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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-09583

MBIA INC.

(Exact name of registrant as specified in its charter)


Connecticut (State or other jurisdiction of incorporation or organization)	06-1185706 (I.R.S. Employer Identification No.)

1 Manhattanville Road, Suite 301, Purchase, New York (Address of principal executive offices)	10577 (Zip Code)

(914) 273-4545

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MBI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2025, 50,371,259 shares of Common Stock, par value $1 per share, were outstanding.

Table of Contents


PART I FINANCIAL INFORMATION
Item 1.	Financial Statements MBIA Inc. and Subsidiaries (Unaudited)	1
	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)	1
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	6
	Note 1: Business Developments and Risks and Uncertainties	6
	Note 2: Significant Accounting Policies	9
	Note 3: Recent Accounting Pronouncements	9
	Note 4: Variable Interest Entities	11
	Note 5: Loss and Loss Adjustment Expense Reserves	12
	Note 6: Fair Value of Financial Instruments	16
	Note 7: Investments	27
	Note 8: Income Taxes	31
	Note 9: Business Segments	32
	Note 10: Earnings Per Share	35
	Note 11: Accumulated Other Comprehensive Income	36
	Note 12: Commitments and Contingencies	37
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	60
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	62
Item 5.	Other Information	62
Item 6.	Exhibits	63
SIGNATURES		64

Table of Contents

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This quarterly report of MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA”, the “Company”, “we”, “us” or “our”) includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe”, “anticipate”, “project”, “plan”, “expect”, “estimate”, “intend”, “will likely result”, “looking forward”, or “will continue” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. MBIA cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. We undertake no obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such result is not likely to be achieved.

The following are some of the general factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements:

•

increased credit losses or impairments on public finance obligations that National Public Finance Guarantee Corporation (“National”) insures issued by state, local and territorial governments and finance authorities and other providers of public services, located in the U.S. or abroad, that are experiencing fiscal stress;

•

the possibility that loss reserve estimates are not adequate to cover potential claims;

•

a disruption in the cash flow from National or an inability to access the capital markets and our exposure to significant fluctuations in liquidity and asset values in the global credit markets as a result of collateral posting requirements;

•

our ability to fully implement our strategic plan;

•

the possibility that MBIA Insurance Corporation will have inadequate liquidity or resources to timely pay claims as a result of higher than expected losses on certain insured transactions or as a result of a delay or failure in collecting expected recoveries, which could lead the New York State Department of Financial Services (“NYSDFS”) to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders;

•

deterioration in the economic environment and financial markets in the United States or abroad, real estate market performance, credit spreads, interest rates and foreign currency levels; and

•

the effects of changes to governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules.

The above factors provide a summary of and are qualified in their entirety by the risk factors discussed under “Risk Factors” in Part II, Other Information, Item 1A included in Quarterly Report on Form 10-Q. The Company encourages readers to review these risk factors in their entirety.

This quarterly report of MBIA Inc. also includes statements of the opinion and belief of MBIA management which may be forward-looking statements subject to the preceding cautionary disclosure. Unless otherwise indicated herein, the basis for each statement of opinion or belief of MBIA management in this report is the relevant industry or subject matter experience and views of certain members of MBIA’s management. Accordingly, MBIA cautions readers not to place undue reliance on any such statements, because like all statements of opinion or belief they are not statements of fact and may prove to be incorrect. We undertake no obligation to publicly correct or update any statement of opinion or belief if the Company later becomes aware that such statement of opinion or belief was not or is not then accurate. In addition, readers are cautioned that each statement of opinion or belief may be further qualified by disclosures set forth elsewhere in this report or in other disclosures by MBIA.

Table of Contents

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions except share and per share amounts)


				March 31, 2025			December 31, 2024
Assets
Investments:
	Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $1,122 and $1,080)			$	988		$	925
	Investments carried at fair value				222			237
	Short-term investments, at fair value (amortized cost $429 and $492)				429			492
	Other investments at amortized cost				1			1
			Total investments		1,640			1,655
Cash and cash equivalents					61			84
Premiums receivable (net of allowance for credit losses of $- and $- )					133			133
Deferred acquisition costs					26			27
Insurance loss recoverable					191			185
Assets held for sale					11			11
Other assets					38			42
Assets of consolidated variable interest entities:
	Cash				2			3
	Loans receivable at fair value				30			28
			Total assets	$	2,132		$	2,168
Liabilities and Equity
Liabilities:
	Unearned premium revenue			$	192		$	199
	Loss and loss adjustment expense reserves				521			526
	Long-term debt				2,780			2,741
	Medium-term notes (includes financial instruments carried at fair value of $37 and $35)				447			440
	Investment agreements				203			204
	Liabilities held for sale				7			7
	Other liabilities				56			78
	Liabilities of consolidated variable interest entities:
		Variable interest entity debt (includes financial instruments carried at fair value of $27 and $31)			33			43
		Derivative liabilities			6			6
			Total liabilities		4,245			4,244
Commitments and contingencies (Refer to Note 12: Commitments and Contingencies)
Equity:
	Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none				-			-
	Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115 and 283,186,115				283			283
	Additional paid-in capital				2,460			2,492
	Retained earnings (deficit)				(1,653	)		(1,591	)
	Accumulated other comprehensive income (loss), net of tax of $7 and $7				(99	)		(128	)
	Treasury stock, at cost--232,815,490 and 232,215,934 shares				(3,117	)		(3,145	)
			Total shareholders' equity of MBIA Inc.		(2,126	)		(2,089	)
	Preferred stock of subsidiary				13			13
			Total equity		(2,113	)		(2,076	)
			Total liabilities and equity	$	2,132		$	2,168

The accompanying notes are an integral part of the consolidated financial statements.

Table of Contents

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions except share and per share amounts)


				Three Months Ended March 31,
				2025			2024

Revenues
	Premiums earned (net of ceded premiums of $-, and $-)				8			9
	Net investment income				18			23
	Net realized investment gains (losses)				(5	)		(1	)
	Net gains (losses) on financial instruments at fair value and foreign exchange				(15	)		4
	Fees and reimbursements				1			-
	Other net realized gains (losses)				-			3
	Revenues of consolidated variable interest entities:
		Net gains (losses) on financial instruments at fair value and foreign exchange			-			(25	)
		Other net realized gains (losses)			7			-
			Total revenues		14			13
Expenses
	Losses and loss adjustment				8			18
	Amortization of deferred acquisition costs				1			1
	Operating				16			25
	Interest				50			52
	Expenses of consolidated variable interest entities:
		Operating			1			4
			Total expenses		76			100
Income (loss) from continuing operations before income taxes					(62	)		(87	)
Provision (benefit) for income taxes					-			-
Income (loss) from continuing operations					(62	)		(87	)
Income (loss) from discontinued operations, net of income taxes					-			1
Net income (loss)				$	(62	)	$	(86	)
Net income (loss) per common share - basic and diluted
	Continuing operations			$	(1.28	)	$	(1.88	)
	Discontinued operations				-			0.04
Net income (loss) per common share - basic and diluted				$	(1.28	)	$	(1.84	)
Weighted average number of common shares outstanding
	Basic				48,354,307			46,820,922
	Diluted				48,354,307			46,820,922

The accompanying notes are an integral part of the consolidated financial statements.

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MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(In millions)


		Three Months Ended March 31,
		2025			2024

Net income (loss)		$	(62	)	$	(86	)
Other comprehensive income (loss):
Available-for-sale securities with no credit losses:
	Unrealized gains (losses) arising during the period		17			(15	)
	Reclassification adjustments for (gains) losses included in net income (loss)		7			-
Foreign currency translation:
	Reclassification adjustments for (gains) losses included in net income (loss)		5			-
Instrument-specific credit risk of liabilities measured at fair value:
	Unrealized gains (losses) arising during the period		-			4
	Reclassification adjustments for (gains) losses included in net income (loss)		-			19
Total other comprehensive income (loss)			29			8
Comprehensive income (loss)		$	(33	)	$	(78	)

The accompanying notes are an integral part of the consolidated financial statements.

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MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(In millions except share amounts)


		Three Months Ended March 31,
		2025			2024

Common shares
Balance at beginning and end of period			283,186,115			283,186,115
Common stock amount
Balance at beginning and end of period		$	283		$	283
Additional paid-in capital
Balance at beginning of period		$	2,492		$	2,515
	Share-based compensation		(32	)		(29	)
Balance at end of period		$	2,460		$	2,486
Retained earnings (deficit)
Balance at beginning of period		$	(1,591	)	$	(1,144	)
	Net income (loss) attributable to MBIA Inc.		(62	)		(86	)
Balance at end of period		$	(1,653	)	$	(1,230	)
Accumulated other comprehensive income (loss)
Balance at beginning of period		$	(128	)	$	(139	)
	Other comprehensive income (loss)		29			8
Balance at end of period		$	(99	)	$	(131	)
Treasury shares
Balance at beginning of period			(232,215,934	)		(232,323,184	)
	Other		(599,556	)		412,821
Balance at end of period			(232,815,490	)		(231,910,363	)
Treasury stock amount
Balance at beginning of period		$	(3,145	)	$	(3,172	)
	Other		28			31
Balance at end of period		$	(3,117	)	$	(3,141	)
Total shareholders' equity of MBIA Inc.
Balance at beginning of period		$	(2,089	)	$	(1,657	)
	Period change		(37	)		(76	)
Balance at end of period		$	(2,126	)	$	(1,733	)
Preferred stock of subsidiary shares
Balance at beginning and end of period			1,315			1,315
Preferred stock of subsidiary and noncontrolling interest held for sale
Balance at beginning and end of period		$	13		$	10
Total equity		$	(2,113	)	$	(1,723	)

The accompanying notes are an integral part of the consolidated financial statements.

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MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)


				Three Months Ended March 31,
				2025			2024
Cash flows from operating activities:
	Premiums, fees and reimbursements received			$	3		$	2
	Investment income received				13			16
	Financial guarantee losses and loss adjustment expenses paid				(21	)		(19	)
	Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers				3			2
	Operating expenses paid and other operating				(32	)		(19	)
	Interest paid, net of interest converted to principal				(9	)		(12	)
		Net cash provided (used) by operating activities			(43	)		(30	)
Cash flows from investing activities:
	Purchases of available-for-sale investments				(137	)		(53	)
	Sales of available-for-sale investments				62			28
	Paydowns, maturities and other proceeds of available-for-sale investments				29			28
	Purchases of investments at fair value				(11	)		(46	)
	Sales, paydowns, maturities and other proceeds of investments at fair value				22			65
	Sales, paydowns and maturities (purchases) of short-term investments, net				66			112
	Other investing				1			(1	)
		Net cash provided (used) by investing activities			32			133
Cash flows from financing activities:
	Principal paydowns of investment agreements				-			(1	)
	Principal paydowns of medium-term notes				-			(36	)
	Proceeds from variable interest entity debt				-			2
	Principal paydowns/redemptions of variable interest entity debt				(6	)		(36	)
	Purchases of treasury stock				(7	)		(2	)
		Net cash provided (used) by financing activities			(13	)		(73	)
Net increase (decrease) in cash and cash equivalents					(24	)		30
Cash and cash equivalents - beginning of period					87			108
Cash and cash equivalents - end of period				$	63		$	138
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
	Net income (loss)			$	(62	)	$	(86	)
	Income (loss) from discontinued operations, net of income taxes				-			1
	Income (loss) from continuing operations				(62	)		(87	)
	Adjustments to reconcile net income (loss) from continuing operations to net cash provided (used) by operating activities:
		Change in:
			Unearned premium revenue		(7	)		(8	)
			Loss and loss adjustment expense reserves		(5	)		(3	)
			Insurance loss recoverable		(6	)		4
			Accrued interest payable		42			44
			Other assets and liabilities		(19	)		(7	)
		Net realized investment gains (losses)			5			1
		Net (gains) losses on financial instruments at fair value and foreign exchange			15			21
		Other net realized (gains) losses			(7	)		(3	)
		Other operating			1			8
		Total adjustments to income (loss) from continuing operations			19			57
			Net cash provided (used) by operating activities	$	(43	)	$	(30	)
Supplementary Disclosure of Consolidated Cash Flow Information:
	Non-cash financing activities:
	Variable interest entity debt extinguishment			$	7		$	-

The accompanying notes are an integral part of the consolidated financial statements.

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Business Developments and Risks and Uncertainties

Summary

MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA” or the “Company”) operates within the financial guarantee insurance industry. MBIA manages three operating segments: 1) United States (“U.S.”) public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is managed through National Public Finance Guarantee Corporation (“National”), the corporate segment is managed through MBIA Inc. and several of its subsidiaries, including its service company, MBIA Services Corporation (“MBIA Services”) and its international and structured finance insurance business is managed through MBIA Insurance Corporation and its subsidiaries (“MBIA Corp.”).

Refer to “Note 9: Business Segments” for further information about the Company’s operating segments.

Business Developments

PREPA

On January 1, 2025, the Puerto Rico Electric Power Authority (“PREPA”) defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $13 million. As of March 31, 2025, National had $657 million of insured debt service outstanding related to PREPA.

On January 31, 2023, National entered into a restructuring support agreement (“PREPA RSA”) with the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), on behalf of itself and as the sole Title III representative of PREPA. A plan of adjustment for PREPA (the "Plan") and related disclosure statement was filed on February 9, 2023. Subsequently, both the Plan and PREPA RSA were amended. The Title III Court conducted confirmation hearings in March 2024. On June 12, 2024, the First Circuit Court of Appeals reversed Judge Swain's prior rulings and supported bondholder liens and claim amounts (the "Appeal Decision"). On June 26, 2024, the Oversight Board filed a petition for a First Circuit panel rehearing, and the Unsecured Creditors Committee ("UCC") filed an en banc appeal. On November 13, 2024, the First Circuit affirmed the Appeal Decision. On November 27, 2024, the Oversight Board filed a petition for further rehearing, and on December 31, 2024, the First Circuit denied the rehearing request. On January 29, 2025, the Court extended its litigation stay through March 24, 2025, and on March 3, 2025, the Court entered an order identifying key legal issues and requiring a joint proposed litigation schedule. On March 20, 2025, the Court set a briefing schedule on a motion for allowance of an administrative expense claim addressing the key issues and requested the parties provide a joint status report by May 30, 2025 proposing a plan for limited discovery necessary to resolve the administrative expense motion. Following the Appeal Decision, the Oversight Board informed the Court, National and other parties that it intended to modify National’s settlement in a forthcoming amended Plan. Thereafter, National provided notice to the Oversight Board that National did not support the board's actions and that such actions constituted a breach and termination of the PREPA RSA, as amended. There is no assurance that a plan that is substantially similar in the treatment of National's claims and rights will ultimately be confirmed and become effective. In the event of a substantially different confirmed plan, National’s PREPA loss reserves and recoveries could be materially adversely affected.

Refer to “Note 5: Loss and Loss Adjustment Expense Reserves” for additional information of the Company’s PREPA reserves and recoveries.

MBIA Mexico

MBIA Corp. has issued financial guarantee insurance in Mexico, through its wholly-owned subsidiary, MBIA México, S.A. de C.V. (“MBIA Mexico”). The Company has commenced the process of dissolving MBIA Mexico under Mexican law. During the three months ended March 31, 2025, MBIA Mexico returned approximately $12 million of capital to MBIA Corp., representing a substantially complete liquidation.

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MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Business Developments and Risks and Uncertainties (continued)

Zohar CDOs

Payment of claims on MBIA Corp.’s policies insuring the Class A-1 and A-2 notes issued by Zohar collateralized debt obligation (“CDO”) 2003-1, Limited (“Zohar I”) and Zohar II 2005-1, Limited (“Zohar II”) (collectively, the “Zohar CDOs”), entitled MBIA Corp. to reimbursement of such amounts plus interest and expenses and/or to exercise certain rights and remedies to seek recovery of such amounts. Pursuant to a plan of liquidation that became effective in August of 2022, all remaining loans made to, and equity interests in, portfolio companies, were distributed to MBIA Corp. either directly or in the form of interests in certain asset recovery entities. For those portfolio companies in which the Company does not have a majority of the voting interest, the Company recorded these assets as investments. For those portfolio companies in which the Company owns a majority of the voting interest, the Company consolidated the assets, liabilities, and financial results of these companies and classified these entities as discontinued operations and held for sale. In addition, certain of the Zohar debtors’ litigation claims were transferred into a litigation trust that the Company consolidated as a variable interest entity (“VIE”).

There still remains significant uncertainty with respect to the realizable value of the remaining loans to and equity interests in these portfolio companies and the litigation trust. Further, as the monetization of these assets unfolds, and new information concerning the financial condition of the portfolio companies is disclosed, the Company will continue to revise its expectations for recoveries.

Discontinued Operations

As of March 31, 2025 and December 31, 2024, the assets and liabilities of these entities are presented within “Assets held for sale” and “Liabilities held for sale” on the Company’s consolidated balance sheets. Additionally, the results of operations for these entities are classified as “Income from discontinued operations, net of income taxes” on the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024.

The following table summarizes the components of assets and liabilities held for sale:


	As of
In millions	March 31, 2025			December 31, 2024
Assets held for sale
Accounts receivable	$	2		$	1
Goodwill		11			11
Other assets		2			2
Loss on disposal group		(4	)		(3	)
Total assets held for sale	$	11		$	11
Liabilities held for sale
Accounts payable	$	1		$	1
Debt		1			1
Accrued expenses and other		5			5
Total liabilities held for sale	$	7		$	7

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Business Developments and Risks and Uncertainties (continued)

The results of operations from discontinued operations for the three months ended March 31, 2025 and 2024 consist of the following:


		Three Months Ended March 31,
In millions		2025		2024
Revenues:
	Revenues	$	3	$	24
	Cost of sales		1		11
	Total revenues from discontinued operations		2		13
Expenses:
	Operating		1		13
	Interest		-		1
	Increase (decrease) on loss on disposal group		1		(2	)
	Total expenses from discontinued operations		2		12
Income (loss) before income taxes from discontinued operations			-		1
Provision (benefit) for income taxes from discontinued operations			-		-
Income (loss) from discontinued operations, net of income taxes		$	-	$	1

Risks and Uncertainties

The Company’s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revise its estimates and assumptions or could cause actual results to differ materially from the Company’s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company’s financial statements and business objectives in future periods.

National’s Insured Portfolio

National continues to monitor and remediate its existing insured portfolio. Certain state and local governments and territory obligors that National insures are under financial and budgetary stress. This could lead to an increase in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of National’s insured transactions. In particular, PREPA is currently in bankruptcy-like proceedings in the United States District Court for the District of Puerto Rico. Refer to the above “Business Developments - PREPA” section for additional information. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain.

MBIA Corp.’s Insured Portfolio

MBIA Corp.’s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, taking steps to maximize the collection of recoveries and by reducing and mitigating potential losses on its insurance exposures. MBIA Corp.’s insured portfolio performance could deteriorate and result in additional significant loss reserves and claim payments. MBIA Corp.’s ability to meet its obligations is limited by available liquidity and its ability to secure additional liquidity through financing and other transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficient resources to meet its obligations.

Recoveries

In addition to the recoveries related to the Zohar CDOs, MBIA Corp. also projects to collect recoveries from prior claims associated with insured residential mortgage-backed securities (“RMBS”); however, the amount and timing of these collections are uncertain.

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MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Business Developments and Risks and Uncertainties (continued)

Failure to collect its expected recoveries could impede MBIA Corp.’s ability to make payments when due on other policies. MBIA Corp. believes that if the New York State Department of Financial Services (“NYSDFS”) concludes at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law (“NYIL”) and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders. The determination to commence such a proceeding or take other such actions is within the exclusive control of the NYSDFS.

Given the separation of MBIA Inc. and MBIA Corp. as distinct legal entities, the absence of any cross defaults between the entities and the lack of reliance by MBIA Inc. on MBIA Corp. for dividends, the Company does not believe that a rehabilitation or liquidation proceeding with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc. Such a proceeding could have material adverse consequences for MBIA Corp., including the termination of derivative contracts for which counterparties may assert market-based claims, the acceleration of debt obligations issued by affiliates and insured by MBIA Corp., the loss of control of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs.

Refer to “Note 5: Loss and Loss Adjustment Expense Reserves” for additional information about MBIA Corp.’s recoveries.

Note 2: Significant Accounting Policies

The Company has disclosed its significant accounting policies in “Note 2: Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The following significant accounting policies provide an update to those included in the Company’s Annual Report on Form 10-K.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, accordingly, do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual periods. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024. The accompanying consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s consolidated financial position and results of operations. All material intercompany balances and transactions have been eliminated. Certain amounts have been reclassified in prior years' financial statements to conform to the current presentation.

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results.

The results of operations for the three months ended March 31, 2025 may not be indicative of the results that may be expected for the year ending December 31, 2025. The December 31, 2024 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP for annual periods.

Note 3: Recent Accounting Pronouncements

Recently Adopted Accounting Standards

The Company has not adopted any new accounting pronouncements that had a material impact on its consolidated financial statements.

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 3: Recent Accounting Pronouncements (continued)

Recent Accounting Developments

Income Taxes (Topic 740): Improvements to Income Tax Disclosure (ASU 2023-09)

In December of 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid, and contain other disclosure requirements. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Upon the effective date, the amendments should be applied prospectively with retrospective application permitted. The Company is currently evaluating the potential impact of adopting ASU 2023-09.

Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03)

In November of 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses" which requires to disclose the amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs and expenses included in each relevant expense caption on the consolidated statements of operations and include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, ASU 2024-03 requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon the effective date, the amendments can be applied either prospectively or retrospectively. The Company is currently evaluating the potential impact of adopting ASU 2024-03.

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MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 4: Variable Interest Entities

Primarily through MBIA’s international and structured finance insurance segment, the Company provides credit protection to issuers of obligations that may involve issuer-sponsored special purpose entities (“SPEs”). An SPE may be considered a VIE to the extent the SPE’s total equity at risk is not sufficient to permit the SPE to finance its activities without additional subordinated financial support or its equity investors lack any one of the following characteristics: (i) the power to direct the activities of the SPE that most significantly impact the entity’s economic performance or (ii) the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity. A holder of a variable interest or interests in a VIE is required to assess whether it has a controlling financial interest, and thus is required to consolidate the entity as primary beneficiary. An assessment of a controlling financial interest identifies the primary beneficiary as the variable interest holder that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. An ongoing reassessment of controlling financial interest is required to be performed based on any substantive changes in facts and circumstances involving the VIE and its variable interests.

The Company evaluates issuer-sponsored SPEs initially to determine if an entity is a VIE, and is required to reconsider its initial determination if certain events occur. For all entities determined to be VIEs, MBIA performs an ongoing reassessment to determine whether its guarantee to provide credit protection on obligations issued by VIEs provides the Company with a controlling financial interest. Based on its ongoing reassessment of controlling financial interest, the Company determines whether a VIE is required to be consolidated or deconsolidated.

The Company makes its determination for consolidation based on a qualitative assessment of the purpose and design of a VIE, the terms and characteristics of variable interests of an entity, and the risks a VIE is designed to create and pass through to holders of variable interests. The Company generally provides credit protection on obligations issued by VIEs, and holds certain contractual rights according to the purpose and design of a VIE. The Company may have the ability to direct certain activities of a VIE depending on facts and circumstances, including the occurrence of certain contingent events, and these activities may be considered the activities that most significantly impact the VIE’s economic performance. The Company generally considers its guarantee of principal and interest payments of insured obligations, given nonperformance by a VIE, to be an obligation to absorb losses of the entity that could potentially be significant to the VIE. At the time the Company determines it has the ability to direct the activities of a VIE that most significantly impact the economic performance of the entity based on facts and circumstances, MBIA is deemed to have a controlling financial interest in the VIE and is required to consolidate the entity as primary beneficiary. The Company performs an ongoing reassessment of controlling financial interest that may result in consolidation or deconsolidation of any VIE.

Consolidated VIEs

The carrying amounts of assets and liabilities are presented separately in “Assets of consolidated variable interest entities” and “Liabilities of consolidated variable interest entities” on the Company’s consolidated balance sheets. VIEs are consolidated or deconsolidated based on an ongoing reassessment of controlling financial interest, when events occur or circumstances arise, and whether the ability to exercise rights that constitute power to direct activities of any VIE are present according to the design and characteristics of these entities. During the first quarter of 2025 and 2024, the Company had no additional consolidations or deconsolidations of VIEs. Consolidation and deconsolidation gains and losses, if any, are recorded within “Other net realized gains (losses)” under “Revenues of consolidated variable interest entities” on the Company’s consolidated statements of operations.

Holders of insured obligations of issuer-sponsored VIEs do not have recourse to the general assets of the Company. In the event of nonpayment of an insured obligation issued by a consolidated VIE, the Company is obligated to pay principal and interest, when due, on the respective insured obligation only. The Company’s exposure to consolidated VIEs is limited to the credit protection provided on insured obligations and any additional variable interests held by the Company.

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MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 4: Variable Interest Entities (continued)

Nonconsolidated VIEs

The following tables present the Company’s maximum exposure to loss for nonconsolidated VIEs and carrying values of the assets and liabilities for its interests in these VIEs in its insurance operations as of March 31, 2025 and December 31, 2024. The maximum exposure to loss as a result of MBIA’s variable interests in VIEs is represented by insurance in force. Insurance in force is the maximum future payments of principal and interest which may be required under commitments to make payments on insured obligations issued by nonconsolidated VIEs. The Company has aggregated nonconsolidated VIEs based on the underlying credit exposure of the insured obligation. The nature of the Company’s variable interests in nonconsolidated VIEs is related to financial guarantees and any investments in obligations issued by nonconsolidated VIEs.


	March 31, 2025
			Carrying Value of Assets						Carrying Value of Liabilities
In millions	Maximum Exposure to Loss		Investments		Premiums Receivable		Insurance Loss Recoverable		Unearned Premium Revenue		Loss and Loss Adjustment Expense Reserves
Insurance:
Global structured finance:
Mortgage-backed residential	$	771	$	28	$	4	$	21	$	3	$	229
Consumer asset-backed		78		-		-		-		-		3
Corporate asset-backed		347		-		2		-		2		-
Total global structured finance		1,196		28		6		21		5		232
Global public finance		194		-		3		-		3		-
Total insurance	$	1,390	$	28	$	9	$	21	$	8	$	232


	December 31, 2024
			Carrying Value of Assets						Carrying Value of Liabilities
In millions	Maximum Exposure to Loss		Investments		Premiums Receivable		Insurance Loss Recoverable		Unearned Premium Revenue		Loss and Loss Adjustment Expense Reserves
Insurance:
Global structured finance:
Mortgage-backed residential	$	785	$	26	$	5	$	21	$	3	$	224
Consumer asset-backed		86		-		-		-		-		3
Corporate asset-backed		358		-		2		-		2		-
Total global structured finance		1,229		26		7		21		5		227
Global public finance		196		-		3		-		3		-
Total insurance	$	1,425	$	26	$	10	$	21	$	8	$	227

Note 5: Loss and Loss Adjustment Expense Reserves

U.S. Public Finance Insurance

U.S. public finance insured transactions consist of municipal bonds, including tax-exempt and taxable indebtedness of U.S. political subdivisions, as well as utilities, airports, health care institutions, higher educational facilities, housing authorities and other similar agencies and obligations issued by private entities that finance projects that serve a substantial public purpose. The Company estimates future losses by using probability-weighted cash flow scenarios that are customized to each insured transaction. Future loss estimates consider debt service due for each insured transaction, which includes par outstanding and interest due, as well as recoveries for such payments, if any. Gross par outstanding for capital appreciation bonds represents the par amount at the time of issuance of the insurance policy.

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 5: Loss and Loss Adjustment Expense Reserves (continued)

PREPA

In formulating loss reserves and recoveries for PREPA, estimates in the Company’s probability-weighted scenarios include assumptions related to the nature, value, and timing of net cash flows considering the following: environmental, economic, and political developments on the island; litigation and ongoing discussions with creditors and obligors on the Title III proceedings; contractual debt service payments; any existing settlement agreements or proposals and deviations from these proposals; the remediation strategy for insured obligations that have defaulted or are expected to default; and values of other obligations of the issuer. Refer to “Note 1: Business Developments and Risks and Uncertainties” for further information on the Company’s PREPA exposure.

International and Structured Finance Insurance

The international and structured finance insurance segment’s case basis reserves and insurance loss recoveries recorded in accordance with GAAP do not include reserves and recoveries on consolidated VIEs, since they are eliminated in consolidation.

RMBS Case Basis Reserves (Financial Guarantees)

The Company’s RMBS case basis reserves primarily relate to RMBS backed by alternative A-paper and subprime mortgage loans. The Company calculated RMBS case basis reserves as of March 31, 2025 using a process called the Roll Rate Methodology (“Roll Rate Methodology”). The Roll Rate Methodology is a multi-step process using databases of loan level information, proprietary internal cash flow models, and commercially available models to estimate potential losses and recoveries on insured bonds. Roll Rate is defined as the probability that current loans become delinquent and subsequently default and loans in the delinquent pipeline are charged-off or liquidated. The loss reserve estimates are based on a probability-weighted average of potential scenarios of loan losses. Additional data used for both first and second-lien loans include historic averages of deal specific voluntary prepayment rates, forward projections of the secured overnight financing rate, and historic averages of deal-specific loss severities. Where applicable, the Company factors in termination scenarios when clean up calls are imminent.

In calculating ultimate cumulative losses for RMBS, the Company estimates the amount of first-lien loans that are expected to be liquidated in the future through foreclosure or short sale, and estimates, the amount of second-lien loans that are expected to be charged-off (deemed uncollectible by servicers of the transactions). The time to liquidation for a defaulted loan is specific to the loan’s delinquency bucket.

For all RMBS transactions, cash flow models consider allocations and other structural aspects and claims against MBIA Corp.’s insurance policy consistent with such policy’s terms and conditions. The estimated net claims from the procedure above are then discounted using a risk-free rate to a net present value reflecting MBIA’s general obligation to pay claims over time and not on an accelerated basis.

The Company monitors RMBS portfolio performance on a monthly basis against projected performance, reviewing delinquencies, roll rates, and prepayment rates (including voluntary and involuntary). However, loan performance remains difficult to predict and losses may exceed expectations. In the event of a material deviation in actual performance from projected performance, the Company would increase or decrease the case basis reserves accordingly and re-evaluate its assumptions.

RMBS Recoveries

The Company’s RMBS recoveries relate to structural features within the trust structures that allow for the Company to be reimbursed for prior claims paid. These reimbursements for specific trusts include recoveries that are generated from the excess spread of the transactions. Excess spread within insured RMBS securitizations is the difference between interest inflows on mortgage loan collateral and interest outflows on the insured RMBS notes.

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 5: Loss and Loss Adjustment Expense Reserves (continued)

Summary of Loss and LAE Reserves and Recoveries

The Company’s loss and loss adjustment expense ("LAE") reserves and recoveries before consolidated VIE eliminations, along with amounts that were eliminated as a result of consolidating VIEs for the international and structured finance insurance segment, which are included in the Company’s consolidated balance sheets as of March 31, 2025 and December 31, 2024 are presented in the following table:


			As of March 31, 2025						As of December 31, 2024
In millions			Balance Sheet Line Item						Balance Sheet Line Item
			Insurance loss recoverable			Loss and LAE reserves (1)			Insurance loss recoverable			Loss and LAE reserves (1)
U.S. Public Finance Insurance			$	170		$	289		$	165		$	299
International and Structured Finance Insurance:
	Before VIE eliminations			24			237			23			238
	VIE eliminations			(3	)		(5	)		(3	)		(11	)
		Total international and structured finance insurance		21			232			20			227
	Total		$	191		$	521		$	185		$	526

___________________

(1) - Amounts are net of estimated recoveries of expected future claims.

Changes in Loss and LAE Reserves

Loss and LAE reserves represent the Company’s estimate of future claims and LAE payments, net of any future recoveries of such payments. The following table presents changes in the Company’s loss and LAE reserves for the three months ended March 31, 2025. Changes in loss and LAE reserves, with the exception of loss and LAE payments, are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. As of March 31, 2025 and December 31, 2024, the weighted average risk-free rates used to discount the Company’s loss reserves (claim liability) were 4.19% and 4.50%, respectively. LAE reserves are generally expected to be settled within a one-year period and are not discounted. As of March 31, 2025 and December 31, 2024, the Company’s gross loss and LAE reserves included $18 million and $19 million, respectively related to LAE.

          In millions

          Changes in Loss and LAE Reserves for the Three Months Ended March 31, 2025

          Gross Loss

          Gross Loss

          and LAE

          Accretion

          Changes in

          and LAE

          Reserves as of

          Loss

          of Claim

          Changes in

          Unearned

          Reserves as of

          December 31,

          and LAE

          Liability

          Discount

          Changes in

          Premium

          March 31,

          2024

          Payments

          Discount

          Rates

          Assumptions (1)

          Revenue

          2025

526

(21

)

5

6

5

-

521

___________________

(1) - Includes changes in amount and timing of estimated payments and recoveries.

The decrease in the Company’s loss and LAE reserves was primarily due to claim payments on PREPA, partially offset by a decline in risk-free rates which caused future liabilities, net of recoveries to increase on the Company's insured RMBS transactions, as well as accretion. Refer to “Note 1: Business Developments and Risks and Uncertainties” for further information on PREPA.

Changes in Insurance Loss Recoverable

Insurance loss recoverable represents the Company’s estimate of expected recoveries on paid claims and LAE. The Company recognizes potential recoveries on paid claims based on the probability-weighted net cash inflows present valued at applicable risk-free rates as of the measurement date. The following table presents changes in the Company’s insurance loss recoverable for the three months ended March 31, 2025. Changes in insurance loss recoverable with the exception of collections, are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations.


			Changes in Insurance Loss Recoverable
			for the Three Months Ended March 31, 2025
	Gross											Gross
	Recoverable											Recoverable
	as of					Accretion		Changes in				as of
	December 31,		Collections			of		Discount		Changes in		March 31,
In millions	2024		for Cases			Recoveries		Rates		Assumptions		2025
Insurance loss recoverable	$	185	$	(2	)	$	2	$	1	$	5	$	191

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 5: Loss and Loss Adjustment Expense Reserves (continued)

The increase in the Company’s insurance loss recoverable was primarily due to reclassifying expected leased-backed recoveries from loss and LAE reserve on paid claims and accretion.

Loss and LAE Activity

For the three months ended March 31, 2025, the incurred loss primarily relates to a decline in risk-free rates which caused future liabilities, net of recoveries to increase and accretion on the Company's insured RMBS transactions.

For the three months ended March 31, 2024, the incurred loss primarily related to extending the timing of the effective date of a PREPA settlement, establishing reserves on a U.S. public finance lease-backed transaction, an increase in the secured overnight financing rate, which increased interest expense on floating rate liabilities on the Company's RMBS portfolio, and accretion. This incurred loss was partially offset by an increase in risk-free rates, which caused future reserves, net of recoveries, to decline, primarily on the Company’s insured RMBS portfolio.

Costs associated with remediating insured obligations assigned to the Company’s surveillance categories are recorded as LAE and are included in “Losses and loss adjustment” expenses on the Company’s consolidated statements of operations. For the three months ended March 31, 2025 and 2024, gross LAE related to remediating insured obligations was $1 million and $2 million, respectively.

Surveillance Categories

The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of March 31, 2025:


				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					29		-		-		91		120
Number of issues (1)					10		-		-		77		87
Remaining weighted average contract period (in years)					5.6		-		-		5.9		5.8
Gross insured contractual payments outstanding: (2)
		Principal		$	699	$	-	$	-	$	1,598	$	2,297
		Interest			1,267		-		-		541		1,808
			Total	$	1,966	$	-	$	-	$	2,139	$	4,105
Gross Claim Liability (3)				$	-	$	-	$	-	$	881	$	881
Less:
	Gross Potential Recoveries (4)				-		-		-		460		460
	Discount, net (5)				-		-		-		101		101
Net claim liability (recoverable)				$	-	$	-	$	-	$	320	$	320
Unearned premium revenue				$	4	$	-	$	-	$	9	$	13
Reinsurance recoverable on paid and unpaid losses (6)												$	16

(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.

(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.

(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.

(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.

(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.

(6) - Included in "Other assets" on the Company's consolidated balance sheets.

Table of Contents

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 5: Loss and Loss Adjustment Expense Reserves (continued)

The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2024:

           
          Surveillance Categories

           
          Caution

          Caution

          Caution

MBIA INC 10-Q