UHAL 10-K & 10-Q changes, risk factors and insider trading

Regulatory pressure in connection with the introduction and expansion of electric, autonomous, and connected rental vehicles could require infrastructure improvement that could inhibit our current business model and negatively impact our ability to acquire, or increase our cost of acquisition for rental trucks. For example, the Advanced Clean Fleets regulation (“ACF”) adopted by the California Air Resources Board (“CARB”) would have required us to phase out certain internal combustion engine vehicles from our fleet and replace them with so-called zero-emission vehicles (“ZEVs”). California must request and receive a waiver from the Environmental Protection Agency (“EPA”) to enforce the ACF, and for now it has withdrawn its request for such a waiver. If California seeks and obtains such a waiver in the future, then to accommodate ZEVs, our Company-operated locations and independent dealer network may require physical upgrades that are uneconomical and/or unachievable. In addition, because many of our vehiclestrucks are used by our customers for one-way interstate moves, if the ACF or similar laws or regulations are adopted by federal, state, or provincial governments or regulators in the future, it could materially and negatively affect our operations across North America because our one-way rental vehiclestrucks travel throughout the U.S. and Canada. Under any such laws, our one-way rental business would depend, in whole or in part, on an in-transit recharging network throughout the United States and Canada to support electric vehicles or ZEVs. Such a recharging network does not exist today, and even if one is built, the increased rental cost, and time and cost required to charge electric vehicles or ZEVs may be so great as to substantially limit our ability to serve customers needing to move long distances.

We are encouraged that the U.S. Congress has passed resolutions, subject to signature by President Trump, rescinding waivers granted by the EPA to California for other CARB regulations that would have effectively imposed emissions limits and sales mandates on OEMs well beyond California’s borders. We are also encouraged by the Trump Administration’s actions to reverse and limit federal and state attempts to impose emission and other requirements that would effectively limit the availability of internal combustion vehicles for fleets such as ours. However, there is no assurance that courts or a future Congress or administration will not reverse such rescission of waivers or such actions by the Trump Administration or that California will not apply for and receive a waiver for the ACF. In addition, an existing agreement between OEM’s and California may require OEM’s to meet California’s emissions requirements and sales mandates for electric vehicles or ZEVs even if CARB’s regulations cannot be enforced. If that occurs, we may not be able to successfully adapt to the requirements of a changed regulatory or commercial environment that favors or requires all-electric or specific alternative fuel vehicles.

The operation of our moving and storage centers, our business of renting moving and storage equipment to customers, the sale of moving and storage supplies, towing accessories and installation, and our refilling of propane tanks exposes us to liability claims. These include but are not limited to claims for property damage, personal injury, and even death. We seek to limit the occurrence of such claims through the design of our equipment, communication of its proper use, repair and maintenance schedules, training of our personnel, risk management assessments, and by providing our customers with online resources for the proper use of products and services. Regardless, accidents still occur, and we manage the financial risk of these events through third partythird-party insurance carriers. While these excess loss and property insurance policies are available today at affordable costs, this could change and could negatively affect our results of operations and financial position. Changes in attitudes of juries and/or involvement of third parties in the litigation process through litigation financing could negatively affect our results.

We commit resources to prevention, detection, and mitigation to limit the adverse effects of cybersecurity incidents. We have implemented security protocols, backup systems and alternative procedures to mitigate these risks. We employ IT security team members that have cybersecurity experience or certifications and utilize third-party service providers and consultants to protect our systems and assist us in managing these risks. Our Board and its Audit & Cyber Committee exercise oversight of our cybersecurity risks and management's oversight of the processes and procedures that protect our systems and data. However, despite our security measures, we cannot guarantee that we will not be materially and adversely affected by cybersecurity incidents, including hacks of our systems, denial-of-service attacks, viruses and other malicious software (malware), team member error or malfeasance, phishing attacks, social engineering, security breaches, disruptions during the process of upgrading or replacing computer software or hardware, or other attacks that may jeopardize the security of information stored in or transmitted by technology systems and networks that we or third-party service providers maintain, which include cloud-based networks and data center storage.

We experience daily threats to our data and systems. We have experienced cybersecurity incidents in the past, none of which, to date, has resulted in a material impact on our business strategy, results of operations, or financial condition. In 2021, we experienced a cybersecurity incident which is described in this Annual Report under the heading “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operation – Cybersecurity Incident”. Although past events have not resulted in a material impact on our business strategy, results of operations or financial condition, the impacts of cybersecurity incidents in the future could be material. Although we maintain insurance coverage for various cybersecurity risks, there can be no guarantee that we will be fully insured, or that insurance coverage will remain available for cybersecurity risks. Significantly, no amount of effort to deter, identify, mitigate, and/or prevent cybersecurity breaches can achieve 100% success in the current cyber threat environment. Given the financial reward reaped by threat actors for their illegal attacks on technology systems and access to data, and the inability of governments or private industry to fully prevent such attacks and resulting breaches, we expect such attacks to continue. We also expect governments to continue to punish companies that are victims of cyberattacks, whether through statutory fines or otherwise. We cannot provide assurance that we will not experience future cybersecurity incidents or that such incidents will not have a material and adverse impact on our business strategy, results of operations, or financial condition. Investors who require any such assurance should not invest in the Company.

The truck rental industry is highly competitive and includes a number of significant national, regional and local competitors, many of which are several times larger than U-Haul. We believe the principal competitive factors in this industry are convenience of rental locations, availability of quality rental moving equipment, breadth of essential services and products and total cost. Our financial results can be adversely impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources than we have. We cannot assure you that we will be able to maintain existing rental prices or implement price increases. Moreover, if our competitors reduce prices and we are not able or willing to do so as well,so, we may lose rental volume, which would likely have a materially adverse effect on our results of operations.

The self-storage industry is large and fragmented. We believe the principal competitive factors in this industry are convenience of storage rental locations, cleanliness, security, and price. Competition in the market areas in which we operate is significant and affects the occupancy levels, rental rates, and operating expenses of our facilities. Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental rates, or require us to offer discounted rates that would have a material effect on our results of operations and financial condition. Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital. However, development of new self-storage facilities is more difficult due to land use, zoning, environmental, and other regulatory requirements. The self-storage industry has in the past experienced overbuilding in response to perceived increases in demand. Consolidation of ownership is taking place with certain owners of self-storage. We cannot assure you that we will be able to successfully compete in existing markets or expand into new markets.

InNumerous addition, the movingcompetitors and storage industry has experienced rapid changes in technology. Numerous potential competitors are working to establish paradigm shifting technologies from self-driving vehicles to vehicle sharing services and other technologies that connect riders with vehicles. Additionally, customer demand for ease of online or app-based management of their moving and storage transactions continues to grow. Customers also increasingly turn to new technologies, such as artificial intelligence apps and chatbots to locate and compare products, including moving and storage products, and we may not successfully adapt our marketing and ability to reach customers through these new and developing platforms. There may be other innovations and technologies that could impact the do-it-yourself moving and storage industries that we cannot yet foresee. We actively develop and deploy new technologies, but we cannot ensure that our initiatives will be successful or timely, and our failure to effectively implement any initiative could have an adverse impact on our financial condition or results of operations.

In September 2024,2025, A.M. Best affirmed the financialFinancial strengthStrength rating (“FSR”)Rating for Oxford and Christian Fidelity Life Insurance Company (“CFLIC”) of A."A" The FSR outlook was revised to negative from stable.(Excellent). In addition, A.M. Best affirmed the long-term issuer credit rating (“LTICR”) of “a”. The LTICR outlook of these ratings wasis revised to negative from stable.negative. Financial strength ratings are important external factors that can affect the success of Oxford’s business plans. Accordingly, if Oxford’s ratings, relative to its competitors, are not maintained or do not continue to improve, Oxford may not be able to retain and attract business as currently planned, which could adversely affect our results of operations and financial condition.

The trading prices of our Voting Common Stock and Non-Voting Common Stock and the allocation of value between the two has previously been, and may continue to be volatile and their respective values may decline. In addition, the trading prices of our two series of common stock may fluctuate widely in response to various factors, some of which are beyond our control. These factors include, among others:

Quarterlyquarterly variations in our results of operations or those of our competitors.competitors;

Announcementsannouncements by us or our competitors of acquisitions, new products, significant contracts, commercial relationships, or capital commitments.commitments;

Recommendationsrecommendations by securities analysts or changes in earnings estimates.estimates;

Announcementsannouncements about our earnings that are not in line with analyst expectations.expectations;

Announcementsannouncements by our competitors of their earnings that are not in line with analyst expectations.expectations;

Commentarycommentary by industry and market professionals about our products, strategies, and other matters affecting our business and results, regardless of its accuracy.accuracy;

Thethe volume of shares of Voting Common Stock andor Non-Voting Common Stock available for public sale.trading;

Salessales or purchases of Voting Common Stock andor Non-Voting Common Stock by us or by our stockholders (including sales or purchases by our directors, executive officers, and other employees).;

Shortshort sales, hedging, and other derivative transactions on shares of our Voting Common Stock and Non-Voting Common Stock.Stock;

Compliance with environmental requirements of federal, state, provincial and local governments in the United States and Canada affects our business. Among other things, these requirements regulate the discharge of materials into the air, land and waterwater, and govern the use and disposal of hazardous substances. Under environmental laws or common law principles, we can be held liable for hazardous substances that are found on real property we have owned or operated. We are aware of issues regarding hazardous substances on some of our real estate and we have put in place a remediation plan at each site where we believe such a plan is necessary. See Note 19, Contingencies, of the Notes to Consolidated Financial Statements. We regularly make capital and operating expenditures to stay in compliance with environmental laws. In particular, we have managed a testing and removal program since 1988 for our underground storage tanks. Despite these compliance efforts, the risk of environmental liability is part of the nature of our business.

Since 1945, we have used certain trade dress, such as our distinctive orange U-Haul trucks, trailers, U-Boxes,U-Box portable moving and storage units, and orange door self-storage units and trademarks that include the color orange to distinguish our brand, products, and services. We believe that our rights in our intellectual property, including our rights to use the color orange in the promotion of our goods and services, are strong and well-supported. However, over the past fewseveral years, Public Storage has sought to prevent self-storage operators from using the color orange in connection with their self-storage services. We filed a lawsuit against Public Storage in the District of Arizona in December 2024, asking for a declaration that our trade dress and trademarks that use orange do not infringe on Public Storage's claimed intellectual property rights. While we believe we will be able to successfully protect our rights to continue to use the color orange to distinguish our brand, products and services, there can be no assurance of a favorable outcome. If we are unsuccessful, our ability to use these marks could be limited, which could adversely impact our financial condition or results of operations.

The Tax Cuts and Jobs Act (“Tax Reform Act”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) made significant changes to U.S. tax laws and include numerous provisions that affect businesses, including ours. For instance, as a result of lower corporate tax rates, the Tax Reform Act tends to reduce both the value of deferred tax assets and the amount of deferred tax liabilities. It also limits interest expense deductions and the amount of net operating losses that can be used each year and alters the expensing of capital expenditures. Other provisions have international tax consequences for businesses like ours that operate internationally. The CARES Act allows for the carryback of certain net operating losses. The Tax Reform ActOBBB is unclear in certain respects and will require interpretations and implementing regulations by the Internal Revenue Service (“IRS”), as well as state tax authorities, and the Tax Reform Act and CARES ActOBBB could be subject to amendments and technical corrections, any of which could lessen or increase the adverse (and positive) impacts of thesethe acts. The Tax Reform Act put into place 100% first year bonus depreciation. This decreased to 80% starting in 2023, 60% in 2024, 40% in 2025, and will continue to gradually decrease in future years and will impact our tax liability.act. The accounting treatment of thesethe tax law changes wasis complex, and some of the changes affected both current and future periods. Others primarily affected future periods. Additional changes to the U.S. tax code could negatively offset operating cashflows.

See Note 1, Basis of Presentation, Note 21, Reportable Segment Information, and Note 22, Financial Information by Geographic Area,Area Data, of the Notes to Consolidated Financial Statements.

The liability for future policy benefits for traditional and limited-payment long duration life and health products is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. The Company reviews,reviews at least annually, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually.

There was a $2.1$0.9 million and ($1.0)$2.1 million net impairment charge recorded in fixed maturity securities for fiscal 20252026 and 2024,2025, respectively.

Self-moving equipment rental revenues increased $100.8$86.4 million during fiscal 2025,2026, compared with fiscal 2024.2025. In-TownRevenue transactions improved, while revenue per transaction increased forfrom both our In-Town and one-way markets.markets Averageimproved. milesOne-way driventransactions increased while revenue per transaction decreasedwas forflat one-way moves. Comparedcompared to thefiscal same2025. periodIn-town lastrevenue year,per wetransaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, asalong well aswith the number of box trucks in the rental fleet. Conversely,The oversize this same time period we have reducedof the numbertowing fleet increased in fiscal 2026 from the introduction of pickup trucks in the rentalnew fleet.Toy Hauler.

Self-storage revenues increased $66.8$74.5 million during fiscal 2025,2026, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year.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 1.5%5% improvement in average revenue per occupied square foot. TheNet occupancyof gainsdelinquent androoms, revenueoccupied perrooms squareincreased foot25,000 improvementson slowedaverage over the course of thefiscal 2026, compared to fiscal year.2025. During fiscal 2025,2026, we added approximately 6.55.3 million net rentable square feet.

LifeSales insuranceof premiumsself-moving decreasedand $6.0self-storage products and services increased $2.1 million during fiscal 2025,2026, compared with fiscal 20242025. This was primarily due to decreasedan increase in sales of singlemoving premium life productssupplies and policy decrements in Medicare supplement.hitches.

OtherLife revenueinsurance increasedpremiums $40.3decreased $2.7 million during fiscal 2025,2026, compared with fiscal 2024, caused2025 primarily bydue increasesto indecreased oursales U-Boxof program.single premium and final expense life products.

Listed below are revenues and earnings from operations at each of our operating segments for fiscal 20252026 and 2024.2025. The insurance companies’ years ended were December 31, 20242025 and 2023.2024.

Total costs and expenses increased $464.6$492.7 million during fiscal 2025,2026, compared with fiscal 2024.2025. Operating expenses for Moving and Storage increased $142.0$147.6 million. Repair expenses associated with the rental fleet experienced a $43.1$29.5 million decreaseincrease during the fiscal yearyear. whilePersonnel increasescosts inincreased personnel,$61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs,costs propertyincreased taxes,$76.4 utilitiesmillion. andFiscal building2025 maintenanceincluded accounteda for the remainder of the increase. Approximatelynon-recurring $16.5 million of the operating expense increase was due to non-recurring costscost associated with our transition to a new box suppliersupplier. thatAll weother recognizedcosts indeclined the$2.8 secondmillion quartercompared ofto fiscal 2025.

Depreciation expense associated with our rental fleet increased $128.1$186.6 million for fiscal 20252026 compared with fiscal 20242025 due to an increase in the pacetotal number of newbox additionstrucks toin the fleet combined with theirdecreases higherin cost.resale values for certain units currently in the fleet. Net gainslosses from the disposal of rental equipment decreasedincreased $140.2$117.6 million as resale values have decreased and the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $25.9$24.6 million. Net losses on the disposal or retirement of land and buildings increaseddecreased $7.8$7.1 million. Additional details are available in the following Moving and Storage section.

Interest expense for fiscal 20252026 was $295.7$364.8 million, compared with $256.2$295.7 million for fiscal 20242025 due to an increase in our averagethe amount of outstanding debt outstanding combinedalong with aour higher incrementalaverage cost of new debt.

Self-moving equipment rental revenues increased $100.1$86.6 million during fiscal 2025,2026, compared with fiscal 2024.2025. In-TownRevenue transactions improved, while revenue per transaction increased forfrom both our In-Town and one-way markets.markets Averageimproved. milesOne-way driventransactions increased while revenue per transaction decreasedwas forflat one-way moves. Comparedcompared to thefiscal same2025. periodIn-town lastrevenue year,per wetransaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, asalong well aswith the number of box trucks in the rental fleet. Conversely,The oversize this same time period we have reducedof the numbertowing fleet increased in fiscal 2026 from the introduction of pickup trucks in the rentalnew fleet.Toy Hauler.

Self-storage revenues increased $66.8$74.5 million during fiscal 2025,2026, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year.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 1.5%5% improvement in average revenue per occupied square foot. TheNet occupancyof gainsdelinquent androoms, revenueoccupied perrooms squareincreased foot25,000 improvementson slowedaverage over the course of thefiscal 2026, compared to fiscal year.2025. During fiscal 2025,2026, we added approximately 6.55.3 million net rentable square feet.

OtherSales revenueof self-moving and self-storage products and services increased $39.4$2.1 million during fiscal 2025,2026, compared with fiscal 2024,2025. causedThis was primarily bydue increasesto an increase in oursales U-Boxof program.moving supplies and hitches.

Total costs and expenses increased $448.2$489.5 million during fiscal 2025,2026, compared with fiscal 2024.2025. Operating expenses increased $142.0$147.6 million. Repair expenses associated with the rental fleet experienced a $43.1$29.5 million decreaseincrease during the fiscal yearyear. whilePersonnel increasescosts inincreased personnel,$61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs,costs propertyincreased taxes,$76.4 utilitiesmillion. andFiscal building2025 maintenanceincluded accounteda for the remainder of the increase. Approximatelynon-recurring $16.5 million of the operating expense increase was due to non-recurring costscost associated with our transition to a new box suppliersupplier. thatAll weother recognizedcosts indeclined the$2.8 secondmillion quartercompared ofto fiscal 2025.

Depreciation expense associated with our rental fleet increased $128.1$186.6 million for fiscal 20252026, compared with fiscal 2024,2025 due to an increase in the pacetotal number of newbox additionstrucks toin the fleet combined with theirexpected higherdecreases cost.in resale values for certain units currently in the fleet. Net gainslosses from the disposal of rental equipment decreasedincreased $140.2$117.6 million as resale values have decreased and the average cost of units being sold hasincreased. increased.We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $25.9$24.6 million. Net losses on the disposal or retirement of land and buildings increaseddecreased $7.8$7.1 million.

Net investment and interest income were $23.2$31.5 million and $25.2$23.2 million for the years ended December 31, 20242025 and 2023,2024, respectively. The main driver of the change in net investment income was the decrease in valuation of unaffiliated common stocks offset by an increase in realized investmentgains gain fromon the sale of common stock.stock and higher income from mortgage loans and cash and cash equivalents.

Operating expenses were $47.7$51.2 million and $48.3$47.7 million for the years ended December 31, 20242025 and 2023,2024, respectively. The change was primarily due to aan decreaseincrease in commissions in select geographies.commissions.

Net premiums were $83.7$81.0 million and $89.7$83.7 million for the years ended December 31, 20242025 and 2023,2024, respectively. Medicare Supplement premiums decreasedincreased $3.6$2.7 million due to thean advanced ageacquisition of theexisting block.block of policies. Life premiums decreased $2.8$5.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $455.9$255.6 million or $103.3$200.3 million aboveless than the prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $132.7$134.4 million and $124.7$132.7 million for the years ended December 31, 20242025 and 2023,2024, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities wereincreased $2.0$0.8 million current year to date.million. The change in the provision for expected credit losses resulted in a current year to date $2.3$1.3 million additional increasedecrease to the investment income. Net interest income and realized gain on the invested assets increased $5.2$2.2 million.

Operating expenses were $26.3$17.0 million and $19.6$26.3 million for the years ended December 31, 20242025 and 2023,2024, respectively. The increasedecrease was duemainly todriven by changes in estimated liabilities and related accounting estimates recognized during the salarycurrent and wage expenses, receivable write-off and audit fees.year.

Benefits and losses incurred were $160.4$169.7 million and $155.2$160.4 million for the years ended December 31, 20242025 and 2023,2024, respectively. Interest credited to policyholders increased $13.5$11.6 million due to the rolling of the block into a higher interest ratecredited environment.rates on equity - indexed annuities stemming from the improvement in the stock market over the last year. Life benefits decreased $3.5$5.3 million due to fewer death claims and lower sales. Medicare supplement benefits decreasedincreased by $2.2$4.9 million fromdue fewerto policiesthe inacquisition force.of a new block.

Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired ("VOBA") was $18.3$19.7 million and $24.2$18.3 million for the years ended December 31, 20242025 and 2023,2024, respectively. The decreaseincrease in DAC amortization was drivenprimarily by experience updatesdue to assumptionsa impactinggreater the expected termnumber of thepolicy underlying contracts.terminations.

Net cash provided by operating activities increased $1.7$340.2 million in fiscal 2025,2026, compared with fiscal 20242025. dueFiscal to2026 anincluded increase$119.4 inmillion Movingof and Storage operating profits offset by an increase in liability claim payments and incomecash tax payments.refunds.

Net cash used in investing activities increaseddecreased $844.5$628.0 million in fiscal 2025,2026, compared with fiscal 2024.2025. Purchases of property, plant and equipment increaseddecreased $464.2$298.2 million. Fleet related spending increased $243.8$217.6 million while investment spending on real estate and development increaseddecreased $248.5$540.6 million. Cash from the sales of property, plant and equipment decreasedincreased $76.8$47.9 million largely due to an increase in fleet sales. For our insurance subsidiaries, net cash usedprovided by investing activities increased $225.0$354.8 million.million Netdue cashto providedan byincrease investingin activitiesproceeds received for fixed maturity investment's. Moving and Storage decreasedinvestment $79.0activities for fiscal 2025 included the redemption of $73.0 million onof short-term Treasury notes.

Net cash provided by financing activities increaseddecreased $828.6$300.5 million in fiscal 2025,2026, as compared with fiscal 2024.2025. This was due primarily to ana increase in cash from borrowingscombination of $669.0 million along with decreasedincreased debt paymentsrepayments of $67.4$233.5 million, decreased finance lease paymentsrepayments of $32.3$29.0 million, an increase in borrowings of $168.2 million and an increase in net annuity deposits from Life Insurance of $71.9$259.1 million.

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. The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2025,2026, the Company invested $1,506.5$965.9 million in real estate acquisitions, new construction and renovation and repair compared to $1,258.0$1,506.5 million in fiscal 2024.2025. For fiscal 2026,2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintaincontinue ato high level ofdecrease real estate capital expenditures in fiscal 2026.2027. 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.

Our Property and Casualty segment stockholders’ equity was $392.3$349.2 million and $350.5$392.3 million as of December 31, 20242025 and 2023,2024, respectively. The increasedecrease in 20242025 compared with 20232024 resultedwas due to a cash dividend of $100.0 million paid to U-Haul Holding Company offset by an increase from net earnings of $43.1$51.0 million and aan decreaseincrease in accumulated other comprehensive income of $1.3$5.9 million. 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 manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance's net depositswithdrawals for the year ended December 31, 20242025 were $13.0$250.4 million. State insurance regulations may 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. For calendar year 2025,2026, the ordinary dividends available to be paid to U-Haul Holding Company from Oxford is $0.8$24.7 million. For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements.

Net cash provided by operating activities was $1,327.1$1,635.5 million and $1,319.0$1,327.1 million in fiscal 20252026 and 2024,2025, respectively,respectively. dueFiscal to2026 anincluded increase$119.4 inmillion Movingof and Storage operating profits offset by an increase in liability claim payments and incomecash tax payments.refunds.

Net cash provided by operating activities was $84.0$44.4 million and $101.0$43.4 million for the years ended December 31, 2024,2025 and 2023,2024, respectively. The decreaseincrease in operating cash flows was driven primarily dueby to timing of settlement of receivables for securities and a decreasegrowth in premiums net of benefits and commissions.earnings.

Our borrowing strategy has primarily focused on asset-backed financing, private placements and rental equipment leases.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 March 31, 2025,2026, we had available borrowing capacity under existing credit facilities of $475.0$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. For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.

For material cash requirements as part of liquidity and capital resources discussion, please see Notes 10, Notes, Loans and Finance Leases Payable, net; 11, Interest on Notes, Loans and Finance Leases Payable, net; 19, Contingencies and 27, Life Insurance Liability,Liabilities, of the Notes to Consolidated Financial Statements. The following table provides additional detail for uses of cash and contingencies as of March 31, 2025.2026.

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 increasedecrease in fiscal 2026.2027. Revenue in the U-Move program could be adversely impacted should we fail to execute in any of these areas. 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 2026,2027, 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 remain highdecrease in fiscal 2026.2027. We will continue to invest capital and resources in the U-Box program throughout fiscal 2026.2027.

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

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 thirdfirst quarter and first nine months of fiscal 2026,2027, compared with the thirdfirst quarter and first nine months of fiscal 2025,2026, 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 2026.2027.

U-Haul Holding Company, a Nevada corporation, has a thirdfirst fiscal quarter that ends on the 31st30th of DecemberJune for each year that is referenced. Our insurance company subsidiaries have a thirdfirst quarter that ends on the 30th31st of SeptemberMarch 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 20252026 and 20242025 correspond to fiscal 20262027 and 20252026 for U-Haul Holding Company.

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-operatedCompany operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities.

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.

uhaul.com® isand U-Haul's mobile app are 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.

Quarter Ended DecemberJune 31,30, 20252026 compared with the Quarter Ended DecemberJune 31,30, 20242025

Listed below, on a consolidated basis, are revenues for our major product lines for the thirdfirst quarter of fiscal 2027 and the first quarter of fiscal 2026 and the third quarter of fiscal 2025:

Self-moving equipment rental revenues increased $7.6$29.3 million during the thirdfirst quarter of fiscal 2026,2027, compared with the thirdfirst quarter of fiscal 2025.2026. RevenuesTransactions fromand in-town transactionsrevenue increased duringacross both our In-Town and One-Way markets compared to the quarter.first quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations,locations and independent dealers, andalong with the number of box trucks in the rental fleet.

Self-storage revenues increased $17.9$15.9 million during the thirdfirst quarter of fiscal 2026,2027, compared with the thirdfirst quarter of fiscal 2025.2026. 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 6.7%6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.51.1 million new net rentable square feet.

Sales of self-moving and self-storage products and services decreasedincreased $1.5$1.1 million during the thirdfirst quarter of fiscal 2026,2027, compared with the thirdfirst quarter of fiscal 2025.2026. This was primarily due to decreases inincreased sales of hitches and propane.

Other revenue decreasedincreased $0.7$1.8 million during the thirdfirst quarter of fiscal 2027, compared with the first quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreasesincreases in our U-Box® program.

Total costs and expenses increased $143.5$56.2 million during the thirdfirst quarter of fiscal 2026,2027, compared with the thirdfirst quarter of fiscal 2025.2026. Operating expenses increased $66.6$54.9 million. Repair expenses associated with the rental fleet experienced a $13.1$4.1 million increase during the quarter while personnel increased $16.2$10.2 millionmillion, andself-insured liability costs increased $37.9by $6.2 million and freight and shipping costs increased $22.4 million.

Depreciation expense associated with our rental fleet increased $44.8$13.5 million for the thirdfirst quarter of fiscal 2026,2027 compared with the thirdfirst quarter of fiscal 20252026 dueprimarily tofrom 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 increaseddecreased $29.8$24.0 million to a net gain of $1.9 million for fiscal 2027, as resale values decreased, while the averageunits costsold during the first quarter of unitsfiscal being2027 soldhad hasa increased.higher depreciation rate combined with improved sales proceeds. Depreciation expense on all other assets, largely from buildings and improvements,improvements increased $4.5$5.1 million. Net losses on the disposal or retirement of land and buildings decreasedincreased $0.7$4.7 million.