Consolidated GAAP net loss for 2025 was $177 million, or $(3.58) per diluted common share, a significant reduction from $447 million, or $(9.43) per diluted common share, in 2024. The reduced net loss was primarily due to a favorable variance of losses and loss adjustment expenses (LAE) at National Public Finance Guarantee Corporation (National). National recorded a net benefit of $33 million for losses and LAE in 2025, a substantial improvement from $191 million incurred in 2024, largely due to the sale of custodial receipts related to PREPA bankruptcy claims and updated LAE estimates. Adjusted Net Income (non-GAAP) for 2025 was $23 million, or $0.46 per diluted common share, compared to an Adjusted Net Loss of $184 million, or $(3.90) per diluted common share, for 2024. For the fourth quarter of 2025, the company reported a consolidated GAAP net loss of $51 million, or $(1.01) per diluted common share, consistent with the prior year's fourth quarter. Fourth quarter 2025 Adjusted Net Loss improved to $12 million, or $(0.24) per share, from $22 million, or $(0.48) per share, in the fourth quarter of 2024. MBIA Inc.'s liquidity position totaled $357 million as of December 31, 2025. National declared and paid a $63 million dividend to MBIA Inc. during the fourth quarter of 2025. MBIA Inc. repaid $45 million of its 7.00% debentures on the scheduled maturity date of December 15, 2025. As of February 19, 2026, there was $71 million of remaining capacity under the company's share repurchase authorization and 50.5 million common shares outstanding. National's statutory capital was $0.9 billion and claims-paying resources totaled $1.4 billion as of December 31, 2025. National's insured portfolio declined by $3.0 billion for the year, ending with $22.3 billion of gross par outstanding at December 31, 2025. National's insured leverage ratio improved to 24 to 1 at year-end 2025, down from 28 to 1 at year-end 2024. MBIA Insurance Corporation's statutory capital was $79 million and claims-paying resources totaled $317 million as of December 31, 2025. MBIA Corp.'s total gross par insured was $2.0 billion at year-end 2025, down from $2.3 billion at year-end 2024.