
June 30, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	670,537	$	503	$	(27,454)	$	643,586
U.S. agency securities	9,698		—		(27)		9,671
U.S. agency mortgage-backed securities	923,927		347		(114,166)		810,108
Municipal debt securities (1)	646,058		4,025		(49,921)		600,162
Non-U.S. government securities	57,445		—		(6,892)		50,553
Corporate debt securities (2)	1,473,003		1,420		(125,202)		1,349,221
Residential and commercial mortgage securities	575,624		147		(65,421)		510,350
Asset-backed securities	668,462		118		(33,670)		634,910
Money market funds	413,533		—		—		413,533
Total investments available for sale	$	5,438,287	$	6,560	$	(422,753)	$	5,022,094


December 31, 2022 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	584,173	$	341	$	(28,076)	$	556,438
U.S. agency securities	49,059		7		(8)		49,058
U.S. agency mortgage-backed securities	898,675		258		(115,190)		783,743
Municipal debt securities (1)	661,934		2,010		(61,254)		602,690
Non-U.S. government securities	69,651		—		(7,252)		62,399
Corporate debt securities (2)	1,546,513		1,195		(133,387)		1,414,321
Residential and commercial mortgage securities	577,915		390		(66,481)		511,824
Asset-backed securities	660,345		72		(35,856)		624,561
Money market funds	136,591		—		—		136,591
Total investments available for sale	$	5,184,856	$	4,273	$	(447,504)	$	4,741,625


	June 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2023		2022
Financial	43.7	%	40.5	%
Consumer, non-cyclical	15.8		17.9
Consumer, cyclical	6.5		6.8
Industrial	7.8		6.8
Utilities	6.5		6.1
Communications	7.0		8.4
Technology	5.4		4.9
Energy	5.0		6.4
Basic Materials	2.3		2.1
Government	—		0.1
Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at June 30, 2023, by contractual maturity, are shown below. 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. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	273,518	$	271,747
Due after 1 but within 5 years	325,556		305,868
Due after 5 but within 10 years	57,063		52,252
Due after 10 years	14,400		13,719
Subtotal	670,537		643,586
U.S. agency securities:
Due in 1 year	9,698		9,671

Subtotal	9,698		9,671
Municipal debt securities:
Due in 1 year	4,906		4,896
Due after 1 but within 5 years	91,150		87,755
Due after 5 but within 10 years	175,677		165,374
Due after 10 years	374,325		342,137
Subtotal	646,058		600,162
Non-U.S. government securities:

Due after 1 but within 5 years	32,128		30,877
Due after 5 but within 10 years	5,065		4,114
Due after 10 years	20,252		15,562
Subtotal	57,445		50,553
Corporate debt securities:
Due in 1 year	197,737		194,606
Due after 1 but within 5 years	584,412		550,847
Due after 5 but within 10 years	476,475		421,678
Due after 10 years	214,379		182,090
Subtotal	1,473,003		1,349,221
U.S. agency mortgage-backed securities	923,927		810,108
Residential and commercial mortgage securities	575,624		510,350
Asset-backed securities	668,462		634,910
Money market funds	413,533		413,533
Total investments available for sale	$	5,438,287	$	5,022,094


	Less than 12 months				12 months or more				Total
June 30, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	274,448	$	(4,066)	$	293,776	$	(23,388)	$	568,224	$	(27,454)
U.S. agency securities	9,671		(27)		—		—		9,671		(27)
U.S. agency mortgage-backed securities	169,514		(5,925)		623,847		(108,241)		793,361		(114,166)
Municipal debt securities	196,380		(4,163)		253,299		(45,758)		449,679		(49,921)
Non-U.S. government securities	15,664		(411)		34,889		(6,481)		50,553		(6,892)
Corporate debt securities	399,331		(10,073)		856,101		(115,129)		1,255,432		(125,202)
Residential and commercial mortgage securities	60,682		(3,586)		443,965		(61,835)		504,647		(65,421)
Asset-backed securities	123,573		(1,179)		494,738		(32,491)		618,311		(33,670)

Total	$	1,249,263	$	(29,430)	$	3,000,615	$	(393,323)	$	4,249,878	$	(422,753)


	Less than 12 months				12 months or more				Total
December 31, 2022 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	321,848	$	(12,381)	$	169,795	$	(15,695)	$	491,643	$	(28,076)
U.S. agency securities	7,117		(8)		—		—		7,117		(8)
U.S. agency mortgage-backed securities	351,310		(34,193)		415,743		(80,997)		767,053		(115,190)
Municipal debt securities	335,784		(41,620)		64,766		(19,634)		400,550		(61,254)
Non-U.S. government securities	48,071		(2,914)		14,328		(4,338)		62,399		(7,252)
Corporate debt securities	811,217		(69,415)		421,307		(63,972)		1,232,524		(133,387)
Residential and commercial mortgage securities	265,934		(22,628)		242,366		(43,853)		508,300		(66,481)
Asset-backed securities	333,080		(15,454)		258,572		(20,402)		591,652		(35,856)

Total	$	2,474,361	$	(198,613)	$	1,586,877	$	(248,891)	$	4,061,238	$	(447,504)

At June 30, 2023 and December 31, 2022, we held 2,567 and 2,578 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at June 30, 2023 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 98% of the securities at June 30, 2023 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. We recorded impairments of $0.2 million in the three and six months ended June 30, 2023 and impairments of $0.5 million and $7.3 million, respectively, in the three and six months ended June 30, 2022 due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at June 30, 2023 and December 31, 2022 totaled $266.6 million and $257.9 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $139.7 million as of June 30, 2023. The majority of these investments were in limited partnerships invested in real estate or technology. At June 30, 2023, maximum future funding commitments were $50.3 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur over the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without the consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.3 million at June 30, 2023 and $9.1 million at December 31, 2022. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.1 billion at June 30, 2023 and $972.4 million at December 31, 2022. Essent Guaranty is required to maintain assets on deposit in connection with its fully collateralized reinsurance agreements (see Note 4). The fair value of the assets on deposit was $5.0 million at June 30, 2023 and $8.6 million at December 31, 2022. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $9.0 million at June 30, 2023 and $9.1 million at December 31, 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Fixed maturities	$	43,775	$	31,074	$	87,251	$	57,298
Short-term investments	3,298		215		5,017		258
Gross investment income	47,073		31,289		92,268		57,556
Investment expenses	(1,823)		(1,950)		(3,782)		(3,537)
Net investment income	$	45,250	$	29,339	$	88,486	$	54,019