| Disposal Groups, Including Discontinued Operations, Disclosure |
3. DISCONTINUED OPERATIONS Sale of Ambac Assurance Corporation ("AAC") On September 29, 2025, the Company completed the sale of AAC. See Note 5. Discontinued Operations in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further information regarding the sale. The following table summarizes the major line items constituting net income (loss) from discontinued operations as presented in the Consolidated Statements of Income (Loss) for the periods presented: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | | | Revenues: | | | | | | | | Net premiums earned | | $ | 5,199 | | | $ | 9,962 | | | | | Net investment income | | 36,107 | | | 56,807 | | | | | Net investment gains (losses), including impairments | | (12,514) | | | (18,468) | | | | | Net gains (losses) on derivative contracts | | (8,834) | | | (9,367) | | | | | | | | | | | | | | | | | | | Other revenues | | 8,840 | | | 16,661 | | | | | Total revenues | | 28,798 | | | 55,595 | | | | | Expenses: | | | | | | | | Loss and loss adjustment expenses (benefit) | | (2,657) | | | 8,078 | | | | | Intangible amortization | | 5,362 | | | 11,188 | | | | | General & administrative and other expenses | | 7,523 | | | 16,607 | | | | | Interest expense | | 15,943 | | | 31,894 | | | | | | | | | | | | Total expenses | | 26,171 | | | 67,767 | | | | | Pretax income (loss) | | 2,627 | | | (12,172) | | | | | Provision for income taxes | | 1,818 | | | 2,770 | | | | Loss on disposal (1) | | (52,960) | | | (67,456) | | | | | Net income (loss) from discontinued operations | | $ | (52,151) | | | $ | (82,398) | | | |
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