Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 151

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 151
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30, 2025, investment in commercial mortgage loans was $410 million, compared to $506 million at December 31, 2024, a decrease of $96 million mainly driven by loan repayments. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At September 30, 2025, the allowance for credit losses of $33 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:

September 30, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalMulti-strategy funds$14,168 1 %$24,919 3 %Direct lending funds175,495 18 %171,048 18 %Private equity funds356,421 37 %320,690 35 %Real estate funds289,087 30 %291,640 31 %Total multi-strategy, direct lending, private equity and real estate funds835,171 86 %808,297 87 %Other privately held investments137,696 14 %121,981 13 %Total other investments$972,867 100 %$930,278 100 %

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.

Equity Method Investments

Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.

76

LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources. 

The following table summarizes consolidated capital:

September 30, 2025December 31, 2024Debt$1,316,321 $1,315,179 Preferred shares550,000 550,000 Common equity5,817,009 5,539,379 Shareholders’ equity6,367,009 6,089,379 Total capital$7,683,330 $7,404,558 Ratio of debt to total capital17.1 %17.8 %

We finance our operations with a combination of debt and equity capital. The debt