Core Insights - Enact Holdings, Inc. has released its 2025 Sustainability Report, emphasizing its commitment to transparency and long-term value creation for stakeholders [1][2] Group 1: Sustainability Commitment - The 2025 report highlights Enact's ongoing efforts in community impact, employee engagement and development, governance, and risk management [2] - The report reflects continued engagement with both internal and external stakeholders to align sustainability priorities with business strategy [2] Group 2: Leadership Statement - Rohit Gupta, President and CEO of Enact, expressed pride in the report, stating that the company's mission to support responsible homeownership aligns with investments in employees and community support [3] - The report underscores Enact's focus on long-term sustainable performance for all stakeholders [3] Group 3: Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is a leading provider of private mortgage insurance in the U.S. [5] - The company aims to help more individuals achieve homeownership by partnering with lenders to provide exceptional service and risk management [5]

Core Viewpoint - Radian (RDN) has experienced a bearish trend recently, losing 6.2% over the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in a downtrend, where the stock opens lower, makes a new low, but then finds support and closes near its opening price, signaling that bears may be losing control [4][5]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors, although they should be used alongside other bullish indicators for confirmation [5][6]. Fundamental Analysis - Recent upward revisions in earnings estimates for RDN serve as a bullish indicator, as trends in earnings estimate revisions are closely correlated with near-term stock price movements [7]. - Over the last 30 days, the consensus EPS estimate for RDN has increased by 4.8%, indicating that analysts expect better earnings than previously predicted [8]. - RDN holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Viewpoint - NMI Holdings, Inc. will participate in the RBC Global Financial Institutions Conference on March 11, 2026, in New York City, with key executives presenting [1]. Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, a private mortgage insurance company in the U.S. that supports low-down-payment borrowers in achieving home ownership while safeguarding lenders and investors from losses due to borrower defaults [2].

Group 1: Atmus Filtration Technologies Inc. (ATMU) - Atmus Filtration Technologies has a Zacks Rank of 1 and a Momentum Score of A [1] - The Zacks Consensus Estimate for its current year earnings increased by 5% over the last 60 days [1] - The company's shares gained 27.6% over the last three months, while the S&P 500 declined by 0.7% [1] Group 2: Swedbank AB (publ) (SWDBY) - Swedbank has a Zacks Rank of 1 and a Momentum Score of A [2] - The Zacks Consensus Estimate for its current year earnings increased by 9.6% over the last 60 days [2] - The company's shares gained 21.7% over the last three months, compared to the S&P 500's decline of 0.7% [2] Group 3: Enact Holdings, Inc. (ACT) - Enact Holdings has a Zacks Rank of 1 and a Momentum Score of A [3] - The Zacks Consensus Estimate for its current year earnings increased by 5% over the last 60 days [3] - The company's shares gained 6.6% over the last three months, while the S&P 500 declined by 0.7% [3]

Core Viewpoint - Radian (RDN) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive shift in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors playing a role in this relationship [3]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in Radian's underlying business, which could lead to higher stock prices as investors respond positively [4]. Importance of Earnings Estimate Revisions - Tracking earnings estimate revisions is crucial for investment decisions, and the Zacks Rank system effectively utilizes these revisions to classify stocks [5][6]. - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988 [6]. Specifics on Radian's Earnings Estimates - For the fiscal year ending December 2026, Radian is expected to earn $4.72 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 4.8% over the past three months [7]. Zacks Rating System Overview - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings, with only the top 5% of stocks receiving a "Strong Buy" rating, indicating superior earnings estimate revisions [8][9]. - Radian's upgrade to Zacks Rank 1 places it in the top 5% of stocks covered by Zacks, suggesting potential for market-beating returns in the near term [9].

Group 1 - Essent Group Ltd. announced the appointment of Martin Connor to its Board of Directors, highlighting his expertise in real estate and finance as valuable for the company's growth and shareholder value [1] - Martin Connor has extensive experience in the real estate sector, having served as Chief Financial Officer of Toll Brothers from 2010 to 2025 and currently as a senior advisor [1] - Connor's previous roles include leadership positions at Marcon Advisors LLC and O'Neill Properties, as well as over 20 years at Ernst & Young LLP, where he was a partner responsible for the real estate practice [1] Group 2 - Essent Group Ltd. is a Bermuda-based holding company that provides private mortgage insurance, reinsurance, and title insurance services to the housing finance industry [2] - The company operates through its subsidiaries and aims to serve the needs of the housing finance sector [2]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $155 million or $1.60 per diluted share, compared to $1.67 in the previous quarter and $1.58 in Q4 2024 [4][11] - For the full year 2025, net income was $690 million or $6.90 per diluted share, with a return on average equity of 12% [4][10] - Book value per share increased by 13% year-over-year to $60.31 as of December 31 [5][10] - The company generated operating cash flow of $856 million for the full year 2025 [10] Business Line Data and Key Metrics Changes - The mortgage insurance in force was $248 billion, a 2% increase year-over-year, but a decrease of $452 million from the previous quarter [5][12] - Persistency for the mortgage insurance portfolio was 86% as of December 31, reflecting a slight decrease from 86% in the previous quarter [5][12] - The average base premium rate for the mortgage insurance portfolio remained stable at 41 basis points, while the average net premium rate decreased by 1 basis point to 34 basis points [13] Market Data and Key Metrics Changes - The portfolio default rate increased modestly to 2.5%, up 21 basis points from the previous quarter [13] - The weighted average FICO score for the insurance in force was 747, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company is focused on a disciplined capital management strategy, returning nearly $700 million to shareholders in 2025 through dividends and share repurchases [10] - The company has entered the Lloyd's market to expand its reinsurance capabilities, viewing it as a strategic opportunity rather than a new line of business [20][22] - The company aims to optimize unit economics rather than prioritize market share, focusing on long-term growth in book value per share [56] Management's Comments on Operating Environment and Future Outlook - Management noted that the current housing market presents challenges, with modest growth expected in insurance in force due to high mortgage rates and limited supply [41] - The company believes that the embedded home equity in its portfolio will help mitigate future claims [6] - Management expressed confidence in the strength of the balance sheet and the ability to return capital to shareholders while maintaining a cautious outlook on credit [59] Other Important Information - The company repurchased nearly 10% of its shares outstanding at the end of 2024 and approved a 13% increase in its quarterly dividend to $0.35 per share starting in Q1 2026 [10][16] - The consolidated cash and investments totaled $6.6 billion, with an aggregate yield of 3.9% for the year [9] Q&A Session Summary Question: Why enter the Lloyd's market now? - Management indicated that the decision was part of a long-term strategy to expand and leverage existing assets, with a focus on capital efficiency and diversification [20][22] Question: Is the decrease in insurance in force a strategic decision? - Management clarified that the decrease should not be over-interpreted, as it reflects market dynamics rather than a specific strategic pullback [30] Question: What is the outlook for insurance in force growth? - Management expects modest growth in insurance in force, with potential for a spike when younger demographics enter the homeownership market [41] Question: How does the company view credit risk? - Management stated that credit quality remains benign, and they are not currently making significant changes based on credit concerns [46][58]

February 13, 2026 ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 1 EARNINGS PRESENTATION 4Q25 ESSENT GROUP LTD. NYSE: ESNT Company Overview Recent Developments | | 3Q25 | 4Q25 | | --- | --- | --- | | Consolidated Financial Results | | | | Net Income ($M) | $164.2 | $155.0 | | Annualized ROE | 11.5% | 10.8% | | Shareholders' Equity ($B) | $5.7 | $5.8 | | Mortgage Insurance Portfolio | | | | Combined Ratio | 34.9% | 42.0% | | IIF ($B) | $248.8 | $248.4 | | NIW ...

Core Insights - NMI Holdings, Inc. has appointed Renu Agrawal as an independent member of its Board of Directors, increasing the board size to ten members [1][2]. Group 1: Appointment Details - Renu Agrawal's appointment is effective immediately, and she brings a proven track record of executive leadership and extensive board experience [2]. - Agrawal currently serves on the boards of First Interstate BancSystem, Inc. and Sunrise Produce, and has previously held board positions at Luther Burbank Corporation and Woodruff Sawyer [2]. - She has over a decade of experience at Wells Fargo in senior executive roles, including Chief Operating Officer & EVP of the Financial Institutions Group [2]. Group 2: Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, which provides private mortgage insurance to enable low-down-payment borrowers to achieve home ownership [3]. - The company protects lenders and investors against losses related to borrower defaults [3].

Core Insights - The company reported a record total revenue of $180.7 million in Q4, with a GAAP net income of $94.2 million, translating to $1.20 per diluted share and a return on equity of 14.8% [1] - For the full year 2025, the company achieved a GAAP net income of $388.9 million, an 8% increase from 2024, and a diluted EPS of $4.92, up 11% [2][7] - The company ended 2025 with a total new insurance written (NIW) of $49 billion and a record $221.4 billion of primary insurance in force (IIF) [3][7] Financial Performance - In Q4, net premiums earned reached a record $152.5 million, compared to $151.3 million in Q3 and $143.5 million in the same quarter last year [8] - The company reported a default rate of 1.12% at year-end, with total defaults increasing to 7,661 from 7,093 in the previous quarter [10] - The expense ratio for the fourth quarter was 20.4%, with total expenses remaining unchanged at $31.1 million compared to Q4 2024 [18] Reinsurance and Capital Management - The company secured new quota-share and excess-loss treaties for new business through 2028 at an estimated 4% pre-tax cost of capital [6][15] - Since 2022, the company has repurchased $349 million of stock, with $226 million remaining under its buyback authorization [17] - At year-end, the company reported $3.5 billion of total available assets under PMIERs, with excess available assets of $1.4 billion [16] Industry Outlook - The company anticipates a constructive industry backdrop with an expected NIW volume of over $310 billion in 2025 and a similarly attractive environment in 2026 [5][20][21] - Management noted broad resiliency in the macro environment and housing market, despite some risks such as slower hiring and high consumer debt [12] - Conversations in Washington regarding the private mortgage insurance industry's role in supporting affordability remain active and constructive [22]