Radian (RDN) 7 Nov 242024 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Third Quarter 2024 Radian Group Earnings Conference Call.

[Operator Instructions] Please, today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Kobell, Head of Investor Relations and Capital Management. Please go ahead.

to Quarter welcome Conference and you, Radian's XXXX Third Call. Thank

on Investors net financial release, diluted and per the the non-GAAP website measures which during includes press adjusted be call, press results operating radian.com. is of and equity. This at share contains to that evening Our income, certain yesterday including income Radian's for adjusted net release operating our return operating issued quarter, posted adjusted discussed may section today's was pretax

A reconciliations description our most you Radian's Pandit, will and measures measures of complete These be all of non-GAAP Rick G. are Chief from release Executive Financial hear the Officer; Exhibit may exhibits may of section press our in on found website. Exhibit be release Investors Chief Sumita Thornberry, in Officer. comparable to of Today, found GAAP measures F press and these the

of the on Derek Insurance. Mortgage portion hand Brummer, for Radian the Also call of is Q&A President

would I expectations, estimates, you forward-looking are are to may current on begin, cause call uncertainties, that based and statements. and materially. These actual we assumptions include risks this during like differ subject projections that will Before which made statements comments remind to results to

reports website. regarding on risks, with review available these subsequent of release discussion a the For included also the forward-looking cautionary SEC. are our in the factors filed please Form included and XXXX XX-K statements risk statements These and earnings our in our

Now call I to would to like turn the over Rick.

for financial for we another excellent reported thank results Thanks, evening, all quarter you joining us Dan, Last today. and Radian. of

investment insurance positions quality economic high-quality capital the reflect and our ongoing portfolio, continue our focus and strategic managing our our strength the liquidity on expenses. strong mortgage Our results and of portfolio, of to value

of to grew $XX.XX. For the generating income year-over-year net to value million during by quarter, share revenues the million. We $XXX $XXX increased book XX% per quarter, we

was adjusted Our on net positive third performance. annualized our strong financial our results, and including was quarter equity operating XX.X%, the return which in return credit XX.X% on reflects equity

RADAR We Rates in of mortgage capture third continue insurance written value economic $XX.X and in resulted which to and insurance new identify to the analytics in high-quality platform leverage quarter. our the billion proprietary market,

in earnings our main is Our company billion. the grew $XXX force, for which of future insurance to driver mortgage primary

focus third decrease We continue quarter. to which operational in and on expenses efficiency managing the in other expenses, resulted operating in a

Our subsidiary, Radian we in $XXX of end dividend the primary $XXX million Guaranty, debt, the million to off Group paid reducing At a our in for total leverage Radian million quarter paid amount quarter, XX.X%. of third operating of quarterly year-to-date. to a of $XXX the the ratio paid our senior

of strong end and positions billion Our capital the remain our was Guaranty for $XXX quarter the Radian debt. liquidity paying after with million third and overall off the at of available PMIERs cushion liquidity company holding $X.X a

returning We transform are our to allow while us stockholders. opportunity deliver capital also excellent into customers pleased our risk our grow our that strong results, and flexibility help financial business value and financial to position

market XXXX. we far mortgage with the consistent XXXX, approximately private for of originations year, estimate will this forecast which that constrained, mortgage In supply from provide for values of continue support terms and market, on perspective home housing remains HPA homes expect we of the and continue the to billion the the thus based the remainder will $XXX insurance and existing be to an

persistency outlook in positive. business the and mortgage housing interest investment force. insurance the impact benefiting insurance continuing we expect for MI XX% the positive ahead, approximately to on worth XXXX. experiencing from noting remains in it's I market returns rate our terms be Overall, our market strong current environment portfolio the than in XXXX current XXXX, Looking that believe also increasing we market our for based of and are projections maintaining larger in our

business, mortgage is lender highlight I of decades investors. model cover business a our recently, Capital be market liquidity experience interest We sponsoring of Sumita this encouraged Mortgage Radian will our the also the business capital relationships. providing and to to to extension Conduit credit focused and secondary want and catalyst positions. natural Most been by Mortgage our that of homeownership in business. believe and our customers the details the for customer to leveraging market, Radian now a have financial continues is in on

I'm share per quarter was at was compared metric previous to in Annualized the $X.XX per all. about XX.X%. line GAAP net the $X.XX diluted higher another quarter third slightly XX.X%, Thank you, return the an the reflect third Rick, $XXX our for operating in deals results, income million with income on for was quarter to good operating prior third of additional $X.XX strong morning equity of than return which diluted and second quarter pleased producing share, Adjusted provide net net from or quarter. equity you quarter. the the to performance, on quarter. Adjusted increase

Book addition regular quarter, is year-over-year. million our value share during reflecting quarterly per our stockholder to dividend increase share. XX% in to value growth grew which per dividends, $XX.XX, an per the book share of of $XX $X.XXX This were

$XX during We also of quarter. repurchased the million third shares

of drivers Turning results. our to now the detailed

XX and $XXX during $XXX key third second quarter, million of year. increase as our compared include in generated continue the the million the revenues premiums million on third the portfolio be to to Our total revenues quarter. earned. insurance Slides quarter $XXX quarter force in presentation impacting our other details through as in strong mortgage We of in an in net well factors XX our last

Our of quarter $XXX net in earned third $XXX generating as premiums the to and primary million the reaching million the imports of quarter. in grow, mortgage end continue insurance

XX.X% on new XX at in high in XX.X% our growth written the compared in to a trailing of persistency prior insurance to compared Contributing year $XX.X of quarter third of in months quarter. to ago. quarter 'XX the rate third based also force billion the our of $XX.X existing insurance the force was insurance written The in billion remained the

end or As imports of sheet quarter, insurance XX% the of mortgage of the less. third a our of had X%

policies to rates, term, are likely to less and the refinancing interest these Given current therefore our we strong. continue remain due canceled to expect in near rate persistency mortgage

on portfolio stable Slide import remain pricing industry yield we to our the shown points. insurance in quarter premium expect persistency portfolio XX, mortgage remained to the XX.X at basis yield the in current As our premium for stable. strong continue rates With environment, in-force

of shown As consists portfolio $X.X well-diversified, of securities. highly our XX, Slide billion rated on investment

$X a in related the continued Capital. million This within has Mortgage to Radian loans in year held investment of third income portfolio both yield, for and past increase in million $XX mortgage to income Our quarter average the third quarter. generating includes net of over size sale the

flows reinvest to investment Excluding that income impact, quarter. grew benefiting X% our in in year-over-year. We've environment, yield, current the net investment third which was portfolio continued cash the X.X%

quarter equity on of prior million Our market reflected a interest decline an primarily at end, in stockholders' million investments was $XXX from the rates. in $XXX loss unrealized net improvement quarter, driven by

expect value losses, to $X.XX strong will ability accrete to liquidity to flow back our provide unrealized position book recovery per equate our that securities the would that continue and hold remaining is to us of to which expected cash over We time. these into share with the

Slide which activity and and levels. for to XX, our strong be move low provision trends, I will very claim on credit related we On cure losses to continue positive now continued with default defaults resulting to of quarter default to at XX,XXX quarter. provide in trends the previous X.XX% portfolio for increased X.XX% Total a our approximately primary rate loans inventory. compared in end,

third in the reported in us the of quarter to increased by services to new quarter. As from XX,XXX reported second defaults number approximately XX,XXX expected, the

our which the insurance results normal large defaults, expected seasoning new trends seasonal This increase in reflects mortgage of in impacts insurance portfolio. continued a force and

approximately of at also new least an home defaults equity significant equity with index-based continue approach. Our XX% XX% having this new contain defaults using embedded to quarter,

largely This credit equity of been from quarters. has favorable which is driver key unchanged prior recent a profile, trends

of expect Milton the we and Helene of number impact Looking to ahead, the new in reported Hurricanes impact quarter. defaults fourth the

estimate Historically, designated other cured reported FEMA provides impacted designated a Within have is requirement storms natural incremental were areas. higher in defaults in for associated hurricane also with and PMIERs, XXX defaulted lower that new capital past quarter, we at performance This within which the defaults disasters Beryl. recognized FEMA loans approximately rates. areas by for third

with Our of expense net of a ratio the million provision insurance remained million benefit for mortgage quarter. this our a net compared losses in in to reported $X loss low third quarter quarter $X the in second

our new defaults defaults. of roll We resulted loss rate $XX continue during for default-to-claim X%, assumptions prior development to this provision Positive the in defaults million, for on at provision maintain mostly reserve million quarter. new offset new $XX which period reported defaults of for

offset significantly of releases our Our reserves expectations, results defaults. to that new in at greater for in defaults years continue than recent have previous cure prior period established rates resulting

positive quarters and been As third and periods our with compare curing similar X recent favorably in cure past Cure initial periods, of the quarter rates shown XX% very trends to on trends approximately XX, expectations. within typical meaningfully Slide exhibited default quarters in and have curing consistent seasonal exceeding X our within XX% from years.

years, loss favorable of appreciation as continues in of XX% our to approximately be more. home total resulting equity index-based using embedded our primarily significant the above, price by inventory or strong recent embedded equity experience noted As experienced the estimated XX% from home driven homeowner an default approach,

operating third from held loss which pretax $X our compared Group all Moving Total at million million the The $X revenues to other third well the all as revenues second to loss for quarter, business the include quarter. our in was second operating line with other in quarter lines of investments in other business lines. $XX in were in adjusted quarter. a category, million as Radian other

other issued This securitization closed categories, $XXX retained interest transaction jumbo million Capital certificates $X were collateralized the loans, considered by a certificates is inaugural valued its of to during prime available third the we newly be involves mortgage or VIE. securitization of million. which private residential by trust, Within all which entity quarter. our Mortgage of label securitization certificates issuance Radian These at created

the we we retained of and in consolidate As the with rights that VIE guidance, the the beneficiary economic our VIE are the considered statements. accounting in Radian have, retained that our and exposure accordance primary corresponding will a of financial result interests

Therefore, in retained you assets, on item limited economic on line value statement line financial to our and reflecting results loss including certificates reflected net changes with to Radian's is exposure, quarter impact our each will important is VIE's this VIEs from It fair exposure income income in new liabilities consolidated in a see our this note that the the statements. items period.

to our expenses. other turning Now

partially $XX the other actions reflect offset and by expectations a the this quarter, compared was the For $XX impairment use expenses quarter on expense savings quarter. million expenses software operating million lower from with in second $XX quarter. recognized benefit recognized decrease our date. internal third in nonoperating a in million, The totaled consistent our to This were to decrease our the

expenses with As expect to in reduction basis year full in noted to $XX a run $XX estimated we previously, an rate other significant reduction on million XXXX. beginning our operating of million comparison a XXXX in

remains our million $X.X a billion. capital liquidity maintaining Guaranty's stable in and financial PMIERs to available dividend quarter Group third actions. Radian strategic related Radian Moving of while paid ordinary We to $XXX position the strong. cushion

highlighted additional the As Guaranty million Group funds funds approximately $XXX the the in capacity of XX, quarter, unassigned held at Slide on third quarter. the Radian to end million Radian distribute providing to of fourth of $XXX

dividends million As to year that expect Radian at the of the $XXX guidance a provided had XXXX. of $XXX to the Guaranty we we full million year beginning pay for reminder,

meaningfully with be $XXX paid in We dividends $XXX this already are we million million paid are the to a exceed pleased fourth of another expected position in year-to-date, that to quarter. guidance

Growth. XX.X%. is $XXX action XXXX. debt Radian September, Radian XXXX until debt planned the interest ratio on expense executed our by expected has reduce due annually amount to million Moving no capital to million notes company, which our In our to holding our $XX to ongoing senior of redemption reduced we approximately the maturities of holding in and company senior This

share price shareholder average a shares million capital in stock total dividends common Within at $XX.XX in quarter, X.X per returned of quarter. $XX for a of $XX million the returned and of $XX million for we cost of repurchased total an million the of our

repurchase share have on current XX, June which XXXX. We $XXX on expires million remaining our authorization

and X share approximately past form the repurchases the shareholders. in we've to Over of quarters, $XXX million dividends returned

option to our demonstrated recent we share provides excess and activity years, capital. believe by track quarter's past repurchase record As attractive our repurchase that in an this deploy

Following notes, available was third the redemption company liquidity the holding end million of our $XXX our XXXX of at senior quarter. the

now us borrowing undrawn the also turn financial flexibility. We million, with have significant of I providing $XXX an to will Rick. facility call credit with over capacity back

Sumita. Thank you,

to the liquidity open as flexibility Before balance we that capital questions, quarter the of the your resiliency results company positions. and to want our our our reflect the and as to continue of well third for highlight strength I call and

earnings operating from expect stockholders. generated to flows from our and the insurance continue policyholders a us of value large in-force and our We strength customers, to portfolios delivering to investment cash and mortgage and allow position

by We $XXX third during capital million of the returned We past and XX% increased and per to share year-over-year. book million stockholders approximately repurchases value share the over XX months in form of quarter dividends. the $XX

on recognize capital before, risk-based business framework, and pricing, markets. the established and model reinsurance by proven this into our of significantly finance As well the positioned And strengthened dynamic thank and capital Radian dedicated our you've heard for believe finally, is to to the me We they and our are risk recognized distribution do experienced we the want say is PMIERs role the work in day. housing important and every I team system. Hill, outstanding at and Capitol fulfill well

we take operator, would Now, be happy quarters. to

[Operator Instructions]

And first George from question our comes of KBW. Bose

Alex to issuance maybe Would forward? be you actually able Bose. to for you expect there color of on Mortgage relating with starting is little moving a what Radian Maybe more the This there capital. just give cadence will be Bond

quarter did in This Yes. We on any Rick. we deal -- third recently. don't will as fourth our first second the kind the I give of question. in guidance is deal forward Thanks just think did we that. for the think we've But actually quarter. our I

to expect regular the issuer a in market the business as be We scales.

forward. year of as frequency the issuance haven't really I the to by to but so a scale the we next forward given be you'll and we continue into would issuer, going be expect see And continuing but driven guidance, market business think that regularity to

strategic a then more little that impairment to there? able to you the segment? go in Okay. Great. quarter. other relating footprint of would the the color bit And you're the in one in the be software taking actions then just deeper relating the give of to And million there, to any maybe segment to that terms some or just $XX services related Was mortgage maybe

Yes. for Thanks question. the

related that software, I we and of onetime felt some to given think, that and it impairment that yes, the $XX item. on our took all businesses think we software impair the a was needed sit we the million to we that use category, current was it's in other

think some like we've I terms all in revenues our our what for be. of expected going business, other given more disclosure to on are

think been about I X we've the for last million. at $XX quarters,

of that We has our from and down may do expect $XXX we've as million investment some and our come all debt, company. other income of liquidity out holding therefore, repaid gone our

businesses a $XX by the business come segment. in So down still estimate good but we our and of number that is expect All all to Other of captures bit million, that little million for a about $XX to the all of $X Other, revenues million All

title our the business. conduit business, Group. income [ of tech as business, our well the And also I I -- -- category on We of investment Rick. in then estate think this asked think as strategic ] And like includes real our think our context particular those businesses, Radian you I of about. platform the HG update kind interest a portfolio services Yes. Also, is that

said, business. things really we So that today got results focus it's The overall as conduit continue scaling not a of are business. there. to material on business, in number of kind the The I to

over we -- few cycle a last title navigated The the business is difficult years.

growing see business prospects look the customer of momentum. of title we well for as forward in and list forward go kind to kind a the positioned continuing that think to I is with

continues services from expect is business, a to profitable bit the services, real products our market valuation Our little to and been estate SFR, business. which see categories but its be contribution across continue to through leader we REO business, different and a less profitable a of and that profitable, cycle,

one, our the is estate real last homegenius of then which tech platform. kind And our

embedded more a that run partners tools that previous great interested with within And particular rate have kind analytics dialogue of update an the update as to has data the of active and update, parties. and we that. As and to across having category. on the I've on really continued reduced the different all progress and significantly we're that platform. are of -- mentioned we quarters, expense vision variety around other And a we'll really AI business, in that's make focused we're computer team But across

Our Bhatia next America. question Mihir of from of Bank comes

the force trying appreciate of to and dynamics pricing? Or that's that, about wanted a in remains market and expectation we But I even your the the going Should backdrop. on your that first the environment function ask trying pricing your from understand pricing that, in that on the -- that a yield competitive Like more steady any quite all. is just Obviously, take what's to comments individual I here. just I'm stable? from about pricing away perspective, from comments market. in environment just you competitive just maybe from was

Mihir, this is Derek.

X In of think it's environment pricing consistent the been last for overall, terms years pretty really the probably years. X.X to I

And be rational the disciplined. continues I characterize environment so pricing as and to would

be really the us stable, and our spots like I overall, find in that to continues leverage But an we to value analytics the would price from some our allows the do kind and at you of look see when in movements of edges market that you there share of of in movements kind quarter-to-quarter, see You top environment line. pricing pick to say reflected here around the environment it because and terms kind market.

kind that's pretty the So some been spectrum, for consistent quite we time. and really across find risk of value

to defaults. really turning cures more defaults and then than And

the [ actually been just like claim very now, number I you'll when then where reserves of significant had that is quarters that and and releasing become of elevated guess it's I question cure. less you rates and part For Or reserves your have upfront taking upfront? is, history cure better release reserves the take rate have start thought and the does process ] lowering make to be would the conservative, many

when think always about always And assumptions, look be Yes, our it to cycle. question. try and we prudent, good we that to try the would at I I we reserve say a it's through think

And accounting today, low. cycle. longer see claim that So through we are making we make assumptions we very the term are clearly, and like sure the on focused are rates obviously they the

So I think X% is our default unchanged, as reason kept the even though that's rightly pointed claim our we've very very, why to actual claim you rate out, benign. experience

environment necessarily see So to and to our to that assumptions, be accounting we change prudent. would like don't we continue

was ask I rate? hit X% the an claim when vintage Any has that? hit you Can all last that time

No, I a none our would while. of current vintages. it's say been And

Yes.

sometime be you I the a to were XXXX, if to would financial think the off got remember I answer to back, remember down default COVID. assumption. the probably great prior crisis exact coming we that I claim but timeline, in from don't actually here

I one triangle at at we're as think then -- your those that look schedule. of Sumita schedule call time it's we point, our Mihir, a to forward default in so like versus that the materials the And And said, things in portfolio you we it we provide, point performance. monitor as where looking and really we're

has coming were that cure would of off rate But period time. see down how we great a been financial the crisis. say pre-COVID, consistent can for You I

so at the and when reserve go modeled look reserve because delinquent going kind losses remember, default. loans we Xx we the anticipate in And that to try forward, as of we

through more going price, assumption The just Derek of kind news is just price other good the loss kind anticipated thing when we would which an is we forward. of when I and team price, highlight,

cycle so default the greater expected all periods. we've business going that writing previous been And is wrote on business in is outperforming pricing, the far returns that our in through is resulting we that which than

We and turns, comment, so could that's today Sumita's own however, the do, their through sustainable think to influence opportunities back going to and when retain that through-the-cycle supply-demand cycle we'll and their that with have that imbalance view believe remains to generally equity. default the housing giving that. to we more And try positive try consumers to trends continue a solve

we going So that to we're closely, a monitor extremely go accounting been an do from trend it's all of forward continue but monitor continue we is point to to favorable it view. can evaluate as

you appreciate [ XX And kind And mentioned, in cure what see Slide just saying. I that almost you're we activity consistent of and disclosure. it. backfill And hear Got what at. I really, the looking as ]. that were particularly that's really you just

Mihir, you mean, out I if quarters, Yes. it's... look X

XX%.

Yes.

So it's then very to improve. consistent and continues

But on something you So internally and we quarter and appreciate thank highly are the we think pretty we for robust discussions go have each focused through question because it's as the through question. it.

comes question Capital of next from RBC Scott Our Markets. Heleniak

Just may and you to that you participate on XX%. growth NIW positive some about you're grow that market insurance wondering to could comment, expect private sounds you happens? on expand mortgage expect for the Radian terms the pretty XXXX there? of expect the that of you It if talk in insurance how as Rick, you in drivers Can like

MBA But when GSEs and we Yes. the see the a see market, -- in you that the we growth. upon you depending other an of for look purchase and are kind MI we the bit the Again, forecast can a continue to, market, there's the materialize you that to But strong implied purchase of is I participation sources refinances, industry growth or current at interest not may in in thank look growth think rates. across and question. may to have going which little we look

looking just so And industry I really is drives comments my comments is that prepared what at forecast. in made really the

degree interest fueled purchase I rates, through growth. where volatility go depending largely plus we as Now we're the think a some either year, by minus, have market but or those can of upon

purchase inventory market from even like and perspective, homes of lack that And the new there. historically, well. is of continues in home think and that the know growth growth mortgage as to -- next sales going existing that the see lack market we'd and churn be would look we been our But to of faster kind expand, as insurance has year, kind by we view to in of to slowed I participate

question we it. in The other how your about participate part of

explained tools, team, I one team think our Derek we mortgage leverage and our the of that and really really questions, our the across in have profile proprietary return Derek opportunity driving volume. earlier insurance the the economic in pick RADAR the as to and choose our across that to risk and and selection market, analytics, data Rates, select value to risk the that universe of purchase

I target kind economic we're think not So positioned think alongside on to said really value well share. And before, we're of focused the growth. we've that as market I

of tools kind to market. across selection across our and on of focused value tend in the out. optimizing really the We're We economic broader range

So and like materialize. I that see think for that we're to well growth positioned

helpful as a comment you It's customers have think persistence to you even persistency, bit closer in if seen of embedded levels, you have That's little home you bit. detail. of sequentially. obviously Okay. whether to equity And there. little wondering that flattish a have there. And just that or Others further improvement lot lot on of could down peak up the a kind a but just ticked can see

thoughts just curious persistency. So what are your on

Yes.

persistency I has say on a and XX% that in would our XX-month basis, around I been level. think

the much measure. don't pretty persistency that We quarterly are at think up such. stable think do fluctuations to I We what you're more small we expect that uptick seeing So levels. as in go a is is

been some than X% Now book that less refinance as an in remind just our in you it rate. pockets that of we has persistency. case I which is is rates see activity would possible note impact see decline XX% at our will in-force we of still written But

So in we XXs high and good less feel or remain about it. to expect more pretty persistency the low

in sounds Great. or just on excess like level dividends, talk special probably dividends, then cap is dividend use, least time. at but regular uses been #X capital M&A And capital any was sounds at excess -- a in months. just business, It you the that? It reinvestments can and anything the debt like thoughts like debt the use else your just has on about now. buybacks is over last question increases the Okay. lowest to just long the been it's But ever, next XX the of

and jump pointed on out, about in been other strategic pretty like consistent I start Rick say, our the with I'll uses. capital Yes, we've as you would return. of thoughts some

quarter, last about X year, billion; years, million; last years, $XX This million; we $X.X billion. $XXX last X returned $X.X X

say a I just about we our of pay So that ratio Guaranty given the see draw down year-end, are capital dividends down view, And to prepared industry. stock Group. returning dividend pretty our of back expectation you'll excess think to yielding in our by Radian we that $X think our highest up mentioned also shareholders. been and we our We consistently $XXX quickly some to holdco we the from have liquidity to debt leverage billion I'd XX.X%. remarks, built to that million from back forward I used liquidity in

to believe continue So reasonably that buy I think that we shares. will are undervalued. still we back We

just AOCI. our is $X.X think in I

future our last of some of Investor That was in about our expectation estimates earnings given think our just you $XX.XX we've about discounted book. existing if Day, And a share. from

that. think still of we we have do our shares. we Rick, that trading So do are we'll to and want our to liquidity buy you back some on initiatives? below comment the intrinsic to M&A continue reasonably value, And

to in of our for mortgage we kind growth think an are our continue see invest insurance invest I to phases, opportunities. that organic businesses us, we're obviously, where in going business Well,

those kind So are of one form capital. strategic of

of lot of different at M&A obviously looks a You a get mentioned opportunities. M&A. lot We

that. value, the haven't we go how We focused to -- either Sumita invest seen haven't through and return inorganically we improve being done to we a or I capital like long-term organically while thinking and we about allocation on prioritize of say, shareholders. disciplined And waterfall, because really shareholders very capital then for one and team, our for value and returns a I but would and normal

manage capital. we pretty today, The we we're a holdco we think disciplined in situation track how I have significant good liquidity. have of So news is a where record

our we I just have off quarter. still excess We're Sumita capital, As PMIERs going in end billion that $X.X debt. tremendous said, to the at $X year-end, category somewhere think, paid near, third at the of billion

got around of think capital shareholders. flexibility to we've allocating for improve to effectively franchise returns So lot our a about

So thoughtful the in is always forward forward the we've remain what in very to hindsight, disciplined about on not But so think, past, talk and we done is behalf I to much there. sometimes shareholders. view our trying talk of best

questions. for turn further to closing back to Rick remarks. I'd it no like showing I'm Thornberry

Yes. appreciate we're It's everybody last exhausted I from the But an conclusion. forward look probably and Radian, crossing several to to to future Well, I and the continuing eventful questions week. a and over appreciate watching today. our insights us joining been paths activities months political all the all answer know near your interest business. your in share in our about and I coming

have So we very then. paths happy thank much, care. not and Take you holiday a before very season, should cross

today's may now you participating, This disconnect. you call. and Thank concludes conference for