UHAL · CIK 4457
What U-Haul Holding Company told the SEC could break it.
U-Haul's disclosures reflect a capital-intensive fleet and real-estate operator. With $965.9 million of real-estate capex in FY2026, it flags refinancing risk if U.S. credit markets tighten or rates rise materially, and tariffs or trade restrictions imposed with little notice could raise the cost of its truck and trailer fleet, with no assurance it can absorb or pass those costs to customers. Its insurance subsidiaries, Repwest and Oxford, add a regulatory layer — heavily overseen by state insurance departments and the NAIC, with statutory caps requiring approval for extraordinary dividends.
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.
Regulatory & policy
- state insurance regulation (NAIC); subsidiary dividend limitslow
U-Haul's insurance subsidiaries (Repwest, Oxford) are heavily regulated by state insurance departments and the NAIC, with statutory dividend caps requiring regulatory approval for extraordinary distributions.
“Our insurance companies are heavily regulated by state insurance departments and the National Association of Insurance Commissioners.”
SEC filing →As of 2026 - tariffs / trade restrictions on fleet costslow
Tariffs and trade restrictions could be imposed with little notice, raising U-Haul's cost of doing business (notably its truck/trailer fleet), with no assurance the costs can be reduced or passed to customers.
“Tariffs and trade restrictions could be announced with little or no advance notice that could adversely affect us. We cannot guarantee that we would be able to either manage the costs lower or pass them along to our customers in the form of higher prices.”
Liquidity & debt
- debt refinancing / credit-market accesslow
As a capital-intensive fleet/real-estate operator ($965.9M FY2026 real-estate capex), U-Haul faces refinancing risk if U.S. credit markets tighten or rates rise materially.
“Should credit markets in the United States tighten or if interest rates increase significantly, we may not be able to refinance existing debt or find additional financing on favorable terms, if at all.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Mercury Partners, L.P. (Shoen-affiliated)
“U-Haul management fee revenue from Blackwater $ 29,987 $ 29,903 $ 29,702 U-Haul management fee revenue from Mercury 6,888 6,908 7,302 $ 36,875 $ 36,811 $ 37,004 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.”
Cited →Blackwater (Shoen-affiliated entity)
“U-Haul management fee revenue from Blackwater $ 29,987 $ 29,903 $ 29,702 U-Haul management fee revenue from Mercury 6,888 6,908 7,302 $ 36,875 $ 36,811 $ 37,004 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.”
Cited →
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