The amortized cost, estimated fair value, and unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale as of December 31, 2024 and 2023 are summarized as follows:


	December 31, 2024

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Losses
Category					Less than 12 Months		More than 12 Months

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	—	$	—	$	—	$	-	$	—	$	—

Political subdivisions of States, Territories and Possessions (1)	24,271,177		-		(73,589)		(3,324,491)		20,873,097		(3,398,080)

Corporate and other bonds Industrial and miscellaneous (1)	112,507,436		-		(1,024,461)		(4,690,597)		106,792,378		(5,715,058)

Residential mortgage and other asset backed securities (1) (2)	65,529,545		119,647		(209,890)		(6,211,339)		59,227,963		(6,301,582)
Total fixed-maturity securities	$	202,308,158	$	119,647	$	(1,307,940)	$	(14,226,427)	$	186,893,438	$	(15,414,720)


	December 31, 2023

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Losses
Category					Less than 12 Months		More than 12 Months

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	20,954,764	$	1,799	$	(17,373)	$	-	$	20,939,190	$	(15,574)

Political subdivisions of States, Territories and Possessions	16,607,713		-		—		(3,209,161)		13,398,552		(3,209,161)

Corporate and other bonds Industrial and miscellaneous	75,993,042		-		—		(5,885,296)		70,107,746		(5,885,296)

Residential mortgage and other asset backed securities (2)	50,905,423		113,761		(2,144)		(6,541,731)		44,475,309		(6,430,114)
Total fixed-maturity securities	$	164,460,942	$	115,560	$	(19,517)	$	(15,636,188)	$	148,920,797	$	(15,540,145)

(1)In October 2022, KICO placed certain U.S. Treasury securities to fulfill the required collateral for a sale leaseback transaction in a designated custodian account (see Note 9 – Debt - “Equipment Financing”). As of December 31, 2024 KICO had sold its U.S. Treasury securities and replaced a portion of its other fixed-maturity securities in the designated custodian account, As of December 31, 2024 and 2023, the amount of required collateral was approximately $5,308,000 and $6,999,000, respectively. As of December 31, 2024 and 2023, the estimated fair value of the eligible collateral was approximately $5,308,000 and $6,999,000, respectively.

(2)KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York ("FHLBNY") (see Note 9 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of December 31, 2024, the estimated fair value of the eligible investments was approximately $10,130,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2024 and 2023 there was no outstanding balance on the FHLBNY credit line.

A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of December 31, 2024 and 2023 is shown below:


	December 31, 2024				December 31, 2023
Remaining Time to Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Less than one year	$	9,522,262	$	9,484,834	$	34,729,120	$	34,461,172
One to five years	68,052,387		66,141,372		31,803,338		30,416,618
Five to ten years	38,159,446		34,068,922		31,596,410		27,330,377
More than 10 years	21,044,518		17,970,347		15,426,651		12,237,321
Residential mortgage and other asset backed securities	65,529,545		59,227,963		50,905,423		44,475,309
Total	$	202,308,158	$	186,893,438	$	164,460,942	$	148,920,797


	December 31, 2024
Category	Cost		Gross Gains		Gross Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,422,617)	$	7,327,705
Fixed income exchange traded funds	3,711,232				(808,432)		2,902,800
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	-	$	(3,231,049)	$	10,296,505


	December 31, 2023
Category	Cost		Gross Gains		Gross Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(2,870,027)	$	10,713,915
Fixed income exchange traded funds,	3,711,232				(669,232)		3,042,000
Mutual funds	622,209		314,816		-		937,025
FHLBNY common stock	69,400		-		-		69,400
Total	$	17,986,783	$	314,816	$	(3,539,259)	$	14,762,340


	December 31, 2024						December 31, 2023
Category	Cost		Gross Gains		Estimated Fair Value		Cost		Gross Gains		Estimated Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,393,616	$	4,380,656	$	1,987,040	$	1,910,110	$	3,897,150

The cost or amortized cost and estimated fair value of, and gross unrealized gains and losses on, investments in held-to-maturity fixed-maturity securities as of December 31, 2024 and 2023 are summarized as follows:


	December 31, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Gains/ (Losses)
Category					Less than 12 Months		More than 12 Months

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,229,170	$	-	$	(39,630)	$	(15,990)	$	1,173,550	$	(55,620)

Political subdivisions of States,
Territories and Possessions	499,719		-		(654)		-		499,065		(654)

Exchange traded debt	304,111		-		-		(55,611)		248,500		(55,611)

Corporate and other bonds
Industrial and miscellaneous	5,014,342		-		-		(976,192)		4,038,150		(976,192)
Total	$	7,047,342	$	-	$	(40,284)	$	(1,047,793)	$	5,959,265	$	(1,088,077)


	December 31, 2023
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Gains/ (Losses)
Category					Less than 12 Months		More than 12 Months

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,228,860	$	15,045	$	(6,914)	$	(18,163)	$	1,218,828	$	(10,032)

Political subdivisions of States,
Territories and Possessions	499,170		890		-		-		500,060		890

Exchange traded debt	304,111		-		-		(70,111)		234,000		(70,111)

Corporate and other bonds
Industrial and miscellaneous	5,020,400		-		-		(867,140)		4,153,260		(867,140)
Total	$	7,052,541	$	15,935	$	(6,914)	$	(955,414)	$	6,106,148	$	(946,393)

A summary of the amortized cost and the estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of December 31, 2024 and 2023 is shown below:


	December 31, 2024				December 31, 2023
Remaining Time to Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value


Less than one year	$	499,719	$	499,065	$	-	$	-
One to five years	622,375		600,288		1,121,288		1,097,101
Five to ten years	1,427,579		1,323,600		1,414,911		1,270,770
More than 10 years	4,497,669		3,536,312		4,516,342		3,738,277
Total	$	7,047,342	$	5,959,265	$	7,052,541	$	6,106,148


	Years ended December 31,
	2024		2023

Income:
Fixed-maturity securities	$	5,197,793	$	5,352,304
Equity securities	591,023		707,835
Cash and cash equivalents	1,215,861		255,905
Other	39,227		—
Total	7,043,904		6,316,044
Expenses:
Investment expenses	220,314		307,362
Net investment income	$	6,823,590	$	6,008,682

Proceeds from the sale and maturity of fixed-maturity securities available-for-sale were $127,665,799 and $61,935,658 for the years ended December 31, 2024 and 2023, respectively.


	Years ended December 31,
	2024		2023

Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	1,287	$	2,428
Gross realized losses	(15,266)		(21,239)
	(13,979)		(18,811)

Equity securities:
Gross realized gains	374,997		-
Gross realized losses	(423,367)		-
	(48,370)		-

Net realized losses	(62,349)		(18,811)

Unrealized (Losses) Gains

Equity Securities:
Gross gains	308,210		1,027,867
Gross losses	(314,816)		-
	(6,606)		1,027,867

Other Investments:
Gross gains	483,506		1,125,498
Gross losses	-		-
	483,506		1,125,498

Net unrealized gains	476,900		2,153,365

Net gains on investments	$	414,551	$	2,134,554

For available-for-sale fixed maturity securities, a credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded, which is recognized in net loss through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income (loss).

The Company did not identify any available-for-sale securities as of December 31, 2024 and December 31, 2023 which presented a risk of loss due to credit deterioration of the security.

At December 31, 2024 and 2023, there were 204 and 140 fixed-maturity securities, respectively, that accounted for the gross unrealized losses. The Company determined that none of the unrealized losses were deemed to be credit losses for its portfolio of investments for the years ended December 31, 2024 and 2023. Significant factors influencing the Company’s determination that unrealized losses were temporary included credit quality considerations, the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and interest rate environment factors, and management’s intent and ability to hold the investment for a period of time sufficient to allow for an anticipated recovery of estimated fair value to the Company’s cost basis.


	December 31, 2024
	Less than 12 months					12 months or more					Total
Category	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	-	$	-	-		-	$	-	$	-

Political subdivisions of States, Territories and Possessions	7,705,370		(73,589)		6	13,167,726		(3,324,491)		12	20,873,096		(3,398,080)

Corporate and other bonds industrial and miscellaneous	51,411,296		(1,024,461)		60	55,381,083		(4,690,597)		68	106,792,379		(5,715,058)

Residential mortgage and other asset backed securities	19,315,521		(209,890)		22	35,206,442		(6,211,339)		36	54,521,963		(6,421,229)

Total fixed-maturity securities	$	78,432,187	$	(1,307,940)	88	$	103,755,251	$	(14,226,427)	116	$	182,187,438	$	(15,534,367)


	December 31, 2023
	Less than 12 months					12 months or more					Total
Category	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	5,974,440	$	(17,373)	1	$	-	-		-	$	5,974,440	$	(17,373)

Political subdivisions of States, Territories and Possessions	-		-		-	13,398,552		(3,209,161)		15	13,398,552		(3,209,161)

Corporate and other bonds industrial and miscellaneous	-		-		-	70,107,746		(5,885,296)		85	70,107,746		(5,885,296)

Residential mortgage and other asset backed securities	88,988		(2,144)		4	38,675,604		(6,541,731)		37	38,764,592		(6,543,875)

Total fixed-maturity securities	$	6,063,428	$	(19,517)	5	$	122,181,902	$	(15,636,188)	137	$	128,245,330	$	(15,655,705)