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Outstanding Exposure (Tables)

9 Months Ended

Sep. 30, 2025

Outstanding Exposure Disclosure [Abstract]

Debt Service Outstanding

Financial Guaranty Portfolio

Debt Service and Par Outstanding

			As of September 30, 2025												As of December 31, 2024
			Gross						Net						Gross						Net
			(in millions)
Debt Service
Public finance			$	426,334					$	426,261					$	403,789					$	403,718
Structured finance			12,929						12,503						12,674						12,248
Total financial guaranty			$	439,263					$	438,764					$	416,463					$	415,966
Par Outstanding
Public finance			$	263,472					$	263,418					$	250,429					$	250,375
Structured finance			11,883						11,457						11,603						11,177
Total financial guaranty			$	275,355					$	274,875					$	262,032					$	261,552

Financial Guaranty Portfolio by Internal Rating

Financial Guaranty Portfolio by Internal Rating

As of September 30, 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 millions)
AAA						$	22					—		%				$	1,873					3.7		%				$	474					5.8		%				$	515					15.4		%				$	2,884					1.0		%
AA						17,346						8.2						2,522						4.9						5,303						65.5						134						4.0						25,305						9.3
A						121,320						57.2						12,422						24.2						766						9.5						2,698						80.4						137,206						49.9
BBB						69,807						32.9						27,581						53.7						706						8.7						8						0.2						98,102						35.7
BIG						3,596						1.7						6,929						13.5						853						10.5						—						—						11,378						4.1
Total net par outstanding						$	212,091					100.0		%				$	51,327					100.0		%				$	8,102					100.0		%				$	3,355					100.0		%				$	274,875					100.0		%

Financial Guaranty Portfolio by Internal Rating

As of December 31, 2024

						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 millions)
AAA						$	25					—		%				$	2,074					4.2		%				$	512					6.1		%				$	470					17.3		%				$	3,081					1.2		%
AA						17,664						8.8						2,854						5.8						5,386						63.7						58						2.1						25,962						9.9
A						111,502						55.5						13,046						26.5						952						11.3						2,117						77.7						127,617						48.8
BBB						69,096						34.3						24,828						50.5						707						8.3						79						2.9						94,710						36.2
BIG						2,888						1.4						6,398						13.0						896						10.6						—						—						10,182						3.9
Total net par outstanding						$	201,175					100.0		%				$	49,200					100.0		%				$	8,453					100.0		%				$	2,724					100.0		%				$	261,552					100.0		%

Schedule of BIG Net Par Outstanding and Number of Risks

Financial Guaranty Portfolio

Components of BIG Net Par Outstanding

As of September 30, 2025

			BIG Net Par Outstanding																								Net Par
			BIG 1						BIG 2						BIG 3						Total BIG						Outstanding
															(in millions)
Public finance:
U.S. public finance			$	2,584					$	416					$	596					$	3,596					$	212,091
Non-U.S. public finance			4,494						2,435						—						6,929						51,327
Public finance			7,078						2,851						596						10,525						263,418
Structured finance:
U.S. RMBS			173						28						579						780						1,400
Other structured finance			—						18						55						73						10,057
Structured finance			173						46						634						853						11,457
Total			$	7,251					$	2,897					$	1,230					$	11,378					$	274,875

Financial Guaranty Portfolio

Components of BIG Net Par Outstanding

As of December 31, 2024

			BIG Net Par Outstanding																								Net Par
			BIG 1						BIG 2						BIG 3						Total BIG						Outstanding
															(in millions)
Public finance:
U.S. public finance			$	2,119					$	137					$	632					$	2,888					$	201,175
Non-U.S. public finance			5,879						519						—						6,398						49,200
Public finance			7,998						656						632						9,286						250,375
Structured finance:
U.S. RMBS			104						29						686						819						1,507
Other structured finance			—						21						56						77						9,670
Structured finance			104						50						742						896						11,177
Total			$	8,102					$	706					$	1,374					$	10,182					$	261,552

BIG Net Par Outstanding and Number of Risks

Financial Guaranty Portfolio

BIG Net Par Outstanding and Number of Risks

As of September 30, 2025

						Net Par Outstanding																		Number of Risks (2)
Description						Financial Guaranty Insurance (1)						Credit Derivatives						Total						Financial Guaranty Insurance (1)						Credit Derivatives						Total
						(dollars in millions)
BIG 1						$	7,226					$	25					$	7,251					92						3						95
BIG 2						2,893						4						2,897						10						1						11
BIG 3						1,230						—						1,230						95						3						98
Total BIG						$	11,349					$	29					$	11,378					197						7						204

 Financial Guaranty Portfolio

BIG Net Par Outstanding and Number of Risks

As of December 31, 2024

						Net Par Outstanding																		Number of Risks (2)
Description						Financial Guaranty Insurance (1)						Credit Derivatives						Total						Financial Guaranty Insurance (1)						Credit Derivatives						Total
						(dollars in millions)
BIG 1						$	8,074					$	28					$	8,102					98						3						101
BIG 2						702						4						706						12						1						13
BIG 3						1,374						—						1,374						97						3						100
Total BIG						$	10,150					$	32					$	10,182					207						7						214

_____________________

(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 financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance

BIG Transaction Loss Summary

As of September 30, 2025

			Gross																								Net Total BIG
			BIG 1						BIG 2						BIG 3						Total BIG
			(dollars in millions)
Number of risks (1)			92						10						95						197						197
Remaining weighted-average period (in years)			12.8						26.5						5.6						17.2						17.2
Outstanding exposure:
Par			$	7,232					$	2,893					$	1,236					$	11,361					$	11,349
Interest			5,051						4,459						337						9,847						9,845
Total (2)			$	12,283					$	7,352					$	1,573					$	21,208					$	21,194
Expected cash outflows (inflows)			$	398					$	2,378					$	1,244					$	4,020					$	4,012
Potential recoveries (3)			(659)						(2,134)						(1,111)						(3,904)						(3,894)
Subtotal			(261)						244						133						116						118
Discount			92						(107)						(12)						(27)						(27)
Expected losses to be paid (recovered)			$	(169)					$	137					$	121					$	89					$	91
Deferred premium revenue			$	331					$	106					$	108					$	545					$	545
Reserves (salvage)			$	(249)					$	67					$	36					$	(146)					$	(143)

Financial Guaranty Insurance

BIG Transaction Loss Summary

As of December 31, 2024

			Gross																								Net Total BIG
			BIG 1						BIG 2						BIG 3						Total BIG
			(dollars in millions)
Number of risks (1)			98						12						97						207						207
Remaining weighted-average period (in years)			18.6						8.8						6.1						16.6						16.6
Outstanding exposure:
Par			$	8,080					$	702					$	1,382					$	10,164					$	10,150
Interest			7,546						371						421						8,338						8,335
Total (2)			$	15,626					$	1,073					$	1,803					$	18,502					$	18,485
Expected cash outflows (inflows)			$	4,016					$	342					$	1,307					$	5,665					$	5,656
Potential recoveries (3)			(4,201)						(293)						(1,132)						(5,626)						(5,616)
Subtotal			(185)						49						175						39						40
Discount			43						29						(23)						49						49
Expected losses to be paid (recovered)			$	(142)					$	78					$	152					$	88					$	89
Deferred premium revenue			$	333					$	49					$	116					$	498					$	498
Reserves (salvage)			$	(226)					$	35					$	62					$	(129)					$	(128)

____________________

(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 profiles similar to those of its structured finance exposures written in financial guaranty form.

Specialty Business

						As of September 30, 2025												As of December 31, 2024
						Gross Exposure						Net Exposure						Gross Exposure						Net Exposure
						(in millions)
Diversified real estate (1)						$	2,071					$	2,071					$	2,004					$	2,004
Insurance reserve financings and securitizations						1,502						1,179						1,449						1,126
Pooled corporate obligations						840						840						868						868
Aircraft residual value insurance						147						87						147						87

____________________

(1)    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.

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Tabular disclosure of the outstanding principal amounts of financial obligations underlying the entity's financial guaranty contracts, net of ceded contracts, by internal credit rating.

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Tabular disclosure of the outstanding amounts of the insured contractual payments (principal and interest) outstanding on the underlying the entity's financial guaranty contracts, prior to and net of cessions

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Tabular disclosure of the claim liability for financial guarantee insurance contracts.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-34

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-9

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