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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2025
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Commitments and Contingencies | Note 12: Commitments and Contingencies The following commitments and contingencies provide an update of those discussed in “Note 18: Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and should be read in conjunction with the complete descriptions provided in the aforementioned Form 10-K. Litigation Refer to “Note 1: Business Developments and Risks and Uncertainties” for further information regarding PREPA's Title III proceedings. There are otherwise no material legal proceedings pending or, to the knowledge of the Company, threatened, to which the Company or any of its subsidiaries is a party. Lease Commitments The Company has a lease agreement for its headquarters in Purchase, New York. The initial lease term expires in 2030 with the option to terminate the lease in 2025 upon the payment of a termination amount. This lease agreement included an incentive amount to fund certain leasehold improvements, renewal options, escalation clauses and a free rent period. This lease agreement has been classified as an operating lease, and operating rent expense is recognized on a straight-line basis. In May of 2024, the Company notified its landlord of the Purchase, New York lease that it is exercising its right to terminate the lease in August of 2025 ("Termination Date"). In connection with this termination notice, the Company will pay a termination fee that includes the unamortized amount of incentives, free rent and other costs at the Termination Date. The Company accounted for this termination as a lease modification and remeasured its lease liability to the present value of the remaining lease payments and adjusted its right-of-use ("ROU") asset as of the modification date in accordance with ASC 842. The following table provides the amounts included on the Company’s consolidated balance sheet and other lease information as of March 31, 2025:
$ in millions |  | As of March 31, 2025 |  |  | Balance Sheet Location |
ROU asset |  | $ | 1 |  |  |  | Other assets |
Lease liability |  | $ | 6 |  |  |  | Other liabilities |
Weighted average remaining lease term (years) |  |  | 0.4 |  |  |  |  |
Discount rate used for operating leases |  |  | 10.5% |  |  |  |  |
Total future minimum lease payments |  | $ | 6 |  |  |  |  |
Other Commitment MBIA Corp. and other non-affiliates agreed to provide a delayed draw term loan commitment to an entity which MBIA Corp. holds as an equity investment. MBIA Corp.'s maximum commitment to this loan is approximately $15 million which was fully drawn and outstanding as of March 31, 2025.

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