MBI — what changed in the latest 10-Q
A section-by-section comparison of MBI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +17 | −13 | ~55 | 85 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
In July of 2026, National transferred approximately $30 million of PREPA bankruptcy claims to a custodian in exchange for tradeable custodial receipts (the "Custodial Receipts"). As owner of the Custodial Receipts, National continues to hold the same rights and is entitled to the same economic benef…
Three Months Ended June 30, 2026 vs. Three Months Ended June 30, 2025
The increase in consolidated total revenues for the three months ended June 30, 2026 compared with the same period of 2025 was principally due to favorable changes in foreign currency, partially offset by unfavorable changes from fair valuing investments. The three months ended June 30, 2026 include…
Consolidated total expenses for the three months ended June 30, 2026 included a losses and loss adjustment expense (“LAE”) expense of $9 million compared with losses and LAE expense of $8 million for the same period of 2025. Refer to the following “Losses and Loss Adjustment Expenses” sections of th…
Income (loss) from Continuing Operations Before Income Taxes
Text removed vs the prior filing · source: 10-Q · 2026-05-07
In millions except for per share, percentage and share amounts
The increase in consolidated total revenues for the three months ended March 31, 2026 compared with the same period of 2025 was principally due to favorable changes in foreign currency and net realized investment losses from sales of investments, partially offset by unfavorable changes in revenues f…
Consolidated total expenses for the three months ended March 31, 2026 included a losses and loss adjustment expense (“LAE”) benefit of $3 million compared with losses and LAE expense of $8 million for the same period of 2025. The favorable change in losses and LAE was primarily due to a decrease in …
For the three months ended March 31, 2026 and 2025, our effective tax rate applied to our loss before income taxes was below the U.S. statutory tax rate of 21% due to the full valuation allowance on the changes in our net deferred tax asset, which included our net operating loss (“NOL”).
As of March 31, 2026 and December 31, 2025, the Company’s valuation allowance against its net deferred tax asset was $1.4 billion. Notwithstanding the full valuation allowance on its net deferred tax asset, the Company believes that it may be able to use some of its net deferred tax asset before the…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice