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INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At March 31, 2025At December 31, 2024
U.S. treasuries$11,199,657 $11,001,893 
Corporate (1)
7,795,056 7,862,423 
Asset-backed1,396,178 1,422,393 
Residential mortgage-backed1,393,065 1,707,056 
Agencies617,537 623,489 
Non-U.S. government600,986 618,809 
Commercial mortgage-backed307,729 326,451 
Total fixed maturity investments trading$23,310,208 $23,562,514 
(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.
At March 31, 2025At December 31, 2024
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$1,385,679 $1,383,945 $1,374,089 $1,373,838 
Due after one through five years
12,292,015 12,368,118 12,139,153 12,131,114 
Due after five through ten years
6,079,871 6,108,091 6,339,563 6,246,506 
Due after ten years
376,444 353,082 387,413 355,156 
Mortgage-backed
1,737,576 1,700,794 2,094,190 2,033,507 
Asset-backed1,394,743 1,396,178 1,416,132 1,422,393 
Total$23,266,328 $23,310,208 $23,750,540 $23,562,514 
Equity Investments
The following table summarizes the fair value of equity investments:
At March 31, 2025At December 31, 2024
Fixed income exchange traded funds$764,191 $— 
Financials121,277 116,400 
Industrial, utilities and energy801 312 
Consumer482 154 
Basic materials446 595 
Communications and technology253 263 
Healthcare58 32 
Total$887,508 $117,756 
Pledged Investments
At March 31, 2025, $9.6 billion (December 31, 2024 - $10.3 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, $2.5 billion (December 31, 2024 - $3.1 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At March 31, 2025, the Company held $107.2 million (December 31, 2024 - $169.4 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,
2025		March 31,
2024
Fixed maturity investments trading$284,723 $257,289 
Short term investments41,029 46,791 
Equity investments
Fixed income exchange traded funds
1,184 — 
Other equity investments
726 560 
Other investments
Catastrophe bonds54,754 58,249 
Other18,723 17,925 
Cash and cash equivalents11,110 14,722 
 412,249 395,536 
Investment expenses(6,896)(4,761)
Net investment income$405,353 $390,775 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months ended
March 31,
2025		March 31,
2024
Gross realized gains on fixed maturity investments trading$38,961 $69,389 
Gross realized losses on fixed maturity investments trading(28,926)(59,593)
Net realized gains (losses) on fixed maturity investments trading10,035 9,796 
Net unrealized gains (losses) on fixed maturity investments trading226,240 (211,996)
Net realized and unrealized gains (losses) on fixed maturity investments trading236,275 (202,200)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
141,646 (57,806)
Net realized gains (losses) on equity investments8 — 
Net unrealized gains (losses) on equity investments2,950 13,097 
Net realized and unrealized gains (losses) on equity investments2,958 13,097 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(40,413)18,907 
Net realized and unrealized gains (losses) on other investments - other(7,526)14,348 
Net realized and unrealized gains (losses) on investments$332,940 $(213,654)
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives, equity investments related derivatives and commodity related derivatives. See “Note 13. Derivative Instruments” for additional information.