Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


June 30, 2026		Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	22,681,372	$	0	$	0	$	22,681,372
U.S. special revenue and assessments		0		7,372,006		0		7,372,006
Corporate securities		0		42,016,105		0		42,016,105
Total fixed maturities		22,681,372		49,388,111		0		72,069,483
Equity securities:
Common stocks		84,112,459		6,300,640		3,661,683		94,074,782
Limited liability companies		0		0		81,109,375		81,109,375
Total equity securities		84,112,459		6,300,640		84,771,058		175,184,157
Short-term investments		4,949,271		0		0		4,949,271
Total financial assets	$	111,743,102	$	55,688,751	$	84,771,058	$	252,202,911


December 31, 2025		Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	22,750,726	$	0	$	0	$	22,750,726
U.S. special revenue and assessments		0		7,453,922		0		7,453,922
Corporate securities		0		42,954,941		0		42,954,941
Total fixed maturities		22,750,726		50,408,863		0		73,159,589
Equity securities:
Common stocks		75,400,093		5,571,600		3,368,748		84,340,441
Limited liability companies		0		0		85,810,435		85,810,435
Total equity securities		75,400,093		5,571,600		89,179,183		170,150,876
Short-term investments		9,808,824		0		0		9,808,824
Total financial assets	$	107,959,643	$	55,980,463	$	89,179,183	$	253,119,289

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

Change in Recurring Fair Value Measurements

The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis, and the realized and unrealized gains related to the Level 3 equity securities.

				Investments in
		Investments in		Limited Liability
		Common Stocks		Companies			Total
Balance at December 31, 2024	$	3,064,983	$	82,654,596		$	85,719,579
Unrealized gains		303,765		4,146,711			4,450,476
Sales		0		(990,872	)		(990,872	)
Balance at December 31, 2025		3,368,748		85,810,435			89,179,183
Unrealized gains (losses)		292,935		(4,231,875	)		(3,938,940	)
Sales		0		(469,185	)		(469,185	)
Balance at June 30, 2026	$	3,661,683	$	81,109,375		$	84,771,058

Quantitative Information About Level 3 Fair Value Measurements

The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments and includes only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models.


		Fair Value at		Fair Value at
Financial Assets		June 30, 2026		December 31, 2025	Valuation Technique
Limited liability companies	$	81,109,375	$	85,810,435	Pricing Model
Common stocks		3,661,683		3,368,748	Pricing Model
Total	$	84,771,058	$	89,179,183

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

Fair Value at

Unfunded

Redemption Notice

Investment Category

June 30, 2026

Commitments

Redemption Frequency

Period

Redeemable

Limited partnership

65,813,066

Quarterly

45 days

Non-redeemable

Limited liability companies

7,445,262

2,270,042

n/a

Limited partnerships

42,610,436

5,749,096

n/a

Total

115,868,764

8,019,138

Fair Value at

Unfunded

Redemption Notice

Investment Category

December 31, 2025

Commitments

Redemption Frequency

Period

Redeemable

Limited partnership

48,740,340

Quarterly

45 days

Non-redeemable

Limited liability companies

6,883,913

2,740,042

n/a

Limited partnerships

39,929,101

1,069,085

n/a

Total

95,553,354

3,809,127

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

		Carrying		Estimated
June 30, 2026		Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Equity securities, at cost	$	13,332,382	$	13,332,382	$	0	$	0	$	13,332,382
Mortgage loans on real estate		27,154,164		27,255,168		0		0		27,255,168
Notes receivable		4,340,721		4,272,318		0		0		4,272,318
Policy loans		5,257,448		5,257,448		0		0		5,257,448
Accrued investment income		1,350,400		1,350,400		0		0		1,350,400

Liabilities
Policy claims and benefits payable		4,009,620		4,009,620		0		0		4,009,620
Dividend and endowment accumulations		14,419,078		14,419,078		0		0		14,419,078

		Carrying		Estimated
December 31, 2025		Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Equity securities, at cost	$	20,510,250	$	20,510,250	$	0	$	0	$	20,510,250
Mortgage loans on real estate		14,402,304		13,637,402		0		0		13,637,402
Notes receivable		8,708,417		8,675,239		0		0		8,675,239
Policy loans		5,361,164		5,361,164		0		0		5,361,164
Accrued investment income		1,129,139		1,129,139		0		0		1,129,139

Liabilities
Policy claims and benefits payable		3,456,000		3,456,000		0		0		3,456,000
Dividend and endowment accumulations		14,568,544		14,568,544		0		0		14,568,544

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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