Thank you, Lisa.
our this the lives have us pandemic. first joining express the crisis frontlines, hope today’s first unprecedented to are risking COVID-XX you and through managing that their all on you been of with like responders we safe. to keeping who and gratitude would the your families We those call, fighting For on
impacted Our with directly are thoughts those crisis. by this
to wellbeing employees currently of are to to With regards our and the remotely, Ambac, all we our working interruption. employees, our without the continues protect health business all to operate and colleagues. efforts Thanks of
and of U.S. fast forecast declines. significant In showing the has help economic some global The U.S. policies, CARES of impact. nature has with negative COVID-XX evolving uncertainty particularly Act created GDP the moving monitoring moderate fiscal to and economic the sharp
credit uncertainty COVID-XX However, duration a the of as disruptions. remains severity the related given big and concern to
have released and XXXX economic the portfolios impacted and our as reported share share. investment diluted $X.XX $XXX $XXX financial markets an loss a $X.XX million loss in of adjusted Financial per or volatility diluted million or from COVID pandemic first quarter of per or for insured the reflected and results resulting yesterday. We net of
book and At and XXXX, March adjusted $XX.XX our XX, per value $XX.XX value were book share, respectively.
results impacting as by on and driven reserves. primarily rate the in rate losses investment steep This decline well forward quarter's derivative GAAP our our macro the were discount Mark-to-market our portfolios losses on as hatch. on the curve,
exposures, in review recoveries minutes. provide losses few our portfolios. MBS more municipal quarter, in results excess higher the portfolio our economic will increased tied insured more our spread to a our this expected we While finance during a David offset detailed in quarterly by primarily than was of
of remains the through we this strategy uncertain, to results of that de-risking stronger platform ultimate provide us outcome While pandemic challenging our with to-date believe economic the navigate period. a the COVID-XX
recession. surveillance been disruption and insured to depth the now on most portfolio have teams performing risk credits reviews and in COVID economic exposed to or Turning the ensuing
have related obligations. COVID-XX meet or have their claims, not funds and hand issuers we near-term to many on alternative To-date, any had means
moved and closely primarily securities student the on U.S. mortgage certain we're These assess others finance, increased loans. effects changes we have adverse risk for of to our public category the classified monitoring exposures, based and credits including we certain our pandemic, to backed securitizations, relate the certain assessment. portfolio economic and As and our reserves and
In in economic decrease place have occupancy precipitously and that certain upon stay our exposures impact portfolio, we declined tax hotel most or consider by financings, orders backed finance which immediately public sitting include enacted. revenue activity narrow the are have to since dependent tax deals in streams
sectors, include and private transportation, we monitoring hospitals, higher are closely Other education.
pandemic, believe full impact majority is in will the it associated protection to cover While term. claims near transactions, exists which even too our losses, are ultimate early global we to mitigate and there paid if recession, of still the shortfalls in the of assess the significant impacted liquidity
by We've numerous assessing stimulus also been fiscal to initiated including which states the municipalities. government, the and significant has of monetary measures, and those federal the beneficial impact
to believe While programs will impact the of risk municipal the significant we we additional and required. these help market, soften actions liquidity will be believe credit also
federal have the and in about with to sharing of consequences the Congress, with fiscal dealing views as we others develop and for been entities, support Washington decision In in programs the the to states, aid alleviate and municipalities our sector of government municipal pressures pandemic. Treasury, implement ways and makers public
Turning to loan weaker past highlighted student million potentially and will and result our delinquencies weeks now losses exposures. in MBS to incremental private new XX.X finance, the jobless a seven U.S. claims higher consumer by structured likely over
impact lower excess MBS increased deterioration associated COVID-XX interest sharply recoverable the much for pandemic expected the consumer the first with offsetting expected portfolio, spread in our of portfolio. rates have the of asset lien However,
I that Moreover, position their homes, better recession. by have to everyone great XX% are improved overall than loan like in remind household equity MBS better sheets. the since borrowers crisis, seasoned with in balance and this face reduced a remaining and our very to private and more student would portfolios been are
these Nonetheless, evaluating active impact near-term consumer dialogue these expected challenges particular are recently in and servicers potential and assets, forbearance moratorium in payment in measures. are enacted we with the of of sectors
during quarter slowed first disruption. significant the efforts, as a activity the of our de-risking With regards result to market
including execute the transactions, of of to of remaining of last were $XXX a the deal number still Chicago million. our commutation exposures However, we able
to declined our During billion. quarter, net the $XX billion total par $XX from outstanding
aim to As improved, to take our averse watch conditions de-risk we lists market additional and of further opportunities classified advantage credits. will
Puerto are thoughts in now COVID-XX. crisis caused Rico shown resilience past, our we it the also that the of Rico, Rico with by Puerto in with Having Turning conditions again. great as deals Puerto so to face harsh believe will do the
base, longer-term, sufficiently to includes may opportunities. its its tourism addressed will the of of due pharmaceutical We COVID-XX U.S. of and Rico expansion remain and This take device recently over and medium certain strong Puerto an We believe expanded revitalization better redeveloped domestic in the for positioned post-pandemic be and overtime. the to versus expect potential economies other will of longer-term industry. fundamentals the be manufacturing island advantage improve medical course, the
the of In party hundreds millions the battles we effects legal upended issuers. stop unnecessary state liens the meantime, during certain hope have Rico court and created and The lawful challenges taxpayer spending and bankruptcy municipal Puerto municipalities and Oversight decisions of money uncertainty including bonds. for on of the will choose and Board to meaningful challenging revenue markets
of and states arguments severe and throughout is that Board a destruction value taxes if impact and could increased U.S. to have widespread Oversight municipalities for permanent the on legal currently country taxpayers. leading successful The advancing
of in refocus COVID-XX, challenges Oversight Rico the the crisis their advisors government should significant consensual enacted immediately as resolution on Given stemming Board the when and market expected the was efforts facing from U.S. the their Puerto PROMESA. federal municipal
only in capital access to consensually consensual, resolutions and faith and the good committed for restore markets. Negotiating broad of to Oversight to way remains Rico Commonwealth a challenges durable Ambac to ahead working Puerto a with Puerto month years and Commonwealth set successfully opportunities Rico. is in Board help the the and the achieve creditors holistic, and navigate with
loss our our throughout litigation of the courts also extended. given timeline recovery efforts, Regarding has the been nation, our impacting RMBS challenges
through look this of trials. New currently has trial the many July not Bank date vacated. case previously pandemic, and our other York The against been state scheduled Countrywide As XXXX America unlike courts XX, manage scheduled in to
can trial We about clarity to the it will greater seek when conducted. reschedule be once develops
court first for that to trial. wait the decide court whether non-Ambac in appeals on the with we're reviewed Countrywide to appeals waiting pending has meantime, Pretrial New judge before be it requested. our York determine should appeals proceeding Countrywide asked the two gets department motion by of of the on decision In RMBS cases still our Countrywide's also for as related
We opposed also have request. this
continue mirrors opportunity. to to earliest in forward and and We the believe strength our look the of its at case possible resolution
to On and active the attractive assessing deploy capital we remain in and in make and business opportunities on present we acquire valuations. believe more at credit space opportunities new the business may global recession to and market insurance initiatives the dislocation new businesses investments front, very
business new recognize also the challenges face market. uncertainty we transactions volatility the may executing that in and we given in additional However,
David in turn financial Trick to discuss to more the I will now call our detail. over David? results
