Derivatives |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivatives | Derivatives Kudu Interest Rate Cap On September 17, 2024, Kudu entered into an interest rate cap agreement, effective on September 30, 2024, to limit its exposure to the risk of interest rate increases on the Kudu Credit Facility (the “Kudu Interest Rate Cap”). The notional amount of the Kudu Interest Rate Cap was $150.0 million, and the termination date was September 30, 2027. Kudu paid an initial premium of $0.9 million for the Kudu Interest Rate Cap. Effective July 23, 2026, Kudu cancelled the Kudu Interest Rate Cap and received $0.1 million. HG Global Interest Rate Cap On August 22, 2024, HG Global entered into an interest rate cap agreement, effective July 25, 2025, to limit its exposure to the risk of interest rate increases on the HG Global 2022 Senior Notes (the “HG Global 2024 Interest Rate Cap”). The notional amount of the HG Global 2024 Interest Rate Cap was $150.0 million, and the termination date was July 25, 2028. HG Global paid an initial premium of $1.3 million for the HG Global 2024 Interest Rate Cap. Effective July 23, 2026, HG Global cancelled the HG Global 2024 Interest Rate Cap and received $0.4 million. Distinguished Interest Rate Cap On September 16, 2025, Distinguished entered into an interest rate cap agreement to limit its exposure to the risk of interest rate increases on the Distinguished Credit Facility (the “Distinguished Interest Rate Cap”). The notional amount of the Distinguished Interest Rate Cap is $70.0 million, and the termination date is September 16, 2028. Distinguished paid an initial premium of $0.2 million for the Distinguished Interest Rate Cap. Under the Distinguished Interest Rate Cap, if the one-month SOFR on a monthly determination date exceeds 5.0%, Distinguished will receive a payment from the counterparty for the difference on the subsequent settlement date. As of June 30, 2026, the one-month SOFR was 3.7%. For the three and six months ended June 30, 2026, Distinguished did not receive any payments related to the periodic settlement of the Distinguished Interest Rate Cap. Distinguished accounts for the Distinguished Interest Rate Cap as a derivative at fair value within other assets, with changes in fair value recognized in current period earnings within interest expense. For the three and six months ended June 30, 2026, Distinguished recognized a net unrealized gain of $0.1 million and $0.1 million related to the change in fair value on the Distinguished Interest Rate Cap within interest expense. As of June 30, 2026 and December 31, 2025, the fair value of the Distinguished Interest Rate Cap was $0.2 million and $0.1 million. White Mountains classifies the Distinguished Interest Rate Cap as a Level 2 measurement.
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