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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40399

Enact Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware						46-1579166
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

8325 Six Forks Road

Raleigh, North Carolina 27615

(919) 846-4100

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ACT

The Nasdaq Stock Market, LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 4, 2026, there were 139,600,745 shares of Common Stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS


			Page
Part I. Financial Information			4
Item 1. Financial Statements			4
Condensed Consolidated Balance Sheets (Unaudited)			4
Condensed Consolidated Statements of Income (Unaudited)			5
Condensed Consolidated Statements of Comprehensive Income (Unaudited)			6
Condensed Consolidated Statements of Changes in Equity (Unaudited)			7
Condensed Consolidated Statements of Cash Flows (Unaudited)			8
Notes to Condensed Consolidated Financial Statements (Unaudited)			9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			30
Item 3. Quantitative and Qualitative Disclosures About Market Risk			54
Item 4. Controls and Procedures			55
Part II. Other Information			56
Item 1. Legal Proceedings			56
Item 1A. Risk Factors			56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			56
Item 5. Other Information			56
Item 6. Exhibits			57
Signatures			58

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this quarterly report.

Although Enact Holdings, Inc. (the “Company”) believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law. Factors or events that we cannot predict, including the following, may cause our actual results to differ from those expressed in forward-looking statements:

•inability to continue to maintain the private mortgage insurer eligibility requirements (“PMIERs”) or any other restrictions imposed on us by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), government-sponsored enterprises collectively referred to as the “GSEs”;

•deterioration in economic conditions, a decline in home prices or a severe recession, including from the impact of tariffs and other government economic policies;

•uncertainty around the time loans remain in our delinquent inventory including effects of forbearance programs and foreclosure timing;

•uncertainty of our loss reserve estimates or inaccuracies in our models;

•competition for our customers or the loss of a significant customer;

•changes to the charters or practices of the GSEs, including actions or decisions to decrease or discontinue the use of mortgage insurance;

•lenders or investors seeking alternatives to private mortgage insurance;

•failure of our risk management or loss mitigation strategies;

•risks related to emerging and changing technologies, including artificial intelligence;

•fluctuations in interest rates;

•limited availability of capital and the need to seek additional capital on unfavorable terms;

•limited availability of reinsurance;

•adverse actions by rating agencies;

•competition with government-owned enterprises and GSEs;

•failure to manage the risk in our investment portfolio;

•disruption in the servicing of mortgages covered by our insurance policies or poor servicer performance;

•unanticipated claims arising under and risks associated with our delegated underwriting program or contract underwriting program;

•inadequacy of the premiums we charge to compensate for the losses we incur;

•decrease in the volume of Low-Down Payment Loan originations;

•failure to protect our confidential customer information;

•adverse changes in regulatory requirements;

•inability to maintain sufficient regulatory capital;

•risks relating to our continuing relationship with Genworth Financial, Inc.;

•changes in tax laws;

•litigation, regulatory investigations or other actions;

•inability to attract and retain key employees;

•failure or any compromise of the security of our computer systems, disaster recovery systems, business continuity plans and failures to safeguard or breaches of confidential information; and

•occurrence of natural or man-made disasters or public health emergencies, including pandemics and disasters caused or exacerbated by climate change.

We provide additional information regarding these and other risks and uncertainties in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2026. In addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We therefore caution you against relying on any forward-looking statements.

Part I. Financial Information

Item 1. Financial Statements

ENACT HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31, 2026		December 31, 2025
(Amounts in thousands, except par value amount)	(Unaudited)
Assets

Fixed maturity securities available-for-sale, at fair value (amortized cost of $6,229,802 and $6,081,997 as of March 31, 2026, and December 31, 2025, respectively)	$	6,133,789	$	6,050,542


Cash and cash equivalents	549,040		582,493
Accrued investment income	56,344		56,073
Deferred acquisition costs	22,177		22,232
Premiums receivable	47,398		46,130
Other assets	122,692		116,007
Deferred tax asset	30,562		19,989
Total assets	$	6,962,002	$	6,893,466
Liabilities and equity
Liabilities:
Loss reserves	$	590,393	$	572,470
Unearned premiums	85,252		91,639
Other liabilities	197,956		129,695
Long-term borrowings	744,853		744,481

Total liabilities	1,618,454		1,538,285
Equity:
Common stock ($0.01 par value; 600,000 shares authorized; 140,293 shares issued and outstanding as of March 31, 2026, and 142,209 shares issued and outstanding as of December 31, 2025)	1,403		1,422
Additional paid-in capital	1,609,712		1,706,481
Accumulated other comprehensive income	(82,711)		(30,143)
Retained earnings	3,815,144		3,677,421
Total equity	5,343,548		5,355,181
Total liabilities and equity	$	6,962,002	$	6,893,466

See Notes to Condensed Consolidated Financial Statements

ENACT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three months ended March 31,
(Amounts in thousands, except per share amounts)	2026		2025
Revenues:
Premiums	$	242,850	$	244,786
Net investment income	70,906		63,037
Net investment gains (losses)	(5,823)		(3,243)
Other income	4,136		2,196
Total revenues	312,069		306,776
Losses and expenses:
Losses incurred	37,161		30,541
Acquisition and operating expenses, net of deferrals	47,037		50,094
Amortization of deferred acquisition costs and intangibles	2,123		2,429
Interest expense	12,368		12,291

Total losses and expenses	98,689		95,355
Income before income taxes	213,380		211,421
Provision for income taxes	45,608		45,643
Net income	$	167,772	$	165,778

Net income per common share:
Basic	$	1.18	$	1.09
Diluted	$	1.18	$	1.08
Weighted average common shares outstanding:
Basic	141,595		151,831
Diluted	142,634		152,907

See Notes to Condensed Consolidated Financial Statements

ENACT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Net income	$	167,772	$	165,778
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses	(50,720)		58,894

Foreign currency translation gain (loss)	(1,848)		(3,921)
Other comprehensive income (loss)	(52,568)		54,973
Total comprehensive income (loss)	$	115,204	$	220,751

See Notes to Condensed Consolidated Financial Statements

ENACT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	Three months ended March 31, 2026
(Amounts in thousands)	Common stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total equity
Balance as of December 31, 2025	$	1,422	$	1,706,481	$	(30,143)	$	3,677,421	$	5,355,181

Comprehensive income (loss):
Net income	—		—		—		167,772		167,772
Other comprehensive income (loss), net of taxes	—		—		(52,568)		—		(52,568)

Repurchase of common stock	(23)		(93,173)		—		—		(93,196)
Stock-based compensation expense and exercises and other	4		(3,596)		—		(289)		(3,881)
Dividends	—		—		—		(29,760)		(29,760)

Balance as of March 31, 2026	$	1,403	$	1,609,712	$	(82,711)	$	3,815,144	$	5,343,548


	Three months ended March 31, 2025
(Amounts in thousands)	Common stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total equity
Balance as of December 31, 2024	$	1,523	$	2,076,788	$	(207,455)	$	3,125,240	$	4,996,096

Comprehensive income (loss):
Net income	—		—		—		165,778		165,778
Other comprehensive income (loss), net of taxes	—		—		54,973		—		54,973

Repurchase of common stock	(19)		(65,264)		—		—		(65,283)
Stock-based compensation expense and exercises and other	4		(3,748)		—		(325)		(4,069)
Dividends	—		—		—		(28,088)		(28,088)

Balance as of March 31, 2025	$	1,508	$	2,007,776	$	(152,482)	$	3,262,605	$	5,119,407

See Notes to Condensed Consolidated Financial Statements

ENACT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	167,772	$	165,778
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses	5,823		3,243
Amortization of fixed maturity securities discounts and premiums	(3,627)		(3,411)
Amortization of deferred acquisition costs and intangibles	2,123		2,429
Acquisition costs deferred	(1,533)		(1,242)
Deferred income taxes	3,266		4,492
Stock-based compensation expense	5,175		3,872
Amortization of debt issuance costs	372		349


Change in certain assets and liabilities:
Accrued investment income	(271)		(59)
Premiums receivable	(1,268)		6,580
Other assets	2,134		(904)
Loss reserves	17,923		17,813
Unearned premiums	(6,387)		(7,161)
Other liabilities	32,537		34,945
Net cash provided by operating activities	224,039		226,724
Cash flows from investing activities:
Purchases of fixed maturity securities available-for-sale	(419,516)		(505,026)
Purchases of limited partnerships and equity interests	(350)		(500)
Proceeds from sales of fixed maturity securities available-for-sale	131,714		142,643
Proceeds from maturities of fixed maturity securities available-for-sale	165,850		276,497
Net change in short-term investments	—		(322)
Other	(3,178)		(2,867)
Net cash used in investing activities	(125,480)		(89,575)
Cash flows from financing activities:



Repurchase of common stock	(93,196)		(65,283)
Dividends paid	(29,760)		(28,088)
Other	(9,056)		(7,941)
Net cash used in financing activities	(132,012)		(101,312)

Net increase (decrease) in cash and cash equivalents	(33,453)		35,837
Cash and cash equivalents at beginning of period	582,493		599,432
Cash and cash equivalents at end of period	$	549,040	$	635,269

See Notes to Condensed Consolidated Financial Statements

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)Nature of business, organization structure and basis of presentation

The accompanying unaudited condensed consolidated financial statements include, on a consolidated basis, the accounts of Enact Holdings, Inc. (“EHI,” together with its subsidiaries, the “Company,” “we,” “us” or “our”). EHI is a subsidiary of Genworth Financial, Inc. (“Genworth”) and has been since EHI’s incorporation in Delaware in 2012. In September 2021, we completed a minority initial public offering (“IPO”) of 18.4% of EHI’s common stock.

We are engaged in the business of writing and assuming residential mortgage guaranty insurance. The insurance protects lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of trust, or other instruments constituting a lien on residential real estate. We offer private mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans (“primary mortgage insurance”). Our primary mortgage insurance enables borrowers to buy homes with a down payment of less than 20% of the home’s value. Primary mortgage insurance also facilitates the sale of these low down payment mortgage loans in the secondary mortgage market, most of which are sold to government-sponsored enterprises. We also selectively enter into insurance transactions with lenders and investors, under which we insure a portfolio of loans at or after origination.

We also perform fee-based contract underwriting services for mortgage lenders. The provision of underwriting services by mortgage insurers eliminates the duplicative lender and mortgage insurer underwriting activities and expedites the approval process.

We operate our business through our primary insurance subsidiary, Enact Mortgage Insurance Corporation, (“EMICO”), with operations in all 50 states and the District of Columbia. EMICO is an approved insurer by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Fannie Mae and Freddie Mac are government-sponsored enterprises, and we refer to them collectively as the “GSEs.”

We also offer mortgage and credit-related insurance and reinsurance through our other subsidiaries, including investing in new opportunities for Enact. One of these subsidiaries, Enact Re Ltd. ("Enact Re"), our wholly owned Bermuda-based subsidiary, also reinsures EMICO’s new and existing insurance in-force under quota share reinsurance agreements.

We operate our business in a single segment, which is how our chief operating decision maker (“CODM”), who is our Chief Executive Officer, reviews our financial performance and allocates resources.

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes for the years ended December 31, 2025 and 2024.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(2)Accounting changes

Accounting Pronouncements Recently Adopted

We have not adopted new accounting pronouncements in 2026.

Accounting Pronouncements Not Yet Adopted

Income Statement Disaggregation

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosures in the notes to the financial statements of certain categories of expenses included in our consolidated statements of income, including employee compensation, depreciation and intangible asset amortization. This guidance is effective for us for annual reporting periods beginning on January 1, 2027 and interim periods beginning on January 1, 2028 using the prospective or retrospective method, with early adoption permitted. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software, related to accounting for internal-use software costs. The new guidance modified the cost capitalization threshold by removing project development stages and adding evaluation considerations to the probable-to-complete threshold, as well as requiring additional disclosure of internal-use software and related amortization regardless of how the internal-use software is classified on the balance sheet. This guidance is effective for us for interim and annual reporting periods beginning on January 1, 2028 using the prospective, modified retrospective or retrospective method, with early adoption permitted. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.

(3)Investments

Net Investment Income

Sources of net investment income were as follows for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Fixed maturity securities available-for-sale	$	67,895	$	58,452
Cash, cash equivalents and short-term investments	5,325		6,623
Gross investment income before expenses and fees	73,220		65,075
Investment expenses and fees	(2,314)		(2,038)
Net investment income	$	70,906	$	63,037

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Fixed maturity securities available-for-sale:
Gross realized gains	$	354	$	369
Gross realized (losses)	(6,164)		(3,497)
Net realized gains (losses)	(5,810)		(3,128)

Change in allowance for credit losses on fixed maturity securities	—		(273)
Other	(13)		158

Net investment gains (losses)	$	(5,823)	$	(3,243)

There was no allowance for credit losses recorded on fixed maturity securities classified as available-for-sale as of March 31, 2026, and December 31, 2025.

Unrealized Investment Gains (Losses)

Net unrealized gains and losses on available-for-sale securities reflected as a separate component of accumulated other comprehensive income (“AOCI”) were as follows as of the dates indicated:


(Amounts in thousands)	March 31, 2026		December 31, 2025
Net unrealized gains (losses) on investment securities:
Fixed maturity securities	$	(96,015)	$	(31,455)


Income taxes	20,704		6,864
Net unrealized investment gains (losses)	$	(75,311)	$	(24,591)

The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Beginning balance	$	(24,591)	$	(207,624)

Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities	(70,370)		71,848
Provision for income taxes	15,060		(15,425)
Change in unrealized gains (losses) on investment securities	(55,310)		56,423
Reclassification adjustments to net investment (gains) losses, net of taxes of $(1,220) and $(657), respectively	4,590		2,471
Change in net unrealized investment gains (losses)	(50,720)		58,894
Ending balance	$	(75,311)	$	(148,730)

Amounts reclassified out of accumulated other comprehensive income to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Fixed Maturity Securities Available-For-Sale

As of March 31, 2026, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:


(Amounts in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. government, agencies and GSEs	$	268,060	$	2,941	$	(2,279)	$	268,722
State and political subdivisions	521,242		1,633		(53,043)		469,832
Non-U.S. government	179,045		2,178		(1,680)		179,543
U.S. corporate	2,855,124		29,156		(60,284)		2,823,996
Non-U.S. corporate	821,423		9,127		(14,226)		816,324
Residential mortgage-backed	338,304		3,889		(709)		341,484
Commercial mortgage-backed	199,514		866		(1,748)		198,632
Other asset-backed	1,047,090		3,806		(15,640)		1,035,256
Total fixed maturity securities available-for-sale	$	6,229,802	$	53,596	$	(149,609)	$	6,133,789

As of December 31, 2025, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:


(Amounts in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. government, agencies and GSEs	$	253,706	$	4,893	$	(1,292)	$	257,307
State and political subdivisions	527,584		1,914		(50,526)		478,972
Non-U.S. government	180,669		5,176		(383)		185,462
U.S. corporate	2,806,747		54,322		(50,342)		2,810,727
Non-U.S. corporate	778,640		17,020		(12,604)		783,056
Residential mortgage-backed	342,915		6,496		(78)		349,333
Commercial mortgage-backed	128,692		1,355		(485)		129,562
Other asset-backed	1,063,044		6,295		(13,216)		1,056,123
Total fixed maturity securities available-for-sale	$	6,081,997	$	97,471	$	(128,926)	$	6,050,542

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Gross Unrealized Losses and Fair Values of Fixed Maturity Securities Available-For-Sale

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2026:


	Less than 12 months					12 months or more					Total
(Dollar amounts in thousands)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Fixed maturity securities:
U.S. government, agencies and GSEs	$	73,162	$	(1,151)	17	$	19,544	$	(1,128)	6	$	92,706	$	(2,279)	23
State and political subdivisions	30,838		(1,808)		14	405,008		(51,235)		80	435,846		(53,043)		94
Non-U.S. government	58,513		(1,444)		70	9,892		(236)		1	68,405		(1,680)		71
U.S. corporate	713,576		(11,733)		194	802,476		(48,551)		148	1,516,052		(60,284)		342
Non-U.S. corporate	199,918		(3,742)		73	188,776		(10,484)		39	388,694		(14,226)		112
Residential mortgage-backed	73,911		(709)		33	—		—		—	73,911		(709)		33
Commercial mortgage-backed	116,575		(1,748)		33	—		—		—	116,575		(1,748)		33
Other asset-backed	398,032		(2,823)		116	257,896		(12,817)		73	655,928		(15,640)		189
Total for fixed maturity securities in an unrealized loss position	$	1,664,525	$	(25,158)	550	$	1,683,592	$	(124,451)	347	$	3,348,117	$	(149,609)	897

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the table above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the unrealized losses are largely due to changes in interest rates and recent market volatility and are not indicative of credit losses. The issuers continue to make timely principal and interest payments.

For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell, nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2025:


	Less than 12 months					12 months or more					Total
(Dollar amounts in thousands)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Fixed maturity securities:
U.S. government, agencies and GSEs	$	34,142	$	(384)	6	$	22,664	$	(908)	7	$	56,806	$	(1,292)	13
State and political subdivisions	18,053		(1,483)		9	422,895		(49,043)		83	440,948		(50,526)		92
Non-U.S. government	15,323		(146)		20	10,525		(237)		2	25,848		(383)		22
U.S. corporate	182,483		(2,790)		49	908,852		(47,552)		163	1,091,335		(50,342)		212
Non-U.S. corporate	38,506		(1,800)		16	230,778		(10,804)		50	269,284		(12,604)		66
Residential mortgage-backed	24,879		(78)		11	—		—		—	24,879		(78)		11
Commercial mortgage-backed	56,000		(485)		14	—		—		—	56,000		(485)		14
Other asset-backed	114,991		(568)		41	312,575		(12,648)		84	427,566		(13,216)		125
Total for fixed maturity securities in an unrealized loss position	$	484,377	$	(7,734)	166	$	1,908,289	$	(121,192)	389	$	2,392,666	$	(128,926)	555

Contractual Maturities of Fixed Maturity Securities Available-For-Sale

The scheduled maturity distribution of fixed maturity securities as of March 31, 2026, is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.


(Amounts in thousands)	Amortized cost		Fair value
Due one year or less	$	343,393	$	341,767
Due after one year through five years	1,185,756		1,151,219
Due after five years through ten years	2,546,363		2,507,986
Due after ten years	569,382		557,445
Subtotal	4,644,894		4,558,417
Residential mortgage-backed	338,304		341,484
Commercial mortgage-backed	199,514		198,632
Other asset-backed	1,047,090		1,035,256
Total fixed maturity securities available-for-sale	$	6,229,802	$	6,133,789

As of March 31, 2026, securities issued by the finance and insurance, utilities, consumer—non-cyclical, technology and communications, energy, and capital goods industry groups represented approximately 32%, 13%, 12%, 10%, 10%, and 10% respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 9% of our investment portfolio.

As of March 31, 2026, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of equity.

As of March 31, 2026, and December 31, 2025, $19.0 million and $21.3 million, respectively, of securities in our portfolio were on deposit with various state insurance commissioners in order to comply with relevant insurance regulations.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In connection with its reinsurance activities, the Company is required to maintain assets in trusts for the benefit of its contractual counterparties. As of March 31, 2026 and December 31, 2025, the fair value of the assets on deposit in these trusts was $344.4 million and $336.4 million, respectively, of which $40.1 million and $35.2 million, respectively, related to cash and cash equivalents.

During 2024, the Company entered into an agreement to invest in a limited partnership with an expected term of ten years. The investment is recorded within Other assets. As of March 31, 2026, we have committed to additionally fund approximately $8.6 million over the remaining life of the fund.

As of March 31, 2026, the Company has commitments of $248.2 million to purchase private placement investments.

(4)Fair value

Recurring fair value measurements

We hold fixed maturity securities, which are carried at fair value. The fair value of fixed maturity securities are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including asset-backed securities), an income or combination approach may be used. These valuation techniques may change from period to period, based on the relevance and availability of market data.

Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.

In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.

Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.

Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.

For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs, and therefore be classified as Level 2. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of March 31, 2026.

For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.

Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.

A summary of the inputs used for our fixed maturity securities and short-term investments based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.

Level 1 measurements

There were no fixed maturity securities classified as Level 1 as of March 31, 2026, and December 31, 2025.

Level 2 measurements

Fixed maturity securities:

Third-party pricing services

In estimating the fair value of fixed maturity securities, approximately 91% of our portfolio was priced using third-party pricing services as of March 31, 2026. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2026:

(Amounts in thousands)

Fair value

Primary methodologies

Significant inputs

U.S. government, agencies and GSEs

268,722

Price quotes from trading desk, broker feeds

Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread

State and political subdivisions

469,832

Multi-dimensional attribute-based modeling systems, third-party pricing vendors

Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes

Non-U.S. government

179,543

Matrix pricing, spread priced to benchmark curves, price quotes from market makers

Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

U.S. corporate

2,404,183

Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, internal models, OAS-based models

Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports

Non-U.S. corporate

699,923

Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers

Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

Residential mortgage-backed

341,038

OAS-based models, single factor binomial models, internally priced

Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


Commercial mortgage-backed	$	191,214	Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model	Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed	$	1,012,097	Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers	Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

Internal models

A portion of our Level 2 U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $230.4 million and $82.5 million, respectively, as of March 31, 2026. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.

Level 3 measurements

Broker quotes

A portion of our non-U.S. corporate and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $22.6 million as of March 31, 2026.

Internal models

A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $228.7 million as of March 31, 2026.

Third-party pricing services

A portion of our non-U.S. corporate and other asset-backed securities are valued using pricing services, but utilize unobservable inputs. These pricing services utilize income-based approaches and internally generated models as part of the valuation processes. Pricing services utilized for valuation are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by pricing services was $3.0 million as of March 31, 2026.

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:


	March 31, 2026
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Fixed maturity securities:
U.S. government, agencies and GSEs	$	268,722	$	—	$	268,722	$	—
State and political subdivisions	469,832		—		469,832		—
Non-U.S. government	179,543		—		179,543		—
U.S. corporate	2,823,996		—		2,634,606		189,390
Non-U.S. corporate	816,324		—		782,425		33,899
Residential mortgage-backed	341,484		—		341,038		446
Commercial mortgage-backed	198,632		—		191,214		7,418
Other asset-backed	1,035,256		—		1,012,097		23,159
Total fixed maturity securities	$	6,133,789	$	—	$	5,879,477	$	254,312


	December 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Fixed maturity securities:
U.S. government, agencies and GSEs	$	257,307	$	—	$	257,307	$	—
State and political subdivisions	478,972		—		478,972		—
Non-U.S. government	185,462		—		185,462		—
U.S. corporate	2,810,727		—		2,613,006		197,721
Non-U.S. corporate	783,056		—		748,645		34,411
Residential mortgage-backed	349,333		—		348,850		483
Commercial mortgage-backed	129,562		—		122,095		7,467
Other asset-backed	1,056,123		—		1,037,292		18,831
Total fixed maturity securities	$	6,050,542	$	—	$	5,791,629	$	258,913

We had no liabilities recorded at fair value as of March 31, 2026, and December 31, 2025.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:


	Beginning balance as of January 1, 2026		Total realized and unrealized gains (losses)				Purchases		Sales		Settlements		Transfer into Level 3 (1)		Transfer out of Level 3 (1)		Ending balance as of March 31, 2026			Total gains (losses) attributable to assets still held
(Amounts in thousands)			Included in net income		Included in OCI														Included in net income			Included in OCI
Fixed maturity securities:
U.S. corporate	$	197,721	$	490	$	(1,599)	$	—	$	—	$	(7,222)	$	—	$	—	$	189,390		$	490		$	(1,606)
Non-U.S. corporate	34,411		18		(425)		—		—		(105)		—		—		33,899			18			(425)
Residential mortgage-backed	483		(1)		(2)		—		—		(34)		—		—		446			(1)			(2)
Commercial mortgage-backed	7,467		1		(50)		—		—		—		—		—		7,418			1			(50)
Other asset-backed	18,831		12		(33)		7,499		—		(18)		2,000		(5,132)		23,159			10			(47)
Total	$	258,913	$	520	$	(2,109)	$	7,499	$	—	$	(7,379)	$	2,000	$	(5,132)	$	254,312		$	518		$	(2,130)

	Beginning balance as of January 1, 2025		Total realized and unrealized gains (losses)				Purchases		Sales		Settlements		Transfer into Level 3 (1)		Transfer out of Level 3 (1)		Ending balance as of March 31, 2025			Total gains (losses) attributable to assets still held
(Amounts in thousands)			Included in net income		Included in OCI														Included in net income			Included in OCI
Fixed maturity securities:
U.S. corporate	$	222,786	$	239	$	3,167	$	—	$	—	$	(222)	$	—	$	—	$	225,970		$	239		$	3,167
Non-U.S. corporate	56,553		(6)		232		1,800		—		(8,105)		—		—		50,474			(6)			223

Other asset-backed	2,202		9		(36)		986		—		(1)		100		—		3,260			9			(35)
Total	$	281,541	$	242	$	3,363	$	2,786	$	—	$	(8,328)	$	100	$	—	$	279,704		$	242		$	3,355

______________

(1)The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads.

Purchases, sales, and settlements represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.

The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities recorded within net investment income.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2026:

(Amounts in thousands)

Valuation

technique

Fair value (1)

Unobservable

input

Range (bps)

Weighted-

average (2) (bps)

Fixed maturity securities:

U.S. corporate

Internal models

189,390

Credit spreads

14 - 206

Non-U.S. corporate

Internal models

29,812

Credit spreads

91 - 143

106

______________

(1)Certain classes of instruments classified as Level 3 may be excluded as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.

(2)Unobservable inputs weighted by the relative fair value of the associated instrument.

We have certain financial instruments that are not recorded at fair value, including cash and cash equivalents and accrued investment income, the carrying value of which approximate fair value due to the short-term nature of these instruments and are not included in this disclosure.

Liabilities not required to be carried at fair value

The following represents our estimated fair value of financial liabilities that are not required to be carried at fair value, classified as Level 2, as of the dates indicated:


	March 31, 2026				December 31, 2025
(Amounts in thousands)	Carrying amount		Fair value		Carrying amount		Fair value
Long-term borrowings	$	744,853	$	772,208	$	744,481	$	785,753

(5)Loss reserves

Our reserve for losses and loss adjustment expenses (“LAE”) consisted of the following as of the dates indicated:


(Amounts in thousands)	March 31, 2026		December 31, 2025
Domestic mortgage insurance	$	584,406	$	566,809

Other reserves	5,987		5,661
Total loss reserves	$	590,393	$	572,470

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Activity for the liability for domestic mortgage insurance loss reserves for the three months ended March 31, is summarized as follows:


(Amounts in thousands)	2026		2025
Gross loss reserves, beginning balance	$	566,809	$	520,032
Reinsurance recoverable, beginning balance	(3,326)		(2,909)
Net loss reserves, beginning balance	563,483		517,123

Losses and LAE incurred related to current accident year	79,309		77,842
Losses and LAE incurred related to prior accident years	(46,214)		(51,789)
Total incurred	33,095		26,053

Losses and LAE paid related to current accident year	(105)		(99)
Losses and LAE paid related to prior accident years	(16,915)		(8,395)
Total paid	(17,020)		(8,494)

Net loss reserves, ending balance	579,558		534,682
Reinsurance recoverable, ending balance	4,848		2,798
Gross loss reserves, ending balance	$	584,406	$	537,480

The liability for loss reserves represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could possibly be significant, and result in future increases to reserves by amounts that could be material to our results of operations, financial condition and liquidity.

Losses incurred related to insured events of the current accident year relate to defaults that occurred in that year and represent the estimated ultimate amount of losses to be paid on such defaults. Losses incurred related to insured events of prior accident years represent the (favorable) or unfavorable development of reserves as a result of the actual rates at which delinquencies go to claim (“claim rates”) and claim amounts being different than those we estimated when originally establishing the reserves. These estimates are based on our historical experience, which we believe is representative of expected future losses at the time of estimation. As a result of the extended period of time that may exist between the reporting of a delinquency and the claim payment, as well as changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts ultimately paid.

For the three months ended March 31, 2026, losses and LAE incurred of $79 million related to insured events of the current accident year was primarily attributable to new delinquencies compared to $78 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, we also recorded favorable reserve adjustments of $39 million primarily on prior accident year reserves, driven by cure performance and loss mitigation activities.

During the three months ended March 31, 2025, we recorded favorable reserve adjustments of $47 million primarily on prior accident year reserves, driven by cure performance and loss mitigation activities.

(6)Reinsurance

We reinsure a portion of our policy risks to third parties in order to reduce our ultimate losses, diversify our exposures and comply with regulatory requirements. We also assume certain policy risks written by other companies.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Reinsurance does not relieve us from our obligations to policyholders. In the event that the reinsurers are unable to meet their obligations, we remain liable for the reinsured claims. We monitor both the financial condition of individual reinsurers and risk concentrations arising from similar geographic regions, activities and economic characteristics of reinsurers to lessen the risk of default by such reinsurers.

The following table sets forth the effects of reinsurance on premiums written and earned for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Net premiums written:
Direct	$	263,310	$	263,081
Assumed	9,631		7,305
Ceded	(36,466)		(32,761)
Net premiums written	$	236,475	$	237,625

Net premiums earned:
Direct	$	270,195	$	270,242
Assumed	9,121		7,305
Ceded	(36,466)		(32,761)
Net premiums earned	$	242,850	$	244,786

The difference between written premiums of $236.5 million and earned premiums of $242.9 million represents the decrease in unearned premiums for the three months ended March 31, 2026. The decrease in unearned premiums in both periods was primarily the result of premiums earned over time coupled with low originations of our single premium mortgage insurance product.

Excess-of-loss reinsurance

We engage in excess-of-loss (“XOL”) insurance transactions either through a panel of traditional reinsurance providers or through collateralized reinsurance with unaffiliated special purpose insurers (“Triangle Re Entities”). During the respective coverage periods of these agreements, EMICO retains the first layer of aggregate loss exposure on covered policies while the reinsurer provides the second layer of coverage, up to the defined reinsurance coverage amount. EMICO retains losses in excess of the respective reinsurance coverage amount.

The Triangle Re Entities fully collateralize their coverage by issuing insurance-linked notes (“ILNs”) to eligible capital market investors in unregistered private offerings. Traditional reinsurance providers collateralize a portion of their coverage by holding funds in trust. We believe that the risk transfer requirements for reinsurance accounting were met as these XOL insurance transactions assume significant insurance risk and a reasonable possibility of significant loss.

EMICO has rights to terminate the ILNs or traditional XOL reinsurance agreements upon the occurrence of certain events.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the issue date, policy dates, initial and current first layer retained aggregate loss and initial and current reinsurance coverage amount under each reinsurance transaction. Current amounts are presented as of March 31, 2026:


Mortgage insurance-linked notes
(Amounts in millions)	Issue date	Policy dates	Initial first layer retained loss	Current first layer retained loss	Initial reinsurance coverage	Current reinsurance coverage
Triangle Re 2021-2 Ltd.	4/16/2021	9/01/2020 - 12/31/2020	$189	$186	$303	$57
Triangle Re 2021-3 Ltd.	9/02/2021	1/01/2021 - 6/30/2021	$304	$297	$372	$88
Triangle Re 2023-1 Ltd.	11/15/2023	7/01/2022 - 6/30/2023	$244	$235	$248	$167
Total						$312

Traditional excess-of-loss reinsurance
(Amounts in millions)	Issue date	Policy dates	Initial first layer retained loss	Current first layer retained loss	Initial reinsurance coverage	Current reinsurance coverage
2021 XOL	2/04/2021	1/01/2021 - 12/31/2021	$671	$654	$206	$49
2022-1 XOL	1/27/2022	1/01/2022 - 12/31/2022	$462	$429	$196	$133
2022-2 XOL	1/27/2022	1/01/2022 - 12/31/2022	$385	$352	$25	$25
2022-3 XOL	3/24/2022	7/01/2021 - 12/31/2021	$317	$307	$289	$109
2022-4 XOL	3/24/2022	7/01/2021 - 12/31/2021	$264	$254	$36	$36
2022-5 XOL	9/15/2022	1/01/2022 - 6/30/2022	$256	$237	$201	$130
2023-1 XOL	3/08/2023	1/01/2023 - 12/31/2023	$360	$347	$180	$141
2024-1 XOL	1/30/2024	1/01/2024 - 12/31/2024	$362	$358	$270	$270
2024-2 XOL	6/25/2024	7/01/2023 - 12/31/2023	$134	$131	$90	$64
2025-1 XOL	1/27/2025	1/01/2025 - 12/31/2025	$354	$354	$180	$180
2025-2 XOL	1/27/2025	1/01/2025 - 12/31/2025	$294	$294	$28	$28
2026-1 XOL	1/27/2025	1/01/2026 - 12/31/2026	$89	$89	$44	$44
2026-2 XOL	1/27/2025	1/01/2026 - 12/31/2026	$73	$73	$6	$6
Total						$1,215

Quota Share Reinsurance

EMICO engages in quota share reinsurance agreements with a panel of third-party reinsurers. Under the agreements, we cede a percentage of premiums earned, claims and claims expenses on eligible policies. The agreements also include a specific ceding commission and profit commission determined based on ceded claims. EMICO has rights to terminate the reinsurance agreements upon the occurrence of certain events. Reinsurance recoverables are recorded in Other assets on the consolidated balance sheets.

Agreement

Issue date

Policy dates

Ceding percentage

Ceding commission

Profit commission

QS 2023-1

6/30/2023

1/01/2023 - 12/31/2023

16.125%

20%

up to 55%

QS 2024-1

1/03/2024

1/01/2024 - 12/31/2024

21.225%

20%

up to 55%

QS 2025-1

11/26/2024

1/01/2025 - 12/31/2025

27.150%

20%

up to 62%

QS 2026-1

11/26/2024

1/01/2026 - 12/31/2026

27.000%

20%

up to 61%

QS 2027-1

9/23/2025

1/01/2027 - 12/31/2027

34.250%

20%

up to 63%

(7)Borrowings

In May 2024, we issued $750 million aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”). The 2029 Notes are the Company’s unsecured senior obligations. The 2029 Notes pay interest

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

semi-annually on May 28 and November 28 at a rate of 6.25% per year, beginning on November 28, 2024, and will mature on May 28, 2029.

At any time, or from time to time, prior to April 28, 2029 (the “Par Call Date”), the Company may redeem the 2029 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2029 Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2029 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, the Company may redeem the 2029 Notes in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

The 2029 Notes contain customary events of default which, subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued interest on the outstanding notes if we breach the terms of the indenture.

The following table sets forth long-term borrowings as of the dates indicated:


(Amounts in thousands)	March 31, 2026		December 31, 2025
6.25% Senior Notes, due 2029	$	750,000	$	750,000
Deferred borrowing charges and discount	(5,147)		(5,519)
Total	$	744,853	$	744,481

Revolving Credit Agreement

On September 30, 2025, we entered into a credit agreement with a syndicate of lenders that provides for a five-year unsecured revolving credit facility (the “2025 Revolving Credit Facility”) in the initial aggregate principal amount of $435 million, to replace our then-outstanding $200 million five-year unsecured revolving credit facility (the “2022 Revolving Credit Facility”). The 2025 Revolving Credit Facility includes the ability for EHI to increase the commitments on an uncommitted basis, by an additional aggregate principal amount of up to $217.5 million. Borrowings under the 2025 Revolving Credit Facility will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at EHI’s option, plus an applicable margin. The applicable margins are based on the ratings established by certain debt rating agencies for EHI’s senior unsecured debt. The 2025 Revolving Credit Facility matures in September 2030, but under certain conditions EHI may need to repay any outstanding amounts and terminate the 2025 Revolving Credit Facility earlier than the maturity date.

We may use borrowings under the 2025 Revolving Credit Facility for working capital needs and general corporate purposes, including the execution of dividends to our shareholders and capital contributions to our insurance subsidiaries. The 2025 Revolving Credit Facility contains several covenants, including financial covenants relating to minimum net worth, maximum debt to capitalization level and PMIERs compliance. We are in compliance with all covenants of the 2025 Revolving Credit Facility and the 2025 Revolving Credit Facility has remained undrawn through March 31, 2026.

(8)Income taxes

We compute the provision for income taxes on a separate return with the benefits-for-loss method. If during the three-month periods ended March 31, 2026 and 2025, we had computed taxes using the separate return method, the provision for income taxes would have been unchanged.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(9)Related party transactions

We have various agreements with Genworth that provide for reimbursement to and from Genworth of certain administrative and operating expenses that include, but are not limited to, information technology services and administrative services (such as finance, human resources and employee benefit administration). These agreements provide for an allocation of corporate expenses to all Genworth businesses or subsidiaries. We incurred costs for these services of $2.0 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively.

The investment portfolios of our insurance subsidiaries are primarily managed by Genworth. Under the terms of the investment management agreement, we are charged a fee by Genworth. All fees paid to Genworth are charged to investment expense and are included in net investment income in the condensed consolidated statements of income. The total investment expenses paid to Genworth were $1.9 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively.

Our employees participate in certain benefit plans sponsored by Genworth and certain share-based compensation plans that utilize shares of Genworth common stock and other incentive plans.

We paid cash dividends of $24.1 million and $22.8 million to Genworth in the three months ended March 31, 2026 and 2025, respectively. The amount and timing of future dividends will be based upon the prevailing and prospective macro-economic conditions, regulatory landscape and business performance and remain subject to required approvals. We paid Genworth $75.4 million and $53.0 million related to shares repurchased in the three months ended March 31, 2026 and 2025, respectively.

We have a tax sharing agreement in place with Genworth, such that we participate in a single U.S. consolidated income tax return filing. All intercompany balances related to this agreement are settled at least annually.

The condensed consolidated financial statements include the following amounts due to and from Genworth relating to recurring service and expense agreements as of:


(Amounts in thousands)	March 31, 2026		December 31, 2025
Amounts payable to Genworth	$	7,544	$	10,999
Amounts receivable from Genworth	$	153	$	169

(10)Net income per common share

The basic earnings per share computation is based on the weighted average number of shares of common stock outstanding. For the three months ended March 31, 2026 and 2025, the calculation of dilutive weighted average shares considers the impact of restricted stock units and performance stock units issued to employees, as well as deferred stock units issued to our directors.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The calculation of basic and diluted net income per share is as follows:


	Three months ended March 31,
(Amounts in thousands, except per share amounts)	2026		2025
Net income available to EHI common stockholders	$	167,772	$	165,778
Net income per common share:
Basic	$	1.18	$	1.09
Diluted	$	1.18	$	1.08
Weighted average common shares outstanding:
Basic	141,595		151,831
Diluted	142,634		152,907

(11)Changes in accumulated other comprehensive income

The following tables present a roll forward of accumulated other comprehensive income for the three months indicated:


(Amounts in thousands)	Net unrealized investment gains (losses)		Foreign currency translation		Total
Balance as of January 1, 2026, net of tax	$	(24,591)	$	(5,552)	$	(30,143)

Other comprehensive income (loss) before reclassifications	(55,310)		(1,848)		(57,158)
Amounts reclassified from other comprehensive income (loss)	4,590		—		4,590
Total other comprehensive income (loss)	(50,720)		(1,848)		(52,568)
Balance as of March 31, 2026, net of tax	$	(75,311)	$	(7,400)	$	(82,711)

(Amounts in thousands)	Net unrealized investment gains (losses)		Foreign currency translation		Total
Balance as of January 1, 2025, net of tax	$	(207,624)	$	169	$	(207,455)

Other comprehensive income (loss) before reclassifications	56,423		(3,921)		52,502
Amounts reclassified from other comprehensive income (loss)	2,471		—		2,471
Total other comprehensive income (loss)	58,894		(3,921)		54,973
Balance as of March 31, 2025, net of tax	$	(148,730)	$	(3,752)	$	(152,482)

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the effect of the reclassification of significant items out of accumulated other comprehensive income (loss) on the respective line items of the consolidated statements of income, for the periods indicated:


	Amounts reclassified from accumulated other comprehensive income (loss)				Affected line item in the condensed consolidated statements of income
	Three months ended March 31,
(Amounts in thousands)	2026		2025
Net unrealized gains (losses) on investments	$	(5,810)	$	(3,128)		Net investment gains (losses)
Benefit (expense) from income taxes	1,220		657			Provision for income taxes

(12)Stockholders’ equity

Share Repurchase Program

On May 1, 2024 and April 30, 2025, we announced repurchase authorizations that allowed for the repurchase of $250 million and $350 million, respectively, excluding commissions, of EHI common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. On February 3, 2026, we announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $500 million of EHI’s common stock. Under the programs, share repurchases may be made at our discretion from time to time in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, or by other means, including through Rule 10b5-1 trading plans. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact. The programs do not obligate EHI to acquire any amount of common stock, may be suspended or terminated at any time at the Company’s discretion without prior notice, and do not have a specified expiration date.

During the three months ended March 31, 2026, the Company purchased 2,291,215 shares at an average price of $40.66 per share, excluding commissions, compared to 1,962,023 shares at an average price of $33.38 per share, excluding commissions, during the three months ended March 31, 2025. As of March 31, 2026, $467.9 million remained available under the share repurchase program. All treasury stock has been retired as of March 31, 2026.

Subsequent to quarter end, the Company purchased 700,434 shares at an average price of $42.56 per share through April 30, 2026.

Cash Dividends

The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period.


Quarter Ended	2026		2025
March 31	$	0.21	$	0.185
June 30	N/A		0.21
September 30	N/A		0.21
December 31	N/A		0.21
Total dividends per common share declared and paid	$	0.21	$	0.815

Subsequent to quarter end we announced an increase of our quarterly dividend to $0.24 per common share, payable in June 2026.

ENACT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(13)Segment Reporting

We operate our business in a single reportable segment, Mortgage Insurance, which is how our CODM, who is our Chief Executive Officer, reviews our financial performance and allocates resources. We derive revenue primarily through writing and assuming residential mortgage guaranty insurance in the United States. We manage our single segment on a consolidated basis, and our reported measure of segment profit or loss is consolidated net income.

The CODM uses net income to evaluate income generated from segment assets in deciding how to reinvest profits into the core business, or into other parts of the entity, such as new business initiatives or to return capital to shareholders. Net income is also considered in our competitive analysis and financial planning processes.

Our significant segment expenses are those disclosed on our condensed consolidated statements of income and our measure of segment assets are those reported on the condensed consolidated balance sheets.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes for the three months ended March 31, 2026 and 2025, and our audited consolidated financial statements and related notes for the years ended December 31, 2025 and 2024, within our Annual Report on Form 10-K for the fiscal year ending December 31, 2025 (the “Annual Report”).

In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled “Cautionary Note Regarding Forward-Looking Statements” above and Part I, Item 1A “Risk Factors” in our Annual Report. We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Future results could differ significantly from the historical results presented in this section. References to “EHI,” “Enact,” “Enact Holdings,” the “Company,” “we” or “our” herein are, unless the context otherwise requires, to EHI on a consolidated basis.

Key Factors Affecting Our Results

There have been no material changes to the factors affecting our results, as compared to those disclosed in the Annual Report, other than the impact of items as discussed below in “—Trends and Conditions.”

Trends and Conditions

Macroeconomic environment. During the first quarter of 2026, the United States economy continued to be subject to significant volatility and uncertainty, largely related to geopolitical tensions including the Iran conflict, changing economic policies, and continued inflationary pressure. The ancillary effects of these factors on the domestic and global economies could materially impact the United States housing markets and our business.

The Bureau of Labor Statistics reported in March 2026 that Consumer Price Index (“CPI”) inflation was 3.3% year-over-year compared to 2.7% year-over-year in December 2025 while the unemployment rate has fallen slightly to 4.3% in March 2026 from 4.4% in December 2025. Elevated inflation remains a challenge for the Federal Open Market Committee as it navigates heightened uncertainty.

U.S. mortgage rates were especially volatile during the first quarter of 2026. Lower rates earlier in the quarter drove higher refinance volume in the market, while the mortgage origination market remained relatively slow, particularly as rates rose later in the quarter. Over the past few years, housing affordability has deteriorated as elevated mortgage rates and home price appreciation outpaced median family income according to the National Association of Realtors Housing Affordability Index. Despite slowing of house price growth nationally according to the Federal Housing Finance Agency (“FHFA”) Monthly Purchase-Only House Price Index (Seasonally Adjusted), affordability remains challenged.

Regulatory developments. Private mortgage insurance market penetration and eventual market size are affected in part by actions that impact housing or housing finance policy taken by the GSEs and the U.S. government, including but not limited to, the Federal Housing Administration (“FHA”) and the FHFA. In the past, these actions have included announced changes, or potential changes, to underwriting standards, including changes to the GSEs’ automated underwriting systems, FHA pricing, GSE guaranty fees, loan limits and alternative products.

In July 2025, the FHFA announced that it will implement the acceptance of VantageScore 4.0 for mortgages delivered to Fannie Mae and Freddie Mac. The GSEs have since released preliminary

implementation details and timelines, but the full impact of this initiative on our business, processes and financial results remains uncertain.

Competitive environment. The U.S. private mortgage insurance industry is highly competitive. Our market share is influenced by the execution of our go to market strategy, including but not limited to, pricing competitiveness relative to our peers and our selective participation in forward commitment transactions. We continue to manage the quality of new business through pricing and our underwriting guidelines, which are modified from time to time when circumstances warrant. We see the market and underwriting conditions, including the pricing environment, as being within our risk-adjusted return appetite enabling us to write new business at attractive returns. Ultimately, we expect our new insurance written with its strong credit profile and attractive pricing to positively contribute to our future profitability and return on equity.

Our portfolio. New insurance written (“NIW”) of $12.8 billion in the first quarter of 2026 increased 30% compared to the first quarter of 2025. The increase is largely driven by refinance volume in the first quarter. Changes in NIW are primarily impacted by the size of the mortgage insurance market and our market share. Our primary persistency rate was 80% during the first quarter of 2026 and 84% for the first quarter of 2025. The persistency rate decreased largely due to lapse, driven by mortgage rate volatility and increased refinance activity.

Net earned premiums decreased modestly in the first quarter of 2026 compared to the first quarter of 2025 primarily as a result of higher ceded premiums and lapse-driven rate decline partially offset by insurance in-force and assumed premium growth.

Loss experience. Our loss ratio for the three months ended March 31, 2026, was 15% as compared to 12% for the three months ended March 31, 2025. Both periods were impacted by favorable reserve development. In the first quarter of 2026, we released $39 million of reserves, driven by cure performance and loss mitigation activities. This compares to the first quarter of 2025, where we recorded a $47 million reserve release driven by cure performance and loss mitigation activities.

New delinquencies in the first quarter of 2026 increased compared to the first quarter of 2025 due to the normal loss development pattern on newer books. Current period primary delinquencies of 13,559 contributed $76 million of loss expense in the first quarter of 2026. This compares to $75 million of loss expense from 12,237 primary delinquencies that were reported in the first quarter of 2025. In determining the loss expense estimate, considerations were given to recent cure and claim experience and the prevailing and prospective economic conditions.

The severity of loss on loans that go to claim may be negatively impacted by extended forbearance and foreclosure timelines, the associated elevated expenses and the higher loan amount of the recent new delinquencies. These negative influences on loss severity could be mitigated, in part, by embedded home price appreciation. The majority of our mortgage insurance policies limit the number of months of unpaid interest and associated expenses that are included in the mortgage insurance claim amount to a maximum of 36 months.

Capital requirements and ratings. As of March 31, 2026, EMICO’s estimated risk-to-capital ratio under North Carolina law and enforced by the North Carolina Department of Insurance (“NCDOI”), EMICO’s domestic insurance regulator, was 10.0:1, compared with risk-to-capital ratios of 10.1:1 and 10.5:1 as of December 31, 2025, and March 31, 2025, respectively. EMICO’s risk-to-capital ratio remains below the NCDOI’s maximum risk-to-capital ratio of 25:1. North Carolina’s calculation of risk-to-capital excludes the risk in-force for delinquent loans given the established loss reserves against all delinquencies. EMICO’s ongoing risk-to-capital ratio will depend principally on the magnitude of future losses incurred by EMICO, the effectiveness of ongoing loss mitigation activities, new business volume and profitability, the impact of quota share reinsurance, the amount of policy lapses and the amount of additional capital that is generated or distributed by the business.

Under PMIERs, we are subject to operational and financial requirements that private mortgage insurers must meet in order to remain eligible to insure loans that are purchased by the GSEs. As of March 31, 2026, we had estimated available assets of $5,016 million against $3,097 million net required assets under PMIERs compared to available assets of $5,015 million against $3,096 million net required assets as of December 31, 2025. The sufficiency ratio as of March 31, 2026, was 162%, or $1,919 million, above the PMIERs requirements, compared to 162%, or $1,919 million, above the PMIERs requirements as of December 31, 2025. Our PMIERs required assets benefited from a reinsurance credit of $1,944 million and $1,932 million related to third-party reinsurance as of March 31, 2026, and December 31, 2025, respectively.

On August 21, 2024, the GSEs and the FHFA released updated PMIERs requirements phasing in a revision to available asset standards between March 31, 2025, and September 30, 2026. The updated standards differentiate between bonds based on credit quality and liquidity. The updates also establish limits for assets backed by residential mortgages or commercial real estate to mitigate the impact if such assets lose value during periods of housing stress. We expect to hold capital sufficiency well in excess of these requirements and do not expect the impact of these updates to be material to our sufficiency.

Recent transactions. None

Capital returns. In March 2026, our primary mortgage insurance operating company, EMICO, paid a dividend to EHI that supports our ability to return capital to shareholders. We paid a dividend of $0.185 per common share during the first quarter of 2025. In April 2025, we announced an increase of our dividend to $0.21 per common share which was paid quarterly through March 2026. In May 2026, we announced the increase of our quarterly dividend from $0.21 to $0.24 per common share, payable in June 2026. Future dividend payments are subject to quarterly review and approval by our Board of Directors and Genworth and will be targeted to be paid in the third month of each quarter.

On May 1, 2024, we announced the authorization of a share repurchase program that allowed for the repurchase of up to $250 million of EHI’s common stock. The Company completed the repurchase of shares under this authorization in the second quarter of 2025. On April 30, 2025, we announced the authorization of a new share repurchase program that allowed for the repurchase of up to an additional $350 million of EHI’s common stock. The Company completed the repurchase of shares under this authorization during the first quarter of 2026. On February 3, 2026, we announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $500 million of EHI’s common stock. Under the programs, share repurchases may be made at our discretion from time to time in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, or by other means, including through Rule 10b5-1 trading plans. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact. We expect the timing and amount of any future share repurchases will be opportunistic and will depend on a variety of factors, including EHI’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The programs do not obligate EHI to acquire any amount of common stock, may be suspended or terminated at any time at the Company’s discretion without prior notice, and do not have a specified expiration date.

Returning capital to shareholders, balanced with our growth and risk management priorities, remains a priority as we look to drive shareholder value through time. Future return of capital will be shaped by our capital prioritization framework, which sets the following priorities: supporting our existing policyholders, growing our mortgage insurance business, funding attractive new business opportunities and returning capital to shareholders. Our total return of capital will also be based on our view of the prevailing and prospective macroeconomic conditions, regulatory landscape and business performance.

Results of Operations and Key Metrics

Results of Operations

Three months ended March 31, 2026, compared to three months ended March 31, 2025

The following table sets forth our consolidated results for the periods indicated:


	Three months ended March 31,						Increase (decrease) and percentage change
(Amounts in thousands)	2026			2025			2026 vs. 2025
Revenues:
Premiums	$	242,850		$	244,786		$	(1,936)	(1)	%
Net investment income	70,906			63,037			7,869		12	%
Net investment gains (losses)	(5,823)			(3,243)			(2,580)		(80)	%
Other income	4,136			2,196			1,940		88	%
Total revenues	312,069			306,776			5,293		2	%
Losses and expenses:
Losses incurred	37,161			30,541			6,620		22	%
Acquisition and operating expenses, net of deferrals	47,037			50,094			(3,057)		(6)	%
Amortization of deferred acquisition costs and intangibles	2,123			2,429			(306)		(13)	%
Interest expense	12,368			12,291			77		1	%

Total losses and expenses	98,689			95,355			3,334		3	%
Income before income taxes	213,380			211,421			1,959		1	%
Provision for income taxes	45,608			45,643			(35)		—	%
Net income	$	167,772		$	165,778		$	1,994	1	%
Loss ratio (1)	15		%	12		%
Expense ratio (2)	20		%	21		%
Net earned premium rate (3)	0.34		%	0.35		%

_______________

(1)Loss ratio is calculated by dividing losses incurred by net earned premiums.

(2)Expense ratio is calculated by dividing acquisition and operating expenses, net of deferrals, plus amortization of deferred acquisition costs and intangibles by net earned premiums.

(3)Net earned premium rate is calculated by dividing direct earned premium less ceded premium, by average primary IIF.

Revenues

Premiums decreased modestly for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, as a result of higher ceded premiums and partially offset by insurance in-force and assumed premium growth. The net earned premium rate was 0.34% for the three months ended March 31, 2026, relatively consistent with 0.35% for the three months ended March 31, 2025.

Net investment income increased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to higher yields and higher average invested assets.

Net investment losses in the first quarter of 2026 and 2025 were driven primarily by realized losses on the sale of fixed maturity securities.

Losses and expenses

Losses incurred during the first quarter of 2026 and 2025 were both impacted by prior year development. In the first quarter of 2026, we recorded a reserve release of $39 million, driven by cure performance and loss mitigation activities. In the first quarter of 2025, we recorded a reserve release of $47 million primarily related to cure performance of delinquencies and loss mitigation activities. Current period primary delinquencies of 13,559 contributed $76 million of loss expense in the three months ended March 31, 2026. This compares to $75 million of loss expense from 12,237 primary delinquencies in the three months ended March 31, 2025.

The following table shows incurred losses for domestic mortgage insurance related to current and prior accident years for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Losses and LAE incurred related to current accident year	$	79,309	$	77,842
Losses and LAE incurred related to prior accident years	(46,214)		(51,789)
Total incurred (1)	$	33,095	$	26,053

_______________

(1)Excludes other reserves.

Acquisition and operating expenses, net of deferrals, decreased for the three months ended March 31, 2026, primarily due to higher ceding commissions and lower professional services expenses.

The expense ratio decreased slightly as the decline in expenses outpaced the decline in premiums.

Interest expense primarily relates to our 2029 Notes. For additional details see Note 7 to our unaudited condensed consolidated financial statements.

Provision for income taxes

The effective tax rate was 21.4% and 21.6% for the three months ended March 31, 2026 and 2025, respectively, consistent with the United States corporate federal income tax rate.

Use of Non-GAAP Financial Measures

We use a non-U.S. GAAP (“non-GAAP”) financial measure entitled “adjusted operating income.” This non-GAAP financial measure is additionally evaluated by both management and our Board of Directors. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. This measure has been established in order to increase transparency for the purposes of evaluating our core operating trends and enabling more meaningful comparisons with our peers. Although “adjusted operating income” is a non-GAAP financial measure, for the reasons discussed above we believe this measure aids in understanding the underlying performance of our operations.

“Adjusted operating income” is defined as U.S. GAAP net income excluding the effects of (i) net investment gains (losses), (ii) reorganization or restructuring costs and infrequent or unusual non-operating items, and (iii) gains (losses) on the extinguishment of debt.

(i)Net investment gains (losses) — The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in

the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them as indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income.

(ii)Reorganization or restructuring costs and infrequent or unusual non-operating items are also excluded from adjusted operating income if, in our opinion, they are not indicative of overall operating trends.

(iii)Gains (losses) on the extinguishment of debt are also excluded from adjusted operating income, as we do not view them as indicative of overall operating trends.

In reporting non-GAAP measures in the future, we may make other adjustments for expenses and gains we do not consider reflective of core operating performance in a particular period. We may disclose other non-GAAP operating measures if we believe that such a presentation would be helpful for investors to evaluate our operating condition by including additional information.

Adjusted operating income is not a measure of total profitability, and therefore should not be considered in isolation or viewed as a substitute for U.S. GAAP net income. Our definition of adjusted operating income may not be comparable to similarly named measures reported by other companies, including our peers.

Adjustments to reconcile net income to adjusted operating income assume a 21% tax rate (unless otherwise indicated).

The following table includes a reconciliation of net income to adjusted operating income for the periods indicated:


	Three months ended March 31,
(Amounts in thousands)	2026		2025
Net income	$	167,772	$	165,778
Adjustments to net income:
Net investment (gains) losses	5,823		3,243
Costs associated with reorganization	—		629

Taxes on adjustments	(1,223)		(813)
Adjusted operating income	$	172,372	$	168,837

Adjusted operating income increased for the three months ended March 31, 2026, as compared to March 31, 2025, primarily due to higher net investment income and lower expenses, partially offset by higher losses.

Key Metrics

Management reviews the key metrics included within this section when analyzing the performance of our business. The metrics provided in this section are on a direct basis related to our domestic mortgage insurance portfolio.

The following table sets forth selected operating performance measures on a primary basis as of or for the periods indicated:


	Three months ended March 31,
(Dollar amounts in millions)	2026		2025
New insurance written	$12,786		$9,818
Primary insurance in-force(1)	$272,475		$268,366
Primary risk in-force	$71,245		$69,937
Persistency rate	80	%	84	%
Primary policies in-force (count)	943,892		955,210
Delinquent loans (count)	24,670		22,349
Delinquency rate	2.61	%	2.34	%

_______________

(1)Represents the aggregate unpaid principal balance for loans we insure.

New insurance written (“NIW”)

NIW for the three months ended March 31, 2026, increased compared to the three months ended March 31, 2025, primarily due to higher mortgage refinancing originations in the current period.

The following table presents NIW by product for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
Primary	$	12,786	100	%	$	9,818	100	%
Pool	—		—		—		—
Total	$	12,786	100	%	$	9,818	100	%

The following table presents primary NIW by underlying type of mortgage for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
Purchases	$	9,783	77	%	$	9,139	93	%
Refinances	3,003		23		679		7
Total	$	12,786	100	%	$	9,818	100	%

Refinance volume has increased in 2026 as a result of mortgage rate volatility.

The following table presents primary NIW by policy payment type for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
Monthly	$	12,322	96	%	$	9,229	94	%
Single	447		4		576		6
Other	17		—		13		—
Total	$	12,786	100	%	$	9,818	100	%

The following table presents primary NIW by FICO score for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
Over 760	$	6,640	52	%	$	4,989	51	%
740-759	2,197		17		1,590		16
720-739	1,446		11		1,280		13
700-719	1,107		9		894		9
680-699	741		6		548		6
660-679 (1)	407		3		313		3
640-659	164		1		145		1
620-639	80		1		51		1
<620	4		—		8		—
Total	$	12,786	100	%	$	9,818	100	%

______________

(1)Loans with unknown FICO scores are included in the 660-679 category.

Loan-to-value (“LTV”) ratio is calculated by dividing the original loan amount, excluding financed premium, by the property’s acquisition value or fair market value at the time of origination. The following table presents primary NIW by LTV ratio for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
95.01% and above	$	2,255	18	%	$	2,019	21	%
90.01% to 95.00%	4,645		36		3,571		36
85.01% to 90.00%	3,878		30		2,913		30
85.00% and below	2,008		16		1,315		13
Total	$	12,786	100	%	$	9,818	100	%

Debt-to-income (“DTI”) ratio is calculated by dividing the borrower’s total monthly debt obligations by total monthly gross income. The following table presents primary NIW by DTI ratio for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026				2025
45.01% and above	$	3,530	28	%	$	2,852	29	%
38.01% to 45.00%	4,516		35		3,591		37
38.00% and below	4,740		37		3,375		34
Total	$	12,786	100	%	$	9,818	100	%

Insurance in-force (“IIF”) and Risk in-force (“RIF”)

IIF decreased since December 31, 2025, as policy lapse and cancellations outpaced NIW. The primary persistency rate was 80% and 84% for the three months ended March 31, 2026 and 2025, respectively. RIF remained relatively flat from December 31, 2025.

The following table sets forth IIF and RIF as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
Primary IIF	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%
Pool IIF	317		—		331		—		367		—
Total IIF	$	272,792	100	%	$	273,478	100	%	$	268,733	100	%

Primary RIF	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%
Pool RIF	49		—		51		—		55		—
Total RIF	$	71,294	100	%	$	71,414	100	%	$	69,992	100	%

The following table sets forth primary IIF and primary RIF by origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
Purchases IIF	$	248,108	91	%	$	249,902	91	%	$	244,409	91	%
Refinances IIF	24,367		9		23,245		9		23,957		9
Total IIF	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

Purchases RIF	$	65,562	92	%	$	65,890	92	%	$	64,228	92	%
Refinances RIF	5,683		8		5,473		8		5,709		8
Total RIF	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

The following table sets forth primary IIF and primary RIF by product as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
Monthly IIF	$	247,652	91	%	$	247,776	91	%	$	241,572	90	%
Single IIF	23,341		9		23,844		9		25,108		9
Other IIF	1,482		—		1,527		—		1,686		1
Total IIF	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

Monthly RIF	$	65,830	92	%	$	65,836	92	%	$	64,113	92	%
Single RIF	5,034		7		5,135		7		5,395		8
Other RIF	381		1		392		1		429		—
Total RIF	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

The following table sets forth primary IIF by policy year as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
2008 and prior	$	4,090	1	%	$	4,219	2	%	$	4,706	2	%
2009-2018	9,745		4		10,420		3		12,727		5
2019	9,004		3		9,539		4		10,966		4
2020	26,457		10		28,074		10		33,268		12
2021	43,642		16		45,945		17		54,493		20
2022	44,323		16		46,173		17		51,444		19
2023	36,203		13		38,250		14		43,938		16
2024	39,904		15		42,043		15		47,107		18
2025	46,414		17		48,484		18		9,717		4
2026	12,693		5		—		—		—		—
Total	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

The following table sets forth primary RIF by policy year as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
2008 and prior	$	1,058	2	%	$	1,092	2	%	$	1,217	2	%
2009-2018	2,512		4		2,690		3		3,300		5
2019	2,361		3		2,499		4		2,867		4
2020	7,312		10		7,739		11		9,119		13
2021	11,906		17		12,482		17		14,427		21
2022	11,477		16		11,884		17		13,102		19
2023	9,450		13		9,967		14		11,403		16
2024	10,277		14		10,812		15		12,070		17
2025	11,694		16		12,198		17		2,432		3
2026	3,198		5		—		—		—		—
Total	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

The following table presents the development of primary IIF for the periods indicated:


	Three months ended March 31,
(Amounts in millions)	2026		2025
Beginning balance	$	273,147	$	268,825
NIW	12,786		9,818
Cancellations, principal repayments and other reductions (1)	(13,458)		(10,277)
Ending balance	$	272,475	$	268,366

______________

(1)Includes the estimated amortization of unpaid principal balance of covered loans.

The following table sets forth primary IIF by LTV ratio at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
95.01% and above	$	54,887	20	%	$	54,221	20	%	$	51,280	19	%
90.01% to 95.00%	114,298		42		114,315		42		112,086		42
85.01% to 90.00%	77,424		28		78,746		29		79,332		29
85.00% and below	25,866		10		25,865		9		25,668		10
Total	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

The following table sets forth primary RIF by LTV ratio at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
95.01% and above	$	15,841	22	%	$	15,608	22	%	$	14,682	21	%
90.01% to 95.00%	33,260		47		33,260		47		32,597		47
85.01% to 90.00%	19,065		27		19,410		27		19,583		28
85.00% and below	3,079		4		3,085		4		3,075		4
Total	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

The following table sets forth primary IIF by FICO score at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
Over 760	$	120,104	44	%	$	120,093	44	%	$	115,914	43	%
740-759	44,933		16		44,898		16		43,924		17
720-739	37,668		14		37,897		14		37,643		14
700-719	29,323		11		29,486		11		29,629		11
680-699	20,630		8		20,773		8		21,082		8
660-679 (1)	11,016		4		11,091		4		11,126		4
640-659	5,909		2		5,988		2		6,068		2
620-639	2,381		1		2,398		1		2,419		1
<620	511		—		523		—		561		—
Total	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

______________

(1)Loans with unknown FICO scores are included in the 660-679 category.

The following table sets forth primary RIF by FICO score at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
Over 760	$	31,204	44	%	$	31,186	44	%	$	30,093	43	%
740-759	11,783		16		11,765		16		11,493		17
720-739	9,994		14		10,049		14		9,939		14
700-719	7,697		11		7,727		11		7,711		11
680-699	5,382		8		5,412		8		5,464		8
660-679 (1)	2,900		4		2,913		4		2,901		4
640-659	1,545		2		1,564		2		1,574		2
620-639	611		1		615		1		619		1
<620	129		—		132		—		143		—
Total	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

______________

(1)Loans with unknown FICO scores are included in the 660-679 category.

The following table sets forth primary IIF by DTI score at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
45.01% and above	$	65,792	24	%	$	65,275	24	%	$	60,714	23	%
38.01% to 45.00%	99,527		37		99,748		36		97,492		36
38.00% and below	107,156		39		108,124		40		110,160		41
Total	$	272,475	100	%	$	273,147	100	%	$	268,366	100	%

The following table sets forth primary RIF by DTI score at origination as of the dates indicated:


(Amounts in millions)	March 31, 2026				December 31, 2025				March 31, 2025
45.01% and above	$	17,299	24	%	$	17,150	24	%	$	15,910	23	%
38.01% to 45.00%	25,857		36		25,893		36		25,273		36
38.00% and below	28,089		40		28,320		40		28,754		41
Total	$	71,245	100	%	$	71,363	100	%	$	69,937	100	%

Delinquent loans and claims

Our delinquency management process begins with notification by the loan servicer of a delinquency on an insured loan. “Delinquency” is defined in our master policies as the borrower’s failure to pay when due an amount equal to the scheduled monthly mortgage payment under the terms of the mortgage. Generally, our master policies require an insured to notify us of a delinquency if the borrower fails to make two consecutive monthly mortgage payments prior to the due date of the next mortgage payment. Borrowers default for a variety of reasons, including but not limited to a reduction of income, unemployment, divorce, illness/death, inability to manage credit, falling home prices and interest rate levels. Borrowers may cure delinquencies by making all of the delinquent loan payments, agreeing to a loan modification, or by selling the property in full satisfaction of all amounts due under the mortgage. In most cases, delinquencies that are not cured result in a claim under our policy.

The following table shows a roll forward of the number of primary loans in default for the periods indicated:


	Three months ended March 31,
(Loan count)	2026	2025
Number of delinquencies, beginning of period	24,885	23,566
New defaults	13,559	12,237
Cures	(13,477)	(13,263)
Claims paid	(280)	(179)
Rescissions and claim denials	(17)	(12)
Number of delinquencies, end of period	24,670	22,349

The following table sets forth changes in our direct primary case loss reserves for the periods indicated:


	Three months ended March 31,
(Amounts in thousands) (1)	2026		2025
Loss reserves, beginning of period	$	515,126	$	472,110
Claims paid	(19,696)		(10,018)
Change in reserve	36,876		27,237
Loss reserves, end of period	$	532,306	$	489,329

______________

(1)Direct primary case reserves exclude LAE, pool, IBNR and reinsurance reserves.

The following tables set forth primary delinquencies, direct primary case reserves and RIF by aged missed payment status as of the dates indicated:


	March 31, 2026
(Dollar amounts in millions)	Delinquencies	Direct primary case reserves (1)		Risk in-force		Reserves as % of risk in-force
Payments in default:
3 payments or less	11,917	$	100	$	839	12	%
4 - 11 payments	8,961	215		685		31	%
12 payments or more	3,792	217		286		76	%
Total	24,670	$	532	$	1,810	29	%


	December 31, 2025
(Dollar amounts in millions)	Delinquencies	Direct primary case reserves (1)		Risk in-force		Reserves as % of risk in-force
Payments in default:
3 payments or less	12,647	$	104	$	867	12	%
4 - 11 payments	8,591	206		641		32	%
12 payments or more	3,647	205		270		76	%
Total	24,885	$	515	$	1,778	29	%


	March 31, 2025
(Dollar amounts in millions)	Delinquencies	Direct primary case reserves (1)		Risk in-force		Reserves as % of risk in-force
Payments in default:
3 payments or less	10,646	$	102	$	714	14	%
4 - 11 payments	8,420	210		618		34	%
12 payments or more	3,283	177		225		79	%
Total	22,349	$	489	$	1,557	31	%

______________

(1)Direct primary case reserves exclude LAE, pool, IBNR and reinsurance reserves.

The total reserves as a percentage of RIF as of March 31, 2026, has remained consistent compared to December 31, 2025.

Primary insurance delinquency rates differ from region to region in the United States at any one time depending upon economic conditions and cyclical growth patterns. Delinquency rates are shown by region based upon the location of the underlying property, rather than the location of the lender.

The table below sets forth our primary delinquency rates for the ten largest states by our primary RIF as of March 31, 2026:


	Percent of RIF		Percent of direct primary case reserves		Delinquency rate
By state:
California	12	%	13	%	2.90	%
Texas	9		9		2.84	%
Florida (1)	9		14		3.41	%
New York (1)	5		8		3.31	%
Illinois (1)	4		5		3.16	%
Arizona	4		4		2.87	%
Michigan	4		3		2.36	%
Georgia	3		4		3.25	%
North Carolina	3		2		2.10	%
Pennsylvania	3		3		2.30	%
All other states (2)	44		35		2.28	%
Total	100	%	100	%	2.61	%

______________

(1)Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed.

(2)Includes the District of Columbia.

The table below sets forth our primary delinquency rates for the ten largest states by our primary RIF as of December 31, 2025:


	Percent of RIF		Percent of direct primary case reserves		Delinquency rate
By state:
California	12	%	13	%	2.84	%
Texas	9		9		2.81	%
Florida

Enact Holdings, Inc. 10-Q