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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported results for its fiscal quarter ended October 31, 2025. Total net assets were $350,811,480 and NAV per share was $12.20 based on 28,744,936 shares outstanding.

For the period August 1–October 31, 2025, total net investment income was $3,811,647 ($0.13 per share) and total net realized and unrealized gain was $28,025,102 ($0.97 per share), reversing the prior quarter's net loss position.

Positive

• $28.03M total net realized and unrealized gain for Aug–Oct 2025
• Net realized/unrealized $0.97 per share in the quarter

Negative

• None.

Key Figures

Total net assets $350,811,480 As of October 31, 2025

NAV per share $12.20 As of October 31, 2025

Shares outstanding 28,744,936 Common stock as of October 31, 2025

Net investment income $3,811,647 Period Aug 1 – Oct 31, 2025

NII per share $0.13 Period Aug 1 – Oct 31, 2025

Realized/unrealized gain $28,025,102 Period Aug 1 – Oct 31, 2025

Gain per share $0.97 Period Aug 1 – Oct 31, 2025

Prior-year net assets $361,430,563 As of October 31, 2024

Market Reality Check

$10.86 Last Close

Volume Volume 80,410 is below the 20‑day average of 131,558, suggesting limited pre‑news positioning. low

Technical Price $10.71 is trading above the 200-day MA $10.54, indicating a slightly constructive longer-term trend before this report.

Peers on Argus

AFB was down 0.19% while key municipal/CEF peers like NBH, KTF, BFZ, BGH, and RFI showed small gains between 0.19% and 0.83%, pointing to a more stock‑specific tone rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 24	Distribution announcement	Positive	+0.3%	Announced distribution rates with specified per-share income for AFB and AWF.
Nov 24	Portfolio update	Neutral	+0.3%	Detailed October 31 portfolio metrics including net assets and leverage profile.
Oct 27	Portfolio update	Neutral	+0.6%	Reported September 30 net assets, NAV, leverage, duration, and credit profile.
Oct 27	Leverage restructuring	Positive	+0.6%	Completed full redemption of 2018 VMTPS using tender option bond trusts.
Oct 22	Distribution change	Positive	+0.4%	Announced increased monthly distribution of $0.05018 per share for AFB.

Pattern Detected

Recent news and earnings releases have been followed by modestly positive price reactions, suggesting investors have historically digested AFB updates calmly with small upside moves.

Recent Company History

Over the last six months, AFB has regularly updated investors on portfolio metrics, distributions, leverage changes, and earnings. Monthly updates on Sep 30, 2025 and Oct 31, 2025 highlighted total net assets around the mid‑$300M range and NAV in the low‑$12 area. Distribution announcements on Oct 22 and Nov 24, 2025 included a higher payout of $0.05018 per share. The October redemption of 2018 VMTPS and replacement with tender option bond leverage marked a meaningful capital structure change preceding this Q4 earnings release.

Market Pulse Summary

This announcement highlights fourth‑quarter earnings with total net assets of $350.81M, NAV of $12.20, net investment income of $3.81M and a substantial realized/unrealized gain of $28.03M. Compared with earlier FY2025 quarters that showed portfolio losses, this marks a stronger period. Investors may contextualize these figures against prior NAV trends, recent leverage changes, and distribution levels to gauge how durable current income and gains may be over future reporting periods.

Key Terms

net asset value financial

"On October 31, 2025, the net asset value per share of common stock was $12.20"

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.

total net investment income financial

"For the period August 1, 2025 through October 31, 2025, total net investment income was $3,811,647"

Total net investment income is the money a company or fund actually earns from its investments after paying the costs tied to producing that income, such as interest paid, management fees, and other related expenses. Investors care because it shows the true cash return generated by investment activities—like a farm’s harvest left after paying seeds and labor—and helps assess dividend sustainability, yield and overall profitability.

realized and unrealized gain financial

"The total net realized and unrealized gain was $28,025,102 or $0.97 per share"

A realized gain is the profit you lock in when you sell an investment for more than you paid; an unrealized gain is the paper profit on an investment you still hold, based on its current market value versus your purchase price. Investors care because realized gains affect cash, taxes and reported returns, while unrealized gains show potential value and risk but can vanish if prices fall—like cashing a check versus seeing your house rise in estimated value on a listing.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 26, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed‑end investment company, today announced earnings for the Fund's fourth fiscal quarter ended October 31, 2025.

Total net assets of the Fund* on October 31, 2025 were $350,811,480 as compared with $322,750,581 on July 31, 2025, and $361,430,563 on October 31, 2024. On October 31, 2025, the net asset value per share of common stock was $12.20 based on 28,744,936 shares of common stock outstanding.

	October 31, 2025	July 31, 2025	October 31, 2024
Total Net Assets	$350,811,480	$322,750,581	$361,430,563
NAV Per Share	$12.20	$11.23	$12.57
Shares Outstanding	28,744,936	28,744,936	28,744,936

For the period August 1, 2025 through October 31, 2025, total net investment income was $3,811,647 or $0.13 per share of common stock. The total net realized and unrealized gain was $28,025,102 or $0.97 per share of common stock for the same period.

	Third Quarter Ended October 31, 2025	Second Quarter Ended July 31, 2025	Third Quarter Ended October 31, 2024
Total Net Investment Income	$3,851,687	$4,015,722	$2,985,301
Per Share	$0.13	$0.14	$0.10
Total Net Realized/   Unrealized Gain (Loss)	$28,025,102	($15,775,819)	($2,015,971)
Per Share	$0.97	($0.55)	($0.07)

* 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-fourth-quarter-earnings-302649693.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What were AllianceBernstein National Municipal Income Fund (AFB) total net assets on October 31, 2025?

Total net assets were $350,811,480 on October 31, 2025.

What was AFB's net asset value per share on October 31, 2025?

NAV per share was $12.20 based on 28,744,936 shares outstanding.

How much net investment income did AFB report for Aug 1–Oct 31, 2025?

Total net investment income was $3,811,647, or $0.13 per share for the period.

What caused the quarter-to-quarter swing in AFB's investment results for Oct 31, 2025?

The fund reported a $28,025,102 net realized and unrealized gain for Aug–Oct 2025 versus a $15,775,819 net loss in the prior quarter.

How did AFB's Oct 31, 2025 NAV compare with Oct 31, 2024?

NAV per share was $12.20 on Oct 31, 2025 versus $12.57 on Oct 31, 2024.