MBIA Inc. (NYSE:MBI) filed an 8-K on November 4, 2026, reporting third-quarter 2026 financial results, including a consolidated GAAP net loss of $24 million and supplemental operating data for its insurance subsidiaries.

Key Highlights

  • Q3 2026 GAAP net loss: $24 million, or $(0.49) per share, compared with a net loss of $8 million, or $(0.17) per share, in Q3 2025.
  • Non-GAAP Adjusted Net Loss: $3 million, or $(0.06) per diluted share, in Q3 2026 versus Adjusted Net Income of $51 million, or $(1.03) per diluted share, in Q3 2025.
  • Year-to-date GAAP net loss: $110 million, or $(2.20) per diluted share, for the nine months ended September 30, 2026, compared with $126 million, or $(2.57) per diluted share, for the same period in 2025.
  • MBIA Inc. liquidity: $335 million in cash, cash equivalents, and liquid invested assets as of September 30, 2026.
  • National's insured portfolio: $19.7 billion of gross par outstanding at quarter-end, with a leverage ratio of gross par to statutory capital of 20 to 1.
  • Share repurchase capacity: $71 million remaining under the company's repurchase authorization as of October 31, 2026, with 51.0 million common shares outstanding.

MBIA's Q3 2026 Results Reflect PREPA Exposure and Subsidiary-Level Shifts

According to the filing, MBIA Inc. is a financial guarantee insurance holding company whose principal operating subsidiaries are National Public Finance Guarantee Corporation ("National"), which insures municipal bonds, and MBIA Insurance Corporation ("MBIA Corp."), which carries structured finance and non-U.S. public finance exposures. The company reported that the unfavorable year-over-year variance in Q3 2026 GAAP net loss was "primarily due to a reduced consolidated losses and loss adjustment expenses (LAE) benefit in 2026 versus 2025."

National reported a losses and LAE expense in the third quarter of 2026 versus a benefit in the same period of 2025, with both periods' changes "largely due to National's Puerto Rico Electric Power Authority (PREPA) exposure," the filing stated. MBIA Corp., by contrast, reported a losses and LAE benefit in Q3 2026, driven by its first-lien RMBS exposure, which the company said "was impacted by higher interest rates." National held statutory capital of $974 million and claims-paying resources of $1.4 billion as of September 30, 2026, while its insured portfolio declined by $1.1 billion during the quarter.

For the nine months ended September 30, 2026, the company's non-GAAP Adjusted Net Loss was $18 million, or $(0.36) per diluted share, compared with Adjusted Net Income of $35 million, or $0.70 per diluted share, for the first nine months of 2025. The filing noted that year-to-date GAAP results benefited from favorable foreign exchange movements associated with MBIA Global Funding LLC euro-denominated medium term notes and a favorable variance in valuation losses related to the Zohar CDOs, partially offset by the unfavorable PREPA-related losses at National. MBIA Insurance Corporation reported statutory capital of $102 million and claims-paying resources of $335 million as of September 30, 2026.

What Was Disclosed

MBIA Inc. disclosed Q3 and year-to-date 2026 GAAP and non-GAAP financial results, subsidiary capital and claims-paying data, liquidity figures, share repurchase capacity, and the availability of quarterly operating supplements and insured portfolio data on its website.