Mbia Inc: Form 10-Q for the period ended Jun 30, 2026
Filed with the SEC on Aug 6, 2026 and accepted by EDGAR at Aug 6, 2026, 16:26 ET.
Management's discussion and analysis
As filed, 766 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The table below presents purchases or repurchases made by the Company or National in each month during the second quarter of 2026:
| Month | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Amount That May Be Purchased Under the Plan (in millions) (1) |
|---|---|---|---|---|
| April | 0 | $0 | 0 | $71 |
| May | 0 | 0 | 0 | 71 |
| June | 0 | 0 | 0 | 71 |
| 0 | $0 | 0 |
(1) On May 3, 2023, the Company’s Board of Directors approved a share repurchase program authorizing the Company and/or National to purchase up to $100 million of the Company’s shares in open market transactions, in privately negotiated transactions or by any other legal means.
Market risk
As filed, 1,289 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The Company’s market risk exposures relate to changes in interest rates, foreign exchange rates and credit spreads that affect the fair value of its financial instruments, primarily investment securities, MTNs and investment agreement liabilities. The Company’s investments are primarily U.S. dollar-denominated fixed-income securities including municipal bonds, U.S. government bonds, corporate bonds, mortgage-backed and asset-backed securities. In periods of volatile interest rates, foreign exchange rates and credit spreads, profitability could be adversely affected should the Company have to liquidate these securities. The Company minimizes its exposure to interest rate risk, foreign exchange risk and credit spread movement through active portfolio management to ensure a proper mix of the types of securities held and to stagger the maturities of its fixed-income securities. There were no material changes in market risk since December 31, 2025 related to interest rates, foreign exchange rates and credit spreads. For a discussion of our quantitative and qualitative disclosures about market risk, refer to Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Controls and procedures
As filed, 1,077 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of the end of the period covered by this report, an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934) was performed under the supervision and with the participation of the Company’s senior management, including the Chief Executive Officer and the Chief Financial Officer. Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, there have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the fiscal quarter to which this report relates that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.
Risk factors
As filed, 334 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
For a discussion of the Company’s risk factors refer to Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the risk factors since previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2026-06-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2026-04-01 to 2026-06-30 | $27.0m | us-gaap:Revenues |
| Revenue | 6 months2026-01-01 to 2026-06-30 | $51.0m | us-gaap:Revenues |
| Interest expense | 3 months2026-04-01 to 2026-06-30 | $48.0m | us-gaap:InterestExpense |
| Interest expense | 6 months2026-01-01 to 2026-06-30 | $95.0m | us-gaap:InterestExpense |
| Income tax | 3 months2026-04-01 to 2026-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months2026-01-01 to 2026-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2026-04-01 to 2026-06-30 | −$43.0m | us-gaap:ProfitLoss |
| Net income | 6 months2026-01-01 to 2026-06-30 | −$85.0m | us-gaap:ProfitLoss |
| Diluted EPS | 3 months2026-04-01 to 2026-06-30 | −$0.91 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months2026-01-01 to 2026-06-30 | −$1.71 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2026-04-01 to 2026-06-30 | −$0.91 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months2026-01-01 to 2026-06-30 | −$1.71 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2026-04-01 to 2026-06-30 | 50,197,412 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months2026-01-01 to 2026-06-30 | 49,997,922 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months2026-01-01 to 2026-06-30 | −$37.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Share repurchases | 6 months2026-01-01 to 2026-06-30 | $1.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | At period end2026-06-30 | $1.98bn | us-gaap:Assets |
| Total liabilities | At period end2026-06-30 | $4.30bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2026-06-30 | −$2.33bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0001193125-26-338136. Last ingested by Listed: Nov 4, 2026, 17:36 ET. Listed shows no prices and gives no investment advice.