The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At December 31, 2022 and 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		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Credit Loss		Gain		Loss			Value
As of December 31, 2022
U.S. Treasury and U.S. government agencies	$	463,648	$	—	$	59	$	(9,105	)	$	454,602
Corporate bonds		28,378		—		20		(1,205	)		27,193
State, municipalities, and political subdivisions		1,389		—		—		(6	)		1,383
Exchange-traded debt		683		—		2		(52	)		633
Redeemable preferred stock		99		—		—		(9	)		90
Total	$	494,197	$	—	$	81	$	(10,377	)	$	483,901
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
State, 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

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at December 31, 2022 and 2021 are as follows:


	December 31,
	2022				2021
	Cost or		Estimated		Cost or		Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Available-for-sale
Due in one year or less	$	266,170	$	265,353	$	10,734	$	10,826
Due after one year through five years		223,153		214,307		19,222		19,820
Due after five years through ten years		4,380		3,797		11,503		11,403
Due after ten years		494		444		494		534
	$	494,197	$	483,901	$	41,953	$	42,583

Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the years ended December 31, 2022, 2021 and 2020 were as follows:


			Gross		Gross
			Realized		Realized
	Proceeds		Gains		Losses
Year ended December 31, 2022	$	11,716	$	13	$	(442	)
Year ended December 31, 2021	$	23,055	$	722	$	(35	)
Year ended December 31, 2020	$	81,433	$	1,773	$	(610	)

Securities with gross unrealized loss positions at December 31, 2022 and 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
As of December 31, 2022	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	(8,701	)	$	269,116	$	(404	)	$	4,644	$	(9,105	)	$	273,760
Corporate bonds		(909	)		23,028		(296	)		2,541		(1,205	)		25,569
States, municipalities, and political subdivisions		(6	)		1,383		—			—		(6	)		1,383
Exchange-traded debt		(52	)		463		—			—		(52	)		463
Redeemable preferred stock		(9	)		90		—			—		(9	)		90
Total available-for-sale securities	$	(9,677	)	$	294,080	$	(700	)	$	7,185	$	(10,377	)	$	301,265


	Less Than Twelve Months					Twelve Months or Longer					Total
As of December 31, 2021	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair 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

At December 31, 2022 and 2021, there were 84 and 23 securities, respectively, in an unrealized loss position.

The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including-

For the years ended December 31, 2022 and 2021, the Company recognized $0 credit loss expense related to fixed-maturity securities in the consolidated statements of income compared with $611 of credit loss expense on two fixed-maturity securities for the year ended December 31, 2020.

The Company holds investments in equity securities measured at fair values which are readily determinable. At December 31, 2022 and 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
December 31, 2022	$	36,272	$	2,078	$	(3,767	)	$	34,583
December 31, 2021	$	46,276	$	6,335	$	(871	)	$	51,740

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the years ended December 31, 2022, 2021 and 2020 were as follows:


			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Year ended December 31, 2022	$	31,605	$	2,224	$	(3,220	)
Year ended December 31, 2021	$	112,310	$	6,280	$	(2,157	)
Year ended December 31, 2020	$	47,312	$	2,868	$	(3,112	)

The Company has interests in limited partnerships that are not registered or readily tradeable on a securities exchange. These partnerships are private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships:


	December 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)	$	4,146	$	—		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)		2,528		—		1.66		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)		5,319		—		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)		3,470		—		0.56		4,437		—		0.57
Value-oriented investments in mature real estate private equity funds and portfolios globally. (b)(j)		7,457		3,125		1.32		5,977		4,537		1.36
Risk-adjusted returns on credit and equity investments, primarily in private equity-owned companies. (b)(k)		2,782		2,536		0.98		1,950		3,050		0.47
Total	$	25,702	$	5,661			$	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)

The term is expected to be the later of ten years or two years following the maturity of the fund’s outstanding leverage. 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 second additional one-year period to June 30, 2023. 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 an eight-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)

The term is expected to end November 27, 2027. The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee.

(k)

Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

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.


	Years Ended December 31,
	2022			2021			2020
Operating results:
Total income	$	1,252,264		$	705,610		$	(1,432,907	)
Total expenses		(139,174	)		(131,463	)		(133,281	)
Net income (loss)	$	1,113,090		$	574,147		$	(1,566,188	)


	December 31,
	2022		2021
Balance sheet:
Total assets	$	5,119,695	$	5,855,616
Total liabilities	$	430,354	$	564,732

For the years ended December 31, 2022 and 2021, the Company recognized net investment income of $3,963 and $4,947, respectively, compared with net investment loss of $1,595 for the year ended December 31, 2020, for these investments. At December 31, 2022 and 2021, the Company’s net cumulative contributed capital to the partnerships existing at each respective balance sheet date totaled $24,978 and $28,371, respectively, and the Company’s maximum exposure to loss aggregated $25,702 and $28,133, respectively.

During the year ended December 31, 2022, the Company received in cash returns on investment of $3,001 and returns of capital of $5,360 compared with returns on investment of $3,604 and returns of capital of $4,657 during the year ended December 31, 2021. During the year ended December 31, 2020, the Company received total cash distributions of $3,301, representing $1,215 of returns on investment and $2,086 of returned capital.

Melbourne FMA, LLC, a wholly owned subsidiary, had an equity investment in FMKT Mel JV, a Florida limited liability company treated as a joint venture under U.S. GAAP. At December 31, 2022 and 2021, the Company’s maximum exposure to loss relating to this variable interest entity was $18 and $363, respectively, representing the carrying value of the investment. At December 31, 2022, 2021 and 2020, there was no undistributed income from this equity method investment.

In June 2022, FMKT Mel JV sold its last remaining outparcel and recognized a gain on sale of $572 before distributing its earnings in July 2022 and being liquidated in December 2022. For the year ended December 31, 2022, the Company received a cash distribution of $840, representing a combined distribution of $489 in earnings and $351 in capital. For the year ended December 31, 2021, the Company received a cash distribution of $737, representing a combined distribution of $114 in earnings and $623 in capital. For the year ended December 31, 2020, the Company did not receive any cash distributions. See Note 28 -- “Subsequent Events” for

information on the final distribution. The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions:


	Years Ended December 31,
	2022			2021			2020
Operating results:
Total revenues	$	572		$	540		$	—
Total expenses		(22	)		(77	)		(64	)
Net income (loss)	$	550		$	463		$	(64	)
The Company’s share of net income (loss)*	$	495		$	417		$	(57	)

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


	December 31,
	2022		2021
Balance sheet:
Property and equipment, net	$	—	$	357
Cash		—		29
Other		—		18
Total assets	$	—	$	404

Members’ capital	$	—	$	404
Total members’ capital	$	—	$	404
Investment in unconsolidated joint venture, at equity**	$	18	$	363

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

Real estate investments include land, buildings with office and retail space for lease, outparcels, and marinas. Real estate investments consist of the following as of December 31, 2022 and 2021:


	December 31,
	2022			2021
Land	$	38,327		$	39,720
Land improvements		12,138			11,917
Buildings and building improvements		29,410			29,405
Tenant and leasehold improvements		1,742			1,511
Other		1,649			1,265
Total, at cost		83,266			83,818
Less: accumulated depreciation and amortization		(11,878	)		(9,922	)
Real estate investments	$	71,388		$	73,896

In May 2022, the Company sold one outparcel in Sorrento, Florida for net proceeds of $667. On July 1, 2022, the Company closed on its agreement to sell 1.5 acres of land in Tampa, Florida for net proceeds of $14,500 to the Florida Department of Transportation (“FDOT”) in connection with an eminent domain proceeding for a planned road improvement project. See additional information under f) Net Investment Income below. Depreciation and amortization expense related to real estate investments was $1,956, $1,922 and $1,864, respectively, for the years ended December 31, 2022, 2021 and 2020 and was included in net investment income on the consolidated statements of income.

f) Net Investment Income

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


	Years Ended December 31,
	2022			2021			2020
Available-for-sale fixed-maturity securities	$	6,367		$	1,375		$	4,252
Equity securities		1,204			1,411			1,388
Investment expense		(491	)		(542	)		(497	)
Limited partnership investments		3,963			4,947			(1,595	)
Real estate investments		16,126			4,086			(620	)
Net income (loss) from unconsolidated joint venture		495			417			(57	)
Cash and cash equivalents		4,783			641			1,691
Short-term investments		—			—			2
Net investment income	$	32,447		$	12,335		$	4,564

In May 2022, income from real estate investments included a net gain of $376 resulting from the sale of the outparcel described in e) Real Estate Investments and $451 of income from selling the liquor license previously owned by the Company’s restaurant business which was discontinued in 2020. In July 2022, income from real estate investments included a net realized gain of $13,402 resulting from the sale of 1.5 acres of land in Tampa, Florida for net proceeds of $14,500 to the FDOT. During the year ended December 31, 2021, income from real estate investments included a net gain of $2,790 resulting from a legal settlement with The Kroger Co. in a lawsuit filed by a real estate subsidiary of the Company to enforce a guaranty of a commercial lease.

From time to time, the Company may invest in financial assets other than stocks, mutual funds, and bonds. For the years ended December 31, 2022, 2021 and 2020, net realized gains related to other investments were $238, $1,662 and $81, respectively.