MBIA INC

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

MBI$4.68+1.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule I

SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2025

Amount at
which shown
in the
Type of investment · Cost · Fair Value · balance sheet
Available-for-sale:
	U.S. Treasury and government agency			$178				$168				$168
	State and municipal bonds			106				101				101
	Foreign governments			7				5				5
	Corporate obligations			462				367				367
Mortgage-backed securities:
		Residential mortgage-backed agency			125				114				114
		Residential mortgage-backed non-agency			17				16				16
		Commercial mortgage-backed			10				10				10
Asset-backed securities:
		Collateralized debt obligations			30				31				31
		Other asset-backed			229				230				230
			Total long-term available-for-sale			1,164				1,042				1,042
	Short-term available-for-sale			300				300				300
			Total available-for-sale			1,464				1,342				1,342
Investments at fair value			387				332				332
Other investments		1				1				1
			Total investments			$1,852				$1,675				$1,675
Assets of consolidated variable interest entities:
	Loans receivable			$41				$34				$34
				Total investments of consolidated variable interest entities		$41				$34				$34

CONDENSED BALANCE SHEETS

December 31, 2025 · December 31, 2024
Assets
Investments:
	Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $228 and $120)			$226			$114
	Short-term investments, at fair value (amortized cost $278 and $445)			278			445
		Total investments			504			559
Cash and cash equivalents			34			32
Other assets			5			1
		Total assets			$543			$592
Liabilities and Shareholders' Equity
Liabilities:
	Investment agreements			$174			$204
	Long-term debt			233			278
	Affiliate loans payable			511			478
	Accumulated loss of wholly-owned subsidiaries			1,862			1,721
		Total liabilities			2,780			2,681
Shareholders' 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			283			283
	Additional paid-in capital			2,450			2,492
	Retained earnings (deficit)			(1,768)			(1,591)
	Accumulated other comprehensive income (loss), net of tax			(95)			(128)
	Treasury stock, at cost--232,675,865 and 232,215,934 shares			(3,107)			(3,145)
		Total shareholders' equity of MBIA Inc.			(2,237)			(2,089)
		Total liabilities and shareholders' equity			$543			$592

CONDENSED STATEMENTS OF OPERATIONS

	Years ended December 31,
2025 · 2024 · 2023
Revenues:
	Net investment income		$23			$27			$21
	Net realized investment gains (losses)		-			-			(32)
	Net gains (losses) on financial instruments at fair value and foreign exchange		(14)			8			4
	Other net realized gains (losses)		-			2			1
		Total revenues		9			37			(6)
Expenses:
	Operating		10			13			15
	Interest		69			72			76
		Total expenses		79			85			91
	Gain (loss) before income taxes and equity in earnings of subsidiaries		(70)			(48)			(97)
Provision (benefit) for income taxes		(2)			(2)			(1)
	Gain (loss) before equity in earnings of subsidiaries		(68)			(46)			(96)
Equity in net income (loss) of subsidiaries		(109)			(401)			(395)
		Net income (loss)		$(177)			$(447)			$(491)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Years ended December 31,
2025 · 2024 · 2023
Cash flows from operating activities:
	Investment income received			$8				$7				$369
	Operating expenses paid and other operating			(11)				(9)				(16)
	Interest paid, net of interest converted to principal			(67)				(68)				(72)
	Income taxes (paid) received			2				2				1
			Net cash provided (used) by operating activities			(68)				(68)				282
Cash flows from investing activities:
	Purchases of available-for-sale investments			(136)				(27)				(67)
	Sales of available-for-sale investments			-				-				289
	Paydowns and maturities of available-for-sale investments			30				51				65
	Sales, paydowns and maturities (purchases) of short-term investments, net			179				54				(380)
	(Payments) proceeds for derivative settlements			-				(1)				(38)
	Return of capital from subsidiaries, net			61				53				295
			Net cash provided (used) by investing activities			134				130				164
Cash flows from financing activities:
	Proceeds from investment agreements			-				-				7
	Principal paydowns of investment agreements			(16)				(5)				(12)
	Dividends paid			-				-				(409)
	Principal paydowns of long-term debt			(45)				(1)				-
	Payments for affiliate loans			-				(62)				(15)
	Restricted stock awards settlements, net of purchases of treasury stock			(3)				5				-
			Net cash provided (used) by financing activities			(64)				(63)				(429)
Net increase (decrease) in cash and cash equivalents			2				(1)				17
Cash and cash equivalents - beginning of year			32				33				16
Cash and cash equivalents - end of year			$34				$32				$33
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
	Net income (loss)			$(177)				$(447)				$(491)
	Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
	Change in:
			Intercompany accounts receivable			(4)				-				(20)
		Equity in earnings of subsidiaries			109				401				395
		Dividends from subsidiaries			-				-				352
		Net realized investment gains (losses)			-				-				32
		Net (gains) losses on financial instruments at fair value and foreign exchange			14				(8)				(4)
		Other net realized (gains) losses			-				(2)				(1)
		Other operating			(10)				(12)				19
		Total adjustments to net income (loss)			109				379				773
			Net cash provided (used) by operating activities			$(68)				$(68)				$282

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.