CRBDHIGH SIGNALFINANCIAL10-K

CRBD experienced a dramatic financial deterioration with net income swinging from $2.2B profit to $366M loss while total debt exploded by over 1,700% to $7.9B.

The massive debt increase combined with the shift to significant losses suggests either a major acquisition, restructuring, or financial distress that fundamentally altered the company's capital structure. Despite increased share buybacks, the company's profitability has been severely impacted, raising concerns about debt serviceability and future cash generation capacity.

Comparing 2026-02-11 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

CRBD's financial profile underwent a dramatic transformation with total debt skyrocketing from $427M to $7.9B (a 1,743% increase) while the company swung from $2.2B in net income to a $366M loss. Despite the financial stress, stockholders' equity grew 15% to $13.2B and share buybacks actually increased 18% to $2.1B, suggesting either confidence in the business model or execution of pre-planned capital allocation. The massive debt increase coupled with negative earnings creates significant concern about the company's ability to service this debt load and return to profitability.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+1742.6%
$427.0M→$7.9B

Debt increased 1742.6% — substantial leverage increase; assess whether deployed for growth or covering losses.

Net Income
P&L
-116.4%
$2.2B→-$366.0M

Net income declined 116.4% — review whether driven by operations, interest costs, or non-recurring items.

Share Buybacks
Cash Flow
+18.2%
$1.8B→$2.1B

Share repurchases increased 18.2% — management returning capital, signals confidence in intrinsic value.

Stockholders Equity
Balance Sheet
+15.2%
$11.5B→$13.2B

Equity base grew 15.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-13
ADDED
As of February 6, 2026, there were 481,685,891 shares outstanding of the registrant s common stock.
Certain Relationships and Related Transactions, and Director Independence 255 ITEM 14 .
federal income or other tax laws or the interpretation of tax laws; differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business; our inability to attract and retain key employees and highly skilled people needed to support our business; our relationships with American International Group, Inc.
( AIG ), Nippon Life Insurance Company, a mutual company organized under the laws of Japan ( Nippon ) and Blackstone and conflicts of interests arising due to such relationships; the indemnification obligations we have to AIG; potentially higher U.S.
income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group; and the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders.
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REMOVED
As of February 11, 2025, there were 555,995,957 shares outstanding of the registrant s common stock.
Certain Relationships and Related Transactions, and Director Independence 261 ITEM 14 .
income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group; the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.
and its subsidiaries ( Blackstone ), which we believe will allow us to further grow both our retail and institutional product lines, and enhance risk-adjusted returns; our high-quality liability profile, supported by our strong balance sheet and disciplined approach to risk management, which has limited our exposure to product features and portfolios with less attractive risk-adjusted returns; our ability to deliver attractive cash flows and financial returns; and our strong and experienced senior management team.
For the year ended December 31, 2024, our businesses generated spread income of $4.0 billion, fee income of $2.1 billion and underwriting margin of $1.4 billion, resulting in a balanced mix of 53%, 28% and 19%, respectively, among these income sources.
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