Form 8-K

8-K — MBIA INC

Accession: 0001193125-26-212053

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000814585

SIC: 6351 (SURETY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — mbi-20260507.htm (Primary)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 07, 2026

MBIA Inc.

(Exact name of Registrant as Specified in Its Charter)

Connecticut

001-09583

06-1185706

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1 Manhattanville Road

Suite 202

Purchase, New York

10577

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 914 273-4545

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

MBI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The following information, including Exhibit 99.1 to this Form 8-K, is being furnished, not filed, pursuant to Item 2.02 - Results of Operations and Financial Condition of Form 8-K.

On May 7, 2026, MBIA Inc. (“MBIA”) issued a press release announcing that the Registrant’s results of operations for the quarter ended March 31, 2026, were available via a financial results report on the Registrant’s website at https://investor.mbia.com/investor-relations/financial-information/default.aspx. A copy of the financial results report is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference to this Item 2.02 as if fully set forth herein.

Item 7.01 Regulation FD Disclosure.

The following information is being furnished, not filed, pursuant to Item 7.01 - Regulation FD Disclosure of Form 8-K. Information contained on MBIA’s website is not incorporated by reference into this Current Report on Form 8-K.

On May 7, 2026, MBIA will post on its website, www.mbia.com, under the section “Investor Relations – Financial Information – Operating Supplements,” a Quarterly Operating Supplement for the first quarter of 2026 and under the section “Investor Relations – Financial Information – Statutory Statements,” 2026 Quarterly Statements for the first quarter of 2026 for each of MBIA Insurance Corporation and National Public Finance Guarantee Corporation. MBIA will also post on its website, under the section “Insured Portfolio,” the Company’s insured portfolios as of March 31, 2026. The information will be posted as “National Public Finance Guarantee Corporation’s Insured Portfolio,” “MBIA Corp.’s Non-U.S. Public Finance Insured Portfolio" and “MBIA Corp.’s Structured Finance Insured Portfolio.”

On or about May 8, 2026, MBIA will also post on its website, www.mbia.com, under the section “Investor Relations – Investor Inquiries / FAQs,” updated Investor Inquiries/FAQs.

Item 9.01 Financial Statements and Exhibits.

99.1 First Quarter 2026 Financial Results issued by MBIA Inc., dated May 7, 2026.

104

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MBIA Inc.

Date:

May 7, 2026

By:

/s/ William J. Rizzo

William J. Rizzo

Co-General Counsel

Exhibit 99.1

MBIA Inc. First Quarter 2026 Financial Results

May 7, 2026

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $40 million, or $(0.80) per diluted common share, for the first quarter of 2026 compared to a consolidated GAAP net loss of $62 million, or $(1.28) per diluted common share, for the first quarter of 2025. The lower net loss was largely due to a favorable variance on net gains (losses) on foreign exchange at MBIA Insurance Corporation (MBIA Corp.) and the Corporate Segment, a favorable variance on net realized investment gains (losses) at National Public Finance Guarantee Corporation (National), and a favorable variance on losses and loss adjustment expense (LAE) at MBIA Corp. These favorable variances were partially offset by an unfavorable variance at MBIA Corp. related to 2025 gains associated with the extinguishment of variable interest entity debt with no comparable gains in 2026. The favorable variance on foreign exchange at MBIA Corp. primarily related to losses in 2025 related to the liquidation of its Mexican subsidiary with no comparable losses in 2026. The favorable variance on foreign exchange at the Corporate Segment primarily related to the Global Funding euro-denominated medium-term notes, where the U.S. dollar weakened for the first quarter of 2025 and strengthened for the first quarter of 2026. MBIA Corp.'s favorable variance of losses and LAE largely resulted from changes in risk-free interest rates that yielded a greater loss on RMBS exposure for the first quarter of 2025 versus a benefit for the first quarter of 2026.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $8 million or $(0.16) per diluted share for the first quarter of 2026, which is equal to the Adjusted Net Loss for the first quarter of 2025.

Adjusted Net Income (Loss) provides investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are included below.

MBIA Inc.

As of March 31, 2026, MBIA Inc.’s liquidity position totaled $353 million, consisting primarily of cash and cash equivalents and liquid invested assets.

There were no purchases of MBIA Inc. shares during the first quarter of 2026 by the Company or National. As of April 30, 2026, there was $71 million of remaining capacity under the Company’s share repurchase authorization and 50.9 million of the Company’s common shares outstanding.

National Public Finance Guarantee Corporation

National had statutory capital of $950 million and claims-paying resources totaling $1.4 billion as of March 31, 2026. National’s total fixed income investments plus cash and cash equivalents had a carrying value of $1.3 billion as of March 31, 2026. National’s insured portfolio declined by $857 million during the quarter, ending the quarter with $21.5 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 23 to 1, down from 24 to 1 at year-end 2025.

MBIA Insurance Corporation

The statutory capital of MBIA Corp. as of March 31, 2026 was $79 million and claims-paying resources totaled $316 million. MBIA Corp.’s total fixed income investments plus cash and cash equivalents had a carrying value of $145 million at March 31, 2026.

Conference Call

The Company will host a webcast and conference call for investors tomorrow, Friday, May 8 at 8:30 AM (ET) to discuss its first quarter 2026 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question-and-answer session.

The dial-in number for the call is (800) 445-7795 in the U.S. and (785) 424-1699 from outside the U.S. The conference call code is MBIAQ126. A live webcast of the conference call will also be accessible on www.mbia.com.

A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on May 15 by dialing (800) 727-1367 in the U.S. or (402) 220-2669 from outside the U.S. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call.

Forward-Looking Statements

This release 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," "will likely result," "looking forward," or "will continue," and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.'s or National's ability to fully implement their strategic plan; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.'s or National's forward-looking statements are discussed under the "Risk Factors" section in MBIA Inc.'s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.'s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.

MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.

Explanation of Non-GAAP Financial Measures

The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.

Adjusted Net Income (Loss): Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment, comprising the results of MBIA Corp. which given its capital structure and business prospects, we do not expect its financial performance to have a material impact on MBIA Inc. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of a full valuation allowance against the Company's net deferred tax asset. Trends in the underlying profitability of the Company's businesses can be more clearly identified without the fluctuating

effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.

Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.

MBIA management further adjusts Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share by removing the impact of our U.S. public finance insurance segment VIE consolidations. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company. However, since the Company does not own such VIEs, management uses certain measures that remove the impact of VIE consolidations for our U.S. public finance insurance segment in order to reflect financial exposure limited to its financial guaranty contracts.

Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA's management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA's management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.

Leverage Ratio: Gross Par Outstanding divided by Statutory Capital (Policyholders' Surplus plus Contingency Reserve).

Contacts

MBIA Inc.

Greg Diamond, 914-765-3190

Managing Director, Head of Investor and Media Relations

greg.diamond@mbia.com

Please see the financial results tables in this quarter's Operating Supplement, which is available at https://investor.mbia.com/investor-relations/financialinformation/default.aspx.

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