SIG Brokerage, Susquehanna Disclose 2.38M-Share Position in Ambac (5.1%)

Rhea-AI Filing Summary

SIG Brokerage, LP and Susquehanna Securities, LLC filed a Schedule 13G reporting collective beneficial ownership of 2,378,783 shares of Ambac Financial Group, Inc., representing 5.1% of the outstanding common stock. The filing states the reported totals incorporate options to acquire 12,500 shares by SIG Brokerage and 1,423,200 shares by Susquehanna Securities. The company had 46,427,421 shares outstanding as of May 9, 2025, per the filing's incorporated quarterly report.

The reporting entities are Delaware-organized broker-dealers with a Bala Cynwyd, PA principal office. They certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Material disclosure: Reporting persons together hold 2,378,783 shares (5.1%) of AMBC, a clearly quantified position.
• Option exposure disclosed: Filers identified options to buy 12,500 and 1,423,200 shares, showing potential additional share conversion.
• Passive intent certified: Filers state holdings were acquired in the ordinary course and not to change or influence control.

Negative

• None.

Insights

Securities Analyst

TL;DR: Two affiliated broker-dealers disclose a passive, >5% stake in Ambac, combining direct holdings and substantial option exposure.

The filing documents an aggregate 2,378,783-share position equal to 5.1% of Ambac's outstanding common stock, including sizable option holdings (totaling 1,435,700 options between the filers). Because the form filed is a Schedule 13G and the filers certify the holdings were acquired in the ordinary course and not to influence control, this appears to be a passive disclosure rather than an activist move. The position size is material enough to be monitored by investors for potential trading impact or future disclosure changes.

Corporate Governance Expert

TL;DR: A >5% passive disclosure from affiliated broker-dealers raises governance monitoring needs but contains no control intent.

The report clarifies the filers are broker-dealers organized in Delaware and that they disclaim intent to change or influence control, consistent with a Schedule 13G passive filing. The joint filing agreement is noted as an exhibit. From a governance perspective, the disclosure creates transparency about a material shareholder block but does not by itself signal a change in board or management dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Ambac Financial Group, Inc.

(Name of Issuer)

Common stock, $0.01 par value per share

(Title of Class of Securities)

023139884

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 023139884

1

Names of Reporting Persons

SIG Brokerage, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,000.00
6	Shared Voting Power 2,378,783.00
7	Sole Dispositive Power 15,000.00
8	Shared Dispositive Power 2,378,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,378,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 023139884

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,363,783.00
6	Shared Voting Power 2,378,783.00
7	Sole Dispositive Power 2,363,783.00
8	Shared Dispositive Power 2,378,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,378,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, SIG Brokerage, LP and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ambac Financial Group, Inc.
(b)	Address of issuer's principal executive offices: One World Trade Center, New York, NY 10007
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common stock, $0.01 par value per share (the "Shares"), of Ambac Financial Group, Inc. (the "Company"). (i) SIG Brokerage, LP (ii) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of SIG Brokerage, LP and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common stock, $0.01 par value per share
(e)	CUSIP No.: 023139884
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by SIG Brokerage, LP includes options to buy 12,500 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 1,423,200 Shares. The Company's Quarterly Report on Form 10-Q, filed on May 12, 2025, indicates that there were 46,427,421 Shares outstanding as of May 9, 2025.
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SIG Brokerage, LP

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement

FAQ

Who filed the Schedule 13G for Ambac (AMBC)?

The Schedule 13G was filed by SIG Brokerage, LP and Susquehanna Securities, LLC as the reporting persons.

How many Ambac shares do SIG Brokerage and Susquehanna report owning?

They report an aggregate beneficial ownership of 2,378,783 shares, representing 5.1% of Ambac's common stock.

Do the reported holdings include options?

Yes. The filing states options to buy 12,500 shares held by SIG Brokerage and 1,423,200 shares held by Susquehanna are included in the reported amounts.

What is the total number of Ambac shares outstanding used in the filing?

The filing references 46,427,421 shares outstanding as of May 9, 2025, per the company's quarterly report.

Are the filers seeking to influence Ambac's control or management?

No. The filers certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.