Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 122

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 122
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    $1,900  
    $662 
  
    Gross realized losses, excluding credit impairment losses 
     (340) 
     (227) 
     (656) 
     (699)
  
    Net realized gains (losses) 
     811  
     45  
     1,244  
     (37)
  
    Change in net unrealized gains on equity securities 
     551  
     2,367  
     577  
     3,325 
  
    Net investment gains 
    $1,362  
    $2,412  
    $1,821  
    $3,288 

We had net realized gains of $811 and $1,244 for the three and nine
months ended September 30, 2025, respectively, compared to net realized gains of $45 and losses of $37 for the three and nine months ended
September 30, 2024, respectively. The elevated net realized gains in the nine months ended September 30, 2025, were driven by sales of
equity securities that were executed as part of the strategic management of our investment portfolio. No credit impairment losses were
reported during any of the periods presented.

We experienced an increase of $551 and $577 in net unrealized gains
on equity securities during the three and nine months ended September 30, 2025, respectively. We experienced an increase in net unrealized
gains on equity securities of $2,367 and $3,325 during the three and nine months ended September 30, 2024, respectively. These results
were driven by the impact of changes in fair value attributable to overall favorable equity markets during those periods.

Our fixed income securities are classified as available for sale
because we will, from time to time, execute sales of securities that are not impaired, consistent with our investment goals and policies.
The fixed income portion of the portfolio experienced net unrealized gains of $3,895 and $8,677 during the three and nine months ended
September 30, 2025, respectively, compared to net unrealized gains of $11,138 and $8,848 during the three and nine months ended September
30, 2024, respectively. The changes were primarily the result of changes in U.S. interest rates. The change in the fair value of fixed
income securities is not reflected in net income; rather it is reflected as