The Company’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities, short-term investments, equity securities, and other-long term investments which are all classified as trading securities. Realized and unrealized investment gains and losses on trading securities are reported in pre-tax revenues.

The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of June 30, 2021 and December 31, 2020:


	June 30, 2021
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency gains (losses)		Fair value
Asset-backed securities	$	541.4	$	2.3	$	(0.1)	$	—	$	543.6
Residential mortgage-backed securities	368.8		1.1		(2.1)		—		367.8
Commercial mortgage-backed securities	123.8		1.1		(1.3)		—		123.6

Corporate debt securities	592.5		5.1		(0.3)		(2.3)		595.0
U.S. government and government agency (1)	263.7		2.0		(1.4)		—		264.3
Non-U.S. government and government agency	102.7		0.1		(0.1)		(1.2)		101.5
U.S. states, municipalities and political subdivision	0.7		—		—		—		0.7
Preferred stocks	12.7		0.1		—		—		12.8
Total debt securities	$	2,006.3	$	11.8	$	(5.3)	$	(3.5)	$	2,009.3


	December 31, 2020
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency gains (losses)		Fair value
Asset-backed securities	$	1.2	$	0.1	$	—	$	—	$	1.3
Residential mortgage-backed securities	8.1		0.6		—		—		8.7

Bank debt	0.3		0.1		—		—		0.4
Corporate debt securities	29.4		8.4		(0.1)		—		37.7
U.S. government and government agency (1)	52.4		1.7		(0.9)		—		53.2



Total debt securities	$	91.4	$	10.9	$	(1.0)	$	—	$	101.3

(1)The Company had $12.0 million of short positions in long duration U.S. Treasuries as of December 31, 2020. These amounts are included in securities sold, not yet purchased in the condensed consolidated balance sheets.

The weighted average duration of the Company's debt securities as of June 30, 2021 was approximately 1.7 years, including short-term investments, and approximately 2.4 years excluding short-term investments (December 31, 2020 - 10.5 years and 10.5 years, respectively).

The following table provides the cost or amortized cost and fair value of the Company's debt securities as of June 30, 2021 and December 31, 2020 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


	June 30, 2021				December 31, 2020
	Cost or amortized cost		Fair value		Cost or amortized cost		Fair value
Due in one year or less	$	238.9	$	238.9	$	50.0	$	50.6
Due after one year through five years	570.1		568.0		2.8		3.0
Due after five years through ten years	103.3		103.2		—		—
Due after ten years	47.3		51.4		29.4		37.7
Mortgage-backed and asset-backed securities	1,034.0		1,035.0		9.2		10.0
Preferred stocks	12.7		12.8		—		—
Total debt securities	$	2,006.3	$	2,009.3	$	91.4	$	101.3

As of June 30, 2021, the above totals included $26.6 million of sub-prime securities. Of this total, $7.5 million was rated AAA, $10.2 million rated AA and $8.9 million rated A. As of December 31, 2020, the above totals included $8.7 million of A rated sub-prime securities.

The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company’s equity securities and other long-term investments as of June 30, 2021 and December 31, 2020, were as follows:


	June 30, 2021
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency gains		Fair value
Equity securities	$	4.9	$	0.1	$	—	$	—	$	5.0
Other long-term investments	$	414.9	$	53.0	$	(4.4)	$	0.2	$	463.7

The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. As of June 30, 2021, the Company held investments in 8 hedge funds and 19 private equity funds. The largest investment in a single fund was $46.7 million as of June 30, 2021.


	June 30, 2021
	Fair value		Unfunded commitments
Hedge funds
Long/short multi-sector	$	26.9	$	—
Distressed mortgage credit	46.7		—
Private credit	23.7		—

Other	1.2		—
Total hedge funds	98.5		—
Private equity funds
Energy infrastructure & services	52.4		23.6
Multi-sector	10.4		6.5
Healthcare	29.9		2.2
Life settlement	13.1		—
Manufacturing/Industrial	14.2		—
Private equity secondaries	0.6		0.7

Other	4.6		0.8
Total private equity funds	125.2		33.8
Total hedge and private equity funds included in other long-term investments	$	223.7	$	33.8

Redemption of investments in certain hedge funds is subject to restrictions including lock-up periods where no redemptions or withdrawals are allowed, restrictions on redemption frequency, and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period.


	Notice Period
Redemption Frequency	1-29 days notice		30-59 days notice		60-89 days notice		90-119 days notice		120+ days notice		Total

Quarterly	$	—	$	0.6	$	26.9	$	46.7	$	—	$	74.2
Semi-annual	—		—		0.3		—		—		0.3
Annual	—		—		—		0.3		23.7		24.0
Total	$	—	$	0.6	$	27.2	$	47.0	$	23.7	$	98.5

Certain of the hedge fund and private equity fund investments in which the Company is invested are no longer active and are in the process of disposing of their underlying investments. Distributions from such funds are remitted to investors as the fund's underlying investments are liquidated. As of June 30, 2021, $11.7 million in distributions were outstanding from these investments.

Investments in private equity funds are generally subject to a "lock-up" period during which investors may not request a redemption. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising from the liquidation of the fund's underlying investments. In addition, certain private equity funds provide an option to extend the lock-up period at either the sole discretion of the fund manager or upon agreement between the fund and the investors.


	June 30, 2021				December 31, 2020
	Cost		Fair value		Cost		Fair value
Third Point Enhanced LP	$	867.9	$	1,229.4	$	891.9	$	1,055.6
Third Point Venture Offshore Fund I LP	24.0		25.0		—		—
Investment in related party investment funds, at fair value	$	891.9	$	1,254.4	$	891.9	$	1,055.6

On August 6, 2020, SiriusPoint, SiriusPoint Bermuda and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) entered into the Third Amended and Restated Exempted Limited Partnership Agreement (“2020 LPA”) of Third Point Enhanced LP (“TP Enhanced Fund”) which became effective on February 26, 2021, except for the amendment to the calculation of the loss recovery account which became effective on December 31, 2020. In accordance with the 2020 LPA, Third Point Advisors LLC (“TP GP”) serves as the general partner of TP Enhanced Fund.

The TP Enhanced Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures.

Under the 2020 LPA, the Company has the right to withdraw funds monthly from TP Enhanced Fund to meet capital adequacy requirements and to satisfy financing obligations. The Company may also withdraw its investment upon the occurrence of certain events specified in the 2020 LPA, including, to meet capital adequacy requirements, to prevent a negative credit rating, for risk management purposes or to satisfy financing obligations, subject to certain limitations on such withdrawals as specified in the 2020 LPA, and may withdraw its investment in full on the first quarter end date after the five-year anniversary of the closing date of the acquisition of Sirius Group (i.e. March 31, 2026) and each successive two-year anniversary of such date. The Company is also entitled to withdraw funds from the TP Enhanced Fund in order to satisfy its risk management guidelines, upon prior written notice to the TP GP, in an amount not to exceed 20% of the sum of (x) the aggregate opening balances of our capital account and (y) the aggregate amount of capital contributions credited to our capital account.

On March 1, 2021, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2021 Venture LPA”) of Third Point Venture Offshore Fund I LP (“TP Venture Fund”) which became effective on March 1, 2021. In accordance with the 2021 Venture LPA, Third Point Venture GP LLC (“TP Venture GP”) serves as the general partner of TP Venture Fund.

The TP Venture Fund investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments.

The Company’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give the Company the ability to exert significant influence over the investee's operating and financial policies ("equity method eligible unconsolidated entities"). Such investments may be accounted for under either the equity method or, alternatively, the Company may elect to account for them under the fair value option.


	June 30, 2021		December 31, 2020
Equity method eligible unconsolidated entities, at fair value	$	223.5	$	—
Other unconsolidated investments, at fair value (1)	240.2		4.0
Total other long-term investments (2)	$	463.7	$	4.0

The Company has elected the fair value option to account for its equity method eligible investments accounted for as part of other long-term investments for consistency of presentation with the rest of its investment portfolio. The following table presents the Company’s ownership interests in investments in equity method eligible unconsolidated entities as of June 30, 2021:


Investee	June 30, 2021		Instrument Held
BE Reinsurance Limited	24.9	%	Common shares
BioVentures Investors (Offshore) IV LP	73.0	%	Units
Camden Partners Strategic Fund V (Cayman), LP	39.4	%	Units
Diamond LS I LP	15.4	%	Units
Gateway Fund LP	22.9	%	Units
Monarch	12.8	%	Units
New Energy Capital Infrastructure Credit Fund LP	29.7	%	Units
New Energy Capital Infrastructure Offshore Credit Fund LP	29.7	%	Units
Pie Preferred Stock (1)	9.6	%	Preferred shares
Pie Series B Preferred Stock (1)	6.9	%	Preferred shares
Pie Series C Preferred Stock (1)	0.5	%	Preferred shares
Quintana Energy Partners	21.8	%	Units
Tuckerman Capital V LP	46.9	%	Units
Tuckerman Capital V Co-Investment I LP	47.9	%	Units