v3.26.1
Outstanding Exposure (Tables)
 3 Months Ended
Mar. 31, 2026
Outstanding Exposure Disclosure [Abstract]  
Debt Service Outstanding
Financial Guaranty Portfolio
Debt Service and Par Outstanding
As of March 31, 2026 As of December 31, 2025
  GrossNet GrossNet
 (in billions)
Debt Service
Public finance$428.0 $427.9 $428.5 $428.4 
Structured finance14.1 13.6 12.9 12.4 
Total financial guaranty$442.1 $441.5 $441.4 $440.8 
Par Outstanding
Public finance$265.9 $265.9 $265.6 $265.6 
Structured finance13.3 12.7 12.0 11.5 
Total financial guaranty$279.2 $278.6 $277.6 $277.1 
Schedule of Financial Guaranty Exposure by Internal Rating
Financial Guaranty Portfolio by Internal Rating
As of March 31, 2026
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in billions)
AAA$— — %$1.8 3.6 %$0.5 5.3 %$0.4 10.1 %$2.7 1.0 %
AA18.6 8.6 1.4 2.9 5.4 64.7 0.6 13.1 26.0 9.3 
A126.3 58.3 11.4 23.0 1.0 13.1 3.4 76.6 142.1 51.0 
BBB68.1 31.5 30.5 61.7 0.6 7.0 — 0.2 99.2 35.6 
BIG3.4 1.6 4.4 8.8 0.8 9.9 — — 8.6 3.1 
Total net par outstanding$216.4 100.0 %$49.5 100.0 %$8.3 100.0 %$4.4 100.0 %$278.6 100.0 %

Financial Guaranty Portfolio by Internal Rating
As of December 31, 2025
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in billions)
AAA$— — %$1.8 3.5 %$0.5 5.8 %$0.5 12.6 %$2.8 1.0 %
AA18.2 8.5 1.5 2.9 5.2 66.4 0.1 3.5 25.0 9.0 
A122.8 57.1 13.5 26.7 0.7 8.9 3.0 83.7 140.0 50.5 
BBB70.5 32.8 29.4 58.1 0.6 8.2 — 0.2 100.5 36.3 
BIG3.5 1.6 4.4 8.8 0.9 10.7 — — 8.8 3.2 
Total net par outstanding$215.0 100.0 %$50.6 100.0 %$7.9 100.0 %$3.6 100.0 %$277.1 100.0 %
Schedule of BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of March 31, 2026
 BIG Net Par Outstanding
 BIG 1BIG 2BIG 3Total BIG
 (in billions)
Public finance:
U.S. public finance$2.41 $0.47 $0.58 $3.46 
Non-U.S. public finance 1.04 3.32 — 4.36 
Public finance3.45 3.79 0.58 7.82 
Structured finance:
U.S. RMBS0.18 0.02 0.55 0.75 
Other structured finance— 0.02 0.05 0.07 
Structured finance0.18 0.04 0.60 0.82 
Total$3.63 $3.83 $1.18 $8.64 

Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2025
 BIG Net Par Outstanding
 BIG 1BIG 2BIG 3Total BIG
 (in billions)
Public finance:
U.S. public finance$2.48 $0.42 $0.58 $3.48 
Non-U.S. public finance 1.09 3.35 — 4.44 
Public finance3.57 3.77 0.58 7.92 
Structured finance:
U.S. RMBS0.17 0.03 0.57 0.77 
Other structured finance— 0.01 0.06 0.07 
Structured finance0.17 0.04 0.63 0.84 
Total$3.74 $3.81 $1.21 $8.76 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of March 31, 2026
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in billions)
BIG 1$3.60 $0.03 $3.63 86 3 89 
BIG 23.83 — 3.83 14 1 15 
BIG 31.18 — 1.18 92 3 95 
Total BIG$8.61 $0.03 $8.64 192 7 199 
 Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2025
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in billions)
BIG 1$3.71 $0.03 $3.74 87 3 90 
BIG 23.81 — 3.81 13 1 14 
BIG 31.21 — 1.21 95 3 98 
Total BIG$8.73 $0.03 $8.76 195 7 202 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
The following tables provide information on FG insurance contracts categorized as BIG.

FG Insurance
BIG Transaction Loss Summary
As of March 31, 2026
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in billions)
Number of risks (1)86 14 92 192 192 
Remaining weighted-average period (in years)14.023.85.218.518.6
Outstanding exposure:    
Par$3.61 $3.82 $1.19 $8.62 $8.61 
Interest2.46 4.73 0.29 7.48 7.48 
Total (2)$6.07 $8.55 $1.48 $16.10 $16.09 
GrossNet Total BIG
BIG 1BIG 2BIG 3Total BIG
(in millions)
Expected cash outflows (inflows) $915 $1,127 $1,219 $3,261 $3,253 
Potential recoveries (3)(1,192)(835)(1,088)(3,115)(3,105)
Subtotal(277)292 131 146 148 
Discount85 (101)(3)(19)(19)
Expected losses to be paid (recovered)$(192)$191 $128 $127 $129 
Deferred premium revenue$161 $160 $99 $420 $420 
Reserves (salvage)$(251)$77 $48 $(126)$(124)
FG Insurance
BIG Transaction Loss Summary
As of December 31, 2025
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in billions)
Number of risks (1)87 13 95 195 195 
Remaining weighted-average period (in years)14.024.15.418.718.7
Outstanding exposure: 
Par$3.73 $3.81 $1.21 $8.75 $8.73 
Interest2.52 4.84 0.32 7.68 7.68 
Total (2)$6.25 $8.65 $1.53 $16.43 $16.41 
GrossNet Total BIG
BIG 1BIG 2BIG 3Total BIG
(in millions)
Expected cash outflows (inflows) $172 $1,141 $1,242 $2,555 $2,547 
Potential recoveries (3)(445)(877)(1,110)(2,432)(2,422)
Subtotal(273)264 132 123 125 
Discount47 (77)(8)(38)(38)
Expected losses to be paid (recovered)$(226)$187 $124 $85 $87 
Deferred premium revenue$164 $162 $103 $429 $429 
Reserves (salvage)$(255)$71 $43 $(141)$(140)
____________________
(1)A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)Includes amounts related to FG VIEs.
(3)Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Schedule of Non-Financial Guaranty Exposure
The Company also guarantees specialty business with risk characteristics similar to those of the Company’s structured finance exposures written in financial guaranty form.

Specialty Business
As of March 31, 2026 As of December 31, 2025
Gross ExposureNet ExposureGross ExposureNet Exposure
(in billions)
Diversified real estate (1)$2.0 $2.0 $2.0 $2.0 
Insurance reserve financings and securitizations (2)1.5 1.2 1.5 1.2 
Pooled corporate obligations0.7 0.7 0.9 0.9 
Aircraft residual value insurance (RVI)0.2 0.1 0.2 0.1 
____________________
(1)    An excess-of-loss guaranty of a minimum amount of billed rent on a diversified portfolio of real estate properties with an internal rating of AAA that matures in 2044. This guaranty is accounted for in accordance with ASC 460, Guarantees.
(2)    Insurance reserve financings and securitizations exposure is projected to reach $1.6 billion gross and $1.3 billion net in 2027.