CRBDMEDIUM SIGNALFINANCIAL10-K

CRBD reported meaningfully reduced fee income and a notable shift in revenue mix while increasing share buybacks and strengthening its balance sheet.

The substantial decline in fee income from $2.1B to $1.2B represents a significant shift in the company's revenue composition, with spread income now comprising a much larger portion (60% vs 53%) of total revenue. This change could indicate challenges in fee-generating business lines or strategic repositioning toward spread-based activities.

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

The company demonstrated solid capital management with share buybacks increasing 18.2% to $2.1B and stockholders' equity growing 15.2% to $13.2B, reflecting balance sheet strengthening. However, the revenue mix shifted notably as fee income declined substantially while spread income remained relatively stable at $3.9B compared to $4.0B in the prior year. The overall picture suggests a company managing capital effectively but experiencing meaningful changes in its core business composition.

FINANCIAL STATEMENT CHANGES
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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