MANAGEMENT’S OVERVIEW Second quarter 2026 overview. We reported net income attributable to Stewart of $37.2 million ($1.21 per diluted share) for the second quarter 2026, compared to net income attributable to Stewart of $31.9 million ($1.13 per diluted share) for the second quarter 2025. Pretax income before noncontrolling interests for the second quarter 2026 was $55.1 million compared to pretax income before noncontrolling interests of $46.8 million for the prior year quarter. Second quarter 2026 results included $3.4 million of pretax net realized and unrealized gains, which were primarily related to net gains from fair value changes of equity securities investments recorded in the title segment. Second quarter 2025 results included $0.7 million of pretax net realized and unrealized gains, which primarily resulted from $2.4 million of net unrealized gains on fair value changes of equity securities investments, partially offset by a $1.2 million acquisition liability adjustment loss in the title segment. Summary results of the title segment are as follows ($ in millions, except pretax margin): For the Three Months Ended June 30, 2026 2025 % Change Operating revenues 683.6 592.5 15 % Investment income 14.8 16.2 (9) % Net realized and unrealized gains 3.4 0.8 348 % Pretax income 48.6 49.3 (1) % Pretax margin 6.9 % 8.1 % Title segment operating revenues increased $91.1 million (15%) in the second quarter 2026 compared to the second quarter 2025, primarily resulting from strong performance by our direct and agency title operations. Direct title revenues improved $15.3 million (5%), primarily due to increased domestic commercial transaction volume, while gross agency title revenues increased $75.8 million (25%). Net of agency retention, agency title revenues increased $13.0 million (26%) in the second quarter 2026 compared to the prior year quarter, consistent with the gross agency revenue growth. The title segment's combined employee costs and other operating expenses increased $29.6 million (11%) in the second quarter 2026 compared to the prior year quarter, primarily driven by higher salaries and employee benefits, incentive compensation, and outside search and service fees. As a percentage of operating revenues, these costs improved to 45% in the second quarter 2026 from 47% in the second quarter 2025, primarily due to higher title operating revenues. Title loss expense, as a percentage of title operating revenues, improved to 3.2% in the second quarter 2026 from 3.6% in the prior year quarter, primarily due to continued overall favorable claims experience. Investment income decreased $1.4 million (9%) in the second quarter 2026, primarily driven by lower earned interest from eligible escrow balances resulting from lower interest rates and escrow balances compared to the second quarter 2025. Included in the title segment's pretax income in the second quarters 2026 and 2025 were acquisition intangible asset amortization expenses of $2.7 million and $2.8 million, respectively. Summary results of the real estate solutions segment are as follows ($ in millions, except pretax margin): For the Three Months Ended June 30, 2026 2025 % Change Operating revenues 197.4 112.7 75 % Pretax income 18.5 6.7 174 % Pretax margin 9.4 % 6.0 % 18 Real estate solutions segment revenues increased $84.7 million (75%) in the second quarter 2026 compared to the second quarter 2025, primarily driven by our recently acquired MCS business and higher revenues from credit information and valuation services. Combined segment employee costs and other operating expenses increased $70.4 million (71%) in the second quarter 2026, primarily due to higher costs of services associated with revenue growth and increased employee count. The segment's pretax income in the second quarters 2026 and 2025 included acquisition intangible asset amortization expenses of $7.2 million and $5.5 million, respectively. In regard to the corporate segment, pretax results were driven by net expenses attributable to corporate operations, which increased to $12.0 million in the second quarter 2026, compared to $9.2 million in the second quarter 2025, primarily due to higher interest expense on increased debt balances. CRITICAL ACCOUNTING ESTIMATES The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments. Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the six months ended June 30, 2026, we made no material changes to our critical accounting estimates as previously disclosed in Management’s Discussion and Analysis in the 2025 Form 10-K. Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our real estate solutions operations include credit and real estate information services, property preservation and field services, valuation services, and online notarization and closing solutions. The corporate segment includes our parent holding company and centralized support services departments. Factors affecting revenues. The principal factors that contribute to changes in our operating revenues include: •interest rates; •availability of mortgage loans; •number and average value of mortgage loan originations; •ability of potential purchasers to qualify for loans; •inventory of existing homes available for sale; •ratio of purchase transactions compared with refinance transactions; •ratio of closed orders to open orders; •home prices; •consumer confidence, including employment trends; •demand by buyers; •premium rates and related state regulations; •foreign currency exchange rates; •market share; •ability to attract and retain highly productive sales associates; •independent agency remittance rates; •opening and integration of new offices and acquisitions; •office closures; •number and value of commercial transactions, which typically yield higher premiums; •government or regulatory initiatives; •acquisitions or divestitures of businesses; •volume of distressed property transactions; and •seasonality and/or weather. 19 Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are typically the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of the year. On average, title premium rates for refinance orders are lower compared to a similarly priced purchase transaction. RESULTS OF OPERATIONS Comparisons of our results of operations for the three and six months ended June 30, 2026 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately. Our statements on home sales, interest rates and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and the U.S. Census Bureau as of June 30, 2026. We also use information from our direct operations. Operating environment. According to NAR, existing home sales (seasonally-adjusted basis) were approximately 4.09 million units in June 2026, representing a 3% increase from the prior year and a 2% decline from May 2026. NAR indicated that monthly sales activity continued to fluctuate as affordability remained sensitive to changes in mortgage interest rates. Additionally, home prices continue to rise, primarily as a result of limited housing inventory. The median existing home price in June 2026 increased to $440,600, an all-time high and the 36th consecutive month of year-over-year price increase. In addition, U.S. residential construction activity remained mixed during June 2026, as total housing starts increased 4% and 19% compared to June 2025 and May 2026, respectively, while newly issued building permits decreased 2% and 3% over the same periods. Based on averaged estimates by Fannie Mae and MBA as of June 2026, total U.S. single-family mortgage originations increased 14% to $581 billion in the second quarter 2026 compared to the second quarter 2025, primarily driven by 45% higher refinancing activity. While the 30-year fixed mortgage interest rate remained relatively elevated, it declined to an average of 6.4% during the second quarter 2026 compared to 6.8% in the second quarter 2025, and is expected to remain relatively stable through the remainder of the year. Looking ahead, Fannie Mae and MBA expect total originations in the third and fourth quarter of 2026 to be comparable to the same periods in 2025. Existing homes sales are expected to improve modestly by approximately 3% for the full year 2026, while total new homes sales are projected to remain consistent with 2025. Title revenues. Direct title revenues information is presented below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change % Chg 2026 2025 Change % Chg (in $ millions) ($ in millions) Non-commercial: Domestic 177.9 179.6 (1.7) (1) % 323.5 313.9 9.6 3 % International 31.0 29.7 1.3 4 % 55.1 51.9 3.2 6 % 208.9 209.3 (0.4) — % 378.6 365.8 12.8 3 % Commercial: Domestic 89.8 74.6 15.2 20 % 183.7 143.9 39.8 28 % International 7.9 7.4 0.5 7 % 14.5 13.2 1.3 10 % 97.7 82.0 15.7 19 % 198.2 157.1 41.1 26 % Total direct title revenues 306.6 291.3 15.3 5 % 576.8 522.9 53.9 10 % 20 Domestic commercial revenues improved $15.2 million, or 20%, and $39.8 million, or 28%, in the second quarter and first six months of 2026, respectively, compared to the same periods in 2025, primarily driven by higher commercial transaction volume across energy, multi-family, industrial and other asset classes, as well as larger data center transaction sizes. The average domestic commercial fee per file for the second quarter 2026 was $16,900, consistent with the prior year quarter due to transaction mix across asset classes, while the average fee per file for the six months of 2026 increased 15% to $18,800 primarily driven by higher data center transaction size and volume compared to the same period in 2025. Domestic non-commercial revenues in the second quarter 2026 remained relatively consistent with the prior year quarter. For the first six months of 2026, domestic non-commercial revenues increased $9.6 million, or 3%, compared to the same period in 2025, primarily driven by higher refinancing activity and increased average fee per file. The average domestic residential fee per file improved to $3,200 for both the second quarter and first six months of 2026, compared to $2,900 and $3,000, respectively, for the same periods in 2025, primarily due to higher purchase transaction mix. Total international revenues improved $1.8 million, or 5%, and $4.5 million, or 7%, in the second quarter and first six months of 2026, respectively, primarily driven by higher transaction volumes compared to the same periods in 2025. Orders information is as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change % Chg 2026 2025 Change % Chg Opened Orders: Commercial 6,003 4,526 1,477 33 % 11,353 8,854 2,499 28 % Purchase 51,151 52,793 (1,642) (3) % 95,761 99,043 (3,282) (3) % Refinance 20,182 19,736 446 2 % 43,503 37,298 6,205 17 % Other* 15,211 12,591 2,620 21 % 26,638 23,394 3,244 14 % Total 92,547 89,646 2,901 3 % 177,255 168,589 8,666 5 % Closed Orders: Commercial 5,324 4,415 909 21 % 9,783 8,805 978 11 % Purchase 35,870 35,886 (16) — % 61,903 62,666 (763) (1) % Refinance 13,176 12,165 1,011 8 % 26,561 22,063 4,498 20 % Other* 6,939 14,128 (7,189) (51) % 11,689 18,733 (7,044) (38) % Total 61,309 66,594 (5,285) (8) % 109,936 112,267 (2,331) (2) % *Other orders are primarily related to real estate investor and reverse mortgage transactions. Gross revenues from independent agency operations increased $75.8 million, or 25%, and $141.2 million, or 25%, in the second quarter and first six months of 2026, respectively, primarily due to improved residential and commercial volumes in our key agency states. Agency revenues, net of retention, increased $13.0 million, or 26%, and $23.7 million, or 25%, in the second quarter and first six months of 2026, respectively, consistent with the gross agency revenue growth. Refer further to the "Retention by agencies" discussion under Expenses below. Real estate solutions revenues. Real estate solutions revenues improved $84.7 million, or 75%, in the second quarter 2026 and $149.0 million, or 71%, in the first six months of 2026 compared to the same periods in 2025, primarily driven by our recently acquired MCS business and higher revenues from our credit information and valuation services businesses. Investment income. Investment income in the second quarter and first six months of 2026 decreased $1.4 million, or 9%, and $0.2 million, or 1%, respectively, compared to the same periods in 2025, primarily driven by lower earned interest from eligible escrow balances resulting from lower interest rates and escrow balances. Net realized and unrealized gains. Refer to Note 5 to the condensed consolidated financial statements. 21 Expenses. An analysis of expenses is shown below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change* % Chg 2026 2025 Change* % Chg (in $ millions) ($ in millions) Amounts retained by agencies 314.9 252.1 62.8 25 % 591.0 473.5 117.5 25 % As a % of agency title revenues 83.5 % 83.7 % 83.2 % 83.2 % Employee costs 241.1 208.2 32.9 16 % 462.2 394.0 68.1 17 % As a % of operating revenues 27.4 % 29.5 % 28.1 % 30.3 % Other operating expenses 241.1 173.5 67.5 39 % 458.6 334.4 124.1 37 % As a % of operating revenues 27.4 % 24.6 % 27.9 % 25.7 % Title losses and related claims 22.1 21.5 0.6 3 % 40.5 39.2 1.3 3 % As a % of title revenues 3.2 % 3.6 % 3.1 % 3.6 % *May not foot due to rounding. Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged 83.5% and 83.2% in the second quarter and first six months of 2026, respectively, which was comparable to 83.7% and 83.2% in the same periods of 2025. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are higher, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability. Employee costs. Consolidated employee costs increased $32.9 million, or 16%, and $68.1 million, or 17%, in the second quarter and first six months of 2026, respectively, compared to the same periods in 2025, primarily driven by higher salaries and employee benefit expenses related to increased average employee count, and higher incentive compensation consistent with improved operating results. Employee costs in the title segment increased $22.8 million, or 12%, and $49.6 million, or 14%, while employee costs in the real estate solutions segment increased $10.0 million, or 65%, and $18.6 million, or 64%, in the second quarter and first six months of 2026, respectively, both primarily driven by volume growth and recent acquisitions. Total employee costs, as a percentage of total operating revenues, improved to 27.4% and 28.1% in the second quarter and first six months of 2026, respectively, from 29.5% and 30.3% in the same periods of 2025, primarily due to higher operating revenues in 2026. During the second quarter and first six months of 2026, we had an average of approximately 8,200 and 8,100 employees, respectively, compared to approximately 7,000 and 6,900 in the same periods of 2025, primarily driven by volume growth and acquisitions. Average cost per employee for the second quarter and first six months of 2026 remained comparable with the second quarter and first six months of 2025. Other operating expenses. Other operating expenses include costs that are primarily fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are primarily fixed in nature include rent and other occupancy expenses, equipment rental, insurance, repairs and maintenance, technology costs and telecommunications expenses. Variable costs include third-party service and appraiser expenses related to real estate solutions operations, title outside search and service fees, attorney fee splits, credit losses (on receivables), copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing, and travel. 22 Consolidated other operating expenses increased $67.5 million, or 39%, and $124.1 million, or 37%, in the second quarter and first six months of 2026 compared to the same periods in 2025. Total variable costs in the second quarter and first six months of 2026 increased $54.1 million, or 47%, and $105.0 million, or 49%, respectively, primarily due to higher real estate solutions third-party service and appraiser expenses and increased title outside search and service fees and premium taxes related to operating revenue growth. Total costs that are primarily fixed in nature increased by $5.1 million, or 12%, and $6.2 million, or 7%, in the second quarter and first six months of 2026, respectively, primarily driven by higher external technology costs. Independent costs increased $8.2 million, or 55%, and $12.9 million, or 46%, in the second quarter and first six months of 2026, respectively, primarily resulting from acquisition integration expenses and higher business promotion and marketing costs, travel expenses and bank fees. As a percentage of total operating revenues, consolidated other operating expenses in the second quarter and first six months of 2026 increased to 27.4% and 27.9%, respectively, compared to 24.6% and 25.7% in the same periods of 2025, primarily due to the increased size of our real estate solutions operations, which typically have higher other operating expenses. Title losses. Provisions for title losses, as a percentage of title operating revenues, were 3.2% and 3.1% for the second quarter and first six months of 2026, compared to 3.6% for both the second quarter and first six months of 2025. Title loss expense increased $0.6 million, or 3%, in the second quarter 2026 and $1.4 million, or 3%, in the first six months of 2026 compared to the same periods in 2025, primarily driven by increased title revenues, which were partially offset by lower title loss resulting from our continued overall favorable claims experience. The title loss ratio in any given quarter can be significantly influenced by changes in large claims incurred, escrow losses and adjustments to reserves for existing large claims. The composition of title policy loss expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change % Chg 2026 2025 Change % Chg (in $ millions) ($ in millions) Provisions – known claims: Current year 3.3 2.6 0.7 27 % 5.1 4.9 0.2 4 % Prior policy years 15.5 15.6 (0.1) (1) % 18.7 29.5 (10.8) (37) % 18.8 18.2 0.6 3 % 23.8 34.4 (10.6) (31) % Provisions – IBNR Current year 18.2 18.5 (0.3) (2) % 34.3 33.5 0.8 2 % Prior policy years 0.6 0.4 0.2 50 % 1.1 0.8 0.3 38 % 18.8 18.9 (0.1) (1) % 35.4 34.3 1.1 3 % Transferred from IBNR to known claims (15.5) (15.6) 0.1 1 % (18.7) (29.5) 10.8 (37) % Total provisions 22.1 21.5 0.6 3 % 40.5 39.2 1.4 3 % Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR. 23 Total known claims provision in the second quarter 2026 was comparable to the second quarter 2025, while total known claims provision for the first six months of 2026 decreased $10.6 million, or 31%, compared to the same period in 2025, primarily a result of lower reported claims relating to prior policy years. Current year IBNR provisions for the second quarter and first six months of 2026 were comparable to the same periods in 2025, primarily due to our favorable claims experience offsetting the effect of higher title premiums in 2026. As a percentage of title operating revenues, provisions - IBNR for the current policy year were 2.7% for both the second quarter and for the first six months of 2026 compared to 3.1% for both the second quarter and first six months of 2025. Total claim payments increased $2.2 million, or 13%, in the second quarter 2026 primarily due to higher payments on non-large claims relating to prior year policies and increased $7.6 million, or 21%, in the first six months of 2026, primarily due to higher payments on large claims relating to prior policy years compared to the same periods in 2025. We continue to manage and resolve large claims prudently and in keeping with our commitments to our policyholders. In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees, and wire fraud. In those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed and performs various recovery actions to offset or reduce the impact to the title insurer. These escrow losses are recognized as expenses (net of any recovery) when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized. Total title policy loss reserve balances are as follows: June 30, 2026 December 31, 2025 (in $ millions) Known claims 65.4 84.8 IBNR 453.8 439.7 Total estimated title losses 519.2 524.5 The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within eight years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates. Depreciation and amortization. Total depreciation and amortization expenses in the second quarter and first six months of 2026 increased $2.5 million, or 16%, and $4.0 million, or 13%, respectively, compared to the same periods in 2025, primarily due to increased intangible amortization and depreciation expenses related to our recent MCS acquisition, partially offset by lower amortization expenses resulting from several assets becoming fully amortized in 2026. Income taxes. Our effective tax rates (calculated on income before taxes after deducting income attributable to noncontrolling interests) were 26% and 25% in the second quarter and first six months of 2026, respectively, which were consistent with those reported in the corresponding periods in 2025. 24 LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of June 30, 2026, our total cash and investments, including amounts reserved pursuant to statutory requirements, aggregated $914.9 million, of which $492.7 million ($277.8 million, net of statutory reserves) was held in the United States and the rest internationally (principally in Canada). As a holding company, the parent company is funded principally by cash from its subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. Cash held at the parent company and its unregulated subsidiaries (which totaled $123.4 million at June 30, 2026) is available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common stockholders. The parent company also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, to meet cash requirements for acquisitions and other strategic investments. A substantial majority of our consolidated cash and investments as of June 30, 2026 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and real estate solutions operations) for their operating and debt service needs. We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $504.7 million and $492.0 million at June 30, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $3.8 million and $4.4 million at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, our known claims reserve totaled $65.4 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled $453.8 million. In addition to this, we had cash and investments (at amortized cost and excluding equity method investments) of $221.1 million, which are available for underwriter operations, including claims payments, and acquisitions. The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory net operating income or 20% of surplus (which was approximately $165.4 million as of December 31, 2025) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. Guaranty did not pay any dividends to the parent company during either of the first six months of 2026 and 2025. 25 As the parent company conducts no operations apart from its wholly-owned subsidiaries, the discussion below focuses on consolidated cash flows. Six Months Ended June 30, 2026 2025 (in $ millions) Net cash provided by operating activities 56.0 23.5 Net cash used by investing activities (73.5) (29.5) Net cash used by financing activities (42.5) (35.5) Operating activities. Our principal sources of cash from operations are premiums on title policies and revenue from title service-related transactions, real estate solutions and other operations. Our independent agencies remit cash to us net of their contractual retention. Our principal cash expenditures for operations are employee costs, operating costs and title claims payments. Net cash provided by operations improved by $32.5 million to $56.0 million during the first six months of 2026, from $23.5 million during the same period in 2025, primarily driven by higher net income and timing on payments of accounts payable. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on cost management, especially in light of the current economic environment due to elevated mortgage interest rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and real estate solutions operations. Our plans to improve margins include additional automation of manual processes, further consolidation of our various systems and production operations, and full integration of acquisitions. We continue to invest in the technology necessary to accomplish these goals. Investing activities. Cash used and provided by investing activities is primarily related to proceeds from matured and sold investments, purchases of investments, capital expenditures and acquisition of businesses. During the first six months of 2026 and 2025, total proceeds from securities investments sold and matured were $63.4 million and $84.8 million, respectively, while cash used for purchases of securities investments was $71.7 million and $72.2 million, respectively. Additionally, during the first six months of 2026 and 2025, we used cash of $41.9 million and $27.1 million, respectively, for expenditures related to property and equipment and other long-lived assets, while we used net cash of $27.8 million and $8.5 million, respectively, for acquisitions of real estate solutions and title businesses. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets. Financing activities and capital resources. Total debt and stockholders’ equity were $646.7 million and $1.67 billion, respectively, as of June 30, 2026. At June 30, 2026, our debt-to-equity and debt-to-capitalization ratios, excluding our Section 1031 tax-deferred property exchange notes, were approximately 39% and 28%, respectively, which were consistent with December 31, 2025. As of June 30, 2026, the outstanding balance of our Senior Notes was $446.4 million, while our line of credit facility had an outstanding balance of $200.0 million, with a remaining borrowing capacity of $97.5 million and an option to increase the line of credit facility by up to $125.0 million. Total interest expense during the first six months of 2026 increased by $5.2 million, or 52%, compared to the same period in 2025, primarily due to the higher outstanding balance on the line of credit facility. During the first six months of 2026 and 2025, payments on notes payable of $2.8 million and $1.1 million, respectively, and notes payable additions of $2.7 million and $1.0 million, respectively, were related to our Section 1031 business, which had an outstanding balance of $0.1 million as of June 30, 2026. During the first six months of 2026, we paid total dividends of $32.7 million ($1.05 per common share), compared to total dividends paid of $27.9 million ($1.00 per common share) during the same period in 2025. 26 We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including consideration of the current economic and real estate environment created by the elevated mortgage interest rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including title claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders. Contingent liabilities and commitments. See discussion of contingent liabilities and commitments in Note 10 to the condensed consolidated financial statements. Other comprehensive (loss) income. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first six months of 2026, net unrealized investment losses of $1.8 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our corporate and government bond securities investments which were influenced by higher interest rates. During the first six months of 2025, net unrealized investment gains of $6.4 million, net of taxes, which increased our other comprehensive income, were primarily related to net increases in the fair values of our foreign and corporate bond securities investments resulting from lower interest rates. Changes in foreign currency spot exchange rates (primarily related to our Canadian and United Kingdom operations) resulted in other comprehensive loss, net of taxes, of $4.9 million in the first six months of 2026, primarily due to the depreciation of both the Canadian dollar and British pound relative to the U.S. dollar. In the first six months of 2025, both the Canadian dollar and the British pound appreciated relative to the U.S. dollar, primarily resulting in other comprehensive income, net of taxes, of $14.4 million. Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 15 in our 2025 Form 10-K. Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the following: •the volatility of economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions, prolonged federal government shutdowns or geopolitical tensions; •adverse changes in the level of real estate activity; •changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; •our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; •the impact of unanticipated title losses or the need to strengthen our policy loss reserves; •any effect of title losses on our cash flows and financial condition; •the ability to attract and retain highly productive sales associates; •the impact of vetting our agency operations for quality and profitability; •independent agency remittance rates; •changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; •regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; 27 •our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; •our ability to realize anticipated benefits of our previous acquisitions; •the outcome of pending litigation; •our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches; •the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; •our dependence on our operating subsidiaries as a source of cash flow; •our ability to access the equity and debt financing markets when and if needed; •effects of seasonality and weather; and •our ability to respond to the actions of our competitors. The above risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our 2025 Form 10-K, and as may be further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.