Assured Guaranty

Q2 FY2026 EarningsQ2 FY26 results missed consensus on the top and bottom lines, with GAAP EPS of $0.88 falling significantly short of the $1.62 expectation. Total revenue of $195M missed the $205.0M consensus, primarily hindered by a sharp decline in foreign exchange gains and losses from investees. Despite the earnings miss, Book Value Per Share (BPS) reached $126.18, slightly exceeding the $125.42 consensus, supported by continued share repurchases and new business production (PVP) growth of 23% YoY. Core financial guaranty premiums remained resilient, but alternative investment volatility, particularly in CLO equity funds, weighed heavily on the quarterly performance.