The following table presents the nonredeemable noncontrolling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by noncontrolling shareholders as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
$ in Millions	Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity		Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity
Nonredeemable noncontrolling interests:
Ark (2)	27.9	%	$	471.5	27.9	%	$	465.2
Kudu (3)	8.7	%	144.1		8.8	%	141.2
HG Global	3.1	%	(20.0)		3.1	%	(18.4)






Distinguished (4)	13.5	%	76.0		13.1	%	73.7
WTM Partners	various		55.8		34.5	%	31.0
Other Operations	various		4.8		various		5.5
Total nonredeemable noncontrolling interests			$	732.2			$	698.2

(1) The nonredeemable noncontrolling percentage represents the basic ownership interests held by noncontrolling shareholders with the exception of HG Global, for which the nonredeemable noncontrolling percentage represents the preferred share ownership held by noncontrolling shareholders.

(2) As of June 30, 2026 and December 31, 2025, Ark’s nonredeemable noncontrolling interests include $59.2 and $58.6 related to management’s equity incentives.

(3) As of June 30, 2026 and December 31, 2025, Kudu’s nonredeemable noncontrolling interests include $47.6 and $52.3 related to management’s equity incentives.

(4) As of June 30, 2026 and December 31, 2025, Distinguished’s nonredeemable noncontrolling interests include $38.5 and $33.3 related to management’s equity incentives.