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INVESTMENTS
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
March 31,
2024		December 31,
2023
U.S. treasuries$9,793,911 $10,060,203 
Corporate (1)
7,064,030 6,499,075 
Residential mortgage-backed1,616,444 1,420,362 
Asset-backed1,428,513 1,491,695 
Agencies594,522 489,117 
Non-U.S. government495,426 483,576 
Commercial mortgage-backed316,614 433,080 
Total fixed maturity investments trading$21,309,460 $20,877,108 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31,
2024		December 31,
2023
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$561,262 $556,795 $587,720 $582,519 
Due after one through five years
11,305,216 11,229,683 11,439,510 11,468,263 
Due after five through ten years
5,921,030 5,863,512 5,182,667 5,188,716 
Due after ten years
320,954 297,899 307,392 292,473 
Mortgage-backed
1,985,128 1,933,058 1,864,520 1,853,442 
Asset-backed1,425,554 1,428,513 1,490,641 1,491,695 
Total$21,519,144 $21,309,460 $20,872,450 $20,877,108 
Equity Investments
The following table summarizes the fair value of equity investments:
March 31,
2024		December 31,
2023
Financials$119,657 $106,542 
Consumer148 212 
Industrial, utilities and energy105 — 
Communications and technology82 12 
Total$119,992 $106,766 
Pledged Investments
At March 31, 2024, $10.1 billion (December 31, 2023 - $10.5 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $2.9 billion (December 31, 2023 - $2.9 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At March 31, 2024, the Company held $61.2 million (December 31, 2023 - $159.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.
Net Investment Income
The components of net investment income are as follows:
Three months ended
March 31,
2024		March 31,
2023
Fixed maturity investments trading$257,289 $155,500 
Short term investments46,791 32,950 
Equity investments560 3,399 
Other investments
Catastrophe bonds58,249 38,831 
Other17,925 24,571 
Cash and cash equivalents14,722 4,264 
 395,536 259,515 
Investment expenses(4,761)(5,137)
Net investment income$390,775 $254,378 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months ended
March 31,
2024		March 31,
2023
Net realized gains (losses) on fixed maturity investments trading$9,796 $(104,765)
Net unrealized gains (losses) on fixed maturity investments trading(211,996)312,026 
Net realized and unrealized gains (losses) on fixed maturity investments trading(202,200)207,261 
Net realized and unrealized gains (losses) on investment-related derivatives(1)
(57,806)12,162 
Net realized gains (losses) on equity investments— (8,738)
Net unrealized gains (losses) on equity investments13,097 39,151 
Net realized and unrealized gains (losses) on equity investments13,097 30,413 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds18,907 24,126 
Net realized and unrealized gains (losses) on other investments - other14,348 5,489 
Net realized and unrealized gains (losses) on investments$(213,654)$279,451 
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” for additional information.