NMI Holdings Inc

only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to John Swenson of management. Please go ahead.

Thank you, Operator. Good afternoon and welcome to the 2025 First Quarter Conference Call for National MI. I'm John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Schuster, Executive Chairman, Adam Politzer, President and Chief Executive Officer, and Aurora Swithinbank, our Chief Financial Officer. Financial results for the quarter were released after the close today. The press release may be accessed on NMI's website located at nationalmi.com under the Investors tab. During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results or trends to differ materially from those discussed on the call can be found on our website or through our regulatory filings with the SEC. If and to the extent the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments. Further, no one should rely on the fact that the guidance of such statements is current at any time other than the time of this call. Also note that on this call, we may refer to certain non-GAAP measures. In today's press release and on our website, we provided a reconciliation of these measures to the most comparable measures under GAAP.

Now I'll turn the call over to Brad. Thank you, John, and good afternoon, everyone. I'm pleased to report that in the first quarter, National MI again delivered strong operating performance, continued growth in our insured portfolio, and record financial results. Our lenders and their borrowers continued to turn to us for critical down payment support, and in the first quarter, we generated $9.2 billion of NIW volume ending the quarter with a record $211.3 billion of high-quality, high-performing primary insurance and force. In Washington, our conversations remain active and constructive. We'd like to congratulate Bill Pulte on his confirmation as director of the FHFA. Under Director Pulte's leadership, the FHFA and GSEs have brought a renewed focus to the housing market and housing finance issues with an overarching goal to help more Americans than ever before unlock the dream of home ownership. We have long noted that there is broad recognition of the unique and valuable role that the private mortgage insurance industry plays, working to consistently expand access to home ownership and all the benefits it provides while also placing private capital in front of the GSEs and taxpayers to ensure the safety and soundness of the conventional mortgage market. National MI and the broader private mortgage insurance industry have never been stronger or better positioned to provide this critical support than we are today. And we're excited to work with Director Pulte and other members of the administration to advance their important housing goals. With that, let me turn it over to Adam.