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v3.23.1

Borrowings and Financing Activities | 3 Months Ended
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Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract] |
Borrowings and Financing Activities | Borrowings and Financing Activities The carrying value of our debt at March 31, 2023, and December 31, 2022, was as follows.
Borrowings
($ in thousands) |  | Interest rate |  | March 31, 2023 |  | December 31, 2022
Senior notes |  |  |  |  |  |
Senior Notes due 2024 |  | 4.500 | % |  | $ | 448,108 |  |  | $ | 447,805 |
Senior Notes due 2025 |  | 6.625 | % |  | 520,801 |  |  | 520,305 |
Senior Notes due 2027 |  | 4.875 | % |  | 445,640 |  |  | 445,394 |
Total senior notes |  |  |  | $ | 1,414,549 |  |  | $ | 1,413,504 |
($ in thousands) |  | Average interest rate (1) |  | March 31, 2023 |  | December 31, 2022
Other borrowings |  |  |  |  |  |
FHLB advances |  |  |  |  |  |
FHLB advances due 2023 |  | 1.576 | % |  | $ | 60,745 |  |  | $ | 104,895 |
FHLB advances due 2024 (2) |  | 3.122 | % |  | 32,371 |  |  | 32,371 |
FHLB advances due 2025 |  | 2.161 | % |  | 11,784 |  |  | 9,984 |
FHLB advances due 2026 |  | 4.469 | % |  | 1,835 |  |  | — |
FHLB advances due 2027 |  | 2.181 | % |  | 6,436 |  |  | 6,436 |
Total FHLB advances |  |  |  | 113,171 |  |  | 153,686 |
Mortgage financing facilities |  | 6.559 | % |  | 8,471 |  |  | 2,136 |
Total other borrowings |  |  |  | $ | 121,642 |  |  | $ | 155,822 |
(1)As of March 31, 2023. See “FHLB Advances” and “Mortgage Financing Facilities” below for more information. (2)Includes $13.4 million of floating-rate advances with a weighted average interest rate of 5.02% and 3.62% as of March 31, 2023, and December 31, 2022, respectively, which resets daily based on changes in SOFR. FHLB Advances The principal balance of the FHLB advances is required to be collateralized by eligible assets with a fair value that must be maintained generally within a minimum range of 103% to 114% of the amount borrowed, depending on the type of assets pledged. Our fixed-maturities available for sale and trading securities include securities totaling $120.3 million and $163.9 million at March 31, 2023, and December 31, 2022, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. Mortgage Financing Facilities In 2022, Radian Mortgage Capital entered into the Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. The Goldman Sachs Master Repurchase Agreement is a $300 million uncommitted mortgage loan repurchase facility and the BMO Master Repurchase Agreement, which is also uncommitted, had an initial maximum borrowing amount of $300 million that was amended in April 2023 to reduce the maximum borrowing amount to $150 million. The borrowings under the Master Repurchase Agreements bear a variable interest rate based on the one-month SOFR, as adjusted, plus an applicable margin, with interest payable monthly. Principal is due upon the earliest of the sale or disposition of the related mortgage loans, the occurrence of certain default or acceleration events or at the termination date of the applicable Master Repurchase Agreement. As of March 31, 2023, there were $7.1 million and $1.4 million of outstanding borrowings under the BMO Master Repurchase Agreement and the Goldman Sachs Master Repurchase Agreement, respectively. Funds advanced under the Master Repurchase Agreements generally will be calculated as a percentage of the unpaid principal balance or fair value of the residential mortgage loan assets, depending on the credit characteristics of the loans being purchased. Our mortgage loans held for sale include loans totaling $8.8 million and $2.2 million at March 31, 2023, and December 31, 2022, respectively, which serve as collateral for the Master Repurchase Agreements to support the funds advanced. Revolving Credit Facility Radian Group has in place a $275 million unsecured revolving credit facility with a syndicate of bank lenders. As of March 31, 2023, there were no amounts outstanding under this facility. For more information regarding our borrowings and financing activities, including certain terms, covenants and Parent Guarantees provided by Radian Group in connection with particular borrowings, see Note 12 of Notes to Consolidated Financial Statements in our 2022 Form 10-K. As of March 31, 2023, we are in compliance with all of our debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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