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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported its second quarter fiscal earnings for the period ended April 30, 2025. The fund's total net assets decreased to $337.9 million from $357.2 million in the previous quarter and $350.6 million year-over-year.

The fund's net asset value (NAV) per share declined to $11.76 from $12.43 in the previous quarter. Total net investment income was $3.36 million ($0.12 per share), while the fund recorded a significant net realized and unrealized loss of $19.05 million ($0.66 per share).

Positive

• Net investment income increased 19.7% year-over-year to $3.36 million from $2.81 million
• Net investment income per share increased to $0.12 from $0.10 year-over-year

Negative

• Total net assets declined 5.4% quarter-over-quarter to $337.9 million
• NAV per share decreased 5.4% to $11.76 from $12.43 in the previous quarter
• Net realized/unrealized loss widened to $19.05 million from $4.39 million in the previous quarter

Insights

Investment Fund Analyst

AFB reports declining performance with significant unrealized losses of $19.05M and NAV drop to $11.76 per share this quarter.

AllianceBernstein National Municipal Income Fund's second quarter results reveal concerning performance metrics. The fund's total net assets declined by 5.4% quarter-over-quarter from $357.19 million to $337.93 million, and dropped 3.6% year-over-year. The NAV per share decreased significantly from $12.43 to $11.76 during the quarter, representing a 5.4% reduction.

The substantial net realized and unrealized loss of $19.05 million ($0.66 per share) was the primary driver behind this decline. This loss was substantially higher than the $4.39 million loss in the previous quarter and exceeds the $13.88 million loss reported in the same quarter last year.

On a positive note, the fund's net investment income remained stable at $0.12 per share quarter-over-quarter, though there was a slight decrease in total net investment income from $3.56 million to $3.36 million. Compared to the same quarter last year, net investment income per share actually improved from $0.10 to $0.12.

The widening gap between steady investment income and increasing unrealized losses suggests potential underlying challenges in the municipal bond portfolio. This performance likely reflects broader market conditions affecting municipal securities, possibly including interest rate pressures and credit quality concerns within the fund's holdings.

NEW YORK, June 27, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed–end investment company, today announced earnings for the Fund's second fiscal quarter ended April 30, 2025.

Total net assets of the Fund* on April 30, 2025 were $337,926,439 as compared with $357,190,362 on January 31, 2025, and $350,576,798 on April 30, 2024. On April 30, 2025, the net asset value per share of common stock was $11.76 based on 28,744,936 shares of common stock outstanding.

	April 30, 2025	January 31, 2025	April 30, 2024
Total Net Assets	$337,926,439	$357,190,362	$350,576,798
NAV Per Share	$ 11.76	$12.43	$12.20
Shares Outstanding	28,744,936	28,744,936	28,744,936

For the period February 1, 2025 through April 30, 2025, total net investment income was $3,360,878 or $0.12 per share of common stock. The total net realized and unrealized loss was ($19,051,276) or ($0.66) per share of common stock for the same period.

	Second Quarter Ended April 30, 2025	First Quarter Ended January 31, 2025	Second Quarter Ended April 30, 2024
Total Net Investment Income	$3,360,878	$3,560,640	$2,807,884
Per Share	$0.12	$0.12	$0.10
Total Net Realized/   Unrealized Gain (Loss)	($19,051,276)	($4,385,081)	($13,883,276)
Per Share	($0.66)	($0.15)	($0.48)

* 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-second-quarter-earnings-302493548.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What were AFB's total net assets for Q2 2025?

AFB's total net assets were $337.9 million as of April 30, 2025, down from $357.2 million in the previous quarter.

What was AllianceBernstein National Municipal Income Fund's NAV per share in Q2 2025?

The fund's NAV per share was $11.76 as of April 30, 2025, compared to $12.43 on January 31, 2025.

How much net investment income did AFB report for Q2 2025?

AFB reported total net investment income of $3.36 million, or $0.12 per share, for the quarter ended April 30, 2025.

What was AFB's realized and unrealized loss in Q2 2025?

AFB reported a total net realized and unrealized loss of $19.05 million, or $0.66 per share, for Q2 2025.

How many shares of AFB were outstanding as of April 30, 2025?

AFB had 28,744,936 shares of common stock outstanding as of April 30, 2025.