Fidelity National Financial, Inc.

- There is an ongoing exercise regarding the best way to fund growth opportunities, particularly related to F&G’s owned distribution, which has seen about $700 million invested so far. - The company is evaluating whether to fund growth underneath F&G or through consolidation/deconsolidation strategies. - An update on this funding process is expected within the next couple of quarters. - No specific new fundraising through debt or equity is explicitly announced yet. - The company maintains a strong cash position ($495 million at holding company level at quarter end) and has been active in share repurchases and dividends, indicating balanced capital management. - They remain focused on maintaining a strong balance sheet and capital allocation strategy without specifying any immediate plans for new debt or equity fundraising.

- Continued investment in technology and AI is a key strategic focus, aiming to enhance operational efficiency, customer experience, risk mitigation, and fraud prevention across real estate transactions. - FNF emphasizes embedding AI tools into workflows, leveraging proprietary transaction data to gain competitive advantages. - There is a substantial opportunity to grow owned distribution within F&G, with ongoing evaluation of the best funding approach and a potential update on progress expected within the next couple of quarters. - M&A activity, particularly on the title agent side, is expected to increase this year and next, with more discussions and opportunities emerging than in the past two years. - FNF maintains a disciplined capital allocation strategy, balancing investments with share repurchases and dividends while sustaining a strong balance sheet.

- Residential purchase and refinance volumes have upside potential if mortgage rates stabilize, especially in the lower 6% range, leading to a possible recovery in the back half of the year (Mike Nolan, Page 9). - Title segment expects continued strong performance with growth in commercial activity and stable residential fee per file; commercial fee per file saw significant increase (up to $1,000 YoY) in Q1 (Mike Nolan, Page 8). - Total orders opened averaged 6,400 per day in Q1, up 7% YoY in April, indicating improving transactional activity (Page 2). - F&G segment's assets under management grew 11% YoY to $74.5 billion, with gross sales of $3.2 billion in Q1, reflecting ongoing growth (Page 3). - M&A activity, especially on the title agent side, is expected to increase compared to the last two years (Mike Nolan & Anthony Park, Page 9). - AI and technology investments are expected to enhance margins and operational efficiency, contributing to future growth (Mike Nolan, Pages 5 & 9).

- FNF expects to continue delivering strong adjusted pretax Title margins within their 15%-20% target range, even if residential volumes remain at current levels. - Growth opportunities exist in both commercial and residential title businesses, with purchase and refinance activity anticipated to accelerate as mortgage rates improve. - AI and technology investments are expected to enhance efficiency, reduce risk, and improve margins over time, with more significant benefits likely in 2027. - F&G segment shows consistent operating performance; adjusted net earnings held steady despite ownership dilution. - F&G's buyback program and capital allocation strategies indicate potential ownership level shifts, impacting consolidated earnings. - Conservative modeling of F&G's returns suggests an 80 bps return on assets as a plausible baseline, with upside possible when alternative investments normalize. - Continued strong recruiting and investment in talent and technology support volume growth and operational leverage. - Share repurchases to remain active, implying ongoing capital return to shareholders.

- Total orders opened averaged 6,400 per day in Q1 2026: - January: 5,900 - February: 6,500 - March: 6,600 - April orders opened were 6,200 per day, up 7% year-over-year. - Residential purchase orders opened: - Up 2% over Q1 2025 - Up 25% over Q4 2025 - Up 4% for April versus prior year - Refinance orders opened: - 2,000 per day in Q1 as rates dipped to low 6% - Moderated to 1,600 per day in April as rates rose - Up 52% over Q1 2025 - Up 16% over Q4 2025 - Up 13% for April versus prior year - Commercial orders opened: - 906 per day in Q1, up 5% over Q1 2025 - Up 11% over Q4 2025 - Up 9% for April versus prior year - Strong inventory of diversified commercial deals slated to close.