MBIA (MBI) Q1 2026 Earnings Call Transcript

MBIA reported Q1 2026 results with a consolidated GAAP net loss of $40 million ($0.80 per share), improved from $62 million loss in Q1 2025, driven by favorable foreign exchange impacts and reduced investment losses. The company's PREPA exposure remains unchanged at $425 million with no progress on negotiations pending litigation resolution. National's gross par outstanding declined $900 million to $21.5 billion with improved leverage ratio. Management indicated no active strategic process updates regarding potential sale, merger, or other alternatives.