Derivatives |
9 Months Ended |
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Sep. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivatives | Derivatives 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 September 30, 2026, the one-month SOFR was 3.9%. For the three and nine months ended September 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 nine months ended September 30, 2026, Distinguished recognized a net unrealized gain of $0.2 million and $0.3 million related to the change in fair value on the Distinguished Interest Rate Cap within interest expense. For the period from September 2, 2025, the date of acquisition, through September 30, 2025, White Mountains recognized no gain or loss related to the change in fair value on the Distinguished Interest Rate Cap. As of September 30, 2026 and December 31, 2025, the fair value of the Distinguished Interest Rate Cap was $0.4 million and $0.1 million. White Mountains classifies the Distinguished Interest Rate Cap as a Level 2 measurement.
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