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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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:

September 30, 2022	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	$	20,114,285	$	0	$	0	$	0	$	20,114,285
U.S. special revenue and assessments		0		7,144,370		0		0		7,144,370
Corporate securities		0		82,719,310		0		0		82,719,310
Total fixed maturities		20,114,285		89,863,680		0		0		109,977,965
Equity securities:
Common stocks		45,276,351		16,494,094		6,349,498		71,763,152		139,883,095
Preferred stocks		0		0		1,247,000		0		1,247,000
Total equity securities		45,276,351		16,494,094		7,596,498		71,763,152		141,130,095
Total financial assets	$	65,390,636	$	106,357,774	$	7,596,498	$	71,763,152	$	251,108,060

Liabilities
Trading securities	$	0	$	0	$	0	$	0	$	0

December 31, 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	$	25,650,903		$	0	$	0	$	0	$	25,650,903
U.S. special revenue and assessments		0			8,523,535		0		0		8,523,535
Corporate securities		0			106,789,443		0		0		106,789,443
Total fixed maturities		25,650,903			115,312,978		0		0		140,963,881
Equity securities:
Common stocks		40,784,660			16,711,180		5,861,486		57,603,597		120,960,923
Preferred stocks		0			21,198		1,247,000		0		1,268,198
Total equity securities		40,784,660			16,732,378		7,108,486		57,603,597		122,229,121
Total financial assets	$	66,435,563		$	132,045,356	$	7,108,486	$	57,603,597	$	263,193,002

Liabilities
Trading securities	$	(1,116	)	$	0	$	0	$	0	$	(1,116	)

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 equity securities measured at net asset value, and the realized and unrealized gains (losses) related to the equity securities.

	Equity Securities at Fair Value			Equity Securities at Net Asset Value			Total
Balance at December 31, 2021	$	7,108,486		$	57,603,597		$	64,712,083
Realized gains (losses)		198,125			327,863			525,988
Unrealized gains (losses)		138,928			8,669,059			8,807,987
Purchases		352,084			7,682,338			8,034,422
Sales		(201,125	)		(2,519,705	)		(2,720,830	)
Balance at September 30, 2022	$	7,596,498		$	71,763,152		$	79,359,650

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 September 30, 2022		Fair Value at December 31, 2021		Valuation Technique
Equities	$	71,763,152	$	57,603,597	Net Asset Value
Equities		7,596,498		7,108,486	Pricing Model
Total	$	79,359,650	$	64,712,083

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

Investment Company	Fair Value at September 30, 2022		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	36,582,059	$	0	Quarterly		45 days
Non-Redeemable		35,181,093		9,335,341		n/a		n/a
Total	$	71,763,152	$	9,335,341

Investment Company	Fair Value at December 31, 2021		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Common Stocks
Growth Equity
Redeemable	$	28,546,227	$	0	Quarterly		45 days
Non-Redeemable		29,057,370		5,288,967		n/a		n/a
Total	$	57,603,597	$	5,288,967

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, 2022	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Common stock, at cost	$	5,168,198		5,168,198		0		0		5,168,198
Preferred stock, at cost		8,515,145		8,515,145		0		0		8,515,145
Mortgage loans on real estate and Notes receivable		49,113,958		48,164,823		0		0		48,164,823
Investment real estate		35,948,558		91,587,781		0		0		91,587,781
Policy loans		7,215,150		7,215,150		0		0		7,215,150
Liabilities
Notes payable		8,000,000		8,000,000		0		8,000,000		0

	Carrying		Estimated
December 31, 2021	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
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 and Notes receivable		46,906,538		46,906,538		0		0		46,906,538
Investment real estate		39,748,261		96,463,112		0		0		96,463,112
Policy loans		7,390,497		7,390,497		0		0		7,390,497
Liabilities
Notes payable		24,000,000		24,000,000		0		24,000,000		0