v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of September 30, 2026 and December 31, 2025:
$ in MillionsSeptember 30, 2026
Effective
  Rate (1)
December 31, 2025
Effective
  Rate (1)
Ark 2021 Subordinated Notes Tranche 1$44.7 $45.8 
Ark 2021 Subordinated Notes Tranche 247.0 47.0 
Ark 2021 Subordinated Notes Tranche 370.0 70.0 
Unamortized issuance cost(2.7)(3.1)
Ark 2021 Subordinated Notes, carrying value159.0 9.8%159.7 10.2%
Kudu Credit Facility358.3 358.3 
Unamortized issuance cost(7.4)(7.9)
Kudu Credit Facility, carrying value350.9 8.1%350.4 8.9%
HG Global 2026 Senior Notes200.0 — 
Unamortized issuance cost(2.6)— 
HG Global 2026 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
130.4 131.4 
Unamortized issuance cost(1.3)(1.5)
Distinguished Credit Facility, carrying value
129.1 10.0%129.9 10.3%
Distinguished other debt, carrying value
11.8 10.9%10.9 10.9%
Total Distinguished debt
140.9 140.8 
WTM Partners Debt64.1 19.6 
Unamortized issuance cost(1.0)(.2)
WTM Partners Debt, carrying value63.1 7.3%19.4 7.1%
Other Operations Debt17.6 19.1 
Unamortized issuance cost(.3)(.2)
Other Operations Debt, carrying value17.3 9.2%18.9 9.3%
Total debt$928.6 $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 nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
Millions2026202520262025
Kudu Credit Facility
Beginning balance$358.3 $253.3 $358.3 $245.3 
Borrowings — 29.0 — 37.0 
Repayments— — — — 
Ending balance$358.3 $282.3 $358.3 $282.3 
The following table presents the change in debt under the Distinguished Credit Facility for the three and nine months ended September 30, 2026 as well as the period from September 2, 2025 to September 30, 2025:
MillionsThree Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026		September 2, 2025 - September 30, 2025
Distinguished Credit Facility
Beginning balance$130.7 $131.4 $90.2 
(1)
Borrowings— — 50.0 
(2)
Repayments(.3)(1.0)(.4)
Ending balance$130.4 $130.4 $139.8 
(1) Represents the outstanding balance of the Distinguished Credit Facility assumed in the Distinguished Transaction. See Note 2 — “Significant Transactions.”
(2) Represents the $50.0 of incremental term loan drawn in connection with the closing of the Distinguished Transaction. See Note 2 — “Significant Transactions.”