v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of March 31, 2026 and December 31, 2025:
$ in MillionsMarch 31, 2026
Effective
  Rate (1)
December 31, 2025
Effective
  Rate (1)
Ark 2021 Subordinated Notes Tranche 1$45.3 $45.8 
Ark 2021 Subordinated Notes Tranche 247.0 47.0 
Ark 2021 Subordinated Notes Tranche 370.0 70.0 
Unamortized issuance cost(3.0)(3.1)
Ark 2021 Subordinated Notes, carrying value159.3 9.7%159.7 10.2%
Kudu Credit Facility358.3 358.3 
Unamortized issuance cost(7.7)(7.9)
Kudu Credit Facility, carrying value350.6 8.0%350.4 8.9%
HG Global Senior Notes 150.0 150.0 
Unamortized discount and issuance cost(2.1)(2.2)
HG Global Senior Notes, carrying value 147.9 10.3%147.8 10.8%
Distinguished Credit Facility
131.1 131.4 
Unamortized issuance cost(1.5)(1.5)
Distinguished Credit Facility, carrying value
129.6 9.9%129.9 10.3%
Distinguished other debt, carrying value
11.2 10.8%10.9 10.9%
Total Distinguished debt
140.8 140.8 
Other Operations debt36.8 38.7 
Unamortized issuance cost(.6)(.4)
Other Operations debt, carrying value36.2 8.6%38.3 8.3%
Total debt$834.8 $837.0 
 (1) The effective rate 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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Millions20262025
Kudu Credit Facility
Beginning balance$358.3 $245.3 
Borrowings — 8.0 
Repayments— — 
Ending balance$358.3 $253.3 
The following table presents the change in debt under the Distinguished Credit Facility for the three months ended March 31, 2026:
Millions
Three Months Ended
March 31, 2026
Distinguished Credit Facility
Beginning balance
$131.4 
Borrowings
— 
Repayments(.3)
Ending balance$131.1