Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 95

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 Equity securities 
     503  
     190 
  
    Total gross realized gains 
     503  
     199 

    Gross realized losses, excluding credit impairment losses: 

    Fixed income securities 
     —  
     (15)
  
    Equity securities 
     (177) 
     (275)
  
    Total gross realized losses, excluding credit impairment losses 
     (177) 
     (290)

    Net realized gains (losses) 
     326  
     (91)

    Change in net unrealized gains on equity securities 
     543  
     1,547 
  
    Net investment gains – continuing operations 
     869  
     1,456 
  
    Net investment gains – discontinued operations 
     —  
     372 
  
    Net investment gains 
    $869  
    $1,828 

Non-cash investment transactions were $499 and $0 for the three months
ended March 31, 2025 and 2024, respectively. The activity in the current year quarter consisted of one non-cash exchange of a fixed income
security.

  4. 
  Fair Value Measurements

The Company uses fair value measurements to record fair value
adjustments to certain assets to determine fair value disclosures. Investment securities available for sale are recorded at fair value
on a recurring basis. Additionally, from time to time, we may be required to record other assets or liabilities at fair value on a nonrecurring
basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of
individual assets. Accounting guidance on fair value measurements and disclosures establishes a fair value hierarchy that prioritizes
the inputs to valuation methods used to measure fair value. The three levels of the fair value hierarchy are as follows:

    Level 1:
    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

    Level 2:
    Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.  Level 2 includes fixed income securities with quoted prices that are traded less frequently than exchange traded instruments.  Valuation techniques include matrix pricing which is a mathematical technique used widely in the industry to value fixed income securities without relying exclusively on quoted market prices for the specific securities but rather by relying on