v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of June 30, 2026 and December 31, 2025:
$ in MillionsJune 30, 2026
Effective
  Rate (1)
December 31, 2025
Effective
  Rate (1)
Ark 2021 Subordinated Notes Tranche 1$44.9 $45.8 
Ark 2021 Subordinated Notes Tranche 247.0 47.0 
Ark 2021 Subordinated Notes Tranche 370.0 70.0 
Unamortized issuance cost(2.9)(3.1)
Ark 2021 Subordinated Notes, carrying value159.0 9.8%159.7 10.2%
Kudu Credit Facility358.3 358.3 
Unamortized issuance cost(7.6)(7.9)
Kudu Credit Facility, carrying value350.7 8.0%350.4 8.9%
HG Global 2026 Senior Notes200.0 —— 
Unamortized issuance cost(2.6)—— 
HG Global Senior Notes, carrying value197.4 7.5%— N/A
HG Global 2022 Senior Notes — 150.0 
Unamortized discount and issuance cost— (2.2)
HG Global 2022 Senior Notes, carrying value — 147.8 10.8%
Distinguished Credit Facility
130.7 131.4 
Unamortized issuance cost(1.3)(1.5)
Distinguished Credit Facility, carrying value
129.4 10.2%129.9 10.3%
Distinguished other debt, carrying value
11.5 10.9%10.9 10.9%
Total Distinguished debt
140.9 140.8 
WTM Partners Debt67.5 19.6 
Unamortized issuance cost(1.0)(.2)
WTM Partners Debt, carrying value66.5 6.9%19.4 7.1 %
Other Operations Debt18.3 19.1 
Unamortized issuance cost(.3)(.2)
Other Operations Debt, carrying value18.0 9.3%18.9 9.3%
Total debt$932.5 $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 and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
Millions2026202520262025
Kudu Credit Facility
Beginning balance$358.3 $253.3 $358.3 $245.3 
Borrowings — — — 8.0 
Repayments— — — — 
Ending balance$358.3 $253.3 $358.3 $253.3 
The following table presents the change in debt under the Distinguished Credit Facility for the three and six months ended June 30, 2026:
MillionsThree Months Ended
June 30, 2026		Six Months Ended
June 30, 2026
Distinguished Credit Facility
Beginning balance$131.1 $131.4 
Borrowings— — 
Repayments(.4)(.7)
Ending balance$130.7 $130.7