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• Consolidated GAAP Net Loss: $56 million or negative $1.18 per share for Q3 2024.

• Adjusted Net Loss (Non-GAAP): $174,000 or essentially $0 per share for Q3 2024.

• Book Value Per Share: Decreased to negative $39.19 as of September 30, 2024, from negative $32.56 as of December 31, 2023.

• National's Gross Par Outstanding: $26 billion as of September 30, 2024, down $2.5 billion from year-end 2023.

• National's Leverage Ratio: 26 to 1 at the end of Q3 2024.

• National's Claims Paying Resources: $1.6 billion as of September 30, 2024.

• National's Statutory Net Income: $19 million for Q3 2024.

• MBIA Insurance Corp Statutory Net Income: $2 million for Q3 2024.

• MBIA Insurance Corp Statutory Capital: $87 million as of September 30, 2024.

• MBIA Insurance Corp Claims Paying Resources: $358 million as of September 30, 2024.

• Warning! GuruFocus has detected 4 Warning Signs with MBI.

Release Date: November 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• MBIA Inc (NYSE:MBI) reported a lower consolidated GAAP net loss of $56 million for Q3 2024 compared to $185 million in Q3 2023, indicating an improvement in financial performance.

• The company's revenues increased due to lower losses related to variable interest entities associated with MBIA Insurance Corp.

• National Public Finance Guarantee Corporation reported statutory net income of $19 million for Q3 2024, a significant improvement from a statutory net loss of $133 million in Q3 2023.

• The gross par amount outstanding for National's insured portfolio declined by approximately $2.5 billion from year-end 2023, reflecting effective portfolio management.

• MBIA Inc (NYSE:MBI) has total claims-paying resources of $1.6 billion, providing a strong financial cushion for future claims.

Negative Points

• MBIA Inc (NYSE:MBI) reported a consolidated GAAP net loss of $56 million for Q3 2024, indicating ongoing financial challenges.

• The company's book value per share decreased to a negative $39.19 as of September 30, 2024, from a negative $32.56 at the end of 2023, reflecting a decline in shareholder equity.

• MBIA Insurance Corp's statutory capital decreased to $87 million as of September 30, 2024, from $152 million at year-end 2023, indicating a reduction in financial strength.

• The uncertainty surrounding the PREPA mediation and potential outcomes for National's pre-bankruptcy claim of over $800 million poses a significant risk to the company's financial stability.

• MBIA Inc (NYSE:MBI) faces challenges in selling the company due to unresolved issues related to Puerto Rico, impacting strategic options and shareholder value.