Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Schedule of Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2023 and December 31, 2022:

As of September 30, 2023:

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	September 30, 2023		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	260,633,625	$	260,633,625	$	—	$	—
Short-Term Investments:
Certificate of Deposit	989,198		989,198		—		—
Corporate Bonds	1,927,301		—		1,927,301		—
Government Securities	5,176,215		—		5,176,215		—
Municipal Bonds	2,409,861		—		2,409,861		—
Other	4,723,625		1,256,600		3,467,025		—
Long-Term Investments:
Asset Backed Securities	21,064,870		—		21,064,870		—
Certificate of Deposit	740,950		740,950		—		—
Corporate Bonds	50,484,099		—		50,484,099		—
Government Securities	28,297,530		—		28,297,530		—
Municipal Bonds	47,583,725		—		47,583,725		—
Common Stock	1,386,988		1,386,988		—		—
Total	$	425,417,987	$	265,007,361	$	160,410,626	$	—

As of December 31, 2022:

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	214,754,638	$	214,754,638	$	—	$	—
Restricted Cash	4,000,000		4,000,000		—		—
Short-Term Investments:
Certificate of Deposit	1,736,163		1,736,163		—		—
Corporate Bonds	5,473,341		—		5,473,341		—
Government Securities	4,423,041		—		4,423,041		—
Municipal Bonds	5,174,773		—		5,174,773		—
Other	2,347,602		1,093,602		1,254,000		—
Long-Term Investments:
Asset-backed Securities	18,829,696		—		18,829,696		—
Certificate of Deposit	238,925		238,925		—		—
Corporate Bonds	36,310,477		—		36,310,477		—
Governmental Securities	36,532,634		—		36,532,634		—
Municipal Bonds	48,430,166		—		48,430,166
Common Stock	293,300		293,300		—		—
Total	$	378,544,756	$	222,116,628	$	156,428,128	$	—

Schedule of Amortized Cost, Unrealized Gains and Losses, And Market Value of Investment Securities

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2023 and December 31, 2022:

As of September 30, 2023:

			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,000,000	$	—	$	(10,802)	$	989,198
Corporate Bonds	1,982,128		—		(54,827)		1,927,301
Government Securities	5,198,015		—		(21,800)		5,176,215
Municipal Bonds	2,431,031		—		(21,170)		2,409,861
Other	4,723,625		—		—		4,723,625
Long-Term Investments:
Asset Backed Securities	21,273,402		—		(208,532)		21,064,870
Certificate of Deposit	750,000		—		(9,050)		740,950
Corporate Bonds	53,814,699		—		(3,330,600)		50,484,099
Government Securities	29,640,890		—		(1,343,360)		28,297,530
Municipal Bonds	51,881,686		378,802		(4,676,763)		47,583,725
Common Stock	1,637,386		2,311		(252,709)		1,386,988
Total	$	174,332,862	$	381,113	$	(9,929,613)	$	164,784,362

As of December 31, 2022:    

			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,256	$	—	$	(14,093)	$	1,736,163
Corporate Bonds	5,571,417		—		(98,076)		5,473,341
Government Securities	4,476,613		—		(53,572)		4,423,041
Municipal Bonds	5,223,500		—		(48,727)		5,174,773
Other	2,347,602		—		—		2,347,602
Long-Term Investments:
Asset-backed Securities	19,151,229		—		(321,533)		18,829,696
Certificate of Deposit	250,000		—		(11,075)		238,925
Corporate Bonds	40,410,206		—		(4,099,729)		36,310,477
Government Securities	39,637,461		—		(3,104,827)		36,532,634
Municipal Bonds	53,476,883		235,713		(5,282,430)		48,430,166
Common Stock	292,638		662		—		293,300
Total	$	172,587,805	$	236,375	$	(13,034,062)	$	159,790,118

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of September 30, 2023, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,340,283	$	51,123,646
Loss duration of greater than one year	8,589,330		103,252,208
Total	$	9,929,613	$	154,375,854

Unrealized losses on investments as of December 31, 2022, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	4,816,103	$	77,701,146
Loss duration of greater than one year	8,217,959		76,643,586
Total	$	13,034,062	$	154,344,732

Schedule of Investments Classified by Contractual Maturity Date

Fixed income securities as of September 30, 2023 have contractual maturities as follows:

Due within one year	$	10,502,575
Due between one and five years	98,587,270
Due over five years	49,583,904
	$	158,673,749