MBIA Inc 2026年季度报告

Form 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number: 001-09583 (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch 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,” “acceleratedfiler” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange 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 July 31, 2026, 51,016,444 shares of Common Stock, par value $1 per share, were outstanding. PART I FINANCIAL INFORMATION Item 1.Financial Statements MBIA Inc. and Subsidiaries (Unaudited)1Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)1Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025(Unaudited)2Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June30, 2026 and 2025 (Unaudited)3Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June30, 2026 and 2025 (Unaudited)4Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)5Notes to Consolidated Financial Statements (Unaudited)6Note 1: Business Developments and Risks and Uncertainties6Note 2: Significant Accounting Policies10Note 3: Recent Accounting Pronouncements11Note 4: Variable Interest Entities11Note 5: Loss and Loss Adjustment Expense Reserves13Note 6: Fair Value of Financial Instruments18Note 7: Investments29Note 8: Income Taxes33Note 9: Business Segments35Note 10: Earnings Per Share39Note 11: Accumulated Other Comprehensive Income40Note 12: Commitments and Contingencies40Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations42Item 3.Quantitative and Qualitative Disclosures About Market Risk64Item 4.Controls and Procedures64PART II OTHER INFORMATIONItem 1.Legal Proceedings65Item 1A.Risk Factors65Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities65Item 6.Exhibits66SIGNATURES67 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 “willcontinue” and similar expressions identify forward-looking statements. These statements are subject to certain risksand uncertainties that could cause actual results to differ materially from historical earnings and those presentlyanticipated 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-lookingstatement 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 todiffer 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 GuaranteeCorporation (“National”) insures issued by state, local and territorial governments and f