CSV · CIK 0001016281
What Carriage Services, Inc. told the SEC could break it.
Carriage's disclosures are mostly financial, reflecting how a death-care operator funds itself and its future promises. Its capital structure concentrates refinancing and rate risk — $397.3 million of 4.25% fixed-rate Senior Notes (with a change-of-control put at 101%) sit alongside a floating-rate credit facility that averaged 6.7% in 2025. Distinct to its business, it relies on preneed trust investments to fund the contractual obligations that come due as prepaid funeral and cemetery contracts mature, so weak market performance in those trusts could leave the obligations underfunded. Trade policy adds a smaller cost-and-supply uncertainty: new and increased 2025 U.S. tariffs, including a 100% tariff on certain goods and expanded duties on China, raise the cost of imported merchandise it sells, such as caskets and urns.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Liquidity & debt
- $397.3M Senior Notes (4.25%) plus floating-rate Credit Facilitymedium
Carriage carries $397.3M of fixed-rate 4.25% Senior Notes (with a change-of-control put at 101%) alongside a Credit Facility whose weighted-average rate was 6.7% in 2025, concentrating refinancing and interest-rate risk in its capital structure.
“At December 31, 2025, the carrying value of the Senior Notes on our Consolidated Balance Sheets was $397.3 million and the fair value of the Senior Notes was $385.7 million”
SEC filing →As of 2026
Other disclosures
- dependence on preneed trust investments to fund future contractual obligationsmedium
Carriage relies on its preneed trust investments to fund the contractual obligations that mature under preneed funeral/cemetery contracts; adverse market performance of those trusts could leave obligations underfunded.
“We rely on our trust investments to provide funding for the various contractual obligations that arise upon maturity of the underlying preneed contracts.”
SEC filing →As of 2026
Regulatory & policy
- 2025 U.S. tariffs on imported goods (caskets/merchandise)medium
New and increased U.S. tariffs in Aug-Oct 2025 (including a 100% tariff on certain categories and expanded duties on China) raise cost and supply uncertainty for the imported merchandise (e.g., caskets, urns) Carriage sells.
“effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions. In October 2025, the U.S. government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties.”
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