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Investments | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments [Abstract] |
Investments | Note 3. Investments The following table summarizes investment income and realized gains and losses on investments during the periods presented.
| Three Months Ended March 31,
| 2024 |  | 2023
Investment income, net of investment expenses | $ | 3,664 |  |  | $ | 825 |
Realized gains on investments | 14 |  |  | 4 |
Realized losses on investments | (34) |  |  | (71) |
Investment income and realized gains, net of investment expenses | $ | 3,644 |  |  | $ | 758 |
The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.
| March 31, 2024
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 36,212 |  |  | $ | 21 |  |  | $ | (414) |  |  | $ | 35,819 |
Obligations of states, municipalities and political subdivisions | 19,481 |  |  | 52 |  |  | (988) |  |  | 18,545 |
Corporate bonds | 54,417 |  |  | 209 |  |  | (2,213) |  |  | 52,413 |
Residential and commercial mortgage-backed securities | 25,217 |  |  | 54 |  |  | (1,098) |  |  | 24,173 |
Other loan-backed and structured securities | 3,428 |  |  | 12 |  |  | (274) |  |  | 3,166 |
Total investment securities | $ | 138,755 |  |  | $ | 348 |  |  | $ | (4,987) |  |  | $ | 134,116 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 43,931 |  |  | $ | 95 |  |  | $ | (330) |  |  | $ | 43,696 |
Obligations of states, municipalities and political subdivisions | 18,281 |  |  | 100 |  |  | (961) |  |  | 17,420 |
Corporate bonds | 51,678 |  |  | 430 |  |  | (2,067) |  |  | 50,041 |
Residential and commercial mortgage-backed securities | 25,452 |  |  | 153 |  |  | (1,004) |  |  | 24,601 |
Other loan-backed and structured securities | 3,694 |  |  | 13 |  |  | (289) |  |  | 3,418 |
Total investment securities | $ | 143,036 |  |  | $ | 791 |  |  | $ | (4,651) |  |  | $ | 139,176 |
The amortized cost and fair value of securities at March 31, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | March 31, 2024
Remaining Time to Maturity |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 30,358 |  |  | $ | 30,229 |
Due after one year through five years |  | 44,282 |  |  | 43,258 |
Due after five years through ten years |  | 25,697 |  |  | 23,964 |
Due after ten years |  | 9,773 |  |  | 9,326 |
Residential and commercial mortgage-backed securities |  | 25,217 |  |  | 24,173 |
Other loan-backed and structured securities |  | 3,428 |  |  | 3,166 |
Total |  | $ | 138,755 |  |  | $ | 134,116 |
Investments as of March 31, 2024, include $37.5 million of investments held by our captive reinsurance businesses as collateral for the benefit of HOA. Of this amount, $3.3 million is classified as short-term investments, and $34.3 million is classified as long-term investments. Securities with gross unrealized loss position, 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 Greater |  | Total
As of March 31, 2024 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (358) |  |  | $ | 33,077 |  |  | $ | (56) |  |  | $ | 526 |  |  | $ | (414) |  |  | $ | 33,603 |
Obligations of states, municipalities and political subdivisions |  | (839) |  |  | 10,400 |  |  | (149) |  |  | 1,607 |  |  | (988) |  |  | 12,007 |
Corporate bonds |  | (1,859) |  |  | 27,414 |  |  | (354) |  |  | 4,590 |  |  | (2,213) |  |  | 32,004 |
Residential and commercial mortgage-backed securities |  | (692) |  |  | 13,523 |  |  | (406) |  |  | 2,964 |  |  | (1,098) |  |  | 16,487 |
Other loan-backed and structured securities |  | (267) |  |  | 2,565 |  |  | (7) |  |  | 51 |  |  | (274) |  |  | 2,616 |
Total securities |  | $ | (4,015) |  |  | $ | 86,979 |  |  | $ | (972) |  |  | $ | 9,738 |  |  | $ | (4,987) |  |  | $ | 96,717 |
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of December 31, 2023 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (280) |  |  | $ | 12,345 |  |  | $ | (50) |  |  | $ | 515 |  |  | $ | (330) |  |  | $ | 12,860 |
Obligations of states, municipalities and political subdivisions |  | (813) |  |  | 8,445 |  |  | (148) |  |  | 1,639 |  |  | (961) |  |  | 10,084 |
Corporate bonds |  | (1,698) |  |  | 21,104 |  |  | (369) |  |  | 4,677 |  |  | (2,067) |  |  | 25,781 |
Residential and commercial mortgage-backed securities |  | (621) |  |  | 8,673 |  |  | (383) |  |  | 3,072 |  |  | (1,004) |  |  | 11,745 |
Other loan-backed and structured securities |  | (281) |  |  | 2,790 |  |  | (8) |  |  | 52 |  |  | (289) |  |  | 2,842 |
Total securities |  | $ | (3,693) |  |  | $ | 53,357 |  |  | $ | (958) |  |  | $ | 9,955 |  |  | $ | (4,651) |  |  | $ | 63,312 |
At March 31, 2024, and December 31, 2023, there were 475 and 410 securities, respectively, in an unrealized loss position. Of these securities, 81 had been in an unrealized loss position for 12 months or longer as of March 31, 2024. We believe there were no fundamental issues such as credit losses or other factors with respect to any of our available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused primarily by interest rate changes. We expect that the securities will not be settled at a price less than par value of the investments. Because the declines in fair value are attributable to changes in interest rates or market conditions and not credit quality, and because we have the ability and intent to hold our available-for-sale investments until a market price recovery or maturity, we do not consider any of our investments to have any decline in fair value due to expected credit losses at March 31, 2024.

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