Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 166

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 166
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 and 2023, respectively, we held the following non-USD denominated securities:

December 31, 20242023($ in thousands)Fair Value% of TotalFair Value% of TotalNon-USD denominated collateralized loan obligations$60,283 48.9 %$77,816 46.8 %Non-USD denominated corporate bonds24,373 19.8 %67,822 40.7 %Non-USD government bonds38,532 31.3 %20,751 12.5 %Total non-USD denominated securities$123,188 100.0 %$166,389 100.0 %

For our non-U.S. dollar denominated corporate bonds, the following table summarizes the composition of the fair value of our fixed maturity investments by ratings at December 31, 2024 and 2023:

Ratings(1) at December 31,20242023($ in thousands)Fair Value% of TotalFair Value% of TotalA+, A, A-$12,403 50.9 %$31,810 46.9 %BBB+, BBB, BBB-11,970 49.1 %30,630 45.2 %BB+ or lower— — %5,382 7.9 %Total non-U.S. dollar denominated corporate bonds$24,373 100.0 %$67,822 100.0 %

(1)     Ratings as assigned by S&P, or equivalent

Other Investments, Equity Investments and Equity Method Investments

Our alternative investments are categorized as other investments, equity securities and equity method investments as reported on our consolidated balance sheets. These include private equity funds, private credit funds and hedge funds investments, investments in limited partnerships, as well as investments in direct lending entities and investments in technology-oriented insurance related businesses known as insurtechs. Private equity investments consist of direct investments in privately held entities, investments in private equity funds and private equity co-investments with sponsoring entities. Private credit investments consist of loans and other debt securities of privately held entities or investment sponsors. Our alternative investments as of December 31, 2024 and 2023 consisted of the following asset categories: 

December 31,20242023($ in thousands)Carrying Value% of TotalCarrying Value% of TotalPrivately held common stocks$6,778 2.7 %$