Navigation Lights

The masthead/anchor light looks normal Perko.

The stern light directly above the spreader lights is a special piece. Looks like you have a 35' or 40' Cabo. Check with Pipewelders in Fort Lauderdale to see who they sourced the light from as it looks to be one of their hardtops.

I see in your profile that you have a Bertram 37.
I can't be positive about your particular model, but as I recall Bertram (as well as many other builders) use water/gas separators for the genset exhaust.
After that, fumes are routed above and raw water below the waterline.
So, most of the exhaust pipe is actually wet, and only the last bit of pipe after the separator is dry.
That is meant to get rid of the dripping water noise while anchored, without introducing a backpressure that would be unavoidable with a completely submerged exhaust.
If you look in the area near your fumes outlet, you should see another thru-hull under the waterline, which spits the raw water when the genset is running.

Just for the records, there are indeed u/w exhausts designed to reduce not only noise, but also backpressure, creating a scavenging effect when the boat is on the plane.
But as far as I know they are only used for main engines, and they also require a secondary bypass above the w/l, to let the engine breathe also when the boat is not going fast enough to de-pressurize the main u/w exhaust.

You should see a round muffler and from there should be a thru hull and part of it exits underwater, I believe midship, starboard side, not far below the exhaust on the hull side.

It would be interesting to see the guts to that, but it's probably potted with epoxy or silicone. I can think of at least four ways to make that, if it had to be done. None are cost-effective
Has that completely failed? If Pipewelders doesn't have it, any longer, you might be able to use one of THESE or something like it. Flexible with self adhesive, and maybe be able to stack two or more in there for more light.

Thanks Brek!

An alternative brand, more expensive but available and built for USCG certified distances:

https://www.lopolight.com/Product

Was doing some research on the exterior lights and saw this post. The Pipewelders part numbers will come in handy. Nothing to change at this moment - but a good reference.