Net investment income for the three months ended March 31, 2014 and 2013 consisted of the following:



		2014			2013
Net investment income by type	($ in thousands)
Net realized gains on investments and investment derivatives		$	84,752		$	99,183
Net unrealized (losses) gains on investments and investment derivatives		(16,254		)	1,769
Net realized (loss) gain on foreign currencies		(3,924		)	393
Dividend and interest income, net of withholding taxes		7,728			5,545
Dividends paid on securities sold, not yet purchased		(33		)	(270		)
Management and performance fees		(20,219		)	(24,832		)
Other expenses		(2,044		)	(1,190		)
Net investment income on investments managed by Third Point LLC		50,006			80,598
Investment income on cash held by the Catastrophe Reinsurer and Catastrophe Fund		29			—
Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer		—			763
		$	50,035		$	81,361



	2014			2013
Net investment income by asset class	($ in thousands)
Net investment gains on equity securities	27,823			75,709
Net investment gains on debt securities	55,192			34,029
Net investment losses on other investments	(1,195		)	(9,240		)
Net investment (losses) gains on investment derivatives	(6,253		)	16,841
Net investment losses on securities sold, not yet purchased	(13		)	(10,216		)
Net investment (loss) income on cash, including foreign exchange gains (losses)	(4,455		)	607
Net investment gains (losses) on securities purchased under and agreement to resell	13			(496		)
Management and performance fees	(20,219		)	(24,832		)
Other investment expenses	(858		)	(1,041		)
	$	50,035		$	81,361