MBIA Q3 2026 Earnings Call Transcript - MBIA (NYSE:MBI)

MBIA reported third-quarter 2026 results, with consolidated GAAP net loss of $24 million, widening from an $8 million loss in Q3 2025, largely attributed to a smaller loss and LAE benefit. The company’s adjusted net loss was $3 million, down from adjusted net income of $51 million a year earlier, driven by losses and LAE at National. Management highlighted continued focus on PREPA: National has $390 million of gross par outstanding related exposure, and efforts to resolve related issues remain under way. National’s leverage ratio improved to 20 to 1 from 24 to 1 at year-end 2025, with statutory capital of $974 million.