Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $56 million or a negative $1.12 per share for Q2 2025, compared to a consolidated GAAP net loss of $254 million or a negative $5.34 per share for Q2 2024, indicating a significant improvement in financial performance [9][10] - The adjusted net loss for Q2 2025 was $8 million or a negative $0.17 per share, compared to an adjusted net loss of $138 million or a negative $2.90 per share for Q2 2024, reflecting lower losses in LAE [11] - Book value per share decreased by $2.15 to a negative $43.14 as of June 30, 2025, from a negative $40.99 as of December 31, 2024, primarily due to the consolidated net loss [12] Business Line Data and Key Metrics Changes - National reported statutory net income of $6 million for 2025, compared to a statutory net loss of $131 million for 2024, driven by lower losses in LAE related to PREPA exposure [14] - MBIA Insurance Corp reported statutory net income of $4 million for 2025, compared to a statutory net loss of $35 million for 2024, also due to lower losses in LAE [15] Market Data and Key Metrics Changes - The gross par amount outstanding for National's insured portfolio declined by approximately $1.1 billion from year-end 2024 to about $24 billion as of June 30, 2025 [7] - National's leverage ratio of gross par to statutory capital was 26 to 1 at the end of Q2 2025, with total claims paying resources of $1.5 billion [8] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with the timing of resolution remaining uncertain, and believes that reducing uncertainty regarding PREPA is essential for maximizing shareholder value [7] - The transfer of $374 million of claims to a custodian is seen as a move to enhance marketability and facilitate potential sales of those claims [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism that the recent changes in the Puerto Rico oversight board could lead to a more favorable environment for reaching a consensual deal regarding PREPA [25][26] - The company is cautious about speculating on the impact of the oversight board changes until more information is available regarding new board members and their approach [25][26] Other Important Information - The corporate segment had total assets of approximately $677 million as of June 30, 2025, with unencumbered cash and liquid assets totaling $355 million [13] - The company has ongoing discussions regarding a cooperation agreement with Azure and GoldenTree, which is set to expire at the end of the year [42] Q&A Session Summary Question: Can the transfer of PREPA bankruptcy claims to a custodian be interpreted as a signal that the company is marketing those claims? - Management confirmed that $374 million of claims were transferred to a custodian to enhance marketability, making them effectively securities [20][22] Question: How does the recent dismissal of oversight board members impact restructuring negotiations? - Management stated that it is difficult to assess the impact until new board members are appointed and their approach is known, but there is hope for a positive outcome [25][26] Question: Is the cooperation agreement with Azure and GoldenTree still set to expire at the end of the year? - Management confirmed that the agreement will expire at the end of the year, but discussions are ongoing regarding its implications [42] Question: What is the current outstanding exposure related to PREPA? - As of June 30, the outstanding exposure was reported at $504 million, with a payment of approximately $91 million made on July 1 [45] Question: How does the company view the recent changes in the oversight board regarding bondholder interests? - Management noted that while they have not heard specific statements from the president regarding Puerto Rico, the changes are viewed positively and may facilitate a faster resolution [78]

Table of Contents 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 June 30, 2025 or ☐ 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 incorp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 06, 2025 MBIA Inc. (Exact name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation) 1 Manhattanville Road Suite 301 Purchase, New York 10577 (Address of Principal Executive Offices) (Zip Code) Connecticut 001-09583 06-1185706 (Commission File Number) ...

Group 1 - Cable One's stock price has decreased by over 90% in recent years [1] - The withdrawal of the dividend in early May resulted in a single-day drop of over 40% [1] - Increased competition from fixed-wireless services is a significant factor contributing to the company's decline [1]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $62 million or a negative $1.28 per share for Q1 2025, compared to a net loss of $86 million or a negative $1.84 per share for Q1 2024, indicating an improvement in financial performance [10][6] - The adjusted net loss for Q1 2025 was $8 million or a negative $0.16 per share, compared to an adjusted net loss of $24 million or a negative $0.52 per share for Q1 2024, reflecting a favorable change primarily due to lower losses in LAE [12][10] - Book value per share decreased by $1.23 to a negative $42.22 as of March 31, 2025, from a negative $40.99 as of December 31, 2024, primarily due to the consolidated net loss [13] Business Line Data and Key Metrics Changes - National reported statutory net income of $4 million for Q1 2025, compared to a statutory net loss of $11 million for Q1 2024, driven by lower losses in LAE related to PREPA exposure [15][16] - MBIA Insurance Corp reported statutory net income of $2 million for Q1 2025, compared to a statutory net loss of $35 million for Q1 2024, also due to lower losses in LAE [16][17] - The gross par amount outstanding for National's insured portfolio declined by approximately $500 million from year-end 2024 to about $25 billion as of March 31, 2025 [7] Market Data and Key Metrics Changes - National's leverage ratio of gross par to statutory capital was 27 to 1 at the end of Q1 2025, with total claims paying resources of $1.5 billion and statutory capital surplus in excess of $900 million [8][7] - Claims paying resources for MBIA Insurance Corp totaled $349 million as of March 31, 2025, down from $356 million at year-end 2024 [18] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with the path and timing of resolution remaining uncertain, and believes that reducing uncertainty regarding PREPA is essential for maximizing shareholder value [7][6] - The management is optimistic about moving into a different phase regarding PREPA, as various parties are expected to come together to address the situation [24][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexity of the PREPA situation and emphasized ongoing conversations in Washington, D.C., while expressing cautious optimism about the court schedule moving key litigation issues forward [22][24] - The overall portfolio is performing within expectations, with no significant concerns or further write-offs anticipated outside of the PREPA situation [25][22] Other Important Information - The corporate segment had total assets of approximately $685 million as of March 31, 2025, including $378 million in unencumbered cash and liquid assets [14] Q&A Session Summary Question: What is being done politically to resolve the PREPA situation? - Management highlighted that fixing PREPA is a top priority for Governor Gonzalez and that they are engaged in conversations in D.C. to facilitate resolution [22][23] Question: Are there concerns regarding National's other credits or potential write-offs? - Management confirmed that the portfolio is performing within expectations and that PREPA is the primary focus [25][22]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $62 million or a negative $1.28 per share for Q1 2025, compared to a net loss of $86 million or a negative $1.84 per share for Q1 2024, indicating an improvement in financial performance [10][6] - The adjusted net loss for Q1 2025 was $8 million or a negative $0.16 per share, compared to an adjusted net loss of $24 million or a negative $0.52 per share for Q1 2024, reflecting a favorable change primarily due to lower losses in LAE [12][10] - The book value per share decreased by $1.23 to a negative $42.22 as of March 31, 2025, from a negative $40.99 as of December 31, 2024, primarily due to the consolidated net loss [13] Business Line Data and Key Metrics Changes - National reported statutory net income of $4 million for Q1 2025, compared to a statutory net loss of $11 million for Q1 2024, driven by lower losses in LAE related to PREPA exposure [15][16] - MBIA Insurance Corp reported statutory net income of $2 million for Q1 2025, compared to a statutory net loss of $35 million for Q1 2024, also due to lower losses in LAE [16][17] - The gross par amount outstanding for National's insured portfolio declined by approximately $500 million from year-end 2024 to about $25 billion as of March 31, 2025 [7] Market Data and Key Metrics Changes - National's leverage ratio of gross par to statutory capital was 27 to 1 at the end of Q1 2025, with total claims paying resources of $1.5 billion and statutory capital surplus in excess of $900 million [8][7] - Claims paying resources for MBIA Insurance Corp totaled $349 million as of March 31, 2025, down from $356 million at year-end 2024 [18] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, which remains uncertain, with ongoing litigation expected to facilitate resolution [7][22] - The management believes that reducing uncertainty regarding PREPA is essential for maximizing shareholder value through the potential sale of the company [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the PREPA situation, noting that various parties need to come together to resolve the ongoing issues [24][22] - The company indicated that the overall portfolio is performing within expectations, with no immediate concerns regarding further write-offs outside of PREPA [25] Other Important Information - The corporate segment had total assets of approximately $685 million as of March 31, 2025, including $378 million in unencumbered cash and liquid assets [14] Q&A Session Summary Question: Inquiry about the political process surrounding PREPA - The question highlighted the political complexities and the need for resolution regarding PREPA, questioning the lack of progress despite favorable political leadership [20][21] Response: Management's perspective on PREPA - Management acknowledged the political aspects and emphasized that fixing PREPA is a top priority for the governor, with ongoing discussions in Washington, D.C. [22][23] Question: Concerns about other credits and potential write-offs - The question sought clarification on whether there are concerns regarding other credits in the portfolio [25] Response: Assurance on portfolio performance - Management confirmed that the portfolio is performing as expected, with PREPA being the primary focus of attention [25]

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $62 million or a negative $1.28 per share for Q1 2025, compared to a net loss of $86 million or a negative $1.84 per share for Q1 2024, indicating an improvement in financial performance [9][10] - The adjusted net loss for Q1 2025 was $8 million or a negative $0.16 per share, compared to an adjusted net loss of $24 million or a negative $0.52 per share for Q1 2024, reflecting a favorable change primarily due to lower losses in LAE [12][13] - The book value per share decreased by $1.23 to a negative $42.22 as of March 31, 2025, from a negative $40.99 as of December 31, 2024, primarily due to the consolidated net loss [13] Business Line Data and Key Metrics Changes - National reported statutory net income of $4 million for Q1 2025, compared to a statutory net loss of $11 million for Q1 2024, driven by lower losses in LAE related to PREPA exposure [15][16] - MBIA Insurance Corp reported statutory net income of $2 million for Q1 2025, compared to a statutory net loss of $35 million for Q1 2024, also due to lower losses in LAE [16][17] - The gross par amount outstanding for National's insured portfolio declined by approximately $500 million from year-end 2024 to about $25 billion as of March 31, 2025 [7] Market Data and Key Metrics Changes - National's leverage ratio of gross par to statutory capital was 27 to 1 at the end of Q1 2025, with total claims paying resources of $1.5 billion and statutory capital surplus exceeding $900 million [8] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, which remains uncertain, and believes that reducing uncertainty regarding PREPA is essential for maximizing shareholder value [7] - The management expressed optimism about the potential resolution of the PREPA situation, indicating that the focus is shifting towards addressing key litigation issues [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexity of the PREPA situation and emphasized ongoing discussions in Washington, D.C., while expressing cautious optimism about moving into a different phase regarding the resolution [22][24] - The overall portfolio performance is consistent with expectations, with no significant concerns regarding other credits [25] Other Important Information - The corporate segment had total assets of approximately $685 million as of March 31, 2025, including unencumbered cash and liquid assets totaling $378 million [14] Q&A Session Summary Question: What is being done politically to resolve the PREPA situation? - Management highlighted that fixing PREPA is a top priority for Governor Gonzalez and that there are ongoing conversations in D.C. to facilitate resolution, with optimism about moving into a different phase [22][24] Question: Are there concerns about further write-offs in the National portfolio? - Management confirmed that the portfolio is performing within expectations and that PREPA is the primary focus, with no significant concerns about other credits [25]

分组1 - MBIA reported a quarterly loss of $0.16 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.07, but an improvement from a loss of $0.52 per share a year ago, indicating an earnings surprise of -128.57% [1] - The company posted revenues of $27 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 28.57%, although this was a decline from $32 million in revenues a year ago [2] - MBIA shares have declined approximately 28.2% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $21 million, and for the current fiscal year, it is -$0.25 on revenues of $84 million [7] - The Zacks Industry Rank for Insurance - Multi line is in the top 30% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] 分组3 - The estimate revisions trend for MBIA is mixed, resulting in a Zacks Rank 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Total revenues for Q1 2025 were $14 million, a 7.7% increase from $13 million in Q1 2024[18] - Net income (loss) for Q1 2025 was $(62) million, compared to $(86) million in Q1 2024, representing a 27.9% improvement[20] - Total revenues for the three months ended March 31, 2025, were $14 million, a decrease of 61.76% compared to $34 million in the same period of 2024[154] - The company reported a net loss from continuing operations of $62 million for Q1 2025, compared to a net loss of $87 million in Q1 2024[163] - Basic and diluted earnings per share for continuing operations were $(1.28) in Q1 2025, improving from $(1.88) in Q1 2024[163] - The company incurred total expenses of $76 million in Q1 2025, a decrease from $100 million in Q1 2024[157] - For the three months ended March 31, 2025, adjusted net income was $(8) million, compared to $(24) million for the same period in 2024, representing a 67% improvement[185] Assets and Liabilities - Total assets as of March 31, 2025, were $2,132 million, down from $2,488 million as of March 31, 2024[157] - Total liabilities amounted to $3,397 million as of March 31, 2025, with long-term debt at $2,780 million[113] - The company’s total assets as of December 31, 2024, were $1,769 million, with fixed-maturity investments valued at $1,356 million[108] - The total liabilities as of December 31, 2024, were $3,360 million, indicating a slight increase in liabilities in the first quarter of 2025[114] - The company had total assets held for sale amounting to $11 million as of March 31, 2025[157] Investment Income - Net investment income decreased to $18 million in Q1 2025 from $23 million in Q1 2024, a decline of 21.7%[18] - Net investment income fell by 17% to $15 million in Q1 2025, compared to $18 million in Q1 2024, primarily due to a lower average invested asset base[193] Insurance Operations - Premiums earned in Q1 2025 were $8 million, down from $9 million in Q1 2024, a decrease of 11.1%[18] - The total insurance loss and loss adjustment expense (LAE) reserves as of March 31, 2025, amount to $191 million, compared to $185 million as of December 31, 2024[71] - Losses and loss adjustment expenses (LAE) decreased significantly by 86% to $3 million in Q1 2025, compared to $22 million in Q1 2024[193] - The insurance loss recoverable increased by 3% to $170 million as of March 31, 2025, from $165 million as of December 31, 2024[197] Puerto Rico Exposure - As of March 31, 2025, National had $657 million of insured debt service outstanding related to the Puerto Rico Electric Power Authority (PREPA) after paying gross claims of $13 million due to PREPA's default[30] - National has paid gross claims totaling $3.1 billion related to Puerto Rico bonds through March 31, 2025, including $277 million and $556 million in payments for GO and HTA bonds in 2022[207] - The largest remaining exposure to Puerto Rico by gross par outstanding is to PREPA[209] Tax and Valuation - The company has recorded a full valuation allowance against its net deferred tax asset of $1.4 billion as of March 31, 2025[144] - The effective tax rate for the Company was below the U.S. statutory tax rate of 21% due to a full valuation allowance on changes in its net deferred tax asset[181] - The Company expects to continue evaluating its net deferred tax asset on a quarterly basis, with no assurance of reversing any valuation allowance in the future[182] Segment Performance - The company manages its businesses across three operating segments: U.S. public finance insurance, corporate, and international and structured finance insurance[150] - The U.S. public finance insurance segment generated revenues of $17 million in Q1 2025, down from $26 million in Q1 2024[157] - The International and Structured Finance Insurance segment reported revenues of $4 million in Q1 2025, compared to a loss of $22 million in Q1 2024[157] Fair Value Measurements - Total assets measured at fair value as of March 31, 2025, are $1,732 million, with Level 3 assets representing approximately 6% of total assets[110] - The fair value of fixed-maturity investments totals $1,449 million, including $495 million in U.S. Treasury and government agency securities[106] - The company continues to monitor and manage its fair value measurements in accordance with market conditions[116]

Financial Performance - MBIA Inc. reported a consolidated GAAP net loss of $62 million, or $(1.28) per diluted common share, for Q1 2025, an improvement from a net loss of $86 million, or $(1.84) per diluted common share, in Q1 2024[15]. - Adjusted Net Loss for Q1 2025 was $8 million, or $(0.16) per diluted share, compared to an Adjusted Net Loss of $24 million, or $(0.52) per diluted share, in Q1 2024[17]. - Book value per share was negative $42.22 as of March 31, 2025, compared to negative $40.99 as of December 31, 2024[16]. Liquidity and Capital Position - The company's liquidity position totaled $378 million as of March 31, 2025, primarily consisting of cash and cash equivalents and liquid invested assets[19]. - National Public Finance Guarantee Corporation had statutory capital of $919 million and claims-paying resources totaling $1.5 billion as of March 31, 2025[20]. - MBIA Corp.'s statutory capital was $88 million with claims-paying resources totaling $349 million as of March 31, 2025[21]. Portfolio and Leverage - National's insured portfolio declined by $518 million during the quarter, ending with $24.8 billion of gross par outstanding[20]. - The leverage ratio of National ended the quarter at 27 to 1, down from 28 to 1 at year-end 2024[20]. Share Repurchase and Future Events - There were no share repurchases during Q1 2025, with $71 million of remaining capacity under the share repurchase authorization as of April 30, 2025[19]. - The company will host a conference call on May 9, 2025, to discuss its Q1 2025 financial results[22]. Additional Information - MBIA Inc. reported financial results available in the quarterly Operating Supplement[35]. - The company’s revenue and performance metrics are detailed in the financial results tables[35]. - Investor and media relations contact information is provided for further inquiries[35].