v3.25.4
Related Party Transactions
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group, as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue

 

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,167

 

 

$

7,193

 

U-Haul management fee revenue from Mercury

 

 

1,650

 

 

 

1,676

 

 

 

$

8,817

 

 

$

8,869

 

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,776

 

 

$

22,713

 

U-Haul management fee revenue from Mercury

 

 

5,244

 

 

 

5,237

 

 

 

$

28,020

 

 

$

27,950

 

 

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $28.2 million and $28.5 million from the above-mentioned entities during the first nine months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

 

Related Party Costs and Expenses

 

 

Quarter ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,756

 

 

 

1,176

 

U-Haul commission expenses to Blackwater

 

 

18,611

 

 

 

19,409

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

5,148

 

 

 

5,304

 

 

 

$

26,153

 

 

$

26,531

 

 

 

 

Nine months ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,802

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

4,636

 

 

 

3,734

 

U-Haul commission expenses to Blackwater

 

 

66,376

 

 

 

66,538

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

114

 

U-Haul commission expenses to Mercury

 

 

18,080

 

 

 

17,755

 

 

 

$

91,008

 

 

$

89,953

 

 

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of December 31, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $28.0 million and $28.0 million, expenses of $6.6 million and $5.7 million and we received cash flows of $26.3 million and $26.5 million, during the first nine months of fiscal 2026 and 2025, respectively. Revenues were $404.6 million and $408.6 million and commission expenses were $84.5 million and $84.3 million, related to the Dealer Agreements, during the first nine months of fiscal 2026 and 2025, respectively.

 

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.

Related Party Assets

 

 

December 31,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

41,445

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

16,528

 

 

 

12,517

 

Other (a)

 

 

2,657

 

 

 

4,044

 

 

 

$

60,630

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.