U-Haul Holding Co /NV/ (Form: 10-Q, Received: 08/06/2025 16:16:46)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the transition period from __________________ to __________________

Commission File Number 001-11255


State or other jurisdiction of incorporation or organization	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.

Nevada		88-0106815

	U-Haul Holding Company (A Nevada Corporation)
	5555 Kietzke Lane Ste 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of August 6, 2025.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of August 6, 2025.

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements

	a) Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025 (unaudited)	1

	b) Consolidated Statements of Operations for the Quarters Ended June 30, 2025 and 2024 (unaudited)	2

	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2025 and 2024 (unaudited)	3

	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended June 30, 2025 and 2024 (unaudited)	4

	g) Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2025 and 2024 (unaudited)	5

	h) Notes to Consolidated Financial Statements (unaudited)	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58

Item 4.	Controls and Procedures	61

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61

Item 3.	Defaults Upon Senior Securities	61

Item 4.	Mine Safety Disclosures	62

Item 5.	Other Information	62

Item 6.	Exhibits	62

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets


	June 30,			March 31,
	2025			2025
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	877,188		$	988,828
Trade receivables and reinsurance recoverables, net		231,002			230,716
Inventories and parts		173,299			163,132
Prepaid expenses		285,540			282,406
Fixed maturity securities available-for-sale (net of allowance for credit loss of $2,443 and $3,104, respectively) at fair value and amortized cost ($2,713,013 and $2,708,562 respectively)		2,521,166			2,479,498
Equity securities, at fair value		65,609			65,549
Investments, other		681,692			678,254
Deferred policy acquisition costs, net		121,621			121,729
Other assets		130,993			126,732
Right of use assets - financing, net		85,661			138,698
Right of use assets - operating, net		44,048			46,025
Related party assets		40,473			45,003

Property, plant and equipment, at cost:
Land		1,835,090			1,812,820
Buildings and improvements		9,885,198			9,628,271
Furniture and equipment		1,055,983			1,047,414
Rental trailers and other rental equipment		1,081,063			1,046,135
Rental trucks		7,910,809			7,470,039
		21,768,143			21,004,679
Less: Accumulated depreciation		(6,178,067	)		(5,892,079	)
Total property, plant and equipment, net		15,590,076			15,112,600
Total assets	$	20,848,368		$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	901,083		$	820,900
Notes, loans and finance leases payable, net		7,249,877			7,193,857
Operating lease liabilities		44,918			46,973
Policy benefits and losses, claims and loss expenses payable		871,530			857,521
Liabilities from investment contracts		2,537,848			2,511,422
Other policyholders' funds and liabilities		12,618			7,539
Deferred income		65,179			52,895
Deferred income taxes, net		1,504,547			1,489,920
Total liabilities		13,187,600			12,981,027

Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(200,196	)		(229,314	)
Retained earnings		8,065,393			7,931,886
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,660,768			7,498,143
Total liabilities and stockholders' equity	$	20,848,368		$	20,479,170

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	1,058,273		$	1,014,332
Self-storage revenues		234,237			215,737
Self-moving and self-storage products and service sales		98,188			96,591
Property management fees		9,582			9,495
Life insurance premiums		19,169			20,740
Property and casualty insurance premiums		21,738			21,229
Net investment and interest income		35,211			37,125
Other revenue		154,072			133,241
Total revenues		1,630,470			1,548,490

Costs and expenses:
Operating expenses		826,749			789,757
Commission expenses		116,737			112,571
Cost of product sales		72,205			66,014
Benefits and losses		45,182			44,006
Amortization of deferred policy acquisition costs		4,917			4,646
Lease expense		4,874			5,605
Depreciation, net of (gains) losses on disposals of $21,933 and ($7,768) respectively		304,009			216,545
Net (gains) losses on disposal of real estate		(1,617	)		3,104
Total costs and expenses		1,373,056			1,242,248

Earnings from operations		257,414			306,242
Other components of net periodic benefit costs		(346	)		(372	)
Other interest income		10,669			18,235
Interest expense		(82,330	)		(67,218	)
Fees on early extinguishment of debt and costs of defeasance		(26	)		(495	)
Pretax earnings		185,381			256,392
Income tax expense		(43,050	)		(60,975	)
Net earnings available to common stockholders	$	142,331		$	195,417
Basic and diluted earnings per share of Common Stock	$	0.68		$	0.95
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	0.73		$	1.00
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the quarters ended June 30, 2025 and June 30, 2024, net of eliminations, were $9.6 million and $9.5 million, respectively.

Related party costs and expenses for the quarters ended June 30, 2025 and June 30, 2024, net of eliminations, were $32.1 million and $30.6 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)


Quarter ended June 30, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income (loss):
Net earnings	$	185,381		$	(43,050	)	$	142,331
Other comprehensive income (loss):
Foreign currency translation		2,420			—			2,420
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		34,487			(7,255	)		27,232
Change in fair value of cash flow hedges		(6,350	)		1,584			(4,766	)
Amounts reclassified into earnings on hedging activities		5,642			(1,410	)		4,232
Total other comprehensive income (loss)		36,199			(7,081	)		29,118

Total comprehensive income (loss)	$	221,580		$	(50,131	)	$	171,449

Quarter ended June 30, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income (loss):
Net earnings	$	256,392		$	(60,975	)	$	195,417
Other comprehensive income (loss):
Foreign currency translation		(204	)		—			(204	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		(7,465	)		2,052			(5,413	)
Change in fair value of cash flow hedges		(2,526	)		621			(1,905	)
Amounts reclassified into earnings on hedging activities		(1,425	)		350			(1,075	)
Total other comprehensive income (loss)		(11,620	)		3,023			(8,597	)

Total comprehensive income (loss)	$	244,772		$	(57,952	)	$	186,820

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025		$	10,497	$	176	$	462,548	$	(229,314	)	$	7,931,886		$	(525,653	)	$	(151,997	)	$	7,498,143
Foreign currency translation			—		—		—		2,420			—			—			—			2,420
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		27,232			—			—			—			27,232
Change in fair value of cash flow hedges, net of tax			—		—		—		(4,766	)		—			—			—			(4,766	)
Amounts reclassified into earnings on hedging activities			—		—		—		4,232			—			—			—			4,232
Net earnings			—		—		—		—			142,331			—			—			142,331
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—		—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—		—		29,118			133,507			—			—			162,625
Balance as of June 30, 2025		$	10,497	$	176	$	462,548	$	(200,196	)	$	8,065,393		$	(525,653	)		(151,997	)	$	7,660,768

Balance as of March 31, 2024		$	10,497	$	176	$	462,548	$	(223,216	)	$	7,600,090		$	(525,653	)	$	(151,997	)	$	7,172,445
Foreign currency translation			—		—		—		(204	)		—			—			—			(204	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		(5,413	)		—			—			—			(5,413	)
Change in fair value of cash flow hedges, net of tax			—		—		—		(1,905	)		—			—			—			(1,905	)
Amounts reclassified into earnings on hedging activities			—		—		—		(1,075	)		—			—			—			(1,075	)
Net earnings			—		—		—		—			195,417			—			—			195,417
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—		—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—		—		(8,597	)		186,593			—			—			177,996
Balance as of June 30, 2024		$	10,497	$	176	$	462,548	$	(231,813	)	$	7,786,683		$	(525,653	)	$	(151,997	)	$	7,350,441

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net earnings	$	142,331		$	195,417
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		282,076			224,313
Amortization of premiums and accretion of discounts related to investments, net		4,231			4,253
Amortization of debt issuance costs		1,531			1,550
Interest credited to policyholders		21,022			19,507
Provision for allowance for losses on trade receivables, net		462			2,052
Operating lease right-of-use asset amortization		2,264			2,623
Net (gains) losses on disposals of equipment		21,933			(7,768	)
Net (gains) losses on disposal of real estate		(1,617	)		3,104
Net (gains) losses on sales of fixed maturity securities		745			2,240
Net (gains) losses on equity securities and investments, other		3,515			(1,326	)
Deferred income taxes, net		7,345			22,927
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		(635	)		(39,401	)
Inventories and parts		(10,163	)		(6,689	)
Prepaid expenses		(2,590	)		(2,142	)
Deferred policy acquisition costs, net		108			1,418
Other assets		(3,645	)		(12,865	)
Related party assets		(1,601	)		(20,724	)
Accounts payable and accrued expenses and operating lease liabilities		99,283			52,770
Policy benefits and losses, claims and loss expenses payable		8,348			2,095
Other policyholders' funds and liabilities		5,079			(12,238	)
Deferred income		12,134			11,434
Other liabilities		6,220			11,353
Net cash provided by (used in) operating activities		598,376			453,903

Cash flows from investing activities:
Escrow deposits activity		550			691
Purchases of:
Property, plant and equipment		(916,571	)		(963,163	)
Fixed maturity securities available-for-sale		(101,170	)		(77,777	)
Equity securities		(160	)		—
Investments, other		(62,137	)		(23,430	)
Proceeds from sales of:
Property, plant and equipment		166,182			146,672
Fixed maturity securities available-for-sale		91,746			101,568
Equity securities		158			11
Investments, other		57,361			12,110
Net cash (used in) provided by investing activities		(764,041	)		(803,318	)

Cash flows from financing activities:
Borrowings from credit facilities		349,981			349,233
Principal repayments on credit facilities		(286,581	)		(321,670	)
Payment of debt issuance costs		(1,286	)		(248	)
Finance lease payments		(11,359	)		(19,260	)
Securitization deposits		109			99
Series N Non-Voting Common Stock dividends paid		(8,824	)		(8,824	)
Investment contract deposits		135,224			76,417
Investment contract withdrawals		(129,820	)		(107,185	)
Net cash provided by (used in) by financing activities		47,444			(31,438	)

Effects of exchange rate on cash		6,581			(530	)

Increase (decrease) in cash and cash equivalents		(111,640	)		(381,383	)
Cash and cash equivalents at the beginning of period		988,828			1,534,544
Cash and cash equivalents at the end of period	$	877,188		$	1,153,161


Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest	$	70,071		$	62,835
Interest on derivatives		(647	)		(1,453	)
Income taxes, net		1,695			3,623
Non-cash activities:
Right-of-use assets in exchange for lease liabilities		324			2,254
Purchase of property, plant and equipment included in accounts payable		84,740			74,248

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

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

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

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

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

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

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

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating and Reportable Segments

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

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

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul® customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul®-related programs. ARCOA Risk Retention Group is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

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

2. Earnings per Share

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2025 and June 30, 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:


	For the Quarters Ended
	June 30,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	142,331		$	195,417
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings available to common stockholders	$	133,507		$	186,593
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	13,351		$	18,659

Undistributed earnings per share of Voting Common Stock	$	0.68		$	0.95
Dividends declared per share of Voting Common Stock	$	—		$	—
Basic and diluted earnings per share of Voting Common Stock	$	0.68		$	0.95


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	142,331		$	195,417
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings available to common stockholders	$	133,507		$	186,593
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	120,156		$	167,934

Undistributed earnings per share of Non-Voting Common Stock	$	0.68		$	0.95
Dividends declared per share of Non-Voting Common Stock	$	0.05		$	0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.73		$	1.00

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $19.7 million and $21.5 million as of June 30, 2025 and March 31, 2025, respectively.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	108,199	$	252	$	(6,629	)	$	—		$	101,822
U.S. government agency mortgage-backed securities		92,874		379		(8,348	)		—			84,905
Obligations of states and political subdivisions		135,370		392		(8,259	)		—			127,503
Corporate securities		1,759,338		2,657		(133,309	)		(2,443	)		1,626,243
Mortgage-backed securities		617,232		1,729		(38,268	)		—			580,693
	$	2,713,013	$	5,409	$	(194,813	)	$	(2,443	)	$	2,521,166

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	119,289	$	206	$	(8,353	)	$	—		$	111,142
U.S. government agency mortgage-backed securities		81,909		232		(8,712	)		—			73,429
Obligations of states and political subdivisions		137,280		272		(8,808	)		—			128,744
Corporate securities		1,807,605		1,623		(155,749	)		(3,104	)		1,650,375
Mortgage-backed securities		562,479		582		(47,253	)		—			515,808
	$	2,708,562	$	2,915	$	(228,875	)	$	(3,104	)	$	2,479,498

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2025 and March 31, 2025 were as follows:


	June 30, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	1,459	$	(2	)	$	95,657	$	(6,627	)	$	97,116	$	(6,629	)
U.S. government agency mortgage-backed securities		22,220		(143	)		20,748		(8,205	)		42,968		(8,348	)
Obligations of states and political subdivisions		41,243		(1,530	)		54,196		(6,729	)		95,439		(8,259	)
Corporate securities		229,829		(2,724	)		1,209,858		(130,475	)		1,439,687		(133,199	)
Mortgage-backed securities		137,864		(1,135	)		210,919		(37,133	)		348,783		(38,268	)
	$	432,615	$	(5,534	)	$	1,591,378	$	(189,169	)	$	2,023,993	$	(194,703	)


	March 31, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	1,760	$	(24	)	$	95,058	$	(8,329	)	$	96,818	$	(8,353	)
U.S. government agency mortgage-backed securities		36,871		(197	)		20,928		(8,515	)		57,799		(8,712	)
Obligations of states and political subdivisions		46,036		(1,628	)		52,903		(7,179	)		98,939		(8,807	)
Corporate securities		294,133		(5,822	)		1,239,884		(149,927	)		1,534,017		(155,749	)
Mortgage-backed securities		188,328		(3,911	)		217,020		(43,343	)		405,348		(47,254	)
	$	567,128	$	(11,582	)	$	1,625,793	$	(217,293	)	$	2,192,921	$	(228,875	)

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Gross proceeds from sales of securities were $2.4 million and $4.3 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. No material gross realized gains or losses were recognized.

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

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

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($0.7) million and $1.9 million net impairment charge recorded in the quarters ended June 30, 2025 and June 30, 2024, respectively.

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

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


	June 30, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	213,405	$	212,060	$	196,238	$	194,896
Due after one year through five years		535,496		525,630		591,589		576,204
Due after five years through ten years		618,977		573,337		611,788		558,430
Due after ten years		727,903		629,446		746,468		634,160
		2,095,781		1,940,473		2,146,083		1,963,690

Mortgage-backed securities		617,232		580,693		562,479		515,808
	$	2,713,013	$	2,521,166	$	2,708,562	$	2,479,498

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


	June 30, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	30,051	$	43,843	$	30,108	$	43,413
Non-redeemable preferred stocks		25,144		21,766		25,144		22,136
	$	55,195	$	65,609	$	55,252	$	65,549

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Investments, other

The carrying value of the other investments was as follows:


	June 30,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	664,551	$	657,567
Policy loans		12,065		11,868
Other investments		5,076		8,819
	$	681,692	$	678,254

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:


		June 30,			March 31,
		2025			2025
		(Unaudited)
		(In thousands)
Accounts payable	$		297,570	$		263,280
Accrued expenses			603,513			557,620
	$		901,083	$		820,900

Other Reserves

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $376.0 million and $360.8 million of liabilities related to these programs as of June 30, 2025 and March 31, 2025, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:


	Fiscal Year 2026 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			June 30, 2025			March 31, 2025
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	5.80	%	2027		-	2037		5.19	%	$	262,917		$	265,887
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.40	%		2,464,628			2,437,769
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	6.02	%	2025		-	2031		5.33	%		117,564			125,839
Fleet loans (revolving credit) (b)		5.18	%	-	5.68	%	2028		-	2030		5.61	%		635,000			625,000
Finance leases (rental equipment)		2.89	%	-	5.01	%	2025		-	2026		4.39	%		32,979			44,338
Finance liability (rental equipment)		1.60	%	-	6.80	%	2025		-	2032		5.13	%		2,006,472			1,963,644
Private placements		2.43	%	-	6.00	%	2029		-	2035		3.62	%		1,700,000			1,700,000
Other obligations		1.50	%	-	8.00	%	2025		-	2049		6.38	%		65,570			66,864
Notes, loans and finance leases payable															7,285,130			7,229,341
Less: Debt issuance costs															(35,253	)		(35,484	)
Total notes, loans and finance leases payable, net														$	7,249,877		$	7,193,857

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) Certain loans have an interest rate swap fixing the rate for relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.68% using the swap adjusted interest rate.
(c) Weighted average rates as of June 30, 2025.

Interest on Borrowings

Interest Expense

Components of interest expense included the following:


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	86,619		$	71,147
Capitalized interest		(5,294	)		(4,013	)
Amortization of transaction costs		1,532			1,509
Interest expense resulting from cash flow hedges		(527	)		(1,425	)
Total interest expense	$	82,330		$	67,218

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest Rates

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


	Revolving Credit Activity
	Quarter ended June 30,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		5.63	%		6.63	%
Interest rate at the end of the quarter		5.61	%		6.61	%
Maximum amount outstanding during the quarter	$	785,000		$	735,000
Average amount outstanding during the quarter	$	730,604		$	665,861
Facility fees	$	233		$	263

6. Derivatives

Cash Flow Hedges

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

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


	Derivatives Fair Values as of
	June 30, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	3,331	$	4,381
Liabilities	$	546	$	777
Notional amount	$	374,767	$	376,887

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first three months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.8) million and ($1.9) million, respectively, net of taxes. During the first three months of fiscal 2026 and 2025, we reclassified $4.2 million and ($1.1) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2025, we expect to reclassify $2.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the quarters ended June 30, 2025 and June 30, 2024 were $1.4 million and $1.4 million, respectively.


	Derivatives Fair Values as of
	June 30, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	5,078	$	8,819
Notional amount	$	297,871	$	326,218

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

7. Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025	$	(57,540	)	$	(174,320	)	$	(56	)	$	2,602	$	(229,314	)
Foreign currency translation		2,420			—			—			—		2,420
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			27,232			—			—		27,232
Change in fair value of cash flow hedges		—			—			(4,766	)		—		(4,766	)
Amounts reclassified into earnings on hedging activities		—			—			4,232			—		4,232
Other comprehensive income (loss)		2,420			27,232			(534	)		—		29,118
Balance as of June 30, 2025	$	(55,120	)	$	(147,088	)	$	(590	)	$	2,602	$	(200,196	)

(a) Liability for future policy benefits

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2024	$	(53,707	)	$	(176,883	)	$	6,330		$	1,044	$	(223,216	)
Foreign currency translation		(204	)		—			—			—		(204	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			(5,413	)		—			—		(5,413	)
Change in fair value of cash flow hedges		—			—			(1,905	)		—		(1,905	)
Amounts reclassified into earnings on hedging activities		—			—			(1,075	)		—		(1,075	)
Other comprehensive income (loss)		(204	)		(5,413	)		(2,980	)		—		(8,597	)
Balance as of June 30, 2024	$	(53,911	)	$	(182,296	)	$	3,350		$	1,044	$	(231,813	)

(a) Liability for future policy benefits

8. Dividends

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


Non-Voting Common Stock Dividends
Declared Date	Per Share Amount		Record Date	Dividend Date
June 4, 2025	$	0.05	June 16, 2025	June 27, 2025
June 5, 2024	$	0.05	June 17, 2024	June 28, 2024

As of June 30, 2025, no awards had been issued under the 2016 U-Haul Holding Company Stock Option Plan.

9. Leases

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


	As of June 30, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,558		$	71,558
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		48,468			—			48,468
Rental trucks		164,273			—			164,273
Right-of-use assets, gross		212,802			71,558			284,360
Less: Accumulated depreciation		(127,141	)		(27,510	)		(154,651	)
Right-of-use assets, net	$	85,661		$	44,048		$	129,709

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	As of March 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,330		$	71,330
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		58,071			—			58,071
Rental trucks		309,475			—			309,475
Right-of-use assets, gross		367,607			71,330			438,937
Less: Accumulated depreciation		(228,909	)		(25,305	)		(254,214	)
Right-of-use assets, net	$	138,698		$	46,025		$	184,723

As of June 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $33.0 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $53.0 million and $23.6 million for the as of June 30, 2025 and June 30, 2024, respectively.


	Finance leases
	June 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		0.4		0.6
Weighted average discount rate		4.4	%		4.4	%


	Operating leases
	June 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		24.8		24.1
Weighted average discount rate		4.7	%		4.6	%

For the quarters ended June 30, 2025 and June 30, 2024, cash paid for leases included in our operating cash flow activities were $4.9 million and $5.5 million, respectively, and our financing cash flow activities were $11.4 million and $19.3 million, respectively.

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


	Quarters Ended
	June 30, 2025		June 30, 2024
	(Unaudited)
	(In thousands)

Operating lease costs	$	4,874	$	5,605

Finance lease cost:
Amortization of right-of-use assets	$	3,521	$	9,833
Interest on lease liabilities		487		1,207
Total finance lease cost	$	4,008	$	11,040

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Maturities of lease liabilities were as follows:


	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)

2026 (9 months)	$	33,678		$	7,733
2027		—			8,320
2028		—			6,931
2029		—			5,240
2030		—			3,948
Thereafter		—			57,278
Total lease payments		33,678			89,450
Less: imputed interest		(699	)		(44,532	)
Present value of lease liabilities	$	32,979		$	44,918

10. Contingencies

Environmental

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

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

Other

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.

11. Related Party Transactions

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Revenue


	Quarter ended June 30,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	7,778	$	7,715
U-Haul management fee revenue from Mercury		1,804		1,780
	$	9,582	$	9,495

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $9.3 million from the above-mentioned entities during the first three months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

Related Party Costs and Expenses


	Quarter ended June 30,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	601	$	604
U-Haul printing expenses to Blackwater		1,435		1,103
U-Haul commission expenses to Blackwater		23,571		22,695
U-Haul lease expenses to Mercury		38		38
U-Haul commission expenses to Mercury		6,492		6,128
	$	32,137	$	30,568

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

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

As of June 30, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $9.6 million and $9.5 million, expenses of $2.1 million and $0.6 million and we received cash flows of $8.8 million and $8.6 million, respectively, during the first three months of fiscal 2026 and 2025. Revenues were $144.0 million and $138.9 million and commission expenses were $30.1 million and $28.8 million, respectively, related to the Dealer Agreements, during the first three months of fiscal 2026 and 2025.

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Assets


	June 30,			March 31,
	2025			2025
	(Unaudited)
	(In thousands)
U-Haul receivable from Blackwater	$	28,470		$	28,442
U-Haul receivable from Mercury		13,351			12,517
Other (a)		(1,348	)		4,044
	$	40,473		$	45,003

(a)

Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Reportable Segment Information:

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

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

•

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

•

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

•

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

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended June 30, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,553,859		$		29,721		$		50,094		$		(3,204	)	(b,c)	$		1,630,470

Costs and expenses:
Personnel expenses			305,034				—				—				—					305,034
Equipment maintenance and repair expenses			193,945				—				—				—					193,945
Other operating expenses			81,971				—				—				—					81,971
Other segment items			233,232				12,260				2,785				(2,478	)	(b,c)			245,799
Operating expenses			814,182				12,260				2,785				(2,478	)				826,749

Commission expenses			116,737				—				—				—					116,737
Cost of product sales			72,205				—				—				—					72,205
Benefits and losses			—				5,499				39,683				—					45,182
Amortization of deferred policy acquisition costs			—				—				4,917				—					4,917
Lease expense			5,465				74				33				(698	)	(b)			4,874
Depreciation, net of (gains) losses on disposal			304,009				—				—				—					304,009
Net (gains) losses on disposal of real estate			(1,617	)			—				—				—					(1,617	)
Total costs and expenses			1,310,981				17,833				47,418				(3,176	)				1,373,056

Earnings from operations before equity in earnings of subsidiaries			242,878				11,888				2,676				(28	)				257,414

Equity in earnings of subsidiaries			11,504				—				—				(11,504	)	(d)			—

Earnings from operations			254,382				11,888				2,676				(11,532	)				257,414
Other components of net periodic benefit costs			(346	)			—				—				—					(346	)
Other interest income			10,765				—				—				(96	)	(b)			10,669
Interest expense			(82,358	)			—				(96	)			124		(b)			(82,330	)
Fees on early extinguishment of debt and costs of defeasance			(26	)			—				—				—					(26	)
Pretax earnings			182,417				11,888				2,580				(11,504	)				185,381
Income tax expense			(40,086	)			(2,468	)			(496	)			—					(43,050	)
Net earnings available to common stockholders	$		142,331		$		9,420		$		2,084		$		(11,504	)		$		142,331

(a) Balances for the quarter ended March 31, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended June 30, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,469,161		$		28,178		$		53,749		$		(2,598	)	(b,c)	$		1,548,490

Costs and expenses:
Personnel expenses			284,855				—				—				—					284,855
Equipment maintenance and repair expenses			188,749				—				—				—					188,749
Other operating expenses			64,736				—				—				—					64,736
Other segment items			231,456				11,630				10,072				(1,741	)	(b,c)			251,417
Operating expenses			769,796				11,630				10,072				(1,741	)				789,757

Commission expenses			112,571				—				—				—					112,571
Cost of product sales			66,014				—				—				—					66,014
Benefits and losses			—				4,959				39,047				—					44,006
Amortization of deferred policy acquisition costs			—				—				4,646				—					4,646
Lease expense			6,073				106				31				(605	)	(b)			5,605
Depreciation, net of (gains) losses on disposal			216,545				—				—				—					216,545
Net (gains) losses on disposal of real estate			3,104				—				—				—					3,104
Total costs and expenses			1,174,103				16,695				53,796				(2,346	)				1,242,248

Earnings from operations before equity in earnings of subsidiaries			295,058				11,483				(47	)			(252	)				306,242

Equity in earnings of subsidiaries			9,018				—				—				(9,018	)	(d)			—

Earnings from operations			304,076				11,483				(47	)			(9,270	)				306,242
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			18,355				—				—				(120	)	(b)			18,235
Interest expense			(67,470	)			—				(120	)			372		(b)			(67,218	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			254,094				11,483				(167	)			(9,018	)				256,392
Income tax expense			(58,677	)			(2,377	)			79				—					(60,975	)
Net earnings available to common stockholders	$		195,417		$		9,106		$		(88	)	$		(9,018	)		$		195,417

(a) Balances for the quarter ended March 31, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Gross capital expenditures by reportable segment for the quarters ended June 30, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the quarter ended June 30, 2025	$	916,571	$	-	$	-	$	-	$	916,571
Gross capital expenditures for the quarter ended June 30, 2024	$	963,163	$	-	$	-	$	-	$	963,163

Total assets by reportable segment as of June 30, 2025 and March 31, 2025 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total assets as of June 30, 2025	$	17,858,535	$	545,984	$	3,134,650	$	(690,801	)	$	20,848,368
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Geographic Area Data


	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended June 30, 2025
Total revenues	$	1,543,342	$	87,128	$	1,630,470
Depreciation and amortization, net of (gains) losses on disposals		296,413		10,896		307,309
Interest expense		81,851		479		82,330
Pretax earnings		180,092		5,289		185,381
Income tax expense		41,353		1,697		43,050
Identifiable assets		19,891,368		957,000		20,848,368

Quarter ended June 30, 2024
Total revenues	$	1,467,693	$	80,797	$	1,548,490
Depreciation and amortization, net of (gains) losses on disposals		219,412		4,883		224,295
Interest expense		66,749		469		67,218
Pretax earnings		247,318		9,074		256,392
Income tax expense		58,377		2,598		60,975
Identifiable assets		18,454,865		850,562		19,305,427

14. Employee Benefit Plans

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


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	169		$	245
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		371			375
Other components		(25	)		(3	)
Total other components of net periodic benefit costs		346			372
Net periodic postretirement benefit cost	$	515		$	617

15. Fair Value Measurements

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

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

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of June 30, 2025 and March 31, 2025, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.


As of June 30, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,521,166	$	—	$	2,521,166	$	—
Preferred stock		21,766		21,766		—		—
Common stock		43,843		43,843		—		—
Derivatives		8,409		5,078		3,331		—
Total	$	2,595,184	$	70,687	$	2,524,497	$	—


Liabilities
Derivatives	$	546	$	—	$	546	$	—
Embedded derivatives		6,389		—		—		6,389
Market risk benefits		13,197		—		—		13,197
Total	$	20,132	$	—	$	546	$	19,586


As of March 31, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,479,498	$	—	$	2,479,498	$	—
Preferred stock		22,136		22,136		—		—
Common stock		43,413		43,413		—		—
Derivatives		13,200		8,819		4,381		—
Total	$	2,558,247	$	74,368	$	2,483,879	$	—


Liabilities
Derivatives	$	777	$	—	$	777	$	—
Embedded derivatives		8,693		—		—		8,693
Market risk benefits		13,432		—		—		13,432
Total	$	22,902	$	—	$	777	$	22,125

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

Cash equivalents were $600.0 million and $700.0 million as of June 30, 2025 and March 31, 2025, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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


	Fair Value Hierarchy
	Carrying								Total
As of June 30, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	196,736	$	—	$	—	$	196,736	$	196,736
Mortgage loans, net		664,551		—		—		657,019		657,019
Other investments		12,063		—		—		12,063		12,063
Total	$	873,350	$	—	$	—	$	865,818	$	865,818


Liabilities
Notes, loans and finance leases payable	$	7,285,130	$	—	$	6,739,456	$	—	$	6,739,456
Liabilities from investment contracts		2,531,459		—		—		2,471,703		2,471,703
Total	$	9,816,589	$	—	$	6,739,456	$	2,471,703	$	9,211,159


	Fair Value Hierarchy
	Carrying								Total
As of March 31, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(In thousands)
Assets
Trade receivables, net	$	195,710	$	—	$	—	$	195,710	$	195,710
Mortgage loans, net		657,567		—		—		639,162	$	639,162
Other investments		11,868		—		—		11,868	$	11,868
Total	$	865,145	$	—	$	—	$	846,740	$	846,740


Liabilities
Notes, loans and finance leases payable	$	7,229,341	$	—	$	6,703,510	$	—	$	6,703,510
Liabilities from investment contracts		2,502,729		—		—		2,436,537		2,436,537
Total	$	9,732,070	$	—	$	6,703,510	$	2,436,537	$	9,140,047

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

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

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of June 30, 2025 and March 31, 2025.

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

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

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $50.3 million was recognized as revenue for the quarter ended June 30, 2025.

Revenue Recognized in Accordance with Topic 842

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

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

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

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

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


	Years Ending June 30,
	2026		2027		2028		2029		2030		Thereafter
	(Unaudited)
	(In thousands)

Self-moving equipment rental revenues	$	6,718	$	—	$	—	$	—	$	—	$	—
Property lease revenues		16,705		17,575		10,449		7,271		5,363		26,404
Total	$	23,423	$	17,575	$	10,449	$	7,271	$	5,363	$	26,404

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

Revenue Recognized in Accordance with Other Topics

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

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


	Quarter ended June 30,
	2025		2024
	(Unaudited)
	(In thousands)

Revenues recognized over time:	$	115,869	$	100,175
Revenues recognized at a point in time:		116,187		113,725
Total revenues recognized under ASC 606		232,056		213,900

Revenues recognized under ASC 842		1,320,869		1,254,317
Insurance premium revenues recognized under ASC 944		42,334		43,148
Net investment and interest income recognized under other topics		35,211		37,125
Total revenues	$	1,630,470	$	1,548,490

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

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

17. Allowance for Credit Losses

Trade Receivables

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

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

We believe that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed signiﬁcantly over time). To adjust the historical loss rates to reﬂect the eﬀects of these diﬀerences in current conditions and forecasted

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of June 30, 2025 and March 31, 2025. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2025 and March 31, 2025 was $5.5 million and $5.1 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.9 million and $29.4 million as of June 30, 2025 and March 31, 2025, respectively, and are excluded from the estimate of credit losses.

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

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

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

There were no delinquent commercial mortgage loans as of June 30, 2025 and March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of June 30, 2025.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of June 30, 2025, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $1.0 million and $4.1 million as of June 30, 2025 and March 31, 2025, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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


	Allowance for Credit Losses
	Trade Receivables			Investments, Fixed Maturities			Investments, other			Total
	(Unaudited)
	(in thousands)
Balance as of March 31, 2024	$	6,236		$	1,052		$	817		$	8,105
Provision for (reversal of) credit losses		10,534			2,052			(369	)		12,217
Write-offs against allowance		(11,688	)		—			—			(11,688	)
Recoveries		—			—			—			—
Balance as of March 31, 2025	$	5,082		$	3,104		$	448		$	8,634
Provision for (reversal of) credit losses		3,555			(661	)		—			2,894
Write-offs against allowance		(3,105	)		—			—			(3,105	)
Recoveries		—			—			—			—
Balance as of June 30, 2025	$	5,532		$	2,443		$	448		$	8,423

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the quarters ended June 30, 2025 and June 30, 2024 was a provision of 23.2% and 23.8%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods.

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

Subsequent to June 30, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law on July 4, 2025. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We are currently evaluating the tax provisions of OBBB and the impact to our financial statements.

19. Accounting Pronouncements

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20. Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2025 and June 30, 2024:


	Quarter ended June 30, 2025
	Deferred Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	60,480		$	57,986		$	3,263		$	121,729
Capitalization		3,847			938			24			4,809
Amortization expense		(2,739	)		(1,951	)		(227	)		(4,917	)
Other, including Experience Adjustment		—			—			—			—
Balance, end of period	$	61,588		$	56,973		$	3,060		$	121,621


	Quarter ended June 30, 2024
	Deferred Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	54,747		$	62,426		$	4,051		$	121,224
Capitalization		2,318			876			34			3,228
Amortization expense		(2,187	)		(2,200	)		(259	)		(4,646	)
Other, including Experience Adjustment		—			—			—			—
Balance, end of period	$	54,878		$	61,102		$	3,826		$	119,806

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Life Insurance Liabilities

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


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Present value of expected net premiums

Balance, beginning of year	$	182,658		$	205,389
Beginning balance at original discount rate	$	185,508		$	204,306
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experience		(912	)		(367	)
Adjusted beginning of year balance	$	184,596		$	203,939
Issuances		1,726			2,002
Interest accrual		2,225			2,493
Net premium collected		(8,602	)		(9,221	)
Other		—			—
Ending balance at original discount rate	$	179,945		$	199,213
Effect of changes in discount rate assumptions (AOCI)		(579	)		(2,480	)
Balance, end of period	$	179,366		$	196,733

Present value of expected future policy benefits

Balance, beginning of year	$	482,805		$	522,122
Beginning balance at original discount rate	$	490,975		$	514,113
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experiences		(336	)		(464	)
Adjusted beginning of year balance	$	490,639		$	513,649
Issuances		1,726			2,002
Interest accrual		5,915			6,279
Benefit payments		(16,748	)		(14,142	)
Other		—			—
Ending balance at original discount rate	$	481,532		$	507,788
Effect of changes in discount rate assumptions (AOCI)		(984	)		(4,331	)
Balance, end of period	$	480,548		$	503,457
End of period, LFPB net		301,182			306,724
Payout annuities and market risk benefits		24,063			24,569
Health insurance		9,736			13,189
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		27,301			30,916
Life DPL / Other life and health		8,668			9,408
LFPB flooring effect		—			69
Life Insurance end of period balance		370,950			384,875
Moving and Storage balance		376,877			327,497
Property and Casualty Insurance balance		123,703			129,489
Policy benefits and losses, claims and loss expenses balance, end of period		871,530		$	841,861

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Quarter ended June 30,
		2025			2024
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	332,228		$	358,097
Discounted balance at original discount rate		$	256,950		$	278,118
Discounted balance at current discount rate		$	256,112		$	274,345

Expected policy benefits
Undiscounted balance		$	692,712		$	732,006
Discounted balance at original discount rate		$	481,531		$	507,787
Discounted balance at current discount rate		$	480,547		$	503,456

Mortality, lapses and morbidity
Mortality actual experience			6.99	%		5.49	%
Mortality expected experience			5.80	%		5.35	%
Lapses actual experience			2.17	%		1.92	%
Lapses expected experience			3.14	%		2.73	%

Premiums and interest expense
Gross premiums (1)		$	11,967		$	12,538
Interest expense (2)		$	3,690		$	3,786

Expected duration (persistency) of policies in-force (years)			6.7			6.8

Weighted average original interest rate of the liability for future policy benefits			4.91	%		4.98	%

Weighted average current interest rate of the liability for future policy benefits			4.53	%		4.97	%

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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


	Quarter ended June 30, 2025
	(Unaudited)
	(In thousands, except for the average credited rate)

Beginning of year	$	2,511,422
Deposits received		135,224
Surrenders and withdrawals		(121,531	)
Benefit payments		(8,289	)
Interest credited		21,022
Other		—
End of period	$	2,537,848
Weighted average credited rate		3.33
Cash surrender value	$	2,217,636


	Quarter ended June 30, 2024
	(Unaudited)
	(In thousands, except for the average credited rate)

Beginning of year	$	2,411,352
Deposits received		76,417
Surrenders and withdrawals		(94,440	)
Benefit payments		(12,745	)
Interest credited		19,507
Other		6,373
End of period	$	2,406,464
Weighted average credited rate		3.27
Cash surrender value	$	2,084,896

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2026.

This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

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

Overall Strategy

Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.

Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

Description of Operating and Reportable Segments

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

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.

uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

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

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations

U-Haul Holding Company and Consolidated Entities

Quarter Ended June 30, 2025 compared with the Quarter Ended June 30, 2024

Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2026 and the first quarter of fiscal 2025:


	Quarter ended June 30,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	1,058,273	$	1,014,332
Self-storage revenues		234,237		215,737
Self-moving and self-storage products and service sales		98,188		96,591
Property management fees		9,582		9,495
Life insurance premiums		19,169		20,740
Property and casualty insurance premiums		21,738		21,229
Net investment and interest income		35,211		37,125
Other revenue		154,072		133,241
Consolidated revenue	$	1,630,470	$	1,548,490

Self-moving equipment rental revenues increased $43.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet.

Self-storage revenues increased $18.5 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.3% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.2 million new net rentable square feet.

Sales of self-moving and self-storage products and services increased $1.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. This was due to increased sales of hitches and moving supplies.

Life insurance premiums decreased $1.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums increased $0.5 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Net investment and interest income decreased $1.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Our Life Insurance subsidiaries' investment income decreased due to realized losses on derivatives used as hedges to fixed indexed annuities and realized losses on invested assets, offset by an increase in the change in the provision for expected credit losses. Our Property and Casualty subsidiaries' investment and interest income increased $0.3 million primarily from mortgage loans and cash and cash equivalents.

Other revenue increased $20.8 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2026 and the first quarter of fiscal 2025. The insurance companies’ first quarters ended March 31, 2025 and 2024.


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	1,553,859		$	1,469,161
Earnings from operations before equity in earnings of subsidiaries		242,878			295,058
Property and casualty insurance
Revenues		29,721			28,178
Earnings from operations		11,888			11,483
Life insurance
Revenues		50,094			53,749
Earnings (losses) from operations		2,676			(47	)
Eliminations
Revenues		(3,204	)		(2,598	)
Earnings from operations before equity in earnings of subsidiaries		(28	)		(252	)
Consolidated results
Revenues		1,630,470			1,548,490
Earnings from operations		257,414			306,242

Total costs and expenses increased $130.8 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Operating expenses for Moving and Storage increased $44.4 million. Repair expenses associated with the rental fleet experienced a $5.2 million increase during the quarter while personnel increased $20.2 million and liability costs increased by $17.2 million.

Depreciation expense associated with our rental fleet increased $50.7 million for the first quarter of fiscal 2026 compared with the first quarter of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $29.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $7.1 million. Net gains on the disposal or retirement of land and buildings increased $4.7 million. Additional details are available in the following Moving and Storage section.

As a result of the changes in revenues and expenses described above, earnings from operations decreased to $257.4 million for the first quarter of fiscal 2026, compared with $306.2 million for the first quarter of fiscal 2025.

Interest expense for the first quarter of fiscal 2026 was $82.3 million, compared with $67.2 million for the first quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.

Other interest income at Moving and Storage for the first quarter of fiscal 2026 was $10.7 million, compared with $18.2 million for the first quarter of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.

Income tax expense was $43.1 million for the first quarter of fiscal 2026, compared with $61.0 million for the first quarter of fiscal 2025.

As a result of the above-mentioned items, earnings available to common stockholders were $142.3 million for the first quarter of fiscal 2026, compared with $195.4 million for the first quarter of fiscal 2025.

Moving and Storage

Quarter Ended June 30, 2025 compared with the Quarter Ended June 30, 2024

Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2026 and the first quarter of fiscal 2025:


	Quarter ended June 30,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	1,059,031	$	1,015,163
Self-storage revenues		234,237		215,737
Self-moving and self-storage products and service sales		98,188		96,591
Property management fees		9,582		9,495
Other revenue		152,821		132,175
Moving and Storage revenue	$	1,553,859	$	1,469,161

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Listed below are self-storage data for our owned storage locations:


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of June 30		813			748
Square footage as of June 30		69,560			63,586
Average monthly number of units occupied		632			594
Average monthly occupancy rate based on unit count		78.1	%		80.0	%
End of June occupancy rate based on unit count		78.8	%		81.0	%
Average monthly square footage occupied		55,399			51,717

Over the last 12 months we added approximately 6.0 million net rentable square feet of new storage to the system. This was a mix of approximately 1.6 million square feet of existing storage locations we acquired and 4.4 million square feet of new development.

Other revenue increased $20.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, caused primarily by increases in our U-Box® program.

Total costs and expenses increased $136.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Operating expenses increased $44.4 million. Repair expenses associated

with the rental fleet experienced a $5.2 million increase during the quarter, while personnel increased $20.2 million and liability costs increased by $17.2 million.

The components of depreciation, net of (gains) losses on disposals were as follows:


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	208,212		$	157,528
Depreciation expense - non rental equipment		24,019			23,961
Depreciation expense - real estate		49,845			42,824
Total depreciation expense	$	282,076		$	224,313

Net (gains) losses on disposals of rental equipment		22,125		$	(7,948	)
Net (gains) losses on disposals of non-rental equipment		(192	)		180
Total net (gains) losses on disposals of equipment	$	21,933		$	(7,768	)

Depreciation, net of gains (losses) on disposals	$	304,009		$	216,545

Net (gains) losses on disposals of real estate	$	(1,617	)	$	3,104

As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $242.9 million for the first quarter of fiscal 2026, compared with $295.1 million for the first quarter of fiscal 2025.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $11.5 million for the first quarter of fiscal 2026, compared with $9.0 million for the first quarter of fiscal 2025.

As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $254.4 million for the first quarter of fiscal 2026, compared with $304.1 million for the first quarter of fiscal 2025.

Property and Casualty Insurance

Quarter Ended March 31, 2025 compared with the Quarter Ended March 31, 2024

Net premiums were $23.3 million and $22.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $6.4 million and $6.1 million for the quarters ended March 31, 2025 and March 31, 2024, respectively, primarily from mortgage loans and cash and cash equivalents.

Operating expenses were $12.3 million and $11.6 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The change was primarily due to an increase in commission expense.

Benefits and losses incurred were $5.5 million and $5.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Benefits and losses incurred corresponded with the change in Moving and Storage transactions at U-Haul during the same period.

As a result of the changes in revenues and expenses described above, pretax earnings from operations were $11.9 million and $11.5 million for the quarters ended March 31, 2025 and March 31, 2024, respectively.

Life Insurance

Quarter Ended March 31, 2025 compared with the Quarter Ended March 31, 2024

Net premiums were $19.2 million and $20.7 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Medicare Supplement premiums decreased $1.0 million from the policy decrements offset by premium rate increases. Life premiums decreased $0.6 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $127.4 million or $66.0 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $29.5 million and $31.8 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Realized losses on derivatives used as hedges to fixed indexed annuities was $2.7 million. Net interest income and realized losses on the invested assets decreased $1.8 million, primarily bonds. These were offset by the change in the provision for expected credit losses which resulted in a $2.3 million increase to investment income.

Operating expenses were $2.8 million and $10.1 million for the quarters ended March 31, 2025 and March 31, 2024, respectively, primarily from a decrease in financial audit fees and the write-off of uncollectible balances.

Benefits and losses incurred were $39.7 million and $39.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Interest credited to policyholders increased $1.3 million due to an increase in the interest credited rates on annuities. Other benefits decreased $0.6 million.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset and the value of business acquired was $4.9 million and $4.6 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The increase in DAC amortization is primarily due to a higher amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.

As a result of the changes in revenues and expenses described above, pretax earnings (losses) from operations were $2.6 million and ($0.2) million for the quarters ended March 31, 2025 and March 31, 2024, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

As of June 30, 2025, cash and cash equivalents totaled $877.2 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2025 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:


	Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
	(Unaudited)
	(In thousands)
Cash and cash equivalents	$	726,069	$	115,633	$	35,486
Other financial assets		224,085		416,390		2,941,617
Debt obligations (b)		7,285,130		—		—

(a) As of March 31, 2025
(b) Excludes ($35,253) of debt issuance costs

As of June 30, 2025, Moving and Storage had additional cash available under existing credit facilities of $465.0 million. The majority of invested cash in the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities increased $144.5 million in the first three months of fiscal 2026 compared with the first three months of fiscal 2025 due to the timing of the settlement of credit cards and reduction of payments on payables.

Net cash used in investing activities decreased $39.3 million in the first three months of fiscal 2026, compared with the first three months of fiscal 2025. Purchases of property, plant and equipment decreased $46.6 million. Fleet related spending increased $45.9 million while investment spending on real estate acquisitions and development decreased $107.4 million. Cash from the sales of property, plant and equipment increased $19.5 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $46.3 million due to an increase in proceeds received for fixed maturity investments. For Moving and Storage investing activities for the first quarter of last year included the redemption of $73.0 million of short-term Treasury notes.

Net cash provided by financing activities increased $78.9 million in the first three months of fiscal 2026, as compared with the first three months of fiscal 2025. This was due to a combination of decreased debt repayments of $35.1 million, decreased finance lease payments of $7.9 million, an increase in cash from borrowings of $0.7 million, and an increase in net annuity deposits from Life Insurance of $36.3 million.

Liquidity and Capital Resources and Requirements of our Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2026, the Company will reinvest in its rental equipment fleet approximately $1,275 million, net of equipment sales and excluding any lease buyouts. Through the first three months of fiscal 2026, the Company invested, net of sales, approximately $425.8 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2026 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2026 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first three months of fiscal 2026, the Company invested $294.3 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures in fiscal 2026. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $750.4 million and $816.5 million for the first three months of fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table:


	Quarter ended June 30,
	2025			2024
	(Unaudited)
	(In thousands)
Purchases of rental equipment	$	584,942		$	539,036
Purchases of real estate, construction and renovations		294,309			401,692
Other capital expenditures		37,320			22,435
Gross capital expenditures		916,571			963,163
Less: Sales of property, plant and equipment		(166,182	)		(146,672	)
Net capital expenditures	$	750,389		$	816,491

Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $403.5 million and $392.3 million as of March 31, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $9.6 million and an increase in other comprehensive income of $1.6 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net deposits as of March 31, 2025 were $5.4 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $245.3 million and $217.6 million as of March 31, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $2.1 million and an increase in other comprehensive income of $25.6 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of March 31, 2025, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between September 29, 2025 and April 2, 2029. As of March 31, 2025, available-for-sale-investments held with the FHLB totaled $210.2 million, of which $185.9 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.

Cash Flows by Segments

Moving and Storage

Net cash provided from operating activities were $554.8 million and $435.6 million for the first three months of fiscal 2026 and 2025, respectively, due to the timing of the settlement of credit cards and reduction of payments on payables.

Property and Casualty Insurance

Net cash provided by operating activities were $9.2 million and $3.5 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The increase was driven primarily by timing differences of federal tax payments.

Property and Casualty Insurance’s cash and cash equivalents amounted to $115.6 million and $96.2 million as of March 31, 2025 and December 31, 2024, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $34.3 million and $14.8 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The increase in operating cash flows was primarily due

to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of March 31, 2025 and December 31, 2024, cash and cash equivalents amounted to $35.5 million and $20.2 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

The Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. As a result, we are owed $129 million which is reflected in prepaid expense, plus interest of $20.7 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund has been reviewed by the Joint Committee on Taxation and is now being processed by the IRS.

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2025, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure.

Use of Cash

Our estimates as to future use of cash have not materially changed from the disclosure included under the subheading Use of Cash in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Fiscal 2026 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2026. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2026, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2026. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2026.

Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

Consolidating Schedules by Segment (Unaudited)

This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries.

Consolidating balance sheets by segment as of June 30, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Assets:
Cash and cash equivalents	$	726,069		$	115,633	$	35,486	$	—			$	877,188
Trade receivables and reinsurance recoverables, net		163,244			35,752		32,006		—				231,002
Inventories and parts		173,299			—		—		—				173,299
Prepaid expenses		285,540			—		—		—				285,540
Fixed maturity securities available-for-sale, net, at fair value		—			217,644		2,303,522		—				2,521,166
Equity securities, at fair value		—			38,189		27,420		—				65,609
Investments, other		—			117,538		564,154		—				681,692
Deferred policy acquisition costs, net		—			—		121,621		—				121,621
Other assets		81,483			13,591		35,919		—				130,993
Right of use assets - financing, net		85,661			—		—		—				85,661
Right of use assets - operating, net		43,671			370		7		—				44,048
Related party assets		60,841			7,267		14,515		(42,150	)	(c)		40,473


Investment in subsidiaries		648,651			—		—		(648,651	)	(b)		—

Property, plant and equipment, at cost:
Land		1,835,090			—		—		—				1,835,090
Buildings and improvements		9,885,198			—		—		—				9,885,198
Furniture and equipment		1,055,983			—		—		—				1,055,983
Rental trailers and other rental equipment		1,081,063			—		—		—				1,081,063
Rental trucks		7,910,809			—		—		—				7,910,809
		21,768,143			—		—		—				21,768,143
Less: Accumulated depreciation		(6,178,067	)		—		—		—				(6,178,067	)
Total property, plant and equipment, net		15,590,076			—		—		—				15,590,076
Total assets	$	17,858,535		$	545,984	$	3,134,650	$	(690,801	)		$	20,848,368

(a) Balances as of March 31, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by segment as of June 30, 2025 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	879,301		$	6,678		$	15,104		$	—			$	901,083
Notes, loans and finance leases payable, net		7,249,877			—			—			—				7,249,877
Operating lease liabilities		44,521			390			7			—				44,918
Policy benefits and losses, claims and loss expenses payable		376,877			123,703			370,950			—				871,530
Liabilities from investment contracts		—			—			2,537,848			—				2,537,848
Other policyholders' funds and liabilities		—			493			12,125			—				12,618
Deferred income		65,179			—			—			—				65,179
Deferred income taxes, net		1,558,480			6,402			(60,335	)		—				1,504,547
Related party liabilities		27,090			5,013			13,605			(45,708	)	(c)		—
Total liabilities		10,201,325			142,679			2,889,304			(45,708	)			13,187,600

Stockholders' equity:
Series preferred stock:
Series A preferred stock		—			—			—			—				—
Series B preferred stock		—			—			—			—				—
Series A common stock		—			—			—			—				—
Voting Common stock		10,497			3,301			2,500			(5,801	)	(b)		10,497
Non-Voting Common stock		176			—			—			—				176
Additional paid-in capital		462,758			91,120			26,271			(117,601	)	(b)		462,548
Accumulated other comprehensive income (loss)		(203,754	)		(7,998	)		(142,647	)		154,203		(b)		(200,196	)
Retained earnings		8,065,183			316,882			359,222			(675,894	)	(b)		8,065,393
Cost of common stock in treasury, net		(525,653	)		—			—			—				(525,653	)
Cost of preferred stock in treasury, net		(151,997	)		—			—			—				(151,997	)
Total stockholders' equity		7,657,210			403,305			245,346			(645,093	)			7,660,768
Total liabilities and stockholders' equity	$	17,858,535		$	545,984		$	3,134,650		$	(690,801	)		$	20,848,368

(a) Balances as of March 31, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by segment as of March 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				U-Haul Holding Company Consolidated
	(In thousands)
Assets:
Cash and cash equivalents	$	872,467		$	96,165	$	20,196	$	—			$	988,828
Trade receivables and reinsurance recoverables, net		158,471			39,070		33,175		—				230,716
Inventories and parts		163,132			—		—		—				163,132
Prepaid expenses		282,406			—		—		—				282,406
Fixed maturity securities available-for-sale, net, at fair value		—			222,853		2,256,645		—				2,479,498
Equity securities, at fair value		—			37,837		27,712		—				65,549
Investments, other		—			120,873		557,381		—				678,254
Deferred policy acquisition costs, net		—			—		121,729		—				121,729
Other assets		77,473			13,680		35,579		—				126,732
Right of use assets - financing, net		138,698			—		—		—				138,698
Right of use assets - operating, net		45,611			385		29		—				46,025
Related party assets		62,241			4,169		14,461		(35,868	)	(c)		45,003


Investment in subsidiaries		609,853			—		—		(609,853	)	(b)		—

Property, plant and equipment, at cost:
Land		1,812,820			—		—		—				1,812,820
Buildings and improvements		9,628,271			—		—		—				9,628,271
Furniture and equipment		1,047,414			—		—		—				1,047,414
Rental trailers and other rental equipment		1,046,135			—		—		—				1,046,135
Rental trucks		7,470,039			—		—		—				7,470,039
		21,004,679			—		—		—				21,004,679
Less: Accumulated depreciation		(5,892,079	)		—		—		—				(5,892,079	)
Total property, plant and equipment, net		15,112,600			—		—		—				15,112,600
Total assets	$	17,522,952		$	535,032	$	3,066,907	$	(645,721	)		$	20,479,170

(a) Balances as of December 31, 2024
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by segment as of March 31, 2025 continued:


	Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)			Eliminations		U-Haul Holding Company Consolidated
	(In thousands)

Liabilities:
Accounts payable and accrued expenses	$	800,084	$	6,819	$	13,997		$	—	$	820,900
Notes, loans and finance leases payable, net		7,193,857		—		—			—		7,193,857
Operating lease liabilities		46,546		398		29			—		46,973
Policy benefits and losses, claims and loss expenses payable		361,755		126,852		368,914			—		857,521
Liabilities from investment contracts		—		—		2,511,422			—		2,511,422
Other policyholders' funds and liabilities		—		447		7,092			—		7,539
Deferred income		52,895		—		—			—		52,895
Deferred income taxes, net		1,547,921		4,410		(62,411	)		—		1,489,920
Related party liabilities		25,369		3,814