Ladies and gentlemen, my name is Scott Quist. I am the Chairman and Chief Executive Officer of Security National Financial Corporation. It is now 10:00 A.M., I hereby call this annual meeting of the stockholders to order. On behalf of my fellow directors, officers, and employees, it's my pleasure to welcome you this morning. This time, I'd like to introduce the people, the fellow officers and directors here at the head table or tables. First, we'll start with Alexandra Mysoor. Alexandra has been a director since 2021. She's the founder and CEO of Alix, that's A-L-I-X, which is a fintech platform providing estate planning and succession services. Alexandra is all things tech and adds a wonderful component to our board and a degree of energy, which is anyways, very nice. She has a Bachelor of Arts from the University of California, Berkeley in interdisciplinary field studies. Next, we'll go to Mr. John Cook on my right. He's a director of the company since 2013, so 13 years, co-owner and operator of Cook Brothers Painting. He attended the University of Utah. That's an important. Not the University of Utah. I'm more of a BYU fellow myself, but being in the contracting trades, a lot of our work, a lot of our investments are in real estate and specifically construction lending, and John helps us keep our ear to the ground, as it were, in those areas. Next, we have Mr. Gil Fuller, next to Mr. John, director of the company since 2012, so one year longer than Mr. Cook, so 14 years. He's retired from USANA Health Sciences, where he was the CFO and the executive vice president. He has a BS degree in accounting and MBA degree from the University of Utah. Gil is also our designated financial expert and serves as chair of the Audit Committee, serves on the Compensation Committee and Executive Committees, I'm probably forgetting a few there, Gil, but a welcome addition. Thank you, Gil. Nice to have you here. Next to Mr. Gil, we have Dr. Robert Hunter. He's a director. He's been a director since 1998, so 28 years, so considerably longer than Gil, just to make a note. He's a member of the Compensation Nominating Corporate Governance Committee and the Medical Committee. Dr. Hunter has been the Chairman of the Board of Governors at St. Mark's Surgical Center. He's prior adjunct professor, Department of Surgery, University of Utah. He had the honor, one of his children graduated with their medical degree, and Dr. Hunter had the privilege of hooding him. He's past department head of otolaryngology. I really tried this year to get that right. Is that 98%. 98%. That's good enough for me. If I got an A, I got an A. Past department head of otolaryngology, head and neck surgery at Intermountain Medical Center, and President of the Medical Staffs of Intermountain Medical Center and Cottonwood Hospital. Prior delegate of the Utah Medical Association to the American Medical Association. He has degrees in microbiology and biochemistry and an MD from the University of Utah. Next to Dr. Hunter is Mr. Craig Moody. He's been a director since 1995, which makes him our senior director. He's a member of the Compensation Committee, Nominating Corporate Governance Committee, Audit Committee, and Executive Committee. He's a former field manager of Cutco, former national sales manager of Magic Mill and Bosch, direct sales division of Stratford Squire. He's President and CEO of H.C. Moody and Associates Real Estate Brokerage, owner of Moody and Associates, a political consulting and asset management company, former speaker of the Utah House of Representatives, Majority Leader, Rules Committee Chairman, Executive Appropriations Committee Member, all of the Utah House of Representatives, former Utah Republican Party Chairman, and former Republican National Committee Member. He comes with a BS degree in political science from the University of Utah. Mr. Craig. Going around now to the far end of the far table, Mr. Jason Overbaugh, who has been a director of the company since 2013. He is Vice President and National Marketing Director of Security National Life Insurance Company, and he is President of our real estate services. He has a BS degree in finance from the University of Utah. Next to Mr. Overbaugh, coming this way now, is Mr. Andrew Quist. He is a director. He is the President and Chief Executive Officer of Security National Mortgage Company. He is the Vice President of SNFC and serves on the Executive Committee and on the Non-Qualified Deferred Compensation Plan Committee. He has also been a director since 2013. He has been a Vice President of the company since 2010, and he has a BS degree in accounting from Brigham Young University and a JD from the University of Southern California. Next to Andrew is Mr. Adam Quist. He is a director. He is President and Chief Executive Officer of Security National Life Insurance Companies, and I believe all our life insurance company subsidiaries, and of Memorial Mortuaries and Cemeteries. He is Vice President of SNFC. He is on the Executive Committee, the 401 Investment Committee, and the Non-Qualified Deferred Compensation Plan Committee. He has been a director for 5 years. He has been President of Security National Life and of Memorial since 2023. I believe Andrew has been President of Security National Mortgage since 2022. Is that accurate? Adam has a Bachelor of Science and a Master of Science degrees in accounting from Brigham Young University. He always said he was going to have more degrees than his brother, so he did. He has his JD degree from the University of Utah. He wasn't talking Well, never mind. Thank you. Let's go to Mr. Garrett Sill. Mr. Garrett Sill is our Chief Financial Officer and Treasurer. He is on the 401 Investment Committee and the Non-Qualified Deferred Compensation Plan Investment Committee. He has been the Chief Financial Officer and Treasurer since 2013. He is a CPA, certified public accountant. He has a BA degree in accounting from Weber State, go Wildcats, and an MBA from the University of Utah. Next to Mr. Sill is Mr. Jeffrey Stephens. He is our Senior General Counsel of the company since 2006 and has been so since 2006. That makes it 20 years this year. Secretary of the company since 2008. He has a BA degree in geography. I often wondered why that qualified him for legal studies, but nevertheless, and a JD from Brigham Young University. Mr. Stephens has served with the company for 20 years. I do not think this is the time to announce his retirement, so I will not, but I will say it is in his plan that this year he will be retiring. So 20 years of service. Thank you very much, Mr. Jeff. Let's again, we will have a more formal to-do, if you will, at the appropriate time. I did want to express, in the context of a shareholders meeting, our appreciation for the years of work. Other guests, Wes Yeomans and Andrew Smith from Deloitte & Touche, if you could stand. Thank you. Dane Johansen from Holland & Hart. Dane, thank you, appreciate your attendance. As chairman of the annual meeting of the stockholders, I hereby appoint Richard Dahl. Mr. Richard Dahl, could you stand? Kevin Cantwell and Laurie Earl to serve as members of the attendance and balloting committee, I appoint Richard Dahl as the chairperson thereof. Thank you. If there is anyone present desiring to vote in person, you should have already registered your name and received your ballot. If you have not, please register with Mr. Dahl at the registration table. I hereby appoint Mr. Jeffrey Stephens to act as parliamentarian of the meeting. In order to conduct this meeting in an orderly manner, I would ask that all questions from the floor, other than specific questions related to a motion being considered, be limited to a general question session that shall follow my report. Accordingly, at that time, so that all stockholders will have an opportunity to participate, each individual stockholder will only be permitted to ask one question at a time. When a question has been answered, the stockholder who has asked the question must then relinquish the floor to any other stockholder who desires to ask a question. Any questions, however, that relate to items personal or unique to the stockholder, such as questions regarding number of shares owned, mortgage properties, pre-need products, policies of insurance, should be held until after the meeting. At that time, you may direct such questions to the appropriate officers. I would now like to call upon Mr. Jeffrey Stephens, Secretary of the company, to report to the stockholders on the formal steps taken in connection with the calling of this annual meeting of the stockholders and to present evidence of the giving of the necessary notices. Mr. Stephens. Mr. Chairman, our board of directors adopted a resolution authorizing that the annual meeting of stockholders be held today, June 26, 2026, at 10:00 A.M. in Salt Lake City, Utah, and to affix the record date for the meeting as of the close of business on April 20, 2026. Representatives from our transfer agent, Zions Bank, are available at this meeting with a listing of all stockholders and their addresses. As of the record date of April 20, 2026, there were 21,320,751 votable shares of Class A common stock and 3,482,633 votable shares of Class C common stock, for a total of 24,803,384 votable shares of the company's common stock outstanding. Accordingly, under the bylaws of the company, 12,401,693 votable shares are a majority of the outstanding common stock and constitute a quorum for this meeting. I have provided a certificate executed as an officer of the company certifying that notice and instructions regarding voting were duly and properly sent to each holder of Class A and Class C common stock entitled to notice thereof. Thank you, Mr. Stephens. I will direct the Secretary to file a copy of the minutes of this meeting, together with the certificate evidencing the service of the notice. The Attendance and Balloting Committee has been asked to make a report of the stock represented here, either in person or by proxy. Will the committee please report? Mr. Chairman, the Attendance and Balloting Committee reports that shares of both the Class A outstanding common stock and the Class C outstanding common stock, representing more than majorities of such shares, are present either in person or by proxy. Thank you, Mr. Dahl. Since a quorum has been established, we will proceed with the business to be conducted at this meeting. Anyone desiring to vote in person, please identify yourself by raising your hand. If you change your mind and desire to vote in person later on, you can raise your hand and Mr. Dahl will take notice and get you a ballot. With that, we'll move on. Copies of the minutes of last year's annual meeting of the shareholders are available for any stockholder to read. My heavens. They do give me a script so that I make sure I hit certain items, and sometimes I have a hard time following that. We would entertain any questions later in the meeting with respect to those minutes. At this time, the chair will ask for a motion to dispense with the reading of the minutes of last year's annual meeting of the stockholders. Mr. Chairman, I move that we dispense with the reading of the minutes of last year's annual meeting of the stockholders. We have a motion. We have a second. All in favor signify by saying "Aye. Aye. Opposed, nay. The ayes have it. Mr. Stephens, you don't have to read the minutes. The chair knows of no old business pending, and accordingly, we will open the floor for new business. Proposal number one, by direction of the board of directors of the company, the following nine persons have been nominated to serve as directors of the company until the next annual meeting and until their successors are elected and qualified. Scott M. Quist by the Class A shareholders exclusively, Gilbert A. Fuller by the Class A shareholders exclusively, Adam G. Quist by the Class A shareholders exclusively, Alexandra Mysoor to be elected by the Class A and Class C stockholders voting together, S. Andrew Quist also to be elected to represent Classes A and C, John L. Cook also Classes A and C, H. Craig Moody by Classes A and C, Robert G. Hunter by Class A and Class C, Jason G. Overbaugh by Class A and Class C. If anyone is voting in person, please raise your hand and we can distribute those ballots to you. If you voted by proxy, those have already been counted. The chair will now entertain a motion to approve an amendment of the company's 2022 Equity Incentive Plan to provide that up to 500,000 of the shares previously authorized under the plan to be issued only as Class A common stock may instead be issued as Class C common stock. The plan will have the option of issuing either Class A or Class C. Do I have such a motion? Mr. Chairman, I make a motion to approve an amendment of the company's 2022 Equity Incentive Plan to provide that up to 500,000 of the shares previously authorized to be issued only as Class A common stock may instead be issued as Class C common stock, as contemplated by the company's proxy statement filed with the Securities and Exchange Commission on April 28th, 2026. I have a motion. Do I have a second? Second. I have a motion. I have a second to approve the amendment of the company's 2022 Equity Incentive Plan to provide that up to 500,000 of the shares previously authorized to be issued only as Class A common stock may instead be issued as Class C common stock, as contemplated by the company's proxy filed with the Securities and Exchange Commission on April 28th, 2026. We will wait for the voting on that. Motion number three. The chair will now entertain a motion to approve, on an advisory basis, the compensation of the company's named executive officers. Do I have such a motion? I have a motion. Do I have a second? I second. It has been moved and seconded that the company's named executive officers be approved on an advisory basis. Those of you voting in person, please mark your ballots, if any. All in favor signify by saying aye. Any opposed by nay. Let me go back. I think I should have taken a vote. I was thinking that the vote on the amendment to the Equity Incentive Plan would come on a report of the proxies. Or should I take the vote now, Mr. Stephens? I think it's all been voted by proxy. It's all been voted by proxy. Okey-doke. Thank you. That's why I need a script. The chair will now entertain a motion to ratify the appointment of Deloitte & Touche as the company's independent registered public accountants for the fiscal year ended December 31st, 2026. Mr. Chairman, I make a motion to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accountants for the fiscal year ending December 31st, 2026. I have a motion. Do I have a second? I second that motion. It has been moved and seconded that the appointment of Deloitte & Touche LLP as the company's independent registered public accountants for the fiscal year ending December 31, 2026, be ratified. Those of you voting in person, please mark your ballots. Reports will now be given by the following officers, and I will just list them and we'll proceed in that order. Mr. Garrett Sill will give a financial and the treasurer's report. He'll be followed by Mr. Adam Quist, who will report on insurance financials and operations. He'll be followed by Mr. Overbaugh regarding insurance sales and builder relationships. He'll be followed by Mr. Jamie Meredith, reporting on insurance assignment investments. He'll be followed by Mr. Steve Kiel, reporting on our cemetery and mortuary operations. He'll be followed by Mr. Andrew Quist, to report on the mortgage company. We will proceed to that point. Mr. Sill. Thank you, Mr. Chairman. Yeah, got it. Perfect. Thanks. Good morning, fellow shareholders and employees of Security National Financial Corp. It's a privilege to stand before you once again and to report on our earnings. This year's a little bit easier since we've implemented some earnings calls at the end of each year and after the end of each quarter. It'll be a little bit easier because I won't have to go in as much detail on this and hopefully be a little bit quicker. I did want to highlight just a couple things. For the past four years, our average annual earnings has been about $25 million. If we look at what we earned in 2025, we're up about 25% over the four-year average. When compared to 2024, we're up about 10% year-over-year. From that perspective, in net earnings, 2025 was an excellent year for us. Doing a little bit larger look back, when we look back in five-year increments, if we look back through the period of 2021 to 2025, the company earned on average annual earnings of $28 million. You compare that to the most recent five-year, 2016 to 2020, it was $23 million. That represents about a 20% increase in just those average earnings for those five years blocked. Love the trend line that we're seeing for Security National Financial on the earnings side of things. Looking at revenues, I should say that those earnings were done in spite of revenues only increasing slightly. The trend line is positive from 2023 to 2025, we do have some work to do to get revenues back up to the 2022 levels and surpass that. Looking at our assets, just going back to 2022, we ended the year with $1.4 billion in net assets or in assets, and we ended 2025 and with $1.5 billion assets, and that represents a 7% increase over those five years. Just wanted to highlight just a couple things, as you know, and we'll report about it because we'll have several reports that follow me about our investments for our life insurance companies. Investing on the life insurance side is very important. These two charts here pretty much break down kind of where we were. I'm happy to report that we have $100 million more invested from 2022. For the most part, most of our categories remained relatively flat. I will highlight just one item to look at, and it's going to be these two boxes here. That represents our cash position in each of those years. I'm happy to report that in the four years from 2022, cash is actually down, which means we've done a little bit better job this in 2025 getting that invested. Other things to note was bonds were up about 1%, and other than that, everything was pretty much flat or just slightly down. Looking at our equity performance from 2022 comparing to 2025 over that same four-year period, we ended up 2022 just shy of $300 million in equity, and we closed out 2025 with a 40% increase or $410 million. A great increase in equity over that same period, once again, despite relatively flat revenue growth. I hesitate to go over this slide too much. I've kind of addressed this in some of the earnings call. I'll leave this slide in the slide deck that will be published. I do just want to highlight two key areas in what is our equity position. New this year is this new line item here, interest rate remeasurement for our reserves. When you look at how the company operates, right now, about 50% of our assets are marked to market on a regular basis, so either quarterly or at year-end. That would be our bonds, our cash is mark-to-market per se, and our loans held for sale, and also our stock investments are all mark-to-market. That represents about 50% of our assets. New to 2025, because of the implementation of LDTI, or long duration targeted improvement to life insurance companies, we now have our reserves being marked to market. That represents about 80% of our liabilities now have that same effect on our equity and our balance sheet as the bonds and other assets do. We will see as we report in future quarters, as I mentioned, Q1, this line item here will be interest rate driven, just like this line item here is interest rate driven. As interest rates change, our fair value of our bonds and also our liabilities or our reserves will also change. Skip that. Real quick, just reporting on Q1, because like I said, we just recently had a good earnings call. If you compare our Q1 2026 to 2023, it was a phenomenal quarter for us. If you compare it against 2024, it was somewhat flat, but compared to 2025, it was a good quarter. From my perspective, Q1 2026 was a good quarter for the company. Just a couple other things before I close. I talked about last year joining the Russell 3000. We're still in it. Today is the reconstitution date for that. I've listed what the cutoff was for membership. It was $149 million, so just shy of $150 million in public float. Last year it was $120 million. We surpassed that by a long way. Today is the reconstitution of that membership. Because we're already in it, I don't anticipate that we'll have much movement in our stock, not like we had last year when I think we traded in excess of 2 million shares at the close of that. I will note, new this year is a semiannual reconstitution. In the past, this was an annual constitution, every June it would be reconstituted. Now it's going to take place both in June and November. We'll watch it and we'll see, but I don't anticipate any changes based on where our stock is trading. Just finally on this that I think is important, the board approved 7 years ago to buy back 1 million shares of the company's stock on the public market. We completed that this year, and it averaged about 142,000 shares repurchased. Final item on this one. That was the final item on that slide, as I saw Adam stand up. He thought that was it. One more slide. Couple things that we implemented, and I'd be remiss if I didn't acknowledge both the actuary, the finance group, and also the IT group in helping us implement not just LDTI, but moving us to an accelerated filing status. We now file two weeks earlier for year-end and five business days earlier for our Q ends, and also enhancing our internal controls, which can be audited now by Deloitte. Hats off to those departments for their work and heavy lift in that. Finally, a couple of things coming up on the accounting side, nothing too significant, mainly just some disclosure items. With that, Mr. Chairman, that'll conclude my report. All right. Thank you, Garrett. Good morning, everyone. It is my pleasure to be here and report on our life insurance companies this morning. As Garrett mentioned, due to our now regularly scheduled earnings calls, I will be less focused on my remarks on the financial results, just because we've already covered those. If you want to hear my comments, you can go re-watch the video or read the transcript. I'd like to focus more of my comments on the qualitative and strategic initiatives of our company. With that, Mr. Chairman, that'll conclude my report. These products, I apologize if the wording is a bit small, at the fundamental level, our products provide the ability for families to pay for their funeral services, and they provide protection for that family so that their loved ones are not confronted with a financial burden at their passing. To me, that is a very noble and significant purpose we serve in life. We generally serve those who are in underserved communities, I think that is a great attribute and something that we should be proud of as a company. There's two main motivations that exist on virtually every policy we sell for the policy purchaser. The first is they don't want to leave a debt behind to their family. They know that death is an inevitability, they know that it can oftentimes be expensive to have the proper services at the end of their life, they don't want to leave that debt. They also generally have experienced a recent loss, they've been through an experience where it reminds them of their own mortality, but also many times, they've just been through the process of planning a funeral for someone that has just passed, they have seen the difficulties that come when there's not a planned funeral in place, there's not available funds to fund those final expenses. What I'd like to point out with both of these motivations is that they are not linked to economic cycles. These are very durable motivations. What that does for our company is it provides what I would call a necessity-based business. We have a very stable long-term demand for our products, that is another competitive advantage that we have for our company. We've talked about the why. Now I want to touch on how we do that or the what that we do. We distribute these policies or sell these policies through 3 main business channels. Our 1st is our pre-need insurance segment. In this segment, generally speaking, there's going to be a literal planning of a funeral where they're selecting their actual services, what casket they'd like, things like that. This is tied to a specific funeral home when they purchase this product. Our next segment that we distribute is our final expense division. In final expense, it's a simplified whole issue policy. Really the purpose of that policy is providing cash for their loved ones at the time of their death. They don't have a pre-planned funeral, but they do have access to that cash to satisfy their final expenses and things like medical needs. Lastly, we also distribute through home service. Again, this is a small face value product. What makes home service a bit unique is that many times these premiums are literally collected door to door, week after week, month after month. Again, that is a product and service that is really targeted at the underserved communities that would not otherwise have that protection without our company. Diving a bit more into each sales channel, just to give you a few key attributes of each channel. You can see that pre-need has our highest average issue age. That's generally because it is associated with a funeral home, so it's someone that has often recently visited a funeral home. It currently also has our lowest average face amount. Looking at final expense and home service, you can see that our average issue age is lower, and our average issue age is in the $11,000-$12,000 range. That kind of gives you hopefully a high-level view of our 3 distribution channels. What I would hope you can take from this is that this is how we generate all of our financial performance in the life company. This is really the engine that starts everything. It's selling these small face value policies literally tens of thousands of times every single year. It is truly many incremental sales that build upon and build up our financial performance. Speaking of that financial performance, again, I won't spend a ton of time on this just because, again, we've already had our earnings calls. We did have a fantastic year in 2025, earning just over $37 million. This is an 8% increase in earnings, that was really driven by a revenue increase. Our revenues increased by 5% on the year, that was mainly attributable to our investment earnings. Garrett's touched a little bit on our investments, Jason will touch a bit more in his comments as well. It was a really strong investment year for us in 2025. Our policy benefits were stable in 2025, that was up from pre-COVID levels, we did still see a bit of an increase in policy benefits in 2025. Lastly, you can see that our total sales and general administrative costs were up by about 13%. I'll touch more on this later, there's many factors that went into that, it's largely a strategic decision in the investment that we're making in our company. Moving to first quarter of 2026, we earned $7.6 million compared to $8 million. We did see a modest decline from our company's best operating history in 2025. As you can see, that was a 5% decline. Really, it was driven by our revenues, I'll touch more on that in our next slide. On this slide, I'd just draw your attention that our total policy benefits were down 3.6% in the first quarter. This has brought us more in line with our pre-COVID trends, we think we've seen a normalization in mortality there. You'll see that our total sales, general, and administrative costs decreased by 3.2%. The reason for the softness in our earnings in the first quarter on the life side was simply a revenue-driven factor. Now, looking at that revenue, again, we decreased by about 3.4%. Our premiums were down 3.1%. What I would point out on the premium side is two factors. One, about 60% of that decline came from our lowest margin products. Now, of course, we don't like to see decreases anywhere, if you're going to have a decrease, having it in a low margin product is where you prefer it to be concentrated. The broader picture is that our premium decline is largely driven by our pre-need segment. I'll touch a bit more on that in just a moment, of why we've seen that disruption there. Before we go into that in a little more detail, I did want to point out that our net investment income was down about 5% in the first quarter. Now, that's really, in my opinion, a result of us increasing our land holdings by about $45 million compared to the same period last year. Now, just to put some context behind that $45 million. Let me back up. When you invest in land does not have any cash-generating capability in the current term, right? You have to develop that land and build homes on it. That's our long-term plan. In the current period, there is no cash generated from that land. If we had taken that $45 million, and instead of investing it in land had just had it sit in a cash account that's earning, today for round numbers, say 3.5%, that's about $400,000 a quarter that that would generate in terms of earnings. As you can see, that $400,000 deficit, one way to look at that is that's entirely a result of an investment strategy that we have employed. I believe that $45 million investment in land in the first quarter is going to be a net benefit to us in the long term, but it is important that we understand that it does come with short-term trade-offs. Looking at Preneed, again, returning to where our premiums were down. 2025 and really the first quarter and really even the first half of 2026 has really been a year of change in our Preneed division. To me, similar to our investment in land, it's been an investment in our future. It certainly has been disruptive. We've had about a 75% turnover in our senior leadership in our Preneed division. Any time you do that, it's going to be disruptive, but I believe it was absolutely necessary for us to get our company to the next level. We have aligned ourselves with people who have a similar value set and a similar long-term vision as we do, and as Jason will talk about a bit more in his comments, really, our real advantage is that we have a strategy to become much more deeply integrated with our funeral home partners, and that as we bring value to our funeral home partners, that will increase our market share in our Preneed division. It did require us making sure that we're aligned with leadership that has that same vision in our sales channels. To just give you a bit of a feel for the turnover and for the additions that we've had in our Preneed division, then I'll turn the time over to Jason, this is some of our Preneed leadership here, and anyone with a plus mark is someone that has been added within the last, say, 18 months. We've really added very key individuals. Just highlighting some of them. Obviously, there's not time to go through all of them. Kevin Bitnoff, he is our Senior Vice President of Preneed. We have Sam, who's our Senior Vice President of Business Development. Business development is going to be a focus of ours going forward, and we have a dedicated team and leadership there to that initiative. The last one I'll probably touch on is Hannah Macey. She heads up all of our CRM and aftercare initiatives. As Jason will touch on in his comments, that is really one of our key initiatives to drive our integration and our value to the funeral home, and that as we do that, we'll also generate leads for our Preneed program. While there was a lot of disruption in the first quarter of 2026 and the back half of 2025 with our sales leadership, I think it was an absolutely necessary step, and I actually view, while I never like being down in premiums, I view this as a net positive for our organization in the long term. With that, I'll turn the time over to Mr. Jason Overbaugh to talk a bit more about some of our sales initiatives and also some of our investments. Thank you, Adam, and welcome everyone. As Adam mentioned, in our business, it's very simple. When we sell life insurance, we help people through a very difficult circumstance in their lives and a very expensive one. As you mentioned, 2025 was definitely a year of transition for our organization, particularly in Preneed. It was also a year where we built and made investments in people and organizations that will set a foundation for the future. As we look at the performance, and I'm going to focus on core products. Adam noted that some of our drop in sales occurred in low margin products. I'm going to be speaking specifically about those highest margin products that really drive the revenues at Security National. We generated last year approximately $20.4 million in annualized core premiums and submitted nearly 22,000 policies last year, again, in just core products. These results were below what we wanted to achieve with the premium down about 3.8% year-over-year. The story behind those numbers is important. As you look at the different segments, Preneed declined about 6%, final expense was off by 7%, our home service team grew almost 14% last year. I will note that towards the end of Q1, we began to see strong growth in two of our three segments turning positive. While 2025 was not a growth year in sales overall, I would characterize it as a very important year in setting the foundation for the future. As we look a little deeper into our Preneed organization, historically, our relationship with our funeral home partners, and to be clear, when we sell Preneed, we need the retail outlet of a funeral home to distribute the product. These are independent funeral homes. We work with approximately 400 across the nation. Historically, our relationship with them had been delivering just a product, a commission, and a salesperson. Today, that relationship is evolving, as Adam noted. We are investing in tools and services that help funeral home operations more effectively by helping them connect with families they serve. We improve their online reputation. We generate additional business opportunities for them to grow their market share, and I'll get into a little more details on that. We believe very strongly that the more value we create as a business partner in helping them run their day-to-day operations, that will only serve to improve our sales as an organization. Adam noted Hannah Macey. She was the architect behind helping us develop our Aftercare program with our funeral homes. The concept is quite simple. Following a funeral service, families receive a thoughtful follow-up text message from this digital platform. I will note that it is all humans behind the digital platform right now who are reaching out to these families. The funeral home is asking them about their experience and if they can offer support. For the funeral home, this obviously creates an intentional connection between the families and them. It also acts as a protection of sorts for online reputation defense. Should there have been a problem that occurred during the funeral home, we can quickly identify it and help them solve that problem. It is also keeping us, both funeral home and Security National, connected with these customers on really a very deliberate cadence versus their competitor reaching out to them. For Security National, what that creates is greater market share opportunities and greater sales opportunities. Let me discuss just a few of the results we have been seeing with Aftercare. During the first quarter of 2026, the program reached nearly 2,400 families and generated response rates of 34.6%. To put that into perspective, traditionally, we have relied on mail, US Postal Service to reach out to families and to try to engage them. That typically resulted in about a 1%-2% response rate or an engagement rate. To be seeing nearly 35% coming back is amazing, and it is something that we can definitely build our sales organization on and provide great value for our funeral home partner. The program also generated 157 qualified preneed leads and directed hundreds of families to our funeral home partners' online review pages. In summary, we believe that our team has developed the premier engagement tool for our funeral home partners and the premier Aftercare program for our funeral home partners, it is creating value out in the marketplace today as we sit here. Switching to our final expense organization. This is kind of a preview, I believe, of where preneed is headed. The past two years have been quite disruptive in our final expense group. We have changed leadership quite a bit, similar to what Adam is talking about with our preneed group. We have changed underwriting, and we have changed processes quite a bit. We have invested significantly in technology to drive this business forward. The investments we have made, and I will talk about two of those in just a second, today are attracting premier sales organizations that want to be a part of Security National because of the ease of doing business and because of the support they are getting. Two of these technologies I would like to touch on are our text to sign tool and our point-of-sale insurance application. These tools allow agents to quote a premium rate, complete an application, collect signatures, and submit business electronically, whether the agent is sitting in the home with the consumer or over the phone. The benefits are very straightforward. The applications move faster, the customer experience improves, agents become more productive, and we reduce costs on the back end because of the digital platform. This might sound simple, it was a very complex process and a very intentional and difficult process of transitioning our company from a paper company to this digital platform and this instant decision platform. I'll tell you, beyond a shadow of a doubt in my mind, we have the premier digital platform in the final expense space right now, and the results we're seeing are very, very strong in this group. I'm grateful for the teams of engineers, our operations people who made these tools available to us this year. Thank you. Finishing with our Home Service group. This was our bright spot in 2025, with premiums up 13.5%. I'll tell you what makes Home Service unique and special. As Adam noted, they are serving in some of the lower socioeconomic demographics in our country. Without Home Service, there are many people who would go without insurance, and going back to the expense of a funeral, it would be a very difficult thing to endure. Because of this group, many people who don't have access to financial tools have it because of Security National. To me, that's something that's very special and noble. I'm grateful for our field organization and our leaders out there today who are out collecting those premiums door to door. With that, as we look forward in our sales organization, our strategy is not complicated. We are rebuilding and strengthening our pre-need leadership team. We've become the most integrated and powerful funeral home partner, becoming indispensable to our funeral home partners because of the tool of Aftercare. Our final expense team has the best technology out there in the marketplace, in my opinion, we are continuing to build on the momentum of our Home Service group. I would say underlying all this, I would echo Adam's comments. Our products, it's a business of necessity. Families will continue to buy funerals despite economic circumstances because they have to, and it's a growing market, and we're there to facilitate it and to build on it and to grow our company. With that, I'll just take a couple of minutes here to review the second key driver of revenues, one of the key driver of revenues at Security National Life, and that's our Real Estate and Commercial Capital group. This team manages roughly one-third of life company assets right now. Our approach is simple. We invest in assets and lending opportunities where we believe we can attract attractive risk-adjusted rate returns. Our focus is to generate consistent returns, not to hit home runs, but to do things that are in the best interest of our shareholders. Looking at our real estate portfolio, and these would be assets that we hold for investment, such as the building we're sitting in here. This portfolio generated USD 15 million of revenue last year and produced a 16.8% cash-on-cash return on the invested equity. With those types of returns, we're really building value for Security National. What I like most personally about these assets is, 1, they're high quality. 2, we're dealing with high-quality tenants with leases that have built-in escalations to hedge any inflation that might occur. Looking at our commercial capital group, this is our investment and lending arm into really commercial loans, construction loans, and builder partner relationships. At year-end, the portfolio stood at approximately $237 million and generated nearly $32 million of gross investment income and earned a net yield of nearly 10% across the portfolio. This was achieved through really two investment strategies. During 2025, looking at the left side of the screen here, we originated approximately $242 million of new loans and finished the year with more than $157 million outstanding. These loans, and this is all in residential space, supported the development of 31 active subdivisions, and we constructed more than 400 homes in 2025. This portion of our portfolio not only generated a net yield of nearly 15% to our life company, it directly supported the economic well-being of our sister company, Security National Mortgage, in helping with their loan volume. In turn, they fed us more leads going into 2026 and beyond for future deal flow. Looking at our commercial and bridge over on the right-hand side of the screen, these products provide attractive yields ranging from 9%-14% this past year. Looking specifically at our SBAs, you'll note that we have the benefit of government guarantees, which protects the risk and the downside of this lending activity, and it produced by itself about a 14.5% held to term return within Security National. In conclusion, when you step back and look at the overall picture, what stands out is the consistency of these businesses and the stability of these businesses. Our real estate portfolio is producing strong cash flows from high-quality assets. Our lending and builder portfolios are generating attractive yields and backed by real collateral, and it's synergistically helping support our Security National Mortgage operations. I'm very pleased with where we're at. I believe we've built a business that can continue to generate attractive returns for many years to come and serve to improve our shareholder value. Thank you. Well, good morning, everyone. I am excited to present on the most exciting business segment in all of Security National. Insurance assignments. Who knows what an insurance assignment is? We had two hands went up. Wow. That's great. An insurance assignment is a vehicle in which a funeral home can accept a family's life insurance policy, as Jason and Adam covered the different types of life insurance policies that are available to cover funeral expenses. An assignment is where a funeral home can take a portion of that life insurance proceeds from the family, and use it to cover funeral expenses. Now, there's a couple of options that a funeral home can take when utilizing an assignment. Traditionally, a funeral home would reach out to the insurance carrier, have one of their administrative admins contact the insurance company, verify that policy, make sure that it'll cover the funeral amount, make sure there's no loans or premiums against it, find out who the actual beneficiary of the policy is, who can assign those benefits. In other words, verify that the policy can be used to cover those funeral expenses. Once a death certificate is issued, they can take the paperwork, file the claim with the insurance carrier, and wait anywhere from 30 to 60, 90 days for that receivable to be paid. What many funeral homes choose to do today is to use our service. They can send that information to us when the family comes in to make arrangements. We'll verify that coverage with the insurance carrier of that policy, we typically fund the funeral home on that funeral service within about 24 to 48 hours. It eliminates the administrative burden that the funeral home has in the verification process and obviously improves the cash flow of the funeral home. There are several external factors that can affect our business. One of those, obviously, is being death rate. We started this program around about 2005, for the previous 15 years from, say, 2005 until 2020, the death rate in the United States was very stable. It may increase a little bit each year, but as you can see, big jump in 2020. That, of course, was COVID. COVID changed the death rate in America. It remained extremely elevated for several years, started to decline in 2022, kind of leveled out for the last three years. Interestingly, the first quarter of this year, we've actually seen another decline in the death rate. For those of you that follow funeral service and some of the larger providers in the space, like SCI and Carriage and some of the larger corporate players, they've seen declines in the death call volume, in the first quarter by as much as six or seven%. We're actually seeing that in our business as well. Something else interesting that's happened, since we started this program in 2005, is life insurance ownership rates. When we began looking at this as a serious investment opportunity for Security National, about 70% of families in the United States owned a life insurance policy. That number now is at 51%. There's been a steep decline, you can see how those numbers have declined over the years. We really need Jason and Adam and the folks at Security National Life out there increasing sales, getting more utilization, more families insured. That's something that we're certainly seeing out there today. Lastly, probably the biggest external factor that affects insurance assignments is the cremation rate. More families are choosing cremation than ever before. It's continuing to increase every single year. Those families that use cremation as their preferred funeral service, typically don't use an insurance assignment to pay for funerals. What we find is families that are purchasing a $12,000 or $15,000 traditional funeral are generally the ones that are using an assignment. Cremation rate definitely affects our business. Having said that, 2024 was the best performance that we've ever had with insurance assignments. You can see the numbers here. We did a lot of business in 2025. More than 58,000 funerals that we funded. That was a 4% increase over 2024. We were just shy of a half a billion dollars in fundings. That was a 6% increase over the previous year. Net investment income for Security National was about $5.2 million. That was a 14% increase over the previous year. Our receivables at the end of 2025, we had about $46.5 million outstanding. That was about a 5% decrease. What's interesting about the decrease is that means that we were funding more volume, about 6% more, with about 5% fewer dollars. We were much more efficient in collecting those receivables as we were funding them, and that's one of the reasons why our profitability on that block of business increased dramatically. As already stated, 2026 Q1 numbers, we've seen a decline in the death rate, that's obviously impacted the amount of assignments that we've been able to fund so far. We're at about $129 million through Q1. It's about a 5% decrease over Q1 of last year. Case wise, we're off about 6.7%. Net investment income remains strong, about $1.4 million through the first three months. That's about a 12% decrease from Q1 of last year. We also have seen a bigger decrease in our receivables, which again, shows the operational efficiencies that we're gaining. We had about $46.5 million outstanding in insurance assignments at the end of Q1. While this year's been a little bit less than last year as far as return and overall volume of business, our outlook for insurance assignments for the rest of the year remains really strong and extremely bullish over the next 5 to 10 years. Next up is Mr. Steve Kiel, who will be covering our mortuaries and cemeteries. Thank you. Thank you, Mr. Meredith. Similar to Adam with the Security National Life side, I feel it's very appropriate, before entering our results and comments around those, to remind everybody of why we do what we do and the privilege associated with our work. We are committed to honoring every life by providing peace of mind, compassionate care, and dignified support, both as they prepare for and experience end-of-life events. I am a huge believer that behind every number is a person. Behind every metric I'm going to share with you today is a family cared for, and behind every decision is a responsibility that weighs heavily on my shoulders. I have the privilege to be associated with 199 colleagues. We operate 15 funeral homes and 7 cemeteries. Within those operations, the results which we will talk about today would not be possible. I want to extend a heartfelt appreciation for those team members for going above and beyond, day in and day out. I also appreciate the cross-collaboration with the Life company and the Mortgage company and their leadership teams. The last two years is noted specifically on the Life side, and I'm sure Andrew will share with you on the Mortgage side. It is an honor to be in the trenches, with this leadership team, to band together through resilience and to overcome obstacles and headwinds. As we review 2025 and the results financially, on an earnings basis, you will note in 2025, we resulted our second-best earnings on record for our segment. That is second to the previous year being 2024, which was our best earnings result in the history of our segment. You'll also note that revenue in 2025, we achieved the highest revenue in our division on record, and I think that's important notation when you listen to Mr. Meredith and what we have been encountering in both 2025 and the first quarter of 2026. I'd like to note, most of this has been disclosed in our earnings call, but I do feel that in 2025, there was exceptional results received by our funeral homes. Revenue grew close to 4%. We cared for more families than we ever have. Our average revenue per call grew in a very challenging environment. Our cremation with service ratio is a very impressive. We grew four percentage points on that, and that only happens when our team slows down and educates the families that we have the privilege to care for regarding all of their options possible when it comes to honoring the life lived. On our cemetery sales side, 2025 was a very disruptive year. When we have disruption, that usually accompanies innovation, and that's what we saw. Our management team doubled down. We recruited heavily. We trained heavily. Despite the setbacks in 2025, we were still able to grow in quantity of contracts on both our at-need business as well as our pre-need business. Where we struggled is this theory of the valley of latent potential, where as we build up our sales force, there's this natural acceptance that it's going to take time to get them up to speed. We have to train them. We have to get them in front of families. They have to experience their role and be confident. 2025 was the year that we saw that in our cemetery sales division. In regards to our investments for 2025, on a net basis, both our realized and unrealized were advantageous when it comes to growth. For Q1 2026, our earnings were the fourth best Q1 earnings performance in our company's segments history. It is important to note in the last three operating years, we have very high performance where 2024 was our top Q1, followed by 2021, and then last year, 2025. On the revenue side, it's our second-best Q1 revenue, in 2026, and that is only secondary to Q1 in 2024. Now, we've seen a little bit of shift in Q1 of 2026. As Mr. Meredith pointed out, we are seeing a reduced death rate throughout North America. If we look at our specific mortuary performance, our revenue was essentially flat, decreasing by 0.1%, and we cared for 6.7% less families. That was being driven mostly from our New Mexico market. Here in Utah, we're seeing the opposite. We're in a declining death rate. We've actually increased market share very handsomely. Also important to note, in a declining market, we were able to increase our average revenue per call, and that speaks to the importance of, once again, slowing down in the arrangement conference and educating our families in regards to their service options. On our cemetery side, Q1, we're starting to see all of those efforts in 2025 come to fruition. In Q1 2026, we have increased revenue by 18.5%. A lot of that is being let out in our cemetery land sales segment, which is up 35% in Q1 of 2026. Our pre-need contracts have grown by 24%, and we've put a big emphasis on our pre-need land, because our pre-need land allows us to facilitate our partnerships with the life side and invest that revenue in a long-term perspective, which will ensure our vitality. On the investment front in Q1, our realized investments have grown, our unrealized decreased significantly. As Adam had already stated, as most of that is being invested in land, we have a very much long-term outlook and approach to our strategy. Our goal is growth. If you look at in our industry on a consumer survey, there were two specific perceived weaknesses of our specific industry from our consumers. One was the lack of technology integration in our day-to-day operations. Number two was what's called after-service support, or what Jason referred to as aftercare programs. These are the two things that our consumers are telling us that we are behind the times in. With that response, on March 30th, at the end of Q1, we made a very strategic hire to help us with growth. Mr. Aaron Butler chose to come on board as our Senior Vice President of Growth. He has a very deep and breadth when it comes to his experience in our industry. He has sat at the table of over 1,000 families, selling and educating them around pre-need. He left the industry for a little bit and went into the tech space, he has a big technological background that he's going to help us implement in our operations. He has a proven record of driving revenue growth, which is where we need to focus on in our particular segment to overcome those perceptions that the consumers have of our day-to-day. One thing, as Adam and I had the privilege of interviewing him, this speaks to his character. He said growth initiatives are accountable to outcomes and not activities. I think that's a very important and self-reflective statement, as our accountability is driven off of our outcomes, not necessarily our activities. I'm excited to see what we partner with Aaron for as he focuses specifically on customer technology nurturing campaigns, as well as filling the holes in our sales funnels within our organization. Our motto is excellence. With this particular slide, once again, it's important to note, this takes a team. We have had the privilege to receive the Best of State Award for the previous nine years. More importantly to that is what's under the logo. For the past three years, we have received this award in both the mortuaries category for the state of Utah, as well as the cemeteries category within the state of Utah. That is a significant achievement, and that realizes and validates the efforts of an incredible team. We strive for excellence in customer service experience. We do that through our community events and our community workshops. We strive for excellence in educating around all options when we have the privilege to sit in front of a family that is planning for or is experiencing a loss. We strive for excellence as we develop cemetery property based on consumer demand. In 2026, this is our charge. The reality is very little matters if we don't have the blocking and tackling right. Adam preaches that day in and day out. It's the basics. For the last four years, we have been advocating and training religiously on the importance of becoming brilliant at the basics and not overcomplicating our day-to-day operations. We will continue to strive and focus on four initiatives. All of them are action-oriented. We will continue to build a culture of operational and service excellence by increasing our internal service standards, as well as increasing, on a more consistent basis, our internal training modules. Number two, we will continue to grow pre-need cemetery sales. We will recruit and train top talent. We are not letting go. We have built an incredible team, but we will never be content with the results that we have. We will also develop our memorial parks to respond to that consumer demand. As Jamie shared, cremation is not going away. We are on the forefront of our developments for those families that select cremation as their disposition, and I am confident that as I have the privilege to visit dozens and dozens of memorial parks every year throughout North America, I would place our memorial parks in the top 10%. We will continue to realize operational efficiencies by strengthening our negotiating power with our vendor partners, as well as constant expense management. Number four, we will continue to seek investment opportunities by partnering with the Life company, as well as entertaining and adequately doing due diligence for acquisition opportunities in our space. The last slide I'd like to share with you is probably the most important. These are people. This is our team. The numbers that we celebrate today tell the story of what we have accomplished. The people behind those numbers give us confidence in what we will accomplish tomorrow. I want to express my appreciation for your trust, for your partnership, and for your investment in Security National. I am a firm believer that our future is bright and full of opportunities that are still ahead of us. With that, Mr. Chairman, that concludes my report. Good morning, fellow shareholders. How's everyone doing today? Good? Good. We having a little activity, a little energy in the room here. I have to say, Jason said I shouldn't use this word, but I do hate the setup for this in-person meeting because I feel like everyone here with us in person is very far removed from the presentation and the speakers. For those of you online, hopefully you feel a little closer to the action. Thank you for joining us, those of you online as well. I am pleased to be with you here this morning, and I am pleased to be reporting on the activities of Security National Mortgage in 2025 and in the first quarter of 2026. As a reminder, Security National Mortgage is a retail single-family lender. We're an independent mortgage bank. With that, the foundation of what we do is turning houses into homes. In 2025, we did that 6,844 times. We originated 6,844 loans. What that represents are individuals that bought their first house. It represents individuals that were able to achieve that dream house that they've been thinking about for years. It represents individuals that were able to lower the cost of being in that home they already love. For us, it is a privilege at Security National Mortgage to enable and to finance those transactions, to make those moments happen in people's lives. I'm so proud that we were able to do that 6,844 times last year. With that, because of those homes I always like to spend a little bit of time giving context to the housing market. We are a purchase-focused lender at Security National Mortgage. The funny or not so funny part of this slide, I could have used the exact same slide I did last year, but I didn't. The reason I could have used that is because in 2025, the existing home sales in the U.S. reached another 30-year low, and they did that in 2024, and they did that in 2023. I really could just repeat the same slide. I didn't. I wanted to freshen it up a little bit. 2025 represented a 30-year low in existing home sales, just by a little, over 2024. What I wanted to do is provide a little more recent context, so I put this chart up from the National Association of REALTORS. You can see, I think they've actually revised April. The furthest column over, for those of you in the very back, is April's existing home sales. I think they revised that up. What you can see from this chart is that four of the past six months have had lower existing home sales than the month for the previous year. It continues to be an extremely challenging environment for mortgage companies to operate in. Now, in that environment, you can see that nevertheless, industry origination volume increased in 2025. This is in billions here. The industry originated $1.6 trillion in 2024, and it was $2 trillion in 2025. All of that growth, what I want to illustrate with this chart, occurred in refinance mortgage originations. You can see that purchase mortgage originations, represented by the middle block on this slide, were flat year-over-year. While home sales continued to be challenged, there was an increase in refinance activity. Moving to Security National's origination volume. We originated $2.3 billion in mortgage loans in 2025. This was exactly flat from 2024. As I mentioned, nationwide originations were up 21%. As a purchase-focused lender, we did not get the boost that we saw in overall originations from the refinance activity. Moving to the first quarter, our origination volume was $490 million. That was down 9% from the fourth quarter of 2025, or sequential quarters. In the middle block, you can see that nationwide originations were down 6% over that same period, fourth quarter of 2025 to first quarter of 2026. Now, where there's some market underperformance was in the year-over-year origination numbers, where our origination volume compared to the first quarter of 2025 was down 6%, and industry originations were up 43%. That was for two reasons. In the third quarter of 2025, we had a large origination region that could not operate profitably. We made the decision or the choice to move on from that group, both financially and employment-wise. That impacted our origination volume. It also impacted our net income, which you will see later on in the presentation. The second part of this is what I've already referenced. The growth in the market over the past 18 months has been in refinance transactions. That is something that, as a purchase lender, we are not skilled at. At the end of 2025, we made the decision that if we were going to take advantage or we were going to grow in these market conditions, we had to increase or sharpen our skill set in refinance transactions. In October and November, we made investments in our lead generation capabilities, we focused on generating leads and focusing on serving those borrowers that were looking to refinance their mortgages. I'm happy to report in this slide that our refinance percentage in the first quarter of 2026 was the highest it's been in four years and represented 24% of all of our originations. That's a 10% increase from the first quarter of 2025. Now, there were lower interest rates in 2026, in the first quarter of 2026, which naturally helps the refinance volume. I think what best illustrates our, I will call it improved refinance skill set or capabilities, is that if you use the industry benchmark, let's call it 100 loans. If the industry benchmark was 100 refinance loans, in the first quarter of 2025, we would only be originating 48 of those loans, only 48% of the benchmark. In the first quarter of 2026, we improved that, if the industry's benchmark was 100 loans, we improved that till we were now originating 60 loans or 60% of that benchmark. Not only has the overall refinance volume increased in the industry, of which we benefited, but we have increased our share of that refinance transaction. As I said, this represents the highest percentage of refinance originations we've seen in four years. I don't want this to sound like we are changing our focus as a purchase-focused lender. We are not. Given the realities of the market and the growth areas of the market, if we want to grow in this market, we need to get better at refinance transactions, and I believe we are doing exactly that. Given where the growth has occurred in the industry, as I've been talking about refinance, we took a step back in market share in 2025, which is disappointing for me to report and one of the reasons we were taking the actions at the end of 2025 that we were. This chart, and I'll have a similar version on the next slide, represents our percentage of originations compared to the total originations in the United States. We get those total originations through the Mortgage Bankers Association reported numbers. Each of the past three years, the MBA, the Mortgage Bankers Association, has revised industry originations down in the middle of the subsequent year. That has had the impact of increasing our market share later on. This slide here represents the unrevised market share. The following slide, which includes 2025, includes the revised market shares for Security National Mortgage. In 2025, our unrevised market share was 11.2 basis points. I fully expect that will be revised up, most likely eclipsing 2019's market share of 11.5 basis points, already ahead of 2011's market share at 9.8 basis points. In any event, under any circumstances, revision or not, we either had our second or third lowest market share in 15 years. To me, that is unacceptable and something that we need to change. If the market originations are moving, or the market home transactions are moving down, decreasing, we have to find other ways to increase our origination volume. We're going to continue to focus and be primarily purchase-driven, but we are going to continue to offer alternate financing options to our borrowers, and refinance is going to be a big part of that. I understand that we have to increase this market share, but we also have to do it profitably. With that, I want to turn to our financial results for the year and the quarter. In 2025, Security National Mortgage still was not profitable. To me, that is extremely disappointing and something I take very personal and something that I want you to know I believe is unacceptable, and our team is working extremely hard every day with laser-like focus to change and make sure we are profitable in 2026. With that being said, we lost $4.7 million in 2025, compared to $6.2 million in 2024. We did improve by $1.5 million, or 23%. In the first quarter of 2026, we've lost $700,000, which was compared to $2 million in the first quarter of 2025. You can see that we've had a $1.3 million improvement over that period. I would highlight, as I've already mentioned in the presentation, that was on flat volume and revenue in 2025. For the first quarter of 2026, that was on a 6% decrease in volume or revenue. I believe this is great progress. We are making progress. We are seeing the fruits of our labor, so to speak. We are not there yet. It is my commitment to you, my fellow shareholders, that we will continue on that path until we are profitable. I wanted to highlight also the drivers of that improvement. There's a lot of beneath the surface activity that occurs in these numbers. The two biggest drivers for the improvement, and this is in 2025 and for the first quarter, were in office salaries and wages, which were down almost $2 million in 2025, and in third-party office rent, which was down $1.3 million. In 2026, the first quarter alone, our office salaries and wages are already down $1.5 million, and that is in one quarter of activity. We are working extremely hard at bringing this number back into a positive net income. Lastly, I want to finish with our public company comparison. These are publicly traded mortgage companies that I like to benchmark Security National against. These are retail lenders like we are at Security National, and I benchmark both for origination volume and for profitability. For our comparisons-- oh, I should note, Guild Mortgage Company has been someone that we have compared against ever since I have been president of Security National Mortgage. They were actually acquired last year, they no longer have publicly available information. I wanted to highlight them as dropping off of this comparison, so when next year comes, people aren't asking why weren't they up there. They are no longer public, and we do not have results for those companies. For the remaining two, PrimeLending and loanDepot, net production income matched PrimeLending's net production income. It's a loss, net production loss. We were better than loanDepot. This is net production income in basis points, we take our net loss, divide that by originations to get a comparable number for our peer group. The other thing I would highlight here is that PrimeLending's 20 basis point net production loss included a sizable legal settlement that was in PrimeLending's favor. If you exclude that net loss would've been about 30 basis points. As far as benchmarking goes, matching PrimeLending's results and bettering loanDepot's results by half. For origination volume, you can see that we were behind in 2025, both PrimeLending's increase and loanDepot's increase. As far as first quarter goes, sequential origination volume, behind loanDepot's decrease at 9%, but ahead of PrimeLending's decrease at 18%. We are looking at what's going on in the industry, we want to be industry leading, that is why I use these benchmarks and use them as a focal point for our company. With that, I want to thank you for your trust in Security National Mortgage Company. I can assure you that my team, our team, is not complacent with the results that we have produced. We are not comfortable with another loss, we will not have that in 2026. We are doing everything we can to rectify that in 2026. I just want to give a heartfelt thank you to all of our employees at Security National Mortgage. These have not been easy years. This has not been an easy environment to run a mortgage company in. I am just so proud of the way our team has reacted in this environment and worked to make sure that we will be profitable in future periods. With that, thank you very much. Thank you. I appreciate those reports. Got a couple of thoughts. I'm not going to use my slides. I always send IT my slides late. Then I don't use them anyway. I'll just make a couple of comments. Then we'll go to the question and answer session or portion of the meeting. We are subject to, at Security National, the macroeconomic events that surround us. Not only events, but environment. What you saw today was a decreasing life insurance policy ownership rates. Right? That's just a fact. Only half of the population today owns individual life insurance policies. We've seen decreasing life policy ownership rates. We're seeing decreasing existing home sale volumes. That's just a fact. That's the environment that we're in. The refinance that we're talking about is a more difficult transaction today than the streamline refi. People aren't refinancing so much because I've got a lower rate that I can go to. It's a cash out refi mostly for debt consolidation or for home improvements. Those are more difficult loans. We have a lower death rate, at least in 2026, than what we have experienced. Affecting our cemetery mortuary side, we have an increasing cremation rate. This is not a comment as to whether a full adult in-ground burial is better than a cremation. I think that's an individual decision. It does bring lower revenue. I'm not sure they're less profitable, but it does bring lower revenue. We have these economic headwinds or macro environment that some would characterize as tough. Against that environment, I would note that excluding the years 2020 and 2021, where we had the pandemic-related tailwinds, we had our best net income year in company history in 2025. I think that deserves a little. Against that environment, our Q1 results for 2026 are 9%, between 9% and 10%, depending on how you want to measure it, ahead of our 2025 results. We are executing from a profitability point of view at a pretty good pace from my standpoint. If you go to a financial metric, measuring financial organizations like banks, I'm not sure that's a proper comparison because we do have our cemetery and mortuary and our real estate activities. Nevertheless, if we were to measure against other financial services companies, to have a net 2% return on assets is really astounding. That would be Goldman Sachs. That would be JP Morgan. They have more assets, but that's a high level of performance. Nevertheless, as you can see, what I want to have you understand is we have some challenging macro factors which shouldn't be discounted. Against those macro factors, on a relative basis, we are performing pretty well from a net income point of view. Where we are lacking, in my view, or I shouldn't say lacking, where we need to put more of our effort, and which we are, is in growing that top line. Our top line revenue is basically flat. It peaked in 2021, I think at $390 million. We're at about, what were we? $330 million-$340 million last year. That would have been a 20% decrease. I would note that the mortgage market decreased about 40%, and that's the bulk of that 20% decrease in top line. Most of the images of people that you saw in today's presentations are people that we have actively recruited and asked them to join us to work on that top-line growth, because that's where we need to work. We can't ignore profitability. That is the ultimate goal is to make money. It isn't just to have revenue. It's to really make money off that revenue. Nevertheless, we need to grow our top line. I hope you got the sense from the different presentations that we have brought in a lot of people over the last year and a half, maybe two years, to grow that top line. I would not have you lose sight of the fact that nevertheless, we did have our best year ever, excluding 2020 and 2021, and we had our best profitability year ever in 2025. In 2026 Q1, we are ahead 9% over what 2025 would have been. Our teams are operating, in my view, at high levels. Lastly, I would note the integrated nature of our company. As I said in my press release, I do believe my father's axiom that every tub sits on its own bottom, meaning that each operating segment should be profitable on its own. Nevertheless, there is a synergy. The life company wouldn't be having its profitability without the mortgage company. The cemetery and mortuary supports a number of segments, both through sales, and then takes that money and supports different activities. You just wouldn't have that C&J. You wouldn't have that, or rather, that is an important part of how our company works. With that, I wanted to make those points. We need to grow top line, don't lose sight that these have been our best years from a profitability point of view ever. With that, the chair will open the floor to questions. Seeing none, I will now ask for a report from the attendance and balloting committee, Mr. Richard Dahl. Mr. Chairman, the three nominees for the board of directors of Security National Financial Corporation to be elected by the Class A common stockholders voting separately as a class, have been elected by the Class A common stockholders represented either in person at this meeting or by proxy. Additionally, the six nominees to be elected by the Class A and Class C common stockholders voting together have been elected by the Class A and Class C common stockholders represented either in person at this meeting or by proxy. The proposal to approve an amendment to the company's 2022 Equity Incentive Plan to provide that up to 500,000 of the shares previously authorized to be issued only as Class A common stock may instead be issued as Class C common stock, as contemplated by the company's proxy statement filed with the Securities and Exchange Commission on April 28, 2026, has been approved by a majority of the Class A and Class C common stockholders represented either in person at this meeting or by proxy voting together. The proposal to approve, on an advisory basis, the compensation of the company's named executive officers has been approved by a majority of the Class A and Class C common stockholders represented either in person at this meeting or by proxy voting together. A proposal to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accountants for the fiscal year ending December 31st, 2026, has been approved by a majority of the Class A and Class C common stockholders represented either in person at this meeting or by proxy voting together. Thank you, Mr. Dahl. I extend my appreciation and thanks to the attendance and balloting committee. The chair will now entertain a motion as to the approval of the actions of the board of directors and management of the company taken since the last annual meeting. I move that the actions of the board of directors and management of the company taken since the last annual meeting be adopted and ratified. I have a motion. Do I have a second? I second that motion. It has been moved and seconded that the actions of management and board of directors taken since the last annual meeting be adopted and ratified. We will now vote on that motion. All those in favor signify by saying "Aye. Aye. Opposed, nay. The ayes have it. The chair will now entertain a motion to adjourn this stockholders meeting. Mr. Chairman, I move that this annual meeting is now adjourned. I have a motion. Do I have a second? I second that motion. All in favor signify by saying "Aye. Aye. Opposed, nay. Motion carries. The meeting stands adjourned. Thank you very much for your support.