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The following discussion should be read together with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2025 as filed with the Securities and Exchange Commission and referred to herein as the “Annual Report,” and our condensed consolidated financial statements and related notes as of and for the three and six months ended June 30, 2026 included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which we refer to as the “Quarterly Report.” In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled “Special Note Regarding Forward-Looking Statements” in this Quarterly Report and Part I, Item 1A “Risk Factors” in our Annual Report and Part II, Item 1A “Risk Factors” in this Quarterly Report. We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Overview Essent Group Ltd. (collectively with its subsidiaries, “Essent”) serves the housing finance industry by offering private mortgage insurance and reinsurance, title insurance and settlement services to mortgage lenders, borrowers and investors to support homeownership. We have two reportable segments: Mortgage Insurance and Reinsurance. Essent Guaranty, Inc., our wholly-owned mortgage insurance subsidiary which we refer to as "Essent Guaranty," is approved by Fannie Mae and Freddie Mac and licensed to write coverage in all 50 states and the District of Columbia. Our mortgage insurance operations generated new insurance written, or NIW, of approximately $14.1 billion and $25.2 billion for the three and six months ended June 30, 2026, respectively, compared to approximately $12.5 billion and $22.5 billion for the three and six months ended June 30, 2025, respectively. The financial strength ratings of Essent Guaranty are A2 with a stable outlook by Moody’s Ratings (“Moody's”), A- with a stable outlook by S&P Global Ratings (“S&P”) and A (Excellent) with a stable outlook by A.M. Best Ratings Services, Inc. ("AM Best"). Through our wholly-owned Bermuda-based subsidiary, Essent Reinsurance Ltd., which we refer to as "Essent Re", we reinsure U.S. mortgage risk in the GSE credit risk transfer market and also provide underwriting consulting services to third-party reinsurers. As of June 30, 2026, Essent Re provided insurance or reinsurance relating to GSE and other mortgage risk share transactions covering approximately $2.1 billion of risk. Essent Re also reinsures Essent Guaranty’s NIW under a quota share reinsurance agreement. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks. The financial strength ratings of Essent Re are A- with a stable outlook by S&P and A (Excellent) with a stable outlook by AM Best. We also offer title insurance products both directly and through a network of title insurance agents through Essent Title Insurance, Inc., which we refer to as "Essent Title", as well as title and settlement services. Title insurance operations are included in the Corporate & Other category. We have a highly experienced, talented team with 518 employees as of June 30, 2026. Our holding company and reinsurance business are domiciled in Bermuda. Our U.S. mortgage insurance and title insurance operations are headquartered in Radnor, Pennsylvania. Current Developments The Federal Reserve increased the target federal funds rate several times during 2022 and 2023 in an effort to reduce consumer price inflation. As a result of progress on inflation, the Federal Reserve reduced the target federal funds rate by 100 basis points in 2024 and by another 75 basis points during 2025. Mortgage interest rates, however, have remained elevated, which has reduced home buying and mortgage refinance activity resulting in lower volumes of mortgage originations, NIW and title insurance and settlement service transactions. Higher interest rates have also resulted in increases in our net investment income generated by our investment portfolio and the persistency of our mortgage insurance in force. Ongoing geopolitical tensions and military conflicts in the Middle East, including the conflict involving Iran, may adversely affect our operations as it relates to the conflict's impact on the interest rate environment, consumer habits, as well as conflict-related events that could lead to future property and casualty losses in our Reinsurance segment. 27 Table of Contents Legislative and Regulatory Developments Our results are significantly impacted by, and our future success may be affected by, legislative and regulatory developments affecting the housing finance industry. See Part I, Item 1 “Business—Regulation” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Legislative and Regulatory Developments” in our Annual Report for a discussion of the laws and regulations to which we are subject as well as legislative and regulatory developments affecting the housing finance industry. Bermuda Corporate Income Tax On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (CIT). Starting January 1, 2025, the CIT imposes a new 15% corporate income tax on in-scope entities that are resident in Bermuda or that have a Bermuda permanent establishment, without regard to any assurances that had previously been given pursuant to the Exempted Undertakings Tax Protection Act 1966. Although our annual revenue meets the CIT threshold for "in-scope" (€750M), our Bermuda companies are not "in scope" because of a statutory exception for entities having “limited international presence” or "LIP". We currently meet the criteria for the LIP exception, which is available to our Bermuda companies for a period of five years, or when the LIP criteria are no longer met, whichever is sooner. The LIP exemption criteria are subject to interpretation of existing Bermuda law, as well as any related new regulations that may be issued by the Government of Bermuda. Also, future strategic business decisions could impact qualification for the LIP exception. Accordingly, no assurances can be made that we will continue meeting the LIP exception criteria during the four years remaining in our five-year exemption period. Credit Score Models In April 2026, FHFA announced that the GSEs will begin accepting loans with the VantageScore 4.0 model for certain approved lenders and will begin moving forward with FICO 10T. During the second quarter of 2026, Essent Guaranty began insuring loans from approved lenders that were submitted using the VantageScore 4.0 model. The loans insured that were submitted with a VantageScore credit score represent a de minimis amount of our NIW for the three and six months ended June 30, 2026 and IIF and RIF at June 30, 2026. Factors Affecting Our Results of Operations Net Premiums Written and Earned Premiums associated with our U.S. mortgage insurance business are based on mortgage insurance in force, or IIF, during all or a portion of a period. A change in the average IIF during a period causes premiums to increase or decrease as compared to prior periods. Average net premium rates in effect during a given period will also cause premiums to differ when compared to earlier periods. IIF at the end of a reporting period is a function of the IIF at the beginning of such reporting period plus NIW less policy cancellations (including claims paid) during the period. As a result, premiums are generally influenced by: •NIW, which is the aggregate principal amount of the new mortgages that are insured during a period. Many factors affect NIW, including, among others, the volume of low down payment home mortgage originations, the competition to provide credit enhancement on those mortgages, the number of customers who have approved us to provide mortgage insurance and changes in our NIW from certain customers; •Cancellations of our insurance policies, which are impacted by payments on mortgages, home price appreciation, or refinancings, which in turn are affected by mortgage interest rates. Cancellations are also impacted by the levels of claim payments and rescissions; •Premium rates, which represent the amount of the premium due as a percentage of IIF. Premium rates are based on the risk characteristics of the loans insured, the percentage of coverage on the loans, competition from other mortgage insurers and general industry conditions; and •Premiums ceded or assumed under reinsurance arrangements. See Note 4 to our condensed consolidated financial statements. Mortgage insurance premiums are paid either on a monthly installment basis (“monthly premiums”), in a single payment at origination (“single premiums”), or in some cases as an annual premium. For monthly premiums, we receive a monthly premium payment which is recorded as net premiums earned in the month the coverage is provided. Monthly premium 28 Table of Contents payments are based on the original mortgage amount rather than the amortized loan balance. Net premiums written may be in excess of net premiums earned due to single premium policies. For single premiums, we receive a single premium payment at origination, which is recorded as “unearned premium” and earned over the estimated life of the policy, which ranges from 36 to 156 months depending on the term of the underlying mortgage and loan-to-value ratio at date of origination. If single premium policies are cancelled due to repayment of the underlying loan and the premium is non-refundable, the remaining unearned premium balance is immediately recognized as earned premium revenue. Substantially all of our single premium policies in force as of June 30, 2026 were non-refundable. Premiums collected on annual policies are recognized as net premiums earned on a straight-line basis over the year of coverage. For the six months ended June 30, 2026 and 2025, monthly premium policies comprised 98% and 99% of our NIW, respectively. Premiums associated with our GSE and other mortgage risk share transactions are based on the level of risk in force and premium rates on the transactions. Premiums associated with property and casualty reinsurance are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Premiums written are based on contract and policy terms and include estimates based on information received from ceding companies. Subsequent revisions to premium estimates are recorded in the period in which they are determined. Title insurance premiums are based on the number of title insurance policies issued and generally recognized as income at the transaction closing date which approximates the policy effective date. Persistency and Business Mix The percentage of IIF that remains on our books after any 12-month period is defined as our persistency rate. Because our insurance premiums are earned over the life of a policy, higher persistency rates can have a significant impact on our profitability. The persistency rate on our portfolio was 84.0% at June 30, 2026. Generally, higher prepayment speeds lead to lower persistency. Prepayment speeds and the relative mix of business between single premium policies and monthly premium policies also impact our profitability. Our premium rates include certain assumptions regarding repayment or prepayment speeds of the mortgages. Because premiums are paid at origination on single premium policies, assuming all other factors remain constant, if loans are prepaid earlier than expected, our profitability on these loans is likely to increase and, if loans are repaid slower than expected, our profitability on these loans is likely to decrease. By contrast, if monthly premium loans are repaid earlier than anticipated, our premium earned with respect to those loans and therefore our profitability declines. Currently, the expected return on single premium policies is less than the expected return on monthly policies. Net Investment Income Our investment portfolio was predominantly comprised of investment-grade fixed income securities and money market funds as of June 30, 2026. The principal factors that influence investment income are the size of the investment portfolio and the yield on individual securities. As measured by amortized cost (which excludes changes in fair market value, such as from changes in interest rates), the size of our investment portfolio is mainly a function of increases in capital and cash generated from or used in operations which is impacted by net premiums received, investment earnings, net claim payments and expenses. Realized gains and losses are a function of the difference between the amount received on the sale of a security and the security’s amortized cost, as well as any provision for credit losses or impairments recognized in earnings. The amount received on the sale of fixed income securities is affected by the coupon rate of the security compared to the yield of comparable securities at the time of sale. 29 Table of Contents Income from Other Invested Assets As part of our overall investment strategy, we also allocate a percentage of our portfolio to limited partnership investments and traditional venture capital and private equity investments. The results of these investing activities are reported in income from other invested assets. These investments are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Fluctuations in the fair value of these entities may increase the volatility of the Company’s reported results of operations. Other Income Other income includes revenues associated with underwriting consulting services to third-party reinsurers, title settlement services and contract underwriting services. The level of these revenues are dependent upon the number of customers who have engaged us for these services. Revenue from underwriting consulting services to third-party reinsurers is also dependent upon the level of premiums associated with the transactions underwritten for these customers. Revenue from title settlement services and contract underwriting revenue are also dependent upon the number of loans underwritten for these customers. In connection with the acquisition of our mortgage insurance platform, we entered into a services agreement with Triad Guaranty Inc. and its wholly-owned subsidiary, Triad Guaranty Insurance Corporation, which we refer to collectively as “Triad,” to provide certain information technology maintenance and development and customer support-related services. In return for these services, we receive a flat monthly fee which is recorded in other income. During 2023, Triad entered into a three year renewal and extended the services agreement through November 2026. As more fully described in Note 4 to our condensed consolidated financial statements, the premiums ceded under certain reinsurance contracts with unaffiliated third parties varies based on changes in market interest rates. Under GAAP, these contracts contain embedded derivatives that are accounted for separately as freestanding derivatives. The change in the fair value of the embedded derivatives is reported in earnings and included in other income. Provision for Losses and Loss Adjustment Expenses Mortgage Insurance The provision for losses and loss adjustment expenses reflects the current expense that is recorded within a particular period to reflect actual and estimated loss payments that we believe will ultimately be made as a result of insured loans that are in default. Losses incurred are generally affected by: •the overall state of the economy, which broadly affects the likelihood that borrowers may default on their loans and have the ability to cure such defaults; •changes in housing values, which affect our ability to mitigate our losses through the sale of properties with loans in default as well as borrower willingness to continue to make mortgage payments when the value of the home is below or perceived to be below the mortgage balance; •the product mix of IIF, with loans having higher risk characteristics generally resulting in higher defaults and claims; •the size of loans insured, with higher average loan amounts tending to increase losses incurred; •the loan-to-value ratio, with higher average loan-to-value ratios tending to increase losses incurred; •the percentage of coverage on insured loans, with deeper average coverage tending to increase losses incurred; •credit quality of borrowers, including higher debt-to-income ratios and lower credit scores, which tend to increase incurred losses; •the level and amount of reinsurance coverage maintained with third parties; 30 Table of Contents •the rate at which we rescind policies. Because of tighter underwriting standards generally in the mortgage lending industry and terms set forth in our master policy, we expect that our level of rescission activity will be lower than rescission activity seen in the mortgage insurance industry for vintages originated prior to the financial crisis; and •the distribution of claims over the life of a book. As of June 30, 2026, 47% of our IIF relates to mortgage insurance business written before January 1, 2023 and was at least three years old. As a result, based on historical industry performance, we expect the number of defaults and claims we experience, as well as our provision for losses and loss adjustment expenses ("LAE"), to increase as our portfolio seasons. See “— Mortgage Insurance Earnings and Cash Flow Cycle” below. We establish loss reserves for delinquent loans when we are notified that a borrower has missed at least two consecutive monthly payments (“Case Reserves”), as well as estimated reserves for defaults that may have occurred but not yet been reported to us (“IBNR Reserves”). We also establish reserves for the associated loss adjustment expenses, consisting of the estimated cost of the claims administration process, including legal and other fees. Using both internal and external information, we establish our reserves based on the likelihood that a default will reach claim status and estimated claim severity. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies” included in our Annual Report for further information. Based upon our experience and industry data, claims incidence for mortgage insurance is generally highest in the third through sixth years after loan origination. As of June 30, 2026, 47% of our IIF relates to business written before January 1, 2023 and was at least three years old. As such, we expect incurred losses and claims to increase as a greater amount of this book of insurance is entering its anticipated period of highest claim frequency. The actual default rate and the average reserve per default that we experience as our portfolio matures is difficult to predict and is dependent on the specific characteristics of our current in-force book (including the credit score of the borrower, the loan-to-value ratio of the mortgage, geographic concentrations, etc.), as well as the profile of new business we write in the future. In addition, the default rate and the average reserve per default will be affected by future macroeconomic factors such as housing prices, interest rates and employment. The Federal Reserve increased the target federal funds rate several times during 2022 and 2023 in an effort to reduce consumer price inflation. As a result of subsequent reductions in inflation rates, the Federal Reserve reduced the target federal funds rate by 100 basis points in 2024 and by another 75 basis points during 2025. Mortgage interest rates, however, have remained elevated, which may lower home sale activity and affect the options available to delinquent borrowers. It is reasonably possible that our estimate of losses could change in the near term as a result of changes in the economic environment, the impact of elevated levels of consumer price inflation on home sale activity, housing inventory, and home prices. On September 26, 2024, Hurricane Helene made landfall and caused property damage in certain counties in Florida, Georgia, South Carolina, North Carolina, Tennessee and Virginia. On October 9, 2024, Hurricane Milton made landfall, causing damage in certain counties in Florida. Loans in default increased by 3,620 in the year ended December 31, 2024, including 2,119 defaults we identified as hurricane-related defaults. Based on prior industry experience, we expected the ultimate number of hurricane-related defaults that result in claims would be less than the default-to-claim experience of non-hurricane-related defaults. In addition, under our master policy, our exposure may be limited on hurricane-related claims. For example, we are permitted to exclude a claim entirely where damage to the property underlying a mortgage was the proximate cause of the default and adjust a claim where the property underlying a mortgage in default is subject to unrestored physical damage. Accordingly, when establishing our loss reserves as of December 31, 2024, we applied a lower estimated claim rate to new default notices received in the fourth quarter of 2024 from the affected areas than the claim rate we apply to other notices in our default inventory. During 2025 and through the second quarter of 2026, we observed a decline in the number of defaults associated with hurricanes Helene and Milton. In the second quarter of 2026, we began reserving for the remaining hurricane-related defaults consistently with the standard methodology used for our default inventory, which did not have a significant impact on our provision for losses and loss adjustment expenses in the three and six months ended June 30, 2026 or the reserve balance at June 30, 2026. As more fully described in Note 4 to our condensed consolidated financial statements, at June 30, 2026, we had approximately $1.0 billion of excess of loss reinsurance covering NIW from January 1, 2019 through August 31, 2019 and August 1, 2020 through December 31, 2025 and quota share reinsurance on portions of our NIW effective September 1, 2019 through December 31, 2020 and January 1, 2022 through December 31, 2026. The impact on our reserves in future periods will be dependent upon the amount of delinquent notices received from loan servicers, the performance of defaults and our expectations for the amount of ultimate losses on these delinquencies. 31 Table of Contents Property and Casualty Reinsurance The Company estimates the reserves for property and casualty reinsurance based on reports from ceding companies and industry data analyzed using standard actuarial and statistical techniques. The Company selects initial expected loss and loss adjustment expense ratios based on information provided by ceding companies, actuaries and its underwriters, supplemented by industry data where appropriate. The analysis includes assessing currently available data, predictions of future developments, estimates of future trends, and other factors. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in income in the period in which they are determined. The final settlement of losses may vary, perhaps materially, from the reserves recorded. Title Insurance Our reserve for title insurance claim losses includes reserves for known claims as well as for losses that have been incurred but not yet reported to us (“IBNR”), net of recoupments. We reserve for each known claim based on our review of the estimated amount of the claim and the costs required to settle the claim. Reserves for IBNR claims are estimates that are established at the time the premium revenue is recognized and are based upon historical experience and other factors, including industry trends, claim loss history, legal environment, geographic considerations, and the types of policies written. We also reserve for losses arising from closing and disbursement functions due to fraud or operational error. Although claims against title insurance policies can be reported relatively soon after the policy has been issued, claims may also be reported many years later. By their nature, title claims are often complex, vary greatly in dollar amounts and are affected by economic and market conditions, as well as the legal environment existing at the time of settlement of the claims. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors. Outward Reinsurance We use reinsurance to provide protection against adverse loss experience in our mortgage insurance and title insurance portfolios and to expand our capital sources. When we enter into a reinsurance agreement, the reinsurer receives a premium and, in exchange, agrees to insure an agreed upon portion of incurred losses. These arrangements have the impact of reducing our earned premiums, but also reduce our mortgage insurance risk in force (RIF), which provides capital relief, and may include capital relief under the PMIERs financial strength requirements. Our incurred losses are reduced by any incurred losses ceded in accordance with the reinsurance agreement. For additional information regarding reinsurance, see Note 4 to our condensed consolidated financial statements. Other Underwriting and Operating Expenses Our other underwriting and operating expenses include components that are substantially fixed, as well as expenses that generally increase or decrease in line with the level of mortgage insurance NIW, reinsurance premiums earned, title insurance policies issued and settlement services provided. Our most significant expense is compensation and benefits for our employees, which represented 41% and 45% of other underwriting and operating expenses for the three and six months ended June 30, 2026, compared to 49% and 53% for the three and six months ended June 30, 2025. Compensation and benefits expense includes base and incentive cash compensation, stock compensation expense, benefits and payroll taxes. Underwriting and other expenses include acquisition costs, legal, consulting, other professional fees, premium taxes, travel, entertainment, marketing, licensing, supplies, hardware, software, rent, utilities, depreciation and amortization and other expenses. Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. We anticipate that as we continue to add new customers and increase our mortgage insurance IIF, assume additional reinsurance, and increase title insurance policies issued and settlement services provided, our expenses will also continue to increase. Other underwriting and operating expenses also include premiums retained by agents, which represent the portion of title insurance premiums retained by our third-party agents pursuant to the terms of their respective agency contracts and are recorded as an expense. The percentage of premiums retained by agents vary according to regional differences in real estate closing practices and state regulations. 32 Table of Contents Income Taxes Income taxes are incurred based on the amount of earnings or losses generated in the jurisdictions in which we operate and the applicable tax rates and regulations in those jurisdictions. Our U.S. insurance subsidiaries are generally not subject to income taxes in most states in which we operate; however, our non-insurance subsidiaries are subject to state income taxes. Except for six states, most notably Florida, our insurance subsidiaries pay premium taxes in lieu of state income taxes. Premium taxes are recorded in other underwriting and operating expenses. Essent Group Ltd. ("Essent Group") and its wholly-owned subsidiary, Essent Re, are domiciled in Bermuda, and their income is currently not subject to a corporate income tax. See "—Legislative and Regulatory Developments—Bermuda Corporate Income Tax" above. Essent Re reinsures U.S. mortgage risk in the GSE credit risk transfer market, provides underwriting consulting services to third-party reinsurers and effective January 1, 2026, reinsures certain property and casualty risks. Essent Re also reinsures Essent Guaranty's NIW under a quota share reinsurance agreement. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods: NIW Period Ceding Percentage January 1, 2025 to Present 50% January 1, 2021 to December 31, 2024 35% Prior to January 1, 2021 25% The amount of income tax expense or benefit recorded in future periods will be dependent on the jurisdictions in which we operate and the tax laws and regulations in effect. Earnings and Cash Flow Cycle In general, the majority of any underwriting profit (premium revenue minus losses) that a book of mortgage insurance policies generates occurs in the early years of the book, with the largest portion of any underwriting profit realized in the first year. Subsequent years of a book generally result in modest underwriting profit or underwriting losses. This pattern generally occurs because relatively few of the claims that a book will ultimately experience typically occur in the first few years of the book, when premium revenue is highest, while subsequent years are affected by declining premium revenues, as the number of insured loans decreases (primarily due to loan prepayments), and by increasing losses. In general, the underwriting profit generated by certain lines of property and casualty insurance policies depends on the pattern in which written premiums are earned over the coverage period and the estimate of the initial reserves for future claim payments. Significant periods of time may elapse between the point at which premiums are written and earned and the occurrence of an insured loss, the reporting of the loss to the reinsurer and subsequent payments to the ceding insurer by the reinsurer. Key Performance Indicators Insurance In Force As discussed above, mortgage insurance premiums we collect and earn are generated based on our IIF, which is a function of our NIW and cancellations. The following table includes a summary of the change in our IIF for the three and six months ended June 30, 2026 and 2025 for our mortgage insurance portfolio. In addition, this table includes our RIF at the end of each period. 33 Table of Contents Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 IIF, beginning of period $ 247,909,417 $ 244,692,492 $ 248,356,397 $ 243,645,423 NIW - Flow 14,144,104 12,544,731 25,220,294 22,490,067 Cancellations (12,333,287) (10,439,604) (23,856,457) (19,337,871) IIF, end of period $ 249,720,234 $ 246,797,619 $ 249,720,234 $ 246,797,619 Average IIF during the period $ 248,468,781 $ 245,747,813 $ 248,188,468 $ 244,902,942 RIF, end of period $ 56,435,078 $ 56,811,096 $ 56,435,078 $ 56,811,096 The following is a summary of our IIF at June 30, 2026 by vintage: ($ in thousands) $ % 2026 (through June 30) $ 24,756,568 9.9 % 2025 40,156,852 16.1 2024 34,628,333 13.9 2023 31,851,543 12.8 2022 42,323,563 16.9 2021 37,012,232 14.8 2020 and prior 38,991,143 15.6 $ 249,720,234 100.0 % Average Net Premium Rate Our average net premium rate is calculated by dividing net premiums earned for the mortgage insurance portfolio by average insurance in force for the period and is dependent on a number of factors, including: (1) the risk characteristics and average coverage on the mortgages we insure; (2) the mix of monthly premiums compared to single premiums in our portfolio; (3) cancellations of non-refundable single premiums during the period; (4) changes to our pricing for NIW; and (5) premiums ceded under third-party reinsurance agreements. The following table presents the average net premium rate for our U.S. mortgage insurance portfolio: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Base average premium rate 0.40 % 0.41 % 0.41 % 0.41 % Single premium cancellations — — — — Gross average premium rate 0.40 0.41 0.41 0.41 Ceded premiums (0.05) (0.05) (0.06) (0.05) Net average premium rate 0.35 % 0.36 % 0.35 % 0.36 % The continued use of outward reinsurance along with changes to the level of future cancellations of non-refundable single premium policies and mix of IIF may impact our average net premium rate in future periods. Persistency Rate The measure for assessing the impact of policy cancellations on IIF is our persistency rate, defined as the percentage of IIF that remains on our books after any twelve-month period. See additional discussion regarding the impact of the persistency rate on our performance in “— Factors Affecting Our Results of Operations — Persistency and Business Mix.” 34 Table of Contents Risk-to-Capital The risk-to-capital ratio has historically been used as a measure of capital adequacy in the U.S. mortgage insurance industry and is calculated as a ratio of net risk in force to statutory capital. 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. Statutory capital for our U.S. insurance companies is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department. See additional discussion in “— Liquidity and Capital Resources — Insurance Company Capital.” As of June 30, 2026, the net risk in force for Essent Guaranty was $31.1 billion and its statutory capital was $3.7 billion, resulting in a risk-to-capital ratio of 8.5:1. The amount of capital required varies in each jurisdiction in which we operate; however, generally, the maximum permitted risk-to-capital ratio is 25.0 to 1. State insurance regulators have continued to examine their respective capital rules to determine whether, in light of the 2007-2008 financial crisis, changes are needed to more accurately assess mortgage insurers' ability to withstand stressful economic conditions. As a result, the capital metrics under which they assess and measure capital adequacy may change in the future. Independent of the state regulator and GSE capital requirements, management continually assesses the risk of our insurance portfolio and current market and economic conditions to determine the appropriate levels of capital to support our business. Results of Operations: Consolidated The following table sets forth our consolidated results of operations for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Revenues: Net premiums written $ 307,285 $ 241,488 $ 701,954 $ 479,759 (Increase) decrease in unearned premiums (30,521) 7,321 (165,097) 14,898 Net premiums earned 276,764 248,809 536,857 494,657 Net investment income 61,612 59,289 120,867 117,499 Realized investment gains (losses), net (111) (129) (258) (310) Income from other invested assets 19,385 4,466 29,564 11,874 Other income 5,036 6,708 11,728 12,981 Total revenues 362,686 319,143 698,758 636,701 Losses and expenses: Provision for losses and LAE 48,961 17,055 97,177 48,342 Other underwriting and operating expenses 75,258 62,765 148,241 133,889 Interest expense 8,148 8,148 16,296 16,296 Total losses and expenses 132,367 87,968 261,714 198,527 Income before income taxes 230,319 231,175 437,044 438,174 Income tax expense 40,605 35,836 75,531 67,402 Net income $ 189,714 $ 195,339 $ 361,513 $ 370,772 Revenues Net Premiums Earned Net premiums earned for the three and six months ended June 30, 2026 increased compared to the three and six months ended June 30, 2025, primarily due to property and casualty reinsurance assumed beginning January 1, 2026. For more information, see Net Premiums Written and Earned under “Results of Operations: Mortgage Insurance”, Net Premiums Written and Earned under “Results of Operations: Reinsurance” and Net Premiums Earned under “Results of Operations: Corporate & Other”. 35 Table of Contents Net Investment Income Our consolidated net investment income was derived from the following sources for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Fixed maturities $ 58,220 $ 54,946 $ 112,523 $ 107,432 Short-term investments 5,249 6,073 11,777 13,548 Gross investment income 63,469 61,019 124,300 120,980 Investment expenses (1,857) (1,730) (3,433) (3,481) Net investment income $ 61,612 $ 59,289 $ 120,867 $ 117,499 The increase in net investment income for the three and six months ended June 30, 2026 as compared to the same periods in 2025 was due to an increase in the pre-tax investment income yield and an increase in the average balance of cash and available-for-sale investments. The pre-tax investment income yield on cash and available-for-sale investments increased from 3.85% for the three months ended June 30, 2025 to 3.99% for the three months ended June 30, 2026, and from 3.81% for the six months ended June 30, 2025 to 3.89% for the six months ended June 30, 2026, primarily due to a general increase in investment yields due to rising interest rates. The average cash and available-for-sale investment portfolio balance was $6.4 billion for both the three and six months ended June 30, 2026 and $6.3 billion for both the three and six months ended June 30, 2025, respectively. See “— Liquidity and Capital Resources” for further details of our investment portfolio. Income from Other Invested Assets Income from other invested assets for the three months ended June 30, 2026 was $19.4 million as compared to $4.5 million for the three months ended June 30, 2025. Income from other invested assets for the six months ended June 30, 2026 was $29.6 million as compared to $11.9 million for the six months ended June 30, 2025. The increase in income from other invested assets for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was due to increased favorable fair value adjustments recorded. Other Income Other income for the three months ended June 30, 2026 was $5.0 million as compared to $6.7 million for the three months ended June 30, 2025. Other income for the six months ended June 30, 2026 was $11.7 million as compared to $13.0 million for the six months ended June 30, 2025. Other income includes revenues associated with underwriting consulting services to third-party reinsurers, title settlement services and contract underwriting services, as well as changes in the fair value of our embedded derivatives associated with certain reinsurance contracts. Losses and Expenses Provision for Losses The increased provision for losses for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to property and casualty reinsurance assumed beginning January 1, 2026 and an increase in the average reserve per default due to aging of defaults remaining within the mortgage insurance portfolio. See “Results of Operations: Mortgage Insurance" and “Results of Operations: Reinsurance" for more information. Other Underwriting and Operating Expenses The increase in underwriting and operating expenses for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to an increase in operating expenses in our Reinsurance segment, partially offset by decreases in operating expenses in our Mortgage Insurance segment. For more information, see “Results of Operations: Mortgage Insurance”, “Results of Operations: Reinsurance” and “Results of Operations: Corporate & Other.” Interest Expense For the three month periods ended June 30, 2026 and 2025, we incurred interest expense of $8.1 million, respectively. For the six month periods ended June 30, 2026 and 2025, we incurred interest expense of $16.3 million, respectively. The average amount of borrowings outstanding were $500 million at a weighted average interest rate of 6.25% for all periods presented. 36 Table of Contents Income Taxes Our subsidiaries in the United States file a consolidated U.S. Federal income tax return. Our income tax expense was $40.6 million and $35.8 million for the three months ended June 30, 2026 and 2025, respectively and $75.5 million and $67.4 million for the six months ended June 30, 2026 and 2025, respectively. The provision for income taxes for the six months ended June 30, 2026 was calculated using an estimated annual effective tax rate of 17.3% compared to 15.4% for the six months ended June 30, 2025. The increase in our estimated annual effective tax rate is primarily related to estimated withholding taxes to be incurred on intercompany dividends by Essent US Holdings, Inc. to its parent company. For the six months ended June 30, 2026, income tax expense includes $6.4 million of discrete tax expense associated with realized and unrealized gains recognized during the period partially offset by $1.1 million excess tax benefits associated with the vesting of common shares and common share units. For the six months ended June 30, 2025, income tax expense includes $2.7 million of discrete tax expense associated with realized and unrealized gains recognized during the period partially offset by $0.8 million excess tax benefits associated with the vesting of common shares and common share units. Results of Operations: Mortgage Insurance Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Revenues: Net premiums earned $ 215,662 $ 220,262 $ 431,325 $ 438,386 Net investment income 43,965 43,676 86,322 86,466 Realized investment gains (losses), net (94) (124) (282) (225) Income from other invested assets 12,975 3,619 18,737 6,828 Other income 1,396 1,614 3,139 3,162 Total revenues 273,904 269,047 539,241 534,617 Losses and expenses: Provision for losses and LAE 29,391 15,323 67,011 46,043 Other underwriting and operating expenses 23,819 24,625 49,884 52,759 Total losses and expenses before allocations 53,210 39,948 116,895 98,802 Corporate expense allocations 8,086 8,979 19,628 21,783 Total losses and expenses after allocations 61,296 48,927 136,523 120,585 Income before income tax expense $ 212,608 $ 220,120 $ 402,718 $ 414,032 Loss ratio (1) 13.6 % 7.0 % 15.5 % 10.5 % Expense ratio (2) 14.8 15.3 16.1 % 17.0 % Combined ratio 28.4 % 22.3 % 31.6 % 27.5 % (1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. (2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and corporate expense allocations by net premiums earned. Three and Six Months Ended June 30, 2026 Compared to the Three and Six Months Ended June 30, 2025 For the three months ended June 30, 2026, our Mortgage Insurance segment reported income before income tax expense of $212.6 million, compared to income before income tax expense of $220.1 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, our Mortgage Insurance segment reported income before income tax expense of $402.7 million, compared to income before income tax expense of $414.0 million for the six months ended June 30, 2025. The decrease in our operating results during the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to an increase in the provision for losses and a decrease in net premiums earned, partially offset by an increase in income from other invested assets and a decrease in other underwriting and operating expenses. 37 Table of Contents Net Premiums Written and Earned Net premiums earned in the three and six months ended June 30, 2026 decreased compared to the three and six months ended June 30, 2025. The average net premium rate decreased to 0.35% for the three months ended June 30, 2026 compared to 0.36% for the three months ended June 30, 2025 as a result of a decrease in the base premium rate. The average net premium rate decreased to 0.35% for the six months ended June 30, 2026 compared to 0.36% for the six months ended June 30, 2025 due to an increase in ceded premiums as a result of higher ceded losses under our third party quota share arrangements. Our average IIF increased from $245.7 billion for the three months ended June 30, 2025 to $248.5 billion for the three months ended June 30, 2026 and from $244.9 billion for the six months ended June 30, 2025 to $248.2 billion for the six months ended June 30, 2026. The following table presents the components of the change in unearned premiums within our Mortgage Insurance segment for the following periods: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Unearned premium recognized in earnings 7,404 9,072 15,024 19,902 Net premiums written on single premium policies (2,390) (2,216) (4,294) (4,053) Decrease in unearned premiums 5,014 6,856 10,730 15,849 Provision for Losses and Loss Adjustment Expenses In the three months ended June 30, 2026 we recorded a provision for losses of $29.4 million compared to a provision of $15.3 million for the three months ended June 30, 2025. In the six months ended June 30, 2026 we recorded a provision for losses of $67.0 million compared to a provision of $46.0 million for the six months ended June 30, 2025. The increase in the provision for losses in the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily the result of an increase in our average reserve per default due to aging of defaults remaining within the mortgage insurance portfolio and an increase in the average RIF per default. The following table presents a rollforward of insured loans in default for our mortgage insurance portfolio for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Beginning default inventory 20,332 17,759 20,210 18,439 Plus: new defaults 9,846 8,810 20,946 18,474 Less: cures (9,559) (9,078) (20,267) (19,251) Less: claims paid (316) (215) (555) (368) Less: rescissions and denials, net (25) (21) (56) (39) Ending default inventory 20,278 17,255 20,278 17,255 The following table includes additional information about our loans in default as of the dates indicated for our mortgage insurance portfolio: As of June 30, 2026 2025 Case reserves (in thousands) $ 438,920 $ 319,408 Total reserves (in thousands) $ 475,011 $ 345,952 Ending default inventory 20,278 17,255 Average case reserve per default (in thousands) $ 21.6 $ 18.5 Average total reserve per default (in thousands) $ 23.4 $ 20.0 Default rate 2.53 % 2.12 % Claims received included in ending default inventory 461 214 38 Table of Contents The following table provides a reconciliation of the beginning and ending mortgage insurance reserve balances for losses and LAE: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Reserve for losses and LAE at beginning of period $ 458,901 $ 338,128 $ 429,610 $ 310,156 Less: Reinsurance recoverables 61,591 40,351 56,120 36,655 Net reserve for losses and LAE at beginning of period 397,310 297,777 373,490 273,501 Add provision for losses and LAE occurring in: Current period 58,393 45,119 121,185 94,047 Prior years (29,002) (29,796) (54,174) (48,004) Incurred losses and LAE during the current period 29,391 15,323 67,011 46,043 Deduct payments for losses and LAE occurring in: Current period 260 315 348 366 Prior years 17,148 8,799 30,860 15,192 Loss and LAE payments during the current period 17,408 9,114 31,208 15,558 Net reserve for losses and LAE at end of period 409,293 303,986 409,293 303,986 Plus: Reinsurance recoverables 65,718 41,966 65,718 41,966 Reserve for losses and LAE at end of period $ 475,011 $ 345,952 $ 475,011 $ 345,952 The following tables provide a detail of reserves and defaulted RIF by the number of missed payments and pending claims for our mortgage insurance portfolio: As of June 30, 2026 ($ in thousands) 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 Missed payments: Two payments 6,268 31 % $ 34,008 8 % $ 495,232 7% Three payments 2,812 14 29,835 7 237,120 13 Four to eleven payments 7,772 38 187,370 43 684,887 27 Twelve or more payments 2,965 15 154,442 35 252,845 61 Pending claims 461 2 33,265 7 36,888 90 Total case reserves 20,278 100 % $ 438,920 100 % $ 1,706,972 26% IBNR 32,919 LAE 3,172 Total reserves for losses and LAE $ 475,011 39 Table of Contents As of June 30, 2025 ($ in thousands) 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 Missed payments: Two payments 5,634 33 % $ 29,534 9 % $ 436,738 7% Three payments 2,375 14 23,028 7 189,938 12 Four to eleven payments 6,644 38 134,497 42 561,051 24 Twelve or more payments 2,388 14 118,154 37 190,189 62 Pending claims 214 1 14,195 5 15,789 90 Total case reserves 17,255 100 % $ 319,408 100 % $ 1,393,705 23% IBNR 23,956 LAE 2,588 Total reserves for losses and LAE $ 345,952 During the three months ended June 30, 2026, the Mortgage Insurance provision for losses and LAE was a provision of $29.4 million, comprised of $58.4 million of current year losses partially offset by $29.0 million of favorable prior years’ loss development. During the three months ended June 30, 2025, the provision for losses and LAE was $15.3 million, comprised of $45.1 million of current year losses offset by $29.8 million of favorable prior years’ loss development. During the six months ended June 30, 2026, the Mortgage Insurance provision for losses and LAE was a provision of $67.0 million, comprised of $121.2 million of current year losses partially offset by $54.2 million of favorable prior years’ loss development. During the six months ended June 30, 2025, the provision for losses and LAE was $46.0 million, comprised of $94.0 million of current year losses offset by $48.0 million of favorable prior years’ loss development. In all periods, the prior years’ loss development was the result of a re-estimation of amounts ultimately to be paid on prior year defaults in the default inventory, including the impact of previously identified defaults that cured. The following table includes additional information about our claims paid and claim severity for our mortgage insurance portfolio for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Number of claims paid 316 215 555 368 Amount of claims paid $ 17,283 $ 9,007 $ 31,208 $ 15,337 Claim severity 85 % 67 % 85 % 68 % Other Underwriting and Operating Expenses Following are the components of other underwriting and operating expenses for the Mortgage Insurance segment for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) $ % $ % $ % $ % Compensation and benefits $ 14,898 63 % $ 15,667 64 % $ 31,515 63 % $ 34,277 65 % Premium taxes 5,996 25 5,984 24 11,988 24 11,548 22 Acquisition costs, net (7,770) (33) (6,770) (27) (15,148) (30) (13,200) (25) Other 10,695 44 9,744 40 21,529 43 20,134 37 Total other underwriting and operating expenses $ 23,819 100 % $ 24,625 100 % $ 49,884 100 % $ 52,759 100 % Average number of employees during the period 259 276 260 280 40 Table of Contents The significant factors contributing to the change in other underwriting and operating expenses are: •Compensation and benefits decreased during the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to a decrease in average number of employees during the current period. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes. The first quarter of each year typically has higher compensation and benefits expense than the subsequent quarters due to payroll taxes on annual bonus payouts and vesting of nonvested stock and stock units, as well as higher stock-based compensation expense. •Acquisition costs are net of ceding commissions earned on outward reinsurance. The change in acquisition costs during the three and six month periods ended June 30, 2026 compared to the same periods in 2025 resulted from increased ceding commission earned due to increased outward reinsurance of insurance in force under our outstanding quota share arrangements. •Other expenses include professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses. The increase in other expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily attributable to increases in professional fees. Results of Operations: Reinsurance Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Revenues: Net premiums earned $ 43,639 $ 13,875 $ 72,949 $ 29,609 Net investment income 6,088 5,216 10,758 10,056 Other income 1,345 1,909 3,316 4,862 Total revenues 51,072 21,000 87,023 44,527 Losses and expenses: Provision for losses and LAE 18,723 36 28,652 39 Other underwriting and operating expenses 14,631 2,386 24,556 4,843 Total losses and expenses before allocations 33,354 2,422 53,208 4,882 Corporate expense allocations 653 263 1,204 473 Total losses and expenses after allocations 34,007 2,685 54,412 5,355 Income before income tax expense $ 17,065 $ 18,315 $ 32,611 $ 39,172 Loss ratio (1) 42.9 % 0.3 % 39.3 % 0.1 % Expense ratio (2) 35.0 19.1 35.3 18.0 Combined ratio 77.9 % 19.4 % 74.6 % 18.1 % (1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. (2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and corporate expense allocations by net premiums earned. Three and Six Months Ended June 30, 2026 Compared to the Three and Six Months Ended June 30, 2025 Net Premiums Written and Earned Reinsurance net premiums earned increased during the three and six month periods ended June 30, 2026 compared to the same periods in 2025 primarily due to premiums earned on the reinsurance of certain property and casualty risks, which Essent Re began writing effective January 1, 2026. Premiums earned also include premiums from Essent Re's participation in the GSE-sponsored mortgage risk share transactions. 41 Table of Contents The following table sets forth our Reinsurance segment’s net premiums written between mortgage and non-mortgage business: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 $ % $ % $ % $ % Mortgage $ 13,700 17 % $ 13,181 98 % $ 26,936 11 % $ 30,102 99 % Non-mortgage 65,475 83 229 2 221,840 89 458 1 Total net premiums written $ 79,175 100 % $ 13,410 100 % $ 248,776 100 % $ 30,560 100 % The following table sets forth our Reinsurance segment’s net premiums earned between mortgage and non-mortgage business: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 $ % $ % $ % $ % Mortgage $ 12,716 29 % $ 13,646 98 % $ 24,980 34 % $ 29,151 98 % Non-mortgage 30,923 71 229 2 47,969 66 458 2 Total net premiums earned $ 43,639 100 % $ 13,875 100 % $ 72,949 100 % $ 29,609 100 % The following table presents the average mortgage reinsurance risk in force and the average premium rates for the periods indicated: Three Months Ended June 30, ($ in thousands) 2026 2025 Average reinsured mortgage risk in force $ 2,068,050 $ 2,239,743 Average premium rate on mortgage risk in force 2.5 % 2.4 % Other Income The decrease in other income in Reinsurance for the three and six month periods ended June 30, 2026 compared to the same periods in 2025 was due to a decline in third party consulting service revenues. Provision for Losses and Loss Adjustment Expenses In the three and six months ended June 30, 2026 we recorded a provision for losses of $18.7 million and $28.7 million, respectively, compared to a provision of $36 thousand and $39 thousand for the three and six months ended June 30, 2025, respectively. The increase in provision for losses and loss adjustment expenses for the three and six month periods ended June 30, 2026 primarily relates to loss provisions recorded for property and casualty premiums earned during 2026. Property and casualty ultimate losses are estimated on premiums earned and the average loss ratios for property and casualty reinsurance are inherently higher than loss ratios on the reinsurance of GSE-sponsored mortgage risk share transactions. Reinsurance reserves as of June 30, 2026 and 2025 were $27.7 million and $88 thousand, respectively. 42 Table of Contents Other Underwriting and Operating Expenses Following are the components of other underwriting and operating expenses for Reinsurance segment for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) $ % $ % $ % $ % Compensation and benefits $ 1,781 12 % $ 1,126 47 % $ 3,966 16 % $ 2,406 50 % Premium and other taxes 14 — 16 1 32 — 27 1 Acquisition costs, net 11,849 81 285 12 18,591 76 642 13 Other 987 7 959 40 1,967 8 1,768 37 Total other underwriting and operating expenses $ 14,631 100 % $ 2,386 100 % $ 24,556 100 % $ 4,843 100 % Average number of employees during the period 10 8 10 8 The significant factors contributing to the change in other underwriting and operating expenses are: •Compensation and benefits increased for the three and six month periods ended June 30, 2026 compared to the same periods in 2025 primarily due to an increase in headcount and incentive compensation. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes. •Premium and other taxes within the Reinsurance segment relate to federal excise taxes paid on certain mortgage reinsurance premiums. •The increase in acquisition costs for the three and six month periods ended June 30, 2026 compared to the same periods in 2025 is primarily due to ceding and brokerage commissions and acquisition costs incurred on property and casualty risks that Essent Re began reinsuring effective January 1, 2026. •Other expenses increased for the three and six month periods ended June 30, 2026 compared to the same periods in 2025 as a result of increased professional fees incurred with the reinsurance of property and casualty risks beginning in the first quarter of 2026. Other expenses include professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses. 43 Table of Contents Results of Operations: Corporate & Other Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Revenues: Net premiums earned $ 17,463 $ 14,672 $ 32,583 $ 26,662 Net investment income 11,559 10,397 23,787 20,977 Realized investment gains (losses), net (17) (5) 24 (85) Income (loss) from other invested assets 6,410 847 10,827 5,046 Other income 2,295 3,185 5,273 4,957 Total revenues 37,710 29,096 72,494 57,557 Losses and expenses: Provision for losses and LAE 847 1,696 1,514 2,260 Other underwriting and operating expenses 36,808 35,754 73,801 76,287 Interest expense 8,148 8,148 16,296 16,296 Total losses and expenses before allocations 45,803 45,598 91,611 94,843 Corporate expense allocations (8,739) (9,242) (20,832) (22,256) Total losses and expenses after allocations 37,064 36,356 70,779 72,587 Income (loss) before income tax expense $ 646 $ (7,260) $ 1,715 $ (15,030) Three and Six Months Ended June 30, 2026 Compared to the Three and Six Months Ended June 30, 2025 Net Premiums Earned Net premiums earned reported in Corporate & Other relate to premiums earned by our title insurance operations. The increase in net premiums earned is due to an increase in title insurance policies issued in the three and six month periods ended June 30, 2026 compared to the same periods in 2025. Provision for Losses & LAE The provision for losses reported in Corporate & Other relates to loss provisions recorded by our title insurance operations. Title insurance reserves were $16.0 million at June 30, 2026 and $16.9 million at December 31, 2025. Other Underwriting and Operating Expenses Following are the components of other underwriting and operating expenses for the Corporate & Other category for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) $ % $ % $ % $ % Compensation and benefits $ 13,825 38 % $ 13,926 39 % $ 31,678 43 % $ 33,728 44 % Premium taxes 545 1 495 1 981 1 1,823 2 Other 22,438 61 21,333 60 41,142 56 40,736 53 Total other underwriting and operating expenses $ 36,808 100 % $ 35,754 100 % $ 73,801 100 % $ 76,287 100 % Average number of employees during the period 251 257 249 278 The significant factors contributing to the change in other underwriting and operating expenses are: •Compensation and benefits decreased in the six months ended June 30, 2026 compared to the same period in 2025 primarily due to decreases in the average number of employees and a decrease in stock based compensation expense. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes. 44 Table of Contents •Premium taxes decreased during the six months ended June 30, 2026 compared to the same period in 2025 primarily due to $1.0 million of net expense associated with prior year premium tax returns incurred during the first quarter of 2025. •Other expenses include title and settlement services direct costs, professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses. Other expenses also includes premiums retained by agents which represents the portion of title insurance premiums retained by our third-party agents pursuant to the terms of their respective agency contracts. Other expenses increased in the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to an increase in title expenses associated with an increase in title policies issued. Liquidity and Capital Resources Overview Our sources of funds consist primarily of: •our investment portfolio and interest income on the portfolio; •net premiums that we will receive from our existing IIF as well as policies that we write in the future; •borrowings under our Revolving Credit Facility; and •issuance of capital shares. Our obligations consist primarily of: •claim payments under our policies; •interest payments and repayment of borrowings under our Senior Notes and Revolving Credit Facility; •the other costs and operating expenses of our business; •the repurchase of common shares under the share repurchase plan approved by our Board of Directors; and •the payment of dividends on our common shares. As of June 30, 2026, we had substantial liquidity with cash of $74.3 million, short-term investments of $623.9 million and fixed maturity investments of $5.4 billion. We also had $500 million available capacity under our Revolving Credit Facility. Cash and investments available for sale at the holding companies totaled $1.1 billion at June 30, 2026. In addition, Essent Guaranty is a member of the Federal Home Loan Bank of Pittsburgh (the “FHLBank”) and has access to secured borrowing capacity with the FHLBank to provide Essent Guaranty with supplemental liquidity. Essent Guaranty had no outstanding borrowings with the FHLBank at June 30, 2026. Management believes that the Company has sufficient liquidity available both at its holding companies and in its insurance and other operating subsidiaries to meet its operating cash needs and obligations and committed capital expenditures for the next 12 months. While the Company and all of its subsidiaries are expected to have sufficient liquidity to meet all their expected obligations, additional capital may be required to meet any new capital requirements that are adopted by regulatory authorities or the GSEs, to respond to changes in the business or economic environment, to provide additional capital related to the growth of our risk in force in our mortgage insurance portfolio, or to fund new business initiatives. We regularly review potential investments and acquisitions, some of which may be material, that, if consummated, would expand our existing business or result in new lines of business, and at any given time we may be in discussions concerning possible transactions. We continually evaluate opportunities based upon market conditions to further increase our financial flexibility through the issuance of equity or debt, or other options including reinsurance or credit risk transfer transactions. There can be no guarantee that any such opportunities will be available on acceptable terms or at all. 45 Table of Contents At the operating subsidiary level, liquidity could be impacted by any one of the following factors: •significant decline in the value of our investments; •inability to sell investment assets to provide cash to fund operating needs; •decline in expected revenues generated from operations; •increase in expected claim payments related to our IIF; or •increase in operating expenses. Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations prescribed by jurisdictions in which they are authorized to operate and, in the case of Essent Guaranty, the GSEs. Under the insurance laws of the Commonwealth of Pennsylvania, the insurance subsidiaries may pay dividends during any twelve-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year’s statutory net income. The Pennsylvania statute also requires that, without the prior approval of the Pennsylvania Insurance Department, dividends and other distributions may only be paid out of positive unassigned surplus. At June 30, 2026, Essent Guaranty had unassigned surplus of approximately $301.9 million. As of June 30, 2026, Essent Guaranty could pay additional ordinary dividends in 2026 of $301.9 million. Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. Class 3B insurers must obtain the BMA's prior approval for a reduction by 15% or more of total statutory capital or for a reduction by 25% or more of total statutory capital and surplus as set forth in its previous year's statutory financial statements. In connection with a quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100.0 million. As of June 30, 2026, Essent Re had total equity of $1.6 billion. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. See Note 3 to our condensed consolidated financial statements. As of June 30, 2026, Essent Re could pay additional dividends in 2026 of $223.8 million without prior approval from the BMA. At June 30, 2026, our insurance subsidiaries were in compliance with these rules, regulations and agreements. Cash Flows The following table summarizes our consolidated cash flows from operating, investing and financing activities: Six Months Ended June 30, (In thousands) 2026 2025 Net cash provided by operating activities $ 389,134 $ 411,104 Net cash used in investing activities (10,999) (48,576) Net cash used in financing activities (426,851) (401,892) Net decrease in cash $ (48,716) $ (39,364) Operating Activities Cash flows provided by operating activities totaled $389.1 million for the six months ended June 30, 2026, as compared to $411.1 million for the six months ended June 30, 2025. The decrease in cash flows provided by operating activities was due to the timing of certain premium collections and an increase in claims paid, partially offset by a decrease in prepaid federal income taxes during the six months ended June 30, 2026 compared to the same period in 2025. Investing Activities Cash flows used in investing activities totaled $11.0 million for the six months ended June 30, 2026 compared to $48.6 million for the six months ended June 30, 2025. The decrease in cash flows used in investing activities in the six months ended June 30, 2026 compared to six months ended June 30, 2025 was largely due to net cash inflows from available-for-sale and short-term investments, partially offset by a decrease in purchases of other invested assets. 46 Table of Contents Financing Activities Cash flow used in financing activities totaled $426.9 million and $401.9 million for the six months ended June 30, 2026 and 2025, respectively. Cash flows used in financing activities relates to the quarterly cash dividends paid, repurchases of common stock under our share repurchase plans and treasury stock acquired from employees to satisfy tax withholding obligations. Insurance Company Capital We compute a risk-to-capital ratio for our U.S. mortgage insurance company on a separate company statutory basis. The risk-to-capital ratio is our net risk in force divided by our statutory capital. Our net risk in force represents risk in force net of reinsurance ceded, if any, and net of exposures on policies for which loss reserves have been established. Statutory capital consists primarily of statutory policyholders’ surplus (which increases as a result of statutory net income and decreases as a result of statutory net loss and dividends paid), plus the statutory contingency reserve. The statutory contingency reserve is reported as a liability on the statutory balance sheet. A mortgage insurance company is required to make annual contributions to the contingency reserve of 50% of net premiums earned. These contributions must generally be maintained for a period of ten years. However, with regulatory approval, a mortgage insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year. During the six months ended June 30, 2026 and 2025, no capital contributions were made to our U.S. mortgage insurance subsidiary and Essent Guaranty paid dividends to Essent US Holdings, Inc. of $115 million and $130 million, respectively. During the six months ended June 30, 2026, and 2025, no capital contributions were made to Essent Title Insurance. Essent Guaranty has entered into reinsurance agreements that provide excess of loss reinsurance coverage for new defaults on portfolios of mortgage insurance policies issued from January 1, 2019 through August 31, 2019 and August 1, 2020 through December 31, 2025. The aggregate excess of loss reinsurance coverages decrease over a ten-year period as the underlying covered mortgages amortize. In April 2025, Essent entered into an excess of loss transaction, effective July 1, 2026 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written by Essent Guaranty, Inc. in calendar year 2026. In March 2026, Essent Guaranty entered into an excess of loss transaction, effective July 1, 2027 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written by Essent Guaranty, Inc. in calendar year 2027. Essent Guaranty has entered into a quota share reinsurance agreement with a panel of third-party reinsurers ("QSR" agreement"). Each of the third-party reinsurers has a minimum financial strength rating of A- or better by S&P Global Ratings, AM Best or both. Under each QSR agreement, Essent Guaranty will cede premiums on a percentage of risk on all eligible policies written during a specified period, in exchange for reimbursement of ceded claims and claims expenses on covered policies, a specific ceding commission, as well as a profit commission that varies directly and inversely with ceded claims. These reinsurance coverages also reduces net risk in force and PMIERs Minimum Required Assets. See Note 4 to our condensed consolidated financial statements. The following table summarizes Essent Guaranty's quota share reinsurance agreements as of June 30, 2026: QSR Agreement Coverage Period Ceding Percentage QSR-2019 September 1, 2019 - December 31, 2020 (1) QSR-2022 January 1, 2022 - December 31, 2022 20% QSR-2023 January 1, 2023 - December 31, 2023 17.5% QSR-2024 January 1, 2024 - December 31, 2024 15% QSR-2025 January 1, 2025 - December 31, 2025 25% QSR-2026 January 1, 2026 - December 31, 2026 25% _______________________________________________________________________________ (1) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies. 47 Table of Contents During the fourth quarter of 2025, Essent Guaranty entered into a forward quota share agreement with highly rated third-party reinsurers ceding 20% of the risk on all eligible policies written by Essent Guaranty in calendar year 2027. Our risk-to-capital calculation for Essent Guaranty was as follows: Statutory capital:($ in thousands) As of June 30, 2026 Policyholders’ surplus $ 1,007,192 Contingency reserves 2,671,010 Statutory capital $ 3,678,202 Net risk in force $ 31,118,806 Risk-to-capital ratio 8.5:1 For additional information regarding regulatory capital, see Note 14 to our condensed consolidated financial statements. The information above has been derived from the annual and quarterly statements of Essent Guaranty, which have been prepared in conformity with accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual. Such practices vary from accounting principles generally accepted in the United States. Essent Re has entered into GSE and other risk share transactions, including insurance and reinsurance transactions with Freddie Mac and Fannie Mae. Essent Guaranty also reinsures new insurance written ("NIW") to Essent Re. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods: NIW Period Ceding Percentage January 1, 2025 to Present 50% January 1, 2021 to December 31, 2024 35% Prior to January 1, 2021 25% During the six months ended June 30, 2026 and 2025, Essent Re paid $200 million and $220 million in dividends to Essent Group, respectively. Essent Group made no capital contributions to Essent Re during the six months ended June 30, 2026 and 2025. As of June 30, 2026, Essent Re had total stockholders’ equity of $1.6 billion. Financial Strength Ratings The financial strength rating of Essent Guaranty, our principal mortgage insurance subsidiary, is rated A2 with a stable outlook by Moody’s Ratings (“Moody's”), A- with a stable outlook by S&P and A (Excellent) with stable outlook by AM Best. The financial strength rating of Essent Re is A- with a stable outlook by S&P and A (Excellent) with stable outlook by AM Best. Private Mortgage Insurer Eligibility Requirements Fannie Mae and Freddie Mac, maintain coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs." The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims. This risk-based framework provides that an insurer must hold a substantially higher level of required assets for insured loans that are in default compared to a performing loan. The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these requirements. As of June 30, 2026, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with the PMIERs. As of June 30, 2026, Essent Guaranty's Available Assets were $3.6 billion or 172% of its Minimum Required Assets of $2.1 billion based on our interpretation of the PMIERs. Under PMIERs guidance issued by the GSEs effective June 30, 2020, Essent will apply a 0.30 multiplier to the risk-based required asset amount factor for each insured loan in default backed by a property located in a FEMA Declared Major Disaster Area eligible for Individual Assistance and that either (1) is subject to a forbearance plan granted in response to a 48 Table of Contents FEMA Declared Major Disaster, the terms of which are materially consistent with terms of forbearance plans, repayment plans or loan modification trial period offered by Fannie Mae or Freddie Mac, or (2) has an initial missed payment occurring up to either (i) 30 days prior to the first day of the incident period specified in the FEMA Major Disaster Declaration or (ii) 90 days following the last day of the incident period specified in the FEMA Major Disaster Declaration, not to exceed 180 days from the first day of the incident period specified in the FEMA Major Disaster Declaration. In the case of the foregoing, the 0.30 multiplier shall be applied to the risk-based required asset amount factor for a non-performing primary mortgage guaranty insurance loan for no longer than three calendar months beginning with the month the loan becomes a non-performing primary mortgage guaranty insurance loan by reaching two missed monthly payments absent a forbearance plan described in (1) above. In August 2024, the GSEs issued updates to the PMIERs calculation of Available Assets. The updated PMIERs Available Asset requirements are subject to a phased-in implementation beginning with the quarter ending March 31, 2025, and will become fully effective on September 30, 2026. Essent expects to remain in full compliance with the PMIERs requirements. Financial Condition Stockholders’ Equity As of June 30, 2026, stockholders’ equity was $5.7 billion, compared to $5.8 billion as of December 31, 2025. Stockholders' equity decreased primarily due the repurchase of common shares under our share repurchase plan, an increase in accumulated other comprehensive loss related to an increase in our net unrealized investment losses, and dividends paid partially offset by net income generated in 2026. 49 Table of Contents Investments As of June 30, 2026 and December 31, 2025, investments totaled $6.5 billion and $6.5 billion, respectively. In addition, our total cash was $74.3 million as of June 30, 2026, compared to $123.0 million as of December 31, 2025. Investments Available for Sale by Asset Class Asset Class June 30, 2026 December 31, 2025 ($ in thousands) Fair Value Percent Fair Value Percent U.S. Treasury securities $ 274,488 4.5 % $ 369,712 6.1 % U.S. agency mortgage-backed securities 1,103,830 18.3 1,174,895 19.2 Municipal debt securities(1) 603,771 10.0 610,411 10.0 Non-U.S. government securities 49,271 0.8 56,024 0.9 Corporate debt securities(2) 1,967,084 32.6 1,980,080 32.5 Residential and commercial mortgage securities 462,142 7.7 464,105 7.6 Asset-backed securities 954,223 15.8 800,366 13.1 Money market funds 623,886 10.3 648,492 10.6 Total Investments Available for Sale $ 6,038,695 100.0 % $ 6,104,085 100.0 % June 30, December 31, (1) The following table summarizes municipal debt securities as of : 2026 2025 Special revenue bonds 81.5 % 81.2 % General obligation bonds 18.5 18.8 Total 100.0 % 100.0 % June 30, December 31, (2) The following table summarizes corporate debt securities as of : 2026 2025 Financial 39.9 % 40.9 % Consumer, non-cyclical 18.8 18.1 Industrial 8.6 9.0 Utilities 8.3 7.9 Consumer, cyclical 6.4 6.0 Technology 6.1 6.1 Energy 4.9 4.7 Communications 4.4 4.7 Basic Materials 2.6 2.6 Total 100.0 % 100.0 % 50 Table of Contents Investments Available for Sale by Rating Rating (1) June 30, 2026 December 31, 2025 ($ in thousands) Fair Value Percent Fair Value Percent Aaa $ 905,610 16.7 % $ 846,230 15.5 % Aa1 1,636,582 30.2 1,799,508 32.9 Aa2 347,853 6.4 300,026 5.5 Aa3 324,831 6.0 319,848 5.9 A1 510,764 9.5 545,918 10.0 A2 530,561 9.8 511,146 9.4 A3 481,679 8.9 494,434 9.1 Baa1 254,449 4.7 244,424 4.5 Baa2 214,466 4.0 208,247 3.8 Baa3 140,522 2.6 122,596 2.2 Below Baa3 67,492 1.2 63,216 1.2 Total (2) $ 5,414,809 100.0 % $ 5,455,593 100.0 % (1)Based on ratings issued by Moody’s, if available. S&P or Fitch Ratings ("Fitch") rating utilized if Moody’s not available. (2)Excludes $623,886 and $648,492 of money market funds at June 30, 2026 and December 31, 2025, respectively. Investments Available for Sale by Effective Duration Effective Duration June 30, 2026 December 31, 2025 ($ in thousands) Fair Value Percent Fair Value Percent < 1 Year $ 1,619,802 26.8 % $ 1,549,327 25.4 % 1 to < 2 Years 465,830 7.7 527,914 8.6 2 to < 3 Years 483,881 8.0 532,211 8.7 3 to < 4 Years 664,408 11.0 571,255 9.4 4 to < 5 Years 499,657 8.3 536,135 8.8 5 or more Years 2,305,117 38.2 2,387,243 39.1 Total Investments Available for Sale $ 6,038,695 100.0 % $ 6,104,085 100.0 % Off-Balance Sheet Arrangements Essent Guaranty has entered into fully collateralized reinsurance agreements ("Radnor Re Transactions") with unaffiliated special purpose insurers domiciled in Bermuda. The Radnor Re special purpose insurers are special purpose variable interest entities that are not consolidated in our condensed consolidated financial statements because we do not have the unilateral power to direct those activities that are significant to their economic performance. As of June 30, 2026, our estimated off-balance sheet maximum exposure to loss from the Radnor Re entities was $0.1 million, representing the estimated net present value of investment earnings on the assets in the reinsurance trusts. See Note 4 to our condensed consolidated financial statements for additional information. Critical Accounting Policies As of the filing date of this report, there were no significant changes in our critical accounting policies from those discussed in our 2025 Form 10-K. See Note 2 to our condensed consolidated financial statements for recently issued accounting standards adopted or under evaluation. 51 Table of Contents