

At December 31.	2022		2021
U.S. treasuries	$	7,180,129	$	6,247,779
Corporate (1)	4,390,568		3,689,286
Agencies	395,149		361,684

Non-U.S. government	383,838		549,613



Residential mortgage-backed	710,429		955,301
Commercial mortgage-backed	213,987		634,925
Asset-backed	1,077,302		1,068,543
Total fixed maturity investments trading	$	14,351,402	$	13,507,131

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 December 31, 2022	Amortized Cost		Fair Value
Due in less than one year	$	364,501	$	356,770
Due after one through five years	8,117,971		7,875,771
Due after five through ten years	4,072,142		3,805,287
Due after ten years	356,268		311,856
Mortgage-backed	1,009,205		924,416
Asset-backed	1,118,464		1,077,302
Total	$	15,038,551	$	14,351,402



At December 31.	2022		2021
Fixed income exchange traded funds	$	295,481	$	90,422
Financials	103,250		146,615
Equity exchange traded funds	90,510		114,919
Communications and technology	48,687		82,444
Consumer	33,447		51,083
Industrial, utilities and energy	25,326		26,645
Healthcare	24,617		28,796
Basic materials	3,740		5,092
Total	$	625,058	$	546,016

At December 31, 2022, $7.9 billion (2021 - $8.7 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, $1.2 billion (2021 - $1.8 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities. The reduction in pledged assets relates to the release of excess regulatory collateral.

At December 31, 2022, the Company held $38.5 million (2021 - $5.1 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 at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.



Year ended December 31,	2022		2021		2020
Fixed maturity investments	$	382,165	$	234,911	$	278,215
Short term investments	41,042		2,333		20,799
Equity investments	20,864		9,017		6,404
Other investments
Catastrophe bonds	94,784		64,860		54,784
Other	37,497		28,811		9,417
Cash and cash equivalents	5,197		297		2,974
	581,549		340,229		372,593
Investment expenses	(21,617)		(20,750)		(18,555)
Net investment income	$	559,932	$	319,479	$	354,038



Year ended December 31,	2022		2021		2020


Net realized gains (losses) on fixed maturity investments trading	$	(732,561)	$	79,588	$	276,901
Net unrealized gains (losses) on fixed maturity investments trading	(636,762)		(389,376)		216,859
Net realized and unrealized gains (losses) on fixed maturity investments trading	(1,369,323)		(309,788)		493,760
Net realized and unrealized gains (losses) on investments-related derivatives (1)	(165,293)		(12,237)		68,608
Net realized gains (losses) on equity investments	43,035		335,491		3,532
Net unrealized gains (losses) on equity investments	(166,823)		(285,882)		262,064
Net realized and unrealized gains (losses) on equity investments	(123,788)		49,609		265,596
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(130,335)		(35,033)		(7,031)
Net realized and unrealized gains (losses) on other investments - other	(11,746)		89,315		(297)
Net realized and unrealized gains (losses) on investments	$	(1,800,485)	$	(218,134)	$	820,636

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 18. Derivative Instruments” for additional information.



At December 31,	2022		2021
Catastrophe bonds	$	1,241,468	$	1,104,034
Fund investments	1,086,706		725,802
Direct private equity investments	66,780		88,373
Term loans	100,000		74,850


Total other investments	$	2,494,954	$	1,993,059

During 2022, the Company recorded income of $19.8 million (2021 - $7.0 million, 2020 - loss of $2.4 million), representing the change between the Company’s fair value estimate for funds as at the prior year end, and the final reported net asset values provided by the Company’s fund investment managers, as discussed in “Note 2. Significant Accounting Policies.” This income was included between net investment income and net realized and unrealized gains (losses) on investments for the year ended December 31, 2022.

The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $2.9 billion, of which $1.7 billion has been contributed at December 31, 2022 (2021 - $2.7 billion and $1.3 billion, respectively). The Company’s remaining commitments to these investments at December 31, 2022 totaled $1.2 billion (2021 - $1.4 billion). In the future, the Company may enter into additional commitments in respect of direct private equity investments, term loans or fund investment opportunities.

Term loans represent the Company’s participation interest in a senior secured term loan facility. The Company has committed to a loan participation interest of $100 million and, as of December 31, 2022, had fully funded its commitment (2021 - $74.9 million). This facility pays interest, has a 5-year maturity and is fully secured by a diversified pool of primarily private equity assets.



	2022			2021
At December 31,	Ownership %	Carrying Value		Ownership %	Carrying Value





Tower Hill Companies (1)	2.0% - 25.0%	10,897		2.0% - 25.0%	25,575
Top Layer	50.0%	23,562		50.0%	25,903

Other	22.8%	45,291		22.4%	46,590
Total investments in other ventures, under equity method		$	79,750		$	98,068

(1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).



Year ended December 31,	2022		2021		2020
Top Layer	$	6,347	$	8,286	$	9,595
Tower Hill Companies	(921)		(2,073)		3,104

Other	5,823		6,096		4,495
Total equity in earnings of other ventures, under equity method	$	11,249	$	12,309	$	17,194

During 2022, the Company received $24.2 million of distributions from its investments in other ventures, under equity method (2021 – $33.9 million, 2020 – $30.0 million). Except for Top Layer, which is recorded on a current quarter basis, the equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears.

The table below shows the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the year ended December 31, 2022.



Year ended December 31, 2022	Gross Purchases		Gross Sales	Net
Equity investments	$	(861,508)	659,199	$	(202,309)
Short term investments	$	(25,972,174)	26,612,585	$	640,411
Other investments	$	(1,027,734)	408,944	$	(618,790)
Investments in other ventures	$	(4,318)	3,545	$	(773)