Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 24

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 24
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 funds356,421 37 %n/an/aReal estate funds289,087 30 %Quarterly(2), Annually(3)45-90 daysOther privately held investments137,696 14 %n/an/aTotal other investments$972,867 100 % At December 31, 2024    Multi-strategy funds$24,919 3 %Quarterly60-90 daysDirect lending funds171,048 18 %Quarterly(1)90 daysPrivate equity funds320,690 35 %n/an/aReal estate funds291,640 31 %Quarterly(2), Annually(3)45-90 daysOther privately held investments121,981 13 %n/an/aTotal other investments$930,278 100 %       n/a - not applicable (1) Applies to one fund with a fair value of $2 million (2024: $3 million).(2) Applies to one fund with a fair value of $44 million (2024: $51 million).(3) Applies to one fund with a fair value of $24 million (2024: $21 million).

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)3.    INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the nine months ended September 30, 2025 and 2024, neither of these restrictions impacted the Company's redemption requests. At September 30, 2025, there were no multi-strategy fund holdings (2024: nil) where the Company is still within the lockup period. At September 30, 2025, the Company had $28 million (2024: $28 million) of unfunded commitments as a limited