Radian Group Inc.

Thank you for standing by. Welcome to the second quarter of 2025 Radiant Group Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Cobell, Head of Investor Relations and Capital Management. Please go ahead.

Thank you, and welcome to Radiant's second quarter 2025 conference call. Our press release, which contains Radiant's financial results for the quarter, was issued yesterday evening and is posted to the investor section of our website at Radiant.com. This press release includes certain non-GAAP measures that may be discussed during today's call, including adjusted pre-tax operating income, adjusted diluted net operating income per share, and adjusted net operating return on equity. A complete description of all of our non-GAAP measures may be found in press release Exhibit F, and reconciliations of these measures to the most comparable GAAP measures may be found in press release Exhibit G. These exhibits are on the investor section of our website. Today, you will hear from Rick Thornberry, Radiant's Chief Executive Officer, and Sumit Upandit, President and Chief Financial Officer. Before we begin, I would like to remind you that comments made during the call will include forward-looking statements. These statements are based on current expectations, estimates, projections, and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements included in our earnings release and the risk factors included in our 2024 Forum 10-K and subsequent reports filed with the SEC. These are also available on our website. Now, I would like to turn the call over to Rick.

Good morning, and thank you all for joining us today. I am pleased to report strong performance for Radiant in the second quarter and the first half of the year. Our results continue to reflect the strength of our high-quality mortgage insurance portfolio, as well as our disciplined approach to capital management and operational efficiency. I will start by sharing a few financial and business highlights. We increased book value per share by 12% year over year, generating net income of $142 million in the second quarter and delivering a return on equity of 12.5%. Our primary mortgage insurance enforce, which is the main driver of future earnings for our company, grew to another all-time high of $277 billion. And consistent with trends over the last several quarters, our mortgage insurance portfolio delivered strong credit performance, with cures exceeding new defaults during the quarter. Overall, our outlook for our mortgage insurance business remains positive. Our strong financial position and capital flexibility have allowed us to deliver excellent financial results and help our customers transform risk into opportunity while also returning value to our stockholders. Turning to the housing and mortgage market, there's no shortage of headlines today about the challenges facing the housing market, particularly with regard to housing supply constraints and elevated home prices. While these factors challenge affordability, there is stability in the consumer and labor market, including positive employment trends and wage growth. At the same time, housing demand remains strong, especially among first-time home buyers as millennials, the largest generation in American history, have moved into their prime home buying years. While these are prominent market trends nationally, they vary in each region across the country. And the future outlook for each of these regions also evolves over time, which is why our approach is grounded in data. We take these market factors and regional nuances into account as we leverage our proprietary data and analytics, including our radar rates risk-based pricing to inform our strategic pricing decisions. This allows us to dynamically adjust our market and credit segment exposure, taking into consideration national and regional trends in order to maximize economic value for our company and stockholders. I'm proud to say since 1977, Radiant has supported lenders and their borrowers by helping more than 8.5 million families achieve their dream of homeownership in an affordable, responsible, and sustainable way. For many families, it's been estimated to take more than two decades to save for a 20% down payment. Our private mortgage insurance products helps qualified borrowers overcome this financial hurdle while also creating a path to potential wealth accumulation with their home as an investment. The recent passage of the One Big Beautiful Bill Act further enhances this supportability as mortgage insurance premiums are once again tax deductible. And as I've said before, our mortgage insurance industry is well positioned to play our important role in the housing finance system and serve as the only source of permanent private capital that stands in front of U.S. taxpayers, consistently underwriting mortgage credit risks through the market cycles. As a result, we remain closely aligned with policymakers on Capitol Hill, the administration, and the FHFA to continue to work with our state and our shared mission, abridging the gap to affordable, responsible, and sustainable homeownership for more Americans through various economic cycles. Sumitra will now cover the details of our financial and capital positions.