DISCONTINUED OPERATION (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The components of anticipated loss on sale included within Net income (loss) from discontinued operations before tax on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2024, are summarized below:

Fair value of net consideration to be received	$	399,727
Less: estimated closing costs	(7,235)
	392,492
Carrying amount of net assets held-for-sale	962,637
Loss on disposal	$	(570,145)

The following table summarizes the major classes of assets and liabilities held-for-sale on the Consolidated Balance Sheets after elimination of intercompany balances:

	December 31,
	2024		2023
ASSETS:
Total investments	$	2,226,505	$	2,309,967
Cash and equivalents	8,322		9,152
Premiums receivable	217,096		243,710
Reinsurance recoverable on paid and unpaid losses	25,274		29,518
Deferred ceded premiums	79,074		93,264
Subrogation recoverable	113,962		137,219
Intangible assets	213,457		245,133
Other assets, net	49,396		54,091
VIE assets (including restricted cash of $57,754 and $246,031)	3,904,259		4,394,402
Valuation allowance on assets held-for-sale	(570,145)		—
Total assets held-for-sale	$	6,267,200	$	7,516,456
LIABILITIES:
Unearned premiums	$	228,177	$	266,727
Loss and loss adjustment reserves	577,167		695,859
Ceded premiums payable	56,404		60,627
Long-term debt and accrued interest	1,046,658		983,069
Other liabilities, net	105,772		131,294
VIE liabilities	3,873,507		4,404,290
Total liabilities held-for-sale	$	5,887,685	$	6,541,866

The following table summarizes the major line items constituting net income (loss) from discontinued operations reconciled to net income (loss) from discontinued operations presented in the Consolidated Statement of Comprehensive Income (Loss):

	Year ended December 31,
	2024		2023		2022
REVENUES:
Net premiums earned	$	23,879	$	26,040	$	42,383
Net investment income	133,933		126,957		12,324
Net investment gains (losses), including impairments	4,416		(22,507)		31,538
Net gains (losses) on derivative contracts	3,958		(699)		127,630
Net realized gain on extinguishment of debt	—		—		81,272
Litigation recoveries	—		—		125,869
Other revenues	31,096		14,533		30,266
Total revenues	197,282		144,324		451,282
EXPENSES:
Loss and loss adjustment expenses (benefit)	(45,767)		(69,320)		(405,534)
Intangible amortization	30,508		24,736		43,925
General & administrative and other expenses	57,491		88,306		84,455
Interest expense	63,587		64,025		168,158
Total expenses	105,819		107,747		(108,996)
Pretax income	91,463		36,577		560,278
Provision for income taxes	18,485		8,394		2,914
Loss on disposal	(570,145)		—		—
Net income (loss) from discontinued operations	(497,167)		$	28,183	557,364
Gain on purchase of AMPS	—		$	—	1,131
Net income (loss) attributable to Ambac common shareholders	$	(497,167)	$	28,183	$	558,495