Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 98

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 98
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 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 to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

Federal Home Loan Bank Advances

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB"). 

At September 30, 2025, the