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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021	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	$	23,957,086		$	0	$	0	$	0	$	23,957,086
U.S. special revenue and assessments		0			12,560,115		0		0		12,560,115
Corporate securities		0			109,732,864		0		0		109,732,864
Total fixed maturities		23,957,086			122,292,979		0		0		146,250,065
Equity securities:
Common stocks		46,025,180			15,350,400		3,970,854		55,027,440		120,373,874
Preferred stocks		0			31,026		750,000		0		781,026
Total equity securities		46,025,180			15,381,426		4,720,854		55,027,440		121,154,900
Total financial assets	$	69,982,266		$	137,674,405	$	4,720,854	$	55,027,440	$	267,404,965

Liabilities
Trading securities	$	(675	)	$	0	$	0	$	0	$	(675	)

December 31, 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	$	37,472,534		$	0	$	0	$	0	$	37,472,534
U.S. special revenue and assessments		0			12,939,144		0		0		12,939,144
Corporate securities		0			115,368,319		0		0		115,368,319
Total fixed maturities		37,472,534			128,307,463		0		0		165,779,997
Equity securities:
Common stocks		28,477,005			15,922,869		3,161,120		30,496,625		78,057,619
Preferred stocks		0			17,568		0		0		17,568
Total equity securities		28,477,005			15,940,437		3,161,120		30,496,625		78,075,187
Total financial assets	$	65,949,539		$	144,247,900	$	3,161,120	$	30,496,625	$	243,855,184

Liabilities
Trading securities	$	(12,219	)	$	0	$	0	$	0	$	(12,219	)

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.

	Equity Securities at Fair Value			Equity Securities at Net Asset Value		Total
Balance at December 31, 2020	$	3,161,120		$	30,496,625	$	33,657,745
Realized gains (losses)		756,307			0		756,307
Unrealized gains (losses)		(243,123	)		7,543,329		7,300,206
Purchases		1,802,857			16,987,486		18,790,343
Sales		(756,307	)		0		(756,307	)
Balance at June 30, 2021	$	4,720,854		$	55,027,440	$	59,748,294

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 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.

Financial Assets	Fair Value at June 30, 2021		Fair Value at December 31, 2020		Valuation Technique
Equities	$	55,027,440	$	30,496,625	Net Asset Value
Equities		4,720,854		3,161,120	Pricing Model
Total	$	59,748,294	$	33,657,745

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

Investment Company	Fair Value at June 30, 2021		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	29,081,716	$	-	Quarterly		45 days
Non-Redeemable		25,945,724		6,378,944		n/a		n/a
Total	$	55,027,440	$	6,378,944

Investment Company	Fair Value at December 31, 2020		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	21,713,727	$	-	Quarterly		45 days
Non-Redeemable		8,782,898		6,856,072		n/a		n/a
Total	$	30,496,625	$	6,856,072

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, 2021	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		8,683,343		8,683,343		0		0		8,683,343
Mortgage loans on real estate		13,985,960		13,985,960		0		0		13,985,960
Investment real estate		35,298,846		80,069,238		0		0		80,069,238
Notes receivable		23,100,967		23,111,132		0		0		23,111,132
Policy loans		8,483,130		8,483,130		0		0		8,483,130

	Carrying		Estimated
December 31, 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		8,529,189		8,529,189		0		0		8,529,189
Mortgage loans on real estate		20,802,365		20,802,365		0		0		20,802,365
Investment real estate		38,086,391		82,689,332		0		0		82,689,332
Notes receivable		17,682,296		17,709,894		0		0		17,709,894
Policy loans		8,590,524		8,590,524		0		0		8,590,524