Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 122

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 122
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 $36 million, compared to $59 million at December 31, 2024. The decrease of $23 million was driven by the decline in market values and realized gains associated with sales in the period.

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Mortgage Loans

At March 31, 2025, investment in commercial mortgage loans was $458 million, compared to $506 million at December 31, 2024. The decrease was driven by four loans which were repaid in full during the three months ended March 31, 2025. 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 March 31, 2025, the allowance for credit losses of $26 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:

March 31, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalMulti-strategy funds$16,625 2 %$24,919 3 %Direct lending funds167,425 18 %171,048 18 %Private equity funds329,542 35 %320,690 35 %Real estate funds291,564 31 %291,640 31 %Total multi-strategy, direct lending, private equity and real estate funds805,156 86 %808,297 87 %Other privately held investments133,406 14 %121,981 13 %Total other investments$938,562 100 %$930,278 100 %

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

Equity Method Investments

Our ownership interests in Harrington Reinsurance Holdings Limited ("Harrington") and Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd. (individually or collectively "Monarch Point Re") are reported in interest in income (loss) of equity method investments. Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.

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LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of