CARRIAGE SERVICES INC 10-K

ITEM 2. PROPERTIES. At December 31, 2025, we operated 155 funeral homes in 24 states and 28 cemeteries in 9 states. We own the real property and buildings for 136 of our funeral homes and lease 19 facilities. We own 28 cemeteries. We operate 18 funeral homes in combination with cemeteries as these locations are physically located on the same property or in very close proximity and are under the same leadership. The 28 cemeteries that we operate have developed cemetery property of approximately 131,000 and 142,000 units available-for-sale at December 31, 2025 and 2024, respectively. In addition, we own approximately 487 acres that are available for future development or sale. We anticipate having a sufficient inventory of lots to maintain our property sales for the foreseeable future. Our support center is located in Houston, Texas, where we lease approximately 48,000 square feet of office space. 20 The following table sets forth certain information as of December 31, 2025, regarding our properties used by the funeral home segment and by the cemetery segment identified by state: Number of Funeral Homes Number of Cemeteries State Owned Leased (1) Owned California 24 4 7 Connecticut 3 2 — Florida 19 5 6 Georgia 3 — — Idaho 4 1 3 Illinois 2 — 1 Kansas 2 — — Kentucky 5 1 — Louisiana 3 1 1 Massachusetts 6 — — Michigan 2 — — New Jersey 1 1 — New Mexico 1 — — New York 6 1 — North Carolina 11 1 2 Ohio 4 — — Oklahoma 5 — 2 Pennsylvania 2 — — Rhode Island 3 — — Tennessee 4 — — Texas 15 1 5 Virginia 8 1 1 Washington 2 — — Wisconsin 1 — — Total 136 19 28 (1) The leases, with respect to these funeral homes, generally have remaining terms ranging from one to twenty years, and generally, we have the right to renew past the initial terms and have a right of first refusal on any proposed sale of the property where these funeral homes are located. The following table sets forth the number of funeral homes and cemeteries owned and operated by us for the periods presented: Year ended December 31, 2025 2024 2023 Funeral homes at beginning of period 162 171 171 Acquisitions 8 — 3 Divestitures (13) (7) (2) Mergers of funeral homes (2) (2) (1) Funeral homes at end of period 155 162 171 Cemeteries at beginning of period 31 32 32 Acquisitions 1 — 2 Divestitures (4) (1) (2) Cemeteries at end of period 28 31 32 ITEM 3. LEGAL PROCEEDINGS. For more information regarding legal proceedings see Part II, Item 8, Financial Statements and Supplementary Data, Note 15. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. PART II 21