
March 31, 2024 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,057,616	$	187	$	(21,016)	$	1,036,787
U.S. agency securities	1,574		—		(1)		1,573
U.S. agency mortgage-backed securities	901,725		105		(114,545)		787,285
Municipal debt securities (1)	581,274		3,595		(45,191)		539,678
Non-U.S. government securities	77,443		—		(11,048)		66,395
Corporate debt securities (2)	1,311,746		2,079		(94,665)		1,219,160
Residential and commercial mortgage securities	558,754		327		(52,301)		506,780
Asset-backed securities	537,758		292		(15,698)		522,352
Money market funds	689,064		—		—		689,064
Total investments available for sale	$	5,716,954	$	6,585	$	(354,465)	$	5,369,074


December 31, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,014,076	$	1,434	$	(19,128)	$	996,382
U.S. agency securities	7,199		—		(4)		7,195
U.S. agency mortgage-backed securities	922,907		438		(101,999)		821,346
Municipal debt securities (1)	585,047		6,660		(44,449)		547,258
Non-U.S. government securities	77,516		—		(10,069)		67,447
Corporate debt securities (2)	1,380,533		4,425		(87,903)		1,297,055
Residential and commercial mortgage securities	571,163		286		(53,509)		517,940
Asset-backed securities	584,168		203		(19,376)		564,995
Money market funds	444,121		—		—		444,121
Total investments available for sale	$	5,586,730	$	13,446	$	(336,437)	$	5,263,739


	March 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2024		2023
Financial	41.8	%	42.0	%
Consumer, non-cyclical	15.9		15.9
Industrial	8.0		8.1
Consumer, cyclical	7.2		7.1
Communications	7.1		7.2
Utilities	6.4		6.3
Technology	6.2		6.2
Energy	4.9		4.7
Basic Materials	2.5		2.5

Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at March 31, 2024, 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	$	633,987	$	632,624
Due after 1 but within 5 years	370,211		355,791
Due after 5 but within 10 years	38,986		35,391
Due after 10 years	14,432		12,981
Subtotal	1,057,616		1,036,787
U.S. agency securities:
Due in 1 year	1,574		1,573

Subtotal	1,574		1,573
Municipal debt securities:
Due in 1 year	6,934		6,852
Due after 1 but within 5 years	87,058		84,352
Due after 5 but within 10 years	133,277		124,643
Due after 10 years	354,005		323,831
Subtotal	581,274		539,678
Non-U.S. government securities:
Due in 1 year	4,797		4,691
Due after 1 but within 5 years	31,909		30,432
Due after 5 but within 10 years	5,789		4,666
Due after 10 years	34,948		26,606
Subtotal	77,443		66,395
Corporate debt securities:
Due in 1 year	169,890		168,104
Due after 1 but within 5 years	442,671		421,440
Due after 5 but within 10 years	552,880		509,315
Due after 10 years	146,305		120,301
Subtotal	1,311,746		1,219,160
U.S. agency mortgage-backed securities	901,725		787,285
Residential and commercial mortgage securities	558,754		506,780
Asset-backed securities	537,758		522,352
Money market funds	689,064		689,064
Total investments available for sale	$	5,716,954	$	5,369,074


	Less than 12 months				12 months or more				Total
March 31, 2024 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	516,852	$	(2,708)	$	318,693	$	(18,308)	$	835,545	$	(21,016)
U.S. agency securities	1,573		(1)		—		—		1,573		(1)
U.S. agency mortgage-backed securities	92,502		(1,363)		683,424		(113,182)		775,926		(114,545)
Municipal debt securities	62,169		(882)		318,055		(44,309)		380,224		(45,191)
Non-U.S. government securities	—		—		66,395		(11,048)		66,395		(11,048)
Corporate debt securities	202,873		(2,606)		888,500		(92,059)		1,091,373		(94,665)
Residential and commercial mortgage securities	20,677		(323)		473,205		(51,978)		493,882		(52,301)
Asset-backed securities	118,848		(511)		286,205		(15,187)		405,053		(15,698)

Total	$	1,015,494	$	(8,394)	$	3,034,477	$	(346,071)	$	4,049,971	$	(354,465)


	Less than 12 months				12 months or more				Total
December 31, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	139,398	$	(1,075)	$	355,921	$	(18,053)	$	495,319	$	(19,128)
U.S. agency securities	5,572		(2)		1,623		(2)		7,195		(4)
U.S. agency mortgage-backed securities	129,359		(1,616)		654,018		(100,383)		783,377		(101,999)
Municipal debt securities	59,301		(987)		297,039		(43,462)		356,340		(44,449)
Non-U.S. government securities	—		—		67,447		(10,069)		67,447		(10,069)
Corporate debt securities	119,764		(733)		905,606		(87,170)		1,025,370		(87,903)
Residential and commercial mortgage securities	31,936		(999)		459,789		(52,510)		491,725		(53,509)
Asset-backed securities	65,195		(347)		459,324		(19,029)		524,519		(19,376)

Total	$	550,525	$	(5,759)	$	3,200,767	$	(330,678)	$	3,751,292	$	(336,437)

At March 31, 2024 and December 31, 2023, we held 2,216 and 2,256 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 March 31, 2024 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 March 31, 2024 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. There were no impairments recorded in the three months ended March 31, 2024 or 2023.

The Company's other invested assets at March 31, 2024 and December 31, 2023 totaled $279.6 million and $277.2 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 value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $134.7 million as of March 31, 2024. The majority of these investments were in limited partnerships invested in real estate or consumer credit. At March 31, 2024, maximum future funding commitments were $46.4 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 $9.1 million at March 31, 2024 and $9.2 million at December 31, 2023. 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 $1.0 billion at March 31, 2024 and $1.1 billion at December 31, 2023. 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 $9.6 million at March 31, 2024 and $9.2 million at December 31, 2023.