Other Investments The table below shows our portfolio of other investments: At December 31, 2021 2020 Change (in thousands) Catastrophe bonds $ 1,104,034 $ 881,290 $ 222,744 Direct private equity investments 88,373 79,807 8,566 Fund investments 725,802 295,851 429,951 Term loans 74,850 — 74,850 Total other investments $ 1,993,059 $ 1,256,948 $ 736,111 We account for our other investments at fair value in accordance with FASB ASC Topic Financial Instruments . The fair value of our fund investments, which include private equity funds, private credit funds and hedge funds, is recorded on our consolidated balance sheet in other investments, and is generally established on the basis of the net asset value per share (or its equivalent), determined by the managers of these investments in accordance with the applicable governing documents. Many of our fund investments are subject to restrictions on redemptions and sales which l imit our ability to liquidate these investments in the short term. Some of our fund managers and fund administrators are unable to provide final fund valuations as of our current reporting date. We typically experience a reporting lag to receive a final net asset value report of one month for our hedge funds and certain private credit funds and three months for private equity funds and private credit funds, although we have occasionally experienced delays of up to six months at year end. In circumstances where there is a reporting lag, we estimate the fair value of these funds by starting with the prior month or quarter-end fund valuation, adjusting for actual capital calls, redemptions or distributions, and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period using all information available to us. This principally includes using preliminary estimates reported to us by our fund managers, estimating returns based on the performance of broad market indices, or other valuation methods. Actual final fund valuations may differ, perhaps materially, from our estimates and these differences are recorded as a change in estimate in our consolidated statement of operations in the period in which they are reported to us. 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) representing the change in estimate during the period related to the difference between our estimated net realized and unrealized gains (losses) due to the lag in reporting discussed above and the actual amount as reported in the final net asset values provided by our fund managers. Our estimate of the fair value of catastrophe bonds is based on quoted market prices or, when such prices are not available, by reference to broker or underwriter bid indications. Refer to “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding the fair value measurement of our investments. We have committed capital to direct 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. Our remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. In the future, we may enter into additional commitments in respect of these investments or individual portfolio company investment opportunities. 102