Record High Adjusted Book Value Per Share
Adjusted book value per share reached $181.37, and adjusted operating shareholders' equity per share was $123.10, both setting new record highs by the end of the third quarter.
Increased Adjusted Operating Income
Year-to-date adjusted operating income was $6.77 per share, marking a 17% increase compared to the same period last year.
Strong Financial Guarantee Production
Third-quarter financial guarantee production was $91 million of PVP, 44% more than the same quarter last year and 42% more than the second quarter of 2025.
U.S. Public Finance Performance
U.S. public finance secondary market business insured $1.5 billion of par, 2.5 times the amount in 2024. U.S. municipal bond issuance increased by more than $50 billion in the first three quarters compared to the same period last year.
Investment Portfolio Success
Alternative investments, including those managed by Sound Point and Assured Healthcare Partners, have had an annualized internal rate of return of approximately 13% through September.
Share Repurchase Program
An additional $100 million in share repurchases was authorized, bringing the total authorization to over $330 million.