Noncontrolling interests consist of the ownership interests of noncontrolling shareholders in consolidated entities. White Mountains has both redeemable and nonredeemable noncontrolling interests. Noncontrolling interests with optional redemption features that are not within White Mountains’s control are classified as redeemable noncontrolling interests, which are considered temporary equity and presented as mezzanine equity on the balance sheet. Noncontrolling interests that do not have any redemption features are classified as nonredeemable noncontrolling interests, which are considered permanent equity and included in White Mountains’s total equity on the balance sheet. Nonredeemable noncontrolling interests are presented separately from White Mountains’s common shareholders’ equity.

On September 5, 2028, the third anniversary of the closing of the Distinguished Transaction, certain noncontrolling unitholders will have the option to sell additional units representing 31.4% of Distinguished’s basic units outstanding to White Mountains at the same unit price paid in the Distinguished Transaction less aggregate per unit distributions. As of both March 31, 2026 and December 31, 2025, the carrying value of the redeemable noncontrolling interests was $131.5 million, and the redemption value would have been $131.5 million if exercised in full.

The following table presents the nonredeemable noncontrolling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by noncontrolling shareholders as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
$ in Millions	Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity		Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity
Nonredeemable noncontrolling interests:
Ark (2)	27.9	%	$	447.8	27.9	%	$	465.2
Kudu (3)	8.7	%	135.4		8.8	%	141.2
HG Global	3.1	%	(19.2)		3.1	%	(18.4)






Distinguished (4)	13.1	%	70.6		13.1	%	73.7
Other	various		36.4		various		36.5
Total nonredeemable noncontrolling interests			$	671.0			$	698.2

(1) The nonredeemable noncontrolling percentage represents the basic ownership interests held by noncontrolling shareholders with the exception of HG Global, for which the nonredeemable noncontrolling percentage represents the preferred share ownership held by noncontrolling shareholders.

(2) As of March 31, 2026 and December 31, 2025, Ark’s nonredeemable noncontrolling interests include $52.5 and $58.6 related to management’s equity incentives.

(3) As of March 31, 2026 and December 31, 2025, Kudu’s nonredeemable noncontrolling interests include $42.7 and $52.3 related to management’s equity incentives.

(4) As of March 31, 2026 and December 31, 2025, Distinguished’s nonredeemable noncontrolling interests include $32.3 and $33.3 related to management’s equity incentives.