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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported its third fiscal quarter earnings ended July 31, 2025. The fund's total net assets decreased to $322.75 million, down from $337.93 million in the previous quarter and $363.57 million year-over-year.

The fund's net asset value (NAV) per share declined to $11.23 from $11.77 in the previous quarter and $12.65 year-over-year. Total net investment income was $4.02 million ($0.14 per share), improving from $3.36 million ($0.12 per share) in Q2 and $3.06 million ($0.11 per share) year-over-year. However, the fund recorded a total net realized and unrealized loss of $15.78 million (-$0.55 per share).

Positive

• Net investment income increased to $4.02 million ($0.14 per share) from $3.06 million ($0.11 per share) year-over-year
• Net investment income per share grew 27% year-over-year

Negative

• Total net assets declined 11.2% year-over-year to $322.75 million
• NAV per share decreased to $11.23 from $12.65 year-over-year
• Reported significant net realized/unrealized loss of $15.78 million in Q3 2025

Insights

Investment Fund Analyst

AFB reported mixed Q3 results with improved net investment income but significant unrealized losses, continuing a concerning downward trend in total assets.

The AllianceBernstein National Municipal Income Fund (AFB) reported its third quarter fiscal 2025 results showing a concerning continuation of asset erosion. Total net assets declined to $322.75 million, representing a 4.5% drop from the previous quarter and a more substantial 11.2% decline year-over-year. This consistent downward trajectory warrants attention.

Looking at the underlying performance, there were some positive elements amid the challenging environment. Net investment income increased to $4.02 million ($0.14 per share), showing improvement from both the previous quarter ($3.36 million) and the same quarter last year ($3.06 million). This represents a 19.5% increase quarter-over-quarter and a 31.4% increase year-over-year in net investment income.

However, the fund experienced significant unrealized losses of $15.78 million ($0.55 per share) during the quarter. While this loss was less severe than the previous quarter's $19.05 million decline, it stands in stark contrast to the $12.75 million gain reported in the same quarter of 2024. This dramatic swing from gains to losses likely reflects changing market conditions in the municipal bond sector.

The NAV (Net Asset Value) per share has declined to $11.23, down from $11.77 in the previous quarter and $12.65 a year ago. This represents a 11.2% decline in NAV over the past year, significantly impacting shareholder value. The share count has remained stable at 28.74 million shares outstanding, indicating no additional share issuances or repurchases during this period.

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

Total net assets of the Fund* on July 31, 2025 were $322,750,581 as compared with $337,926,439 on April 30, 2025, and $363,570,286 on July 31, 2024. On July 31, 2025, the net asset value per share of common stock was $11.23 based on 28,744,936 shares of common stock outstanding.

	July 31, 2025	April 30, 2025	July 31, 2024
Total Net Assets	$322,750,581	$337,926,439	$363,570,286
NAV Per Share	$11.23	$11.77	$12.65
Shares Outstanding	28,744,936	28,744,936	28,744,936

For the period May 1, 2025 through July 31, 2025, total net investment income was $4,015,722 or $0.14 per share of common stock. The total net realized and unrealized loss was ($15,775,819) or ($0.55) per share of common stock for the same period.

	Third Quarter Ended July 31, 2025	Second Quarter Ended April 30, 2025	Third Quarter Ended July 31, 2024
Total Net Investment      Income	$4,015,722	$3,360,878	$3,056,703
Per Share	$0.14	$0.12	$0.11
Total Net Realized/   Unrealized Gain (Loss)	($15,775,819)	($19,051,276)	$12,753,214
Per Share	($0.55)	($0.66)	0.44

* 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-third-quarter-earnings-302568323.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What were AFB's total net assets in Q3 2025?

AFB reported total net assets of $322.75 million as of July 31, 2025, down from $337.93 million in the previous quarter and $363.57 million year-over-year.

How did AFB's net asset value (NAV) per share change in Q3 2025?

AFB's NAV per share decreased to $11.23 as of July 31, 2025, compared to $11.77 in the previous quarter and $12.65 year-over-year.

What was AFB's net investment income for Q3 2025?

AFB's net investment income was $4.02 million ($0.14 per share) for Q3 2025, an increase from $3.36 million ($0.12 per share) in Q2 2025 and $3.06 million ($0.11 per share) in Q3 2024.

What was AFB's realized and unrealized gain/loss in Q3 2025?

AFB reported a total net realized and unrealized loss of $15.78 million (-$0.55 per share) for Q3 2025.

How many shares of AFB were outstanding as of July 31, 2025?

AFB had 28,744,936 shares of common stock outstanding as of July 31, 2025, unchanged from both the previous quarter and year-ago period.