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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments

The Company’s investments as of December 31, 2024 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
December 31, 2024:                         
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $74,680,606   $327,618   $(486,976)  $-   $74,521,248 
                          
Obligations of states and political subdivisions   6,416,751    1,762    (290,448)   -    6,128,065 
                          
Corporate securities including public utilities   262,954,278    2,444,842    (6,922,871)   (408,944)   258,067,305 
                          
Mortgage-backed securities   31,710,436    125,764    (4,244,640)   (12,049)   27,579,511 
                          
Redeemable preferred stock   250,000    -    -    -    250,000 
                          
Total fixed maturity securities available for sale  $376,012,071   $2,899,986   $(11,944,935)  $(420,993)  $366,546,129 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $11,386,454   $4,976,567   $(591,340)       $15,771,681 
                          
Total equity securities at estimated fair value  $11,386,454   $4,976,567   $(591,340)       $15,771,681 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $92,061,787                     
Residential construction   151,172,733                     
Commercial   62,753,085                     
Less: Unamortized deferred loan fees, net   (2,082,241)                    
Less: Allowance for credit losses   (1,885,390)                    
Less: Net discounts   (272,616)                    
                          
Total mortgage loans held for investment  $301,747,358                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $71,618,410                     
Commercial   126,074,928                     
                          
Total real estate held for investment  $197,693,338                     
                          
Real estate held for sale:                         
Residential  $1,126,480                     
Commercial   151,553                     
                          
Total real estate held for sale  $1,278,033                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $14,019,248                     
Insurance assignments   48,493,858                     
Federal Home Loan Bank stock (2)   2,404,900                     
Other investments   11,473,961                     
Less: Allowance for credit losses for insurance assignments   (1,536,926)                    
                          
Total policy loans and other investments  $74,855,041                     
                          
Accrued investment income  $8,499,168                     
                          
Total investments  $966,390,748                     

 

(1)Gross unrealized losses are net of allowance for credit losses
(2)Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

 

2) Investments (Continued)

 

The Company’s investments as of December 31, 2023 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
December 31, 2023:                         
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $111,450,753   $344,425   $(1,416,448)  $-   $110,378,730 
                          
Obligations of states and political subdivisions   6,524,083    500    (319,260)   -    6,205,323 
                          
Corporate securities including public utilities   232,299,727    3,688,642    (7,145,507)   (308,500)   228,534,362 
                          
Mortgage-backed securities   40,359,878    506,647    (4,702,905)   (6,049)   36,157,571 
                          
Redeemable preferred stock   250,000    10,000    -    -    260,000 
                          
Total fixed maturity securities available for sale  $390,884,441   $4,550,214   $(13,584,120)  $(314,549)  $381,535,986 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $10,571,505   $3,504,141   $(439,575)       $13,636,071 
                          
Total equity securities at estimated fair value  $10,571,505   $3,504,141   $(439,575)       $13,636,071 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $103,153,587                     
Residential construction   104,052,748                     
Commercial   74,176,538                     
Less: Unamortized deferred loan fees, net   (1,623,226)                    
Less: Allowance for credit losses   (3,818,653)                    
Less: Net discounts   (324,157)                    
                          
Total mortgage loans held for investment  $275,616,837                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $40,924,865                     
Commercial   142,494,427                     
                          
Total real estate held for investment  $183,419,292                     
                          
Real estate held for sale:                         
Residential  $-                     
Commercial   3,028,973                     
                          
Total real estate held for sale  $3,028,973                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $13,264,183                     
Insurance assignments   45,605,322                     
Federal Home Loan Bank stock (2)   2,279,800                     
Other investments   9,809,148                     
Less: Allowance for credit losses for insurance assignments   (1,553,836)                    
                          
Total policy loans and other investments  $69,404,617                     
                          
Accrued investment income  $10,170,790                     
                          
Total investments  $936,812,566                     

 

(1)Gross unrealized losses are net of allowance for credit losses
(2)Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.
Schedule of Fair Value of Fixed Maturity Securities

 

   Unrealized Losses for Less than Twelve Months   Fair Value   Unrealized Losses for More than Twelve Months   Fair Value   Total Unrealized Loss   Fair Value 
At December 31, 2024                              
U.S. Treasury securities and obligations of U.S. Government agencies  $8,737   $986,365   $478,239   $22,110,495   $486,976   $23,096,860 
Obligations of states and political subdivisions   15,003    2,167,918    275,445    3,008,385    290,448    5,176,303 
Corporate securities including public utilities   1,888,022    93,562,219    5,034,849    77,975,776    6,922,871    171,537,995 
Mortgage-backed securities   32,150    2,915,192    4,212,490    19,041,442    4,244,640    21,956,634 
Totals  $1,943,912   $99,631,694   $10,001,023   $122,136,098   $11,944,935   $221,767,792 
                               
At December 31, 2023                              
U.S. Treasury securities and obligations of U.S. Government agencies  $29,394   $9,436,090   $1,387,054   $70,885,403   $1,416,448   $80,321,493 
Obligations of states and political subdivisions   11,105    470,325    308,155    5,284,498    319,260    5,754,823 
Corporate securities including public utilities   529,660    32,507,773    6,615,847    107,556,216    7,145,507    140,063,989 
Mortgage-backed securities   29,799    2,260,445    4,673,106    22,184,174    4,702,905    24,444,619 
Totals  $599,958   $44,674,633   $12,984,162   $205,910,291   $13,584,120   $250,584,924 
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

 

   December 31, 2024   December 31, 2023 
NAIC Designation  Amortized
Cost		   Estimated Fair
 Value		   Amortized
Cost		   Estimated Fair
Value		 
1  $188,386,980   $183,460,027   $221,933,425   $216,975,288 
2   178,060,265    174,405,442    161,062,016    157,346,803 
3   7,961,422    7,342,220    6,418,829    5,953,542 
4   649,592    600,459    982,290    948,478 
5   702,643    487,981    236,648    51,875 
6   1,169    -    1,233    - 
Total  $375,762,071   $366,296,129   $390,634,441   $381,275,986 
Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:

 

                     
   Year Ended December 31, 2024 
   U.S. Treasury securities and obligations of U.S. Government agencies   Obligations of states and political subdivisions   Corporate securities including public utilities   Mortgage-backed securities   Total 
                     
Beginning balance - December 31, 2023  $     -   $    -   $308,500   $6,049   $314,549 
                          
Additions for credit losses not previously recorded   -    -    55,000    -    55,000 
Change in allowance on securities with previous allowance   -    -    60,000    6,000    66,000 
Reductions for securities sold during the period   -    -    -    -    - 
Reductions for securities with credit losses due to intent to sell   -    -    -    -    - 
Write-offs charged against the allowance   -    -    -    -    - 
Recoveries of amounts previously written off   -    -    (14,556)   -    (14,556)
                          
Ending Balance - December 31, 2024  $-   $-   $408,944   $12,049   $420,993 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

 

2) Investments (Continued)

 

                     
   Year Ended December 31, 2023 
   U.S. Treasury securities and obligations of U.S. Government agencies   Obligations of states and political subdivisions   Corporate securities including public utilities   Mortgage-backed securities   Total 
                     
Beginning balance - December 31, 2022  $     -   $        -   $-   $-   $- 
                          
Additions for credit losses not previously recorded   -    -    261,500    6,049    267,549 
Change in allowance on securities with previous allowance   -    -    57,764    -    57,764 
Reductions for securities sold during the period   -    -    (10,764)   -    (10,764)
Reductions for securities with credit losses due to intent to sell   -    -    -    -    - 
Write-offs charged against the allowance   -    -    -    -    - 
Recoveries of amounts previously written off   -    -    -    -    - 
                          
Ending Balance - December 31, 2023  $-   $-   $308,500   $6,049   $314,549 
Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at December 31, 2024, by contractual maturity. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

   Amortized   Estimated Fair 
   Cost   Value 
Due in 1 year  $44,055,016   $43,765,347 
Due in 2-5 years   126,512,253    125,295,048 
Due in 5-10 years   107,397,297    106,707,517 
Due in more than 10 years   66,087,069    62,948,706 
Mortgage-backed securities   31,710,436    27,579,511 
Redeemable preferred stock   250,000    250,000 
Total  $376,012,071   $366,546,129 
Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

 

   2024   2023 
   Years Ended December 31, 
   2024   2023 
Proceeds from sales  $2,629,493   $2,557,074 
Gross realized gains   233    11,508 
Gross realized losses   (1,407)   (57,861)
 

Major categories of net investment income were as follows:

 

   2024   2023 
   Years Ended December 31 
   2024   2023 
Fixed maturity securities available for sale  $17,332,753   $16,871,558 
Equity securities   698,484    616,989 
Mortgage loans held for investment   29,952,242    33,242,094 
Real estate held for investment and sale   11,369,546    14,786,017 
Policy loans   953,489    816,711 
Insurance assignments   19,971,108    18,118,391 
Other investments   806,032    617,420 
Cash and cash equivalents   6,676,563    4,250,029 
Gross investment income   87,760,217    89,319,209 
Investment expenses   (16,034,968)   (16,976,162)
Net investment income  $71,725,249   $72,343,047 
 
Schedule of Assets on Deposit With Life Insurance

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

 

   2024   2023 
   Years Ended December 31, 
   2024   2023 
Fixed maturity securities available for sale at estimated fair value  $6,126,589   $6,206,650 
Other investments   400,000    400,000 
Cash and cash equivalents   1,444,654    1,909,215 
Total assets on deposit  $7,971,243   $8,515,865 

 

Assets held in trust related to third-party reinsurance agreements were as follows:

 

   Years Ended December 31, 
   2024   2023 
Fixed maturity securities available for sale at estimated fair value  $25,309,270   $27,903,952 
Cash and cash equivalents   4,417,683    2,101,052 
Total assets on deposit  $29,726,953   $30,005,004 

 

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). Assets pledged as collateral with the FHLB are presented below. These pledged securities are used as collateral for any FHLB cash advances. See Note 7 of the Notes to the Consolidated Financial Statements for more information about the FHLB.

 

   Years Ended December 31, 
   2024   2023 
Fixed maturity securities available for sale at estimated fair value  $63,800,454   $93,903,089 
Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows:

  

   Net Book Value   Total Square Footage 
   December 31,   December 31, 
   2024   2023   2024   2023 
Utah (1)  $126,056,342   $142,475,177    546,941    625,920 
Louisiana   18,586    19,250    1,622    1,622 
                     
   $126,074,928   $142,494,427    548,563    627,542 

 

 

(1)Includes Center53
The Company’s commercial real estate held for sale is summarized as follows:

 

   Net Book Value   Total Square Footage 
   December 31,   December 31, 
   2024   2023   2024   2023 
Mississippi (1)  $151,553   $3,028,973    -    19,694 
                     
   $151,553   $3,028,973    -    19,694 

 

 

(1)Consists of approximately 93 acres of undeveloped land for $151,553 for 2024 and 2023. The remaining property for $2,877,420 was sold in February 2024 for a gain of approximately $250,000.
 
Schedule of Annual Undiscounted Cash Flows of Operating Lease Payments

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease payments expected to be received.

 

      
2025  $10,947,238 
2026   9,938,966 
2027   8,833,459 
2028   8,700,328 
2029   8,085,786 
Thereafter   38,741,022 
Total  $85,246,799 
Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows:

 

   Net Book Value 
   December 31, 
   2024   2023 
Utah (1)  $71,618,410   $40,924,865 
   $71,618,410   $40,924,865 

 

 

(1)Includes multiple residential subdivision development projects, refer to the following table.

 

The following table presents additional information regarding the Company’s residential subdivision development in Utah.

 

   December 31, 
   2024   2023 
Lots available for sale   231    42 
Lots to be developed   1,046    1,145 
Ending Balance  $71,443,356   $40,739,201 

 

The Company’s residential real estate held for sale is summarized as follows:

 

   Net Book Value 
   December 31, 
   2024   2023 
Florida  $276,580   $- 
Utah   849,900    - 
   $1,126,480   $- 
Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the commercial real estate owned by the Company. As of December 31, 2024, real estate owned and occupied by the Company is summarized as follows:

 

Location  Business Segment 

Approximate

Square Footage

   Square Footage Occupied by the Company 
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)  Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales   221,000    50%
1818 Marshall Street, Shreveport, LA (2)  Life Insurance Operations   12,274    100%
812 Sheppard Street, Minden, LA (2) (3)  Life Insurance Sales   1,560    100%

 

 

(1)Included in real estate held for investment on the consolidated balance sheets
(2)Included in property and equipment on the consolidated balance sheets
(3)Listed for sale
Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

 

   Commercial   Residential   Residential Construction   Total 
December 31, 2024                    
Allowance for credit losses:                    
Beginning balance - January 1, 2023  $1,219,653   $2,390,894   $208,106   $3,818,653 
Adoption of ASU 2016-13 (1)   555,807    (192,607)   301,830    665,030 
Change in provision for credit losses (2)   (487,159)   (444,859)   94,240    (837,778)
Charge-offs   -    (1,095,485)   -    (1,095,485)
Ending balance - December 31, 2024  $732,494   $850,550   $302,346   $1,885,390 
                     
December 31, 2023                    
Allowance for credit losses:                    
Beginning balance - January 1, 2023  $187,129   $1,739,980   $43,202   $1,970,311 
Adoption of ASU 2016-13 (1)   555,807    (192,607)   301,830    665,030 
Change in provision for credit losses (2)   476,717    843,521    (136,926)   1,183,312 
Charge-offs   -    -    -    - 
Ending balance - December 31, 2023  $1,219,653   $2,390,894   $208,106   $3,818,653 

 

 

(1)See Note 1 of the notes to the consolidated financial statements
(2)Included in other expenses on the consolidated statements of earnings
Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type.

 

   Commercial   Residential   Residential
 Construction		   Total 
December 31, 2024                    
30-59 days past due  $2,100,000   $5,818,334   $-   $7,918,334 
60-89 days past due   -    845,980    -    845,980 
Over 90 days past due (1)   4,205,000    3,061,450    -    7,266,450 
In process of foreclosure (1)   191,508    3,942,392    -    4,133,900 
Total past due   6,496,508    13,668,156    -    20,164,664 
Current   56,256,577    78,393,631    151,172,733    285,822,941 
Total mortgage loans   62,753,085    92,061,787    151,172,733    305,987,605 
Allowance for credit losses   (732,494)   (850,550)   (302,346)   (1,885,390)
Unamortized deferred loan fees, net   (115,555)   (1,307,539)   (659,147)   (2,082,241)
Unamortized discounts, net   (149,268)   (123,348)   -    (272,616)
Net mortgage loans held for investment  $61,755,768   $89,780,350   $150,211,240   $301,747,358 
                     
December 31, 2023                    
30-59 days past due  $-   $3,387,673   $-   $3,387,673 
60-89 days past due   -    3,472,760    -    3,472,760 
Over 90 days past due (1)   405,000    3,480,931    -    3,885,931 
In process of foreclosure (1)   1,241,508    1,021,790    -    2,263,298 
Total past due   1,646,508    11,363,154    -    13,009,662 
Current   72,530,030    91,790,433    104,052,748    268,373,211 
Total mortgage loans   74,176,538    103,153,587    104,052,748    281,382,873 
Allowance for credit losses   (1,219,653)   (2,390,894)   (208,106)   (3,818,653)
Unamortized deferred loan fees, net   (172,989)   (1,135,491)   (314,746)   (1,623,226)
Unamortized discounts, net   (216,705)   (107,452)   -    (324,157)
Net mortgage loans held for investment  $72,567,191   $99,519,750   $103,529,896   $275,616,837 

 

 

(1)Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.
Schedule of Commercial Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:

 

Credit Quality Indicator  2024   2023   2022   2021   2020   Prior   Total   % of Total 
LTV:                                        
Less than 65%  $7,653,600   $24,600,000   $2,352,150   $864,128   $-   $8,867,779   $44,337,657    70.65%
65% to 80%   10,432,942    1,840,776    823,397    -    4,913,313    -    18,010,428    28.70%
Greater than 80%   -    -    -    405,000    -    -    405,000    0.65%
                                         
Total  $18,086,542   $26,440,776   $3,175,547   $1,269,128   $4,913,313   $8,867,779   $62,753,085    100.00%
                                         
DSCR                                        
>1.20x  $16,300,000   $20,990,000   $1,000,000   $-   $4,913,313   $5,414,274   $48,617,587    77.47%
1.00x - 1.20x   432,942    5,450,776    2,175,547    1,269,128    -    3,453,505    12,781,898    20.37%
<1.00x   1,353,600    -    -    -    -    -    1,353,600    2.16%
                                         
Total  $18,086,542   $26,440,776   $3,175,547   $1,269,128   $4,913,313   $8,867,779   $62,753,085    100.00%

 

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

 

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:

 

Credit Quality Indicator  2024   2023   2022   2021   2020   Prior   Total   % of Total 
Performance Indicators:                                        
Performing  $14,861,098   $10,030,848   $42,634,670   $3,076,901   $5,513,462   $8,940,966   $85,057,945    92.39%
Non-performing (1)   -    3,442,992    1,451,039    291,359    311,116    1,507,336    7,003,842    7.61%
                                         
Total  $14,861,098   $13,473,840   $44,085,709   $3,368,260   $5,824,578   $10,448,302   $92,061,787    100.00%

 

 

(1)Includes residential mortgage loans in the process of foreclosure of $3,942,392

 

LTV:                                        
Less than 65%  $6,241,730   $4,931,376   $5,488,954   $1,790,036   $2,440,002   $5,273,672   $26,165,770    28.42%
65% to 80%   7,802,984    7,662,200    37,509,634    1,578,224    2,701,008    5,107,289    62,361,339    67.74%
Greater than 80%   816,384    880,264    1,087,121    -    683,568    67,341    3,534,678    3.84%
                                         
Total  $14,861,098   $13,473,840   $44,085,709   $3,368,260   $5,824,578   $10,448,302   $92,061,787    100.00%
Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:

 

Credit Quality Indicator  2024   2023   2022   2021   Total   % of Total 
Performance Indicators:                              
Performing  $118,863,944   $21,375,552   $972,468   $9,960,769   $151,172,733    100.00%
Non-performing   -    -    -    -    -    0.00%
                               
Total  $118,863,944   $21,375,552   $972,468   $9,960,769   $151,172,733    100.00%
                               
LTV:                              
Less than 65%  $48,065,177   $21,375,552   $518,590   $9,960,769   $79,920,088    52.87%
65% to 80%   70,798,767    -    453,878    -    71,252,645    47.13%
Greater than 80%        -    -    -    -    0.00%
                               
Total  $118,863,944   $21,375,552   $972,468   $9,960,769   $151,172,733    100.00%
Schedule of Mortgage loans Held for Investment

 

       Principal   Principal   Principal 
       Amounts   Amounts   Amounts 
       Due in   Due in   Due 
   Total   1 Year   2-5 Years   Thereafter 
Residential  $92,061,787   $1,433,574   $5,749,140   $84,879,073 
Residential Construction   151,172,733    108,067,038    43,105,695    - 
Commercial   62,753,085    30,839,972    26,023,731    5,889,382 
Total  $305,987,605   $140,340,584   $74,878,566   $90,768,455 
Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the consolidated balance sheets:

 

   Years Ended December 31, 
   2024   2023 
30-59 days past due  $8,785,184   $10,829,629 
60-89 days past due   4,046,731    3,709,754 
Over 90 days past due   5,320,216    4,329,468 
Total past due   18,152,131    18,868,851 
Current   30,341,727    26,736,471 
Total insurance assignments   48,493,858    45,605,322 
Allowance for credit losses   (1,536,926)   (1,553,836)
Net insurance assignments  $46,956,932   $44,051,486 
Schedule of Allowance for Credit Losses

The following table presents a roll forward of the allowance for credit losses for insurance assignments:

 

   Allowance 
Beginning balance - January 1, 2024  $1,553,836 
Change in provision for credit losses (1)   1,033,277 
Charge-offs   (1,050,187)
Ending balance - December 31, 2024  $1,536,926 
      
Beginning balance - January 1, 2023  $1,609,951 
Change in provision for credit losses (1)   891,959 
Charge-offs   (948,074)
Ending balance - December 31, 2023  $1,553,836 

 

 

(1)Included in other expenses on the consolidated statements of earnings
Schedule of Gain (Loss) on Investments

The following table presents the net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities from investments and other assets.

 

   2024   2023 
   Years Ended December 31 
   2024   2023 
Fixed maturity securities available for sale:          
Gross realized gains  $12,906   $67,686 
Gross realized losses   (63,024)   (106,760)
Net credit loss (provision) release   (106,444)   (325,314)
           
Equity securities:          
Gains (losses) on securities sold   (42,680)   254,917 
Unrealized gains (losses) on securities held at the end of the period   2,290,252    1,782,219 
           
Mortgage loans held for investment:          
Gross realized gains   -    - 
Gross realized losses   (1,161,363)   - 
           
Real estate held for investment and sale:          
Gross realized gains   739,107    197,194 
Gross realized losses   -    (71,792)
           
Other assets, including call and put option derivatives:          
Gross realized gains   293,657    214,349 
Gross realized losses   (20,513)   (175,157)
Total  $1,941,898   $1,837,342 
Schedule of Accrued Investment Income

Accrued investment income consists of the following:

 

   2024   2023 
   Years Ended December 31, 
   2024   2023 
Fixed maturity securities available for sale  $3,795,581   $3,984,695 
Equity securities   11,049    20,451 
Mortgage loans held for investment   1,049,489    2,661,092 
Real estate held for investment   3,559,463    3,486,115 
           
Cash and cash equivalents   83,586    18,437 
Total accrued investment income  $8,499,168   $10,170,790