MBIA INC MBI

The Company's operating subsidiaries are running off their insured portfolios. Today, the Company's primary objectives are ensuring that adequate liquidity exists at the holding company to satisfy all of its outstanding obligations, mitigating losses at National Public Finance Guarantee Corporation ("National") and MBIA Corp., and maximizing recoveries on paid insurance claims. We do not expect National or MBIA Corp. to write new financial guarantee policies outside of remediation related activities.

MBIA's primary business has been to provide financial guarantee insurance to the United States' public finance markets through our indirect, wholly-owned subsidiary, National, whose financial guarantee insurance policies provide investors with unconditional and irrevocable guarantees of the payment of the principal, interest or other amounts owing on insured obligations when due. National ceased pursuing the writing of new financial guarantee insurance policies in 2017, and its primary activity today is to provide ongoing surveillance, including remediation activity where warranted, of its existing insured portfolio of $22.3 billion gross par outstanding as of December 31, 2025. The Company has 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. As a result of MBIA Corp.'s capital structure and business prospects, we do not expect its financial performance to have a material economic impact on MBIA Inc. Refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations––Liquidity and Capital Resources" in Part II, Item 7 of this Form 10-K for a further discussion of MBIA Corp.'s insurance statutory capital.