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INVESTMENTS
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
June 30,
2023		December 31,
2022
U.S. treasuries$8,592,242 $7,180,129 
Corporate (1)
4,371,407 4,390,568 
Agencies476,476 395,149 
Non-U.S. government401,743 383,838 
Residential mortgage-backed788,256 710,429 
Commercial mortgage-backed209,661 213,987 
Asset-backed1,048,779 1,077,302 
Total fixed maturity investments trading$15,888,564 $14,351,402 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
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.
June 30,
2023		December 31,
2022
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$522,097 $515,445 $364,501 $356,770 
Due after one through five years
8,653,072 8,444,588 8,117,971 7,875,771 
Due after five through ten years
4,748,683 4,578,779 4,072,142 3,805,287 
Due after ten years
331,809 303,056 356,268 311,856 
Mortgage-backed
1,073,223 997,917 1,009,205 924,416 
Asset-backed1,069,798 1,048,779 1,118,464 1,077,302 
Total$16,398,682 $15,888,564 $15,038,551 $14,351,402 
Equity Investments
The following table summarizes the fair value of equity investments:
June 30,
2023		December 31,
2022
Financials$92,890 $103,250 
Consumer155 33,447 
Communications and technology13 48,687 
Fixed income exchange traded funds— 295,481 
Equity exchange traded funds— 90,510 
Industrial, utilities and energy— 25,326 
Healthcare— 24,617 
Basic materials— 3,740 
Total$93,058 $625,058 
Pledged Investments
At June 30, 2023, $7.3 billion (December 31, 2022 - $7.9 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, $1.3 billion (December 31, 2022 - $1.2 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At June 30, 2023, the Company held $486.2 million (December 31, 2022 - $38.5 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.
Net Investment Income
The components of net investment income are as follows:
Three months endedSix months ended
June 30,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Fixed maturity investments trading$169,739 $76,547 $325,239 $138,964 
Short term investments50,231 4,397 83,181 5,533 
Equity investments2,766 4,516 6,165 7,270 
Other investments
Catastrophe bonds49,522 20,235 88,353 37,595 
Other20,820 6,894 45,391 12,446 
Cash and cash equivalents4,585 (95)8,849 (136)
 297,663 112,494 557,178 201,672 
Investment expenses(5,001)(5,283)(10,138)(10,770)
Net investment income$292,662 $107,211 $547,040 $190,902 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Net realized gains (losses) on fixed maturity investments trading$(74,212)$(287,154)$(178,977)$(408,306)
Net unrealized gains (losses) on fixed maturity investments trading(139,793)(149,820)172,233 (613,997)
Net realized and unrealized gains (losses) on fixed maturity investments trading(214,005)(436,974)(6,744)(1,022,303)
Net realized and unrealized gains (losses) on investments-related derivatives(1)
(65,051)(66,078)(52,889)(106,366)
Net realized gains (losses) on equity investments(18,755)35,592 (27,493)35,572 
Net unrealized gains (losses) on equity investments20,627 (127,104)59,778 (175,773)
Net realized and unrealized gains (losses) on equity investments1,872 (91,512)32,285 (140,201)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds38,186 (24,660)62,312 (32,921)
Net realized and unrealized gains (losses) on other investments - other16,217 (34,883)21,706 (25,333)
Net realized and unrealized gains (losses) on investments$(222,781)$(654,107)$56,670 $(1,327,124)
(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 13. Derivative Instruments” for additional information.

Net Sales (Purchases) of Investments
The tables below show 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 six months ended June 30, 2023 and 2022.
Six months ended June 30, 2023Gross PurchasesGross SalesNet
Equity investments$(1,687)$548,086 $546,399 
Short term investments$(19,067,333)$17,410,561 $(1,656,772)
Other investments$(750,539)$260,173 $(490,366)
Investments in other ventures$(13,048)$— $(13,048)
Six months ended June 30, 2022Gross PurchasesGross SalesNet
Equity investments$(498,171)$211,772 $(286,399)
Short term investments$(13,619,935)$14,559,671 $939,736 
Other investments$(682,151)$284,628 $(397,523)
Investments in other ventures$(949)$3,340 $2,391