As of September 30, 2013, MBIA Corp.’s statutory balance sheet reflected $611 million in cash and invested assets. Cash, short-term investments and other highly liquid investments available to meet liquidity demands, excluding amounts held by subsidiaries, totaled $97 million. The Company believes MBIA Corp.’s current liquidity position, together with future cash inflows and amounts available under its loan agreement with Blue Ridge Investments, L.L.C., a subsidiary of Bank of America, is adequate to make expected future claim payments. As of September 30, 2013, there was a $50 million outstanding balance under the loan agreement.MBIA Corp. had statutory capital of $1.0 billion and claims-paying resources totaling $3.5 billion at September 30, 2013. Advisory Services The Company’s Advisory Services business is primarily conducted in its Cutwater Asset Management and Trifinium Advisors (UK) Limited subsidiaries. The Advisory Services segment recorded a pre-tax loss of $8 million in the third quarter of 2013 compared with a pre-tax loss of $2 million in the third quarter of 2012. The larger pre-tax loss in the third quarter of 2013 compared with the same period of 2012 was driven by lower fees due to declines in assets under management and increases in legal costs, compensation expense and consulting fees. MBIA Inc. Holding Company MBIA Inc. contains the Corporate segment and Wind-down Operations. General corporate activities are conducted through the Corporate segment. The Company’s corporate operations primarily consist of holding company activities, including its service company, Optinuity Alliance Resources Corporation. The Company’s Wind-down Operations comprise its ALM and Conduit segments, both of which are in run-off. The Corporate segment recorded pre-tax income of $36 million in the third quarter of 2013 compared with pre-tax income of $22 million in the third quarter of 2012. The increase in the Corporate segment's pre-tax income was primarily driven by decreases in the fair value of outstanding warrants issued on MBIA Inc. common stock, partially offset by a reduction in fees from affiliates. The fees for affiliate services may vary significantly from period to period.