The following table presents White Mountains’s debt outstanding as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in Millions | | June 30, 2025 | | Effective Rate (1) | | December 31, 2024 | | Effective Rate (1) | | | Ark 2021 Subordinated Notes Tranche 1 | | $ | 45.3 | | | | | $ | 41.1 | | | | | | Ark 2021 Subordinated Notes Tranche 2 | | 47.0 | | | | | 47.0 | | | | | | Ark 2021 Subordinated Notes Tranche 3 | | 70.0 | | | | | 70.0 | | | | | | Unamortized issuance cost | | (3.4) | | | | | (3.6) | | | | | | Ark 2021 Subordinated Notes, carrying value | | 158.9 | | | 10.2% | | 154.5 | | | 11.8% | | | | | | | | | | | | | HG Global Senior Notes | | 150.0 | | | | | 150.0 | | | | | | Unamortized discount and issuance cost | | (2.4) | | | | | (2.6) | | | | | | HG Global Senior Notes, carrying value | | 147.6 | | | 10.9% | | 147.4 | | | 11.8% | | | Kudu Credit Facility | | 253.3 | | | | | 245.3 | | | | | | Unamortized issuance cost | | (6.5) | | | | | (6.7) | | | | | | Kudu Credit Facility, carrying value | | 246.8 | | | 9.3% | | 238.6 | | | 10.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Bamboo Credit Facility | | 109.7 | | | | | — | | | | | | Unamortized discount and issuance cost | | (5.1) | | | | | — | | | | | | Bamboo Credit Facility, carrying value | | 104.6 | | | 10.1% | | — | | | N/A | | | Other Operations debt | | 37.3 | | | | | 22.4 | | | | | | Unamortized issuance cost | | (.6) | | | | | (.4) | | | | | | Other Operations debt, carrying value | | 36.7 | | | 8.6% | | 22.0 | | | 10.2% | | | Total debt | | $ | 694.6 | | | | | $ | 562.5 | | | | |
(1) The effective rate for the six months ended June 30, 2025 and the twelve months ended December 31, 2024 includes the effect of the amortization of debt issuance costs and original issue discount, but excludes the effect of the interest rate caps, where applicable. See Note 9 — “Derivatives.” The following table presents the change in debt under the Kudu Credit Facility for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Millions | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kudu Credit Facility | | | | | | | | | | Beginning balance | | $ | 253.3 | | | $ | 210.3 | | | $ | 245.3 | | | $ | 210.3 | | | | | | | | | | | | Borrowings | | — | | | — | | | 8.0 | | | — | | | Repayments | | — | | | — | | | — | | | — | | | Ending balance | | $ | 253.3 | | | $ | 210.3 | | | $ | 253.3 | | | $ | 210.3 | |
The following table presents the change in debt under the Bamboo Credit Facility for the three and six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | Millions | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | | | Bamboo Credit Facility | | | | | | | | Beginning balance | | $ | 110.0 | | | $ | — | | | | | | | | | | | | Borrowings | | — | | | 110.0 | | | | | Repayments | | (.3) | | | (.3) | | | | | | | | | | | | | | | | | | | | | | | | | | Ending balance | | $ | 109.7 | | | $ | 109.7 | | | |
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