Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 indicating the level of the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	5,997,060	$	-	$	-	$	5,997,060
Political subdivisions of States, Territories and Possessions	-		13,889,290		-		13,889,290
Corporate and other bonds industrial and miscellaneous	103,783,847		-		-		103,783,847
Residential mortgage and other asset backed securities	-		41,788,148		-		41,788,148
Total fixed maturities	109,780,907		55,677,438		-		165,458,345
Equity securities	11,280,228		-		-		11,280,228
Total investments, at fair value	$	121,061,135	$	55,677,438	$	-	$	176,738,573

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	20,939,190	$	-	$	-	$	20,939,190
Political subdivisions of States, Territories and Possessions	-		13,398,552		-		13,398,552
Corporate and other bonds industrial and miscellaneous	70,107,746		-		-		70,107,746
Residential mortgage and other asset backed securities	-		44,475,309		-		44,475,309
Total fixed maturities	91,046,936		57,873,861		-		148,920,797
Equity securities	14,762,340		-		-		14,762,340
Total investments, at fair value	$	105,809,276	$	57,873,861	$	-	$	163,683,137

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of September 30, 2024 and December 31, 2023. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	September 30, 2024		December 31, 2023
Other Investments
Hedge fund	$	4,299,178	$	3,897,150

The hedge fund investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive income (loss) within net gains on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s 2024 Notes and 2022 Notes as of September 30, 2024 and December 31, 2023 not measured at fair value is as follows:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Debt
13.75% Senior Notes due 2026	$	-	$	11,200,181	$	-	$	11,200,181

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt
12.0% Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500