The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At June 30, 2022 and December 31, 2021, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:


	Cost or Amortized		Allowance for Credit		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Loss		Gain		Loss			Value
As of June 30, 2022
U.S. Treasury and U.S. government agencies	$	372,323	$	—	$	2	$	(4,762	)	$	367,563
Corporate bonds		28,953		—		27		(556	)		28,424
States, municipalities, and political subdivisions		1,761		—		8		(2	)		1,767
Exchange-traded debt		700		—		14		(1	)		713
Redeemable preferred stock		107		—		—		(3	)		104
Total	$	403,844	$	—	$	51	$	(5,324	)	$	398,571
As of December 31, 2021
U.S. Treasury and U.S. government agencies	$	17,046	$	—	$	64	$	(86	)	$	17,024
Corporate bonds		21,913		—		632		(53	)		22,492
States, municipalities, and political subdivisions		1,759		—		49		—			1,808
Exchange-traded debt		767		—		44		—			811
Redeemable preferred stock		468		—		—		(20	)		448
Total	$	41,953	$	—	$	789	$	(159	)	$	42,583

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities as of June 30, 2022 and December 31, 2021 are as follows:


	June 30, 2022				December 31, 2021
	Cost or		Estimated		Cost or		Estimated
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale
Due in one year or less	$	167,143	$	167,002	$	10,734	$	10,826
Due after one year through five years		232,353		227,637		19,222		19,820
Due after five years through ten years		3,854		3,427		11,503		11,403
Due after ten years		494		505		494		534
	$	403,844	$	398,571	$	41,953	$	42,583

Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the three and six months ended June 30, 2022 and 2021 were as follows:


			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended June 30, 2022	$	2,436	$	11	$	(3	)
Three months ended June 30, 2021	$	14,644	$	576	$	—
Six months ended June 30, 2022	$	11,494	$	13	$	(434	)
Six months ended June 30, 2021	$	14,680	$	577	$	—

Securities with gross unrealized loss positions at June 30, 2022 and December 31, 2021, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months					Twelve Months or Longer					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of June 30, 2022	Loss			Value		Loss			Value		Loss			Value
U.S. Treasury and U.S. government agencies	$	(4,664	)	$	348,459	$	(98	)	$	2,048	$	(4,762	)	$	350,507
Corporate bonds		(556	)		23,828		—			—		(556	)		23,828
States, municipalities, and political subdivisions		(2	)		387		—			—		(2	)		387
Exchange-traded debt		(1	)		23		—			—		(1	)		23
Redeemable preferred stock		(3	)		104		—			—		(3	)		104
Total available-for-sale securities	$	(5,226	)	$	372,801	$	(98	)	$	2,048	$	(5,324	)	$	374,849


	Less Than Twelve Months					Twelve Months or Longer					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of December 31, 2021	Loss			Value		Loss			Value		Loss			Value
U.S. Treasury and U.S. government agencies	$	(73	)	$	9,809	$	(13	)	$	616	$	(86	)	$	10,425
Corporate bonds		(53	)		4,452		—			—		(53	)		4,452
Redeemable preferred stock		(20	)		442		—			—		(20	)		442
Total available-for-sale securities	$	(146	)	$	14,703	$	(13	)	$	616	$	(159	)	$	15,319

At June 30, 2022 and December 31, 2021, there were 68 and 23 securities, respectively, in an unrealized loss position.

The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including-

The table below presents the portion of unrealized gains and losses in the Company’s consolidated statements of income related to equity securities still held.


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
Net (losses) gains recognized	$	(4,323	)	$	3,069	$	(7,865	)	$	3,536
Exclude: Net realized (losses) gains recognized for securities sold		(89	)		1,580		(55	)		2,316
Net unrealized (losses) gains recognized	$	(4,234	)	$	1,489	$	(7,810	)	$	1,220

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three and six months ended June 30, 2022 and 2021 were as follows:


			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended June 30, 2022	$	6,058	$	433	$	(522	)
Three months ended June 30, 2021	$	22,133	$	1,983	$	(403	)
Six months ended June 30, 2022	$	24,427	$	1,853	$	(1,908	)
Six months ended June 30, 2021	$	56,511	$	3,125	$	(809	)

The Company has interests in limited partnerships that are not registered or readily tradeable on a securities exchange. These partnerships are private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships:


	June 30, 2022						December 31, 2021
	Carrying		Unfunded				Carrying		Unfunded
Investment Strategy	Value		Balance		(%) (a)		Value		Balance		(%) (a)
Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e)	$	4,613	$	—		15.37	$	6,076	$	2,085		15.37
Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e)		3,347		—		1.67		3,423		—		1.69
High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(f)(g)		5,723		—		0.18		6,270		1,401		0.18
Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(h)(i)		3,940		—		0.56		4,437		—		0.57
Value-oriented investments in mature real estate private equity funds and portfolios globally. (b)(j)		6,417		3,881		1.34		5,977		4,537		1.36
Risk-adjusted returns on credit and equity investments, primarily in private equity-owned companies. (b)(k)		2,655		2,584		0.39		1,950		3,050		0.47
Total	$	26,695	$	6,465			$	28,133	$	11,073

(a)

Represents the Company’s percentage investment in the fund at each balance sheet date.

(b)

Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated.

(c)

The term is expected to be the later of ten years or two years following the maturity of the fund’s outstanding leverage. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings.

(d)

The term has been extended for a second additional one-year period to June 30, 2023. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances.

(e)

At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods.

(f)

Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment.

(g)

With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods.

(h)

Expected to have an eight-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

(i)

The capital commitment period has ended but an additional funding may be requested.

(j)

The term is expected to end November 27, 2027. The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee.

(k)

Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Operating results:
Total income	$	179,117		$	384,629		$	515,945		$	373,681
Total expenses		(23,023	)		(25,208	)		(72,340	)		(80,720	)
Net income	$	156,094		$	359,421		$	443,605		$	292,961


	June 30,		December 31,
	2022		2021
Balance sheet:
Total assets	$	5,899,813	$	5,855,616
Total liabilities	$	408,725	$	564,732

For the three and six months ended June 30, 2022, the Company recognized net investment income of $19 and $1,799, respectively. Included in the net investment income for the three and six months ended June 30, 2022 was an estimated unfavorable change in net asset value of $516. During the three and six months ended June 30, 2022, the Company received total cash distributions of $2,785 and $4,381, respectively, including returns on investment of $1,235 and $2,046, respectively.

For the three and six months ended June 30, 2021, the Company recognized net investment income of $1,572 and $2,359, respectively. During the three and six months ended June 30, 2021, the Company received

total cash distributions of $2,421 and $4,445, respectively, including returns on investment of $1,314 and $1,792, respectively.

At June 30, 2022 and December 31, 2021, the Company’s net cumulative contributed capital to the partnerships at each respective balance sheet date totaled $27,180 and $28,371, respectively, and the Company’s maximum exposure to loss aggregated $26,695 and $28,133, respectively.

Melbourne FMA, LLC, a wholly owned subsidiary, currently has an equity investment in FMKT Mel JV, a Florida limited liability company treated as a joint venture under U.S. GAAP. At June 30, 2022 and December 31, 2021, the Company’s maximum exposure to loss relating to the variable interest entity was $858 and $363, respectively, representing the carrying value of the investment. In June 2022, the joint venture sold its last outparcel and recognized a gain of $572. There were no cash distributions during the six months ended June 30, 2022 and 2021. At June 30, 2022, there was undistributed income of $488 as opposed to none at December 31, 2021 from this equity method investment. The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Operating results:
Total revenues	$	572		$	—		$	572		$	—
Total expenses		(8	)		(28	)		(22	)		(56	)
Net income (loss)	$	564		$	(28	)	$	550		$	(56	)
The Company’s share of net income (loss)*	$	508		$	(25	)	$	495		$	(50	)

* Included in net investment income in the Company’s consolidated statements of income.


	June 30,		December 31,
	2022		2021
Balance sheet:
Property and equipment, net	$	—	$	357
Cash		953		29
Other		18		18
Total assets	$	971	$	404

Other liabilities	$	17	$	—
Members’ capital		954		404
Total liabilities and members’ capital	$	971	$	404
Investment in unconsolidated joint venture, at equity**	$	858	$	363

** Includes the 90% share of FMKT Mel JV’s operating results.

Real estate investments consist of the following as of June 30, 2022 and December 31, 2021:


	June 30,			December 31,
	2022			2021
Land	$	39,425		$	39,720
Land improvements		11,933			11,917
Buildings and building improvements		29,410			29,405
Tenant and leasehold improvements		1,548			1,511
Other		1,318			1,265
Total, at cost		83,634			83,818
Less: accumulated depreciation and amortization		(10,911	)		(9,922	)
Real estate investments	$	72,723		$	73,896

In May 2022, the Company sold one outparcel in Sorrento, Florida for net proceeds of $667. See additional information under f) Net Investment Income (Loss) below. Depreciation and amortization expense related to real estate investments was $483 and $479 for the three months ended June 30, 2022 and 2021, respectively, and $989 and $970 for the six months ended June 30, 2022 and 2021, respectively.

Net investment income (loss), by source, is summarized as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Available-for-sale fixed-maturity securities	$	1,137		$	384		$	1,585		$	825
Equity securities		300			340			587			691
Investment expense		(116	)		(129	)		(250	)		(254	)
Limited partnership investments		19			1,572			1,799			2,359
Real estate investments		1,538			344			1,885			3,341
Net income (loss) from unconsolidated joint venture		508			(25	)		495			(50	)
Cash and cash equivalents		298			149			451			317
Net investment income	$	3,684		$	2,635		$	6,552		$	7,229

For the three and six months ended June 30, 2022, income from real estate investments included a net gain of $376 resulting from the sale of the outparcel described in e) Real Estate Investments and $451 of income from selling the liquor license previously owned by the Company’s restaurant business which was discontinued in 2020. For the six months ended June 30, 2021, income from real estate investments included a net gain of $2,790 resulting from a legal settlement with The Kroger Co. in a lawsuit filed by a real estate subsidiary of the Company to enforce a guaranty of a commercial lease.

From time to time, the Company may invest in financial assets other than stocks, mutual funds and bonds. For the three months ended June 30, 2022 and 2021, net realized gains related to other investments were $75 and $452, respectively, and $156 and $827 for the six months ended June 30, 2022 and 2021, respectively.