2025 Third Quarter Update

Overview

• BAM insured $4.9 billion of new issues that priced during the Third Quarter, a 28% increase vs. 2024
  • BAM saw continued strong demand on large transactions, particularly in the public power sector. BAM wrapped $375 million for the Lower Colorado River Authority, $197 million for the Southern California Public Power Authority, and $108 million for the Long Island Power Authority during the quarter.
  • 24% of BAM’s Q3 insured par carried public double-A ratings from S&P Global Ratings or Moody’s Ratings.
• For the year to date, BAM has insured $13.1 billion across 677 series for 590 member-issuers

Recent Headlines

• BAM Weekly Update: Munis Wrap Q3 With Strong September Gains
• Bloomberg Munis in Focus: Munis Post “Amazing” September Performance
• CNBC Muni Money: Munis can be beneficiary of Fed’s dovishness
• The Bond Buyer: BAM sees record second quarter amid high primary issuance

BAM Q3 Activity

Market Activity

Note: Primary market only; priced basis.

Source: BAM; IPREO

BAM's Insured Portfolio*

As of September 30, 2025

*All BAM insured bonds are purchased by third parties - BAM is not a purchaser for any of these transactions. Sector distribution is reported according to BAM's internal categories; ratings distribution is based on BAM's internal ratings. Insured Par amounts shown in the chart above are based on original par insured; the percentages depicted in the pie charts above are based on current par outstanding. Both include surety policies. Numbers may not add up due to rounding.

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Don Farrell 
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dfarrell@bambonds.com

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The material contained in this Weekly Update (the "Material") is provided for informational purposes only and does not constitute (i) an offer to sell or a solicitation to buy any security or any insurance product, (ii) a template or form for use or (iii) financial, tax, legal, investment or accounting advice. You should not rely on any Material for any purpose, including, without limitation, as the basis for any financial, investment or insurance decision. In no event will BAM be liable to any party for any damages, costs, expenses, legal fees or losses in connection with any use of the information, even if advised of the possibility of such damages.

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