Operator

Good morning, and welcome to FNF’s First Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker
Senior Vice President of Investor & External Relations

Thanks, operator, and welcome, everyone. I’m joined today by Mike Nolan, CEO; and Tony Park, CFO. We look forward to addressing your questions following our prepared remarks. F&G’s management team, including Chris Blunt, CEO; and Conor Murphy, President and CFO, will also be available for Q&A.

Today’s earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied.

This morning’s discussion also includes non-GAAP measures, which management believes are relevant in assessing the financial performance of the business. Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company’s investor website. Please note that today’s

The Trump administration’s efforts to curtail U.S. dependence on China are intensifying as artificial intelligence exposes vulnerabilities deep inside America’s military supply chain.

Exiger CEO Brandon Daniels joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how artificial intelligence is being used to trace the origin of critical military components and identify weak points tied to Chinese-controlled materials and suppliers.

U.S. military weapon manufacturing at Scranton Army Ammunition Plant in Pennsylvania. (CHARLY TRIBALLEAU/AFP / Getty Images)

Daniels said China has spent years targeting key areas of industrial manufacturing through what he described as “economic warfare,” pointing to practices such as forced labor, tariff evasion and state subsidies that have hollowed out parts of America’s manufacturing base.

“There is a big, thick middle of manufacturing that China has targeted over the last 20 years,” Daniels said.

The conversation comes as the Trump administration is pushing to strengthen domestic production capacity tied to national security and defense systems. Daniels said the U.S. once had more than 360 manufacturers supporting areas such as iron castings, magnesium castings and forgings tied to defense production, but that number has dropped below 120 in the past decade.

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“But there is a way out,” Daniels said. “Through autonomous workflows, through automation, through robotics, through artificial intelligence… we can return manufacturing to the United States.”

Supply chain concerns have intensified amid instability in the Middle East and threats to shipping through the Strait of Hormuz.

Secretary of Energy Christopher Wright joined Wednesday’s program to discuss ongoing tensions involving Iran and the importance of maintaining open shipping lanes.

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“The United States is going to have free flow of traffic through the Strait of Hormuz,” Wright said.

The discussion reflects a broader push across government and industry to reduce reliance on foreign-controlled materials tied to critical defense systems.

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Americans are officially ghosting overpriced metro areas in favor of the humble Springfield.

For the second month in a row, Springfield, Massachusetts, has been crowned the hottest housing market in America, but its Illinois namesake is stealing the spotlight with a staggering 26.6% annual price surge, recent Realtor.com data shows, bringing it to the No. 13 spot.

While major metros like Boston and Chicago become increasingly unaffordable, smaller cities with deep American roots, like the “Land of Lincoln” and the “Birthplace of Basketball,” are seeing a massive resurgence.

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“The two cities represent distinct market narratives: One is a Boston-adjacent suburb benefiting from spillover demand and a well-documented affordability premium, while the other is a Midwestern market where accelerating price growth points to a sharp increase in buyer interest,” Realtor.com senior economic research analyst Hannah Jones told the outlet.

It’s a tale of two Springfield’s: the towns with the same names in Massachusetts and Illinois are some of America’s hottest housing markets. (Getty Images)

Situated 90 miles southwest of Boston, Massachusetts, Springfield took the top spot for offering a notable “discount” median listing price at $365,000 – while Boston has a median listing price at $832,500, about double the national average and the fifth-most expensive in the U.S.

Homes typically sell in just 23 days, and it’s best known as the hometown of author Dr. Seuss and where Dr. James Naismith invented basketball.

Turning to the Midwest, Illinois’ Springfield is slowly climbing its way up the “hottest market” ranks. Its 26.6% annual price gain currently makes it the most affordable entry point in the country.

Springfield, Illinois, hails a median listing price around $250,000, the lowest in the Top 20 rankings. Realtor.com pointed out that one 1,500-square-foot home saw 96 showings and 28 offers in just four days, selling for $60,000 over asking.

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It’s famous for being home to the Abraham Lincoln Presidential Library and the place where the late Lincoln practiced law for 25 years before making his way to the White House.

More broadly, the “hottest market” list is primarily dominated by Northeast cities as they took 16 of the top 20 spots. These historic hubs have become the front lines of a new housing gold rush as families prioritize their bottom lines over big-city zip codes.

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