| Fair Value of Financial Instruments and Real Estate |
Fair Value of Financial Instruments and Real Estate The estimated fair values of the Company’s financial instruments and real estate, including their fair value level as of June 30, 2025 and December 31, 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | | | | | | | Fixed-maturity securities, held-to maturity, Level 1 | $ | 7,045,231 | | | $ | 5,967,140 | | | $ | 7,047,342 | | | $ | 5,959,265 | | | Fixed-maturity securities, available-for-sale, Level 1 | $ | 110,501,780 | | | $ | 110,501,780 | | | $ | 106,792,378 | | | $ | 106,792,378 | | | Fixed-maturity securities, available-for-sale, Level 2 | $ | 107,177,570 | | | $ | 107,177,570 | | | $ | 80,101,060 | | | $ | 80,101,060 | | | Cash and cash equivalents, Level 1 | $ | 33,714,432 | | | $ | 33,714,432 | | | $ | 28,669,441 | | | $ | 28,669,441 | | | Premiums receivable, net, Level 1 | $ | 17,277,970 | | | $ | 17,277,970 | | | $ | 21,766,988 | | | $ | 21,766,988 | | | Reinsurance receivables, net, Level 3 | $ | 55,439,043 | | | $ | 55,439,043 | | | $ | 69,322,436 | | | $ | 69,322,436 | | | Real estate, net of accumulated depreciation, Level 3 (1) | $ | 460,031 | | | $ | 940,000 | | | $ | 1,913,390 | | | $ | 3,540,000 | | | Reinsurance balances payable, Level 3 | $ | 5,440,516 | | | $ | 5,440,516 | | | $ | 10,509,121 | | | $ | 10,509,121 | | Debt - 13.75% Senior Notes due 2026, Level 2 | $ | - | | | $ | - | | | $ | 5,508,000 | | | $ | 5,553,785 | |
(1) As of December 31, 2024, real estate consisted of a complex which included an office building, a house and vacant land located in Kingston, New York. In March 2025, the office building and house were sold, leaving the vacant land as the only remaining real estate as of June 30, 2025. See Note 14 - Sale of Real Estate.
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