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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2023	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	15,273,260	$	0	$	0	$	0	$	15,273,260
U.S. special revenue and assessments		0		7,043,065		0		0		7,043,065
Corporate securities		0		79,357,787		0		0		79,357,787
Total fixed maturities		15,273,260		86,400,852		0		0		101,674,112
Equity securities:
Common stocks		38,069,750		5,435,800		6,840,062		92,615,146		142,960,758
Preferred stocks		0		0		1,247,000		0		1,247,000
Total equity securities		38,069,750		5,435,800		8,087,062		92,615,146		144,207,758
Total financial assets	$	53,343,010	$	91,836,652	$	8,087,062	$	92,615,146	$	245,881,870

December 31, 2022	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	17,211,175	$	0	$	0	$	0	$	17,211,175
U.S. special revenue and assessments		0		7,199,100		0		0		7,199,100
Corporate securities		0		83,902,784		0		0		83,902,784
Total fixed maturities		17,211,175		91,101,884		0		0		108,313,059
Equity securities:
Common stocks		45,999,477		6,651,800		6,720,643		89,434,766		148,806,686
Preferred stocks		0		0		1,247,000		0		1,247,000
Total equity securities		45,999,477		6,651,800		7,967,643		89,434,766		150,053,686
Total financial assets	$	63,210,652	$	97,753,684	$	7,967,643	$	89,434,766	$	258,366,745

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

Change in Recurring Fair Value Measurements

The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis and equity securities measured at net asset value, and the realized and unrealized gains (losses) related to the equity securities.

	Equity Securities at Fair Value			Equity Securities at Net Asset Value			Total
Balance at December 31, 2022	$	7,967,643		$	89,434,766		$	97,402,409
Realized gains (losses)		0			95,606			95,606
Unrealized gains (losses)		(68,706	)		(1,485,604	)		(1,554,310	)
Purchases		354,375			5,173,181			5,527,556
Sales		(166,250	)		(602,803	)		(769,053	)
Balance at September 30, 2023	$	8,087,062		$	92,615,146		$	100,702,208

Quantitative Information About Level 3 Fair Value Measurements

The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models.

Financial Assets	Fair Value at September 30, 2023		Fair Value at December 31, 2022		Valuation Technique
Equities	$	92,615,146	$	89,434,766	Net Asset Value
Equities		8,087,062		7,967,643	Pricing Model
Total	$	100,702,208	$	97,402,409

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

Investment Company	Fair Value at September 30, 2023		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	38,234,062	$	0	Quarterly		45 days
Non-Redeemable		54,381,084		6,298,697		n/a		n/a
Total	$	92,615,146	$	6,298,697

Investment Company	Fair Value at December 31, 2022		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	43,724,562	$	0	Quarterly		45 days
Non-Redeemable		45,710,204		7,779,867		n/a		n/a
Total	$	89,434,766	$	7,779,867

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Carrying		Estimated
September 30, 2023	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Preferred stock, at cost	$	15,683,343		15,683,343		0		0		15,683,343
Mortgage loans on real estate		14,785,687		14,007,952		0		0		14,007,952
Investment real estate		31,609,218		78,305,554		0		0		78,305,554
Notes receivable		13,182,860		13,320,399		0		0		13,320,399
Policy loans		6,160,290		6,160,290		0		0		6,160,290

	Carrying		Estimated
December 31, 2022	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Preferred stock, at cost	$	15,683,343		15,683,343		0		0		15,683,343
Mortgage loans on real estate		30,698,694		29,735,873		0		0		46,906,538
Investment real estate		34,934,352		92,425,241		0		0		92,425,241
Notes receivable		14,424,127		14,812,523		0		0		14,812,523
Policy loans		6,567,434		6,567,434		0		0		6,567,434
Liabilities
Notes payable		19,000,000		19,000,000		0		19,000,000		0