What the changes say
- MBIA faces substantial debt obligations across notes and investment agreements, updating specific figures for 2025.
- Regulatory oversight, tax law dependencies, and internal controls dominate the risk profile.
What changed since the prior 10-K
New
- New
Our risk management policies and procedures may not adequately detect or prevent future losses
Risk management policies and portfolio management procedures may fail to prevent substantial future losses on large notional or bullet-maturity transactions.
- New
Regulatory change could adversely affect our businesses, and regulations could limit investors’ ability to affect a takeover or business combination that shareholders might consider in their best interests
Financial guarantee insurance regulations and potential changes in laws could increase capital requirements, impose loss reserves, or limit takeovers.
- New
Our insurance companies could become subject to regulatory action
Insurance subsidiaries must maintain qualifying investments and surplus, and NYSDFS could mandate rehabilitation or liquidation under hazardous conditions.
- New
Private litigation claims could materially adversely affect our reputation, business, results of operations and financial condition
Private litigation claims against MBIA and its subsidiaries could adversely affect results of operations, reputation, and financial condition.
- New
An ownership change under Section 382 of the Internal Revenue Code could have materially adverse tax consequences
An ownership change exceeding 50 percentage points over three years could limit the company's ability to use tax attributes like losses and credits under Section 382.
- New
Changes in U.S. federal income tax law could materially adversely affect the value of the Company’s net deferred tax asset
Changes in U.S. federal income tax law could affect the net deferred tax asset, though a full valuation allowance was established in 2017.
- New
Ineffective internal controls, including internal control over financial reporting, could materially and adversely affect our business, financial condition, results of operations and reputation
Ineffective internal controls over financial reporting or affiliated entities like Zohar Recoveries could lead to misstatements and loss of investor confidence.
Dropped
- Dropped
Capital, Liquidity and Market Related Risk Factors
Capital, liquidity, and market-related risk factors.
Reworded
- 23% rewritten
MBIA Inc. has substantial indebtedness, and may incur additional indebtedness, which could adversely affect our financial condition, and/or our ability to obtain financing in the future, react to changes in our business and/or satisfy our obligations
Updated debt figures as of December 31, 2025: medium-term notes changed to $472 million, Senior Notes to $233 million, and investment agreements to $174 million.
All 18 risk factors
Headings as the filing states them, in filing order.
Other
- 01Our risk management policies and procedures may not adequately detect or prevent future lossesNew
- 02Regulatory change could adversely affect our businesses, and regulations could limit investors’ ability to affect a takeover or business combination that shareholders might consider in their best interestsNew
- 03Our insurance companies could become subject to regulatory actionNew
- 04Private litigation claims could materially adversely affect our reputation, business, results of operations and financial conditionNew
- 05An ownership change under Section 382 of the Internal Revenue Code could have materially adverse tax consequencesNew
- 06Changes in U.S. federal income tax law could materially adversely affect the value of the Company’s net deferred tax assetNew
- 07Ineffective internal controls, including internal control over financial reporting, could materially and adversely affect our business, financial condition, results of operations and reputationNew
- 08We are a holding company and rely to a significant degree on cash flow from National. A disruption in this cash flow or an inability to access third-party capital could materially and adversely affect our business, operating results and financial condition and ultimately adversely affect liquidity
- 09MBIA Inc. has substantial indebtedness, and may incur additional indebtedness, which could adversely affect our financial condition, and/or our ability to obtain financing in the future, react to changes in our business and/or satisfy our obligations23% rewritten
- 10our flexibility to adjust to changing market conditions could be limited; and
- 11Adverse developments in the credit markets may materially and adversely affect MBIA Inc.’s ability to post collateral and meet other liquidity needs
- 12The level of interest rates and foreign currency exchange rates could materially and adversely affect our financial condition
- 13Item 1A. Risk Factors (continued)
- 14MBIA Corp. insures certain transactions that continue to perform poorly and increased losses or a delay or failure in collecting expected recoveries may materially and adversely affect its financial condition and results of operations
- 15An MBIA Insurance Corporation rehabilitation or liquidation proceeding could accelerate certain of the Company’s other obligations and have other adverse consequences
- 16Revenues and liquidity would be adversely impacted by a decline in realization of installment premiums
- 17Interruption in information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems, could harm our business
- 18The Company is dependent on key executives and the loss of any of these executives, or its inability to retain other key personnel, could adversely affect its business
Other Mbia 10-Ks
- FY2024 10-K risk factors12 risks
Reliance on National subsidiary dividends and cash flow dominates the holding company risk profile.
Filed Feb 27, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.