Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2020		Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	46,208,490	$	0	$	0	$	0	$	46,208,490
U.S. special revenue and assessments		0		15,844,680		0		0		15,844,680
Corporate securities		0		114,667,777		0		0		114,667,777
Total fixed maturities		46,208,490		130,512,457		0		0		176,720,947
Equity securities:
Common stocks		22,790,516		16,908,050		3,051,875		22,814,521		65,564,962
Preferred stocks		0		23,066		0		0		23,066
Total equity securities		22,790,516		16,931,116		3,051,875		22,814,521		65,588,028
Total financial assets	$	68,999,006	$	147,443,573	$	3,051,875	$	22,814,521	$	242,308,975

Liabilities
Trading Securities	$	(4,003)	$	0	$	0	$	0	$	(4,003)

December 31, 2019		Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	36,128,743	$	0	$	0	$	0	$	36,128,743
U.S. special revenue and assessments		0		15,203,363		0		0		15,203,363
Corporate securities		0		120,297,267		0		0		120,297,267
Total fixed maturities		36,128,743		135,500,630		0		0		171,629,373
Equity securities:
Common stocks		29,888,281		14,258,750		10,274,810		24,239,952		78,661,793
Total equity securities		29,888,281		14,258,750		10,274,810		24,239,952		78,661,793
Total financial assets	$	66,017,024	$	149,759,380	$	10,274,810	$	24,239,952	$	250,291,166

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

Change in Level 3 Recurring Fair Value Measurements

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities.

		Fixed Maturities, Available for Sale		Equity Securities at Fair Value		Equity Securities at Net Asset Value		Total
Balance at December 31, 2019	$	0	$	10,274,810	$	24,239,952	$	34,514,762
Realized gains (losses)		0		6,284,302		0		6,284,302
Unrealized gains (losses)		0		(3,850,560)		(2,809,324)		(6,659,884)
Purchases		0		1,797,500		1,415,757		3,213,257
Sales		0		(11,454,177)		(31,864)		(11,486,041)
Balance at September 30, 2020	$	0	$	3,051,875	$	22,814,521	$	25,866,396

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2020 and December 31, 2019 may include changes in fair value that were attributable to both observable and unobservable inputs.

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 include only those instrument 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.

Financial Assets		Fair Value at September 30, 2020		Fair Value at December 31, 2019	Valuation Technique
Common stocks	$	22,814,521	$	24,239,952	Net Asset Value
Common stocks		3,051,875		10,274,810	Pricing Model
Total	$	25,866,396	$	34,514,762

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

Investment Company		Fair Value at September 30, 2020		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	18,482,622	$	0	Quarterly	45 days
Non-Reedemable		4,331,899		2,295,675	n/a	n/a
Total	$	22,814,521	$	2,295,675

Investment Company		Fair Value at September 30, 2019		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	21,270,734	$	0	Quarterly	45 days
Non-Reedemable		2,969,218		163,750	n/a	n/a
Total	$	24,239,952	$	163,750

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
September 30, 2020		Amount	Fair Value	Level 1	Level 2	Level 3
Common stock, at cost	$	5,860,000	5,860,000	0	0	5,860,000
Preferred stock, at cost		8,557,247	8,557,247	0	0	8,557,247
Mortgage loans on real estate		20,392,053	20,614,085	0	0	20,614,085
Investment real estate		36,421,627	81,351,608	0	0	81,351,608
Notes receivable		19,298,398	22,380,946	0	0	22,380,946
Policy loans		8,727,991	8,727,991	0	0	8,727,991

		Carrying	Estimated
December 31, 2019		Amount	Fair Value	Level 1	Level 2	Level 3
Common stock, at cost	$	7,875,145	7,875,145	0	0	7,875,145
Preferred stock, at cost		3,044,102	3,044,102	0	0	3,044,102
Mortgage loans on real estate		8,223,286	7,531,094	0	0	7,531,094
Investment real estate		44,344,236	88,483,424	0	0	88,483,424
Notes receivable		19,487,458	19,332,472	0	0	19,332,472
Policy loans		8,803,876	8,803,876	0	0	8,803,876