Investments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Amortized Cost, Allowance for Credit Loss, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities

The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At March 31, 2022 and December 31, 2021, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:

	Cost or Amortized		Allowance for Credit		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Loss		Gain		Loss			Value
As of March 31, 2022
U.S. Treasury and U.S. government agencies	$	130,261	$	—	$	4	$	(3,048	)	$	127,217
Corporate bonds		20,947		—		161		(247	)		20,861
States, municipalities, and political subdivisions		1,760		—		16		—			1,776
Exchange-traded debt		701		—		24		(1	)		724
Redeemable preferred stock		107		—		—		(1	)		106
Total	$	153,776	$	—	$	205	$	(3,297	)	$	150,684
As of December 31, 2021
U.S. Treasury and U.S. government agencies	$	17,046	$	—	$	64	$	(86	)	$	17,024
Corporate bonds		21,913		—		632		(53	)		22,492
States, municipalities, and political subdivisions		1,759		—		49		—			1,808
Exchange-traded debt		767		—		44		—			811
Redeemable preferred stock		468		—		—		(20	)		448
Total	$	41,953	$	—	$	789	$	(159	)	$	42,583

Scheduled Contractual Maturities of Fixed-Maturity Securities

The scheduled contractual maturities of fixed-maturity securities as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022				December 31, 2021
	Cost or		Estimated		Cost or		Estimated
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale
Due in one year or less	$	10,232	$	10,259	$	10,734	$	10,826
Due after one year through five years		139,407		136,546		19,222		19,820
Due after five years through ten years		3,643		3,365		11,503		11,403
Due after ten years		494		514		494		534
	$	153,776	$	150,684	$	41,953	$	42,583

Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities

Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the three months ended March 31, 2022 and 2021 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended March 31, 2022	$	9,058	$	2	$	(431	)
Three months ended March 31, 2021	$	36	$	1	$	—

Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category

Securities with gross unrealized loss positions at March 31, 2022 and December 31, 2021, 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 Longer					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of March 31, 2022	Loss			Value		Loss			Value		Loss			Value
U.S. Treasury and U.S. government    agencies	$	(2,964	)	$	123,394	$	(84	)	$	2,062	$	(3,048	)	$	125,456
Corporate bonds		(247	)		6,945		—			—		(247	)		6,945
Exchange-traded debt		(1	)		25		—			—		(1	)		25
Redeemable preferred stock		(1	)		106		—			—		(1	)		106
Total available-for-sale securities	$	(3,213	)	$	130,470	$	(84	)	$	2,062	$	(3,297	)	$	132,532

	Less Than Twelve Months					Twelve Months or Longer					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of December 31, 2021	Loss			Value		Loss			Value		Loss			Value
U.S. Treasury and U.S. government    agencies	$	(73	)	$	9,809	$	(13	)	$	616	$	(86	)	$	10,425
Corporate bonds		(53	)		4,452		—			—		(53	)		4,452
Redeemable preferred stock		(20	)		442		—			—		(20	)		442
Total available-for-sale securities	$	(146	)	$	14,703	$	(13	)	$	616	$	(159	)	$	15,319

Summary of Allowance for Credit Losses of Available-for-Sale Securities

The table below summarizes the activity in the allowance for credit losses of available-for-sale securities for the three months ended March 31, 2022 and 2021:

	2022		2021
Balance at January 1	$	—	$	588
Reductions for securities sold		—		(9	)
Balance at March 31	$	—	$	579

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Equity Securities

The Company holds investments in equity securities measured at fair values which are readily determinable. At March 31, 2022 and December 31, 2021, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows:

			Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gain		Loss			Value
March 31, 2022	$	39,316	$	3,561	$	(1,673	)	$	41,204
December 31, 2021	$	46,276	$	6,335	$	(871	)	$	51,740

Summary of Unrealized Gains and Losses for Equity Securities

The table below presents the portion of unrealized gains and losses in the Company’s consolidated statements of income for the periods related to equity securities still held.

	Three Months Ended
	March 31,
	2022			2021
Net (losses) gains recognized	$	(3,542	)	$	467
Exclude: Net realized gains recognized for     securities sold		34			736
Net unrealized losses recognized	$	(3,576	)	$	(269	)

Summary of Proceeds Received, Gross Realized Gains and Losses from Sales of Equity Securities

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three months ended March 31, 2022 and 2021 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended March 31, 2022	$	18,369	$	1,420	$	(1,386	)
Three months ended March 31, 2021	$	34,378	$	1,142	$	(406	)

Schedule of Company's Investments in Limited Partnerships

The following table provides information related to the Company’s investments in limited partnerships:

	March 31, 2022						December 31, 2021
	Carrying		Unfunded				Carrying		Unfunded
Investment Strategy	Value		Balance		(%) (a)		Value		Balance		(%) (a)
Primarily in senior secured loans and, to a    limited extent, in other debt and equity    securities of private U.S. lower-middle-market    companies. (b)(c)(e)	$	5,335	$	—		15.37	$	6,076	$	2,085		15.37
Value creation through active distressed debt    investing primarily in bank loans, public and    private corporate bonds, asset-backed    securities, and equity securities received in    connection with debt restructuring. (b)(d)(e)		3,410		—		1.67		3,423		—		1.69
High returns and long-term capital appreciation    through investments in the power, utility and    energy industries, and in the infrastructure    sector. (b)(f)(g)		6,704		—		0.18		6,270		1,401		0.18
Value-oriented investments in less liquid and    mispriced senior and junior debts of private    equity-backed companies. (b)(h)(i)		4,030		—		0.57		4,437		—		0.57
Value-oriented investments in mature real    estate private equity funds and portfolios    globally. (b)(j)		6,719		4,548		1.34		5,977		4,537		1.36
Risk-adjusted returns on credit and equity    investments, primarily in private equity-owned    companies. (b)(k)		1,968		3,202		0.47		1,950		3,050		0.47
Total	$	28,166	$	7,750			$	28,133	$	11,073

(a)Represents the Company’s percentage investment in the fund at each balance sheet date.

(b)Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated.

(c)Expected to have a ten-year term. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings.

(d)The term has been extended for a one-year additional period to June 30, 2022. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances.

(e)At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods.

(f)Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment.

(g)With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods.

(h)Expected to have a six-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

(i)The capital commitment period has ended but an additional funding may be requested.

(j)Expected to have an eight-year term from November 27, 2019.

(k)Expected to have an eight-year term after the final admission date.

Summary of Unaudited Financial Information and Unaudited Financial Position

The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions:

	Three Months Ended
	March 31,
	2022			2021
Operating results:
Total revenues	$	—		$	—
Total expenses		(14	)		(28	)
Net loss	$	(14	)	$	(28	)
The Company’s share of net loss*	$	(13	)	$	(25	)

* Included in net investment income in the Company’s consolidated statements of income.

	March 31,		December 31,
	2022		2021
Balance sheet:
Property and equipment, net	$	353	$	357
Cash		21		29
Other		18		18
Total assets	$	392	$	404
Other liabilities	$	2	$	—
Members’ capital		390		404
Total liabilities and members’ capital	$	392	$	404
Investment in unconsolidated joint venture, at equity**	$	350	$	363

** Includes the 90% share of FMKT Mel JV’s operating results.

Summary of Real Estate Investment

Real estate investments consist of the following as of March 31, 2022 and December 31, 2021:

	March 31,			December 31,
	2022			2021
Land	$	39,720		$	39,720
Land improvements		11,917			11,917
Buildings and building improvements		29,410			29,405
Tenant and leasehold improvements		1,532			1,511
Other		1,236			1,265
Total, at cost		83,815			83,818
Less: accumulated depreciation and amortization		(10,428	)		(9,922	)
Real estate investments	$	73,387		$	73,896

Investment (Loss) Income Summarized

Net investment income (loss), by source, is summarized as follows:

	Three Months Ended
	March 31,
	2022			2021
Available-for-sale fixed-maturity securities	$	448		$	441
Equity securities		287			352
Investment expense		(134	)		(126	)
Limited partnership investments		1,780			787
Real estate investments		347			2,997
Loss from unconsolidated joint venture		(13	)		(25	)
Cash and cash equivalents		153			168
Net investment income	$	2,868		$	4,594

Limited Partnership [Member]

Summary of Unaudited Financial Information and Unaudited Financial Position

The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually.

	Three Months Ended
	March 31,
	2022			2021
Operating results:
Total income	$	336,828		$	(10,948	)
Total expenses		(49,317	)		(55,512	)
Net income (loss)	$	287,511		$	(66,460	)

	March 31,		December 31,
	2022		2021
Balance sheet:
Total assets	$	5,988,314	$	5,855,616
Total liabilities	$	603,967	$	564,732