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Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of March 31, 2021 and December 31, 2020:
Millions |  | March 31, 2021 |  | Effective Rate | (1) |  | December 31, 2020 |  | Effective Rate | (1) |
Ark Alesco Notes, carrying value |  | $ | 30.0 |  |  |  |  | $ | — |  |  |  |
Ark Dekania Note, carrying value |  | 14.1 |  |  |  |  | — |  |  |  |
Ark Subordinated Notes, carrying value |  | 44.1 |  |  | 4.6% |  | — |  |  |  |
NSM Bank Facility |  | 277.3 |  |  | 7.6% | (2) |  | 277.4 |  |  | 7.5% | (2) |
Unamortized issuance cost |  | (5.8) |  |  |  |  | (6.1) |  |  |  |
NSM Bank Facility, carrying value |  | 271.5 |  |  |  |  | 271.3 |  |  |  |
Other NSM debt, carrying value |  | 1.2 |  |  | 2.3% |  | 1.3 |  |  | 2.5% |
Kudu Credit Facility |  | 102.0 |  |  | 5.2% |  | — |  |  |  |
Unamortized issuance cost |  | (6.1) |  |  |  |  | — |  |  |  |
Kudu Credit Facility, carrying value |  | 95.9 |  |  |  |  | — |  |  |  |
Kudu Bank Facility |  | — |  |  |  |  | 89.2 |  |  | 8.3% |
Unamortized issuance cost |  | — |  |  |  |  | (2.9) |  |  |  |
Kudu Bank Facility, carrying value |  | — |  |  |  |  | 86.3 |  |  |  |
Other Operations debt |  | 17.5 |  |  | 7.6% |  | 18.0 |  |  | 7.4% |
Unamortized issuance cost |  | (.5) |  |  |  |  | (.5) |  |  |  |
Other Operations, carrying value |  | 17.0 |  |  |  |  | 17.5 |  |  |  |
Total debt |  | $ | 429.7 |  |  |  |  | $ | 376.4 |  |  |  |
(1) Effective rate includes the effect of the amortization of debt issuance costs. (2) NSM’s effective rate excludes the effect of the interest rate swap on the hedged portion of the debt. The weighted average interest rate for the quarter ended March 31, 2021 and December 31, 2020, excluding the effect of amortization of debt issuance costs, was 7.1% and 7.0%. The weighted average interest rate for the quarter ended March 31, 2021 and December 31, 2020 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap was 8.5% and 8.4%. The following table presents the change in debt under the NSM Bank Facility for the three months ended March 31, 2021 and 2020:
NSM Bank Facility |  |  |  | Three Months Ended
|  |  |  | March 31,
Millions |  |  |  |  |  | 2021 |  | 2020
Beginning balance |  |  |  |  |  | $ | 277.4 |  |  | $ | 221.3 |
Term loans |  |  |  |  |  |  |  |
Borrowings |  |  |  |  |  | — |  |  | — |
Repayments |  |  |  |  |  | (.7) |  |  | (.6) |
Foreign currency translation |  |  |  |  |  | .6 |  |  | — |
Revolving credit loan |  |  |  |  |  |  |  |
Borrowings |  |  |  |  |  | — |  |  | — |
Repayments |  |  |  |  |  | — |  |  | — |
Ending balance |  |  |  |  |  | $ | 277.3 |  |  | $ | 220.7 |
Schedule of Debt | The following table presents the NSM weighted average interest rate for the three months ended March 31, 2021 and 2020:
NSM Weighted Average Interest Rate |  | Three Months ended March 31,
|  | 2021 |  | 2020
Millions |  | Weighted Average |  | Interest Expense (1) |  | Weighted Average Interest rate |  | Weighted Average |  | Interest Expense (1) |  | Weighted Average Interest rate
Term loan - hedged |  | $ | 147.6 |  |  | $ | 3.4 |  |  | 9.2 | % |  | $ | 148.4 |  |  | $ | 3.0 |  |  | 8.1 | %
Term loan - unhedged |  | 129.8 |  | 2.5 |  | 7.7 | % |  | 72.6 |  | 1.2 |  | 6.6 | %
Total NSM Facility |  | $ | 277.4 |  |  | $ | 5.9 |  |  | 8.5 | % |  | $ | 221.0 |  |  | $ | 4.2 |  |  | 7.6 | %
(1) Interest expense includes the amortization of debt issuance costs and the effect of the interest rate swap and excludes interest expense related to the Other NSM Debt.

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