Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows: Year ended December 31, 2021 2020 2019 Net realized gains (losses) on fixed maturity investments $ 79,588 $ 276,901 $ 90,260 Net unrealized gains (losses) on fixed maturity investments trading (389,376) 216,859 170,183 Net realized and unrealized gains (loss) on fixed maturity investments trading (309,788) 493,760 260,443 Net realized and unrealized gains (losses) on investments- related derivatives (1) (12,237) 68,608 58,891 Net realized gains (losses) on equity investments trading sold during the period 335,491 3,532 31,062 Net unrealized gains (losses) on equity investments trading still held at reporting date (285,882) 262,064 64,087 Net realized and unrealized gains (losses) on equity investments trading 49,609 265,596 95,149 Net realized and unrealized gains (losses) on other investments - catastrophe bonds (35,033) (7,031) (9,392) Net realized and unrealized gains (losses) on other investments - other 89,315 (297) 9,018 Net realized and unrealized gains (losses) on investments $ (218,134) $ 820,636 $ 414,109 (1) Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information. Other Investments The table below shows the fair value of the Company’s portfolio of other investments: At December 31, 2021 2020 Catastrophe bonds $ 1,104,034 $ 881,290 Direct private equity investments 88,373 79,807 Fund investments 725,802 295,851 Term loans 74,850 — Total other investments $ 1,993,059 $ 1,256,948 Included in net realized and unrealized gains (losses) on investments for 2021 is income of $7.0 million (2020 - a loss of $2.4 million, 2019 - loss of $5.5 million) representing the change in estimate during the period related to the difference between the Company’s estimated fair value for those funds for which the reported net asset values had not been received, as discussed in “Note 2. Significant Accounting Policies,” and the actual amount as reported in the final net asset values provided by the Company’s fund managers. The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $2.7 billion, of which $1.3 billion has been contributed at December 31, 2021. The Company’s remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. In the future, the Company may enter into additional commitments in respect of direct private equity investments, term loans or fund investment opportunities. Catastrophe bonds Catastrophe bonds are non-investment grade bonds issued by unrelated third parties that generally mature within one to five years. F-27