The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At June 30, 2020 and December 31, 2019, 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, 2020
U.S. Treasury and U.S. government agencies	$	12,146	$	—		$	296	$	—		$	12,442
Corporate bonds		73,662		(526	)		1,664		(392	)		74,408
State, municipalities, and political subdivisions		5,832		—			89		(12	)		5,909
Exchange-traded debt		6,994		—			280		(74	)		7,200
Redeemable preferred stock		35		—			—		(1	)		34
Total	$	98,669	$	(526	)	$	2,329	$	(479	)	$	99,993
As of December 31, 2019
U.S. Treasury and U.S. government agencies	$	26,220	$	—		$	78	$	(3	)	$	26,295
Corporate bonds		157,155		—			2,212		(3	)		159,364
State, municipalities, and political subdivisions		7,763		—			149		—			7,912
Exchange-traded debt		8,698		—			462		(15	)		9,145
Redeemable preferred stock		118		—			5		—			123
Total	$	199,954	$	—		$	2,906	$	(21	)	$	202,839

Expected maturities will 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, 2020 and December 31, 2019 are as follows:

	Amortized		Estimated
	Cost		Fair Value
As of June 30, 2020
Due in one year or less	$	40,293	$	40,672
Due after one year through five years		50,879		51,423
Due after five years through ten years		2,590		2,874
Due after ten years		4,907		5,024
	$	98,669	$	99,993

	Amortized		Estimated
	Cost		Fair Value
As of December 31, 2019
Due in one year or less	$	63,135	$	63,429
Due after one year through five years		125,833		127,660
Due after five years through ten years		6,896		7,350
Due after ten years		4,090		4,400
	$	199,954	$	202,839

Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and six months ended June 30, 2020 and 2019 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended June 30, 2020	$	74,137	$	1,653	$	(226	)
Three months ended June 30, 2019	$	74	$	—	$	—
Six months ended June 30, 2020	$	78,186	$	1,730	$	(576	)
Six months ended June 30, 2019	$	2,985	$	34	$	(1	)

Securities with gross unrealized loss positions at June 30, 2020 and December 31, 2019, 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, 2020	Loss			Value		Loss		Value		Loss			Value
Corporate bonds	$	(392	)	$	7,785	$	—	$	—	$	(392	)	$	7,785
State, municipalities, and political subdivisions		(12	)		1,270		—		—		(12	)		1,270
Exchange-traded debt		(74	)		1,481		—		—		(74	)		1,481
Redeemable preferred stock		(1	)		35		—		—		(1	)		35
Total	$	(479	)	$	10,571	$	—	$	—	$	(479	)	$	10,571

At June 30, 2020, there were 25 securities in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.

	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, 2019	Loss			Value		Loss		Value		Loss			Value
U.S. Treasury and U.S. government agencies	$	(3	)	$	2,292	$	—	$	—	$	(3	)	$	2,292
Corporate bonds		(3	)		4,597		—		—		(3	)		4,597
Exchange-traded debt		(15	)		345		—		—		(15	)		345
Total	$	(21	)	$	7,234	$	—	$	—	$	(21	)	$	7,234

At December 31, 2019, there were eight securities in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.

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

The table below summarized the activity in the allowance for credit losses of available-for-sale securities for the three and six months ended on June 30, 2020:

The Company holds investments in equity securities measured at fair values which are readily determinable. At June 30, 2020 and December 31, 2019, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows:

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020		2019			2020			2019
Net gains (losses) recognized	$	2,892	$	1,193		$	(3,884	)	$	6,030
Exclude: Net realized gains (losses) recognized for securities sold		8		(133	)		(1,963	)		(589	)
Net unrealized gains (losses) recognized	$	2,884	$	1,326		$	(1,921	)	$	6,619

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three and six months ended June 30, 2020 and 2019 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended June 30, 2020	$	3,448	$	184	$	(176	)
Three months ended June 30, 2019	$	4,967	$	113	$	(246	)
Six months ended June 30, 2020	$	12,455	$	969	$	(2,932	)
Six months ended June 30, 2019	$	32,841	$	2,187	$	(2,776	)

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, 2020						December 31, 2019
	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)	$	9,394	$	2,085		15.37	$	9,659	$	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)		5,691		—		1.76		5,985		—		1.76
High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(f)(g)		6,289		1,401		0.18		9,188		1,391		0.18
Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(h)(i)		3,071		1,542		0.47		1,602		3,106		0.47
Value-oriented investments in mature real estate private equity funds and portfolio globally. (b)(j)		1,732		8,632		2.24		1,912		8,548		2.24
Total	$	26,177	$	13,660			$	28,346	$	15,130

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,
	2020			2019			2020			2019
Operating results:
Total income	$	(1,230,124	)	$	338,414		$	(1,681,016	)	$	247,901
Total expenses		(25,708	)		(32,140	)		(80,520	)		(81,173	)
Net (loss) income	$	(1,255,832	)	$	306,274		$	(1,761,536	)	$	166,728

For the three and six months ended June 30, 2020, the Company recognized net investment income of $188 and net investment loss of $2,747, respectively. During the three and six months ended June 30, 2020, the Company received total cash distributions of $196 and $892, respectively, including returns on investment of $196 and $578, respectively.

For the three and six months ended June 30, 2019, the Company recognized net investment income of $1,043 and $832, respectively, for these investments. During the three and six months ended June 30, 2019, the Company received total cash distributions of $3,073 and $4,086, respectively. Cash distributions representing return on investment were $2,603 and $3,616 for the three and six months ended June 30, 2019, respectively. At June 30, 2020 and December 31, 2019, the Company’s cumulative contributed capital to the partnerships at each respective balance sheet date totaled $30,998 and $29,528, respectively, and the Company’s maximum exposure to loss aggregated $26,177 and $28,346, 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, 2020 and December 31, 2019, the Company’s maximum exposure to loss relating to the variable interest entity was $734 and $762, respectively, representing the carrying value of the investment. There were no cash distributions during the six months ended June 30, 2020 and 2019. At June 30, 2020 and December 31, 2019, there was no undistributed income 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,
	2020			2019			2020			2019
Operating results:
Total revenues and gain	$	—		$	—		$	—		$	2
Total expenses		(13	)		(24	)		(32	)		(62	)
Net loss	$	(13	)	$	(24	)	$	(32	)	$	(60	)
The Company’s share of net loss*	$	(12	)	$	(21	)	$	(28	)	$	(54	)

	June 30,		December 31,
	2020		2019
Balance Sheet:
Property and equipment, net	$	723	$	741
Cash		96		102
Other		4		4
Total assets	$	823	$	847

Other liabilities	$	8	$	—
Members’ capital		815		847
Total liabilities and members’ capital	$	823	$	847
Investment in unconsolidated joint venture, at equity**	$	734	$	762

On April 9, 2020, Greenleaf Capital, LLC decided to offer for sale its investment property in Riverview, Florida. The proceeds from the sale are expected to exceed the property’s carrying value of $4,519 and, accordingly, no impairment loss was recognized on the classification of this property as held for sale.

Real estate investments consist of the following as of June 30, 2020 and December 31, 2019.

	June 30,			December 31,
	2020			2019
Land	$	36,681		$	39,511
Land improvements		11,422			11,907
Buildings		23,006			24,086
Tenant and leasehold improvements		1,246			1,487
Other		5,928			3,489
Total, at cost		78,283			80,480
Less: accumulated depreciation and amortization		(7,375	)		(6,717	)
Real estate investments	$	70,908		$	73,763

Depreciation and amortization expense related to real estate investments was $432 and $422 for the three months ended June 30, 2020 and 2019, respectively, and $887 and $754 for the six months ended June 30, 2020 and 2019, respectively. During the second quarter of 2020, the Company classified the investment property as described earlier to assets held for sale.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Available-for-sale fixed-maturity securities	$	1,243		$	1,622		$	2,758		$	3,157
Equity securities		299			293			634			674
Investment expense		(124	)		(106	)		(242	)		(235	)
Limited partnership investments		188			1,043			(2,747	)		832
Real estate investments		(346	)		(105	)		(265	)		201
Loss from unconsolidated joint venture		(12	)		(21	)		(28	)		(54	)
Cash and cash equivalents		362			1,484			1,301			2,554
Short-term investments		(6	)		16			1			375
Net investment income	$	1,604		$	4,226		$	1,412		$	7,504