

MISSISSIPPI | Commercial Real Estate [Member]

^[2]

$ 151,553

[1]	Includes Center53
[2]	Consists of approximately 93 acres of undeveloped land

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $371,602,158 and $382,401,293 for 2026 and 2025, respectively; net of allowance for credit losses of $675,997 and $579,450 for 2026 and 2025, respectively)	$ 367,565,925	$ 382,777,918
Equity securities at estimated fair value (cost of $12,477,275 and $12,206,559 for 2026 and 2025, respectively)	18,346,314	18,050,062
Mortgage loans held for investment (net of allowance for credit losses of $2,553,360 and $2,588,918 for 2026 and 2025, respectively)	305,268,440	322,435,385
Real estate held for investment (net of accumulated depreciation of $38,595,436 and $37,159,212 for 2026 and 2025, respectively)	234,345,333	214,897,130
Real estate held for sale	6,388,376	6,424,027
Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)	83,502,066	85,223,293
Accrued investment income	9,596,277	9,054,645
Total investments	1,025,012,731	1,038,862,460
Cash and cash equivalents	150,120,283	102,256,828
Loans held for sale at estimated fair value	137,607,689	155,968,266
Receivables (net of allowance for credit losses of $1,523,072 and $1,428,672 for 2026 and 2025, respectively)	16,202,589	15,611,074
Restricted assets (including $16,832,910 and $16,106,168 for 2026 and 2025 respectively, at estimated fair value)	29,953,633	28,805,946
Cemetery perpetual care trust investments (including $6,787,546 and $6,575,744 for 2026 and 2025, respectively, at estimated fair value)	10,026,606	9,871,947
Receivable from reinsurers	13,460,840	13,655,373
Cemetery land and improvements	11,333,039	11,299,283
Mortgage servicing rights, net	2,460,261	2,528,459
Property and equipment, net	17,890,401	18,211,717
Deferred policy and pre-need contract acquisition costs	137,601,837	135,978,803
Value of business acquired	6,995,363	7,109,186
Goodwill	5,253,783	5,253,783
Other	16,864,886	16,431,479
Total Assets	1,580,783,941	1,561,844,604
Liabilities
Future policy benefits and unpaid claims	790,945,507	799,706,946
Policyholder account balances	138,842,575	140,605,750
Unearned premium reserve	1,777,365	1,824,796
Bank and other loans payable	108,760,032	98,387,919
Deferred pre-need funeral home and cemetery contract revenues	23,487,532	22,991,603
Cemetery perpetual care obligation	5,998,538	5,918,776
Accounts payable	4,070,711	4,150,119
Other liabilities and accrued expenses	51,291,373	51,969,405
Income taxes	30,094,798	25,920,562
Total liabilities	1,155,268,431	1,151,475,876
Stockholders’ Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	90,395,465	89,867,763
Accumulated other comprehensive gain, net of taxes	36,836,062	28,762,123
Retained earnings	255,796,901	248,795,475
Treasury stock at cost - 1,137,578 Class A shares and 104,604 Class C shares as of March 31, 2026; and 1,095,964 Class A shares and 104,604 Class C shares as of December 31, 2025	(9,552,918)	(9,088,357)
Total stockholders’ equity	425,515,510	410,368,728
Total Liabilities and Stockholders’ Equity	1,580,783,941	1,561,844,604
Common Class A [Member]
Stockholders’ Equity
Common stock value	44,865,526	44,857,250
Common Class B [Member]
Stockholders’ Equity
Common stock value
Common Class C [Member]
Stockholders’ Equity
Common stock value	$ 7,174,474	$ 7,174,474

Schedule of Mortgage Loans Held for Investment (Details)	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Total	100.00%	100.00%
Commercial Loan [Member]
Marketable Securities [Line Items]
Total	100.00%	100.00%
Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	100.00%	100.00%
Residential Construction [Member]
Marketable Securities [Line Items]
Total	100.00%	100.00%
UTAH
Marketable Securities [Line Items]
Total	58.00%	57.00%
UTAH \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	27.00%	26.00%
UTAH \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	15.00%	16.00%
UTAH \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	96.00%	96.00%
FLORIDA
Marketable Securities [Line Items]
Total	7.00%	7.00%
FLORIDA \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	1.00%	1.00%
FLORIDA \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	25.00%	25.00%
FLORIDA \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	0.00%	0.00%
CALIFORNIA
Marketable Securities [Line Items]
Total	6.00%	7.00%
CALIFORNIA \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	19.00%	24.00%
CALIFORNIA \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	6.00%	5.00%
CALIFORNIA \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	0.00%	0.00%
TEXAS
Marketable Securities [Line Items]
Total	7.00%	7.00%
TEXAS \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	12.00%	12.00%
TEXAS \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	16.00%	14.00%
TEXAS \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	0.00%	0.00%
ARIZONA
Marketable Securities [Line Items]
Total	6.00%	6.00%
ARIZONA \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	9.00%	9.00%
ARIZONA \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	14.00%	15.00%
ARIZONA \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	0.00%	0.00%
Other States [Member]
Marketable Securities [Line Items]
Total	16.00%	16.00%
Other States [Member] \| Commercial Loan [Member]
Marketable Securities [Line Items]
Total	32.00%	28.00%
Other States [Member] \| Residential Mortgage [Member]
Marketable Securities [Line Items]
Total	24.00%	25.00%
Other States [Member] \| Residential Construction [Member]
Marketable Securities [Line Items]
Total	4.00%	4.00%

Schedule of Accrued Investment Income (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 9,596,277	$ 9,054,645
Fixed Maturity Securities Available for Sale [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	4,418,548	4,089,819
Equity Securities [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	9,943	13,169
Mortgage Loans Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	1,444,226	1,032,964
Real Estate Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,666,530	3,850,958
Other Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	4,667	30,916
Cash and Cash Equivalents [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 52,363	$ 36,819

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Insurance premiums and other considerations

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues:

$ 28,855,254

$ 29,779,525

Mortgage fee income

23,489,659

24,809,241

Net funeral home and cemetery sales

18,501,348

19,202,624

7,733,823

7,300,221

350,748

586,021

Other

797,948

1,062,091

Total revenues

79,728,780

82,739,723

Policyholder benefits and claims (including the impact of assumption updates to the liability for future policy benefits of nil and nil for March 31, 2026 and 2025, respectively)

24,539,397

25,455,174

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

2,979,318

2,796,999

8,793,860

10,438,381

20,601,636

22,182,408

737,063

823,945

822,277

988,611

Costs related to funding mortgage loans

580,090

615,135

1,673,977

1,415,252

Other

7,719,196

7,400,687

Cost of goods and services sold-funeral home and cemetery

996,199

1,119,528

1,233,449

1,253,270

70,676,462

74,489,390

9,052,318

8,250,333

(2,050,892)

(1,836,598)

Net earnings per Class A Equivalent common share

$ 7,001,426

$ 6,413,735

^[1]

$ 0.28

$ 0.26

^[2]

Net earnings per Class A Equivalent common share-assuming dilution

^[1]

$ 0.27

$ 0.25

^[2]

Weighted-average Class A equivalent common shares outstanding

^[1]

24,818,596

24,699,405

Weighted-average Class A equivalent common shares outstanding-assuming dilution

^[1]

25,540,657

25,691,647

[1]	Net earnings per share have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share.
[2]	Adjusted retroactively for the effect of annual stock dividends

Restricted Assets

3 Months Ended

Mar. 31, 2026

Restricted Assets

5) Restricted Assets

The Company has also established certain restricted assets to provide for future merchandise and service obligations incurred in connection with its pre-need sales for its funeral home and cemetery segment.

Additionally, restricted cash represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to maintain its medical benefit fund without change from the prior year and has included this amount as a component of restricted cash. These restricted cash items are for the Company’s life insurance and mortgage segments.

Restricted assets as of March 31, 2026, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2026:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	269,363		$	-	$	-		$	269,363
Obligations of states and political subdivisions		229,553			125		(2,003	)		227,675
Corporate securities including public utilities		51,481			-		(487	)		50,994
Total fixed maturity securities available for sale	$	550,397		$	125	$	(2,490	)	$	548,032

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	14,065,145		$	2,724,027	$	(504,294	)	$	16,284,878
Total equity securities at estimated fair value	$	14,065,145		$	2,724,027	$	(504,294	)	$	16,284,878

Mortgage loans held for investment at amortized cost:
Residential construction	$	788,778
Less: Allowance for credit losses		(1,578	)
Total mortgage loans held for investment	$	787,200

Other investments	$	1,654,250

Cash and cash equivalents (1)	$	10,659,181

Accrued investment income	$	20,092

Total restricted assets	$	29,953,633

(1)

Including cash and cash equivalents of $8,965,571 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

5) Restricted Assets (Continued)

Restricted assets as of December 31, 2025, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	895,817		$	1,735	$	-		$	897,552
Obligations of states and political subdivisions		228,512			124		(8	)		228,628
Corporate securities including public utilities		52,030			-		(959	)		51,071
Total fixed maturity securities available for sale	$	1,176,359		$	1,859	$	(967	)	$	1,177,251

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917
Total equity securities at estimated fair value	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917

Mortgage loans held for investment at amortized cost:
Residential construction	$	812,427
Less: Allowance for credit losses		(1,625	)
Total mortgage loans held for investment	$	810,802

Other investments	$	1,957,888

Cash and cash equivalents (1)	$	9,919,800

Accrued investment income	$	11,288

Total restricted assets	$	28,805,946

(1)

Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

5) Restricted Assets (Continued)

Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
At March 31, 2026
Obligations of states and political subdivisions	$	-	$	-	$	2,003	$	102,549	$	2,003	$	102,549
Corporate securities including public utilities		-		-		487		50,995		487		50,995
Total unrealized losses	$	-	$	-	$	2,490	$	153,544	$	2,490	$	153,544

At December 31, 2025
Obligations of states and political subdivisions	$	-	$	-	$	8	$	103,504	$	8	$	103,504
Corporate securities including public utilities		-		-		959		51,071		959		51,071
Total unrealized losses	$	-	$	-	$	967	$	154,575	$	967	$	154,575

Relevant holdings were comprised of three securities with fair values aggregating 98.4% of the aggregate amortized cost as of March 31, 2026. Relevant holdings were comprised of two securities with fair values aggregating 99.4% of the aggregate amortized cost as of December 31, 2025. No credit losses have been recognized for the three-month periods ended March 31, 2026, and 2025, since the unrealized losses are primarily the result of increases in interest rates. See Note 2 for additional information regarding the Company’s evaluation of the allowance for credit losses for fixed maturity securities available for sale.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	319,363	$	319,376
Due in 2-5 years		-		-
Due in 5-10 years		75,000		75,112
Due in more than 10 years		156,034		153,544
Total	$	550,397	$	548,032

See Notes 2 and 17 for additional information regarding restricted assets.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Schedule of Reconciliation of Policyholder Account Balances and the Related Receivable from Reinsurers to the Consolidated Balance Sheets (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Gross policyholder account balances	$ 138,842,575	$ 140,605,750
Total receivable from reinsurers	3,092,871	3,275,247
Net policyholder account balances	135,749,704	137,330,503
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Gross policyholder account balances	103,029,371	104,233,454	$ 104,853,296
Deferred profit liability - fixed annuities	523,926	546,802	608,056	$ 627,465
Total receivable from reinsurers	3,092,871	3,275,247
Universal Life [Member]
Effects of Reinsurance [Line Items]
Gross policyholder account balances	35,289,278	$ 35,825,494	36,951,111	$ 37,091,230
Total receivable from reinsurers

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Loans Held for Sale (Details Narrative) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

^[1]

Provision on current loan originations

$ 170,996

^[1]

$ 183,034

$ 805,518

Loan increase per point

$ 350

Amount of loan increased, per point

$ 1,000,000

[1]	Included in mortgage fee income

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

$ 371,602,158

$ 382,401,293

5,100,688

8,196,174

Available for sale securities, unrecognized holding loss

(8,460,924)

^[1]

(7,240,099)

^[2]

Available for sale securities, estimated fair value

367,565,925

382,777,918

Available-for-sale securities, amortized cost basis

12,477,275

12,206,559

Available-for-sale securities, gross unrealized gain

18,346,314

18,050,062

305,268,440

322,435,385

23,490,927

25,601,905

162,096,809

114,112,108

$ 145,292,245

$ 150,102,620

9,596,277

9,054,645

Total restricted assets

29,953,633

28,805,946

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

550,397

1,176,359

125

1,859

Available for sale securities, unrecognized holding loss

(2,490)

(967)

Available for sale securities, estimated fair value

548,032

1,177,251

1,654,250

1,957,888

US Treasury Securities [Member] | Restricted Assets [Member]

10,659,181

^[3]

9,919,800

^[4]

Total restricted assets

29,953,633

28,805,946

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

269,363

895,817

1,735

Available for sale securities, unrecognized holding loss

Available for sale securities, estimated fair value

269,363

897,552

US States and Political Subdivisions Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

229,553

228,512

125

124

Available for sale securities, unrecognized holding loss

(2,003)

(8)

Available for sale securities, estimated fair value

227,675

228,628

Corporate Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

51,481

52,030

Available for sale securities, unrecognized holding loss

(487)

(959)

Available for sale securities, estimated fair value

50,994

51,071

Industrial Miscellaneous and All Other [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

14,065,145

12,582,890

Available for sale securities, unrecognized holding gain

2,724,027

2,690,346

Available for sale securities, unrecognized holding loss

(504,294)

(344,319)

Available-for-sale securities, gross unrealized gain

16,284,878

14,928,917

Equity Securities One [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

14,065,145

12,582,890

Available for sale securities, unrecognized holding gain

2,724,027

2,690,346

Available for sale securities, unrecognized holding loss

(504,294)

(344,319)

Available-for-sale securities, gross unrealized gain

16,284,878

14,928,917

Residential Construction [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Fair value allowance for credit losses

788,778

812,427

(1,578)

(1,625)

787,200

810,802

$ 20,092

$ 11,288

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses
[3]	Including cash and cash equivalents of $8,965,571 for the life insurance and mortgage segments.
[4]	Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

Loans Held for Sale

3 Months Ended

Mar. 31, 2026

Loans Held for Sale

3) Loans Held for Sale

The Company’s loans held for sale portfolio is valued using the fair value option. Changes in the fair value of the loans are included in mortgage fee income. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on recognition of mortgage loan interest income and is included in mortgage fee income on the condensed consolidated statement of earnings. See Note 8 to the condensed consolidated financial statements for additional disclosures regarding loans held for sale.

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale:

	As of March 31, 2026		As of December 31, 2025

Aggregate fair value	$	137,607,689	$	155,968,266
Unpaid principal balance		137,122,949		154,484,198
Unrealized gain		484,740		1,484,068

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income, and other income related to the origination and sale of mortgage loans held for sale.

Major categories of mortgage fee income for loans held for sale are summarized as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Loan fees	$	5,734,513		$	5,254,090
Interest income		1,730,664			1,667,434
Secondary gains		16,414,739			16,954,943
Change in fair value of loan commitments		1,384,727			474,540
Change in fair value of loans held for sale		(1,603,988	)		641,268
Provision for loan loss reserve		(170,996	)		(183,034	)
Mortgage fee income	$	23,489,659		$	24,809,241

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

3) Loans Held for Sale (Continued)

Loan Loss Reserve

Repurchase demands (“demand(s)”) from third party investors for mortgage loans previously held for sale and sold are reviewed, and relevant data is captured so that an estimated future loss can be calculated. The key factors that are used in the estimated future loss calculation are as follows: (i) lien position, (ii) payment status, (iii) claim type, (iv) unpaid principal balance, (v) interest rate, and (vi) validity of the demand. Other data is captured and is useful for management purposes; the actual estimated loss is generally based on these key factors. The Company conducts its own review upon the receipt of a demand. In many instances, the Company can resolve the issues relating to the demand by the third-party investor without having to make any payments to the investor.

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	As of March 31, 2026			As of December 31, 2025
Balance, beginning of period	$	384,184		$	696,626
Provision on current loan originations (1)		170,996			805,518
Additional provision (2)		-			40,000
Charge-offs, net of recaptured amounts		(170,996	)		(1,157,960	)
Balance, end of period	$	384,184		$	384,184

(1)

Included in mortgage fee income

(2)

Included in other expenses

The Company maintains reserves for estimated losses on current production volumes. For the three-month period ended March 31, 2026, $170,996 in reserves were added at a rate of 3.5 basis points per loan, the equivalent of $350 per $1,000,000 in loans originated. For the three-month period ended March 31, 2025, $183,034 in reserves were added at a rate of 3.5 basis points per loan, the equivalent of $350 per $1,000,000 in loans originated. The Company monitors market data and trends, and economic conditions (including forecasts) and uses its own experience to determine adequate loss reserves on current production.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Fair Value of Financial Instruments (Details Narrative)	3 Months Ended
Fair Value of Financial Instruments (Details Narrative)	Mar. 31, 2026
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	1.50%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	6.50%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	$ 182,729,508	$ 132,887,592
Derivative asset, notional amount	2,959,819	1,700,742
Derivative liability, notional amount	94,955	220,605
Net Derivatives Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	182,729,508	132,887,592
Derivative asset, notional amount	2,959,819	1,700,742
Derivative liability, notional amount	$ 94,955	$ 220,605

Reinsurance

3 Months Ended

Mar. 31, 2026

Commercial Portfolio Segment [Member]

Reinsurance

12) Reinsurance

The Company follows the procedure of reinsuring risks of more than a specified limit, which ranges from $25,000 to $100,000 on newly issued policies. The Company has also assumed various reinsurance agreements through acquisition of life companies. The Company is ultimately liable for these reinsured amounts in the event such reinsurers are unable to pay their portion of the claims. The Company evaluates the financial condition of reinsurers and monitors the concentration of credit risk. The Company is also a reinsurer of insurance with other companies.

Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Financing Receivable, Credit Quality Indicator [Line Items]

$ 3,524,400

$ 38,044,207

30,012,099

14,323,086

14,322,468

16,600,776

16,600,506

756,633

756,633

1,207,201

9,398,567

8,299,883

$ 74,614,673

$ 79,231,786

Residential Portfolio Segment [Member]

100.00%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 1,387,990

$ 11,492,854

9,753,813

12,638,591

12,615,423

10,793,857

10,594,587

39,970,241

36,021,562

2,264,902

15,146,115

13,484,145

$ 85,519,490

$ 90,644,590

Residential Portfolio Segment [Member] | Performing Financial Instruments [Member]

100.00%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 1,387,990

$ 10,946,252

8,283,600

11,711,336

11,736,720

10,177,427

8,888,926

39,714,697

35,481,702

2,264,902

13,791,335

12,734,067

$ 79,570,273

$ 87,548,681

Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]

93.04%

96.58%

Financing Receivable, Credit Quality Indicator [Line Items]

^[1]

$ 546,602

^[2]

1,470,213

^[1]

927,255

^[2]

878,703

^[1]

616,430

^[2]

1,705,661

^[1]

255,544

^[2]

539,860

^[1]

^[2]

1,354,780

^[1]

750,078

^[2]

$ 5,949,217

^[1]

$ 3,095,909

^[2]

Less than 65% [Member] | Commercial Portfolio Segment [Member]

6.96%

^[1]

3.42%

^[2]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 2,264,400

$ 34,518,653

26,486,545

3,890,144

3,889,812

15,600,000

15,600,000

462,761

462,761

810,696

9,002,062

8,299,883

$ 57,705,580

$ 63,582,137

Less than 65% [Member] | Residential Portfolio Segment [Member]

77.34%

80.25%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 640,727

$ 4,382,324

1,888,800

6,054,903

6,042,451

4,118,599

4,103,812

5,710,475

5,640,640

968,377

8,734,429

7,259,011

$ 27,050,859

$ 28,493,689

65% to 80% [Member] | Commercial Portfolio Segment [Member]

31.63%

31.43%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 1,260,000

$ 3,525,554

3,525,554

10,432,942

10,432,656

1,000,776

1,000,506

293,872

293,872

$ 16,512,588

$ 15,253,144

65% to 80% [Member] | Residential Portfolio Segment [Member]

22.13%

19.25%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 747,263

$ 6,673,602

6,660,280

6,428,826

6,418,110

6,380,363

6,196,811

32,514,676

28,359,148

1,296,525

5,876,068

5,688,715

$ 54,257,680

$ 58,982,707

Greater than 80% [Member] | Commercial Portfolio Segment [Member]

63.44%

65.07%

Financing Receivable, Credit Quality Indicator [Line Items]

396,505

396,505

$ 396,505

0.53%

0.50%

Greater than 80% [Member] | Residential Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 436,928

1,204,733

154,862

154,862

294,895

293,964

1,745,090

2,021,774

535,618

536,419

$ 4,210,951

$ 3,168,194

Greater than 1.20x [Member] | Commercial Portfolio Segment [Member]

4.92%

3.50%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 7,519,000

7,680,478

10,000,000

12,089,812

7,500,000

7,500,000

5,265,290

5,292,385

$ 32,535,580

$ 30,311,385

1.00x - 1.20x [Member] | Commercial Portfolio Segment [Member]

43.60%

38.26%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 3,524,400

$ 28,300,207

17,956,621

4,323,086

2,232,656

9,100,776

9,100,506

756,633

756,633

1,207,201

348,050

3,007,498

$ 33,918,866

$ 46,695,401

Less than 1.00x [Member] | Commercial Portfolio Segment [Member]

45.46%

58.94%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 2,225,000

4,375,000

3,785,227

$ 8,160,227

$ 2,225,000

10.94%

2.81%

[1]	Includes residential mortgage loans in the process of foreclosure of $1,462,111
[2]	Includes residential mortgage loans in the process of foreclosure of $616,430

Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

$ 60,078,736

$ 61,888,987

18,501,348

19,202,624

350,748

586,021

797,948

1,062,091

1,679,288

1,525,627

Elimination of intersegment revenues

81,408,068

84,265,350

(1,679,288)

(1,525,627)

Total consolidated revenues

79,728,780

82,739,723

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

24,539,397

25,455,174

2,979,318

2,796,999

8,793,860

10,438,381

20,601,636

22,182,408

737,063

823,945

822,277

988,611

580,090

615,135

Costs of goods and services sold-mortuaries and cemeteries

1,673,977

1,415,252

1,233,449

1,253,270

2,050,892

1,836,598

7,001,426

6,413,735

7,001,426

6,413,735

Elimination of intersegment assets

1,602,037,081

1,561,577,933

(21,253,140)

(30,644,368)

Total consolidated assets

1,580,783,941

1,530,933,565

31,660,107

17,084,737

Life Insurance [Member]

28,855,254

29,779,525

17,717,277

18,630,945

382,514

290,534

375,052

585,598

1,523,146

1,319,923

48,853,243

50,606,525

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

24,539,397

25,455,174

2,689,374

2,623,034

472,826

862,343

8,738,857

8,526,188

90,904

99,976

94,375

99,790

213,559

242,812

Data processing and IT related

354,819

^[1]

235,788

^[2]

Premium taxes on insurance premiums and other considerations

659,615

^[1]

718,071

^[2]

Other segment items

2,349,313

^[1],[3]

2,624,538

^[2],[4]

Intersegment expenses

156,141

^[5]

205,558

^[6]

Costs of goods and services sold-mortuaries and cemeteries

892,777

906,447

1,663,288

1,785,207

5,937,998

6,221,599

1,412,106,259

1,360,748,004

Cemetery/Mortuary [Member]

31,477,400

16,717,670

7,733,823

7,300,221

652,531

421,253

(74,328)

209,970

160,642

187,850

83,836

8,556,504

8,203,130

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

289,944

173,965

238,209

208,420

2,733,070

2,538,026

101,937

151,609

37,903

38,038

241,226

212,361

Data processing and IT related

88,667

^[1]

70,526

^[2]

Premium taxes on insurance premiums and other considerations

^[1]

^[2]

Other segment items

1,362,050

^[1],[3]

1,231,210

^[2],[4]

Intersegment expenses

80,089

^[5]

87,441

^[6]

Costs of goods and services sold-mortuaries and cemeteries

708

163

1,233,449

1,253,270

518,697

534,844

1,630,555

1,703,257

108,161,913

100,073,999

182,707

257,933

Mortgage [Member]

23,489,659

24,809,241

131,540

150,426

42,562

85,517

262,254

288,643

72,306

121,868

23,998,321

25,455,695

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

8,082,825

9,367,618

9,129,709

11,118,194

544,222

572,360

689,999

850,783

125,305

159,962

Data processing and IT related

1,673,977

1,415,252

1,031,269

^[1]

878,110

^[2]

Premium taxes on insurance premiums and other considerations

^[1]

^[2]

Other segment items

1,873,463

^[1],[3]

1,642,444

^[2],[4]

Intersegment expenses

1,443,058

^[5]

1,232,628

^[6]

Costs of goods and services sold-mortuaries and cemeteries

102,714

212,918

(131,093)

(483,453)

(567,127)

(1,511,121)

81,768,909

100,755,930

$ 109,134

[1]	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
[2]	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
[3]	For each reportable segment, other segment items includes:
[4]	For each reportable segment, other segment items includes:
[5]	For each reportable segment, intersegment expenses includes:
[6]	For each reportable segment, intersegment expenses includes:

Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Roll Forward for the Lines of Business that Contain DAC Balances

The following tables show a roll forward for the lines of business that contain DAC balances, along with a reconciliation to the Company’s total DAC balance:

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health		Pre-need Contracts			Total
Balance at December 31, 2025	$	127,639,286		$	571,370		$	3,430,518		$	-	$	4,337,629		$	135,978,803
Deferrals		4,131,689			29,139			-			-		327,701			4,488,529
Amortization		(2,460,830	)		(32,470	)		(82,251	)		-		(289,944	)		(2,865,495	)
Balance at March 31, 2026	$	129,310,145		$	568,039		$	3,348,267		$	-	$	4,375,386		$	137,601,837

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance at December 31, 2024	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Balance, beginning of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Deferrals		5,299,915			43,786			-			-			181,034			5,524,735
Amortization		(2,390,105	)		(33,165	)		(76,061	)		(447	)		(173,965	)		(2,673,743	)
Balance at March 31, 2025	$	121,713,487		$	546,457		$	3,678,806		$	19		$	4,132,130		$	130,070,899
Balance, end of period	$	121,713,487		$	546,457		$	3,678,806		$	19		$	4,132,130		$	130,070,899

Schedule of Roll Forward for the Lines of Business That Contain VOBA Balances

The following tables show a roll forward for the lines of business that contain VOBA balances, along with a reconciliation to the Company’s total VOBA balance:

	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance at December 31, 2025	$	6,968,331		$	-	$	124,932		$	15,923		$	7,109,186
Deferrals		-			-		-			-			-
Amortization		(98,289	)		-		(14,900	)		(634	)		(113,823	)
Balance at March 31, 2026	$	6,870,042		$	-	$	110,032		$	15,289		$	6,995,363

	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance at December 31, 2024	$	7,397,519		$	-	$	186,632		$	18,370		$	7,602,521
Balance, beginning of period	$	7,397,519		$	-	$	186,632		$	18,370		$	7,602,521
Deferrals		-			-		-			-			-
Amortization		(106,834	)		-		(15,708	)		(714	)		(123,256	)
Balance at March 31, 2025	$	7,290,685		$	-	$	170,924		$	17,656		$	7,479,265
Balance, end of period	$	7,290,685		$	-	$	170,924		$	17,656		$	7,479,265

Schedule of Balance and the Changes in Unearned Premium Reserve

The balance and the changes in Unearned Premium Reserve are as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
	Universal Life			Universal Life
Balance, beginning of period	$	1,824,796		$	2,013,245
Deferrals		-			-
Amortization (1)		(47,431	)		(44,487	)
Unearned premium reserve, end of period	$	1,777,365		$	1,968,758

(1)

Included in premiums and other considerations on the condensed consolidated statements of earnings.

Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Allowance for Credit Losses

Schedule of Receivable

Receivables consist of the following:

Schedule of Receivable

	As of March 31, 2026			As of December 31, 2025
Contracts with customers	$	7,034,138		$	6,981,676
Receivables from sales agents		4,441,441			4,193,842
Insurance premiums due		1,414,850			1,275,664
Other		4,835,232			4,588,564
Total receivables		17,725,661			17,039,746
Allowance for credit losses		(1,523,072	)		(1,428,672	)
Net receivables	$	16,202,589		$	15,611,074

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Credit Losses

	Three Months Ended
Beginning balance - December 31, 2025	$	1,428,672
Change in provision for credit losses (1)		147,555
Charge-offs		(53,155	)
Ending balance - March 31, 2026	$	1,523,072

Beginning balance - December 31, 2024	$	1,678,531
Change in provision for credit losses (1)		16,142
Charge-offs		(62,574	)
Ending balance - March 31, 2025	$	1,632,099

(1)

Included in other expenses on the condensed consolidated statements of earnings

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (December 31, 2025)	$	6,981,676	$	-	$	22,991,603
Closing (March 31, 2026)		7,034,138		-		23,487,532
Increase/(decrease)		52,462		-		495,929

	Contract Balances
	Receivables (1)			Contract Asset		Contract Liability
Opening (December 31, 2024)	$	7,095,589		$	-	$	20,168,405
Closing (December 31, 2025)		6,981,676			-		22,991,603
Increase/(decrease)		(113,913	)		-		2,823,198

(1)

Included in Receivables, net on the condensed consolidated balance sheets

Schedule of Revenues of the Cemetery and Mortuary Contracts

The following table disaggregates revenue for the Company’s funeral home and cemetery contracts:


	Three Months Ended March 31,
	2026		2025
Major goods/service lines
At-need	$	5,845,861	$	5,716,277
Pre-need		1,887,962		1,583,944
Net mortuary and cemetery sales	$	7,733,823	$	7,300,221

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,859,344	$	4,154,547
Services transferred at a point in time		2,874,479		3,145,674
Net mortuary and cemetery sales	$	7,733,823	$	7,300,221

Schedule of Receivable (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Receivables from sales agents

Contracts with customers

^[1]

$ 7,034,138

$ 6,981,676

$ 7,095,589

4,441,441

4,193,842

Insurance premiums due

1,414,850

1,275,664

Other

4,835,232

4,588,564

Total receivables

17,725,661

17,039,746

Allowance for credit losses

(1,523,072)

(1,428,672)

$ (1,632,099)

$ (1,678,531)

Net receivables

$ 16,202,589

$ 15,611,074

[1]	Included in Receivables, net on the condensed consolidated balance sheets

Schedule of Activity of Stock Option Plans (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Common Class A [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, outstanding, beginning

760,838

646,594

Weighted average exercise price, outstanding, beginning

$ 6.85

^[1]

$ 5.93

Number of shares, outstanding, ending

760,689

557,859

Number of shares, granted

7,500

24,000

Number of shares, exercised

(1,051)

(112,735)

Number of shares, cancelled

(6,598)

Weighted average exercise price, outstanding, ending

$ 6.88

^[1]

$ 6.24

Number of shares, options exercisable

557,659

501,834

Weighted average exercise price, options exercisable

$ 6.28

^[1]

$ 5.51

Number of shares, available options for future grant

1,896,335

53,718

Weighted average contractual term of options outstanding

6 years 7 months 20 days

5 years 4 months 17 days

Weighted average contractual term of options exercisable

5 years 6 months 14 days

5 years 7 days

Aggregated intrinsic value of options outstanding

$ 2,136,093

^[2]

$ 3,269,071

Aggregated intrinsic value of options exercisable

$ 1,952,408

^[2]

$ 3,305,118

Common Class C [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, outstanding, beginning

1,724,400

Weighted average exercise price, outstanding, beginning

$ 7.54

^[1]

$ 7.23

Number of shares, outstanding, ending

2,366,291

1,611,377

Number of shares, granted

Number of shares, exercised

(113,023)

Number of shares, cancelled

Weighted average exercise price, outstanding, ending

$ 7.54

^[1]

$ 7.50

Number of shares, options exercisable

1,860,534

1,363,881

Weighted average exercise price, options exercisable

$ 7.26

^[1]

$ 6.47

Number of shares, available options for future grant

4,207

146,238

Weighted average contractual term of options outstanding

6 years 9 months

6 years 7 months 20 days

Weighted average contractual term of options exercisable

5 years 11 months 26 days

6 years 1 month 28 days

Aggregated intrinsic value of options outstanding

$ 5,659,342

^[2]

$ 7,406,757

Aggregated intrinsic value of options exercisable

$ 5,192,461

^[2]

$ 7,676,614

[1]	Adjusted for the effect of annual stock dividends.
[2]	The Company used a stock price of $9.48 as of March 31, 2026 to derive intrinsic value.

Schedule of Aging of Mortgage Loans (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

$ 309,735,722

$ 327,275,081

Mortgage Loans, Unamortized deferred loan fees, net

(2,553,360)

(2,588,918)

$ (2,008,592)

$ (1,885,390)

(1,664,276)

(1,995,795)

Past Due 30 to 59 Days [Member]

(249,646)

(254,983)

Past Due 60 to 89 Days [Member]

6,940,796

7,388,775

Past Due 90 or More Days [Member]

1,195,773

2,485,313

^[1]

7,314,458

5,311,851

In Foreclosure [Member]

^[1]

2,050,124

1,204,443

Total Past Due [Member]

17,501,151

16,390,382

Current [Member]

Net Mortgage Loans [Member]

292,234,571

310,884,699

305,268,440

322,435,385

Commercial Loan [Member]

74,614,673

79,231,786

Mortgage Loans, Unamortized deferred loan fees, net

(1,322,084)

(1,368,121)

(1,021,730)

(732,494)

(242,747)

(374,372)

Commercial Loan [Member] | Past Due 30 to 59 Days [Member]

(142,549)

(146,534)

Commercial Loan [Member] | Past Due 60 to 89 Days [Member]

81,837

86,117

Commercial Loan [Member] | Past Due 90 or More Days [Member]

Commercial Loan [Member] | In Foreclosure [Member]

^[1]

2,827,352

2,832,372

Commercial Loan [Member] | Total Past Due [Member]

^[1]

588,013

Commercial Loan [Member] | Current [Member]

3,497,202

3,506,502

Commercial Loan [Member] | Net Mortgage Loans [Member]

71,117,471

75,725,284

72,907,293

77,342,759

85,519,490

90,644,590

Mortgage Loans, Unamortized deferred loan fees, net

(932,072)

(904,738)

(647,107)

(850,550)

(1,173,134)

(1,283,049)

Residential Mortgage [Member] | Past Due 30 to 59 Days [Member]

(107,097)

(108,449)

Residential Mortgage [Member] | Past Due 60 to 89 Days [Member]

6,858,959

7,302,658

Residential Mortgage [Member] | Past Due 90 or More Days [Member]

1,195,773

2,485,313

Residential Mortgage [Member] | In Foreclosure [Member]

^[1]

4,487,106

2,479,479

Residential Mortgage [Member] | Total Past Due [Member]

^[1]

1,462,111

616,430

Residential Mortgage [Member] | Current [Member]

14,003,949

12,883,880

Residential Mortgage [Member] | Net Mortgage Loans [Member]

71,515,541

77,760,710

83,307,187

88,348,354

149,601,559

157,398,705

Mortgage Loans, Unamortized deferred loan fees, net

(299,204)

(316,059)

$ (339,755)

$ (302,346)

(248,395)

(338,374)

Residential Construction [Member] | Past Due 30 to 59 Days [Member]

Residential Construction [Member] | Past Due 60 to 89 Days [Member]

Residential Construction [Member] | Past Due 90 or More Days [Member]

Residential Construction [Member] | In Foreclosure [Member]

^[1]

Residential Construction [Member] | Total Past Due [Member]

^[1]

Residential Construction [Member] | Current [Member]

Residential Construction [Member] | Net Mortgage Loans [Member]

149,601,559

157,398,705

$ 149,053,960

$ 156,744,272

[1]	Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Net Derivatives Loan Commitments, Beginning

^[1]

$ 1,700,742

Loans Held for Sale, Beginning

155,968,266

Fixed Maturity Securities Available for Sale, Beginning

382,777,918

13,789,720

$ 28,292,634

Total gains (losses) included in other comprehensive income

(24,701,046)

(26,374,371)

(4,167,685)

3,988,782

Net Derivatives Loan Commitments, Ending

^[2]

2,959,819

Loans Held for Sale, Ending

137,607,689

Fixed Maturity Securities Available for Sale, Ending

367,565,925

Net Derivatives Loan Commitments [Member]

Net Derivatives Loan Commitments, Beginning

1,480,137

2,313,210

Total gains (losses) included in earnings

1,384,727

^[3]

474,540

^[4]

Total gains (losses) included in other comprehensive income

Net Derivatives Loan Commitments, Ending

2,864,864

2,787,750

Loans Held For Sale [Member]

Loans Held for Sale, Beginning

155,968,266

131,181,148

488,560,300

517,886,377

Total gains (losses) included in earnings

(516,712,505)

(521,382,576)

9,791,628

^[3]

12,149,277

^[4]

Total gains (losses) included in other comprehensive income

Loans Held for Sale, Ending

137,607,689

139,834,226

Fixed Maturity Securities Available For Sale 1 [Member]

Fixed Maturity Securities Available for Sale, Beginning

574,643

1,149,926

Total gains (losses) included in earnings

^[5]

^[6]

Total gains (losses) included in other comprehensive income

378

Fixed Maturity Securities Available for Sale, Ending

$ 574,643

$ 1,150,304

[1]	Included in other assets on the condensed consolidated balance sheets
[2]	Included in other assets on the condensed consolidated balance sheets
[3]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[4]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[5]	As a component of Net investment income on the condensed consolidated statements of earnings
[6]	As a component of Net investment income on the condensed consolidated statements of earnings

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) (Parenthetical) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

$ 162,096,809

$ 114,112,108

$ 145,292,245

$ 150,102,620

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Restricted Assets [Member] | Security National Life Insurance [Member]

10,659,181

^[1]

9,919,800

^[2]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Basis Of Presentation And Recent Accounting Pronouncements

$ 8,965,571

$ 8,383,847

[1]	Including cash and cash equivalents of $8,965,571 for the life insurance and mortgage segments.
[2]	Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

Basis of Presentation and Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Recent Accounting Pronouncements

1) Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation

Certain prior-period amounts have been reclassified to conform to the current-period presentation.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

Recent Accounting Pronouncements

Accounting Standards Adopted in 2025

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	26,235,077		$	(779,903	)	$	25,455,174
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		4,696,535			(1,899,536	)		2,796,999
Total benefits and expenses		77,168,829			(2,679,439	)		74,489,390

Earnings before income taxes		5,570,894			2,679,439			8,250,333
Income tax expense		(1,232,602	)		(603,996	)		(1,836,598	)
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735

Net earnings per Class A equivalent common share (1)	$	0.18		$	0.08		$	0.26

Net earnings per Class A equivalent common share - assuming dilution (1)	$	0.18		$	0.07		$	0.25

(1)

Adjusted retroactively for the effect of annual stock dividends

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	4,338,292		$	2,075,443		$	6,413,735
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale		3,788,729			72,528			3,861,257
Interest rate remeasurement of future policy benefits		-			(8,122,845	)		(8,122,845	)
Other comprehensive income (loss), before income tax		3,795,832			(8,050,317	)		(4,254,485	)
Income tax benefit (expense)		(798,220	)		1,690,568			892,348
Other comprehensive income (loss), net of income tax		2,997,612			(6,359,749	)		(3,362,137	)
Comprehensive income (loss)	$	7,335,904		$	(4,284,306	)	$	3,051,598

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statements of Stockholders’ Equity:	Three Months Ended March 31, 2025
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(3,953,654	)	$	34,311,146	$	30,357,492
Retained earnings		229,697,478			4,520,696		234,218,174
Total stockholders’ equity	$	346,493,686		$	38,831,842	$	385,325,528

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

1) Basis of Presentation and Recent Accounting Pronouncements (Continued)

Accounting Standards Issued But Not Yet Adopted

The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class C [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Dec. 31, 2024	$ 42,510,012	$ 6,643,666	$ 79,698,367	$ 33,719,629	$ 227,804,439	$ (8,477,686)	$ 381,898,427
Net earnings					6,413,735		6,413,735
Other comprehensive loss				(3,362,137)			(3,362,137)
Stock-based compensation expense			309,260				309,260
Exercise of stock options	132,546	190,674	(92,965)			(149,009)	81,246
Vesting of restricted stock units	920		(920)
Sale of treasury stock			90,895			136,367	227,262
Purchase of treasury stock						(242,265)	(242,265)
Balance at Mar. 31, 2025	42,643,478	6,834,340	80,004,637	30,357,492	234,218,174	(8,732,593)	385,325,528
Balance at Dec. 31, 2025	44,857,250	7,174,474	89,867,763	28,762,123	248,795,475	(9,088,357)	410,368,728
Net earnings					7,001,426		7,001,426
Other comprehensive loss				8,073,939			8,073,939
Stock-based compensation expense			469,131				469,131
Exercise of stock options	2,102		4,540				6,642
Vesting of restricted stock units	6,174		(6,174)
Sale of treasury stock			60,205			320,960	381,165
Purchase of treasury stock						(785,521)	(785,521)
Balance at Mar. 31, 2026	$ 44,865,526	$ 7,174,474	$ 90,395,465	$ 36,836,062	$ 255,796,901	$ (9,552,918)	$ 425,515,510

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Aggregate value of stock related to Restricted Stock Awards issued during the period.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

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-Name Accounting Standards Codification
-Section S99
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-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Value of stock issued as a result of the exercise of stock options.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Paragraph 2
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-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
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-Subparagraph (f)
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-Topic 235
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Dec. 31, 2024

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

$ 305,268,440

$ 322,435,385

83,502,066

85,223,293

29,953,633

28,805,946

10,026,606

9,871,947

Mortgage servicing rights, estimated fair value

2,460,261

2,528,459

$ 2,939,878

3,994,484

4,035,635

Future policy benefits and unpaid claims

(108,760,032)

(98,387,919)

(138,842,575)

(140,605,750)

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans, estimated fair value

83,307,187

88,348,354

85,877,780

89,318,434

Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

85,877,780

89,318,434

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans, estimated fair value

149,053,960

156,744,272

149,053,960

156,744,272

Residential Construction [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Construction [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Construction [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

149,053,960

156,744,272

Commercial Loan [Member]

Other investments and policy loans, estimated fair value

72,907,293

77,342,759

74,030,925

78,683,341

Commercial Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member]

74,030,925

78,683,341

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans, estimated fair value

305,268,440

322,435,385

308,962,665

324,746,047

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

14,536,305

^[1]

14,467,357

^[2]

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

308,962,665

324,746,047

Policy Loan [Member]

Other investments and policy loans, estimated fair value

14,536,305

^[1]

14,467,357

^[2]

Policy Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

^[1]

^[2]

Policy Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

^[1]

^[2]

Policy Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

14,536,305

^[1]

14,467,357

^[2]

Insurance Assignments [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

44,797,734

^[1]

44,507,531

^[2]

Other investments and policy loans, estimated fair value

44,797,734

^[1]

44,507,531

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,518,047 and $1,676,468 for 2026 and 2025, respectively)

44,797,734

^[1]

44,507,531

^[2]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets, estimated fair value

787,200

^[3]

810,802

^[4]

787,200

^[3]

810,802

^[4]

Restricted Assets [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted Assets [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted Assets [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member]

787,200

^[3]

810,802

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments, estimated fair value

610,930

^[3]

66,209

^[4]

610,930

^[3]

66,209

^[4]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member]

610,930

^[3]

66,209

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights, estimated fair value

2,460,261

2,528,459

3,994,484

4,035,635

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank And Other Loans Payable [Member]

3,994,484

4,035,635

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable, estimated fair value

(108,760,032)

(98,387,919)

(97,468,978)

(87,490,315)

Bank And Other Loans Payable [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank And Other Loans Payable [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank And Other Loans Payable [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Policyholder Account Balances - Universal Life [Member]

(97,468,978)

(87,490,315)

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(35,289,278)

(35,825,494)

Future policy benefits and unpaid claims, estimated fair value

(35,358,733)

(35,986,392)

Policyholder Account Balances - Universal Life [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

Policyholder Account Balances - Universal Life [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

Policyholder Account Balances - Universal Life [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

(35,358,733)

(35,986,392)

Policyholder Account Balances - Fixed Annuities [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims

(103,553,297)

(104,780,256)

Future policy benefits and unpaid claims, estimated fair value

(103,199,369)

(103,880,576)

Policyholder Account Balances - Fixed Annuities [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

Policyholder Account Balances - Fixed Annuities [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

Policyholder Account Balances - Fixed Annuities [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future policy benefits and unpaid claims, estimated fair value

$ (103,199,369)

$ (103,880,576)

[1]	Included in other investments and policy loans on the condensed consolidated balance sheets
[2]	Included in other investments and policy loans on the consolidated balance sheets
[3]	Mortgage loans held for investment
[4]	Mortgage loans held for investment

Schedule of Roll Forward for the Lines of Business That Contain VOBA Balances (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Balance, beginning of period	$ 7,109,186	$ 7,602,521
Deferrals
Amortization	(113,823)	(123,256)
Balance, end of period	6,995,363	7,479,265
Traditional Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	6,968,331	7,397,519
Deferrals
Amortization	(98,289)	(106,834)
Balance, end of period	6,870,042	7,290,685
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period
Deferrals
Amortization
Balance, end of period
Universal Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	124,932	186,632
Deferrals
Amortization	(14,900)	(15,708)
Balance, end of period	110,032	170,924
Accident and Health Insurance Product Line [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	15,923	18,370
Deferrals
Amortization	(634)	(714)
Balance, end of period	$ 15,289	$ 17,656

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Unrealized gains (losses) on fixed maturity securities available for sale

$ 7,001,426

$ 6,413,735

Other comprehensive income (loss):

(4,316,311)

3,861,257

Unrealized gains (losses) on restricted assets

^[1]

(3,257)

4,288

Unrealized gains on cemetery perpetual care trust investments

^[1]

281

2,815

Interest rate remeasurement of future policy benefits

14,536,081

(8,122,845)

Other comprehensive income (loss), before income tax

10,216,794

(4,254,485)

Other comprehensive income (loss), net of income tax

(2,142,855)

892,348

8,073,939

(3,362,137)

Comprehensive income

$ 15,075,365

$ 3,051,598

[1]	Fixed maturity securities available for sale

Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loans Held For Sale
Loan fees	$ 5,734,513	$ 5,254,090
Interest income	1,730,664	1,667,434
Secondary gains	16,414,739	16,954,943
Change in fair value of loan commitments	1,384,727	474,540
Change in fair value of loans held for sale	(1,603,988)	641,268
Provision for loan loss reserve	(170,996)	(183,034)
Mortgage fee income	$ 23,489,659	$ 24,809,241

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Amortized cost	$ 371,602,158	$ 382,401,293
Allowance for credit loss	675,997	579,450
Equity securities cost	12,477,275	12,206,559
Allowance for loan and lease losses, real estate	2,553,360	2,588,918
Real estate investment property, accumulated depreciation	38,595,436	37,159,212
Allowance for doubtful accounts, premiums and other receivables	1,518,047	1,676,468
Accounts receivable, allowance for credit loss	1,523,072	1,428,672
Aggregate fair value, restricted assets	16,832,910	16,106,168
Aggregate fair value, cemetery perpetual care trust investments	$ 6,787,546	$ 6,575,744
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock, par value	$ 2.00	$ 2.00
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	22,432,763	22,428,625
Common stock, shares outstanding	22,432,763	22,428,625
Treasury stock, shares	1,137,578	1,095,964
Common Class B [Member]
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Class C [Member]
Common stock, par value	$ 2.00	$ 2.00
Common stock, shares authorized	6,000,000	6,000,000
Common stock, shares issued	3,587,237	3,587,237
Common stock, shares outstanding	3,587,237	3,587,237
Treasury stock, shares	104,604	104,604

Stock Compensation Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

18) Stock Compensation Plans

The Company has three active equity incentive plans (the “2013 Plan”, the “2014 Director Plan” and the “2022 Plan” or “the Plans”).

Stock Options

Stock based compensation expense for stock options issued of $463,699 and $299,272 has been recognized for these Plans for the three-month periods ended March 31, 2026, and 2025, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. As of March 31, 2026, the total unrecognized compensation expense related to the options issued was $1,233,463 which is expected to be recognized over the remaining vesting period.

The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

18) Stock Compensation Plans (Continued)

The activity of the Plans during the three-month period ended March 31, 2026, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at December 31, 2025		760,838		$	6.85		2,366,291	$	7.54
Granted		7,500					-
Exercised		(1,051	)				-
Cancelled		(6,598	)				-
Outstanding at March 31, 2026		760,689		$	6.88		2,366,291	$	7.54

As of March 31, 2026:
Options exercisable		557,659		$	6.28		1,860,534	$	7.26

As of March 31, 2026:
Available options for future grant		1,896,335					4,207

Weighted average contractual term of options
outstanding at March 31, 2026		6.64 years					6.75 years

Weighted average contractual term of options
exercisable at March 31, 2026		5.54 years					5.99 years

Aggregated intrinsic value of options
outstanding at March 31, 2026 (1)	$	2,136,093				$	5,659,342

Aggregated intrinsic value of options
exercisable at March 31, 2026 (1)	$	1,952,408				$	5,192,461

(1)	The Company used a stock price of $9.48 as of March 31, 2026 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

18) Stock Compensation Plans (Continued)

The activity of the Plans during the three-month period ended March 31, 2025, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares			Weighted Average Exercise Price (2)

Outstanding at December 31, 2024		646,594		$	5.93		1,724,400		$	7.23
Granted		24,000					-
Exercised		(112,735	)				(113,023	)
Cancelled		-					-
Outstanding at March 31, 2025		557,859		$	6.24		1,611,377		$	7.50

As of March 31, 2025:
Options exercisable		501,834		$	5.51		1,363,881		$	6.47

As of March 31, 2025:
Available options for future grant		53,718					146,238

Weighted average contractual term of options
outstanding at March 31, 2025		5.38 years					6.64 years

Weighted average contractual term of options
exercisable at March 31, 2025		5.02 years					6.16 years

Aggregated intrinsic value of options
outstanding at March 31, 2025 (1)	$	3,269,071				$	7,406,757

Aggregated intrinsic value of options
exercisable at March 31, 2025 (1)	$	3,305,118				$	7,676,614

(1)	The Company used a stock price of $12.10 as of March 31, 2025 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the three-month periods ended March 31, 2026, and 2025 were $2,449 and $1,357,776, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

18) Stock Compensation Plans (Continued)

Restricted Stock Units (“RSUs”)

Stock based compensation expense for RSUs issued of $5,431 and $9,988 has been recognized under these plans for the three-month periods ended March 31, 2026, and 2025, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. The fair value of each RSU granted is determined by the Company’s stock price on the date of the grant. As of March 31, 2026, the total unrecognized compensation expense related to the RSUs issued was $21,194, which is expected to be recognized over the remaining vesting period.

Activity of the RSUs during the three-month period ended March 31, 2026, is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2025		17,568		$	9.33
Granted		-
Vested		(3,087	)
Non-vested at March 31, 2026		14,481		$	8.53

Available RSUs for future grant		489,706

Activity of the RSUs during the three-month period ended March 31, 2025, is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2024		12,813		$	12.90
Granted		-
Vested		(460	)
Non-vested at March 31, 2025		12,353		$	13.08

Available RSUs for future grant		4,187

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

Business Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment Information

16) Business Segment Information

Description of Products and Services by Segment

The Company has identified three operating and reportable business segments: life insurance, funeral home and cemetery, and mortgage. The Company’s life insurance segment revenue consists of life insurance premiums; fees earned on factored life insurance policies and net investment income derived from investing policyholder and surplus funds. Its expenses include operating expenses to collect insurance premiums and insurance policy receivables, and administer claims, and commissions payable related to the sale of insurance products sold by the Company’s independent agency force. The Company’s funeral home and cemetery segment revenue consists of fees from the sale of at-need cemetery and funeral home merchandise, services at its funeral homes and cemeteries, pre-need sales of cemetery spaces and the net investment income from investing surplus cash. Its expenses include operating expenses to maintain funeral home and cemetery operations and commissions related to the sale of insurance products sold by the Company’s agents. The Company’s mortgage segment revenue consists of residential mortgage origination fee income and mortgage interest income. Its expenses include normal operating expenses related to the origination and sale of residential mortgage loans, loan servicing, and warehouse interest and fee expenses.

Services and Cost Sharing Policies

The accounting policies of the Company’s operating and reportable segments are the same as those described in Part II, Item 8, Note 1 - Significant Accounting Policies of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit and are eliminated upon consolidation. In addition to revenues, the reportable segments share in business services and costs including personnel expenses, rent, information technology, software, interest expense, and other similar operating costs. These shared services and costs are allocated between the segments using prevailing market rates and other agreed upon allocation methods.

Factors Management Used to Identify the Company’s Operating and Reportable Segments

The Company’s operating and reportable segments are business units that are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions.

Chief Operating Decision Maker (“CODM”)

The Company’s CODM is the Chief Executive Officer. The following table summarizes significant segment expenses. The significant expenses are based on the information that the CODM is regularly provided to assess segment performance. The CODM reviews the regularly provided information for each segment monthly and gives added emphasis on month-over-month and year-over-year comparative results. The CODM considers these comparative results when making decisions about the allocation of the Company’s resources to each segment. The measure of segment profit or loss for the Company’s three operating and reportable business segments is net earnings.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

16) Business Segment Information (Continued)


	For the Three Months Ended March 31, 2026
	Life		Funeral Home
	Insurance		and Cemetery			Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	28,855,254	$	7,733,823		$	23,489,659		$	60,078,736
Net investment income		17,717,277		652,531			131,540			18,501,348
Gains (losses) on investments and other assets		382,514		(74,328	)		42,562			350,748
Other revenues		375,052		160,642			262,254			797,948
Intersegment revenues		1,523,146		83,836			72,306			1,679,288
Total segment revenues		48,853,243		8,556,504			23,998,321			81,408,068

Elimination of intersegment revenues										(1,679,288	)
Total consolidated revenues										79,728,780

Less:
Policyholder benefits and claims		24,539,397		-			-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		2,689,374		289,944			-
Selling, general and administrative expenses:
Commissions		472,826		238,209			8,082,825
Personnel		8,738,857		2,733,070			9,129,709
Advertising		90,904		101,937			544,222
Rent and rent related		94,375		37,903			689,999
Depreciation on property and equipment		213,559		241,226			125,305
Cost related to funding mortgage loans		-		-			1,673,977
Data processing and IT related (1)		354,819		88,667			1,031,269
Premium taxes on insurance premiums and other considerations (1)		659,615		-			-
Other segment items (1)(2)		2,349,313		1,362,050			1,873,463
Intersegment expenses (3)		156,141		80,089			1,443,058
Interest expense		892,777		708			102,714
Costs of goods and services sold-mortuaries and cemeteries		-		1,233,449			-
Income tax expense (benefit)		1,663,288		518,697			(131,093	)
Segment net earnings (loss)		5,937,998		1,630,555			(567,127	)		7,001,426

Net earnings									$	7,001,426

Segment assets	$	1,412,106,259	$	108,161,913		$	81,768,909		$	1,602,037,081

Elimination of intersegment assets										(21,253,140	)
Total consolidated assets									$	1,580,783,941

Expenditures for long-lived assets	$	31,477,400	$	182,707		$	-		$	31,660,107

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Funeral Home and Cemetery - rent expense, data processing and IT related expenses, and interest expense.
Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

16) Business Segment Information (Continued)


	For the Three Months Ended March 31, 2025
	Life		Funeral Home
	Insurance		and Cemetery		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	29,779,525	$	7,300,221	$	24,809,241		$	61,888,987
Net investment income		18,630,945		421,253		150,426			19,202,624
Gains on investments and other assets		290,534		209,970		85,517			586,021
Other revenues		585,598		187,850		288,643			1,062,091
Intersegment revenues		1,319,923		83,836		121,868			1,525,627
Total segment revenues		50,606,525		8,203,130		25,455,695			84,265,350

Elimination of intersegment revenues									(1,525,627	)
Total consolidated revenues									82,739,723

Less:
Policyholder benefits and claims		25,455,174		-		-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		2,623,034		173,965		-
Selling, general and administrative expenses:
Commissions		862,343		208,420		9,367,618
Personnel		8,526,188		2,538,026		11,118,194
Advertising		99,976		151,609		572,360
Rent and rent related		99,790		38,038		850,783
Depreciation on property and equipment		242,812		212,361		159,962
Cost related to funding mortgage loans		-		-		1,415,252
Data processing and IT related (1)		235,788		70,526		878,110
Premium taxes on insurance premiums and other considerations (1)		718,071		-		-
Other segment items (1)(2)		2,624,538		1,231,210		1,642,444
Intersegment expenses (3)		205,558		87,441		1,232,628
Interest expense		906,447		163		212,918
Costs of goods and services sold-mortuaries and cemeteries		-		1,253,270		-
Income tax expense (benefit)		1,785,207		534,844		(483,453	)
Segment net earnings (loss)		6,221,599		1,703,257		(1,511,121	)		6,413,735

Net earnings								$	6,413,735

Segment assets	$	1,360,748,004	$	100,073,999	$	100,755,930		$	1,561,577,933

Elimination of intersegment assets									(30,644,368	)
Total consolidated assets								$	1,530,933,565

Expenditures for long-lived assets	$	16,717,670	$	257,933	$	109,134		$	17,084,737

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Funeral Home and Cemetery - rent expense, data processing and IT related expenses, and interest expense.
Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

The entire disclosure for segment reporting.

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Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

3 Months Ended

Mar. 31, 2026

Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

(8) Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

Refer to Note 1 regarding the adoption of ASU 2018-12.

Deferred Policy and Pre-need Contract Acquisition Costs (“DAC”)

The following tables show a roll forward for the lines of business that contain DAC balances, along with a reconciliation to the Company’s total DAC balance:

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health		Pre-need Contracts			Total
Balance at December 31, 2025	$	127,639,286		$	571,370		$	3,430,518		$	-	$	4,337,629		$	135,978,803
Deferrals		4,131,689			29,139			-			-		327,701			4,488,529
Amortization		(2,460,830	)		(32,470	)		(82,251	)		-		(289,944	)		(2,865,495	)
Balance at March 31, 2026	$	129,310,145		$	568,039		$	3,348,267		$	-	$	4,375,386		$	137,601,837

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance at December 31, 2024	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Balance, beginning of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Deferrals		5,299,915			43,786			-			-			181,034			5,524,735
Amortization		(2,390,105	)		(33,165	)		(76,061	)		(447	)		(173,965	)		(2,673,743	)
Balance at March 31, 2025	$	121,713,487		$	546,457		$	3,678,806		$	19		$	4,132,130		$	130,070,899
Balance, end of period	$	121,713,487		$	546,457		$	3,678,806		$	19		$	4,132,130		$	130,070,899

Value of Business Acquired (“VOBA”)

The following tables show a roll forward for the lines of business that contain VOBA balances, along with a reconciliation to the Company’s total VOBA balance:

	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance at December 31, 2025	$	6,968,331		$	-	$	124,932		$	15,923		$	7,109,186
Deferrals		-			-		-			-			-
Amortization		(98,289	)		-		(14,900	)		(634	)		(113,823	)
Balance at March 31, 2026	$	6,870,042		$	-	$	110,032		$	15,289		$	6,995,363

	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance at December 31, 2024	$	7,397,519		$	-	$	186,632		$	18,370		$	7,602,521
Balance, beginning of period	$	7,397,519		$	-	$	186,632		$	18,370		$	7,602,521
Deferrals		-			-		-			-			-
Amortization		(106,834	)		-		(15,708	)		(714	)		(123,256	)
Balance at March 31, 2025	$	7,290,685		$	-	$	170,924		$	17,656		$	7,479,265
Balance, end of period	$	7,290,685		$	-	$	170,924		$	17,656		$	7,479,265

Unearned Premium Reserve

The balance and the changes in Unearned Premium Reserve are as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
	Universal Life			Universal Life
Balance, beginning of period	$	1,824,796		$	2,013,245
Deferrals		-			-
Amortization (1)		(47,431	)		(44,487	)
Unearned premium reserve, end of period	$	1,777,365		$	1,968,758

(1)

Included in premiums and other considerations on the condensed consolidated statements of earnings.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2026 (Unaudited)

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

17) Fair Value of Financial Instruments

GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy:

Level 1: Financial assets and financial liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

Level 2: Financial assets and financial liabilities whose values are based on the following:

	a)	Quoted prices for similar assets or liabilities in active markets.
	b)	Quoted prices for identical or similar assets or liabilities in non-active markets; or
	c)	Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing financial assets and financial liabilities.

The Company utilizes a combination of third-party valuation service providers, brokers, and internal valuation models to determine fair value.

The following methods and assumptions were used by the Company in estimating the fair value presented in its disclosures related to significant financial instruments.

The items shown under Level 1 and Level 2 are valued as follows:

Fixed Maturity Securities Available for Sale: The fair values of fixed maturity securities are based on quoted market prices (when available). For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements (considered Level 3 financial assets), are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments.

Equity Securities: The fair values for equity securities are based on quoted market prices.

Restricted Assets: A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Cemetery Perpetual Care Trust Investments: A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Additionally, there were no transfers between Level 1 and Level 2 in the fair value hierarchy.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

The items shown under Level 3 are valued as follows:

Loans Held for Sale: The Company elected the fair value option for loans held for sale. The fair value is based on quoted market prices (when available). When a quoted market price is not readily available, the Company uses the market price from its last sale of similar assets. Fair value is often difficult to determine in volatile markets and may contain significant unobservable inputs.

Loan Commitments and Forward Sale Commitments: The Company’s mortgage segment enters loan commitments with potential borrowers and forward sale commitments to sell loans with third-party investors. The Company also uses a hedging strategy for these transactions. A loan commitment binds the Company to lend funds to a qualified borrower at a specified interest rate and within a specified period, generally up to 30 days after issuance of the loan commitment. Loan commitments are defined to be derivatives under GAAP and are recognized at fair value on the consolidated balance sheets with changes in their fair values recorded in current earnings.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued. Following issuance, the value of a mortgage loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will be funded within the terms of the commitments.

Impaired Mortgage Loans Held for Investment: The Company believes that the fair value of these nonperforming loans will approximate the unpaid principal balance expected to be recovered based on the fair value of the underlying collateral. For residential and commercial properties, the collateral value is estimated by obtaining an independent appraisal. The appraisal typically considers comparable sales in the area, property condition, and potential rental income that could be generated (particularly for commercial properties). For residential construction loans, the collateral is typically incomplete, so the fair value is estimated as the replacement cost using data from a provider of building cost information to the real estate construction.

Impaired Real Estate Held for Investment: Fair value is generally determined by obtaining an independent appraisal, which typically considers area comparable properties and property conditions. The Company believes that in an orderly market, fair value approximates the replacement cost of a home and will list for sale any foreclosed properties. In a disorderly market, the Company believes the highest and best use of the properties is as income producing assets and will hold the properties as rental properties, matching the income from the investment in rental property with the funds required for estimated future policy benefits. Accordingly, in addition to an appraisal, the determination of fair value will generally be weighed more heavily toward the rental analysis.

It should be noted that for replacement cost, when determining the fair value of real estate held for investment, the Company uses a provider of building cost information to the real estate construction industry. For the investment analysis, the Company uses market data based upon its real estate operation experience and projected the present value of net rental income over seven years. The Company also considers comparable properties in the area and property conditions when determining fair value.

In addition to this analysis performed by the Company, the Company depreciates Real Estate Held for Investment. This depreciation reduces the book value of these properties and lessens the exposure to the Company from further deterioration in real estate values.

Mortgage Servicing Rights: The Company initially recognizes Mortgage Servicing Rights (“MSRs”) at their estimated fair values derived from the net cash flows associated with the servicing contracts, where the Company assumes the obligation to service the loan in the sale transaction.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	367,565,925		$	-	$	366,991,282	$	574,643
Equity securities		18,346,314			18,346,314		-		-
Loans held for sale		137,607,689			-		-		137,607,689
Restricted assets (1)		548,032			-		548,032		-
Restricted assets (2)		16,284,878			16,284,878		-		-
Cemetery perpetual care trust investments (1)		272,403			-		272,403		-
Cemetery perpetual care trust investments (2)		6,515,143			6,515,143		-		-
Derivatives - loan commitments (3)		2,959,819			-		-		2,959,819
Total assets accounted for at fair value on a recurring basis	$	550,100,203		$	41,146,335	$	367,811,717	$	141,142,151

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(94,955	)		-		-		(94,955	)
Total liabilities accounted for at fair value on a recurring basis	$	(94,955	)	$	-	$	-	$	(94,955	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	382,777,918		$	-	$	382,203,275	$	574,643
Equity securities		18,050,062			18,050,062		-		-
Loans held for sale		155,968,266			-		-		155,968,266
Restricted assets (1)		1,177,251			-		1,177,251		-
Restricted assets (2)		14,928,917			14,928,917		-		-
Cemetery perpetual care trust investments (1)		272,012			-		272,012		-
Cemetery perpetual care trust investments (2)		6,303,732			6,303,732		-		-
Derivatives - loan commitments (3)		1,700,742			-		-		1,700,742
Total assets accounted for at fair value on a recurring basis	$	581,178,900		$	39,282,711	$	383,652,538	$	158,243,651

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(220,605	)	$	-	$	-	$	(220,605	)
Total liabilities accounted for at fair value on a recurring basis	$	(220,605	)	$	-	$	-	$	(220,605	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	March 31, 2026		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	137,607,689	Market approach	Investor contract pricing as a percentage of unpaid principal balance		87.0	%		109.0	%		101.0	%

Derivatives - loan commitments (net)		2,864,864	Market approach	Pull-through rate		51.0	%		100.0	%		91.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			50 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.07		$	100.10

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	December 31, 2025		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	155,968,266	Market approach	Investor contract pricing as a percentage of unpaid principal balance		86.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		1,480,137	Market approach	Pull-through rate		60.0	%		100.0	%		89.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			52 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.77		$	100.10

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three-month period ended March 31, 2026:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2025	$	1,480,137		$	155,968,266		$	574,643
Originations and purchases		-			488,560,300			-
Sales, maturities and paydowns		-			(516,712,505	)		-
Total gains (losses):
Included in earnings		1,384,727	(1)		9,791,628	(1)		-	(2)
Included in other comprehensive income		-			-			-

Balance - March 31, 2026	$	2,864,864		$	137,607,689		$	574,643

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three-month period ended March 31, 2025:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926
Originations and purchases		-			517,886,377			-
Sales, maturities and paydowns		-			(521,382,576	)		-
Total gains (losses):
Included in earnings		474,540	(1)		12,149,277	(1)		-	(2)
Included in other comprehensive income		-			-			378

Balance - March 31, 2025	$	2,787,750		$	139,834,226		$	1,150,304

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

The Company did not have any financial assets and financial liabilities measured at fair value on a nonrecurring basis as of March 31, 2026, or as of March 31, 2025.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The Company uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction as of March 31, 2026, and December 31, 2025.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of March 31, 2026:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	83,307,187		$	-	$	-	$	85,877,780		$	85,877,780
Residential construction		149,053,960			-		-		149,053,960			149,053,960
Commercial		72,907,293			-		-		74,030,925			74,030,925
Mortgage loans held for investment, net	$	305,268,440		$	-	$	-	$	308,962,665		$	308,962,665
Policy loans (1)		14,536,305			-		-		14,536,305			14,536,305
Insurance assignments, net (1)		44,797,734			-		-		44,797,734			44,797,734
Restricted assets (2)		787,200			-		-		787,200			787,200
Cemetery perpetual care trust investments (2)		610,930			-		-		610,930			610,930
Mortgage servicing rights, net		2,460,261			-		-		3,994,484			3,994,484

Liabilities
Bank and other loans payable	$	(108,760,032	)	$	-	$	-	$	(97,468,978	)	$	(97,468,978	)
Policyholder account balances - universal life		(35,289,278	)		-		-		(35,358,733	)		(35,358,733	)
Policyholder account balances - fixed annuities		(103,553,297	)		-		-		(103,199,369	)		(103,199,369	)

(1)	Included in other investments and policy loans on the condensed consolidated balance sheets
(2)	Mortgage loans held for investment

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2025:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	88,348,354		$	-	$	-	$	89,318,434		$	89,318,434
Residential construction		156,744,272			-		-		156,744,272			156,744,272
Commercial		77,342,759			-		-		78,683,341			78,683,341
Mortgage loans held for investment, net	$	322,435,385		$	-	$	-	$	324,746,047		$	324,746,047
Policy loans (1)		14,467,357			-		-		14,467,357			14,467,357
Insurance assignments, net (1)		44,507,531			-		-		44,507,531			44,507,531
Restricted assets (2)		810,802			-		-		810,802			810,802
Cemetery perpetual care trust investments (2)		66,209			-		-		66,209			66,209
Mortgage servicing rights, net		2,528,459			-		-		4,035,635			4,035,635

Liabilities
Bank and other loans payable	$	(98,387,919	)	$	-	$	-	$	(87,490,315	)	$	(87,490,315	)
Policyholder account balances - universal life		(35,825,494	)		-		-		(35,986,392	)		(35,986,392	)
Policyholder account balances - fixed annuities		(104,780,256	)		-		-		(103,880,576	)		(103,880,576	)

(1)	Included in other investments and policy loans on the consolidated balance sheets
(2)	Mortgage loans held for investment

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of these financial instruments are summarized as follows:

Mortgage Loans Held for Investment: The estimated fair value of the Company’s mortgage loans held for investment is determined using various methods. The Company’s mortgage loans are grouped into three categories: Residential, Residential Construction, and Commercial. When estimating the expected future cash flows, it is assumed that all loans will be held to maturity, and any loans that are non-performing are evaluated individually for impairment.

Residential – The estimated fair value is determined through a combination of discounted cash flows (estimating expected future cash flows of payments and discounting them using current interest rates from single-family mortgages) and considering pricing of similar loans that were sold recently.

Residential Construction – These loans primarily have short term maturities. Accordingly, the estimated fair value is determined to be the carrying value.

Commercial – The estimated fair value is determined by estimating expected future cash flows of payments and discounting them using current interest rates for commercial mortgages.

Policy Loans: These loans are fully collateralized by the cash surrender value of the underlying policy. Accordingly, the carrying amounts reported in the accompanying condensed consolidated balance sheet approximates their fair values.

Insurance Assignments, Net: These investments primarily have short-term maturities. Accordingly, the carrying amounts reported in the accompanying condensed consolidated balance sheet approximates their fair values.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2026 (Unaudited)

17) Fair Value of Financial Instruments (Continued)

Bank and Other Loans Payable: The carrying amounts reported in the accompanying condensed consolidated balance sheet for warehouse lines of credit approximate their fair values due to their relatively short-term maturities and variable interest rates. The estimated fair value for bank loans collateralized by real estate is determined by estimating future cash flows of payments and discounting them using current market rates.

Policyholder Account Balances: Policyholder account balances for interest-sensitive insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period of more than related policy account balances. Interest crediting rates for interest-sensitive insurance products ranged from 1.5% to 6.5%. The fair values for these investment-type insurance policies are estimated based on the present value of liability cash flows. The fair values for the Company’s insurance contracts other than investment-type contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance policies.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Schedule of Liability for Future Policy Benefits, by Product Segment (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	$ 790,945,507	$ 799,706,946
Total receivable from reinsurers	10,367,969	10,380,126
Net future policy benefits and unpaid claims	780,577,538	789,326,820
Net unpaid claims	6,725,593	7,261,634	$ 7,391,520	$ 6,635,723
Traditional And Limited Payment Life [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	570,378,453	581,389,399
Total receivable from reinsurers	9,053,706	9,186,983
Deferred Profit Liability Traditional And Limited Payment Life [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	208,486,861	205,802,774
Total receivable from reinsurers	972,336	985,258
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	92,238	95,436
Net unpaid claims	341,857	302,843	525,187	255,480
Accident and Health [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	502,669	505,208
Total receivable from reinsurers	70,173	70,173
Net unpaid claims	27,000	17,000	$ 17,000	$ 17,000
Other Policyholder Funds [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	4,487,939	4,514,783
Reported But Unpaid Claims [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	3,004,213	3,299,899
Total receivable from reinsurers	265,754	131,712
Incurred But Not Reported Claims [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	3,993,134	4,099,447
Total receivable from reinsurers	$ 6,000	$ 6,000

Condensed Consolidated Statements of Earnings (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Insurance [Abstract]
Liability for future policy benefits

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Receivables, beginning balance

^[1]

$ 6,981,676

$ 7,095,589

Contract asset, beginning balance

Contract liability, beginning balance

22,991,603

20,168,405

Receivables, ending balance

^[1]

7,034,138

6,981,676

Contract asset, ending balance

Contract liability, ending balance

23,487,532

22,991,603

Increase (decrease) in accounts receivable

^[1]

52,462

(113,913)

Increase (decrease) in contract asset

Increase (decrease) in contract liability

$ 495,929

$ 2,823,198

[1]	Included in Receivables, net on the condensed consolidated balance sheets

Cemetery Perpetual Care Trust Investments and Obligation (Details Narrative)	Mar. 31, 2026	Dec. 31, 2025
Two Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Average market value over amortized cost	98.40%	97.50%

Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Aggregate Fair Value Loans Held for Sale

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale:

	As of March 31, 2026		As of December 31, 2025

Aggregate fair value	$	137,607,689	$	155,968,266
Unpaid principal balance		137,122,949		154,484,198
Unrealized gain		484,740		1,484,068

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale are summarized as follows:

	2026			2025
	Three Months Ended March 31,
	2026			2025
Loan fees	$	5,734,513		$	5,254,090
Interest income		1,730,664			1,667,434
Secondary gains		16,414,739			16,954,943
Change in fair value of loan commitments		1,384,727			474,540
Change in fair value of loans held for sale		(1,603,988	)		641,268
Provision for loan loss reserve		(170,996	)		(183,034	)
Mortgage fee income	$	23,489,659		$	24,809,241

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	As of March 31, 2026			As of December 31, 2025
Balance, beginning of period	$	384,184		$	696,626
Provision on current loan originations (1)		170,996			805,518
Additional provision (2)		-			40,000
Charge-offs, net of recaptured amounts		(170,996	)		(1,157,960	)
Balance, end of period	$	384,184		$	384,184

(1)

Included in mortgage fee income

(2)

Included in other expenses

Schedule of Aggregate Fair Value Loans Held for Sale (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Loans Held For Sale
Aggregate fair value	$ 137,607,689	$ 155,968,266
Unpaid principal balance	137,122,949	154,484,198
Unrealized gain	$ 484,740	$ 1,484,068

Schedule of Real Estate Owned and Occupied by the Company (Details)

Mar. 31, 2026

ft²

Mortgage Operations [Member]

Approximate square footage

216,865

^[1]

Square footage occupied by the company

50.00%

^[1]

Life Insurance Operations [Member]

Approximate square footage

12,274

^[2],[3]

Square footage occupied by the company

100.00%

^[2],[3]

[1]	Included in real estate held for investment on the condensed consolidated balance sheets
[2]	Included in property and equipment on the condensed consolidated balance sheets
[3]	Listed for sale

Schedule of Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Marketable Securities [Line Items]
Gross realized gains	$ 247	$ 526
Gross realized losses	(65,035)	(40,504)
Net credit loss provision	(96,547)	(86,307)
Total	350,748	586,021
Gross investment income	23,181,068	23,322,591
Investment expenses	(4,679,720)	(4,119,967)
Net investment income	18,501,348	19,202,624
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	4,712,644	4,664,833
Equity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	207,832	192,631
Mortgage Loans Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	8,274,060	7,964,539
Real Estate 1 [Member]
Marketable Securities [Line Items]
Gross investment income	2,937,919	2,959,711
Policy Student and Other Loans [Member]
Marketable Securities [Line Items]
Gross investment income	241,508	244,605
Insurance Assignments [Member]
Marketable Securities [Line Items]
Gross investment income	5,444,231	5,732,150
Other Investments 1 [Member]
Marketable Securities [Line Items]
Gross investment income	315,638	161,486
Cash and Cash Equivalents 1 [Member]
Marketable Securities [Line Items]
Gross investment income	1,047,236	1,402,636
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross realized gains	25,794	1,068
Gross realized losses	(77,874)	(42,286)
Net credit loss provision	(96,547)	(86,307)
Equity Securities One [Member]
Marketable Securities [Line Items]
Gains on securities sold	15,722	114,127
Unrealized gains (losses) on securities held at the end of the period	(54,513)	273,477
Real Estate Held For Investment and Sale [Member]
Marketable Securities [Line Items]
Gross realized gains	586,972	394,525
Gross realized losses	(35,651)
Other Asset [Member]
Marketable Securities [Line Items]
Gross realized gains	667	6,525
Gross realized losses	$ (13,822)	$ (75,108)

Schedule of Accumulated Balances of Other Comprehensive Income (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Equity [Abstract]

Unrealized gains (losses) on fixed maturity securities available for sale

$ 752,551

$ (7,147,384)

Increase (Decrease) in Unrealized gains (losses) on fixed maturity securities available for sale

(3,407,329)

7,899,935

Unrealized gains (losses) on fixed maturity securities available for sale

(2,654,778)

752,551

Unrealized gains (losses) on restricted assets

669

^[1]

(4,126)

^[2]

Increase Dececrease in Unrealized gains (losses) on restricted assets

(2,446)

^[1]

4,795

^[2]

Unrealized gains (losses) on restricted assets

^[1]

(1,777)

669

Unrealized gains (losses) on cemetery perpetual care trust investments

(1,613)

^[1]

(5,225)

^[2]

Increase (Decrease) in Unrealized gains (losses) on cemetery perpetual care trust investments

211

^[1]

3,612

^[2]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

(1,402)

(1,613)

Interest rate remeasurement of future policy benefits

28,010,516

40,876,364

Increase (Decrease) in Interest rate remeasurement of future policy benefits

11,483,503

(12,865,848)

Interest rate remeasurement of future policy benefits

39,494,019

28,010,516

Other comprehensive income (loss)

28,762,123

33,719,629

Increase (Decrease) in Other comprehensive income (loss), Balance

8,073,939

(4,957,506)

Other comprehensive income (loss)

$ 36,836,062

$ 28,762,123

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member]	Mar. 31, 2026 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
2026	$ 250,438
2027	234,927
2028	215,762
2029	193,541
2030	174,002
Thereafter	1,391,591
Total	$ 2,460,261

Schedule of Activity of Stock Option Plans (Details) (Parenthetical) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock price	$ 9.48	$ 12.10

Schedule of Weighted-average Interest Rates (Details) - Traditional And Limited Payment Life [Member]	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Interest accretion rate	4.90%	4.90%
Current discount rate	5.90%	5.60%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Amount of Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - Traditional And Limited Payment Life [Member] - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Undiscounted expected future benefit payments	$ 1,932,292,660	$ 1,935,169,657
Discounted expected future benefit payments (at original discount rate)	869,611,949	862,961,500
Discounted expected future benefit payments (at current discount rate)	816,013,472	816,145,226
Undiscounted expected future gross premiums	809,818,009	839,169,818
Discounted expected future gross premiums (at original discount rate)	542,367,174	560,102,998
Discounted expected future gross premiums (at current discount rate)	$ 534,520,146	$ 553,195,364

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reinsurance (Details Narrative)	Mar. 31, 2026 USD ($)
Minimum [Member]
Reinsurance Retention [Line Items]
Reinsurance payable	$ 25,000
Maximum [Member]
Reinsurance Retention [Line Items]
Reinsurance payable	$ 100,000

Policyholder Account Balances

3 Months Ended

Mar. 31, 2026