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DISCONTINUED OPERATION - Net Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from discontinued operations | $ (526,102) | $ (9,387) | $ 14,182 | $ 24,140 | $ 7,169 | $ 66,190 | $ (9,300) | $ (35,876) | $ (497,167) | $ 28,183 | $ 557,364
Net income (loss) attributable to Ambac common shareholders |  |  |  |  |  |  |  |  | (497,167) | 28,183 | 558,495
Ambac Assurance Corporation | Discontinued Operations, Held-for-Sale or Disposed of by Sale |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  | 0 | 0 | 81,272
Litigation recoveries |  |  |  |  |  |  |  |  | 0 | 0 | 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) | 0 | 0
Net income (loss) from discontinued operations |  |  |  |  |  |  |  |  | (497,167) | 28,183 | 557,364
Gain on purchase of AMPS |  |  |  |  |  |  |  |  | 0 | 0 | 1,131
Net income (loss) attributable to Ambac common shareholders |  |  |  |  |  |  |  |  | $ (497,167) | $ 28,183 | $ 558,495

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