WTM — what changed in the latest 10-Q
A section-by-section comparison of WTM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +133 | −212 | ~40 | 40 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~2 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
operating businesses that were more than offset by a decline in the MediaAlpha share price.
White Mountains reported book value per share of $1,752 as of March 31, 2025, an increase of 0.4% in the first quarter of 2025, including dividends. Results in the first quarter of 2025 were driven primarily by solid results from White Mountains’s
operating businesses and good investment returns, mostly offset by a decline in the MediaAlpha share price.
Comprehensive income (loss) attributable to common shareholders was $(27) million in the first quarter 2026 compared to $35 million in the first quarter of 2025. Results in the first quarter of 2026 included $11 million of net realized and unrealized investment gains compared to $87 million in the f…
On February 26, 2026, White Mountains deployed $125 million into Bishop Street, a diversified platform of MGAs and niche underwriting teams focused on the property and casualty insurance sector.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
White Mountains reported book value per share of $1,795 as of September 30, 2024, an increase of 4% in the third quarter of 2024 and 9% in the first nine months of 2024, including dividends. Results in the third quarter and first nine months of 2024 were driven primarily by mark-to-market gains from…
Comprehensive income (loss) attributable to common shareholders was $114 million and $272 million in the third quarter and first nine months of 2025 compared to $180 million and $361 million in the third quarter and first nine months of 2024. Results in the third quarter and first nine months of 202…
On October 2, 2025, White Mountains entered into the Bamboo Sale Transaction to sell approximately 77% of its equity interest in Bamboo for cash and retain the remainder. The Bamboo Sale Transaction values Bamboo at an enterprise value of $1.75 billion. White Mountains expects to receive net cash pr…
On September 2, 2025, White Mountains closed its transaction to acquire a controlling financial interest in Distinguished, a full-service MGA and program administrator for specialty property & casualty insurance.
On July 18, 2025, White Mountains closed its transaction to deploy $150 million into BroadStreet through the BroadStreet SPV alongside co-lead investors Ethos Capital LP and British Columbia Investment Management Corporation. BroadStreet is an insurance brokerage company with a presence in all 50 U.…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice