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SEC Schedule, Article 12-04, Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Financial Information
Of Registrant (Parent Company Only)
Condensed Balance Sheets
($ in thousands, except share data) December 31,20242023
Assets:
Fixed maturity securities, at fair value (amortized cost of $0 and $14,045)
$— $13,920 
Short-term investments, at fair value (amortized cost of $64,439 and $155,687)
64,439 155,688 
Other investments28,117 18,317 
Total investments (net of allowance for credit losses of $0 and $0)
92,556 187,925 
Cash and cash equivalents9,981 250 
Investment in subsidiaries737,692 1,150,195 
Investment income due and accrued269 545 
Other assets22,703 26,258 
Total assets$863,201 $1,365,173 
Liabilities and Stockholders' Equity:
Liabilities:
Accounts payable and other liabilities
6,294 3,515 
Total liabilities6,294 3,515 
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none
— — 
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 48,875,167 and 46,659,144
489 467 
Additional paid-in capital331,007 291,761 
Accumulated other comprehensive income (loss)(188,436)(160,046)
Retained earnings742,185 1,246,049 
Treasury stock, shares at cost: 2,368,194 and 1,463,774
(28,339)(16,573)
Total Ambac Financial Group, Inc. stockholders’ equity856,906 1,361,658 
Total liabilities and stockholders’ equity$863,201 $1,365,173 
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the following notes.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Financial Information
Of Registrant (Parent Company Only)
Condensed Statement of Comprehensive Income
($ in thousands) Year Ended December 31,202420232022
Revenues:
Investment income$7,262 $9,298 $10,389 
Other income(415)6 (81)
Net gains on derivative contracts3,910 (348)935 
Net investment gains (losses), including impairments(498)55 (13,664)
Total revenues10,259 9,011 (2,421)
Expenses:
General and administrative expenses41,519 21,597 17,435 
Total expenses41,519 21,597 17,435 
Income (loss) before income taxes and net income (loss) of subsidiaries(31,260)(12,586)(19,856)
Federal income tax provision (benefit)(1,748)(1,193)(462)
Income (loss) before net income (loss) of subsidiaries(29,512)(11,393)(19,394)
Net income (loss) of subsidiaries(526,937)15,026 541,773 
Net income (loss)$(556,449)$3,633 $522,379 
Other comprehensive income (loss), after tax:
Net income (loss)$(556,449)$3,633 $522,379 
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $1,295, $2,095 and $(6,264)
(939)51,184 (225,341)
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $—, $— and $—
(22,156)40,132 (84,520)
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $(118), $177 and $79
(356)(88)340 
Changes to postretirement benefit, net of income tax provision (benefit) of $—, $— and $—
(4,939)1,569 (933)
Total other comprehensive income (loss)(28,390)92,797 (310,454)
Total comprehensive income (loss) attributable to Ambac Financial Group, Inc.$(584,839)$96,430 $211,925 
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the following notes.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Financial Information
Of Registrant (Parent Company Only)
Condensed Statement of Stockholders' Equity
($ in thousands)Total
Preferred
Stock
Common
Stock
Additional Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Common
Stock Held
in Treasury,
at Cost
Balance at January 1, 2022$1,038,105 $— $465 $256,906 $57,611 $726,054 $(2,931)
Total comprehensive income (loss)210,794 (310,454)521,248 
Stock-based compensation17,408 17,408 
Cost of shares (acquired) issued under equity plan(3,568)(5,446)1,878 
Cost of shares repurchased(14,217)(14,217)
Changes to redeemable NCI2,504 — — — — 2,504 — 
Cost of warrants acquired172 — — 172 — — — 
Issuance of common stock2 — 2 — — — — 
Purchase of Ambac Assurance auction market preferred shares1,131 — — — — 1,131 — 
Balance at December 31, 20221,252,331 — 467 274,486 (252,843)1,245,491 (15,270)
Total comprehensive income (loss)96,430 — 92,797 3,633 — 
Stock-based compensation17,275 17,275 
Cost of shares (acquired) issued under equity plan(4,665)(7,872)3,207 
Cost of shares repurchased(4,510)(4,510)
Changes to NCI4,797 4,797 
Balance at December 31, 20231,361,658 — 467 291,761 (160,046)1,246,048 (16,573)
Total comprehensive income (loss)(584,839)(28,390)(556,449)
Stock-based compensation8,995 8,995 
Cost of shares (acquired) issued under equity plan(701)(634)(67)
Cost of shares repurchased(11,699)(11,699)
Changes to NCI54,264 — — 1,044 — 53,220 — 
Issuance of common stock29,229 — 22 29,207 — — — 
Balance at December 31, 2024$856,906 $— $489 $331,007 $(188,436)$742,185 $(28,339)
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the following notes.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Financial Information
Of Registrant (Parent Company Only)
Condensed Statements of Cash Flow
($ in thousands) Year Ended December 31,202420232022
Cash flows from operating activities:
Net income (loss)$(556,449)$3,632 $522,380 
Adjustments to reconcile net income loss to net cash used in operating activities:
Net (income) loss of subsidiaries526,937 (15,027)(541,773)
Amortization of bond premium and discount— — (7,378)
Net investment gains (losses), including impairments498 (55)13,664 
Increase (decrease) in current income taxes payable(1,970)(1,674)(809)
Share-based compensation8,361 9,404 11,962 
(Increase) decrease in other assets and liabilities7,817 (4,660)40,976 
Distributions received from majority owned subsidiaries10,739 8,032 5,760 
Other, net1,814 2,392 1,109 
Net cash provided by (used in) operating activities(1,755)2,044 45,891 
Cash flows from investing activities:
Proceeds from sales and matured bonds5,000 — 68,205 
Purchases of bonds— (795)(750)
Change in short-term investments91,249 19,676 (51,069)
Change in other investments(1,749)(2,715)(4,213)
Net cash provided by (used in) investing activities94,500 16,166 12,173 
Cash flows from financing activities:
Capital contribution to subsidiaries(70,817)(16,050)(42,420)
Cost of shares acquired(11,699)(4,510)(14,217)
Net cash (used in) financing activities(82,516)(20,560)(56,637)
Net cash flow9,731 (2,350)1,427 
Cash at beginning of period250 2,600 1,173 
Cash at end of period$9,981 $250 $2,600 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes$— $— $— 
Non-cash financing activity:
Ambac common stock issued as partial consideration to acquire Beat$29,229 $— $— 
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the following notes.