The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At September 30, 2020 and December 31, 2019, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:

	Cost or Amortized		Allowance for Credit			Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Loss			Gain		Loss			Value
As of September 30, 2020
U.S. Treasury and U.S. government agencies	$	11,629	$	—		$	253	$	—		$	11,882
Corporate bonds		66,898		(564	)		1,619		(128	)		67,825
State, municipalities, and political subdivisions		5,818		—			90		—			5,908
Exchange-traded debt		6,786		(32	)		342		(1	)		7,095
Redeemable preferred stock		35		—			—		(2	)		33
Total	$	91,166	$	(596	)	$	2,304	$	(131	)	$	92,743
As of December 31, 2019
U.S. Treasury and U.S. government agencies	$	26,220	$	—		$	78	$	(3	)	$	26,295
Corporate bonds		157,155		—			2,212		(3	)		159,364
State, municipalities, and political subdivisions		7,763		—			149		—			7,912
Exchange-traded debt		8,698		—			462		(15	)		9,145
Redeemable preferred stock		118		—			5		—			123
Total	$	199,954	$	—		$	2,906	$	(21	)	$	202,839

Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities as of September 30, 2020 and December 31, 2019 are as follows:

	Amortized		Estimated
	Cost		Fair Value
As of September 30, 2020
Due in one year or less	$	34,594	$	34,814
Due after one year through five years		48,555		49,329
Due after five years through ten years		3,109		3,410
Due after ten years		4,908		5,190
	$	91,166	$	92,743

	Amortized		Estimated
	Cost		Fair Value
As of December 31, 2019
Due in one year or less	$	63,135	$	63,429
Due after one year through five years		125,833		127,660
Due after five years through ten years		6,896		7,350
Due after ten years		4,090		4,400
	$	199,954	$	202,839

Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and nine months ended September 30, 2020 and 2019 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended September 30, 2020	$	1,098	$	13	$	(34	)
Three months ended September 30, 2019	$	2,240	$	27	$	(1	)
Nine months ended September 30, 2020	$	79,284	$	1,743	$	(610	)
Nine months ended September 30, 2019	$	5,225	$	61	$	(2	)

Securities with gross unrealized loss positions at September 30, 2020 and December 31, 2019, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:

	Less Than Twelve Months					Twelve Months or Longer				Total
	Gross			Estimated		Gross		Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized		Fair		Unrealized			Fair
As of September 30, 2020	Loss			Value		Loss		Value		Loss			Value
Corporate bonds	$	(128	)	$	4,759	$	—	$	—	$	(128	)	$	4,759
Exchange-traded debt		(1	)		252		—		—		(1	)		252
Redeemable preferred stock		(2	)		33		—		—		(2	)		33
Total	$	(131	)	$	5,044	$	—	$	—	$	(131	)	$	5,044

At September 30, 2020, there were 13 securities in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.

	Less Than Twelve Months					Twelve Months or Longer				Total
	Gross			Estimated		Gross		Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized		Fair		Unrealized			Fair
As of December 31, 2019	Loss			Value		Loss		Value		Loss			Value
U.S. Treasury and U.S. government agencies	$	(3	)	$	2,292	$	—	$	—	$	(3	)	$	2,292
Corporate bonds		(3	)		4,597		—		—		(3	)		4,597
Exchange-traded debt		(15	)		345		—		—		(15	)		345
Total	$	(21	)	$	7,234	$	—	$	—	$	(21	)	$	7,234

At December 31, 2019, there were eight securities in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.

The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether each individual security is impaired, including-

The table below summarized the activity in the allowance for credit losses of available-for-sale securities for the three and nine months ended on September 30, 2020:

The Company holds investments in equity securities measured at fair values which are readily determinable. At September 30, 2020 and December 31, 2019, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows:

The table below presents the portion of unrealized gains and losses in the Company’s consolidated statement of income for the periods related to equity securities still held.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2020		2019			2020			2019
Net gains (losses) recognized	$	1,521	$	586		$	(2,363	)	$	6,616
Exclude: Net realized gains (losses) recognized for securities sold		181		(56	)		(1,782	)		(645	)
Net unrealized gains (losses) recognized	$	1,340	$	642		$	(581	)	$	7,261

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three and nine months ended September 30, 2020 and 2019 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended September 30, 2020	$	4,930	$	244	$	(63	)
Three months ended September 30, 2019	$	1,504	$	43	$	(99	)
Nine months ended September 30, 2020	$	17,385	$	1,213	$	(2,995	)
Nine months ended September 30, 2019	$	34,345	$	2,230	$	(2,875	)

The Company has interests in limited partnerships that are not registered or readily tradeable on a securities exchange. These partnerships are private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships:

	September 30, 2020						December 31, 2019
	Carrying		Unfunded				Carrying		Unfunded
Investment Strategy	Value		Balance		(%)(a)		Value		Balance		(%)(a)
Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e)	$	8,879	$	2,085		15.37	$	9,659	$	2,085		15.37
Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e)		5,633		—		1.76		5,985		—		1.76
High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(f)(g)		6,640		1,401		0.18		9,188		1,391		0.18
Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(h)(i)		4,355		406		0.47		1,602		3,106		0.47
Value-oriented investments in mature real estate private equity funds and portfolio globally. (b)(j)		1,990		8,286		2.24		1,912		8,548		2.24
Total	$	27,497	$	12,178			$	28,346	$	15,130

The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Operating results:
Total income	$	259,635		$	(100,043	)	$	(1,421,381	)	$	147,858
Total expenses		(26,637	)		(27,212	)		(107,157	)		(108,385	)
Net (loss) income	$	232,998		$	(127,255	)	$	(1,528,538	)	$	39,473

For the three and nine months ended September 30, 2020, the Company recognized net investment income of $689 and net investment loss of $2,058, respectively, for these investments. During the three and nine months ended September 30, 2020, the Company received total cash distributions of $850 and $1,742, respectively, including returns on investment of $72 and $650, respectively.

For the three and nine months ended September 30, 2019, the Company recognized net investment income of $476 and $1,308, respectively. During the three and nine months ended September 30, 2019, the Company received total cash distributions of $724 and $4,810, respectively. Cash distributions representing return on investment were $31 and $3,647 for the three and nine months ended September 30, 2019, respectively. At September 30, 2020 and December 31, 2019, the Company’s net cumulative contributed capital to the partnerships at each respective balance sheet date totaled $28,976 and $27,117, respectively, and the Company’s maximum exposure to loss aggregated $27,497 and $28,346, respectively.

Melbourne FMA, LLC, a wholly owned subsidiary, currently has an equity investment in FMKT Mel JV, a Florida limited liability company treated as a joint venture under U.S. GAAP. At September 30, 2020 and December 31, 2019, the Company’s maximum exposure to loss relating to the variable interest entity was $716 and $762, respectively, representing the carrying value of the investment. There were no cash distributions during the nine months ended September 30, 2020 and 2019. At September 30, 2020 and December 31, 2019, there was no undistributed income from this equity method investment. The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Operating results:
Total revenues and gain	$	—		$	—		$	—		$	2
Total expenses		(19	)		(18	)		(51	)		(80	)
Net loss	$	(19	)	$	(18	)	$	(51	)	$	(78	)
The Company’s share of net loss*	$	(18	)	$	(17	)	$	(46	)	$	(71	)

	September 30,		December 31,
	2020		2019
Balance Sheet:
Property and equipment, net	$	714	$	741
Cash		90		102
Other		4		4
Total assets	$	808	$	847

Other liabilities	$	12	$	—
Members’ capital		796		847
Total liabilities and members’ capital	$	808	$	847
Investment in unconsolidated joint venture, at equity**	$	716	$	762

On April 9, 2020, Greenleaf Capital, LLC decided to offer for sale its investment property in Riverview, Florida. The proceeds from the sale are expected to exceed the property’s carrying value of $4,519 and, accordingly, no impairment loss was recognized on the classification of this property as held for sale.

Real estate investments consist of the following as of September 30, 2020 and December 31, 2019.

	September 30,			December 31,
	2020			2019
Land	$	36,239		$	39,511
Land improvements		11,422			11,907
Buildings		23,006			24,086
Tenant and leasehold improvements		1,263			1,487
Other		6,442			3,489
Total, at cost		78,372			80,480
Less: accumulated depreciation and amortization		(7,806	)		(6,717	)
Real estate investments	$	70,566		$	73,763

In July 2020, a portion of undeveloped land with a carrying value of $443 was acquired by the Florida Department of Transportation (“FDOT”) as part of the agreement described in Note 9 – “Property and Equipment, Net.”

Depreciation and amortization expense related to real estate investments was $431 and $379 for the three months ended September 30, 2020 and 2019, respectively, and $1,318 and $1,133 for the nine months ended September 30, 2020 and 2019, respectively. During the second quarter of 2020, the Company classified the investment property as described earlier to assets held for sale.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Available-for-sale fixed-maturity securities	$	771		$	1,637		$	3,529		$	4,794
Equity securities		336			305			970			979
Investment expense		(125	)		(114	)		(367	)		(349	)
Limited partnership investments		689			476			(2,058	)		1,308
Real estate investments		(34	)		(28	)		(299	)		173
Loss from unconsolidated joint venture		(18	)		(17	)		(46	)		(71	)
Cash and cash equivalents		212			1,354			1,513			3,908
Short-term investments		1			8			2			383
Net investment income	$	1,832		$	3,621		$	3,244		$	11,125