Investments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments [Abstract] |
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| Investment in Fixed Maturity Securities |
Investments in fixed maturity securities are summarized by type as follows:
| | | | | | | | | | | | | | | | | | | | | Original or Amortized | | | | Gross Unrealized | | | | Gross Unrealized | | | | | | | March 31, 2026 | | | Cost | | | | Gains | | | | Losses | | | | Fair Value | | | U.S. Government and govt. agencies and authorities | | $ | 22,843,918 | | | $ | 23,851 | | | $ | (159,801 | ) | | $ | 22,707,968 | | | U.S. special revenue and assessments | | | 7,514,694 | | | | 0 | | | | (99,155 | ) | | | 7,415,539 | | | All other corporate bonds | | | 43,972,364 | | | | 89,444 | | | | (2,011,050 | ) | | | 42,050,758 | | | Total fixed maturities, at fair value | | $ | 74,330,976 | | | $ | 113,295 | | | $ | (2,270,006 | ) | | $ | 72,174,265 | |
| | | | | | | | | | | | | | | | | | | | | Original or Amortized | | | | Gross Unrealized | | | | Gross Unrealized | | | | | | | December 31, 2025 | | | Cost | | | | Gains | | | | Losses | | | | Fair Value | | | U.S. Government and govt. agencies and authorities | | $ | 22,839,422 | | | $ | 60,190 | | | $ | (148,886 | ) | | $ | 22,750,726 | | | U.S. special revenue and assessments | | | 7,516,321 | | | | 0 | | | | (62,399 | ) | | | 7,453,922 | | | All other corporate bonds | | | 44,545,247 | | | | 148,195 | | | | (1,738,501 | ) | | | 42,954,941 | | | Total fixed maturities, at fair value | | $ | 74,900,990 | | | $ | 208,385 | | | $ | (1,949,786 | ) | | $ | 73,159,589 | |
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| Fixed Maturity Securities by Contractual Maturity |
The amortized cost and estimated market value of fixed maturity securities at March 31, 2026, by contractual maturity, is shown below | | | | | | | | | | March 31, 2026 | | | Amortized Cost | | | | Fair Value | | | Due in one year or less | | $ | 26,613,198 | | | $ | 26,514,612 | | | Due after one year through five years | | | 25,184,612 | | | | 25,021,098 | | | Due after five years through ten years | | | 7,960,994 | | | | 7,498,425 | | | Due after ten years | | | 14,572,172 | | | | 13,140,130 | | | Total | | $ | 74,330,976 | | | $ | 72,174,265 | |
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| Estimated Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Unrealized Loss Position |
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position:
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Less than 12 months | | 12 months or longer | | Total | | | | | Fair value | | | | Unrealized losses | | | | Fair value | | | | Unrealized losses | | | | Fair value | | | | Unrealized losses | | | U.S. Government and govt. agencies and authorities | | $ | 5,667,112 | | | $ | (36,513 | ) | | $ | 6,987,201 | | | $ | (123,288 | ) | | $ | 12,654,313 | | | $ | (159,801 | ) | | U.S. special revenue and assessments | | | 0 | | | | 0 | | | | 7,415,539 | | | | (99,155 | ) | | | 7,415,539 | | | | (99,155 | ) | | All other corporate bonds | | | 2,059,175 | | | | (13,172 | ) | | | 33,390,720 | | | | (1,997,878 | ) | | | 35,449,895 | | | | (2,011,050 | ) | | Total fixed maturities | | $ | 7,726,287 | | | $ | (49,685 | ) | | $ | 47,793,460 | | | $ | (2,220,321 | ) | | $ | 55,519,747 | | | $ | (2,270,006 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | 12 months or longer | | Total | | | | | Fair value | | | | Unrealized losses | | | | Fair value | | | | Unrealized losses | | | | Fair value | | | | Unrealized losses | | | U.S. Government and govt. agencies and authorities | | $ | 996,280 | | | $ | (2,040 | ) | | $ | 8,663,797 | | | $ | (146,846 | ) | | $ | 9,660,077 | | | $ | (148,886 | ) | | U.S. special revenue and assessments | | | 0 | | | | 0 | | | | 7,453,922 | | | | (62,399 | ) | | | 7,453,922 | | | | (62,399 | ) | | All other corporate bonds | | | 0 | | | | 0 | | | | 34,265,250 | | | | (1,738,501 | ) | | | 34,265,250 | | | | (1,738,501 | ) | | Total fixed maturities | | $ | 996,280 | | | $ | (2,040 | ) | | $ | 50,382,969 | | | $ | (1,947,746 | ) | | $ | 51,379,249 | | | $ | (1,949,786 | ) |
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| Securities in Continuous Unrealized Loss Position |
Additional information regarding investments in an unrealized loss position is as follows:
| | | | | | | | | | | | | | | Less than 12 months | | | | 12 months or longer | | | | Total | | | As of March 31, 2026 | | | | | | | | | | | | | Fixed maturities | | 6 | | | | 27 | | | | 33 | | | As of December 31, 2025 | | | | | | | | | | | | | Fixed maturities | | 1 | | | | 29 | | | | 30 | |
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| Net Unrealized Losses Included in Other Comprehensive Income (Loss) |
Net unrealized losses included in accumulated other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of March 31, 2026 and December 31, 2025:
| | | | | | | | | | | March 31, 2026 | | | | December 31, 2025 | | | Unrealized appreciation (depreciation) on available-for-sale securities | $ | (2,156,711 | ) | | $ | (1,741,400 | ) | | Deferred income taxes | | 452,909 | | | | 365,693 | | | Net unrealized appreciation (depreciation) on available-for-sale securities | $ | (1,703,802 | ) | | $ | (1,375,707 | ) |
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| Maximum and Minimum Lending Rates for Mortgage Loan |
During 2026 and 2025, the maximum and minimum lending rates for mortgage loans were:
| | | | | | | | | | | | | | | | | | 2026 | | 2025 | | | | Maximum rate | | | | Minimum rate | | | | Maximum rate | | | | Minimum rate | | | Farm Loans | | 8.00 | % | | | 8.00 | % | | | 8.00 | % | | | 8.00 | % | | Commercial Loans | | 10.00 | % | | | 4.40 | % | | | 10.00 | % | | | 4.40 | % | | Residential Loans | | 5.00 | % | | | 4.15 | % | | | 5.00 | % | | | 4.15 | % |
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| Summary of Mortgage Loans Holdings |
The following table summarizes the mortgage loan holdings of the Company:
| | | | | | | | | | | March 31, 2026 | | | | December 31, 2025 | | | In good standing | $ | 13,625,829 | | | $ | 14,402,304 | | | Total mortgage loans | $ | 13,625,829 | | | $ | 14,402,304 | |
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| Summary of Mortgage Loans Outstanding and Related Allowance for Credit Losses |
The following is a summary of the mortgage loans outstanding and the related allowance for credit losses:
| | | | | | | | | | | March 31, 2026 | | | | December 31, 2025 | | | Farm | $ | 311,780 | | | $ | 311,780 | | | Commercial | | 12,152,977 | | | | 12,928,334 | | | Residential | | 1,371,072 | | | | 1,382,190 | | | Total mortgage loans | | 13,835,829 | | | | 14,622,304 | | | Less allowance for credit losses | | (210,000 | ) | | | (220,000 | ) | | Total mortgage loans, net | $ | 13,625,829 | | | $ | 14,402,304 | |
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| Notes Receivables |
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:
| | | | | | | | | | | March 31, 2026 | | | | December 31, 2025 | | | Notes receivable | $ | 8,387,713 | | | $ | 8,843,417 | | | Less allowance for credit losses | | (130,000 | ) | | | (135,000 | ) | | Total notes receivable, net | $ | 8,257,713 | | | $ | 8,708,417 | |
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| Allowance for Credit Loss |
The following is a summary of activity related to the allowance for credit loss:
| | Allowance For Credit Losses | | | | Mortgage | | | | Notes | | | | Unfunded | | | | | | | | | Loans | | | | Receivable | | | | Commitments | | | | Total | | | January 1, 2025 | $ | 235,000 | | | | 195,000 | | | | 50,000 | | | $ | 480,000 | | | 2025 Change in allowance | | (15,000 | ) | | | (60,000 | ) | | | (20,000 | ) | | | (95,000 | ) | | December 31, 2025 | | 220,000 | | | | 135,000 | | | | 30,000 | | | | 385,000 | | | 2026 Change in allowance | | (10,000 | ) | | | (5,000 | ) | | | (5,000 | ) | | | (20,000 | ) | | March 31, 2026 | $ | 210,000 | | | | 130,000 | | | | 25,000 | | | $ | 365,000 | |
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| Investment Real Estate by Type |
The following table provides an allocation of the Company’s investment real estate by type:
| | | | | | | | | | | March 31, 2026 | | | | December 31, 2025 | | | Raw land | $ | 16,754,842 | | | $ | 16,754,842 | | | Commercial | | 6,200,264 | | | | 6,245,872 | | | Residential | | 1,889,084 | | | | 1,897,744 | | | Land, minerals and royalty interests | | 7,749,062 | | | | 8,189,241 | | | Total investment real estate | $ | 32,593,252 | | | $ | 33,087,699 | |
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| Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments |
The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments.
| | | | | | | | | | Three Months Ended | | | March 31, | | | | 2026 | | | | 2025 | | | Realized gains: | | | | | | | | | Sales of fixed maturities | $ | 42,178 | | | $ | 0 | | | Sales of equity securities | | 3,506,615 | | | | 975,769 | | | Total realized gains | | 3,548,793 | | | | 975,769 | | | Realized losses: | | | | | | | | | Total realized losses | | 0 | | | | 0 | | | Net realized investment gains | | 3,548,793 | | | | 975,769 | | | Change in fair value of equity securities: | | | | | | | | | Change in fair value of equity securities held at the end of the period | | 28,213,466 | | | | 16,290,482 | | | Change in fair value of equity securities | | 28,213,466 | | | | 16,290,482 | | | Net investment gains | $ | 31,762,259 | | | $ | 17,266,251 | | | Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: | | | | | | | | | Fixed maturities | $ | (415,310 | ) | | $ | 922,207 | | | Net increase (decrease) | $ | (415,310 | ) | | $ | 922,207 | |
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