Investments (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities

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

Scheduled Contractual Maturities of Fixed-Maturity Securities

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

Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities

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	)

Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category

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

Summary of Allowance for Credit Losses of Available-for-Sale Securities

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:

	2020
Balance at January 1	$	—
Credit loss expense		439
Balance at March 31	$	439
Credit loss expense		87
Balance at June 30	$	526

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value Of Equity Securities

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:

			Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gain		Loss			Value
June 30, 2020	$	37,808	$	2,707	$	(1,206	)	$	39,309
December 31, 2019	$	31,863	$	3,652	$	(230	)	$	35,285

Summary of Unrealized Gains and Losses for Equity Securities

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

Summary of Proceeds Received, Gross Realized Gains and Losses from Sales of Equity Securities

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	)

Schedule of Company's Investments in Limited 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

(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) Expected to have a ten-year term. Although the capital commitment period has expired, there are still follow-on investments and pending commitments that require additional fundings.

(d) Expected to have a three-year term from June 30, 2018. Although the capital commitment period has ended, the general partner could still request an additional funding of approximately $843 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 a six-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 was extended and is now expected to expire on December 1, 2020.

(j) Expected to have an eight-year term from November 27, 2019.

Summary of Unaudited Financial Information and Unaudited Financial Position

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	)

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

	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

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

Summary of Real Estate Investment

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

Investment (Loss) Income Summarized

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

	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

Limited Partnership [Member]

Summary of Unaudited Financial Information and Unaudited Financial Position

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

	June 30,		December 31,
	2020		2019
Balance Sheet:
Total assets	$	5,101,450	$	6,850,913
Total liabilities	$	641,725	$	549,562