# EDGAR Filing Document

**Accession Number:** 0000876437
**File Stem:** 0000876437-26-000021
**Filing Date:** 2026-4
**Character Count:** 42888
**Document Hash:** fab297eede3e833034722b114dce7171
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000876437-26-000021.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000876437-26-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260429

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MGIC INVESTMENT CORP
- **CENTRAL INDEX KEY:** 0000876437
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURETY INSURANCE [6351]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391486475
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10816
- **FILM NUMBER:** 26915861

**BUSINESS ADDRESS:**
- **STREET 1:** 250 EAST KILBOURN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4143476480

**MAIL ADDRESS:**
- **STREET 1:** 250 EAST KILBOURN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

?xml version='1.0' encoding='ASCII'? mtg-20260429

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 <br> Date of Report (Date of Earliest Event Reported): April 29, 2026

MGIC Investment Corporation

__________________________________________

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| Wisconsin | 1-10816 | 1-10816 | 39-1486475 |
| __________________________________<br>(State or other jurisdiction of incorporation) | _____________________<br>(Commission File Number) | _____________________<br>(Commission File Number) | ____________________________<br>(I.R.S. Employer Identification No.) |
| 250 E. Kilbourn Avenue | Milwaukee, | Wisconsin | 53202 |
| ________________________________<br>(Address of principal executive offices) | ________________________________<br>(Address of principal executive offices) | ________________________________<br>(Address of principal executive offices) | ___________<br>(Zip Code) |

---

Registrant's telephone number, including area code: (414) 347-6480

 Not Applicable <br> Former name or former address, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common stock | MTG | New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

------

**Item 2.02 Results of Operations and Financial Condition.**

The Company issued a press release on April 29, 2026 announcing its results of operations for the quarter ended March 31, 2026 and certain other information. The press release is furnished as Exhibit 99.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

Pursuant to General Instruction B.2 to Form 8-K, the Company's April 29, 2026 press release is furnished as Exhibit 99 and is not filed.

------

Exhibit Index

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99](a033126exhibit99q12026er.htm) | Press Release dated April 29, 2026. (Pursuant to General Instruction B.2 to Form 8-K, this press release is furnished and is not filed.) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | MGIC INVESTMENT CORPORATION |
| Date: | April 29, 2026 | By: \s\ Julie K. Sperber |
|  |  | Julie K. Sperber |
|  |  | Vice President, Controller and Chief Accounting Officer |

---

## Ex-99

**Exhibit 99**

Investor Relations: Dianna Higgins \| (414) 347-2635 \| dianna_higgins@mgic.com

------

![mgiclogoa09a.jpg](mgiclogoa09a.jpg)

---

| |
|:---|
| **MGIC Investment Corporation Reports First Quarter 2026 Results** |
| **First Quarter 2026 Net Income of $165.3 million or $0.76 per Diluted Share** |
| **First Quarter 2026 Adjusted Net Operating Income (Non-GAAP) of $165.1 million or $0.76 per Diluted Share** |

---

**MILWAUKEE *(April 29, 2026) -*** MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the first quarter of 2026.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We had a strong start to the year, successfully executing on our business strategies and generating solid first quarter results. We achieved a return on equity of 13% while continuing to return meaningful capital to our shareholders.

"We are well-positioned to navigate dynamic environments, supported by our deep industry expertise, strong balance sheet, and disciplined approach to capital allocation. Our continued focus and commitment to meet our customers' evolving needs has allowed us to drive long-term shareholder value," concluded Mattke.

---

| | | | |
|:---|:---|:---|:---|
| SUMMARY FINANCIAL METRICS | Quarter ended | Quarter ended | Quarter ended |
| *($ in millions, except where otherwise noted)* | Q1 2026 | Q4 2025 | Q1 2025 |
| Net income | $165.3 | $169.3 | $185.5 |
| Net income per diluted share | $0.76 | $0.75 | $0.75 |
| Adjusted net operating income | $165.1 | $168.4 | $185.2 |
| Adjusted net operating income per diluted share | $0.76 | $0.75 | $0.75 |
| New insurance written (NIW) (billions) | $14.4 | $17.1 | $10.2 |
| Net premiums earned | $235.4 | $236.0 | $243.7 |
| Insurance in force (billions) | $302.7 | $303.1 | $293.8 |
| Annual persistency | 84.0% | 84.8% | 84.7% |
| Losses incurred, net | $33.2 | $31.2 | $9.6 |
| Primary delinquency inventory | 27006 | 27072 | 25438 |
| Primary IIF delinquency rate (count based) | 2.44% | 2.43% | 2.30% |
| Loss ratio | 14.1% | 13.2% | 3.9% |
| Underwriting expense ratio | 20.5% | 19.9% | 22.5% |
| In force portfolio yield (bps) | 38.0 | 38.0 | 38.4 |
| Net premium yield (bps) | 31.1 | 31.2 | 33.0 |
| Annualized return on equity | 13.0% | 13.1% | 14.3% |
| Book value per common share outstanding | $23.63 | $23.47 | $21.40 |
| &nbsp;&nbsp;*Adjust for AOCI* | $0.79 | $0.61 | $0.98 |
| Tangible book value per share | $24.41 | $24.08 | $22.38 |

---

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL AND LIQUIDITY | As of | As of | As of |
| *($ in billions, except where otherwise noted)* | March 31, 2026 | December 31, 2025 | March 31, 2025 |
| PMIERs available assets  | $5.8 | $5.7 | $5.9 |
| PMIERs excess | $2.9 | $2.5 | $2.6 |
| Holding company liquidity (millions) | $709 | $1074 | $824 |

---

------

FIRST QUARTER 2026 HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;• Through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• We repurchased 7.2 million shares of common stock for $192.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;• We paid a dividend of $0.15 per common share to shareholders.

SECOND QUARTER 2026 HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;• Through April 24, 2026 we repurchased an additional 1.7 million shares of our common stock for $47.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;• We declared a dividend of $0.15 per common share to shareholders payable on May 21, 2026, to shareholders of record at the close of business on May 6, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• MGIC paid a $400 million dividend to our holding company.

&nbsp;&nbsp;&nbsp;&nbsp;• Our board of directors approved a share repurchase program, authorizing us to purchase an additional $750 million of common stock prior to December 31, 2028.

------

**Conference Call and Webcast Details**

MGIC Investment Corporation will hold a conference call April 30, 2026, at 10:00 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. Individuals interested in joining by telephone should register for the call at https://register-conf.media-server.com/register/BIeb1b95ef583c49419a8d6b744e509dce to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed at the company's website at <u>http://mtg.mgic.com</u>/ under "Newsroom." A replay of the webcast will be available on the company's website through May 30, 2026.

**About MGIC**

Mortgage Guaranty Insurance Corporation (MGIC) (<u>www.mgic.com</u>), the principal subsidiary of MGIC Investment Corporation, provides mortgage insurance solutions that support responsible credit risk management for mortgage lenders and investors and enable borrowers to qualify for mortgages with lower down payments. As the founder and longstanding leader of today's private mortgage insurance industry, MGIC continues to guide the industry's evolution while serving as a trusted partner to lenders across the country.

This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics, are all available on the Company's website at <u>https://mtg.mgic.com/</u> under "Newsroom."

&nbsp;&nbsp;&nbsp;&nbsp;

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at <u>https://mtg.mgic.com/shareholder-services/email-alerts</u>. For information about our underwriting and rates, see <u>https://www.mgic.com/underwriting</u>.

------

**Use of Non-GAAP financial measures**

We believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as alternatives to GAAP measures of performance.

**Adjusted pre-tax operating income (loss)** is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**Adjusted net operating income (loss)** is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**Adjusted net operating income (loss) per diluted share** is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units.

Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us.

&nbsp;&nbsp;&nbsp;&nbsp;(1)*Net realized investment gains (losses).* The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles.

&nbsp;&nbsp;&nbsp;&nbsp;(2)*Gains and losses on debt extinguishment.* Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile.

&nbsp;&nbsp;&nbsp;&nbsp;(3)*Infrequent or unusual non-operating items*. Items that are non-recurring in nature and are not part of our primary operating activities.

------

---

| | | |
|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|  | Three Months Ended March 31, | Three Months Ended March 31, |
| *(In thousands, except per share data)* | **2026** | 2025 |
| Net premiums written | $**234943** | $235346 |
| **Revenues** |  |  |
| Net premiums earned | $**235363** | $243719 |
| Net investment income | **61742** | 61443 |
| Net gains (losses) on investments and other financial instruments | **(169)** | 741 |
| Other revenue | **141** | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **297077** | 306234 |
| **Losses and expenses** |  |  |
| Losses incurred, net | **33242** | 9591 |
| Underwriting and other expenses, net | **48108** | 53063 |
| Interest expense | **8899** | 8899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total losses and expenses | **90249** | 71553 |
| Income before tax | **206828** | 234681 |
| Provision for income taxes | **41525** | 49221 |
| Net income | $**165303** | $185460 |
| Net income per diluted share | $**0.76** | $0.75 |

---

------

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| | | |
|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| EARNINGS PER SHARE (UNAUDITED) | EARNINGS PER SHARE (UNAUDITED) | EARNINGS PER SHARE (UNAUDITED) |
|  | Three Months Ended March 31, | Three Months Ended March 31, |
| *(In thousands, except per share data)* | **2026** | 2025 |
| Net income - basic and diluted | $**165303** | $185460 |
| Basic weighted average common shares outstanding | **216135** | 244147 |
| Dilutive effect of unvested restricted stock units | **2051** | 2343 |
| Diluted weighted average common shares outstanding | **218186** | 246490 |
| Diluted earnings per share | $**0.76** | $0.75 |

---

------

NON-GAAP RECONCILIATIONS

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** | **Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income** |
|  | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
|  | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 |
| *(In thousands, except per share amounts)* | Pre-tax | Tax Effect | Net<br>(after-tax) | Pre-tax | Tax Effect | Net<br>(after-tax) |
| Income before tax / Net income | $**206828** | $**41525** | $**165303** | $234681 | $49221 | $185460 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized investment (gains) losses | **(200)** | **(42)** | **(158)** | (319) | (67) | (252) |
| Adjusted pre-tax operating income / Adjusted<br>net operating income | $**206628** | $**41483** | $**165145** | $234362 | $49154 | $185208 |
| **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** | **Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share** |
| Weighted average shares - diluted |  |  | **218186** |  |  | 246490 |
| Net income per diluted share |  |  | $**0.76** |  |  | $0.75 |
| &nbsp;&nbsp;&nbsp;Net realized investment (gains) losses |  |  | **0.00** |  |  | 0.00 |
| Adjusted net operating income per diluted share |  |  | $**0.76** |  |  | $0.75 |

---

------

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| | | | |
|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|  | **March 31,** | December 31, | March 31, |
| *(In thousands, except per share data)* | **2026** | 2025 | 2025 |
| <u>ASSETS</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments <sup>(1)</sup> | $**5719421** | $5807662 | $5901057 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | **235090** | 368989 | 206988 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **14405** | 6525 | 5705 |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable on loss reserves <sup>(2)</sup> | **73184** | 65055 | 51864 |
| &nbsp;&nbsp;&nbsp;Home office and equipment, net | **31947** | 32454 | 34468 |
| &nbsp;&nbsp;&nbsp;Deferred insurance policy acquisition costs | **7955** | 8377 | 11114 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | **15494** | 18512 | 46196 |
| &nbsp;&nbsp;&nbsp;Other assets | **319253** | 331912 | 277744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**6416749** | $6639486 | $6535136 |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss reserves <sup>(2)</sup> | $**499120** | $474884 | $465033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | **92606** | 93026 | 111987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | **646506** | 646138 | 645035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **141230** | 277887 | 173197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **1379462** | 1491935 | 1395252 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | **5037287** | 5147551 | 5139884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**6416749** | $6639486 | $6535136 |
| &nbsp;&nbsp;&nbsp;Book value per share <sup>(3)</sup> | $**23.63** | $23.47 | $21.40 |
| <sup>(1)</sup> Investments include net unrealized gains (losses) on securities | $**(194840)** | $(152767) | $(261022) |
| <sup>(2)</sup> Loss reserves, net of reinsurance recoverable on loss reserves | $**425936** | $409829 | $413169 |
| <sup>(3)</sup> Shares outstanding | **213200** | 219367 | 240194 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN | ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN | ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN | ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN | ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN | ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN |
|  | **2026** | 2025 | 2025 | 2025 | 2025 |
|  | **Q1** | Q4 | Q3 | Q2 | Q1 |
| New primary insurance written (NIW) (billions) | $**14.4** | $17.1 | $16.5 | $16.4 | $10.2 |
| &nbsp;&nbsp;&nbsp;Monthly (including split premium plans) and<br>annual premium plans | **13.9** | 16.6 | 16.1 | 16.0 | 9.9 |
| &nbsp;&nbsp;&nbsp;Single premium plans | **0.5** | 0.5 | 0.4 | 0.4 | 0.3 |
| Product mix as a % of primary NIW |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit score < 680 | **5%** | 5% | 4% | 4% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;>95% LTVs | **14%** | 15% | 17% | 13% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;>45% DTI | **25%** | 26% | 27% | 26% | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singles | **4%** | 3% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Refinances | **21%** | 17% | 6% | 6% | 6% |
| New primary risk written (billions) | $**3.8** | $4.4 | $4.4 | $4.3 | $2.6 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE | ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE | ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE | ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE | ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE | ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE |
|  | **2026** | 2025 | 2025 | 2025 | 2025 |
|  | **Q1** | Q4 | Q3 | Q2 | Q1 |
| Primary Insurance In Force (IIF) (billions) | $**302.7** | $303.1 | $300.8 | $297.0 | $293.8 |
| &nbsp;&nbsp;&nbsp;Total # of loans | **1106958** | 1112727 | 1111855 | 1107526 | 1105863 |
| Premium Yield |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;In force portfolio yield <sup>(1)</sup> | **38.0** | 38.0 | 38.3 | 38.3 | 38.4 |
| &nbsp;&nbsp;&nbsp;Premium refunds <sup>(2)</sup> | **(0.3)** | (0.4) | (0.3) | (0.1) | 0.0 |
| &nbsp;&nbsp;&nbsp;Accelerated earnings on single premium | **0.2** | 0.3 | 0.2 | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;Total direct premium yield | **37.9** | 37.9 | 38.2 | 38.4 | 38.6 |
| &nbsp;&nbsp;&nbsp;Ceded premiums earned, net of profit<br>commission and assumed premiums <sup>(3)</sup> | **(6.8)** | (6.7) | (5.9) | (5.4) | (5.6) |
| &nbsp;&nbsp;&nbsp;Net premium yield | **31.1** | 31.2 | 32.3 | 33.0 | 33.0 |
| Average Loan Size of IIF (thousands) | $**273.4** | $272.4 | $270.6 | $268.2 | $265.7 |
| Annual Persistency | **84.0%** | 84.8% | 85.0% | 84.7% | 84.7% |
| Primary Risk In Force (RIF) (billions) | $**81.2** | $81.2 | $80.6 | $79.5 | $78.5 |
| &nbsp;&nbsp;&nbsp;By credit score (%) <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;760 & > | **45%** | 45% | 45% | 44% | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;740-759 | **18%** | 18% | 18% | 18% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;720-739 | **14%** | 14% | 14% | 14% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;700-719 | **10%** | 10% | 10% | 10% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;680-699 | **7%** | 7% | 7% | 7% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;660-679 | **3%** | 3% | 3% | 3% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;640-659 | **2%** | 2% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;639 & < | **1%** | 1% | 1% | 2% | 2% |
| Average Coverage Ratio (RIF/IIF) | **26.8%** | 26.8% | 26.8% | 26.8% | 26.7% |

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(1) Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force.

(2) Premium refunds and our estimate of refundable premium on our delinquency inventory divided by average primary insurance in force.

(3) Ceded premiums earned, net of profit commissions and assumed premiums. Assumed premiums include our participation in GSE Credit Risk Transfer programs, of which the impact on the net premium yield was 0.5 bps in the first quarter of 2026.

(4) The credit score at the time of origination for a loan with multiple borrowers is the lowest of the borrowers' "decision credit scores." A borrower's "decision credit score" is determined as follows: if there are three credit scores available, the middle credit score is used; if two credit scores are available, the lower of the two is used; if only one credit score is available, it is used.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |  |
| ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS | ADDITIONAL INFORMATION - DELINQUENCY STATISTICS |  |
|  | **2026** |  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |  |
|  | **Q1** |  | Q4 |  | Q3 |  | Q2 |  | Q1 |  |
| Primary IIF - Delinquent Roll Forward - # of<br>Loans |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning Delinquent Inventory | **27072** |  | 25747 |  | 24444 |  | 25438 |  | 26791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Notices | **13791** |  | 14489 |  | 13582 |  | 11970 |  | 12965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cures | **(13393)** |  | (12632) |  | (11814) |  | (12588) |  | (13981) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid claims | **(457)** |  | (359) |  | (359) |  | (341) |  | (312) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rescissions and denials | **(7)** |  | (13) |  | (18) |  | (35) |  | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items removed from inventory <sup>(1)</sup> | **—** |  | (160) |  | (88) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending Delinquent Inventory | **27006** |  | 27072 |  | 25747 |  | 24444 |  | 25438 |  |
| Primary IIF Delinquency Rate (count based) | **2.44%** |  | 2.43% |  | 2.32% |  | 2.21% |  | 2.30% |  |
| Primary claim received inventory included in ending delinquent inventory | **383** |  | 398 |  | 333 |  | 295 |  | 304 |  |
| Composition of Cures |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported delinquent and cured<br>intraquarter | **3973** |  | 3917 |  | 3606 |  | 3268 |  | 4321 |  |
| &nbsp;&nbsp;&nbsp;Number of payments delinquent prior to<br>cure |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 payments or less | **6262** |  | 5734 |  | 5141 |  | 5708 |  | 6379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4-11 payments | **2702** |  | 2466 |  | 2500 |  | 2887 |  | 2759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12 payments or more | **456** |  | 515 |  | 567 |  | 725 |  | 522 |  |
| &nbsp;&nbsp;&nbsp;Total Cures in Quarter | **13393** |  | 12632 |  | 11814 |  | 12588 |  | 13981 |  |
| Composition of Paids |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of payments delinquent at time<br>of claim payment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 payments or less | **1** |  |  |  | 1 |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4-11 payments | **57** |  | 32 |  | 32 |  | 32 |  | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12 payments or more | **399** |  | 327 |  | 326 |  | 309 |  | 283 |  |
| &nbsp;&nbsp;&nbsp;Total Paids in Quarter | **457** |  | 359 |  | 359 |  | 341 |  | 312 |  |
| Aging of Primary Delinquent Inventory |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consecutive months delinquent |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 months or less | **9655** | 36% | 10389 | 38% | 9817 | 38% | 8552 | 35% | 8497 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4-11 months | **10289** | 38% | 9559 | 35% | 8858 | 34% | 8868 | 36% | 9907 | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12 months or more | **7062** | 26% | 7124 | 27% | 7072 | 28% | 7024 | 29% | 7034 | 28% |
| &nbsp;&nbsp;&nbsp;Number of payments delinquent |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 payments or less | **13376** | 49% | 14121 | 52% | 13406 | 52% | 12260 | 50% | 12319 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4-11 payments | **9364** | 35% | 8747 | 32% | 8122 | 32% | 7963 | 33% | 8788 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12 payments or more | **4266** | 16% | 4204 | 16% | 4219 | 16% | 4221 | 17% | 4331 | 17% |

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(1) Items removed from inventory are associated with commutations of coverage on non-performing policies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID | ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID | ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID | ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID | ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID | ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID |
|  | **2026** | 2025 | 2025 | 2025 | 2025 |
|  | **Q1** | Q4 | Q3 | Q2 | Q1 |
| Reserves (millions) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary Direct Loss Reserves | $**497** | $472 | $450 | $450 | $462 |
| &nbsp;&nbsp;&nbsp;Other Gross Loss Reserves | **2** | 3 | 2 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Gross Loss Reserves | $**499** | $475 | $452 | $452 | $465 |
| &nbsp;&nbsp;&nbsp;Primary Average Direct Reserve<br>Per Delinquency | $**18398** | $17449 | $17462 | $18395 | $18167 |
| Net Paid Claims (millions) <sup>(1)</sup> | $**17** | $16 | $14 | $12 | $12 |
| &nbsp;&nbsp;&nbsp;Total primary (excluding settlements) | **20** | 16 | 14 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;Rescission and NPL settlements | **—** | 3 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance | **(4)** | (3) | (2) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;LAE and other | **1** | 1 | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Reinsurance Terminations <sup>(1)</sup> | **—** | (1) |  |  |  |
| Primary Average Claim Payment<br>(thousands) <sup>(2)</sup> | $**42.7** | $46.1 | $39.7 | $36.5 | $38.8 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Net paid claims, as presented, does not include amounts received in conjunction with terminations or commutations of reinsurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes amounts paid in settlement disputes for claims paying practices and/or commutations of policies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES | MGIC INVESTMENT CORPORATION AND SUBSIDIARIES |
| ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS | ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS | ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS | ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS | ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS | ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS |
|  | **2026** | 2025 | 2025 | 2025 | 2025 |
|  | **Q1** | Q4 | Q3 | Q2 | Q1 |
| Quota Share Reinsurance |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;% NIW subject to reinsurance | **86.4%** | 86.2% | 88.2% | 87.7% | 86.8% |
| &nbsp;&nbsp;&nbsp;Ceded premiums written and earned (millions) | $**37.8** | $38.9 | $32.0 | $28.1 | $29.9 |
| &nbsp;&nbsp;&nbsp;Ceded losses incurred (millions) | $**12.0** | $11.9 | $6.1 | $4.0 | $6.4 |
| &nbsp;&nbsp;&nbsp;Ceding commissions (millions) (included in<br>underwriting and other expenses)  | $**13.4** | $13.4 | $12.9 | $12.1 | $11.7 |
| &nbsp;&nbsp;&nbsp;Profit commission (millions) (included in ceded<br>premiums)  | $**29.1** | $28.3 | $32.6 | $32.3 | $28.7 |
| Excess-of-Loss Reinsurance |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ceded premiums earned (millions) | $**17.8** | $14.8 | $16.2 | $15.4 | $14.7 |
| GAAP loss ratio | **14.1%** | 13.2% | 4.5% | (1.2%) | 3.9% |
| GAAP underwriting expense ratio | **20.5%** | 19.9% | 21.1% | 21.9% | 22.5% |
| Mortgage Guaranty Insurance Corporation - Risk to<br>Capital | **9.6:1** | 10.0:1 | 9.7:1 | 10.0:1 | 9.8:1 |
| Combined Insurance Companies - Risk to Capital | **9.6:1** | 10.0:1 | 9.7:1 | 10.0:1 | 9.7:1 |

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**Safe Harbor Statement**

**Forward Looking Statements and Risk Factors:** 

This release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as "believe," "anticipate," "will" or "expect," or words of similar import, are forward-looking statements. Our actual results may differ, possibly materially, from those expressed or implied in such forward-looking statements. Factors and uncertainties that could cause actual results to differ can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in MGIC Investment Corporation's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Such factors and uncertainties include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• Our results are dependent on U.S. economic and housing market conditions; adverse conditions may cause a decrease in new insurance written and/or an increase in delinquencies, claim frequency, and claim severity. Additionally, if the volume of low down payment home mortgage originations declines, the amount of new insurance that we write could decline.

&nbsp;&nbsp;&nbsp;&nbsp;• The substantial majority of MGIC's new insurance written is for loans purchased by Fannie Mae and Freddie Mac ("the GSEs"); therefore, changes to their business practices or legislative, regulatory or administrative reforms could materially affect our business and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with the GSEs' Private Mortgage Insurance Eligibility Requirements ("PMIERs") could limit our operations, or at the extreme, lead to suspension or termination of eligibility to insure loans purchased by the GSEs.

&nbsp;&nbsp;&nbsp;&nbsp;• Loss reserve estimates are subject to uncertainties; actual losses may differ materially from estimates. Additionally, because reserves are established only upon delinquency, losses may disproportionately impact earnings in certain periods.

&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly regulated environment at both the federal and state levels; regulatory changes or enforcement actions may adversely affect our operations and/or financial results.

&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to meet the State Capital Requirements of Wisconsin, we could be prevented from writing new business in all jurisdictions; we could be prevented from writing new business in a particular jurisdiction if we fail to meet the state capital requirements of that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;• Pandemics, severe weather events, and climate related developments may negatively affect home prices and affordability, potentially leading to an increase in delinquencies, claim frequency, and claim severity. Actions by government authorities, including FHFA and the GSEs, to address climate related issues could similarly affect our results.

&nbsp;&nbsp;&nbsp;&nbsp;• The availability, cost, and capital credit for reinsurance may change due to market conditions or GSE actions, potentially requiring us to retain more risk and maintain additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;• Our financial results may be impacted if lenders and investors seek alternatives to private mortgage insurance. In addition, changes in GSE programs, growth in government market share, or changes to regulatory capital rules to limit capital relief for mortgage insurance could affect our business in similar ways.

&nbsp;&nbsp;&nbsp;&nbsp;• The premium rates we charge may prove inadequate due to unknown future economic conditions, modelling limitations or errors, or other unexpected events.

&nbsp;&nbsp;&nbsp;&nbsp;• The length of time our insurance policies remain in force ("persistency") affects our results. Among other things, persistency can be influenced by interest rates, borrower equity, refinancing activity, and mortgage insurance cancellation requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• Instability in financial markets or counterparty failures, including by reinsurers or mortgage servicers, could increase our credit risk and losses.

&nbsp;&nbsp;&nbsp;&nbsp;• Ineffective risk management programs, inaccurate data or model errors could impair our ability to identify and respond to risks, and materially adversely affect our business, results of operations, and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• Technology system failures, cybersecurity breaches, or data privacy incidents could materially disrupt operations and cause financial and reputational damage.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in our underwriting practices and mix of business have the potential to increase risk and negatively affect our financial results.

&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on hiring and retaining experienced management and key personnel; the failure to do so could disrupt operations and negatively impact our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• The mortgage insurance market is highly competitive. Competition from private mortgage insurers, government programs, and potential new market entrants —combined with pricing pressure and shifting customer preferences and relationships—could lead to a reduction in our new insurance written.

&nbsp;&nbsp;&nbsp;&nbsp;• Adverse rating agency actions could affect our competitiveness, GSE eligibility, and access to capital.

&nbsp;&nbsp;&nbsp;&nbsp;• Litigation and regulatory proceedings could result in fines, settlements, operational restrictions, or reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;• Our investment portfolio is exposed to risks that could adversely impact our operations and financial results. Future capital needs could require issuance of debt or equity, potentially diluting shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• Our stock price may fluctuate due to economic, industry, regulatory, or company specific developments.

&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory limits on dividends from our insurance subsidiaries have the potential to constrain holding company liquidity and our ability to pay shareholder dividends or repurchase stock in the future.

We are not undertaking any obligation to update any forward-looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public.

While we communicate with security analysts from time to time, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, investors should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report, and such reports are not our responsibility.

<br>