MBIA INC — Call Transcript 2026

Welcome to the MBIA Inc. First Quarter 2026 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. Please go ahead, sir. Thank you, Nikki. Yes, welcome to MBIA's conference call for our latest financial results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, the 10-Q, quarterly operating supplement, and the statutory statements for both MBIA Insurance Corporation and National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance company's insurance portfolios. Regarding today's call, please note that anything said on the call is qualified by the information provided in the company's 10-K, 10-Q, and other SEC filings, as our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10-K and 10-Q, as they contain our most current disclosures about the company and its financial and operating results. Those documents also contain information that may not be addressed on today's call. The definitions and reconciliations of those non-GAAP terms included in our remarks today are also included in our 10-K and 10-Q, as well as our financial results report and our quarterly operating supplement. The recorded replay of today's call will become available approximately two hours after the end of the call. Now, for our safe harbor disclosure statement. Our remarks on today's conference call may contain forward-looking statements. Important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements. Risk factors are detailed in our 10-K and 10-Q, which are available on our website at mbia.com. The company cautions not to place undue reliance on any such forward-looking statements. The company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate. For our call today, Bill Fallon and Joe Schachinger will provide introductory comments and then a question and answer session will follow. Now, here is Bill Fallon. Thanks, Greg. Good morning, everyone. Thank you for being with us today. We had lower net losses for our first quarter 2026 financial results versus our first quarter 2025 results. National's losses and loss adjustment expense were essentially unchanged year-over-year. National's outstanding PREPA exposure remains unchanged from year-end 2025 at $425 million of gross par value. Ourpriority continues to be resolving National's PREPA exposure. In that regard, there has not been much substantive progress since our last conference call in February. Until the legal issues related to the members of the Financial Oversight and Management Board are resolved, it is unlikely that substantive progress will be made. Regarding the balance of National's insured portfolio, those credits have continued to perform generally consistent with our expectations. The gross par amount outstanding for National's insured portfolio has declined by approximately $900 million from year-end 2025 to about $21.5 billion at March 31, 2026. National's leverage ratio of gross par to statutory capital was 23 to 1 at the end of the quarter, down from 24 to 1 at year-end 2025. As of March 31, 2026, National had total claims-paying resources of $1.4 billion and statutory capital and surplus of $950 million. Now Joe will provide additional comments about our financial results. Thank you, Bill. Good morning, all. I will begin with a review of our first quarter 2026 GAAP and non-GAAP results and then provide an overview of our statutory results. The company reported a consolidated GAAP net loss of $40 million or a negative $0.80 per share for the first quarter of 2026, compared with a consolidated GAAP net loss of $62 million or a negative $1.28 per share for the first quarter of 2025. The lower GAAP net loss this quarter was primarily driven by several items. We reported favorable variances in foreign exchange gains and losses at MBIA Insurance Corp. and within the corporate segment. The variance at MBIA Insurance Corp. reflects losses recorded in 2025 related to the liquidation of its Mexican subsidiary with no comparable losses in 2026. The favorable variance in the corporate segment related to Global Funding's euro-denominated medium-term notes and was driven by the U.S. dollar strengthening against the euro in the first quarter of 2026 compared to a weakening of the dollar against the euro in the first quarter of 2025. In addition, we reported a favorable variance in losses and LAE at MBIA Insurance Corp. primarily due to the impact of changes in the risk-free rates used to discount its loss reserves. In the first quarter of 2026, these rates increased, thereby reducing the present value of reserves compared with a decrease in rates in the first quarter of 2025, which increased the present value of reserves. We reported a favorable variance in net realized investment gains and losses at National. In the first quarter of 2025, National recorded investment losses from sales of securities with no comparable activity in the first quarter of 2026. Partially offsetting these favorable variances was an unfavorable variance at MBIA Insurance Corp. related to gains on the extinguishment of variable interest entity debt recorded in the first quarter of 2025, with no comparable activity in the first quarter of 2026. The company's adjusted net loss, a non-GAAP measure, was $8 million, or a -$0.16 per share, for the first quarter of 2026, compared with an adjusted net loss of $8 million, or a -$0.16 per share, for the first quarter of 2025. Slightly lower revenues in the first quarter of 2026 were offset by slightly lower expenses. During the quarter, MBIA Inc.'s book value per share decreased $0.55 to -$44.82 per share as of March 31, 2026. This decrease was primarily due to our consolidated net loss for the first quarter of 2026. In addition, included in MBIA Inc.'s book value as of March 31, 2026 is -$53.59 per share of MBIA Insurance Corp.'s book value. I will now spend a few minutes on our corporate segment balance sheet. The corporate segment, which primarily comprises the activities of the holding company, MBIA Inc., had total assets of approximately $639 million as of March 31, 2026. Within this total are the following material assets. Unencumbered cash and liquid assets held by MBIA Inc. totaled $353 million, reflecting a small decrease compared with $357 million as of December 31, 2025. In addition to these unencumbered cash and liquid assets, the corporate segment's assets included approximately $181 million of assets at market value pledged to guaranteed investment agreement contract holders, which fully collateralized those contracts. Now I'll turn to the insurance company's statutory results. National reported statutory net income of $11 million for the first quarter of 2026, compared with statutory net income of $4 million for the first quarter of 2025. The favorable variance was primarily driven by net realized losses on the sale of investments in the first quarter of 2025, with no comparable losses in the current quarter. National statutory capital as of March 31, 2026 was $950 million, which was up $13 million compared with December 31, 2025. The increase was mostly due to National's statutory net income for the current quarter. As of March 31, 2026, claims-paying resources were $1.4 billion, consistent with year-end 2025. Now I'll turn to MBIA Insurance Corp. MBIA Insurance Corp reported statutory net income of $1 million for the first quarter of 2026, compared with statutory net income of $2 million for the first quarter of 2025. The unfavorable variance was primarily driven by a smaller loss and LAE benefit in the current quarter compared with the first quarter of 2025. As of March 31, 2026, the statutory capital of MBIA Insurance Corp was $79 million, unchanged from year-end 2025. As of March 31, 2026, claims-paying resources totaled $316 million, down just $1 million from year-end 2025. MBIA Insurance Corp's insured gross par outstanding was just under $2 billion as of March 31, 2026, which is down about 7% from year-end 2025. Now we will turn the call over to the operator to begin the question and answer session. Thank you. If you have a question at this time, please press star one on your telephone keypad. If you wish to remove yourself from the queue, press star two. We ask that when posing your question, you please pick up your handset to allow optimal sound quality. We will take our first question from Tommy McJoynt with KBW. Please go ahead. Your line is open. Hi, good morning. A question on the corporate segment balance sheet, looking at the liability side there. Occasionally you've been able to redeem some of those liabilities at a discount early. It didn't look like there were any actions taken in the quarter. Can you just go through the opportunity there going forward to satisfy some of those obligations early and potentially accretively, just as a use of capital that could be good for shareholders? Thanks. Sure, Tommy. Hi, it's Joe. We're consistently looking for opportunities in which we can buy back the holding company debt at discounts. We haven't seen a whole lot of that recently. We are focused on repaying the debt coming up in 2027 and 2028. The debt beyond that, once we get into the 2030s is not yet in our liquidity window, we expect that to be within the next couple of years. We'll have more opportunities there, and that's where we'll see more of the benefit to our capital in trying to get those back at discounts. Okay, thanks. Since we last spoke around fourth quarter earnings a few months ago, have there been any updates on strategic process to the extent of, you know, hiring, you know, advisors or bankers to explore options? Any updates over the past couple months? Thanks. There's nothing that we've chosen to communicate to anybody at this point in time, Tommy. Thanks. Thank you. We will move next with John Staley with Staley Capital Advisers. Please go ahead. Your line is open. Thank you. I have two questions. One, what is the projected cash requirement to meet the guarantees on the outstanding Puerto Rico PREPA debt in 2026? Secondarily, this lawsuit, the Oversight Board, being a non-lawyer, strikes me as being awfully frivolous. I mean, it's an appointed position. The entities that appointed said, "Well, you're not here anymore." I'm trying to understand the basis of the litigation in which they are suing to be restored. Is there a payment that they get, and they're suing because they felt they should be entitled to be paid? What's the basis that they're suing? I'm at a loss. I thought it was, I don't know that it was a voluntary position, but it wasn't anything you campaigned for. You were appointed. It seemed to me that as a non-lawyer, the president, through Congress, has the right to do whatever hell he wants in terms of who sits on that board. Those are my two questions. Thanks. Thanks, John, and good morning. With regard to your first question, the PREPA payments, the debt service that we have is approximately $35 million for the rest of the year. Thank you. With regard to your second question, the Oversight Board litigation and those positions, you're correct. Those positions are not compensated, so there is no remuneration to any of the Oversight Board members. The lawsuit, as you mentioned, is somewhat complicated. Most of the argument we believe comes down to whether the process was appropriate in terminating what now are the three Oversight Board members who have sued to retain their positions. As you know, one judge has already put them back on saying that until the whole case is heard that they should be on the Board. That case is essentially on hold until a different case, which is the Federal Reserve, which is the Lisa Cook case, is decided, at which point the Puerto Rico court will resume this case. It may take a little time for this to get resolved. It is not about compensation. It really is, we think, primarily around the process that was either followed or not followed. There is, I suppose, a long shot argument whether or not the administration, that is the president, has the right to terminate them. We think most likely, the answer to that is yes, that he does, as long as it's for cause and that there is a procedure that's followed. Do you have any timeline on it? Isn't the Cook case expected to be handed down by the Supreme Court very shortly? Yes. As soon as that decision is rendered, then we believe that the case can resume in Puerto Rico, and hopefully that will move quickly. I should mention there are three open positions that the administration, with obviously the president's approval, could fill those spots. After again, the recommendations are made to the president. We think that would actually help move the process along in terms of potentially negotiating a settlement between the bond holders and the oversight board. But again, no word specifically on when those three positions might be filled. Okay. Thank you. You're welcome. Thank you. Once again, that is star one on your telephone keypad if you would like to join the queue. We will move next with Paul Saunders with Hutch Capital. Please go ahead. Your line is open. Hey everyone, thanks for taking my question. Can you guys hear me? Yes. All right, great. I've got just a quick question on selling the company like we've talked about or strategic actions. This is a hypothetical, so you might not be able to answer it, but I'm gonna ask it anyway just to get your thoughts. The idea behind this is just that considering the amount that you've reduced the PREPA exposure a couple quarters ago, the fact that you were able to sell that amount, you know, at your current mark now, there's a pretty established value for the recovery there and that balance is pretty small. It seems like that band has gotten pretty small in terms of uncertainty. I wanted to ask you just in a hypothetical, let's imagine PREPA doesn't exist anymore. You've satisfied all those claims. You've paid the salvage at your mark, the adjusted book value, you know, remains the same in the kinda low $13s per share. Now you're in a position where you feel like you can sell the company. Can you kind of describe I would imagine at that point, you know, there's bids that come in, and it's some sort of discount to the book value, and the discussion is really over what the size of that discount should be. I was curious if you could kinda describe on both sides of a buyer, what's their argument for asking for what you think is an unreasonable discount to book value? Like, why would they be asking for that? On the other side of that, what's kind of the selling point to the buyer of why it, you know, should be closer to the book value per share or something like that? Just to give us some context of like how people are thinking about this between the buyer and the seller. In some ways, Paul, what you're describing, and again, thank you for your question, is a typical process that a company would go through when it decides to sell the company. We went through a process along those lines at this point about three years ago. There are all different ways. A lot of the potential parties involved don't even use adjusted book value. In some ways it's hard to answer it with the construct that you've put forth. They all put forth a proposed acquisition amount. We have an analysis or we do an analysis in your hypothetical situation with what all alternatives are that is pursuing any of those. If they're just a straight sale of the entire company, that's pretty straightforward. If it was something other than that, for example, people have suggested selling just National. People have suggested mergers. People have suggested reinsurance. People have suggested we continue or compare that to continuing to run the company off a loan. It's hard to answer in terms of the discounts to adjusted book value. It gets more I think your question gets at the right issue, which is what all the different ways and what would be the bids for the company, and what are the choices that we have for the company going forward. In some ways, I think it's a pretty typical sale process. Okay, got it. All right. That's it for me. Thank you for that. Thank you. Thank you. At this time, I am showing no further questions. I would like to turn the floor back over to management for closing remarks. Thanks again, Nikki. And thanks to those of you listening to our call. Please contact me directly if you have any additional questions. We also recommend that you visit our website at MBIA, mbia.com for additional information about our company. Thank you for your interest in MBIA. Good day and goodbye. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Speaker 5: Welcome to the MBIA Inc. First Quarter 2026 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. Please go ahead, sir. Welcome to the MBIA Inc. First Quarter 2026 Financial Results Conference Call. welcome to the mbia inc first quarter 2026 financial results conference call I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. i would now like to turn the call over to greg diamond managing director of investor and media relations at mbia Please go ahead, sir. please go ahead sir

Speaker 2: Thank you, Nikki. Yes, welcome to MBIA's conference call for our latest financial results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, the 10-Q, quarterly operating supplement, and the statutory statements for both MBIA Insurance Corporation and National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance company's insurance portfolios. Regarding today's call, please note that anything said on the call is qualified by the information provided in the company's 10-K, 10-Q, and other SEC filings, as our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10-K and 10-Q, as they contain our most current disclosures about the company and its financial and operating results. Those documents also contain information that may not be addressed on today's call. Thank you, Nikki. thank you nikki Yes, welcome to MBIA's conference call for our latest financial results. yes welcome to mbia's conference call for our latest financial results After the market closed yesterday, we issued and posted several items on our websites, including our financial results, the 10-Q, quarterly operating supplement, and the statutory statements for both MBIA Insurance Corporation and National Public Finance Guarantee Corporation. after the market closed yesterday we issued and posted several items on our websites including our financial results the 10-q quarterly operating supplement and the statutory statements for both mbia insurance corporation and national public finance guarantee corporation We also posted updates to the listings of our insurance company's insurance portfolios. we also posted updates to the listings of our insurance company's insurance portfolios Regarding today's call, please note that anything said on the call is qualified by the information provided in the company's 10-K, 10-Q, and other SEC filings, as our company's definitive disclosures are incorporated in those documents. regarding today's call please note that anything said on the call is qualified by the information provided in the company's 10-k 10-q and other sec filings as our company's definitive disclosures are incorporated in those documents We urge investors to read our 10-K and 10-Q, as they contain our most current disclosures about the company and its financial and operating results. we urge investors to read our 10-k and 10-q as they contain our most current disclosures about the company and its financial and operating results Those documents also contain information that may not be addressed on today's call. those documents also contain information that may not be addressed on today's call The definitions and reconciliations of those non-GAAP terms included in our remarks today are also included in our 10-K and 10-Q, as well as our financial results report and our quarterly operating supplement. The recorded replay of today's call will become available approximately two hours after the end of the call. Now, for our safe harbor disclosure statement. Our remarks on today's conference call may contain forward-looking statements. Important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements. Risk factors are detailed in our 10-K and 10-Q, which are available on our website at mbia.com. The company cautions not to place undue reliance on any such forward-looking statements. The definitions and reconciliations of those non-GAAP terms included in our remarks today are also included in our 10-K and 10-Q, as well as our financial results report and our quarterly operating supplement. the definitions and reconciliations of those non-gaap terms included in our remarks today are also included in our 10-k and 10-q as well as our financial results report and our quarterly operating supplement The recorded replay of today's call will become available approximately two hours after the end of the call. the recorded replay of today's call will become available approximately two hours after the end of the call Now, for our safe harbor disclosure statement. now for our safe harbor disclosure statement Our remarks on today's conference call may contain forward-looking statements. our remarks on today's conference call may contain forward-looking statements Important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements. important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements Risk factors are detailed in our 10-K and 10-Q, which are available on our website at mbia.com. risk factors are detailed in our 10-k and 10-q which are available on our website at mbia.com The company cautions not to place undue reliance on any such forward-looking statements. the company cautions not to place undue reliance on any such forward-looking statements The company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate. For our call today, Bill Fallon and Joe Schachinger will provide introductory comments and then a question and answer session will follow. Now, here is Bill Fallon. The company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate. the company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate For our call today, Bill Fallon and Joe Schachinger will provide introductory comments and then a question and answer session will follow. for our call today bill fallon and joe schachinger will provide introductory comments and then a question and answer session will follow Now, here is Bill Fallon. now here is bill fallon

Speaker 1: Thanks, Greg. Good morning, everyone. Thank you for being with us today. We had lower net losses for our first quarter 2026 financial results versus our first quarter 2025 results. National's losses and loss adjustment expense were essentially unchanged year-over-year. National's outstanding PREPA exposure remains unchanged from year-end 2025 at $425 million of gross par value. Ourpriority continues to be resolving National's PREPA exposure. In that regard, there has not been much substantive progress since our last conference call in February. Until the legal issues related to the members of the Financial Oversight and Management Board are resolved, it is unlikely that substantive progress will be made. Regarding the balance of National's insured portfolio, those credits have continued to perform generally consistent with our expectations. Thanks, Greg. thanks greg Good morning, everyone. good morning everyone Thank you for being with us today. thank you for being with us today We had lower net losses for our first quarter 2026 financial results versus our first quarter 2025 results. we had lower net losses for our first quarter 2026 financial results versus our first quarter 2025 results National's losses and loss adjustment expense were essentially unchanged year-over-year. national's losses and loss adjustment expense were essentially unchanged year-over-year National's outstanding PREPA exposure remains unchanged from year-end 2025 at $425 million of gross par value. national's outstanding prepa exposure remains unchanged from year-end 2025 at $425 million of gross par value Our priority continues to be resolving National's PREPA exposure. our priority continues to be resolving national's prepa exposure In that regard, there has not been much substantive progress since our last conference call in February. in that regard there has not been much substantive progress since our last conference call in february Until the legal issues related to the members of the Financial Oversight and Management Board are resolved, it is unlikely that substantive progress will be made. until the legal issues related to the members of the financial oversight and management board are resolved it is unlikely that substantive progress will be made Regarding the balance of National's insured portfolio, those credits have continued to perform generally consistent with our expectations. regarding the balance of national's insured portfolio those credits have continued to perform generally consistent with our expectations The gross par amount outstanding for National's insured portfolio has declined by approximately $900 million from year-end 2025 to about $21.5 billion at March 31, 2026. National's leverage ratio of gross par to statutory capital was 23 to 1 at the end of the quarter, down from 24 to 1 at year-end 2025. As of March 31, 2026, National had total claims-paying resources of $1.4 billion and statutory capital and surplus of $950 million. Now Joe will provide additional comments about our financial results. The gross par amount outstanding for National's insured portfolio has declined by approximately $900 million from year-end 2025 to about $21.5 billion at March 31, 2026. the gross par amount outstanding for national's insured portfolio has declined by approximately $900 million from year-end 2025 to about $21.5 billion at march 31 2026 National's leverage ratio of gross par to statutory capital was 23 to 1 at the end of the quarter, down from 24 to 1 at year-end 2025. national's leverage ratio of gross par to statutory capital was 23 to 1 at the end of the quarter down from 24 to 1 at year-end 2025 As of March 31, 2026, National had total claims-paying resources of $1.4 billion and statutory capital and surplus of $950 million. as of march 31 2026 national had total claims-paying resources of $1.4 billion and statutory capital and surplus of $950 million Now Joe will provide additional comments about our financial results. now joe will provide additional comments about our financial results

Speaker 3: Thank you, Bill. Good morning, all. I will begin with a review of our first quarter 2026 GAAP and non-GAAP results and then provide an overview of our statutory results. The company reported a consolidated GAAP net loss of $40 million or a negative $0.80 per share for the first quarter of 2026, compared with a consolidated GAAP net loss of $62 million or a negative $1.28 per share for the first quarter of 2025. The lower GAAP net loss this quarter was primarily driven by several items. We reported favorable variances in foreign exchange gains and losses at MBIA Insurance Corp. and within the corporate segment. The variance at MBIA Insurance Corp. reflects losses recorded in 2025 related to the liquidation of its Mexican subsidiary with no comparable losses in 2026. Thank you, Bill. thank you bill Good morning, all. good morning all I will begin with a review of our first quarter 2026 GAAP and non-GAAP results and then provide an overview of our statutory results. i will begin with a review of our first quarter 2026 gaap and non-gaap results and then provide an overview of our statutory results The company reported a consolidated GAAP net loss of $40 million or a negative $0.80 per share for the first quarter of 2026, compared with a consolidated GAAP net loss of $62 million or a negative $1.28 per share for the first quarter of 2025. the company reported a consolidated gaap net loss of $40 million or a negative $0.80 per share for the first quarter of 2026 compared with a consolidated gaap net loss of $62 million or a negative $1.28 per share for the first quarter of 2025 The lower GAAP net loss this quarter was primarily driven by several items. the lower gaap net loss this quarter was primarily driven by several items We reported favorable variances in foreign exchange gains and losses at MBIA Insurance Corp. and within the corporate segment. we reported favorable variances in foreign exchange gains and losses at mbia insurance corp and within the corporate segment The variance at MBIA Insurance Corp. reflects losses recorded in 2025 related to the liquidation of its Mexican subsidiary with no comparable losses in 2026. the variance at mbia insurance corp reflects losses recorded in 2025 related to the liquidation of its mexican subsidiary with no comparable losses in 2026 The favorable variance in the corporate segment related to Global Funding's euro-denominated medium-term notes and was driven by the U.S. dollar strengthening against the euro in the first quarter of 2026 compared to a weakening of the dollar against the euro in the first quarter of 2025. In addition, we reported a favorable variance in losses and LAE at MBIA Insurance Corp. primarily due to the impact of changes in the risk-free rates used to discount its loss reserves. In the first quarter of 2026, these rates increased, thereby reducing the present value of reserves compared with a decrease in rates in the first quarter of 2025, which increased the present value of reserves. We reported a favorable variance in net realized investment gains and losses at National. The favorable variance in the corporate segment related to Global Funding's euro-denominated medium-term notes and was driven by the U.S. dollar strengthening against the euro in the first quarter of 2026 compared to a weakening of the dollar against the euro in the first quarter of 2025. the favorable variance in the corporate segment related to global funding's euro-denominated medium-term notes and was driven by the u.s dollar strengthening against the euro in the first quarter of 2026 compared to a weakening of the dollar against the euro in the first quarter of 2025 In addition, we reported a favorable variance in losses and LAE at MBIA Insurance Corp. primarily due to the impact of changes in the risk-free rates used to discount its loss reserves. In the first quarter of 2026, these rates increased, thereby reducing the present value of reserves compared with a decrease in rates in the first quarter of 2025, which increased the present value of reserves. in addition we reported a favorable variance in losses and lae at mbia insurance corp primarily due to the impact of changes in the risk-free rates used to discount its loss reserves. in the first quarter of 2026 these rates increased thereby reducing the present value of reserves compared with a decrease in rates in the first quarter of 2025 which increased the present value of reserves We reported a favorable variance in net realized investment gains and losses at National. we reported a favorable variance in net realized investment gains and losses at national In the first quarter of 2025, National recorded investment losses from sales of securities with no comparable activity in the first quarter of 2026. Partially offsetting these favorable variances was an unfavorable variance at MBIA Insurance Corp. related to gains on the extinguishment of variable interest entity debt recorded in the first quarter of 2025, with no comparable activity in the first quarter of 2026. The company's adjusted net loss, a non-GAAP measure, was $8 million, or a -$0.16 per share, for the first quarter of 2026, compared with an adjusted net loss of $8 million, or a -$0.16 per share, for the first quarter of 2025. Slightly lower revenues in the first quarter of 2026 were offset by slightly lower expenses. In the first quarter of 2025, National recorded investment losses from sales of securities with no comparable activity in the first quarter of 2026. in the first quarter of 2025 national recorded investment losses from sales of securities with no comparable activity in the first quarter of 2026 Partially offsetting these favorable variances was an unfavorable variance at MBIA Insurance Corp. related to gains on the extinguishment of variable interest entity debt recorded in the first quarter of 2025, with no comparable activity in the first quarter of 2026. partially offsetting these favorable variances was an unfavorable variance at mbia insurance corp related to gains on the extinguishment of variable interest entity debt recorded in the first quarter of 2025 with no comparable activity in the first quarter of 2026 The company's adjusted net loss, a non-GAAP measure, was $8 million, or a -$0.16 per share, for the first quarter of 2026, compared with an adjusted net loss of $8 million, or a -$0.16 per share, for the first quarter of 2025. the company's adjusted net loss a non-gaap measure was $8 million or a -$0.16 per share for the first quarter of 2026 compared with an adjusted net loss of $8 million or a -$0.16 per share for the first quarter of 2025 Slightly lower revenues in the first quarter of 2026 were offset by slightly lower expenses. slightly lower revenues in the first quarter of 2026 were offset by slightly lower expenses During the quarter, MBIA Inc.'s book value per share decreased $0.55 to -$44.82 per share as of March 31, 2026. This decrease was primarily due to our consolidated net loss for the first quarter of 2026. In addition, included in MBIA Inc.'s book value as of March 31, 2026 is -$53.59 per share of MBIA Insurance Corp.'s book value. I will now spend a few minutes on our corporate segment balance sheet. The corporate segment, which primarily comprises the activities of the holding company, MBIA Inc., had total assets of approximately $639 million as of March 31, 2026. Within this total are the following material assets. During the quarter, MBIA Inc.'s book value per share decreased $0.55 to -$44.82 per share as of March 31, 2026. during the quarter mbia inc.'s book value per share decreased $0.55 to -$44.82 per share as of march 31 2026 This decrease was primarily due to our consolidated net loss for the first quarter of 2026. this decrease was primarily due to our consolidated net loss for the first quarter of 2026 In addition, included in MBIA Inc.'s book value as of March 31, 2026 is - $53.59 per share of MBIA Insurance Corp.'s book value. in addition included in mbia inc.'s book value as of march 31 2026 is - $53.59 per share of mbia insurance corp.'s book value I will now spend a few minutes on our corporate segment balance sheet. i will now spend a few minutes on our corporate segment balance sheet The corporate segment, which primarily comprises the activities of the holding company, MBIA Inc., had total assets of approximately $639 million as of March 31, 2026. the corporate segment which primarily comprises the activities of the holding company mbia inc had total assets of approximately $639 million as of march 31 2026 Within this total are the following material assets. within this total are the following material assets Unencumbered cash and liquid assets held by MBIA Inc. totaled $353 million, reflecting a small decrease compared with $357 million as of December 31, 2025. In addition to these unencumbered cash and liquid assets, the corporate segment's assets included approximately $181 million of assets at market value pledged to guaranteed investment agreement contract holders, which fully collateralized those contracts. Now I'll turn to the insurance company's statutory results. National reported statutory net income of $11 million for the first quarter of 2026, compared with statutory net income of $4 million for the first quarter of 2025. The favorable variance was primarily driven by net realized losses on the sale of investments in the first quarter of 2025, with no comparable losses in the current quarter. Unencumbered cash and liquid assets held by MBIA Inc. totaled $353 million, reflecting a small decrease compared with $357 million as of December 31, 2025. unencumbered cash and liquid assets held by mbia inc totaled $353 million reflecting a small decrease compared with $357 million as of december 31 2025 In addition to these unencumbered cash and liquid assets, the corporate segment's assets included approximately $181 million of assets at market value pledged to guaranteed investment agreement contract holders, which fully collateralized those contracts. in addition to these unencumbered cash and liquid assets the corporate segment's assets included approximately $181 million of assets at market value pledged to guaranteed investment agreement contract holders which fully collateralized those contracts Now I'll turn to the insurance company's statutory results. now i'll turn to the insurance company's statutory results National reported statutory net income of $11 million for the first quarter of 2026, compared with statutory net income of $4 million for the first quarter of 2025. national reported statutory net income of $11 million for the first quarter of 2026 compared with statutory net income of $4 million for the first quarter of 2025 The favorable variance was primarily driven by net realized losses on the sale of investments in the first quarter of 2025, with no comparable losses in the current quarter. the favorable variance was primarily driven by net realized losses on the sale of investments in the first quarter of 2025 with no comparable losses in the current quarter National statutory capital as of March 31, 2026 was $950 million, which was up $13 million compared with December 31, 2025. The increase was mostly due to National's statutory net income for the current quarter. As of March 31, 2026, claims-paying resources were $1.4 billion, consistent with year-end 2025. Now I'll turn to MBIA Insurance Corp. MBIA Insurance Corp reported statutory net income of $1 million for the first quarter of 2026, compared with statutory net income of $2 million for the first quarter of 2025. The unfavorable variance was primarily driven by a smaller loss and LAE benefit in the current quarter compared with the first quarter of 2025. As of March 31, 2026, the statutory capital of MBIA Insurance Corp was $79 million, unchanged from year-end 2025. National statutory capital as of March 31, 2026 was $950 million, which was up $13 million compared with December 31, 2025. national statutory capital as of march 31 2026 was $950 million which was up $13 million compared with december 31 2025 The increase was mostly due to National's statutory net income for the current quarter. the increase was mostly due to national's statutory net income for the current quarter As of March 31, 2026, claims-paying resources were $1.4 billion, consistent with year-end 2025. as of march 31 2026 claims-paying resources were $1.4 billion consistent with year-end 2025 Now I'll turn to MBIA Insurance Corp. now i'll turn to mbia insurance corp MBIA Insurance Corp reported statutory net income of $1 million for the first quarter of 2026, compared with statutory net income of $2 million for the first quarter of 2025. mbia insurance corp reported statutory net income of $1 million for the first quarter of 2026 compared with statutory net income of $2 million for the first quarter of 2025 The unfavorable variance was primarily driven by a smaller loss and LAE benefit in the current quarter compared with the first quarter of 2025. the unfavorable variance was primarily driven by a smaller loss and lae benefit in the current quarter compared with the first quarter of 2025 As of March 31, 2026, the statutory capital of MBIA Insurance Corp was $79 million, unchanged from year-end 2025. as of march 31 2026 the statutory capital of mbia insurance corp was $79 million unchanged from year-end 2025 As of March 31, 2026, claims-paying resources totaled $316 million, down just $1 million from year-end 2025. MBIA Insurance Corp's insured gross par outstanding was just under $2 billion as of March 31, 2026, which is down about 7% from year-end 2025. Now we will turn the call over to the operator to begin the question and answer session. As of March 31, 2026, claims-paying resources totaled $316 million, down just $1 million from year-end 2025. as of march 31 2026 claims-paying resources totaled $316 million down just $1 million from year-end 2025 MBIA Insurance Corp's insured gross par outstanding was just under $2 billion as of March 31, 2026, which is down about 7% from year-end 2025. mbia insurance corp's insured gross par outstanding was just under $2 billion as of march 31 2026 which is down about 7% from year-end 2025 Now we will turn the call over to the operator to begin the question and answer session. now we will turn the call over to the operator to begin the question and answer session

Speaker 5: Thank you. If you have a question at this time, please press star one on your telephone keypad. If you wish to remove yourself from the queue, press star two. We ask that when posing your question, you please pick up your handset to allow optimal sound quality. We will take our first question from Tommy McJoynt with KBW. Please go ahead. Your line is open. Thank you. thank you If you have a question at this time, please press star one on your telephone keypad. If you wish to remove yourself from the queue, press star two. if you have a question at this time please press star one on your telephone keypad. if you wish to remove yourself from the queue press star two We ask that when posing your question, you please pick up your handset to allow optimal sound quality. we ask that when posing your question you please pick up your handset to allow optimal sound quality We will take our first question from Tommy McJoynt with KBW. we will take our first question from tommy mcjoynt with kbw Please go ahead. please go ahead Your line is open. your line is open

Speaker 7: Hi, good morning. A question on the corporate segment balance sheet, looking at the liability side there. Occasionally you've been able to redeem some of those liabilities at a discount early. It didn't look like there were any actions taken in the quarter. Can you just go through the opportunity there going forward to satisfy some of those obligations early and potentially accretively, just as a use of capital that could be good for shareholders? Thanks. Hi, good morning. hi good morning A question on the corporate segment balance sheet, looking at the liability side there. a question on the corporate segment balance sheet looking at the liability side there Occasionally you've been able to redeem some of those liabilities at a discount early. occasionally you've been able to redeem some of those liabilities at a discount early It didn't look like there were any actions taken in the quarter. it didn't look like there were any actions taken in the quarter Can you just go through the opportunity there going forward to satisfy some of those obligations early and potentially accretively, just as a use of capital that could be good for shareholders? can you just go through the opportunity there going forward to satisfy some of those obligations early and potentially accretively just as a use of capital that could be good for shareholders Thanks. thanks

Speaker 3: Sure, Tommy. Hi, it's Joe. We're consistently looking for opportunities in which we can buy back the holding company debt at discounts. We haven't seen a whole lot of that recently. We are focused on repaying the debt coming up in 2027 and 2028. The debt beyond that, once we get into the 2030s is not yet in our liquidity window, we expect that to be within the next couple of years. We'll have more opportunities there, and that's where we'll see more of the benefit to our capital in trying to get those back at discounts. Sure, Tommy. sure tommy Hi, it's Joe. hi it's joe We're consistently looking for opportunities in which we can buy back the holding company debt at discounts. we're consistently looking for opportunities in which we can buy back the holding company debt at discounts We haven't seen a whole lot of that recently. we haven't seen a whole lot of that recently We are focused on repaying the debt coming up in 2027 and 2028. we are focused on repaying the debt coming up in 2027 and 2028 The debt beyond that, once we get into the 2030s is not yet in our liquidity window, we expect that to be within the next couple of years. the debt beyond that once we get into the 2030s is not yet in our liquidity window we expect that to be within the next couple of years We'll have more opportunities there, and that's where we'll see more of the benefit to our capital in trying to get those back at discounts. we'll have more opportunities there and that's where we'll see more of the benefit to our capital in trying to get those back at discounts

Speaker 7: Okay, thanks. Since we last spoke around fourth quarter earnings a few months ago, have there been any updates on strategic process to the extent of, you know, hiring, you know, advisors or bankers to explore options? Any updates over the past couple months? Thanks. Okay, thanks. okay thanks Since we last spoke around fourth quarter earnings a few months ago, have there been any updates on strategic process to the extent of, you know, hiring, you know, advisors or bankers to explore options? since we last spoke around fourth quarter earnings a few months ago have there been any updates on strategic process to the extent of you know hiring you know advisors or bankers to explore options Any updates over the past couple months? any updates over the past couple months Thanks. thanks

Speaker 1: There's nothing that we've chosen to communicate to anybody at this point in time, Tommy. There's nothing that we've chosen to communicate to anybody at this point in time, Tommy. there's nothing that we've chosen to communicate to anybody at this point in time tommy

Speaker 7: Thanks. Thanks. thanks

Speaker 5: Thank you. We will move next with John Staley with Staley Capital Advisers. Please go ahead. Your line is open. Thank you. thank you We will move next with John Staley with Staley Capital Advisers. we will move next with john staley with staley capital advisers Please go ahead. please go ahead Your line is open. your line is open

Speaker 4: Thank you. I have two questions. One, what is the projected cash requirement to meet the guarantees on the outstanding Puerto Rico PREPA debt in 2026? Secondarily, this lawsuit, the Oversight Board, being a non-lawyer, strikes me as being awfully frivolous. I mean, it's an appointed position. The entities that appointed said, "Well, you're not here anymore." I'm trying to understand the basis of the litigation in which they are suing to be restored. Is there a payment that they get, and they're suing because they felt they should be entitled to be paid? What's the basis that they're suing? I'm at a loss. I thought it was, I don't know that it was a voluntary position, but it wasn't anything you campaigned for. You were appointed. Thank you. thank you I have two questions. i have two questions One, what is the projected cash requirement to meet the guarantees on the outstanding Puerto Rico PREPA debt in 2026? one what is the projected cash requirement to meet the guarantees on the outstanding puerto rico prepa debt in 2026 Secondarily, this lawsuit, the Oversight Board, being a non-lawyer, strikes me as being awfully frivolous. secondarily this lawsuit the oversight board being a non-lawyer strikes me as being awfully frivolous I mean, it's an appointed position. i mean it's an appointed position The entities that appointed said, "Well, you're not here anymore." I'm trying to understand the basis of the litigation in which they are suing to be restored. the entities that appointed said "well you're not here anymore." i'm trying to understand the basis of the litigation in which they are suing to be restored Is there a payment that they get, and they're suing because they felt they should be entitled to be paid? is there a payment that they get and they're suing because they felt they should be entitled to be paid What's the basis that they're suing? what's the basis that they're suing I'm at a loss. i'm at a loss I thought it was, I don't know that it was a voluntary position, but it wasn't anything you campaigned for. i thought it was i don't know that it was a voluntary position but it wasn't anything you campaigned for You were appointed. you were appointed It seemed to me that as a non-lawyer, the president, through Congress, has the right to do whatever hell he wants in terms of who sits on that board. Those are my two questions. Thanks. It seemed to me that as a non-lawyer, the president, through Congress, has the right to do whatever hell he wants in terms of who sits on that board. it seemed to me that as a non-lawyer the president through congress has the right to do whatever hell he wants in terms of who sits on that board Those are my two questions. those are my two questions Thanks. thanks

Speaker 1: Thanks, John, and good morning. With regard to your first question, the PREPA payments, the debt service that we have is approximately $35 million for the rest of the year. Thanks, John, and good morning. thanks john and good morning With regard to your first question, the PREPA payments, the debt service that we have is approximately $35 million for the rest of the year. with regard to your first question the prepa payments the debt service that we have is approximately $35 million for the rest of the year

Speaker 4: Thank you. Thank you. thank you

Speaker 1: With regard to your second question, the Oversight Board litigation and those positions, you're correct. Those positions are not compensated, so there is no remuneration to any of the Oversight Board members. The lawsuit, as you mentioned, is somewhat complicated. Most of the argument we believe comes down to whether the process was appropriate in terminating what now are the three Oversight Board members who have sued to retain their positions. As you know, one judge has already put them back on saying that until the whole case is heard that they should be on the Board. That case is essentially on hold until a different case, which is the Federal Reserve, which is the Lisa Cook case, is decided, at which point the Puerto Rico court will resume this case. With regard to your second question, the Oversight Board litigation and those positions, you're correct. with regard to your second question the oversight board litigation and those positions you're correct Those positions are not compensated, so there is no remuneration to any of the Oversight Board members. those positions are not compensated so there is no remuneration to any of the oversight board members The lawsuit, as you mentioned, is somewhat complicated. the lawsuit as you mentioned is somewhat complicated Most of the argument we believe comes down to whether the process was appropriate in terminating what now are the three Oversight Board members who have sued to retain their positions. most of the argument we believe comes down to whether the process was appropriate in terminating what now are the three oversight board members who have sued to retain their positions As you know, one judge has already put them back on saying that until the whole case is heard that they should be on the Board. as you know one judge has already put them back on saying that until the whole case is heard that they should be on the board That case is essentially on hold until a different case, which is the Federal Reserve, which is the Lisa Cook case, is decided, at which point the Puerto Rico court will resume this case. that case is essentially on hold until a different case which is the federal reserve which is the lisa cook case is decided at which point the puerto rico court will resume this case It may take a little time for this to get resolved. It is not about compensation. It really is, we think, primarily around the process that was either followed or not followed. There is, I suppose, a long shot argument whether or not the administration, that is the president, has the right to terminate them. We think most likely, the answer to that is yes, that he does, as long as it's for cause and that there is a procedure that's followed. It may take a little time for this to get resolved. it may take a little time for this to get resolved It is not about compensation. it is not about compensation It really is, we think, primarily around the process that was either followed or not followed. it really is we think primarily around the process that was either followed or not followed There is, I suppose, a long shot argument whether or not the administration, that is the president, has the right to terminate them. there is i suppose a long shot argument whether or not the administration that is the president has the right to terminate them We think most likely, the answer to that is yes, that he does, as long as it's for cause and that there is a procedure that's followed. we think most likely the answer to that is yes that he does as long as it's for cause and that there is a procedure that's followed

Speaker 4: Do you have any timeline on it? Isn't the Cook case expected to be handed down by the Supreme Court very shortly? Do you have any timeline on it? do you have any timeline on it Isn't the Cook case expected to be handed down by the Supreme Court very shortly? isn't the cook case expected to be handed down by the supreme court very shortly

Speaker 1: Yes. As soon as that decision is rendered, then we believe that the case can resume in Puerto Rico, and hopefully that will move quickly. I should mention there are three open positions that the administration, with obviously the president's approval, could fill those spots. After again, the recommendations are made to the president. We think that would actually help move the process along in terms of potentially negotiating a settlement between the bond holders and the oversight board. But again, no word specifically on when those three positions might be filled. Yes. yes As soon as that decision is rendered, then we believe that the case can resume in Puerto Rico, and hopefully that will move quickly. as soon as that decision is rendered then we believe that the case can resume in puerto rico and hopefully that will move quickly I should mention there are three open positions that the administration, with obviously the president's approval, could fill those spots. After again, the recommendations are made to the president. i should mention there are three open positions that the administration with obviously the president's approval could fill those spots. after again the recommendations are made to the president We think that would actually help move the process along in terms of potentially negotiating a settlement between the bond holders and the oversight board. we think that would actually help move the process along in terms of potentially negotiating a settlement between the bond holders and the oversight board But again, no word specifically on when those three positions might be filled. but again no word specifically on when those three positions might be filled

Speaker 4: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 1: You're welcome. You're welcome. you're welcome

Speaker 5: Thank you. Once again, that is star one on your telephone keypad if you would like to join the queue. We will move next with Paul Saunders with Hutch Capital. Please go ahead. Your line is open. Thank you. thank you Once again, that is star one on your telephone keypad if you would like to join the queue. once again that is star one on your telephone keypad if you would like to join the queue We will move next with Paul Saunders with Hutch Capital . we will move next with paul saunders with hutch capital Please go ahead. please go ahead Your line is open. your line is open

Speaker 6: Hey everyone, thanks for taking my question. Can you guys hear me? Hey everyone, thanks for taking my question. hey everyone thanks for taking my question Can you guys hear me? can you guys hear me

Speaker 1: Yes. Yes. yes

Speaker 6: All right, great. I've got just a quick question on selling the company like we've talked about or strategic actions. This is a hypothetical, so you might not be able to answer it, but I'm gonna ask it anyway just to get your thoughts. The idea behind this is just that considering the amount that you've reduced the PREPA exposure a couple quarters ago, the fact that you were able to sell that amount, you know, at your current mark now, there's a pretty established value for the recovery there and that balance is pretty small. It seems like that band has gotten pretty small in terms of uncertainty. I wanted to ask you just in a hypothetical, let's imagine PREPA doesn't exist anymore. All right, great. all right great I've got just a quick question on selling the company like we've talked about or strategic actions. i've got just a quick question on selling the company like we've talked about or strategic actions This is a hypothetical, so you might not be able to answer it, but I'm gonna ask it anyway just to get your thoughts. this is a hypothetical so you might not be able to answer it but i'm gonna ask it anyway just to get your thoughts The idea behind this is just that considering the amount that you've reduced the PREPA exposure a couple quarters ago, the fact that you were able to sell that amount, you know, at your current mark now, there's a pretty established value for the recovery there and that balance is pretty small. the idea behind this is just that considering the amount that you've reduced the prepa exposure a couple quarters ago the fact that you were able to sell that amount you know at your current mark now there's a pretty established value for the recovery there and that balance is pretty small It seems like that band has gotten pretty small in terms of uncertainty. it seems like that band has gotten pretty small in terms of uncertainty I wanted to ask you just in a hypothetical, let's imagine PREPA doesn't exist anymore. i wanted to ask you just in a hypothetical let's imagine prepa doesn't exist anymore You've satisfied all those claims. You've paid the salvage at your mark, the adjusted book value, you know, remains the same in the kinda low $13s per share. Now you're in a position where you feel like you can sell the company. Can you kind of describe I would imagine at that point, you know, there's bids that come in, and it's some sort of discount to the book value, and the discussion is really over what the size of that discount should be. I was curious if you could kinda describe on both sides of a buyer, what's their argument for asking for what you think is an unreasonable discount to book value? Like, why would they be asking for that? You've satisfied all those claims. you've satisfied all those claims You've paid the salvage at your mark, the adjusted book value, you know, remains the same in the kinda low $13s per share. you've paid the salvage at your mark the adjusted book value you know remains the same in the kinda low $13s per share Now you're in a position where you feel like you can sell the company. now you're in a position where you feel like you can sell the company Can you kind of describe I would imagine at that point, you know, there's bids that come in, and it's some sort of discount to the book value, and the discussion is really over what the size of that discount should be. can you kind of describe i would imagine at that point you know there's bids that come in and it's some sort of discount to the book value and the discussion is really over what the size of that discount should be I was curious if you could kinda describe on both sides of a buyer, what's thei r argument for asking for what you think is an unreasonable discount to book value? i was curious if you could kinda describe on both sides of a buyer what's thei r argument for asking for what you think is an unreasonable discount to book value Like, why would they be asking for that? like why would they be asking for that On the other side of that, what's kind of the selling point to the buyer of why it, you know, should be closer to the book value per share or something like that? Just to give us some context of like how people are thinking about this between the buyer and the seller. On the other side of that, what's kind of the selling point to the buyer of why it, you know, should be closer to the book value per share or something like that? on the other side of that what's kind of the selling point to the buyer of why it you know should be closer to the book value per share or something like that Just to give us some context of like how people are thinking about this between the buyer and the seller. just to give us some context of like how people are thinking about this between the buyer and the seller

Speaker 1: In some ways, Paul, what you're describing, and again, thank you for your question, is a typical process that a company would go through when it decides to sell the company. We went through a process along those lines at this point about three years ago. There are all different ways. A lot of the potential parties involved don't even use adjusted book value. In some ways it's hard to answer it with the construct that you've put forth. They all put forth a proposed acquisition amount. We have an analysis or we do an analysis in your hypothetical situation with what all alternatives are that is pursuing any of those. If they're just a straight sale of the entire company, that's pretty straightforward. In some ways, Paul, what you're describing, and again, thank you for your question, is a typical process that a company would go through when it decides to sell the company. in some ways paul what you're describing and again thank you for your question is a typical process that a company would go through when it decides to sell the company We went through a process along those lines at this point about three years ago. we went through a process along those lines at this point about three years ago There are all different ways. there are all different ways A lot of the potential parties involved don't even use adjusted book value. a lot of the potential parties involved don't even use adjusted book value In some ways it's hard to answer it with the construct that you've put forth. in some ways it's hard to answer it with the construct that you've put forth They all put forth a proposed acquisition amount. they all put forth a proposed acquisition amount We have an analysis or we do an analysis in your hypothetical situation with what all alternatives are that is pursuing any of those. we have an analysis or we do an analysis in your hypothetical situation with what all alternatives are that is pursuing any of those If they're just a straight sale of the entire company, that's pretty straightforward. if they're just a straight sale of the entire company that's pretty straightforward If it was something other than that, for example, people have suggested selling just National. People have suggested mergers. People have suggested reinsurance. People have suggested we continue or compare that to continuing to run the company off a loan. It's hard to answer in terms of the discounts to adjusted book value. It gets more I think your question gets at the right issue, which is what all the different ways and what would be the bids for the company, and what are the choices that we have for the company going forward. In some ways, I think it's a pretty typical sale process. If it was something other than that, for example, people have suggested selling just National. if it was something other than that for example people have suggested selling just national People have suggested mergers. people have suggested mergers People have suggested reinsurance. people have suggested reinsurance People have suggested we continue or compare that to continuing to run the company off a loan. people have suggested we continue or compare that to continuing to run the company off a loan It's hard to answer in terms of the discounts to adjusted book value. it's hard to answer in terms of the discounts to adjusted book value It gets more I think your question gets at the right issue, which is what all the different ways and what would be the bids for the company, and what are the choices that we have for the company going forward. it gets more i think your question gets at the right issue which is what all the different ways and what would be the bids for the company and what are the choices that we have for the company going forward In some ways, I think it's a pretty typical sale process. in some ways i think it's a pretty typical sale process

Speaker 6: Okay, got it. All right. That's it for me. Thank you for that. Okay, got it. okay got it All right. all right That's it for me. that's it for me Thank you for that. thank you for that

Speaker 1: Thank you. Thank you. thank you

Speaker 5: Thank you. At this time, I am showing no further questions. I would like to turn the floor back over to management for closing remarks. Thank you. thank you At this time, I am showing no further questions. at this time i am showing no further questions I would like to turn the floor back over to management for closing remarks. i would like to turn the floor back over to management for closing remarks

Speaker 2: Thanks again, Nikki. And thanks to those of you listening to our call. Please contact me directly if you have any additional questions. We also recommend that you visit our website at MBIA, mbia.com for additional information about our company. Thank you for your interest in MBIA. Good day and goodbye. Thanks again, Nikki. thanks again nikki And thanks to those of you listening to our call. and thanks to those of you listening to our call Please contact me directly if you have any additional questions. please contact me directly if you have any additional questions We also recommend that you visit our website at MBIA, mbia.com for additional information about our company. we also recommend that you visit our website at mbia mbia.com for additional information about our company Thank you for your interest in MBIA. thank you for your interest in mbia Good day and goodbye. good day and goodbye

Speaker 5: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Thank you. thank you This brings us to the end of today's meeting. this brings us to the end of today's meeting We appreciate your time and participation. we appreciate your time and participation You may now disconnect. you may now disconnect