Stewart Information Q3 profit falls to $30.3M

Real estate solutions revenue rose 68%, while quarterly net income attributable to Stewart fell to $30.3 million.

Available on EDGAR 11/04/2026 - 05:04 PM EST Accepted by SEC EDGAR 11/04/2026 - 05:04 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Stewart Information Services Corporation (STC) reported third-quarter 2026 operating revenues of $887.0 million, compared with $776.5 million a year earlier. Net income attributable to Stewart was $30.3 million, or $0.98 per diluted share, versus $44.3 million, or $1.55 per diluted share. Real estate solutions segment revenue was $196.5 million, up 68%, and pretax income was $10.3 million, compared with $7.3 million. Title segment pretax income was $47.5 million, down 23% from $62.0 million.

For the first nine months of 2026, operating cash flow was $102.6 million, versus $116.1 million; cash used in investing was $218.5 million, including $134.1 million paid for acquisitions. At September 30, total notes payable were $654.9 million. Stewart paid $49.7 million in dividends, or $1.60 per common share, during the nine-month period, compared with $42.6 million, or $1.53 per share, a year earlier.

1 point · 0 major

NegativeiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

• Moderate pointOperating revenues reached $887.0 million in Q3 2026, compared with $776.5 million a year earlier.

Negative

• Moderate pointNet income attributable to Stewart fell to $30.3 million in Q3 2026, from $44.3 million.
• Moderate pointOperating cash flow declined to $102.6 million in the first nine months of 2026, from $116.1 million.

Filing Explained

At September 30, the credit line had $89.5 million of remaining borrowing capacity alongside $208.0 million outstanding.

This filed, unaudited third-quarter report shows that consolidated cash and investments are not all freely available: statutory reserves are unavailable for other purposes, and transfers involving regulated title insurer Guaranty are subject to legal and regulatory limits. At September 30, 2026, total cash and investments, including statutory reserves, were $802.1 million; cash at the parent and unregulated subsidiaries was $41.8 million and available for parent operating expenses, debt interest, and common dividends.

Investments included $507.8 million in statutory reserve funds, and cash included another $3.7 million in statutory reserves; the company says these funds are not available for other purposes. Guaranty paid no dividends to the parent in the first nine months of 2026, compared with $50.0 million in the same period of 2025.

The company reported $208.0 million outstanding on its line of credit and $89.5 million of remaining borrowing capacity, with an option to increase the facility by up to $125.0 million; outstanding senior notes were $446.6 million.

Key Figures

Operating revenues: $887.0 million Net income attributable to Stewart: $30.3 million Diluted earnings per share attributable to Stewart: $0.98 per diluted share +5 more

8 metrics

Operating revenues $887.0 million Three months ended September 30, 2026

Net income attributable to Stewart $30.3 million Three months ended September 30, 2026

Diluted earnings per share attributable to Stewart $0.98 per diluted share Three months ended September 30, 2026

Real estate solutions segment revenue $196.5 million Three months ended September 30, 2026

Net cash provided by operating activities $102.6 million Nine months ended September 30, 2026

Cash paid for acquisition of businesses and related assets $134.1 million Nine months ended September 30, 2026

Notes payable $654.9 million As of September 30, 2026

Dividends on Common Stock $1.60 per share Nine months ended September 30, 2026

Key Terms

statutory premium reserves, Incurred But Not Reported (IBNR), retention rate, equity method

4 terms

statutory premium reserves regulatory

"funding of statutory premium reserves"

Incurred But Not Reported (IBNR) financial

"Provisions - Incurred But Not Reported (IBNR)"

retention rate financial

"average retention rate can differ significantly from state to state"

Retention rate measures the percentage of customers or users who continue to use a product or service over a specific period. It indicates how well a company keeps its customers engaged and satisfied over time. For investors, a high retention rate suggests a loyal customer base and stable revenue, reflecting the company's ability to maintain its market position.

equity method financial

"accounted for using the equity method"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were STC's third-quarter 2026 revenue and earnings?

STC reported operating revenues of $887.0 million and net income attributable to Stewart of $30.3 million for Q3 2026. Diluted earnings per share was $0.98, compared with $1.55 in Q3 2025.

Why did STC's third-quarter earnings compare lower with the prior year?

STC said Q3 2025 results included $5.6 million of pretax net realized and unrealized gains. These included $4.3 million of net unrealized gains on equity securities and a $1.2 million realized gain on a real-property sale.

How much of STC's cash and investments was held in statutory reserves?

As of September 30, 2026, statutory reserve funds included approximately $507.8 million in investments in debt and equity securities and approximately $3.7 million in cash and cash equivalents. The company states these funds are not available for any other purpose.

Why did STC's operating cash flow decline in the first nine months of 2026?

Net cash provided by operations was $102.6 million, compared with $116.1 million in the same 2025 period. STC attributed the decrease primarily to higher payments of claims and operating liabilities, partially offset by higher net income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-02658

 STEWART INFORMATION SERVICES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware									74-1677330
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
1360 Post Oak Blvd.,			Suite 100
Houston,			Texas						77056
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (713) 625-8100

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

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1 par value per share			STC			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

Yes ☑  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☑

Large accelerated filer

☐

Non-accelerated filer

☐

Emerging growth company

☐

Accelerated filer

☐

Smaller reporting 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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐  No ☑

On October 27, 2026, there were 30,526,684 outstanding shares of the issuer's Common Stock.

FORM 10-Q QUARTERLY REPORT

QUARTER ENDED SEPTEMBER 30, 2026

TABLE OF CONTENTS

Item						Page
			PART I – FINANCIAL INFORMATION
1.			Financial Statements			3
2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
3.			Quantitative and Qualitative Disclosures About Market Risk			28
4.			Controls and Procedures			28
			PART II – OTHER INFORMATION
1.			Legal Proceedings			29
1A.			Risk Factors			29
2.			Unregistered Sales of Equity Securities and Use of Proceeds			29
5.			Other Information			29
6.			Exhibits			30
			Signature			30

As used in this report, “we,” “us,” “our,” "Registrant," the “Company” and “Stewart” mean Stewart Information Services Corporation and our subsidiaries, unless the context indicates otherwise.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $'000, except per share)
Revenues
Direct title revenues			305,770						299,690						882,537						822,631
Agency title revenues			384,739						360,186						1,094,781						928,989
Real estate solutions			196,446						116,607						555,164						326,334
Operating revenues			886,955						776,483						2,532,482						2,077,954
Investment income			13,700						14,819						42,390						43,733
Net realized and unrealized gains			24						5,614						6,352						9,394
			900,679						796,916						2,581,224						2,131,081
Expenses
Amounts retained by agencies			319,050						299,523						910,082						773,012
Employee costs			230,921						211,221						693,080						605,240
Other operating expenses			254,729						185,165						713,297						519,605
Title losses and related claims			23,514						19,546						64,022						58,701
Depreciation and amortization			19,290						15,391						53,778						45,863
Interest			7,618						4,898						22,685						14,812
			855,122						735,744						2,456,944						2,017,233
Income before taxes and noncontrolling interests			45,557						61,172						124,280						113,848
Income tax expense			(11,630)						(12,975)						(29,533)						(24,600)
Net income			33,927						48,197						94,747						89,248
Less net income attributable to noncontrolling interests			3,606						3,938						10,245						9,990
Net income attributable to Stewart			30,321						44,259						84,502						79,258
Net income			33,927						48,197						94,747						89,248
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments			(672)						(5,178)						(5,532)						9,230
Change in net unrealized gains and losses on investments			(10,463)						3,073						(12,362)						9,163
Reclassification adjustments for realized gains and losses on investments			(204)						183						(90)						510
Other comprehensive (loss) income, net of taxes			(11,339)						(1,922)						(17,984)						18,903
Comprehensive income			22,588						46,275						76,763						108,151
Less net income attributable to noncontrolling interests			3,606						3,938						10,245						9,990
Comprehensive income attributable to Stewart			18,982						42,337						66,518						98,161
Basic average shares outstanding (000)			30,523						28,004						30,421						27,922
Basic earnings per share attributable to Stewart			0.99						1.58						2.78						2.84
Diluted average shares outstanding (000)			30,976						28,491						30,875						28,386
Diluted earnings per share attributable to Stewart			0.98						1.55						2.74						2.79

See notes to condensed consolidated financial statements.

3

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30, 2026 (Unaudited)						December 31, 2025
			(in $'000, except share amounts)
Assets
Cash and cash equivalents			152,313						321,775
Short-term investments			53,661						47,899
Investments, at fair value:
Debt securities (amortized cost of $556,749 and $558,544)			540,931						558,488
Equity securities			55,237						47,682
			596,168						606,170
Receivables:
Premiums from agencies			38,731						38,286
Trade and other			156,205						116,626
Income taxes			5,508						3,145
Notes			40,926						39,812
Allowance for uncollectible amounts			(8,889)						(7,805)
			232,481						190,064
Property and equipment:
Land			1,597						1,597
Buildings and improvements			16,419						16,231
Furniture and equipment			305,530						259,581
Accumulated depreciation			(218,835)						(192,079)
			104,711						85,330
Operating lease assets			117,608						106,034
Title plants, at cost			84,108						81,670
Goodwill			1,418,014						1,271,958
Intangible assets, net of amortization			291,377						325,135
Deferred tax assets			8,139						7,656
Other assets			238,261						209,114
			3,296,841						3,252,805
Liabilities
Notes payable			654,911						646,606
Accounts payable and accrued liabilities			236,784						255,852
Operating lease liabilities			133,420						122,153
Estimated title losses			521,498						524,473
Deferred tax liabilities			66,951						53,323
			1,613,564						1,602,407
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital			535,941						520,243
Retained earnings			1,180,234						1,145,415
Accumulated other comprehensive loss:
Foreign currency translation adjustments			(27,396)						(21,864)
Net unrealized losses on debt securities investments			(12,496)						(44)
Treasury stock – 352,161 common shares, at cost			(2,666)						(2,666)
Stockholders’ equity attributable to Stewart			1,673,617						1,641,084
Noncontrolling interests			9,660						9,314
Total stockholders’ equity (30,526,460 and 30,223,311 shares outstanding)			1,683,277						1,650,398
			3,296,841						3,252,805

See notes to condensed consolidated financial statements.

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine Months Ended   September 30,
			2026						2025
			(in $'000)
Reconciliation of net income to cash provided by operating activities:
Net income			94,747						89,248
Add (deduct):
Depreciation and amortization			53,778						45,863
Adjustments for bad debt provisions			2,550						2,276
Net realized and unrealized gains			(6,352)						(9,394)
Amortization of net discount on debt securities investments			(1,237)						(1,065)
Payments for title losses (in excess of) less than provisions			(250)						2,908
Increase in receivables – net			(31,816)						(23,524)
Increase in other assets – net			(6,488)						(21,735)
(Decrease) increase in accounts payable and other liabilities – net			(35,407)						13,217
Change in net deferred income taxes			18,656						5,380
Net income from equity method investments			(1,585)						(1,683)
Dividends received from equity method investments			1,861						1,371
Share-based compensation expense			13,959						12,956
Other – net			203						328
Cash provided by operating activities			102,619						116,146
Investing activities:
Proceeds from sales of investments in securities			18,238						44,306
Proceeds from matured investments in debt securities			71,998						67,972
Purchases of investments in securities			(102,130)						(100,565)
Net purchases of short-term investments			(1,853)						(1,312)
Purchases of property and equipment and other long-lived assets			(62,872)						(46,165)
Proceeds from sale of property and equipment and other assets			64						3,749
Cash paid for acquisition of businesses and related assets			(134,093)						(38,553)
Increase in notes receivable			(5,110)						(21,718)
Purchases of cost-basis and other investments			(6,435)						(1,751)
Other – net			3,682						1,995
Cash used by investing activities			(218,511)						(92,042)
Financing activities:
Proceeds from notes payable			10,808						995
Payments on notes payable			(2,939)						(1,115)
Distributions to noncontrolling interests and other			(10,133)						(10,445)
Contributions from noncontrolling interests			151						—
Repurchases of Common Stock			(5,433)						(3,565)
Proceeds from stock option and employee stock purchase plan exercises			7,172						7,173
Cash dividends paid			(49,683)						(42,618)
Payment of contingent consideration related to acquisitions			(3,007)						(5,087)
Cash used by financing activities			(53,064)						(54,662)
Effects of changes in foreign currency exchange rates			(506)						2,778
Change in cash and cash equivalents			(169,462)						(27,780)
Cash and cash equivalents at beginning of period			321,775						216,298
Cash and cash equivalents at end of period			152,313						188,518

See notes to condensed consolidated financial statements.

5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			Common Stock						Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss						Treasury stock						Noncontrolling interests						Total
			(in $'000)
Nine Months Ended September 30, 2026
Balance at December 31, 2025			30,577						489,666						1,145,415						(21,908)						(2,666)						9,314						1,650,398
Net income attributable to Stewart			—						—						84,502						—						—						—						84,502
Dividends on Common Stock ($1.60 per share)			—						—						(49,683)						—						—						—						(49,683)
Stock-based compensation			262						13,697						—						—						—						—						13,959
Stock repurchases			(85)						(5,348)						—						—						—						—						(5,433)
Stock option and employee stock purchase plan exercises			126						7,046						—						—						—						—						7,172
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						(12,362)						—						—						(12,362)
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						(90)						—						—						(90)
Foreign currency translation adjustments, net of taxes			—						—						—						(5,532)						—						—						(5,532)
Net income attributable to noncontrolling interests			—						—						—						—						—						10,245						10,245
Distributions to noncontrolling interests			—						—						—						—						—						(10,133)						(10,133)
Net effect of other changes in ownership			—						—						—						—						—						234						234
Balance at September 30, 2026			30,880						505,061						1,180,234						(39,892)						(2,666)						9,660						1,683,277
Nine Months Ended September 30, 2025
Balance at December 31, 2024			28,117						330,604						1,089,484						(43,397)						(2,666)						8,947						1,411,089
Net income attributable to Stewart			—						—						79,258						—						—						—						79,258
Dividends on Common Stock ($1.53 per share)			—						—						(43,449)						—						—						—						(43,449)
Stock-based compensation			177						12,779						—						—						—						—						12,956
Stock repurchases			(51)						(3,514)						—						—						—						—						(3,565)
Stock option and employee stock purchase plan exercises			131						7,042						—						—						—						—						7,173
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						9,163						—						—						9,163
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						510						—						—						510
Foreign currency translation adjustments, net of taxes			—						—						—						9,230						—						—						9,230
Net income attributable to noncontrolling interests			—						—						—						—						—						9,990						9,990
Distributions to noncontrolling interests			—						—						—						—						—						(10,371)						(10,371)
Net effect of other changes in ownership			—						—						—						—						—						(74)						(74)
Balance at September 30, 2025			28,374						346,911						1,125,293						(24,494)						(2,666)						8,492						1,481,910

See notes to condensed consolidated financial statements.

6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			Common Stock						Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss						Treasury stock						Noncontrolling interests						Total
			(in $'000)
Three Months Ended September 30, 2026
Balance at June 30, 2026			30,804						496,977						1,166,857						(28,553)						(2,666)						9,364						1,672,783
Net income attributable to Stewart			—						—						30,321						—						—						—						30,321
Dividends on Common Stock ($0.55 per share)			—						—						(16,944)						—						—						—						(16,944)
Stock-based compensation			5						4,070						—						—						—						—						4,075
Stock repurchases			(2)						(105)						—						—						—						—						(107)
Stock option and employee stock purchase plan exercises			73						4,119						—						—						—						—						4,192
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						(10,463)						—						—						(10,463)
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						(204)						—						—						(204)
Foreign currency translation adjustments, net of taxes			—						—						—						(672)						—						—						(672)
Net income attributable to noncontrolling interests			—						—						—						—						—						3,606						3,606
Distributions to noncontrolling interests			—						—						—						—						—						(3,348)						(3,348)
Net effect of other changes in ownership			—						—						—						—						—						38						38
Balance at September 30, 2026			30,880						505,061						1,180,234						(39,892)						(2,666)						9,660						1,683,277
Three Months Ended September 30, 2025
Balance at June 30, 2025			28,293						338,673						1,096,023						(22,572)						(2,666)						8,531						1,446,282
Net income attributable to Stewart			—						—						44,259						—						—						—						44,259
Dividends on Common Stock ($0.53 per share)			—						—						(14,989)						—						—						—						(14,989)
Stock-based compensation			5						4,129						—						—						—						—						4,134
Stock repurchases			(1)						(90)						—						—						—						—						(91)
Stock option and employee stock purchase plan exercises			77						4,199						—						—						—						—						4,276
Change in net unrealized gains and losses on investments, net of taxes			—						—						—						3,073						—						—						3,073
Reclassification adjustment for realized gains and losses on investments, net of taxes			—						—						—						183						—						—						183
Foreign currency translation adjustments, net of taxes			—						—						—						(5,178)						—						—						(5,178)
Net income attributable to noncontrolling interests			—						—						—						—						—						3,938						3,938
Distributions to noncontrolling interests			—						—						—						—						—						(3,977)						(3,977)
Balance at September 30, 2025			28,374						346,911						1,125,293						(24,494)						(2,666)						8,492						1,481,910

See notes to condensed consolidated financial statements.

7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

Interim financial statements. The financial information contained in this report for the three and nine months ended September 30, 2026 and 2025, and as of September 30, 2026, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 27, 2026 (2025 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, which is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements in the states of domicile of our underwriters for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $507.8 million and $492.0 million at September 30, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $3.7 million and $4.4 million at September 30, 2026 and December 31, 2025, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

NOTE 2

Revenues. The Company's operating revenues, summarized by type, are as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $ thousands)
Title insurance premiums:
Direct			214,869						210,057						623,630						573,561
Agency			384,739						360,186						1,094,781						928,989
Escrow fees			47,724						46,894						135,647						128,070
Real estate solutions and abstract fees			218,897						135,454						612,832						379,710
Other revenues			20,726						23,892						65,592						67,624
			886,955						776,483						2,532,482						2,077,954

8

NOTE 3

Investments in debt and equity securities. As of September 30, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securities held were $20.6 million and $14.8 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

			September 30, 2026												December 31, 2025
			Amortized costs						Fair values						Amortized costs						Fair values
			(in $ thousands)
Municipal			5,084						5,018						12,292						12,274
Corporate			142,530						135,585						144,571						143,621
Foreign			343,480						336,977						347,588						348,084
U.S. Treasury Bonds			65,655						63,351						54,093						54,509
			556,749						540,931						558,544						558,488

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

			September 30, 2026												December 31, 2025
			Gains						Losses						Gains						Losses
			(in $ thousands)
Municipal			1						67						5						23
Corporate			144						7,089						1,646						2,596
Foreign			1,148						7,651						3,645						3,149
U.S. Treasury Bonds			6						2,310						543						127
			1,299						17,117						5,839						5,895

Debt securities as of September 30, 2026 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

			Amortized costs						Fair values
			(in $ thousands)
In one year or less			80,306						79,864
After one year through five years			276,795						270,835
After five years through ten years			186,017						178,422
After ten years			13,631						11,810
			556,749						540,931

9

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2026, were:

			Less than 12 months												More than 12 months												Total
			Losses						Fair values						Losses						Fair values						Losses						Fair values
			(in $ thousands)
Municipal			59						3,972						8						30						67						4,002
Corporate			2,346						71,615						4,743						58,682						7,089						130,297
Foreign			4,671						203,113						2,980						79,825						7,651						282,938
U.S. Treasury Bonds			2,099						56,775						211						5,714						2,310						62,489
			9,175						335,475						7,942						144,251						17,117						479,726

The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2026 was 312. Of these securities, 80 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at September 30, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025, were:

			Less than 12 months												More than 12 months												Total
			Losses						Fair values						Losses						Fair values						Losses						Fair values
			(in $ thousands)
Municipal			4						2,621						19						5,918						23						8,539
Corporate			9						10,284						2,587						71,989						2,596						82,273
Foreign			364						43,539						2,785						119,970						3,149						163,509
U.S. Treasury Bonds			36						8,720						91						6,425						127						15,145
			413						65,164						5,482						204,302						5,895						269,466

NOTE 4

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

10

As of September 30, 2026, financial instruments measured at fair value on a recurring basis are summarized below:

			Level 1						Level 2						Fair value measurements
			(in $ thousands)
Investments in securities:
Debt securities:
Municipal			—						5,018						5,018
Corporate			—						135,585						135,585
Foreign			—						336,977						336,977
U.S. Treasury Bonds			—						63,351						63,351
Equity securities			55,237						—						55,237
			55,237						540,931						596,168

As of December 31, 2025, financial instruments measured at fair value on a recurring basis are summarized below:

			Level 1						Level 2						Fair value measurements
			(in $ thousands)
Investments in securities:
Debt securities:
Municipal			—						12,274						12,274
Corporate			—						143,621						143,621
Foreign			—						348,084						348,084
U.S. Treasury Bonds			—						54,509						54,509
Equity securities			47,682						—						47,682
			47,682						558,488						606,170

As of September 30, 2026 and December 31, 2025, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

11

NOTE 5

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $ thousands)
Realized gains			158						1,432						483						2,031
Realized losses			(160)						(158)						(627)						(2,550)
Net unrealized investment gains recognized on equity securities still held			26						4,340						6,496						9,913
			24						5,614						6,352						9,394

Realized gains in the third quarter and first nine months of 2025 included a $1.2 million gain from a sale of real property, while realized losses in the first nine months of 2025 included a $1.2 million loss related to an acquisition contingent liability adjustment.

Investment gains and losses recognized related to investments in equity securities are as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $ thousands)
Net investment (losses) gains recognized on equity securities during the period			(120)						4,317						6,637						9,569
Less: Net realized (losses) gains on equity securities sold during the period			(146)						(23)						141						(344)
Net unrealized investment gains recognized on equity securities still held			26						4,340						6,496						9,913

Proceeds from sales of investments in securities are as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $ thousands)
Proceeds from sales of debt securities			15,530						7,109						16,577						40,620
Proceeds from sales of equity securities			621						213						1,661						3,686
Total proceeds from sales of investments in securities			16,151						7,322						18,238						44,306

NOTE 6

Goodwill. The summary of changes in goodwill is as follows:

			Title						Real Estate Solutions												Consolidated Total
			(in $ thousands)
Balances at December 31, 2025			728,553						543,405												1,271,958
Acquisitions			104,714						15,615												120,329
Purchase accounting adjustments			(116)						25,843												25,727
Balances at September 30, 2026			833,151						584,863												1,418,014

12

During the first nine months of 2026, goodwill recorded was primarily related to acquisitions of title and search companies in the title segment and a valuation management services company in the real estate solutions segment. Purchase accounting adjustments in the real estate solutions segment were primarily related to Mortgage Contracting Services (MCS), which was acquired in the fourth quarter 2025, and primarily reflected refined valuations of acquired intangible assets. Management expects to complete its purchase accounting for MCS in the fourth quarter 2026 and does not anticipate further adjustments to be material.

NOTE 7

Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows:

			2026						2025
			(in $ thousands)
Balances at January 1			524,473						511,534
Provisions:
Current year			61,565						57,126
Previous policy years			2,457						1,575
Total provisions			64,022						58,701
Payments, net of recoveries:
Current year			(8,415)						(12,278)
Previous policy years			(55,857)						(43,515)
Total payments, net of recoveries			(64,272)						(55,793)
Effects of changes in foreign currency exchange rates			(2,725)						6,003
Balances at September 30			521,498						520,445
Loss ratios as a percentage of title operating revenues:
Current year provisions			3.1		%				3.3		%
Total provisions			3.2		%				3.4		%

NOTE 8

Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which primarily include a combination of time-based restricted stock units and performance-based restricted stock units, and are typically granted annually during the first quarter of the year. Each restricted stock unit represents a contractual right to receive a share of the Company's Common Stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and employee service requirements over a period of approximately three years. The Company has not granted stock options since 2021 and all outstanding stock option awards are already fully vested. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

During the first nine months of 2026 and 2025, the Company granted time-based and performance-based restricted stock units with aggregate grant-date fair values of $19.3 million (321,000 units with an average grant price per unit of $60.22) and $15.9 million (223,000 units with an average grant price per unit of $71.16), respectively.

13

NOTE 9

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units were vested and issued and stock options were exercised. In periods of net losses, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
Numerator:
Net income attributable to Stewart (in $'000)			30,321						44,259						84,502						79,258
Denominator (in '000):
Basic average shares outstanding			30,523						28,004						30,421						27,922
Average number of dilutive shares relating to options			178						201						180						193
Average number of dilutive shares relating to restricted units			275						286						274						271
Diluted average shares outstanding			30,976						28,491						30,875						28,386
Basic earnings per share attributable to Stewart ($)			0.99						1.58						2.78						2.84
Diluted earnings per share attributable to Stewart ($)			0.98						1.55						2.74						2.79

NOTE 10

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of September 30, 2026, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of September 30, 2026, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

NOTE 11

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

14

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions, investigations and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

NOTE 12

Segment information. The Company's chief operating decision maker (CODM) is the chief executive officer, who evaluates the performance of and allocates resources to its three reportable segments: title insurance and related services (title), real estate solutions, and corporate. The Company uses revenues and pretax income in assessing segment performance and trends. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment supports the real estate industry and primarily includes credit and real estate information services, property preservation and field services, valuation services, and online notarization and closing solutions. The corporate segment is primarily comprised of the parent holding company and centralized support services departments.

Statement of income information related to these reportable segments, including major expense captions used to calculate pretax income, is as follows:

			Three Months Ended   September 30,												Nine Months Ended  September 30,
			2026						2025						2026						2025
			(in $ thousands)												(in $ thousands)
Title:
Revenues			704,197						678,899						2,026,150						1,803,322
Expenses
Amounts retained by agencies			319,050						299,523						910,082						773,012
Employee costs			203,066						191,598						610,760						549,634
Other operating expenses			102,516						97,482						294,102						272,241
Title losses and related claims			23,514						19,546						64,022						58,701
Depreciation and amortization			8,145						8,356						24,828						25,413
Interest			455						419						1,367						1,265
			656,746						616,924						1,905,161						1,680,266
Pretax income			47,451						61,975						120,989						123,056

15

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in $ thousands)												(in $ thousands)
Real estate solutions:
Revenues			196,482						116,639						555,274						326,424
Expenses
Employee costs			25,109						16,094						72,852						45,266
Other operating expenses			150,202						86,479						414,405						243,494
Depreciation and amortization			10,855						6,777						28,160						19,574
Interest			3						—						11						2
			186,169						109,350						515,428						308,336
Pretax income			10,313						7,289						39,846						18,088

Corporate:
Revenues - net realized gains (losses)			—						1,378						(200)						1,335
Expenses
Employee costs			2,746						3,529						9,468						10,340
Other operating expenses			2,011						1,204						4,790						3,870
Depreciation and amortization			290						258						790						876
Interest			7,160						4,479						21,307						13,545
			12,207						9,470						36,355						28,631
Pretax loss			(12,207)						(8,092)						(36,555)						(27,296)

Consolidated Stewart:
Revenues			900,679						796,916						2,581,224						2,131,081
Expenses
Amounts retained by agencies			319,050						299,523						910,082						773,012
Employee costs			230,921						211,221						693,080						605,240
Other operating expenses			254,729						185,165						713,297						519,605
Title losses and related claims			23,514						19,546						64,022						58,701
Depreciation and amortization			19,290						15,391						53,778						45,863
Interest			7,618						4,898						22,685						14,812
			855,122						735,744						2,456,944						2,017,233
Pretax income			45,557						61,172						124,280						113,848

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2026						2025						2026						2025
			(in $ thousands)
United States			857,491						747,405						2,462,432						2,011,124
International			43,188						49,511						118,792						119,957
			900,679						796,916						2,581,224						2,131,081

16

NOTE 13

Other comprehensive (loss) income. Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows:

			Three Months Ended   September 30, 2026												Three Months Ended   September 30, 2025
			Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount						Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount
			(in $ thousands)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments			(13,244)			(2,781)			(10,463)						3,890			817			3,073
Reclassification adjustments for realized gains and losses on investments			(258)			(54)			(204)						231			48			183
			(13,502)			(2,835)			(10,667)						4,121			865			3,256
Foreign currency translation adjustments			(731)			(59)			(672)						(5,883)			(705)			(5,178)
Other comprehensive (loss) income			(14,233)			(2,894)			(11,339)						(1,762)			160			(1,922)

			Nine Months Ended   September 30, 2026												Nine Months Ended   September 30, 2025
			Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount						Before-Tax Amount			Tax Expense (Benefit)			Net-of-Tax Amount
			($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments			(15,648)			(3,286)			(12,362)						11,599			2,436			9,163
Reclassification adjustment for realized gains and losses on investments			(114)			(24)			(90)						645			135			510
			(15,762)			(3,310)			(12,452)						12,244			2,571			9,673
Foreign currency translation adjustments			(7,617)			(2,085)			(5,532)						10,652			1,422			9,230
Other comprehensive (loss) income			(23,379)			(5,395)			(17,984)						22,896			3,993			18,903

17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

MANAGEMENT’S OVERVIEW

Third quarter 2026 overview. We reported net income attributable to Stewart of $30.3 million ($0.98 per diluted share) for the third quarter 2026, compared to net income attributable to Stewart of $44.3 million ($1.55 per diluted share) for the third quarter 2025. Pretax income before noncontrolling interests for the third quarter 2026 was $45.6 million compared to pretax income before noncontrolling interests of $61.2 million for the prior year quarter 2025. Third quarter 2025 results included $5.6 million of pretax net realized and unrealized gains, primarily driven by $4.3 million of net unrealized gains on fair value changes of equity securities investments in the title segment and a $1.2 million realized gain on a sale of real property in the corporate segment.

Summary results of the title segment are as follows ($ in millions, except pretax margin):

			For the Three Months Ended September 30,
			2026						2025						% Change
Operating revenues			690.5						659.9						5		%
Investment income			13.7						14.8						(8)		%
Net realized and unrealized gains			—						4.2						(100)		%
Pretax income			47.5						62.0						(23)		%
Pretax margin			6.7		%				9.1		%

Title segment operating revenues increased $30.6 million (5%) in the third quarter 2026 compared to the third quarter 2025, primarily driven by growth in agency title revenues. Agency gross title revenues increased $24.6 million (7%), while direct title revenues increased $6.1 million (2%), primarily due to higher domestic commercial activity during the third quarter 2026. Net of agency retention, agency title revenues increased $5.0 million (8%) consistent with the gross agency revenue growth.

The title segment's combined employee costs and other operating expenses increased $16.5 million (6%) in the third quarter 2026 compared to the prior year quarter, primarily driven by higher title revenues, which resulted in increased salaries and employee benefits and higher title search and third-party service fees, and investment in talent to support growth initiatives. As a percentage of title operating revenues, these expenses were approximately 44%, which is comparable to the third quarter 2025. Title loss expense increased $4.0 million (20%) in the third quarter 2026, primarily due to higher title revenues, while the title loss ratio, as a percentage of title operating revenues, remained comparable to the prior year quarter.

Investment income decreased $1.1 million (8%) in the third quarter 2026, primarily due to lower interest income resulting from reduced eligible escrow balances compared to the prior year quarter. Net realized and unrealized gains in the third quarter 2026 were insignificant, while the third quarter 2025 activity was primarily related to net unrealized gains on fair value changes of equity securities investments. Included in the title segment's pretax income in the third quarters 2026 and 2025 were acquisition-related intangible asset amortization expenses of $2.1 million and $2.8 million, respectively.

Summary results of the real estate solutions segment are as follows ($ in millions, except pretax margin):

			For the Three Months Ended September 30,
			2026						2025						% Change
Operating revenues			196.5						116.6						68		%
Pretax income			10.3						7.3						41		%
Pretax margin			5.2		%				6.2		%

18

Real estate solutions segment revenues increased $79.9 million (68%) in the third quarter 2026 compared to the third quarter 2025, primarily driven by the recent MCS acquisition and higher revenues from credit information and valuation services. Combined segment employee costs and other operating expenses increased $72.7 million (71%) in the third quarter 2026, primarily due to higher costs of services associated with revenue growth and increased employee count from acquisitions. The segment's pretax income in the third quarters 2026 and 2025 included acquisition-related intangible asset amortization expenses of $9.3 million and $5.8 million, respectively, with the higher amortization expense in the third quarter 2026 primarily being driven by the MCS acquisition.

In regard to the corporate segment, pretax results were primarily driven by expenses attributable to corporate operations, which increased to $12.2 million in the third quarter 2026, compared to $9.5 million in the third quarter 2025, primarily due to higher interest expense on increased debt balances.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments. Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the nine months ended September 30, 2026, we made no material changes to our critical accounting estimates as previously disclosed in Management’s Discussion and Analysis in the 2025 Form 10-K.

Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our real estate solutions operations include credit and real estate information services, property preservation and field services, valuation services, and online notarization and closing solutions. The corporate segment includes our parent holding company and centralized support services departments.

Factors affecting revenues. The principal factors that contribute to changes in our operating revenues include:

•interest rates;

•availability of mortgage loans;

•number and average value of mortgage loan originations;

•ability of potential purchasers to qualify for loans;

•inventory of existing homes available for sale;

•ratio of purchase transactions compared with refinance transactions;

•ratio of closed orders to open orders;

•home prices;

•consumer confidence, including employment trends;

•demand by buyers;

•premium rates and related state regulations;

•foreign currency exchange rates;

•market share;

•ability to attract and retain highly productive sales associates;

•independent agency remittance rates;

•opening and integration of new offices and acquisitions;

•office closures;

•number and value of commercial transactions, which typically yield higher premiums;

•government or regulatory initiatives;

•acquisitions or divestitures of businesses;

•volume of distressed property transactions; and

•seasonality and/or weather.

19

Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are typically the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of the year. On average, title premium rates for refinance orders are lower compared to a similarly priced purchase transaction.

RESULTS OF OPERATIONS

Comparisons of our results of operations for the three and nine months ended September 30, 2026 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately.

Our statements on home sales, interest rates and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and the U.S. Census Bureau as of September 30, 2026. We also use information from our direct operations.

Operating environment. According to NAR, existing home sales (seasonally-adjusted basis) totaled approximately 3.99 million units in September 2026, representing a 2% decrease from the prior year and a 2% increase from August 2026. NAR noted that home sales activity in August and September were the lowest for the year, primarily due to elevated mortgage interest rates and affordability challenges. The median existing home price in September 2026 increased to $417,500, representing a 1% increase from the prior year and the 39th consecutive month of year-over-year price appreciation. Additionally, U.S. residential construction activity remained constrained during September 2026, as total housing starts decreased 7% and 5% compared to September 2025 and August 2026, respectively, while newly issued building permits were 3% below prior-year levels and unchanged from August 2026.

Based on averaged estimates by Fannie Mae and MBA as of September 2026, total U.S. single-family mortgage originations were $514 billion in the third quarter 2026, or 1% lower compared to the third quarter 2025, primarily driven by 4% lower refinancing activity. The average 30-year fixed mortgage interest rate remained elevated during the third quarter 2026 at 6.7%, compared to 6.6% in the third quarter 2025 and 6.4% in the second quarter 2026. Mortgage rates rose throughout the quarter and exceeded 7.0% by the end of the third quarter, primarily due to the sharp increase in the 10-year Treasury yield, which reached its highest level since 2022. The 30-year fixed mortgage rate is expected to average 7.4% in the fourth quarter 2026. As a result, fourth quarter 2026 total mortgage originations are expected to be 23% lower, largely due to lower expected refinancing activity, while total home sales are projected to be 5% lower compared to the fourth quarter 2025.

Title revenues. Direct title revenues information is presented below:

			Three Months Ended September 30,																					Nine Months Ended September 30,
			2026						2025						Change			% Chg						2026						2025						Change			% Chg
			(in $ millions)																					($ in millions)
Non-commercial:
Domestic			179.8						176.8						3.0			2		%				503.3						490.8						12.5			3		%
International			32.3						32.5						(0.2)			(1)		%				87.4						84.3						3.1			4		%
			212.1						209.3						2.8			1		%				590.7						575.1						15.6			3		%
Commercial:
Domestic			86.4						79.1						7.3			9		%				270.0						223.0						47.0			21		%
International			7.3						11.3						(4.0)			(35)		%				21.8						24.5						(2.7)			(11)		%
			93.7						90.4						3.3			4		%				291.8						247.5						44.3			18		%
Total direct title revenues			305.8						299.7						6.1			2		%				882.5						822.6						59.9			7		%

20

Domestic commercial revenues improved $7.3 million, or 9%, and $47.0 million, or 21%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by higher commercial transaction volume across multiple asset classes, including retail and multi-family in the third quarter, and data center, energy, retail and multi-family properties during the first nine months of 2026. The average domestic commercial fee per file for the third quarter 2026 was $16,300, an 8% decline from the prior year quarter, primarily due to asset class transaction mix, while the average fee per file for the nine months of 2026 increased 7% to $17,900, primarily driven by increased size of energy transactions compared to the same period in 2025.

Domestic non-commercial revenues increased $3.0 million, or 2%, in the third quarter 2026, primarily due to contributions from acquisitions, and increased $12.5 million, or 3%, in the first nine months of 2026, primarily driven by an increased average fee per file. The average domestic residential fee per file was $3,200 for both the third quarter and first nine months of 2026, compared to $3,200 and $3,100, respectively, for the same periods in 2025.

Total international revenues declined $4.2 million, or 10%, in the third quarter 2026, primarily driven by a large commercial transaction that closed in the prior year quarter, while total international revenues in the first nine months of 2026 were comparable to the same period in 2025.

Orders information is as follows:

			Three Months Ended September 30,															Nine Months Ended September 30,
			2026			2025			Change			% Chg						2026			2025			Change			% Chg
Opened Orders:
Commercial			5,548			4,520			1,028			23		%				16,901			13,374			3,527			26		%
Purchase			48,578			50,661			(2,083)			(4)		%				144,339			149,704			(5,365)			(4)		%
Refinance			18,221			22,399			(4,178)			(19)		%				61,724			59,697			2,027			3		%
Other*			13,660			9,823			3,837			39		%				40,298			33,217			7,081			21		%
Total			86,007			87,403			(1,396)			(2)		%				263,262			255,992			7,270			3		%
Closed Orders:
Commercial			5,302			4,478			824			18		%				15,085			13,283			1,802			14		%
Purchase			34,329			36,209			(1,880)			(5)		%				96,232			98,875			(2,643)			(3)		%
Refinance			11,439			12,778			(1,339)			(10)		%				38,000			34,841			3,159			9		%
Other*			10,694			5,847			4,847			83		%				22,383			24,580			(2,197)			(9)		%
Total			61,764			59,312			2,452			4		%				171,700			171,579			121			—		%

*Other orders are primarily related to real estate investor and reverse mortgage transactions.

Gross revenues from independent agency operations increased $24.6 million, or 7%, and $165.8 million, or 18%, in the third quarter and first nine months of 2026, respectively, primarily due to improved residential and commercial volumes in our key agency states, including Florida, Michigan, New York and Pennsylvania. Agency revenues, net of retention, increased $5.0 million, or 8%, and $28.7 million, or 18%, in the third quarter and first nine months of 2026, respectively, consistent with the gross agency revenue growth. Refer further to the "Retention by agencies" discussion under Expenses below.

Real estate solutions revenues. Real estate solutions revenues improved $79.8 million, or 69%, in the third quarter 2026 and $228.8 million, or 70%, in the first nine months of 2026 compared to the same periods in 2025, primarily driven by our recently acquired MCS business and higher revenues from our credit information and valuation services businesses.

Investment income. Investment income in the third quarter and first nine months of 2026 decreased $1.1 million, or 8%, and $1.3 million, or 3%, respectively, compared to the same periods in 2025, primarily driven by lower interest income resulting from reduced eligible escrow balances.

Net realized and unrealized gains. Refer to Note 5 to the condensed consolidated financial statements.

21

Expenses. An analysis of expenses is shown below:

			Three Months Ended September 30,																					Nine Months Ended September 30,
			2026						2025						Change*			% Chg						2026						2025						Change*			% Chg
			(in $ millions)																					($ in millions)
Amounts retained by agencies			319.1						299.5						19.5			7		%				910.1						773.0						137.1			18		%
As a % of agency title revenues			82.9		%				83.2		%													83.1		%				83.2		%
Employee costs			230.9						211.2						19.7			9		%				693.1						605.2						87.8			15		%
As a % of operating revenues			26.0		%				27.2		%													27.4		%				29.1		%
Other operating expenses			254.7						185.2						69.6			38		%				713.3						519.6						193.7			37		%
As a % of operating revenues			28.7		%				23.8		%													28.2		%				25.0		%
Title losses and related claims			23.5						19.5						4.0			20		%				64.0						58.7						5.3			9		%
As a % of title revenues			3.4		%				3.0		%													3.2		%				3.4		%

*May not foot due to rounding.

Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged 82.9% and 83.1% in the third quarter and first nine months of 2026, respectively, compared to 83.2% in both periods in 2025. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are higher, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability.

Employee costs. Consolidated employee costs increased $19.7 million, or 9%, and $87.8 million, or 15%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in 2025, primarily driven by higher costs of services associated with increased revenues, increased employee count from recent acquisitions and investment in talent to support growth initiatives. Employee costs in the title segment increased $11.5 million, or 6%, and $61.1 million, or 11%, while employee costs in the real estate solutions segment increased $9.0 million, or 56%, and $27.6 million, or 61%, in the third quarter and first nine months of 2026, respectively.

Total employee costs, as a percentage of total operating revenues, improved to 26.0% and 27.4% in the third quarter and first nine months of 2026, respectively, from 27.2% and 29.1% in the same periods of 2025, primarily due to higher operating revenues in 2026. During the third quarter and first nine months of 2026, we had an average of approximately 8,400 and 8,200 employees, respectively, compared to approximately 7,500 and 7,200 in the same periods of 2025, primarily driven by volume growth, acquisitions and investment in talent to support growth. Average cost per employee for the third quarter and first nine months of 2026 remained comparable with the third quarter and first nine months of 2025.

Other operating expenses. Other operating expenses include costs that are primarily fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are primarily fixed in nature include rent and other occupancy expenses, equipment rental, insurance, repairs and maintenance, technology costs and telecommunications expenses. Variable costs include third-party service and appraiser expenses related to real estate solutions operations, third-party title search and service fees, attorney fee splits, credit losses (on receivables), copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing, and travel.

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Consolidated other operating expenses increased $69.6 million, or 38%, and $193.7 million, or 37%, in the third quarter and first nine months of 2026 compared to the same periods in 2025. Total variable costs in the third quarter and first nine months of 2026 increased $58.7 million, or 48%, and $163.7 million, or 48%, respectively, primarily due to higher real estate solutions third-party service and appraiser expenses and increased third-party title search and service fees related to operating revenue growth. Total costs that are primarily fixed in nature increased by $5.5 million, or 12%, and $11.8 million, or 9%, in the third quarter and first nine months of 2026, respectively, primarily driven by higher external technology costs. Independent costs increased $5.3 million, or 33%, and $18.3 million, or 41%, in the third quarter and first nine months of 2026, respectively, primarily resulting from MCS acquisition integration expenses and higher business promotion and marketing costs, travel expenses and bank fees.

As a percentage of total operating revenues, consolidated other operating expenses in the third quarter and first nine months of 2026 increased to 28.7% and 28.2%, respectively, compared to 23.8% and 25.0% in the same periods of 2025, primarily due to the increased size of our real estate solutions operations, which typically incur higher service costs as a percentage of revenue.

Title losses. Provisions for title losses, as a percentage of title operating revenues, were 3.4% and 3.2% for the third quarter and first nine months of 2026, respectively, compared to 3.0% and 3.4% in the same periods in 2025. Title loss expense in the third quarter and first nine months of 2026 increased $4.0 million, or 20%, and $5.3 million, or 9%, respectively, primarily due to increased title revenues. The title loss ratio in any given quarter can be significantly influenced by changes in large claims incurred, escrow losses and adjustments to reserves for existing large claims.

The composition of title policy loss expense is as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2026						2025			Change			% Chg						2026						2025			Change			% Chg
			(in $ millions)																		($ in millions)
Provisions – known claims:
Current year			3.6						2.8			0.8			29		%				8.7						7.7			1.0			13		%
Prior policy years			26.2						18.2			8.0			44		%				44.9						47.7			(2.8)			(6)		%
			29.8						21.0			8.8			42		%				53.6						55.4			(1.8)			(3)		%
Provisions – IBNR
Current year			18.6						15.9			2.7			17		%				52.9						49.4			3.5			7		%
Prior policy years			1.3						0.8			0.5			63		%				2.4						1.6			0.8			50		%
			19.9						16.7			3.2			19		%				55.3						51.0			4.3			8		%
Transferred from IBNR to known claims			(26.2)						(18.2)			(8.0)			(44)		%				(44.9)						(47.7)			2.8			(6)		%
Total provisions			23.5						19.5			4.0			20		%				64.0						58.7			5.3			9		%

Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR.

Total known claims provision increased $8.8 million, or 42%, in the third quarter 2026, primarily due to higher reported non-large and large claims related to prior policy years, while total known claims provision decreased $1.8 million, or 3%, in the first nine months of 2026, compared to the same periods in 2025. Current year IBNR provisions increased $2.7 million, or 17%, and $3.5 million, or 7%, for the third quarter and first nine months of 2026, respectively, primarily due to an increase in title premiums in 2026. As a percentage of title operating revenues, provisions - IBNR for the current policy year were 2.7% for both the third quarter and first nine months of 2026, compared to 2.4% and 2.8% for the same periods in 2025.

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Total claim payments increased $0.9 million, or 4%, and $8.5 million, or 15%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in 2025, primarily due to higher payments on large and non-large claims relating to prior policy years. We continue to manage and resolve large claims prudently and in keeping with our commitments to our policyholders.

In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees, and wire fraud. In those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed and performs various recovery actions to offset or reduce the impact to the title insurer. These escrow losses are recognized as expenses (net of any recovery) when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized.

Total title policy loss reserve balances are as follows:

			September 30, 2026						December 31, 2025
			(in $ millions)
Known claims			74.1						84.8
IBNR			447.4						439.7
Total estimated title losses			521.5						524.5

The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within eight years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates.

Depreciation and amortization. Total depreciation and amortization expenses in the third quarter and first nine months of 2026 increased $3.9 million, or 25%, and $7.9 million, or 17%, respectively, compared to the same periods in 2025, primarily due to increased intangible amortization and depreciation expenses related to our recent MCS acquisition, partially offset by lower amortization expenses resulting from several assets becoming fully amortized in 2026.

Income taxes. The effective tax rate (calculated on income before taxes after deducting income attributable to noncontrolling interests) increased to 28% in the third quarter 2026, compared to 23% in the third quarter 2025, primarily due to the proportion of income earned in foreign jurisdictions with higher tax rates, effect of non-deductible expenses on lower pretax income, and lower discrete income tax benefits in the third quarter 2026. The effective tax rate for the first nine months of 2026 increased to 26%, compared to 24% in the corresponding period in 2025, primarily as a result of the proportion of income earned in foreign jurisdictions with higher tax rates in 2026 and higher discrete income tax benefits recognized in 2025. The higher discrete tax benefits recognized in the third quarter and first nine months of 2025 were primarily related to the filing of the 2024 federal tax return.

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LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of September 30, 2026, our total cash and investments, including amounts reserved pursuant to statutory requirements, aggregated $802.1 million, of which $370.7 million ($145.7 million, net of statutory reserve funds) was held in the United States and the rest internationally (principally in Canada).

As a holding company, the parent company is funded principally by cash from its subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. Cash held at the parent company and its unregulated subsidiaries (which totaled $41.8 million at September 30, 2026) is available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common stockholders. The parent company also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, to meet cash requirements for acquisitions and other strategic investments.

A substantial majority of our consolidated cash and investments as of September 30, 2026 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and real estate solutions operations) for their operating and debt service needs.

We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $507.8 million and $492.0 million at September 30, 2026 and December 31, 2025, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $3.7 million and $4.4 million at September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026, our known claims reserve totaled $74.1 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled $447.4 million. In addition to this, we had cash and investments (at amortized cost and excluding equity method investments) of $204.6 million, which are available for underwriter operations, including claims payments, and acquisitions.

The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory net operating income or 20% of surplus (which was approximately $165.4 million as of December 31, 2025) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. Guaranty paid $50.0 million of dividends to the parent company during the first nine months of 2025 and none during the first nine months of 2026.

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As the parent company conducts no operations apart from its wholly-owned subsidiaries, the discussion below focuses on consolidated cash flows.

			Nine Months Ended September 30,
			2026						2025
			(in $ millions)
Net cash provided by operating activities			102.6						116.1
Net cash used by investing activities			(218.5)						(92.0)
Net cash used by financing activities			(53.1)						(54.7)

Operating activities. Our principal sources of cash from operations are premiums on title policies and revenue from title service-related transactions, real estate solutions and other operations. Our independent agencies remit cash to us net of their contractual retention. Our principal cash expenditures for operations are employee costs, operating costs and title claims payments.

Net cash provided by operations decreased by $13.5 million to $102.6 million during the first nine months of 2026, from $116.1 million during the same period in 2025, primarily due to higher payments of claims and operating liabilities, partially offset by higher net income. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on disciplined cost management, especially in light of the current economic environment due to elevated mortgage interest rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and real estate solutions operations. Our plans to improve margins include additional automation of manual processes, further consolidation of our various systems and production operations, and full integration of acquisitions. We continue to invest in the technology necessary to accomplish these goals.

Investing activities. Cash used and provided by investing activities is primarily related to proceeds from matured and sold investments, purchases of investments, capital expenditures and acquisition of businesses. During the first nine months of 2026 and 2025, total proceeds from securities investments sold and matured were $90.2 million and $112.3 million, respectively, while cash used for purchases of securities investments was $102.1 million and $100.6 million, respectively. Additionally, during the first nine months of 2026 and 2025, we used cash of $62.9 million and $46.2 million, respectively, for expenditures related to property and equipment and other long-lived assets, while we used net cash of $134.1 million and $38.6 million, respectively, for acquisitions of title and real estate solutions businesses. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets.

Financing activities and capital resources. Total debt and stockholders’ equity were $654.9 million and $1.68 billion, respectively, as of September 30, 2026. At September 30, 2026, our debt-to-equity and debt-to-capitalization ratios (excluding our Section 1031 tax-deferred property exchange notes) were approximately 39% and 28%, respectively, which were consistent with December 31, 2025.

As of September 30, 2026, the outstanding balance of our Senior Notes was $446.6 million, while our line of credit facility had an outstanding balance of $208.0 million, with a remaining borrowing capacity of $89.5 million and an option to increase the line of credit facility by up to $125.0 million. Total interest expense during the first nine months of 2026 increased by $7.9 million, or 53%, compared to the same period in 2025, primarily due to the higher outstanding balance on the line of credit facility. During the first nine months of 2026 and 2025, payments on notes payable of $2.8 million and $1.1 million, respectively, and notes payable additions of $2.8 million and $1.0 million, respectively, were related to our Section 1031 business, which had an outstanding balance of $0.2 million as of September 30, 2026.

During the first nine months of 2026, we paid total dividends of $49.7 million ($1.60 per common share), compared to total dividends paid of $42.6 million ($1.53 per common share) during the same period in 2025.

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We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including consideration of the current economic and real estate environment created by the elevated mortgage interest rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including title claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders.

Contingent liabilities and commitments. See discussion of contingent liabilities and commitments in Note 10 to the condensed consolidated financial statements.

Other comprehensive (loss) income. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first nine months of 2026, net unrealized investment losses of $12.5 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our corporate, foreign, and government bond securities investments which were influenced by higher interest rates. During the first nine months of 2025, net unrealized investment gains of $9.7 million, net of taxes, which increased our other comprehensive income, were primarily related to net increases in the fair values of our foreign and corporate bond securities investments resulting from lower interest rates.

Changes in foreign currency spot exchange rates (primarily related to our Canadian and United Kingdom operations) resulted in other comprehensive loss, net of taxes, of $5.5 million in the first nine months of 2026, primarily due to the depreciation of the Canadian dollar relative to the U.S. dollar. In the first nine months of 2025, both the Canadian dollar and the British pound appreciated relative to the U.S. dollar, primarily resulting in other comprehensive income, net of taxes, of $9.2 million.

Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 15 in our 2025 Form 10-K.

Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the following:

•the volatility of economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions, prolonged federal government shutdowns or geopolitical tensions;

•adverse changes in the level of real estate activity;

•changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing;

•our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems;

•the impact of unanticipated title losses or the need to strengthen our policy loss reserves;

•any effect of title losses on our cash flows and financial condition;

•the ability to attract and retain highly productive sales associates;

•the impact of vetting our agency operations for quality and profitability;

•independent agency remittance rates;

•changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products;

•regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees;

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•our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services;

•our ability to realize anticipated benefits of our previous acquisitions;

•the outcome of pending litigation;

•our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches;

•the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services;

•our dependence on our operating subsidiaries as a source of cash flow;

•our ability to access the equity and debt financing markets when and if needed;

•effects of seasonality and weather; and

•our ability to respond to the actions of our competitors.

The above risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our 2025 Form 10-K, and as may be further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes during the nine months ended September 30, 2026 in our investment strategies, types of financial instruments held or the risks associated with such instruments that would materially alter the market risk disclosures made in our 2025 Form 10-K.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2026, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting. There was no change in our internal control over financial reporting during the quarter ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See discussion of legal proceedings in Note 11 to the condensed consolidated financial statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part II, Item 1, as well as Item 3. Legal Proceedings, in our 2025 Form 10-K.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K. There have been no material changes to our risk factors since our 2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no repurchases of our Common Stock during the nine months ended September 30, 2026, except for repurchases of approximately 85,000 shares (aggregate purchase price of approximately $5.4 million) related to the statutory income tax withholding on the vesting of restricted stock unit grants to executives and senior management employees.

Item 5. Other Information

Book value per share. Our book value per share was $54.83 and $54.30 as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026, our book value per share was based on approximately $1.67 billion of stockholders’ equity attributable to Stewart and 30,526,460 shares of Common Stock outstanding. As of December 31, 2025, our book value per share was based on approximately $1.64 billion of stockholders’ equity attributable to Stewart and 30,223,311 shares of Common Stock outstanding.

Trading plans. During the quarter ended September 30, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements, as defined under Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit
3.1			—			Restated Certificate of Incorporation of the Registrant, dated April 28, 2016 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed April 29, 2016)
3.2			—			Fifth Amended and Restated By-Laws of the Registrant, as of December 27, 2022 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed December 30, 2022)
31.1*			—			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*			—			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*			—			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*			—			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*			—			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*			—			XBRL Taxonomy Extension Schema Document
101.CAL*			—			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*			—			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*			—			XBRL Taxonomy Extension Label Linkbase Document
101.PRE*			—			XBRL Taxonomy Extension Presentation Linkbase Document
104*			—			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

† Management contract or compensatory plan

SIGNATURE

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

November 4, 2026

Date

						Stewart Information Services Corporation
						Registrant
By:						/s/ David C. Hisey
						David C. Hisey, Chief Financial Officer and Treasurer

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