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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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:

June 30, 2025	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	22,107,678	$	0	$	0	$	22,107,678
U.S. special revenue and assessments		0		7,403,525		0		7,403,525
Corporate securities		0		43,612,661		0		43,612,661
Total fixed maturities		22,107,678		51,016,186		0		73,123,864
Equity securities:
Common stocks		68,294,274		6,018,696		3,253,225		77,566,195
Limited liability companies		0		0		84,389,066		84,389,066
Total equity securities		68,294,274		6,018,696		87,642,291		161,955,261
Short-term investments		989,525		0		0		989,525
Total financial assets	$	91,391,477	$	57,034,882	$	87,642,291	$	236,068,650

December 31, 2024	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	20,882,294	$	0	$	0	$	20,882,294
U.S. special revenue and assessments		0		7,234,191		0		7,234,191
Corporate securities		0		48,363,601		0		48,363,601
Total fixed maturities		20,882,294		55,597,792		0		76,480,086
Equity securities:
Common stocks		59,125,859		5,519,600		3,064,983		67,710,442
Limited liability companies		0		0		82,654,596		82,654,596
Total equity securities		59,125,859		5,519,600		85,719,579		150,365,038
Short-term investments		1,954,687		0		0		1,954,687
Total financial assets	$	81,962,840	$	61,117,392	$	85,719,579	$	228,799,811

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 the realized and related to the Level 3 equity securities.

				Investments in
	Investments in Common Stocks			Limited Liability Companies			Total
Balance at December 31, 2024		$	3,064,983		$	82,654,596		$	85,719,579
Unrealized gains			188,242			1,734,470			1,922,712
Balance at June 30, 2025		$	3,253,225		$	84,389,066		$	87,642,291

				Investments in
		Investments in Common Stocks		Limited Liability Companies		Total
Balance at December 31, 2023	$	2,807,634	$	57,604,806	$	60,412,440
Unrealized gains		257,349		21,923,259		22,180,608
Purchases		-		3,741,594		3,741,594
Sales		-		(615,063)		(615,063)
Balance at December 31, 2024	$	3,064,983	$	82,654,596	$	85,719,579

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 includes 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 June 30, 2025		Fair Value at December 31, 2024		Valuation Technique
Common stocks	$	3,253,225	$	3,064,983	Pricing Model
Limited liability companies		84,389,066		82,654,596	Pricing Model
Total	$	87,642,291	$	85,719,579

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

Investment Category	Fair Value at June 30, 2025		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Redeemable
Limited partnership	$	51,295,312	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		4,755,415		3,637,482		n/a		n/a
Limited partnerships		40,779,610		1,401,449		n/a		n/a
Total	$	96,830,337	$	5,038,931

Investment Category	Fair Value at December 31, 2024		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Redeemable
Limited partnership	$	52,518,353	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		4,802,917		2,100,000		n/a		n/a
Limited partnerships		26,819,919		2,025,771		n/a		n/a
Total	$	84,141,189	$	4,125,771

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
June 30, 2025	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Held to maturity redeemable preferred stock	$	2,500,000		2,500,000		0		0		2,500,000
Equity securities, at cost		20,741,412		20,741,412		0		0		20,741,412
Mortgage loans on real estate		15,277,962		14,650,321		0		0		14,650,321
Notes receivable		13,586,824		13,642,753		0		0		13,642,753
Policy loans		5,551,422		5,551,422		0		0		5,551,422
Accrued investment income		1,139,997		1,139,997		0		0		1,139,997

Liabilities
Policy claims and benefits payable		3,547,025		3,547,025		0		0		3,547,025
Dividend and endowment accumulations		14,595,585		14,595,585		0		0		14,595,585

	Carrying		Estimated
December 31, 2024	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Held to maturity redeemable preferred stock	$	2,500,000		2,500,000		0		0		2,500,000
Equity securities, at cost		21,203,393		21,203,393		0		0		21,203,393
Mortgage loans on real estate		16,277,981		15,532,707		0		0		15,532,707
Notes receivable		12,672,175		12,750,201		0		0		12,750,201
Policy loans		5,692,565		5,692,565		0		0		5,692,565
Accrued investment income		1,264,416		1,264,416		0		0		1,264,416

Liabilities
Policy claims and benefits payable		3,847,214		3,847,214		0		0		3,847,214
Dividend and endowment accumulations		14,628,119		14,628,119		0		0		14,628,119

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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