Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 16

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
    Commercial mortgage-backed securities 
     1,409  
     (50) 
     19,442  
     (2,893) 
     20,851  
     (2,943)
  
    Asset-backed securities 
     10,926  
     (122) 
     20,579  
     (3,179) 
     31,505  
     (3,301)
  
    Redeemable preferred stocks 
     —  
     —  
     3,249  
     (488) 
     3,249  
     (488)
  
    Total fixed income securities 
    $72,860  
    $(1,356) 
    $176,398  
    $(23,129) 
    $249,258  
    $(24,485)

We, along with our investment advisor, frequently
review our investment portfolio for declines in fair value that could be indicative of credit losses, which are recognized through an
allowance account. We consider a number of factors when determining if an allowance for credit losses is necessary, including payment
and default history, credit spreads, credit ratings and rating actions, and probability of default. We determine the credit loss component
of fixed income investments by utilizing discounted cash flow modeling to determine the present value of the security and comparing the
present value with the amortized cost of the security. We have not recognized any credit losses for fixed income securities since adoption
of the credit loss standard. Therefore, there was no beginning balance, activity, or ending balance of credit losses as of and during
the three months ended March 31, 2025 and 2024. See Part II, Item 8, Note 3 “Summary of Significant Accounting Policies and Basis
of Presentation” section of the 2024 Annual Report for additional information.

12 

Net investment income for continuing and discontinued operations consisted
of the following:

    Three Months Ended March 31, 

    2025  
    2024 
  
    Continuing operations: 

    Fixed income securities 
    $3,128  
    $2,872 
  
    Equity securities 
     208  
     241 
  
    Real estate 
     66  
     97 
  
    Cash and cash equivalents 
     369  
     437 
  
    Total gross investment income 
     3,