SCHEDULE: Susquehanna Affiliates Disclose 5.1% Stake in Ambac

SIG Brokerage, LP and Susquehanna Securities, LLC have jointly disclosed a 5.1% beneficial ownership stake in Ambac Financial Group, Inc.

Summary

• SIG Brokerage, LP and Susquehanna Securities, LLC, affiliated independent broker-dealers, have filed a Schedule 13G.
• The filing reports a combined beneficial ownership of 2,378,783 shares of Ambac Financial Group, Inc. common stock.
• This aggregate ownership represents 5.1% of Ambac's outstanding common stock.
• The beneficial ownership includes options to buy 12,500 shares for SIG Brokerage, LP and 1,423,200 shares for Susquehanna Securities, LLC.
• As of May 9, 2025, Ambac Financial Group, Inc. had 46,427,421 shares outstanding.
• The reporting persons disclaim beneficial ownership of shares owned directly by another reporting person, despite indicating shared voting and dispositive power for the group's total holdings.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or prospects. It simply reports a significant stake.

Positives

• NA

Negatives

• NA

Risks

• The filing itself does not detail specific risks related to Ambac Financial Group, Inc. beyond the inherent market risks associated with equity ownership.

Future Outlook

The Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future outlook.

Industry Context

This filing indicates a significant passive investment by two affiliated broker-dealers in Ambac Financial Group, Inc. Such disclosures are common in the financial industry as institutional investors cross the 5% ownership threshold, triggering reporting requirements. It reflects an investment decision by these entities but does not provide broader industry trend analysis.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, indicating passive investment intent, which is typical for broker-dealers or investment firms acquiring a significant but non-controlling stake.
• The 5.1% stake is above the 5% threshold that triggers Schedule 13G filing requirements, aligning with regulatory standards for transparency in significant ownership positions.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional holder (5.1%) could be viewed positively as a vote of confidence or negatively if it signals potential future selling pressure, depending on market interpretation.
• Company Management: Awareness of a new significant shareholder may influence future investor relations strategies.

Next Steps

• The reporting persons will be required to file amendments to this Schedule 13G if there are material changes to their beneficial ownership or intent.

Key Dates

Keywords

Ambac Financial Group, AFG, Schedule 13G, Beneficial Ownership, SIG Brokerage, Susquehanna Securities, Institutional Ownership, Common Stock, SEC Filing