The cost or amortized cost and estimated fair value of investments as of September 30, 2022, and December 31, 2021, were as follows:

The following table shows the distribution of the credit ratings of our portfolio of fixed maturity securities by carrying value as of September 30, 2022, and December 31, 2021.

Reflecting the quality of securities maintained by us as of September 30, 2022, and December 31, 2021, 93.0% and 92.8%, respectively, of all fixed maturity securities were investment grade. The BB and below also includes maturities that have no rating.

The following table summarizes, for all fixed maturity securities in an unrealized loss position as of September 30, 2022, and December 31, 2021, the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position.

Our security positions resulted in a gross unrealized loss position as of September 30, 2022, that was greater than the gross unrealized loss position at December 31, 2021 due to increases in the Federal Reserve interest rates. We performed an analysis and determined that there were no additional indicators other than the increase in the interest rates that would indicate a cash flow testing analysis should be performed. No impairment was required as of September 30, 2022, or December 31, 2021.

See the discussion above under “Comprehensive loss” in Note 1 regarding unrealized gains/losses on investments that are owned by our reinsurers and the corresponding offset in the associated embedded derivatives.

The Company purchases and sells equipment leases in its investment portfolio. As of September 30, 2022, the Company owned several leases, all of which were performing. No impairment was required as of September 30, 2022, or December 31, 2021.

The amortized cost and estimated fair value of fixed maturities as of September 30, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. No securities due in the next year are in an unrealized loss position, therefore no impairments were recognized as of September 30, 2022.


	Amortized		Estimated
(In thousands)	Cost		Fair Value
Due in one year or less	$	38,232	$	37,523
Due after one year through five years		510,201		498,497
Due after five years through ten years		458,651		429,377
Due after ten years through twenty years		53,793		49,749
Due after twenty years		36,324		29,174
No maturity		5,053		3,761
	$	1,102,254	$	1,048,081

The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. As of September 30, 2022, and December 31, 2021, these required deposits had a total amortized cost of $3.0 million and $3.0 million and fair values of $2.8 million and $3.0 million, respectively.

Mortgage Loans:

Mortgage loans consist of the following:


(In thousands)	September 30, 2022			December 31, 2021

1-4 Family	$	69,639	$	72,324
Hospitality		12,622		12,822
Land		35,563		15,904
Multifamily (5+)		32,862		31,583
Retail		20,407		17,655
Other		33,330		32,915
Total mortgage loans	$	204,423	$	183,203

Geographic Locations:

As of September 30, 2022, the commercial mortgages loans were secured by properties geographically dispersed primarily throughout the United States with the largest concentrations in New York (26%), California (7%), Florida (5%), Arizona (5%) and non-US (9%). As of December 31, 2021, the commercial mortgages loans were secured by properties geographically dispersed with the largest concentrations in loans secured by properties in Delaware (34%) New York (32%), Arizona (4%), California (4%), and non-US (9%).

The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances. As of September 30, 2022, the Company held one asset valued at $7.7 million with an impairment of $0.9 million. No such valuations were established as of December 31, 2021.


(In thousands)	September 30, 2022		December 31, 2021
Loan-to-Value Ratio:
0%-59.99%	$	105,360	$	91,104
60%-69.99%		53,168		42,819
70%-79.99%		36,561		44,106
80% or greater		9,334		5,174
Total mortgage loans	$	204,423	$	183,203

The components of net investment income for the three and nine months ended September 30, 2022, and 2021, were as follows:


	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2022		2021		2022		2021
Fixed maturities	$	3,535	$	6,373	$	23,927	$	13,103
Mortgage loans		(2,367)		938		878		1,479
Other invested assets		(595)		74		4,358		225
Other interest income		12,624		-		3,403		266
Gross investment income		13,197		7,385		32,566		15,073
Less: investment expenses		(259)		(1,189)		(2,845)		(2,770)
Investment income, net of expenses	$	12,938	$	6,196	$	29,721	$	12,303

Proceeds for the three months ended September 30, 2022, and 2021, from sales of investments classified as available-for-sale were $81.2 million and $72.0 million, respectively. Gross gains of $0.3 million and $0.4 million and gross losses of $1.5 million and $0.3 million were realized on those sales during the three months ended September 30, 2022, and 2021, respectively. Proceeds for the nine months ended September 30, 2022, and 2021, from sales of investments classified as available-for-sale were $106.3 million and $204.5 million, respectively. Gross gains of $1.2 million and $2.2 million and gross losses of $1.1 million and $0.5 million were realized on those sales during the nine months ended September 30, 2022, and 2021, respectively.

The proceeds included those assets associated with the third-party reinsurers. The gains and losses relate only to the assets retained by American Life. Unrealized gain/loss included as part of net investment income were $1.8 million and $1.9 million for the three months ended September 30, 2022, and 2021, respectively.