The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At December 31, 2023 and 2022, 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		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Credit Loss		Gain		Loss			Value
As of December 31, 2023
U.S. Treasury and U.S. government agencies	$	359,630	$	—	$	224	$	(3,800	)	$	356,054
Corporate bonds		27,563		—		116		(975	)		26,704
Exchange-traded debt		494		—		—		(14	)		480
Total	$	387,687	$	—	$	340	$	(4,789	)	$	383,238
As of December 31, 2022
U.S. Treasury and U.S. government agencies	$	463,648	$	—	$	59	$	(9,105	)	$	454,602
Corporate bonds		28,378		—		20		(1,205	)		27,193
State, municipalities, and political subdivisions		1,389		—		—		(6	)		1,383
Exchange-traded debt		683		—		2		(52	)		633
Redeemable preferred stock		99		—		—		(9	)		90
Total	$	494,197	$	—	$	81	$	(10,377	)	$	483,901

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 at December 31, 2023 and 2022 are as follows:


	December 31,
	2023				2022
	Cost or		Estimated		Cost or		Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Available-for-sale
Due in one year or less	$	234,992	$	234,025	$	266,170	$	265,353
Due after one year through five years		148,935		145,758		223,153		214,307
Due after five years through ten years		3,266		2,974		4,380		3,797
Due after ten years		494		481		494		444
	$	387,687	$	383,238	$	494,197	$	483,901

The fair value of fixed-maturity securities on deposit with various regulatory authorities at December 31, 2023 and 2022 was $1,660 and $1,100, respectively.

Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the years ended December 31, 2023, 2022 and 2021 were as follows:


			Gross		Gross
			Realized		Realized
	Proceeds		Gains		Losses
Year ended December 31, 2023	$	22,326	$	7	$	(1,036	)
Year ended December 31, 2022	$	11,716	$	13	$	(442	)
Year ended December 31, 2021	$	23,055	$	722	$	(35	)

Securities with gross unrealized loss positions at December 31, 2023 and 2022, 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
As of December 31, 2023	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	(22	)	$	3,464	$	(3,778	)	$	181,463	$	(3,800	)	$	184,927
Corporate bonds		(8	)		1,941		(967	)		19,418		(975	)		21,359
Exchange-traded debt		(14	)		481		—			—		(14	)		481
Total available-for-sale securities	$	(44	)	$	5,886	$	(4,745	)	$	200,881	$	(4,789	)	$	206,767


	Less Than Twelve Months					Twelve Months or Longer					Total
As of December 31, 2022	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	(8,701	)	$	269,116	$	(404	)	$	4,644	$	(9,105	)	$	273,760
Corporate bonds		(909	)		23,028		(296	)		2,541		(1,205	)		25,569
States, municipalities, and political subdivisions		(6	)		1,383		—			—		(6	)		1,383
Exchange-traded debt		(52	)		463		—			—		(52	)		463
Redeemable preferred stock		(9	)		90		—			—		(9	)		90
Total available-for-sale securities	$	(9,677	)	$	294,080	$	(700	)	$	7,185	$	(10,377	)	$	301,265

At December 31, 2023 and 2022, there were 65 and 84 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 summarizes the activity in the allowance for credit losses of available-for-sale fixed-maturity securities for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Balance at January 1	$	—	$	—	$	588
Reductions for securities sold		—		—		(9	)
Reductions for securities exchanged		—		—		(579	)
Balance at December 31	$	—	$	—	$	—

For the years ended December 31, 2023, 2022 and 2021, the Company recognized $0 credit loss expense related to fixed-maturity securities in the consolidated statements of income.

The Company holds investments in equity securities measured at fair values which are readily determinable. At December 31, 2023 and 2022, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows:


			Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gain		Loss			Value
December 31, 2023	$	44,011	$	3,945	$	(2,419	)	$	45,537
December 31, 2022	$	36,272	$	2,078	$	(3,767	)	$	34,583

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the years ended December 31, 2023, 2022 and 2021 were as follows:


			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Year ended December 31, 2023	$	12,202	$	500	$	(1,433	)
Year ended December 31, 2022	$	31,605	$	2,224	$	(3,220	)
Year ended December 31, 2021	$	112,310	$	6,280	$	(2,157	)

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:


	December 31, 2023						December 31, 2022
	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)	$	3,295	$	—		15.37	$	4,146	$	—		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)		2,271		—		1.25		2,528		—		1.66
High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(f)(g)		3,400		—		0.18		5,319		—		0.18
Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(h)(i)		3,306		—		0.55		3,470		—		0.56
Value-oriented investments in mature real estate private equity funds and portfolios globally. (b)(j)		7,590		2,543		1.32		7,457		3,125		1.32
Risk-adjusted returns on credit and equity investments, primarily in private equity-owned companies. (b)(k)		3,721		1,662		0.55		2,782		2,536		0.98
Total	$	23,583	$	4,205			$	25,702	$	5,661

(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 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)

Effective July 1, 2023, this investment is in the process of winding down. 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.


	Years Ended December 31,
	2023			2022			2021
Operating results:
Total income*	$	1,606		$	1,252,264		$	705,610
Total expenses		(71,256	)		(139,174	)		(131,463	)
Net (loss) income	$	(69,650	)	$	1,113,090		$	574,147

*Includes net change in unrealized gains or losses on investments.


	December 31,
	2023		2022
Balance sheet:
Total assets	$	4,072,501	$	5,119,695
Total liabilities	$	220,525	$	430,354

For the years ended December 31, 2023, 2022 and 2021, the Company recognized net investment income of $661, $3,963 and $4,947, respectively. At December 31, 2023 and 2022, the Company’s net cumulative contributed capital to the partnerships existing at each respective balance sheet date totaled $23,346 and $24,978, respectively, and the Company’s maximum exposure to loss aggregated $23,583 and $25,702, respectively.

During the year ended December 31, 2023, the Company received in cash returns on investment of $1,148 and returns of capital of $3,115 compared with returns on investment of $3,001 and returns of capital of $5,360 during the year ended December 31, 2022. During the year ended December 31, 2021, the Company received total cash distributions of $8,261, representing $3,604 of returns on investment and $4,657 of returned capital.

Melbourne FMA, LLC, a wholly owned subsidiary, had a 90% equity investment in FMKT Mel JV, a Florida limited liability company treated as a joint venture under U.S. GAAP. In January 2023, the Company received the final distribution of $18 from FMKT Mel JV which was liquidated on December 31, 2022. At December 31, 2022, the Company’s maximum exposure to loss relating to this variable interest entity was $18, representing the carrying value of the investment.

In June 2022, FMKT Mel JV sold its last remaining outparcel and recognized a gain on sale of $572 before distributing its earnings in July 2022. For the year ended December 31, 2022, the Company received a cash distribution of $840, representing a combined distribution of $489 in earnings and $351 in capital. For the year ended December 31, 2021, the Company received a cash distribution of $737, representing a combined distribution of $114 in earnings and $623 in capital.

Real estate investments include land, buildings with office and retail space for lease, outparcels, and marinas. Real estate investments consist of the following as of December 31, 2023 and 2022:


	December 31,
	2023			2022
Land	$	42,272		$	38,327
Land improvements		4,387			12,138
Buildings and building improvements		18,594			29,410
Tenant and leasehold improvements		1,869			1,742
Other		7,168			1,649
Total, at cost		74,290			83,266
Less: accumulated depreciation and amortization		(6,397	)		(11,878	)
Real estate investments	$	67,893		$	71,388

Since January 1, 2023, a Tampa office building property that was previously leased to an unaffiliated company has been used in operations by the Company and serves as TTIG’s corporate headquarters. As a result, in January 2023, $8,135 was reclassified out of real estate investments to property and equipment, net on the consolidated balance sheet.

On March 31, 2023, the Company closed on its agreement to sell the retail shopping center investment property in Melbourne, Florida for a price of $18,500, and also closed on its agreement to sell the retail shopping center investment property in Sorrento, Florida for a price of $13,418. See additional information under f) Net Investment Income below.

On September 19, 2023, Grove Haines City, LLC, a real estate subsidiary of Greenleaf Capital, LLC, acquired vacant land in Haines City, Florida and its associated leases for $3,393, including acquisition costs of $100, and assumed a liability of $4. Of the total costs, $1,582 was recognized as real estate investments. See Note 10 -- “Intangible Assets, Net” for information about the acquired leases. The land will be developed into a retail shopping center to be anchored by a well-known grocery store chain. The transaction was determined to be an asset acquisition. Thus, acquisition-related costs were capitalized and allocated among the assets acquired.

On December 18, 2023, the Company entered into an agreement to purchase commercial real estate in Tampa, Florida for a price of $12,824 and, contemporaneously, the seller entered into a second contract to lease the property back from the Company at a below market rate. As a result, the below market value of $4,446 was added to the purchase price for a total cost of $17,270 before being allocated among the assets acquired under asset acquisition guidance. See Note 18 – “Leases” for additional information.

In May 2022, the Company sold one outparcel in Sorrento, Florida for net proceeds of $667. On July 1, 2022, the Company closed on its agreement to sell 1.5 acres of land in Tampa, Florida for net proceeds of $14,500 to the Florida Department of Transportation (“FDOT”) in connection with an eminent domain proceeding for a planned road improvement project. See additional information under f) Net Investment Income below.

Depreciation and amortization expense related to real estate investments was $1,147, $1,956 and $1,922, respectively, for the years ended December 31, 2023, 2022 and 2021 and was included in net investment income on the consolidated statements of income.

f) Net Investment Income

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


	Years Ended December 31,
	2023			2022			2021
Available-for-sale fixed-maturity securities	$	17,626		$	6,367		$	1,375
Equity securities		1,551			1,204			1,411
Investment expense		(557	)		(491	)		(542	)
Limited partnership investments		661			3,963			4,947
Real estate investments		10,207			16,126			4,086
Net income from unconsolidated joint venture		—			495			417
Cash and cash equivalents		16,746			4,783			641
Net investment income	$	46,234		$	32,447		$	12,335

During the year ended December 31, 2023, income from real estate investments included a net gain of $6,351 from the sale of the retail shopping center investment property in Melbourne, Florida and a net gain of $2,460 from the sale of the retail shopping center investment property in Sorrento, Florida.

During the year ended December 31, 2022, income from real estate investments included a net gain of $376 resulting from the sale of one outparcel in Sorrento, Florida, $451 of income from selling the liquor license previously owned by the Company’s restaurant business which was discontinued in 2020, and a net realized gain of $13,402 resulting from the sale of 1.5 acres of land in Tampa, Florida to the FDOT.

During the year ended December 31, 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 year ended December 31, 2023, net realized loss related to other investments was $34, compared with net realized gains of $238 and $1,662 for the years ended December 2022 and 2021, respectively.