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Press Release · Essent Group Ltd.

Essent Group Ltd. Announces Third Quarter 2026 Results and Declares Quarterly Dividend

NYSEESNT

Distributed by Smart Finance Review · Originally issued via SEC EDGAR

HAMILTON, Bermuda, November 6, 2026 — Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2026 of $163.4 million or $1.82 per diluted share, compared to $164.2 million or $1.67 per diluted share for the quarter ended September 30, 2025.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on December 10, 2026 to shareholders of record on December 1, 2026.

“Our third quarter results reflect the earnings power of our mortgage insurance and reinsurance franchise,” said Mark A. Casale, Chairman and Chief Executive Officer. “With the solid credit quality of our insurance in force and our strong capital position, we are well positioned to deliver high-quality earnings with continued flexibility to invest in the business and return capital to shareholders.”

Financial Highlights:

•Mortgage new insurance written for the third quarter of 2026 was $12.1 billion, compared to $14.1 billion in the second quarter of 2026 and $12.2 billion in the third quarter of 2025.

•Mortgage insurance in force as of September 30, 2026 was $250.1 billion, compared to $249.7 billion as of June 30, 2026 and $248.8 billion as of September 30, 2025.

•Reinsurance net premiums written for the nine months ended September 30, 2026 were $330.3 million, compared to $49.3 million in the same period of 2025.

•Net investment income for the nine months ended September 30, 2026 was $183.8 million, up 4% from the comparable period in 2025.

•Year-to-date through October 31, 2026, Essent repurchased 7.7 million common shares for $474 million.

•In November 2026, our Board approved a $500 million share repurchase authorization that runs through year-end 2028.

Conference Call:

Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx.

Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain a dial-in number and unique PIN. It is recommended that participants join 15 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call.

A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year.

In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.

Forward-Looking Statements:

This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 18, 2026, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About the Company:

Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.

Media Contact

610.230.0556

[email protected]

Investor Relations Contact

Frank Fanto

Head of Investor Relations

855-809-ESNT

[email protected]

Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2026
Exhibit ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data (Unaudited)
Exhibit DYear-to-Date Segment Results (Unaudited)
Exhibit EHistorical Quarterly Segment Information (Unaudited)
Exhibit FMortgage Insurance - Historical Quarterly Data
Exhibit GMortgage Insurance - New Insurance Written
Exhibit HMortgage Insurance - Insurance in Force and Risk in Force
Exhibit IMortgage Insurance - Vintage Data
Exhibit JMortgage Insurance - Outward Reinsurance Vintage Data
Exhibit KMortgage Insurance - Geographic Data
Exhibit LMortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE
Exhibit MMortgage Insurance - Detail of Reserves by Default Delinquency
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit OReinsurance
Exhibit PCash & Investments
Exhibit QBook Value Per Share Inclusive of Common Dividends & Reconciliation of Non-GAAP Financial Measures
Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share amounts)2026202520262025
Revenues:
Gross premiums written$342,429 $280,796 $1,116,059 $828,062 
Ceded premiums(39,555)(38,968)(111,231)(106,475)
Net premiums written302,874 241,828 1,004,828 721,587 
(Increase) decrease in unearned premiums(12,202)4,504 (177,299)19,402 
Net premiums earned290,672 246,332 827,529 740,989 
Net investment income62,952 59,795 183,819 177,294 
Realized investment gains (losses), net(1,626)(425)(1,884)(735)
Income from other invested assets10,724 1,770 40,288 13,644 
Other income11,461 4,358 23,189 17,339 
Total revenues374,183 311,830 1,072,941 948,531 
Losses and expenses:
Provision for losses and LAE83,489 44,922 180,666 93,264 
Other underwriting and operating expenses83,490 59,498 231,731 193,387 
Interest expense8,162 8,251 24,458 24,547 
Total losses and expenses175,141 112,671 436,855 311,198 
Income before income taxes199,042 199,159 636,086 637,333 
Income tax expense35,666 34,944 111,197 102,346 
Net income$163,376 $164,215 $524,889 $534,987 
Earnings per share:
Basic$1.84 $1.69 $5.76 $5.35 
Diluted1.82 1.67 5.71 5.29 
Weighted average shares outstanding:
Basic88,964 97,400 91,156 100,086 
Diluted89,774 98,519 91,894 101,155 
Net income$163,376 $164,215 $524,889 $534,987 
Other comprehensive income (loss):
Unrealized appreciation (depreciation) of investments(168,983)50,241 (207,660)138,559 
Comprehensive income (loss)$(5,607)$214,456 $317,229 $673,546 
Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In thousands, except per share amounts)20262025
Assets
Investments
Fixed maturities available for sale, at fair value$5,367,841 $5,455,593 
Short-term investments available for sale, at fair value504,142 648,492 
Total investments available for sale5,871,983 6,104,085 
Other invested assets451,948 382,513 
Total investments6,323,931 6,486,598 
Cash160,670 123,049 
Accrued investment income46,662 47,371 
Accounts receivable186,991 51,267 
Deferred policy acquisition costs74,010 9,547 
Property, equipment and software, net46,556 49,189 
Prepaid federal income tax488,825 513,425 
Goodwill and acquired intangible assets, net77,101 78,153 
Other assets153,463 82,404 
Total assets$7,558,209 $7,441,003 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$585,478 $446,822 
Unearned premium reserve269,029 91,730 
Net deferred tax liability422,475 465,351 
Senior notes due 2029, net496,308 495,301 
Other accrued liabilities229,854 185,072 
Total liabilities2,003,144 1,684,276 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 88,769 shares in 2026 and 95,456 shares in 20251,332 1,432 
Additional paid-in capital227,604 649,895 
Accumulated other comprehensive loss(359,645)(151,985)
Retained earnings5,685,774 5,257,385 
Total stockholders' equity 5,555,065 5,756,727 
Total liabilities and stockholders' equity$7,558,209 $7,441,003 
Return on average equity (1)12.4%12.1%
(1) The 2026 return on average equity is calculated by dividing annualized year-to-date 2026 net income by average equity. The 2025 return on average equity is calculated by dividing full year 2025 net income by average equity.
Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)
20262025
September 30June 30March 31December 31September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned$290,672 $276,764 $260,093 $242,729 $246,332 
Net investment income62,952 61,612 59,255 59,223 59,795 
Realized investment gains (losses), net(1,626)(111)(147)(188)(425)
Income from other invested assets10,724 19,385 10,179 3,942 1,770 
Other income (1)11,461 5,036 6,692 6,698 4,358 
Total revenues374,183 362,686 336,072 312,404 311,830 
Losses and expenses:
Provision for losses and LAE83,489 48,961 48,216 56,073 44,922 
Other underwriting and operating expenses83,490 75,258 72,983 63,653 59,498 
Interest expense8,162 8,148 8,148 8,149 8,251 
Total losses and expenses175,141 132,367 129,347 127,875 112,671 
Income before income taxes199,042 230,319 206,725 184,529 199,159 
Income tax expense (2)35,666 40,605 34,926 29,547 34,944 
Net income$163,376 $189,714 $171,799 $154,982 $164,215 
Earnings per share:
   Basic$1.84 $2.09 $1.83 $1.62 $1.69 
   Diluted1.82 2.08 1.82 1.60 1.67 
Weighted average shares outstanding:
   Basic88,964 90,740 93,818 95,772 97,400 
   Diluted89,774 91,389 94,572 96,664 98,519 
Book value per share$62.58 $63.01 $61.20 $60.31 $58.86 
Return on average equity (annualized)11.7 %13.4 %12.0 %10.8 %11.5 %
Senior debt & credit facility:
Borrowings outstanding$500,000 $500,000 $500,000 $500,000 $500,000 
Undrawn committed capacity$500,000 $500,000 $500,000 $500,000 $500,000 
Weighted average interest rate (end of period)6.25 %6.25 %6.25 %6.25 %6.25 %
Debt-to-capital8.26 %8.11 %8.07 %7.99 %8.01 %
Cash and investments available for sale at the holding companies$959,062 $1,108,667 $1,144,112 $1,268,579 $1,038,747 
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, were $5,693, ($323), $37, ($526), and ($858), respectively.
(2) Income tax expense for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025 includes $3,440, $3,954, $2,407, $366, and $493, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarters ended December 31, 2025 and September 30, 2025 also includes ($396) and ($828), respectively, of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2026 also includes ($1,067) of excess tax benefits associated with the vesting of common shares and common share units.
Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
Year-to-Date Segment Results (Unaudited)
The following tables set forth comparative financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the nine months ended September 30, 2026 and 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
($ in thousands)Mortgage InsuranceReinsuranceCorporate & OtherConsolidatedMortgage InsuranceReinsuranceCorporate & OtherConsolidated
Revenues:
Net premiums earned$642,283 $136,993 $48,253 $827,529 $654,069 $45,913 $41,007 $740,989 
Net investment income132,540 16,299 34,980 183,819 130,731 15,358 31,205 177,294 
Realized investment gains (losses), net(1,893)— 9 (1,884)(652)— (83)(735)
Income from other invested assets24,690 — 15,598 40,288 6,223 — 7,421 13,644 
Other income10,551 5,487 7,151 23,189 3,962 6,453 6,924 17,339 
Total revenues808,171 158,779 105,991 1,072,941 794,333 67,724 86,474 948,531 
Losses and expenses:
Provision for losses and LAE118,720 59,684 2,262 180,666 90,213 105 2,946 93,264 
Compensation and benefits46,651 5,668 46,035 98,354 49,665 3,586 46,336 99,587 
Premium and other taxes17,981 44 1,442 19,467 17,558 35 1,735 19,328 
Acquisition costs, net (3)(23,142)38,382 — 15,240 (20,257)1,129 — (19,128)
Other underwriting and operating expenses32,272 2,916 63,482 98,670 29,868 2,658 61,074 93,600 
Net operating expenses before allocations73,762 47,010 110,959 231,731 76,834 7,408 109,145 193,387 
Corporate expense allocations27,645 1,962 (29,607)— 28,864 975 (29,839)— 
Operating expenses after allocations101,407 48,972 81,352 231,731 105,698 8,383 79,306 193,387 
Interest expense— — 24,458 24,458 — — 24,547 24,547 
Income (loss) before income taxes$588,044 $50,123 $(2,081)$636,086 $598,422 $59,236 $(20,325)$637,333 
Loss ratio (1)18.5 %43.6 %13.8 %0.2 %
Expense ratio (2)15.8 %35.7 %16.2 %18.3 %
Combined ratio34.3 %79.3 %30.0 %18.5 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.
Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
Mortgage Insurance
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$210,958 $215,662 $215,663 $212,674 $215,683 
Net investment income46,218 43,965 42,357 43,627 44,265 
Realized investment gains (losses), net(1,611)(94)(188)(218)(427)
Income (loss) from other invested assets5,953 12,975 5,762 2,044 (605)
Other income7,412 1,396 1,743 1,149 800 
Total revenues268,930 273,904 265,337 259,276 259,716 
Losses and expenses:
Provision for losses and LAE51,709 29,391 37,620 55,160 44,170 
Compensation and benefits15,136 14,898 16,617 14,727 15,388 
Premium and other taxes5,993 5,996 5,992 6,038 6,010 
Acquisition costs, net (3)(7,994)(7,770)(7,378)(7,234)(7,057)
Other underwriting and operating expenses10,743 10,695 10,834 11,523 9,735 
Net operating expenses before allocations23,878 23,819 26,065 25,054 24,076 
Corporate expense allocations8,017 8,086 11,542 9,213 7,081 
Operating expenses after allocations31,895 31,905 37,607 34,267 31,157 
Income before income taxes$185,326 $212,608 $190,110 $169,849 $184,389 
Loss ratio (1)24.5 %13.6 %17.4 %25.9 %20.5 %
Expense ratio (2)15.1 %14.8 %17.4 %16.1 %14.4 %
Combined ratio39.6 %28.4 %34.8 %42.0 %34.9 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.
Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
Reinsurance
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$64,044 $43,639 $29,310 $14,696 $16,304 
Net investment income5,541 6,088 4,670 4,913 5,302 
Realized investment gains, net— — — 6 — 
Other income2,171 1,345 1,971 2,255 1,591 
Total revenues71,756 51,072 35,951 21,870 23,197 
Losses and expenses:
Provision for losses and LAE31,032 18,723 9,929 206 65 
Compensation and benefits1,702 1,781 2,185 961 1,180 
Premium and other taxes12 14 18 17 8 
Acquisition costs, net (3)19,791 11,849 6,742 763 487 
Other underwriting and operating expenses949 987 980 996 890 
Net operating expenses before allocations22,454 14,631 9,925 2,737 2,565 
Corporate expense allocations758 653 551 516 502 
Operating expenses after allocations23,212 15,284 10,476 3,253 3,067 
Income before income taxes$17,512 $17,065 $15,546 $18,411 $20,065 
Loss ratio (1)48.5 %42.9 %33.9 %1.4 %0.4 %
Expense ratio (2)36.2 %35.0 %35.7 %22.1 %18.8 %
Combined ratio84.7 %77.9 %69.6 %23.5 %19.2 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.
Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
Corporate & Other
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$15,670 $17,463 $15,120 $15,359 $14,345 
Net investment income11,193 11,559 12,228 10,683 10,228 
Realized investment gains (losses), net(15)(17)41 24 2 
Income from other invested assets4,771 6,410 4,417 1,898 2,375 
Other income1,878 2,295 2,978 3,294 1,967 
Total revenues33,497 37,710 34,784 31,258 28,917 
Losses and expenses:
Provision for losses and LAE748 847 667 707 687 
Compensation and benefits14,357 13,825 17,853 14,675 12,608 
Premium and other taxes461 545 436 446 (88)
Other underwriting and operating expenses22,340 22,438 18,704 20,741 20,337 
Net operating expenses before allocations37,158 36,808 36,993 35,862 32,857 
Corporate expense allocations(8,775)(8,739)(12,093)(9,729)(7,583)
Operating expenses after allocations28,383 28,069 24,900 26,133 25,274 
Interest expense8,162 8,148 8,148 8,149 8,251 
Income (loss) before income taxes$(3,796)$646 $1,069 $(3,731)$(5,295)
Consolidated
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$290,672 $276,764 $260,093 $242,729 $246,332 
Net investment income62,952 61,612 59,255 59,223 59,795 
Realized investment gains (losses), net(1,626)(111)(147)(188)(425)
Income from other invested assets10,724 19,385 10,179 3,942 1,770 
Other income11,461 5,036 6,692 6,698 4,358 
Total revenues374,183 362,686 336,072 312,404 311,830 
Losses and expenses:
Provision for losses and LAE83,489 48,961 48,216 56,073 44,922 
Compensation and benefits31,195 30,504 36,655 30,363 29,176 
Premium and other taxes6,466 6,555 6,446 6,501 5,930 
Acquisition costs, net (1)11,797 4,079 (636)(6,471)(6,570)
Other underwriting and operating expenses34,032 34,120 30,518 33,260 30,962 
Total other underwriting and operating expenses83,490 75,258 72,983 63,653 59,498 
Interest expense8,162 8,148 8,148 8,149 8,251 
Income before income taxes$199,042 $230,319 $206,725 $184,529 $199,159 
(1) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.
Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data
20262025
September 30June 30March 31December 31September 30
($ in thousands)
New insurance written$12,129,030 $14,144,104 $11,076,190 $11,840,227 $12,233,252 
New risk written$3,325,569 $3,822,560 $2,893,697 $3,030,169 $3,239,497 
Average insurance in force$249,915,876 $248,468,781 $247,838,392 $248,695,560 $247,821,046 
Insurance in force (end of period)$250,062,714 $249,720,234 $247,909,417 $248,356,397 $248,808,341 
Gross risk in force (end of period) (1)$68,680,150 $68,465,872 $67,916,263 $68,053,447 $68,262,577 
Risk in force (end of period)$56,307,106 $56,435,078 $56,271,605 $56,519,839 $56,940,929 
Policies in force795,678 801,140 801,394 807,230 812,856 
Weighted average coverage (2)27.5 %27.4 %27.4 %27.4 %27.4 %
Annual persistency83.3 %84.0 %84.7 %85.7 %86.0 %
Loans in default (count)21,919 20,278 20,332 20,210 18,583 
Percentage of loans in default2.75 %2.53 %2.54 %2.50 %2.29 %
   Base average premium rate (3)0.40 %0.40 %0.41 %0.41 %0.41 %
   Single premium cancellation (4)—%—%—%—%—%
  Gross average premium rate0.40 %0.40 %0.41 %0.41 %0.41 %
  Ceded premiums(0.06%)(0.05%)(0.06%)(0.07%)(0.06%)
    Net average premium rate0.34 %0.35 %0.35 %0.34 %0.35 %
(1) Gross risk in force includes risk ceded under third-party outward reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellation is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.
Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - New Insurance Written
NIW by Credit Score (1)
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
($ in thousands)
>=760$5,799,145 47.8%$6,356,576 52.0%$18,935,483 50.7%$17,372,805 50.0%
740-7591,685,866 13.9 1,889,181 15.4 5,363,112 14.4 5,623,462 16.2 
720-7391,608,936 13.3 1,485,477 12.2 4,618,620 12.4 4,384,395 12.6 
700-7191,525,854 12.6 1,257,054 10.3 4,269,770 11.4 3,742,854 10.8 
680-699850,205 7.0 691,114 5.6 2,335,128 6.2 1,997,765 5.8 
<=679659,024 5.4 553,850 4.5 1,827,211 4.9 1,602,038 4.6 
Total$12,129,030 100.0%$12,233,252 100.0%$37,349,324 100.0%$34,723,319 100.0%
Weighted average credit score750 754 752 753 
NIW by LTV
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
($ in thousands)
85.00% and below$819,368 6.8%$1,129,090 9.2%$3,206,238 8.6%$2,992,346 8.6%
85.01% to 90.00%2,977,826 24.6 3,099,275 25.3 9,617,572 25.7 8,335,451 24.0 
90.01% to 95.00%6,355,555 52.3 6,200,624 50.8 18,706,492 50.1 17,870,142 51.5 
95.01% and above1,976,281 16.3 1,804,263 14.7 5,819,022 15.6 5,525,380 15.9 
Total$12,129,030 100.0%$12,233,252 100.0%$37,349,324 100.0%$34,723,319 100.0%
Weighted average LTV93%93%93%93%
NIW by Product
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Single premium policies1.1%1.3%1.4%1.3%
Monthly premium policies98.9 98.798.6 98.7
100.0%100.0%100.0%100.0%
NIW by Purchase vs. Refinance
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Purchase94.3%90.5%85.2%92.4%
Refinance5.7 9.514.8 7.6
100.0%100.0%100.0%100.0%
(1) Beginning in the second quarter of 2026, a de minimis amount of NIW was submitted with a VantageScore credit score rather than a FICO credit score.
Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Insurance in Force and Risk in Force
Portfolio by Credit Score (1)
Insurance in ForceSeptember 30, 2026June 30, 2026September 30, 2025
($ in thousands)
>=760$106,260,390 42.5%$105,982,606 42.4%$103,261,791 41.5%
740-75942,594,167 17.0 42,848,263 17.2 43,372,715 17.4 
720-73937,316,885 14.9 37,328,645 14.9 38,113,923 15.3 
700-71932,675,313 13.1 32,515,464 13.1 32,834,985 13.2 
680-69919,306,409 7.7 19,282,243 7.7 19,625,586 7.9 
<=67911,909,550 4.8 11,763,013 4.7 11,599,341 4.7 
Total$250,062,714 100.0%$249,720,234 100.0%$248,808,341 100.0%
Weighted average credit score747 747 746 
Risk in ForceSeptember 30, 2026June 30, 2026September 30, 2025
($ in thousands)
>=760$28,898,331 42.1%$28,763,509 42.1%$28,056,444 41.0%
740-75911,849,960 17.3 11,895,196 17.4 12,054,702 17.7 
720-73910,389,729 15.1 10,371,860 15.1 10,587,116 15.5 
700-7199,125,308 13.3 9,068,601 13.2 9,155,794 13.4 
680-6995,363,366 7.8 5,347,877 7.8 5,429,039 8.0 
<=6793,053,456 4.4 3,018,829 4.4 2,979,482 4.4 
Total$68,680,150 100.0%$68,465,872 100.0%$68,262,577 100.0%
Portfolio by LTV
Insurance in ForceSeptember 30, 2026June 30, 2026September 30, 2025
($ in thousands)
85.00% and below$15,375,886 6.1%$15,285,556 6.1%$14,398,904 5.8%
85.01% to 90.00%54,278,721 21.7 56,279,141 22.5 58,982,107 23.7 
90.01% to 95.00%134,922,918 54.0 133,466,114 53.5 131,889,655 53.0 
95.01% and above45,485,189 18.2 44,689,423 17.9 43,537,675 17.5 
Total$250,062,714 100.0%$249,720,234 100.0%$248,808,341 100.0%
Weighted average LTV93%93%93%
Risk in ForceSeptember 30, 2026June 30, 2026September 30, 2025
($ in thousands)
85.00% and below$1,801,180 2.6%$1,788,794 2.6%$1,696,592 2.5%
85.01% to 90.00%13,278,285 19.3 13,776,656 20.1 14,526,528 21.3 
90.01% to 95.00%39,792,077 58.0 39,355,100 57.5 38,895,352 57.0 
95.01% and above13,808,608 20.1 13,545,322 19.8 13,144,105 19.2 
Total$68,680,150 100.0%$68,465,872 100.0%$68,262,577 100.0%
Portfolio by Loan Amortization Period
Insurance in ForceSeptember 30, 2026June 30, 2026September 30, 2025
($ in thousands)
FRM 30 years and higher$241,446,072 96.5%$241,429,013 96.7%$242,770,621 97.6%
FRM 20-25 years1,792,255 0.7 1,733,836 0.6 1,070,635 0.4 
FRM 15 years2,403,233 1.0 2,385,701 1.0 1,664,866 0.7 
ARM 5 years and higher4,421,154 1.8 4,171,684 1.7 3,302,219 1.3 
Total$250,062,714 100.0%$249,720,234 100.0%$248,808,341 100.0%
(1) Beginning in the second quarter of 2026, a de minimis amount of active policies were submitted with a VantageScore credit score rather than a FICO credit score.
Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Vintage Data
September 30, 2026
Insurance in Force
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVCredit Score < 700Credit Score >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage of Loans in Default
2010 - 2016$121,811,826 $2,295,990 1.9 %12,647 4.19 %71.3 %52.4 %3.3 %12.8 %45.9 %2.1 %531 4.20 %
201743,858,322 1,846,233 4.2 12,005 4.39 87.8 75.5 33.3 24.5 33.3 2.7 711 5.92 
201847,508,525 3,105,809 6.5 18,723 4.85 95.0 85.4 33.2 23.3 30.3 3.6 1,035 5.53 
201963,569,183 6,767,027 10.6 35,531 4.29 91.1 85.2 31.5 20.8 32.3 3.3 1,471 4.14 
2020107,944,065 20,915,074 19.4 90,422 3.25 80.7 82.0 19.7 11.8 42.8 2.6 2,322 2.57 
202184,218,250 34,888,102 41.4 124,463 3.12 94.2 77.0 20.1 13.8 39.4 6.3 3,697 2.97 
202263,061,262 40,794,863 64.7 122,277 5.09 98.6 69.1 12.3 12.5 39.3 21.3 4,024 3.29 
202347,666,852 30,664,387 64.3 91,165 6.56 98.9 74.4 20.1 11.3 37.7 25.9 3,526 3.87 
202445,561,332 33,606,078 73.8 94,086 6.66 95.2 74.2 21.6 12.7 41.4 26.9 2,965 3.15 
202546,563,546 39,119,720 84.0 102,753 6.54 87.3 65.8 16.0 10.5 49.3 21.4 1,427 1.39 
2026 (through September 30)37,349,324 36,059,431 96.5 91,606 6.29 85.0 65.7 16.0 11.4 49.8 10.0 210 0.23 
Total$709,112,487 $250,062,714 35.3 795,678 5.41 91.8 72.1 18.2 12.5 42.5 7.2 21,919 2.75 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative premiums earned, excluding the impact of any outward reinsurance.
Essent Group Ltd. and SubsidiariesExhibit J
Supplemental Information
Mortgage Insurance - Outward Reinsurance Vintage Data
September 30, 2026
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded (3)
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-DateYear-to-DateReduction in PMIERs Minimum Required Assets (4)
Radnor Re 2021-2Apr. 2021 - Sep. 2021$20,877,708 $5,977,329 $439,407 $148,357 $— $279,415 $266,363 $2,150 $6,856 $126,021 
Radnor Re 2022-1Oct. 2021 - Jul. 202221,630,695 6,069,846 237,868 103,940 — 303,761 281,216 2,343 7,430 103,940 
Radnor Re 2023-1Aug. 2022 - Jun. 202322,010,726 6,079,835 281,462 171,531 — 281,463 258,439 2,543 7,892 171,531 
Radnor Re 2024-1Jul. 2023 - Jul. 202421,023,421 5,835,276 363,366 179,151 — 256,495 248,378 2,022 6,581 132,572 
Total$85,542,550 $23,962,286 $1,322,103 $602,979 $— $1,121,134 $1,054,396 $9,058 $28,759 $534,064 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded (3)
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-DateYear-to-DateReduction in PMIERs Minimum Required Assets (4)
XOL 2020-1Jan. 2019 - Aug. 2019$3,931,249 $1,049,217 $55,102 $29,152 $— $215,605 $209,436 $252 $747 $— 
XOL 2022-1Oct. 2021 - Dec. 202249,283,081 13,714,841 141,992 125,560 — 507,114 446,220 1,255 4,187 121,074 
XOL 2023-1Jan. 2023 - Dec. 202327,740,342 7,730,197 36,627 29,762 — 366,270 343,895 322 1,099 28,617 
XOL 2024-1Jan. 2024 - Dec. 202431,121,953 8,588,331 58,005 58,005 — 331,456 324,933 630 1,925 55,883 
XOL 2025-1Jan. 2025 - Dec. 202539,061,433 10,378,090 80,821 80,821 — 343,234 342,687 725 2,168 77,925 
XOL 2026-1Jan. 2026 - Dec. 202635,992,643 9,683,655 67,786 67,786 — 292,776 292,776 658 658 65,194 
Total$187,130,701 $51,144,331 $440,333 $391,086 $— $2,056,455 $1,959,947 $3,842 $10,784 $348,693 
Quota Share Reinsurance (2)
Losses Ceded Ceding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining Insurance in ForceRemaining Risk in ForceRemaining Ceded Insurance in ForceRemaining Ceded Risk in ForceQuarter-to-DateYear-to-Date
Quarter-to-Date		Year-to-Date
Quarter-to-Date		Year-to-DateReduction in PMIERs Minimum Required Assets (4)
Sep. 2019 - Dec. 2020(5)$23,723,294 $6,666,375 $4,964,996 $1,371,811 $30 $(131)$1,523 $4,998 $2,467 $7,318 $91,704 
Jan. 2022 - Dec. 202220%40,751,991 11,289,862 8,150,398 2,257,972 2,918 6,683 1,480 4,606 5,360 14,596 171,255 
Jan. 2023 - Dec. 202317.5%27,665,432 7,711,596 4,841,451 1,349,529 1,545 5,665 1,015 3,179 3,676 12,340 110,238 
Jan. 2024 - Dec. 202415%33,409,852 9,203,928 5,011,478 1,380,589 2,624 5,982 1,069 3,329 4,923 13,139 115,158 
Jan. 2025 - Dec. 202525%39,085,883 10,384,805 9,771,471 2,596,201 3,759 7,591 1,722 5,321 6,944 17,434 185,801 
Jan. 2026 - Dec. 202625%36,022,283 9,691,505 9,005,571 2,422,876 886 1,141 1,254 2,089 3,206 5,006 161,268 
Total$200,658,735 $54,948,071 $41,745,365 $11,378,978 $11,762 $26,931 $8,063 $23,522 $26,576 $69,833 $835,424 
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Excludes $79 and $1,855 of ceded premium for the three and nine months ended September 30, 2026, respectively, related to terminated transactions Radnor Re 2021-1 and XOL 2019-1.
(4) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(5) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.
Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Geographic Data
IIF by State
September 30, 2026June 30, 2026September 30, 2025
FL12.1%12.1%12.0%
CA11.8 11.9 12.2 
TX11.5 11.5 11.3 
AZ4.3 4.2 4.0 
GA4.0 3.9 3.8 
CO3.9 3.9 4.0 
WA3.3 3.4 3.4 
NC3.3 3.3 3.1 
MI2.7 2.6 2.6 
OH2.7 2.6 2.6 
All Others40.4 40.6 41.0 
Total100.0%100.0%100.0%
Gross RIF by State
September 30, 2026June 30, 2026September 30, 2025
FL12.4%12.4%12.2%
CA11.8 12.0 12.2 
TX11.7 11.7 11.6 
AZ4.3 4.3 4.0 
GA4.0 4.0 3.9 
CO3.8 3.9 3.9 
WA3.3 3.4 3.4 
NC3.3 3.3 3.1 
MI2.7 2.6 2.6 
UT2.6 2.6 2.6 
All Others40.1 39.8 40.5 
Total100.0%100.0%100.0%
Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Rollforward of Defaults and Reserve for Losses and LAE
Rollforward of Insured Loans in Default
Three Months Ended
20262025
September 30June 30March 31December 31September 30
Beginning default inventory20,278 20,332 20,210 18,583 17,255 
Plus: new defaults (A)12,034 9,846 11,100 11,245 10,357 
Less: cures(9,869)(9,559)(10,708)(9,357)(8,713)
Less: claims paid(494)(316)(239)(235)(296)
Less: rescissions and denials, net(30)(25)(31)(26)(20)
Ending default inventory21,919 20,278 20,332 20,210 18,583 
(A) New defaults remaining as of September 30, 20269,027 4,081 2,648 1,999 1,288 
        Cure rate (1)25%59%76%82%88%
Total amount paid for claims (in thousands)$23,560 $17,283 $13,671 $13,171 $16,456 
Average amount paid per claim (in thousands)$48 $55 $57 $56 $56 
Severity70%85%84%80%78%
Rollforward of Reserve for Losses and LAE
Three Months Ended
20262025
($ in thousands)September 30June 30March 31December 31September 30
Reserve for losses and LAE at beginning of period$475,011 $458,901 $429,610 $379,548 $345,952 
Less: Reinsurance recoverables65,718 61,591 56,120 47,957 41,966 
Net reserve for losses and LAE at beginning of period409,293 397,310 373,490 331,591 303,986 
Add provision for losses and LAE occurring in:
Current period81,343 58,393 62,792 67,865 62,349 
Prior years(29,634)(29,002)(25,172)(12,705)(18,179)
Incurred losses and LAE during the period51,709 29,391 37,620 55,160 44,170 
Deduct payments for losses and LAE occurring in:
Current period764 260 88 2,649 552 
Prior years22,938 17,148 13,712 10,612 16,013 
Loss and LAE payments during the period23,702 17,408 13,800 13,261 16,565 
Net reserve for losses and LAE at end of period437,300 409,293 397,310 373,490 331,591 
Plus: Reinsurance recoverables73,720 65,718 61,591 56,120 47,957 
Reserve for losses and LAE at end of period$511,020 $475,011 $458,901 $429,610 $379,548 
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.
Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Detail of Reserves by Default Delinquency
September 30, 2026
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments7,346 33%$43,796 9%$588,252 7%
Three payments3,115 14 33,868 7 258,361 13 
Four to eleven payments7,826 36 194,284 41 696,836 28 
Twelve or more payments3,067 14 158,867 34 267,293 59 
Pending claims565 3 41,415 9 45,792 90 
Total case reserves21,919 100%472,230 100%$1,856,534 25%
IBNR35,417 
LAE3,373 
Total reserves for losses and LAE$511,020 
Average reserve per default:
Case$21.5 
Total$23.3 
Default Rate2.75%
3+ Month Default Rate1.83%
December 31, 2025
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,892 34%$40,876 10%$545,198 7%
Three payments3,002 15 32,458 8 246,194 13 
Four to eleven payments7,261 36 163,087 41 615,449 26 
Twelve or more payments2,742 13 139,036 35 224,248 62 
Pending claims313 2 21,360 6 23,797 90 
Total case reserves20,210 100 %396,817 100%$1,654,886 24%
IBNR29,761 
LAE3,032 
Total reserves for losses and LAE$429,610 
Average reserve per default:
Case$19.6 
Total$21.3 
Default Rate2.50%
3+ Month Default Rate1.65%
September 30, 2025
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,444 35%$36,672 10%$503,842 7%
Three payments2,658 14 27,789 8 215,321 13 
Four to eleven payments6,683 36 143,173 41 559,663 26 
Twelve or more payments2,551 14 125,475 36 206,735 61 
Pending claims247 1 17,365 5 19,537 89 
Total case reserves18,583 100 %350,474 100%$1,505,098 23%
IBNR26,287 
LAE2,787 
Total reserves for losses and LAE$379,548 
Average reserve per default:
Case$18.9 
Total$20.4 
Default Rate2.29%
3+ Month Default Rate1.49%
Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Essent Guaranty, Inc:
Statutory capital$3,716,901 $3,678,202 $3,682,476 $3,572,887 $3,732,465 
Net risk in force (1)$30,369,106 $31,118,806 $31,785,517 $32,486,788 $33,367,706 
Risk-to-capital ratio (2)8.2:18.5:18.6:19.1:18.9:1
Essent Guaranty, Inc. PMIERs Data (3):
Available Assets$3,710,693 $3,599,092 $3,635,459 $3,520,454 $3,666,883 
Minimum Required Assets2,095,037 2,092,922 2,084,042 2,087,473 2,065,890 
PMIERs excess Available Assets$1,615,656 $1,506,170 $1,551,417 $1,432,981 $1,600,993 
PMIERs sufficiency ratio (4)177%172%174%169%177%
(1) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(3) Data is based on our interpretation of the PMIERs as of the dates indicated.
(4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Reinsurance
Three Months EndedNine Months Ended
2026202520262025
($ in thousands)September 30June 30March 31December 31September 30September 30September 30
Net Premiums Written:
Mortgage$15,190 $13,700 $13,236 $15,117 $18,338 $42,126 $48,440 
Non-mortgage66,378 65,475 156,365 633 359 288,218 817 
Total$81,568 $79,175 $169,601 $15,750 $18,697 $330,344 $49,257 
Net Premiums Earned:
Mortgage$13,388 $12,716 $12,264 $14,063 $15,945 $38,368 $45,096 
Non-mortgage50,656 30,923 17,046 633 359 98,625 817 
Total$64,044 $43,639 $29,310 $14,696 $16,304 $136,993 $45,913 
20262025
September 30June 30March 31December 31September 30
($ in thousands)
Reserve for losses and LAE$57,533 $27,739 $10,076 $359 $153 
Mortgage Reinsurance Statistics:
Reinsured risk in force$1,969,364 $2,051,720 $2,084,380 $2,166,605 $2,184,981 
Weighted average credit score751 751 751 751 751 
Weighted average LTV83%83%83%83%83%
Essent Reinsurance Ltd. Capital:
Stockholder's equity (GAAP basis)$1,650,165 $1,634,429 $1,660,416 $1,695,390 $1,722,135 
Exhibit P
Essent Group Ltd. and Subsidiaries
Supplemental Information
Cash & Investments
Cash & Investments by Asset Class
Asset ClassSeptember 30, 2026December 31, 2025
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$317,844 4.9%$369,712 5.6%
U.S. agency mortgage-backed securities1,125,165 17.3 1,174,895 17.8 
Municipal debt securities563,350 8.7 610,411 9.2 
Non-U.S. government securities42,169 0.7 56,024 0.8 
Corporate debt securities1,933,530 29.7 1,980,080 30.0 
Residential and commercial mortgage securities457,485 7.1 464,105 7.0 
Asset-backed securities928,298 14.3 800,366 12.1 
Money market funds504,142 7.8 648,492 9.8 
Total investments available for sale$5,871,983 90.5%$6,104,085 92.3%
Other invested assets451,948 7.0 382,513 5.8 
Cash160,670 2.5 123,049 1.9 
Total cash and investments$6,484,601 100.0 %$6,609,647 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)September 30, 2026December 31, 2025
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$885,775 16.5%$846,230 15.5%
Aa11,688,499 31.5 1,799,508 32.9 
Aa2344,479 6.4 300,026 5.5 
Aa3310,745 5.8 319,848 5.9 
A1518,103 9.6 545,918 10.0 
A2500,477 9.3 511,146 9.4 
A3470,541 8.8 494,434 9.1 
Baa1249,968 4.7 244,424 4.5 
Baa2211,681 3.9 208,247 3.8 
Baa3125,643 2.3 122,596 2.2 
Below Baa361,930 1.2 63,216 1.2 
Total (2)$5,367,841 100.0%$5,455,593 100.0%
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $504,142 and $648,492 of money market funds at September 30, 2026 and December 31, 2025, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationSeptember 30, 2026December 31, 2025
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,473,942 25.1%$1,549,327 25.4%
1 to < 2 Years450,967 7.7 527,914 8.6 
2 to < 3 Years455,107 7.7 532,211 8.7 
3 to < 4 Years505,434 8.6 571,255 9.4 
4 to < 5 Years662,994 11.3 536,135 8.8 
5 or more Years2,323,539 39.6 2,387,243 39.1 
Total investments available for sale$5,871,983 100.0%$6,104,085 100.0%
Pre-tax investment yield (3)Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Yield on cash and investments available for sale4.06 %3.94 %
Return on other invested assets9.65 %13.01 %
Aggregate yield on total cash and investments4.42 %4.49 %
(3) Yield on cash and investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above.
Exhibit Q
Essent Group Ltd. and Subsidiaries
Supplemental Information
Book Value Per Share Inclusive of Common Dividends & Reconciliation of Non-GAAP Financial Measures

Management believes Book Value Per Share Inclusive of Common Dividends provides investors with useful supplemental information because it reflects both changes in GAAP book value per share and cash dividends distributed to common shareholders. Management uses this measure as an additional indicator of per-share capital generation and capital return. Because dividends paid to common shareholders reduce GAAP book value per share, management believes this measure helps investors evaluate the combined effect of retained capital growth and capital distributed to shareholders during the period.

The following table sets forth the reconciliation of Book Value per Share Inclusive of Common Dividends to the most comparable GAAP amount as of September 30, 2026, as well as the 12-month growth in Book Value per Share Inclusive of Common Dividends in accordance with Regulation G.

(In thousands, except per share amounts)September 30, 2026September 30, 2025
Total Stockholders' Equity (Book Value)$5,555,065 $5,738,974 
Total Common Shares Outstanding88,769 97,497 
Book Value per Share$62.58 $58.86 
12-Month Growth in Book Value per Share6.3 %
Book Value per Share$62.58 $58.86 
Common Dividends Paid per Share 12-Months Ended September 30, 20261.36 
Book Value Per Share Inclusive of Common Dividends$63.94 
12-Month Growth in Book Value Per Share Inclusive of Common Dividends8.6 %