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Investments | 12 Months Ended
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Dec. 31, 2023
Investments |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ | ​ | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ | ​ | Cost | ​ | Gains | ​ | (Losses) | ​ | Fair Value | ​ | Cost | ​ | Gains | ​ | (Losses) | ​ | Fair Value
Investments - debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury Bills | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 40,820 | ​ | $ | — | ​ | $ | (244) | ​ | $ | 40,576
​ During 2023 and 2022, the Company did not have any realized gains or losses from the sale of available-for-sale securities. During 2023, there were no proceeds from the sale of available-for-sale securities. During 2023, maturities of available-for-sale securities were $79.0 million and purchases of available-for-sale securities were $37.4 million. During 2022, proceeds from the sale of available-for-sale securities were $53.9 million, maturities of available-for-sale securities were $92.0 million and purchases of available-for-sale securities were $97.1 million. The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Less Than 12 Months | ​ | 12 Months or Greater
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investments - debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury Bills | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 37,578 | ​ | $ | 244 | ​ | $ | — | ​ | $ | —
​ As of December 31, 2023, the Company did not have any unrealized losses. As of December 31, 2022, the Company had $0.2 million unrealized losses related to U.S. Treasury Bills. As of December 31, 2022, the Company determined the unrealized losses related to U.S. Treasury Bills were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns FCM. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of December 31, 2023, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 38.9% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of the Investment Management Agreement, with the Company, FCM agreed to supervise and direct the Company’s investment accounts in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds.

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