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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its Q4 2024 earnings report. The Fund's total net assets reached $361.43 million as of October 31, 2024, showing an increase from $311.65 million year-over-year but a slight decrease from $363.57 million in the previous quarter. The net asset value (NAV) per share was $12.57, up from $10.84 in the previous year.

For Q4 2024, the Fund reported total net investment income of $2.99 million ($0.10 per share), compared to $2.74 million ($0.10 per share) in Q4 2023. However, the Fund experienced a total net realized and unrealized loss of $2.02 million ($0.07 per share), which contrasts with a gain of $12.75 million in the previous quarter.

Positive

• Total net assets increased 16% YoY from $311.65M to $361.43M
• NAV per share improved 16% YoY from $10.84 to $12.57
• Net investment income grew 8.9% YoY from $2.74M to $2.99M

Negative

• Quarter-over-quarter decrease in net assets from $363.57M to $361.43M
• Net realized/unrealized loss of $2.02M in Q4 2024 compared to $12.75M gain in Q3
• Net investment income declined from $0.11 to $0.10 per share QoQ

Insights

Fixed Income Analyst

This quarterly report reveals mixed performance for AllianceBernstein National Municipal Income Fund. The total net assets increased <money>$49.78 million</money> year-over-year to <money>$361.43 million</money>, with NAV rising <percent>15.96%</percent> to <money>$12.57</money> per share. However, sequential performance shows slight deterioration with a <money>$2.14 million</money> decrease in total net assets from Q3.

The fund's Q4 net investment income of <money>$2.99 million</money> (<money>$0.10</money> per share) remained relatively stable compared to prior periods. The concerning aspect is the <money>$2.02 million</money> net realized/unrealized loss, marking a sharp reversal from Q3's <money>$12.75 million</money> gain. This swing suggests increased volatility in municipal bond valuations, likely due to interest rate uncertainties and market dynamics affecting the municipal bond sector.

While the year-over-year metrics show improvement, particularly compared to Q4 2023's substantial <money>$43.89 million</money> loss, the recent quarter's performance indicates potential headwinds in the municipal bond market that warrant close monitoring.

Portfolio Manager

The fund's performance metrics reveal important nuances in the municipal bond market environment. The stable net investment income despite market volatility demonstrates effective income generation, but the negative realized/unrealized returns signal portfolio valuation pressures. The substantial improvement in NAV from <money>$10.84</money> to <money>$12.57</money> year-over-year reflects broader recovery in municipal bonds, though recent weakness suggests market dynamics may be shifting.

The consistent share count indicates no dilutive actions, while maintaining steady income generation signals disciplined portfolio management. However, the sequential decline in total assets and negative mark-to-market adjustments in Q4 suggest defensive positioning may be warranted given current market conditions. The contrast between stable income and volatile capital returns highlights the importance of duration management and credit selection in this environment.

NEW YORK, Dec. 30, 2024 /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, 2024.

Total net assets of the Fund* on October 31, 2024 were $361,430,563 as compared with $363,570,286 on July 31, 2024, and $311,650,529 on October 31, 2023. On October 31, 2024, the net asset value per share of common stock was $12.57 based on 28,744,936 shares of common stock outstanding.

	October 31, 2024	July 31, 2024	October 31, 2023
Total Net Assets	$361,430,563	$363,570,286	$311,650,529
NAV Per Share	$12.57	$12.65	$10.84
Shares Outstanding	28,744,936	28,744,936	28,744,936

For the period August 1, 2024 through October 31, 2024, total net investment income was $2,985,301 or $0.10 per share of common stock. The total net realized and unrealized loss was $2,015,971 or $0.07 per share of common stock for the same period.

	Fourth Quarter Ended October 31, 2024	Third Quarter Ended July 31, 2024	Fourth Quarter Ended October 31, 2023
Total Net Investment          Income	$2,985,301	$3,056,703	$2,742,139
Per Share	$0.10	$0.11	$0.10
Total Net Realized/   Unrealized Gain (Loss)	($2,015,971)	$12,753,214	($43,892,817)
Per Share	($0.07)	$0.44	($1.53)

* 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-302340282.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What was AFB's net asset value per share as of October 31, 2024?

AFB's net asset value per share was $12.57 as of October 31, 2024.

How much did AFB's total net assets grow year-over-year in Q4 2024?

AFB's total net assets grew from $311.65 million to $361.43 million, representing a 16% increase year-over-year.

What was AFB's net investment income per share in Q4 2024?

AFB's net investment income was $0.10 per share in Q4 2024.

How did AFB's realized and unrealized gains/losses change from Q3 to Q4 2024?

AFB went from a gain of $12.75 million ($0.44 per share) in Q3 to a loss of $2.02 million ($0.07 per share) in Q4 2024.