Equity Method Eligible Investments

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

White Mountains’s equity method eligible investments include those in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies. Under GAAP, equity method eligible investments are considered related parties. White Mountains has generally taken the fair value option for its equity method eligible investments.

The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
$ in Millions	Ownership Interest	Carrying Value		Ownership Interest	Carrying Value
Kudu’s Participation Contracts (1)	4.1% - 30.0%	$	1,352.2	4.1% - 30.0%	$	1,285.0
Bamboo SPV	27.9%	$	260.0	27.9%	$	250.0
BroadStreet SPV	10.9%	$	170.1	10.9%	$	160.0
PassportCard/DavidShield	53.8%	$	170.0	53.8%	$	170.0
Investment in MediaAlpha (2)	28.4%	$	166.1	27.7%	$	231.2
Other equity method eligible investments (3)	Under 50.0%	$	299.3	Under 50.0%	$	301.0

(1) Ownership interest references basic ownership interest with the exception of Kudu’s Participation Contracts, which are generally noncontrolling equity interests in the form of revenue and earnings participation contracts.

(2) MediaAlpha’s ownership interest is based on the total class A and class B common shares outstanding.

(3) Includes certain other unconsolidated entities, private equity funds and an ILS fund.

For the three months ended March 31, 2026 and 2025, White Mountains received dividend and income distributions from equity method eligible investments of $30.2 million and $16.6 million, which were generally recorded within net investment income in the consolidated statements of operations.