Carriage Services, Inc. will terminate its existing $100 million at-the-market equity offering program effective October 4, 2026, saying issuing shares at current valuation levels does not reflect the company’s intrinsic value or long-term earnings potential. The decision forms part of a capital allocation framework focused on sustainable long-term value per share, financial flexibility and execution of its 2030 Vision. Carriage’s priorities are to fund existing operations, strengthen its balance sheet, pursue selective acquisitions and repurchase shares when management identifies a meaningful gap between performance and valuation. The company lowered its targeted leverage ratio range to 3.0x-3.5x from 3.5x-4.0x and aims to improve its position ahead of $400 million of 4.25% Senior Notes maturing in May 2029. The framework follows Carriage’s closing of a new $300 million senior secured revolving credit facility, replacing its $250 million facility, increasing committed capacity by $50 million and providing a stated maturity of September 30, 2031, subject to a springing-maturity provision tied to the 2029 notes. The facility is intended to support liquidity, investments, acquisitions, refinancing and other corporate purposes while the company maintains disciplined leverage. Carriage expects to provide its next operating and financial update with its third-quarter results, including an update on strategic acquisition activity.