Multi-Beneficiary Reinsurance Trusts and Multi-Beneficiary Reduced Collateral Reinsurance Trusts Certain of our insurance subsidiaries use multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As o f December 31, 2021, all of these trusts were funded in accordance with the relevant regulatory thresholds. However, Renaissance Reinsurance maintains a significant surplus in the amount of approximately $660 million, which is the subject of a withdrawal request that is under review by the NYDFS. Refer to “Note 18. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” for additional information on our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts. Contractual Obligations In assessing our liquidity requirements and cash needs, we also consider contractual obligations to which we are a party. In certain circumstances, our contractual obligations may be accelerated due to defaults under the agreements governing those obligations (including pursuant to cross-default provisions in such agreements) or in connection with certain changes in control of the Company, for example. In addition, in certain circumstances, in the event of a default these obligations may bear an increased interest rate or be subject to penalties. T he table below shows certain of our current and long-term contractual obligations: At ecem3er    )otal Less )han  .ear   .ears   .ears "ore )han  .ears (in thousands) Long term debt obligations (1) 3.600% Senior Notes due 2029 $ 504,942 $ 14,400 $ 28,800 $ 28,800 $ 432,942 3.450% Senior Notes due 2027 356,911 10,350 20,700 20,700 305,161 3.700% Senior Notes due 2025 336,067 11,100 22,200 302,767 — 4.750% Senior Notes due 2025 (DaVinciRe) 173,737 7,125 14,250 152,362 — Total long term debt obligations 1,371,657 42,975 85,950 504,629 738,103 Investment commitments (2) 1,411,306 1,411,306 — — — Operating lease obligations 54,870 8,515 13,626 11,586 21,143 Capital lease obligations 18,112 2,661 5,322 5,322 4,807 Payable for investments purchased 1,170,568 1,170,568 — — — Reserve for claims and claim expenses (3) 13,294,630 3,988,389 4,254,281 2,127,141 2,924,819 Total contractual obligations $ 17,321,143 $ 6,624,414 $ 4,359,179 $ 2,648,678 $ 3,688,872 (1) Includes contractual interest payments. (2) The investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category. (3) The amount and timing of the cash flows associated with our policy liabilities are highly uncertain. Refer to “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on our estimate of claims and claim expense reserves. 93