MBIA Inc.

MBIA Inc. is a Connecticut corporation incorporated in 1986 that, along with its subsidiaries, is currently winding down its insured portfolios. The company's main goals are to maintain sufficient liquidity at the holding company to meet all outstanding obligations, reduce losses at National Public Finance Guarantee Corporation ("National") and MBIA Corp., and maximize recoveries on paid insurance claims. Neither National nor MBIA Corp. are expected to issue new financial guarantee policies, except for activities related to remediation. MBIA's core business has been providing financial guarantee insurance to the U.S. public finance markets through its indirect, wholly-owned subsidiary, National. National's financial guarantee insurance policies offer investors unconditional and irrevocable guarantees for the payment of principal, interest, or other amounts due on insured obligations. National stopped writing new financial guarantee insurance policies in 2017. Its current primary activity is the ongoing surveillance, including remediation when necessary, of its existing insured portfolio, which had $22.3 billion gross par outstanding as of December 31, 2025. The company also provided financial guarantee insurance in the international and structured finance markets through its subsidiary MBIA Corp. As of December 31, 2025, MBIA Corp.'s total insured gross par outstanding was $2.1 billion. MBIA Corp.'s financial performance is not expected to have a significant economic impact on MBIA Inc.