MBIA Inc.

Welcome to the MBIA Inc. First Quarter 2025 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, Chelsea. Yes, welcome to MBIA's conference call for our first quarter 2025 financial results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, 10Q, quarterly operating supplement, and 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 insured 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 the 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 on the MVIA website at approximately two hours after the end of this 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 Schackinger will provide introductory comments, and then a question-and-answer session will follow. Now, here is Bill Fallon.

Thanks, Greg. Good morning, everyone. Thanks for being with us today. Our first quarter 2025 financial results had a lower net loss than the comparable period for 2024. Compared to 2024, our first quarter 2025 financial results benefited from favorable variances on revenues of consolidated VIEs and losses in LAE. as well as lower operating expenses, primarily due to reduced compensation-related expense. Our priority continues to be resolving National's PREPA exposure, where the path and timing of that resolution remain largely uncertain. The Title III Court has lifted stays on selected litigation matters related to PREPA, which should facilitate its resolution. Given the uncertainty associated with the possible outcomes for National's PREPA bankruptcy claim, which is in excess of $800 million, we continue to believe that the process to sell the company in a maximized shareholder value will likely require substantially reducing the uncertainty regarding PREPA. 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 $500 million from year-end 2024 to about $25 billion at March 31, 2025. National's leverage ratio of gross par to statutory capital was 27 to 1 at the end of the first quarter. As of March 31, 2025, National had total claims-paying resources of $1.5 billion in statutory capital and surplus in excess of $900 million. Now Joe will provide additional comments about our financial results.