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 June 30, 2026 and December 31, 2025:


	June 30, 2026			December 31, 2025
$ in Millions	Ownership Interest	Carrying Value		Ownership Interest	Carrying Value
Kudu’s Participation Contracts (1)	2.0% - 30.0%	$	1,344.6	4.1% - 30.0%	$	1,285.0
Bamboo SPV	27.9%	$	280.0	27.9%	$	250.0
BroadStreet SPV	10.9%	$	176.2	10.9%	$	160.0
PassportCard/DavidShield	53.8%	$	170.0	53.8%	$	170.0
Investment in MediaAlpha (2)	29.1%	$	224.5	27.7%	$	231.2
Other equity method eligible investments (3)	Under 50.0%	$	288.4	Under 50.0%	$	301.0
Other equity method eligible investments (4)	50.0% and over	$	21.0	50.0% and over	$	—

(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.

For the three and six months ended June 30, 2026, White Mountains received dividend and income distributions from equity method eligible investments of $22.7 million and $52.9 million, which were generally recorded within net investment income in the consolidated statements of operations. For the three and six months ended June 30, 2025, White Mountains received dividend and income distributions from equity method eligible investments of $20.3 million and $36.9 million.