What does change in fair value of BAM surplus notes mean?

Reflects the periodic mark-to-market adjustments on specific financial instruments issued by entities within the company's portfolio. This metric captures volatility in the valuation of debt-like securities that impact the income statement.

White Mountains Insurance Group WTM Change in fair value of BAM Surplus Notes

Discontinued — last reported Q4 '25

Change in fair value of BAM Surplus Notes at other companies

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Ellington Financial Inc.EFC

-$194.11M-31.6%

TG TherapeuticsTGTX

-$88K+58.7%

Rithm CapitalRITM

-$5.98M+29.0%

Applied DigitalAPLD

$0—

Rithm CapitalRITM

$1.34B+26.7%

Enova InternationalENVA

$344.3M+8.4%

Segments

By segment

See full

Financial Guarantee (HG Global)$0—

Specialty Insurance Distribution (Distinguished)$0—

Other financials

Income statement

See full

Revenue$517.8M-10.4%

Gross profit$475.1M-16.7%

Net income-$27.2M-180%

Balance sheet

See full

Total debt$834.8M+23.5%

Total equity$5.4B+19.2%

Total assets$13.2B+19.7%

Cash flow

See full

Operating cash flow$30.5M+176%

Valuation

See full

Market cap$4.99B+9.8%

Profitability

See full

Gross margin94.9%-3.7pp

Net margin28.4%—

Returns & leverage

See full

Return on equity21.2%—

Debt / equity0.2×0.0×

Where this comes from

Reported directly by White Mountains Insurance Group in its filing.

Tagged under the XBRL concept wtm:GainLossOnFairValueAdjustmentOfSurplusNotes.

The official record: White Mountains Insurance Group’s 10-K, filed February 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is White Mountains Insurance Group's change in fair value of BAM surplus notes?: White Mountains Insurance Group (WTM) reported change in fair value of BAM surplus notes of -$37.5M in Q4 2025.
What does change in fair value of BAM surplus notes mean?: Reflects the periodic mark-to-market adjustments on specific financial instruments issued by entities within the company's portfolio. This metric captures volatility in the valuation of debt-like securities that impact the income statement.