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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Measurements  
Fair Value Measurements

Note 4 - Fair Value Measurements

 

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

 

 

June 30, 2024

 

 

 

 Level 1 

 

 

 Level 2 

 

 

 Level 3 

 

 

 Total 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-maturity securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$40,715,110

 

 

$-

 

 

$-

 

 

$40,715,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Political subdivisions of States, Territories and Possessions

 

 

-

 

 

 

13,254,433

 

 

 

-

 

 

 

13,254,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other bonds industrial and miscellaneous

 

 

66,247,578

 

 

 

-

 

 

 

-

 

 

 

66,247,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage and other asset backed securities

 

 

-

 

 

 

40,730,146

 

 

 

-

 

 

 

40,730,146

 

Total fixed maturities 

 

 

106,962,688

 

 

 

53,984,579

 

 

 

-

 

 

 

160,947,267

 

Equity securities

 

 

11,428,238

 

 

 

-

 

 

 

-

 

 

 

11,428,238

 

Total investments, at fair value

 

$118,390,926

 

 

$53,984,579

 

 

$-

 

 

$172,375,505

 

 

 

 

December 31, 2023

 

 

 

 Level 1 

 

 

 Level 2 

 

 

 Level 3 

 

 

 Total 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-maturity securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$20,939,190

 

 

$-

 

 

$-

 

 

$20,939,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Political subdivisions of States, Territories and Possessions

 

 

-

 

 

 

13,398,552

 

 

 

-

 

 

 

13,398,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other bonds industrial and miscellaneous

 

 

70,107,746

 

 

 

-

 

 

 

-

 

 

 

70,107,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage and other asset backed securities

 

 

-

 

 

 

44,475,309

 

 

 

-

 

 

 

44,475,309

 

Total fixed maturities 

 

 

91,046,936

 

 

 

57,873,861

 

 

 

-

 

 

 

148,920,797

 

Equity securities

 

 

14,762,340

 

 

 

-

 

 

 

-

 

 

 

14,762,340

 

Total investments, at fair value

 

$105,809,276

 

 

$57,873,861

 

 

$-

 

 

$163,683,137

 

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of June 30, 2024 and December 31, 2023. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

 

Category 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

 

 

 

Other Investments

 

 

 

 

 

 

Hedge fund

 

$4,192,837

 

 

$3,897,150

 

 

The hedge fund investment is generally redeemable with at least 45 days prior written notice.  The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive income (loss) within net gains on investments.

 

The estimated fair value and the level of the fair value hierarchy of the Company’s 2022 Notes as of June 30, 2024 and December 31, 2023 not measured at fair value is as follows:

 

 

 

June 30, 2024

 

 

 

 Level 1 

 

 

 Level 2 

 

 

 Level 3 

 

 

 Total 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Notes due 2024

 

$-

 

 

$18,850,978

 

 

$-

 

 

$18,850,978

 

 

 

 

December 31, 2023

 

 

 

 Level 1 

 

 

 Level 2 

 

 

 Level 3 

 

 

 Total 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Notes due 2024

 

$-

 

 

$17,812,500

 

 

$-

 

 

$17,812,500