NMI Holdings Inc

Good day and welcome to the MNI Holdings, Inc. First Quarter 2026 Earnings Conference Call. All participants will be in listen-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 touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I'd now like to turn the conference over to John Swenson of Management. Please go ahead.

Thank you, operator. Good afternoon and welcome to the 2026 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. The initial results for the quarter were released after the close today. The press release may be accessed on NANMI'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 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 on-gap measures. In today's press release and on our website, We've provided a reconciliation of these measures to the most comparable measures under GAAP. Now I'll turn the call over to Brett.

Thank you, John, and good afternoon, everyone. I'm pleased to report that in the first quarter, National MI again delivered standout operating performance, continued growth in our insured portfolio, and strong financial results. Our lenders and their borrowers continued to turn to us for critical down payment support. And in the first quarter, we generated $12.3 billion of NIW volume, ending the period with a record $222.3 billion of high quality, high performing primary insurance and force. In Washington, our conversations remain active and constructive. We have long noted that there is bipartisan recognition of the unique and valuable role that the private mortgage insurance industry plays. We are in the market every day with a clear mandate and purpose, offering a low-cost, high-value solution that helps borrowers bridge the down payment gap and meaningfully reduces the cash required at the closing table. In the process, we help to make home ownership more affordable and achievable for millions of Americans in communities across the country, with coverage that works to insulate the GSEs and taxpayers from risk and loss in a downturn. National MI and the broader private MI industry have never been stronger or better positioned to provide support than we are today. and we're looking forward to continuing to work with the administration to advance their important housing goals. With that, let me turn it over to Adam.