MBIA Q2 net loss widens to $254M on PREPA losses; book value per share negative $39.07

MBIA INC

2024-Q2 EPS reported -$7.21 revenue$-24,000,000

GAAP net loss $254M ($5.34 diluted EPS) vs loss of $74M ($1.46) in Q2 2023; revenue figures not separately disclosed.
Adjusted net loss $138M ($2.90 diluted) vs $22M loss; driven by higher losses on PREPA and Zohar CDO fair value declines.
Book value per share worsened to negative $39.07 from negative $32.56 at Dec 31, 2023.
CEO Bill Fallon: "PREPA exposure remains an important issue to be resolved to pursue a sale of MBIA Inc."
National statutory capital $1.0B, claims-paying resources $1.6B, leverage 28:1; MBIA Corp statutory capital $85M.

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