ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. REPORTS FIRST QUARTER EARNINGS

AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported first fiscal quarter results for the period ended January 31, 2026.

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported first fiscal quarter results for the period ended January 31, 2026. Total net assets were $347,515,671 and NAV per share was $12.09 based on 28,744,936 shares outstanding. Total net investment income was $4,775,826 ($0.17 per share) and the Fund recorded a total net realized and unrealized loss of $3,704,332 ($0.13 per share).

Comparative figures: total net assets were $350,811,480 on October 31, 2025 and $357,190,362 on January 31, 2025; NAV per share was $12.20 and $12.43, respectively.

Positive

• Total net investment income +34% YoY to $4,775,826
• Net investment income per share +41% YoY to $0.17

Negative

• Total net realized/unrealized swung to a $3,704,332 loss from a $28,025,102 gain QoQ
• Total net assets declined to $347,515,671 from $357,190,362 YoY

Argus Mar 30 session

+0.10% close to close Open Argus

Details

News Market Reaction – AFB

On Mar 30, the first trading day after this news, AFB closed 0.10% above the previous close.

Data tracked by StockTitan Argus for the Mar 30 session.

Market Context

This announcement highlights first-quarter results showing solid net investment income of $4.78 mill...

Analysis

This announcement highlights first-quarter results showing solid net investment income of $4.78 million or $0.17 per share alongside a realized/unrealized loss of $3.70 million, leading to a NAV of $12.09. Compared with prior quarters, the pattern of steady income but fluctuating valuation marks-to-market continues. Investors may watch how total net assets trend, how NAV compares with market price, and whether future quarters sustain or grow the current income level.

Key Figures

Total Net Assets: $347,515,671 NAV Per Share: $12.09 Shares Outstanding: 28,744,936 +5 more

Total Net Assets

$347,515,671

As of January 31, 2026

NAV Per Share

$12.09

As of January 31, 2026

Shares Outstanding

28,744,936

Common stock, January 31, 2026

Net Investment Income

$4,775,826

Nov 1, 2025 – Jan 31, 2026

NII Per Share

$0.17

First fiscal quarter 2026

Net Realized/Unrealized Loss

$3,704,332

Nov 1, 2025 – Jan 31, 2026

Loss Per Share

$0.13

First fiscal quarter 2026

Prior NAV Per Share

$12.20

As of October 31, 2025

Previous Earnings Reports

5 past events · Latest: Dec 26

Same Type 5 events

1. Dec 26

   Quarterly earnings

   24h Move

   +0.0%

   Quarter showed strong gains reversing the prior quarter’s net loss.

2. Sep 26

   Quarterly earnings

   24h Move

   +0.1%

   NAV and total net assets fell, with a sizable realized/unrealized loss.

3. Jun 27

   Quarterly earnings

   24h Move

   +1.1%

   Total net assets and NAV declined with a large realized/unrealized loss.

4. Mar 28

   Quarterly earnings

   24h Move

   +0.4%

   First-quarter report showed lower assets and a realized/unrealized loss.

5. Dec 30

   Quarterly earnings

   24h Move

   +0.2%

   Mixed quarter with higher net assets year-over-year but a quarterly loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

closed–end investment company, net asset value, net investment income, realized and unrealized loss

4 terms

closed–end investment company financial

"AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed–end investment company, today"

A closed-end investment company is a pooled fund that raises a fixed amount of money by selling a set number of shares and then lists those shares for trading on an exchange. It does not create or redeem shares on demand, so the market price can trade above or below the value of the fund's underlying holdings — like concert tickets that can be resold at varying prices — making discounts, premiums and trading liquidity important to investors.

net asset value financial

"On January 31, 2026, the net asset value per share of common stock was $12.09"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

net investment income financial

"For the period November 1, 2025 through January 31, 2026, total net investment income was $4,775,826"

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

realized and unrealized loss financial

"The total net realized and unrealized loss was $3,704,332 or $0.13 per share"

A realized loss is the actual loss you lock in when you sell an investment for less than you paid; it reduces your cash or taxable profit. An unrealized loss is the paper decline in value of an investment you still own, like a car that’s worth less today but you haven’t sold; it affects the reported value of your holdings and can become a realized loss if you sell. Investors watch both because realized losses impact cash flow and taxes, while unrealized losses signal potential future choices about holding or selling.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, March 27, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed–end investment company, today announced earnings for the Fund's first fiscal quarter ended January 31, 2026.

Total net assets of the Fund* on January 31, 2026 were $347,515,671 as compared with $350,811,480 on October 31, 2025, and $357,190,362 on January 31, 2025. On January 31, 2026, the net asset value per share of common stock was $12.09 based on 28,744,936 shares of common stock outstanding.

	January 31, 2026	October 31, 2025	January 31, 2025
Total Net Assets	$347,515,671	$350,811,480	$357,190,362
NAV Per Share	$12.09	$12.20	$12.43
Shares Outstanding	28,744,936	28,744,936	28,744,936

For the period November 1, 2025 through January 31, 2026, total net investment income was $4,775,826 or $0.17 per share of common stock. The total net realized and unrealized loss was $3,704,332 or $0.13 per share of common stock for the same period.

	First Quarter Ended January 31, 2026	Fourth Quarter Ended October 31, 2025	First Quarter Ended January 31, 2025
Total Net Investment          Income	$4,775,826	$3,851,687	$3,560,640
Per Share	$0.17	$0.13	$0.12
Total Net Realized/   Unrealized Gain (Loss)	($3,704,332)	$28,025,102	($4,385,081)
Per Share	($0.13)	$0.97	($0.15)

* Total net assets include assets attributable to both common and preferred shares.

AllianceBernstein National Municipal Income Fund, Inc. is managed by AllianceBernstein L.P.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-reports-first-quarter-earnings-302727484.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did AFB report for total net investment income in Q1 2026?

AFB reported $4,775,826 in total net investment income for Q1 2026. According to the company, that equals $0.17 per share, up from $3.56 million and $0.12 per share in Q1 2025.

What was AllianceBernstein National Municipal Income Fund's NAV per share on January 31, 2026 (AFB)?

NAV per share was $12.09 on January 31, 2026. According to the company, this compares with $12.20 on October 31, 2025 and $12.43 on January 31, 2025.

How did AFB perform on realized and unrealized gains/losses in Q1 2026?

The Fund recorded a $3,704,332 net loss in realized and unrealized gains for Q1 2026. According to the company, this contrasts with a $28,025,102 gain in the prior quarter.

What were AFB's total net assets as of January 31, 2026 and how did they change?

Total net assets were $347,515,671 on January 31, 2026. According to the company, assets decreased from $350,811,480 on October 31, 2025 and $357,190,362 a year earlier.

How many shares outstanding did AFB report on January 31, 2026?

AFB reported 28,744,936 shares outstanding on January 31, 2026. According to the company, the share count was unchanged from October 31, 2025 and January 31, 2025.