Related-Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related-Party Transactions

9. Related-Party Transactions

In June 2024, White Pine Insurance Company, a wholly owned subsidiary of the Company, sold 6,000 shares of Waterford Bancorp, Inc. stock (the “Bancorp Shares”) held in its investment portfolio to Clarkston Companies, Inc. for a total purchase price of $510,000.00. Clarkston Companies, Inc. is an entity affiliated with Gerald Hakala and Jeffrey Hakala, both of whom are members of the Board of Directors of the Company. Clarkston Companies, Inc. is the holding company of Clarkston Ventures, LLC, which owns common stock of the Company, and Clarkston 91 West LLC, which owned preferred stock of the Company. The sale of the Bancorp Shares was approved by a majority of independent members of the Board of Directors of the Company.

In July 2024, the Company sold $500,000.00 of private debt of Pavilion MGD, LLC (the “Pavilion Debt”) held in its investment portfolio to Portage Place, LLC for a total purchase price of $500,000.00. The sole member of Portage Place, LLC is Joseph Sarafa, a member of the Board of Directors of the Company. The sale of the Pavilion Debt was approved by a majority of independent members of the Board of Directors of the Company.

See Note 2 ~ Discontinued Operations for a description of related party transactions related to the transactions that occurred in August 2024.