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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 March 31, 2025

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 1-11356

_______________________________

Radian Group Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware |  | 23-2691170
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

550 East Swedesford Road, Suite 350, Wayne, PA 19087

(Address of principal executive offices) (Zip Code)

(215) 231-1000

(Registrant’s telephone number, including area code)

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, $0.001 par value per share | RDN | 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 | ☒ |  | Accelerated filer | ☐ |  | Non-accelerated filer | ☐ |  | Smaller reporting company | ☐ |  | Emerging growth 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 ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 134,334,124 shares of common stock, $0.001 par value per share, outstanding on April 30, 2025.

|  | Page
Glossary of Abbreviations and Acronyms for Selected References |  | 3
Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions |  | 7
PART I—FINANCIAL INFORMATION |  |
Item 1 | Financial Statements (Unaudited) |  | 9
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 46
Item 3 | Quantitative and Qualitative Disclosures About Market Risk |  | 66
Item 4 | Controls and Procedures |  | 67
PART II—OTHER INFORMATION |  |
Item 1 | Legal Proceedings |  | 68
Item 1A | Risk Factors |  | 68
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds |  | 68
Item 5 | Other Information |  | 69
Item 6 | Exhibits |  | 70
Signatures |  | 71

2

Glossary of Abbreviat ions and Acronyms for Selected References

The following list defines various abbreviations and acronyms used throughout this report, including the Condensed Consolidated Financial Statements, the Notes to Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

A number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) are also utilized throughout this report, to assist readers seeking additional information related to a particular subject.

Term | Definition
2012 QSR Agreements | Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
2016 Single Premium QSR Agreement | Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
2018 Single Premium QSR Agreement | Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
2020 Single Premium QSR Agreement | Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
2022 QSR Agreement | Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
2023 QSR Agreement | Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2023, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between July 1, 2023, and June 30, 2024
2023 XOL Agreement | Excess-of-loss reinsurance arrangement entered into with a panel of third-party reinsurance providers to provide reinsurance on a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between October 1, 2021, and March 31, 2022
2024 QSR Agreement | Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2024, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between July 1, 2024, and June 30, 2025
ABS | Asset-backed securities
All Other | Radian’s non-reportable operating segments and other business activities, which consist of: (i) income (losses) from assets held by Radian Group; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses
ASU | Accounting Standards Update, issued by the FASB to communicate changes to GAAP
Available Assets | As defined in the PMIERs, assets primarily including the most liquid assets of a mortgage insurer, and reduced by, among other items, premiums received but not yet earned and reinsurance funds withheld
BMO Master Repurchase Agreement | Uncommitted Master Repurchase Agreement, dated September 28, 2022, and as amended to date, between Bank of Montreal, a Canadian Chartered bank acting through its Chicago Branch, and Radian Mortgage Capital LLC to finance Radian Mortgage Capital’s acquisition of mortgage loans and related mortgage loan assets
Claim Denial | Our legal right, under certain conditions, to deny a claim
Claim Severity | The total claim amount paid divided by the original coverage amount

3

Term | Definition
CLO | Collateralized loan obligations
CMBS | Commercial mortgage-backed securities
Cures | Loans that were in default as of the beginning of a period and are no longer in default primarily because payments were received such that the loan is no longer 60 or more days past due
Default to Claim Rate | The percentage of defaulted loans that are assumed to result in a claim submission
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended
Eagle Re Issuer(s) | A group of unaffiliated special purpose insurers (VIEs) domiciled in Bermuda, comprising a series of Eagle Re entities related to reinsurance coverage issued starting in 2018
Exchange Act | Securities Exchange Act of 1934, as amended
Fannie Mae | Federal National Mortgage Association
FASB | Financial Accounting Standards Board
FHA | Federal Housing Administration
FHFA | Federal Housing Finance Agency
FHLB | Federal Home Loan Bank of Pittsburgh
FICO | Fair Isaac Corporation (“FICO”) credit scores, for Radian’s portfolio statistics, represent the borrower’s credit score at origination and, in circumstances where there are multiple borrowers, the lowest of the borrowers’ FICO scores is utilized
Foreclosure Stage Defaulted Loans | Loans in the stage of default in which a foreclosure sale has been scheduled or held
Freddie Mac | Federal Home Loan Mortgage Corporation
GAAP | Generally accepted accounting principles in the U.S., as amended from time to time
Goldman Sachs Master Repurchase Agreement | Uncommitted Master Repurchase Agreement, effective July 15, 2022, and as amended to date, among Goldman Sachs Bank USA, a national banking institution, Radian Liberty Funding LLC, a Delaware limited liability company, and Radian Mortgage Capital to finance the acquisition of mortgage loans and related mortgage loan assets
GSE(s) | Government-Sponsored Enterprises (Fannie Mae and Freddie Mac)
IBNR | Losses incurred but not reported
IIF | Insurance in force, equal to the aggregate unpaid principal balances of the underlying loans
Initial Missed Payment | The first missed monthly payment, which would be reported to us as delinquent as of the last day of the month for which it was due. (For example, for a loan first reported to the approved insurer in May as having missed its payments due on April 1 and May 1, the Initial Missed Payment is deemed to have occurred on April 30.)
JP Morgan Master Repurchase Agreement | Uncommitted Master Repurchase Agreement, effective January 29, 2024, assigned by Flagstar Bank N.A. to JPMorgan Chase Bank, National Association, as administrative agent, to finance the acquisition of mortgage loans and related mortgage loan assets
LAE | Loss adjustment expenses, which include the cost of investigating and adjusting losses and paying claims
LTV | Loan-to-value ratio, calculated as the ratio of the original loan amount to the original value of the property, expressed as a percentage
Master Repurchase Agreements | The Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement and JP Morgan Master Repurchase Agreement, collectively
Minimum Required Asset(s) | A risk-based minimum required asset amount, as defined in the PMIERs, calculated based on net RIF (RIF, net of credits permitted for reinsurance) and a variety of measures related to expected credit performance and other factors

4

Term | Definition
Monthly and Other Recurring Premiums (or Recurring Premium Policies) | Insurance premiums or policies, respectively, where premiums are paid on a monthly or other installment basis, in contrast to Single Premium Policies
Monthly Premium Policies | Insurance policies where premiums are paid on a monthly installment basis
Mortgage Conduit | Radian’s mortgage conduit business, operated primarily through Radian Mortgage Capital, which purchases eligible mortgage loans on the secondary market from residential mortgage lenders with the intent to either sell directly to mortgage investors or distribute into the capital markets through private label securitizations, with the option to hold servicing rights for the loans sold
Mortgage Insurance | Radian’s mortgage insurance business, operated primarily through Radian Guaranty, which provides credit-related insurance coverage for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans, and also offers other credit risk management solutions to our customers
MPP Requirement | Certain states’ statutory or regulatory risk-based capital requirement that the mortgage insurer must maintain a minimum policyholder position, which is calculated based on both risk and surplus levels
NIW | New insurance written, representing the aggregate original principal amount of the mortgages underlying the Primary Mortgage Insurance
Parent Guarantees | Three separate parent guaranty agreements, entered into by Radian Group in connection with its mortgage conduit business, to guaranty the obligations of certain of its subsidiaries in connection with the Master Repurchase Agreements
Persistency Rate | The percentage of IIF that remains in force over a period of time
PMIERs | Private Mortgage Insurer Eligibility Requirements issued by the GSEs under oversight of the FHFA and updated by them from time to time to set forth requirements an approved insurer must meet and maintain to provide mortgage guaranty insurance on loans acquired by the GSEs
PMIERs Cushion | Under PMIERs, Radian Guaranty’s excess of Available Assets over Minimum Required Assets
Pool Mortgage Insurance | Insurance that provides a lender or investor protection against default on a group or “pool” of mortgages, rather than on an individual mortgage loan basis, generally subject to an aggregate exposure limit, or “stop loss” (usually between 1% and 10%), and/or deductible applied to the initial aggregate loan balance of the entire pool, pursuant to the terms of the applicable insurance agreement
Primary Mortgage Insurance | Insurance that provides a lender or investor protection against default on an individual mortgage loan basis, at a specified coverage percentage for each loan, pursuant to the terms of the applicable master policy, which are updated periodically and filed in each of the jurisdictions in which we conduct business
QSR Program | The Single Premium QSR Program, the 2012 QSR Agreements, the 2022 QSR Agreement, the 2023 QSR Agreement and the 2024 QSR Agreement, collectively
Radian | Radian Group Inc. together with its consolidated subsidiaries
Radian Group | Radian Group Inc., our insurance holding company
Radian Guaranty | Radian Guaranty Inc., a Pennsylvania domiciled insurance subsidiary of Radian Group and our approved insurer under the PMIERs, through which we provide mortgage insurance products and services
Radian Mortgage Capital | Radian Mortgage Capital LLC, a Delaware limited liability company and an indirect subsidiary of Radian Group, through which we acquire and sell residential mortgage loans
Radian Title Insurance | Radian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer title insurance and settlement services

5

Term | Definition
RBC States | Risk-based capital states, which are those states that currently impose a statutory or regulatory risk-based capital requirement
Real Estate Services | Radian’s real estate services business, operated primarily through Radian Real Estate Management LLC, which provides residential real estate management, valuation and due diligence services to single family rental investors, the GSEs and mortgage lenders, servicers and investors
Real Estate Technology | Radian’s real estate technology services business, operated primarily through homegenius Real Estate LLC, which is an early-stage digital real estate business providing data, analytics and technology to institutions and consumers
Rescission | Our legal right, under certain conditions, to unilaterally rescind coverage on our mortgage insurance policies if we determine that a loan did not qualify for insurance
RIF | Risk in force; for Primary Mortgage Insurance, RIF is equal to the underlying loan unpaid principal balance multiplied by the insurance coverage percentage, whereas for Pool Mortgage Insurance, it represents the remaining exposure under the agreements
Risk-to-capital | Under certain state regulations, a maximum ratio of net RIF calculated relative to the level of statutory capital
RMBS | Residential mortgage-backed securities
RSU | Restricted stock unit
SAP | Statutory accounting principles and practices, including those required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries
SEC | United States Securities and Exchange Commission
Securities Act | Securities Act of 1933, as amended
Senior Notes due 2027 | Our 4.875% unsecured senior notes due March 2027 ($450 million original principal amount)
Senior Notes due 2029 | Our 6.200% unsecured senior notes due May 2029 ($625 million original principal amount)
Single Premium NIW | NIW on Single Premium Policies
Single Premium Policy / Policies | Insurance policies where premiums are paid in a single payment, which includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically shortly after the loans have been originated)
Single Premium QSR Program | The 2016 Single Premium QSR Agreement, the 2018 Single Premium QSR Agreement and the 2020 Single Premium QSR Agreement, collectively
SOFR | Secured Overnight Financing Rate
Statutory RBC Requirement | Risk-based capital requirement imposed by the RBC States, requiring a minimum surplus level and, in certain states, a minimum ratio of statutory capital relative to the level of risk
Title | Radian’s title insurance and settlement services business, operated primarily through Radian Title Insurance and Radian Settlement Services Inc., which serves as a national title insurance underwriter and agency delivering closing and settlement services for purchase, refinance, home equity and default real estate transactions to mortgage lenders and investors, real estate agents, the GSEs and consumers
VIE | Variable interest entity
XOL Program | The credit risk protection obtained by Radian Guaranty in the form of excess-of-loss reinsurance, which indemnifies the ceding company against loss in excess of a specific agreed level, up to a specified limit. The program includes reinsurance agreements with the Eagle Re Issuers in connection with various issuances of mortgage insurance-linked notes, as well as more traditional XOL reinsurance agreements with third-party reinsurers.

6

Cautionary Note Regarding Forward-Looking Statements
—Safe Harbor Provisions

All statements in this report that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

■
the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio, the returns on our investments in residential mortgage loans acquired through our Mortgage Conduit business and other investments held in our investment portfolio, as well as our business prospects, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties, including potential impacts related to the recent actions of the current presidential administration and responses thereto, as well as other political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions and housing markets;
■
the primary and secondary impacts of recent government actions and executive orders, including tariffs, trade policies and reductions in the federal workforce, as well as challenges and other responses to those actions, and related uncertainty and volatility in financial markets;
■
changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;
■
Radian Guaranty’s ability to remain eligible under the PMIERs to insure loans purchased by the GSEs;
■
our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy current and future regulatory requirements;
■
changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs, or changes in the requirements for Radian Guaranty to remain an approved insurer to the GSEs, such as changes in the PMIERs or the GSEs’ interpretation and application of the PMIERs or other applicable requirements;
■
changes in the current housing finance system in the United States, including the roles and areas of primary focus of the FHA, the U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system;
■
our ability to successfully execute and implement our capital plans, including our risk distribution strategy through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our liquidity needs;
■
our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE and/or regulatory approvals and licenses, that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions;
■
risks related to the quality of third-party mortgage underwriting and mortgage loan servicing;
■
a decrease in the Persistency Rates of our mortgage insurance on Monthly Premium Policies;

7

■
competition in the private mortgage insurance industry generally, including competition from current and potential new mortgage insurers, the FHA and the VA as well as from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance;
■
U.S. political conditions and legislative and regulatory activity (or inactivity), including adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate;
■
legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;
■
the amount and timing of potential payments or adjustments associated with federal or other tax examinations;
■
the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves for our Mortgage Insurance business or to accurately calculate and/or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies;
■
volatility in our financial results caused by changes in the fair value of our assets and liabilities carried at fair value;
■
changes in GAAP or SAP rules and guidance, or their interpretation;
■
risks associated with investments to grow our existing businesses, or to pursue new lines of business or develop new products and services, including our ability and related costs to acquire, develop, launch and implement new and innovative technologies and digital products and services, whether these products and services receive broad customer acceptance or disrupt existing customer relationships, and additional financial risks related to these and other potential investments, including required changes in our investment, financing and hedging strategies, risks associated with our increased use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets, and the risk that we may fail to achieve forecasted results, which could result in lower or negative earnings contribution;
■
the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to malware, unauthorized access, cyberattack, ransomware or other similar events;
■
our ability to attract, develop and retain key employees;
■
the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control; and
■
the ability of our operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators.

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in this report and “Item 1A. Risk Factors” included in our 2024 Form 10-K, and to subsequent reports and registration statements filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

8

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

INDEX TO ITEM 1. FINANCIAL STATEMENTS | Page
Quarterly Financial Statements |
Condensed Consolidated Balance Sheets (Unaudited) | 10
Condensed Consolidated Statements of Operations (Unaudited) | 11
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) | 12
Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited) | 13
Condensed Consolidated Statements of Cash Flows (Unaudited) | 14
Notes to Unaudited Condensed Consolidated Financial Statements |
Note 1 - Description of Business | 16
Note 2 - Significant Accounting Policies | 16
Note 3 - Net Income Per Share | 17
Note 4 - Segment Reporting | 18
Note 5 - Fair Value of Financial Instruments | 20
Note 6 - Investments | 25
Note 7 - Residential Mortgage Loans | 29
Note 8 - Reinsurance | 32
Note 9 - Other Assets and Liabilities | 37
Note 10 - Income Taxes | 37
Note 11 - Losses and LAE | 38
Note 12 - Borrowings and Financing Activities | 40
Note 13 - Commitments and Contingencies | 41
Note 14 - Capital Stock | 42
Note 15 - Accumulated Other Comprehensive Income (Loss) | 43
Note 16 - Statutory Information | 44

9

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

1 4

(In thousands, except per-share amounts) |  | March 31, 2025 |  |  | December 31, 2024 |
Assets |  |  |  |  |  |
Investments (Notes 5 and 6) |  |  |  |  |  |
Fixed maturities |  |  |  |  |  |
Available for sale—at fair value (amortized cost of $5,479,486 and $5,511,501) |  | $ | 5,112,192 |  |  | $ | 5,074,920 |
Trading—at fair value (amortized cost of $81,520 and $89,479) |  |  | 77,012 |  |  |  | 82,652 |
Equity securities—at fair value (cost of $118,402 and $144,579) |  |  | 110,614 |  |  |  | 138,189 |
Residential mortgage loans held for sale—at fair value (Note 7) |  |  | 279,097 |  |  |  | 519,885 |
Other long-term invested assets—at fair value |  |  | 8,214 |  |  |  | 7,942 |
Short-term investments—at fair value (includes $136,108 and $125,723 of reinvested cash collateral held under securities lending agreements) |  |  | 526,663 |  |  |  | 521,648 |
Total investments |  |  | 6,113,792 |  |  |  | 6,345,236 |
Cash |  |  | 24,182 |  |  |  | 38,823 |
Restricted cash |  |  | 4,168 |  |  |  | 2,649 |
Accrued investment income |  |  | 44,378 |  |  |  | 49,053 |
Accounts and notes receivable |  |  | 127,741 |  |  |  | 128,093 |
Reinsurance recoverables (includes $528 and $444 for paid losses) |  |  | 40,227 |  |  |  | 36,433 |
Deferred policy acquisition costs |  |  | 17,855 |  |  |  | 17,746 |
Property and equipment, net |  |  | 25,576 |  |  |  | 27,637 |
Prepaid federal income taxes (Note 10) |  |  | 921,080 |  |  |  | 921,080 |
Other assets (Note 9) |  |  | 381,846 |  |  |  | 375,931 |
Consolidated VIE assets (Note 7) |  |  |  |  |  |
Securitized residential mortgage loans held for investment—at fair value |  |  | 1,058,736 |  |  |  | 717,227 |
Other VIE assets |  |  | 5,805 |  |  |  | 4,080 |
Total assets |  | $ | 8,765,386 |  |  | $ | 8,663,988 |
Liabilities and stockholders’ equity |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Reserve for losses and LAE (Note 11) |  | $ | 374,945 |  |  | $ | 360,326 |
Unearned premiums |  |  | 178,931 |  |  |  | 188,337 |
Senior notes (Note 12) |  |  | 1,065,965 |  |  |  | 1,065,337 |
Secured borrowings (Note 12) |  |  | 272,667 |  |  |  | 538,294 |
Net deferred tax liability |  |  | 804,149 |  |  |  | 746,685 |
Other liabilities (Note 9) |  |  | 442,188 |  |  |  | 431,556 |
Consolidated VIE liabilities (Note 7) |  |  |  |  |  |
Securitized nonrecourse debt—at fair value |  |  | 1,029,008 |  |  |  | 703,526 |
Other VIE liabilities |  |  | 10,707 |  |  |  | 6,069 |
Total liabilities |  |  | 4,178,560 |  |  |  | 4,040,130 |
Commitments and contingencies (Note 13) |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |
Common stock ($0.001 par value; 485,000 shares authorized; 2025: 162,038 and 141,220 shares issued and outstanding, respectively; 2024: 168,350 and 147,569 shares issued and outstanding, respectively) |  |  | 162 |  |  |  | 168 |
Treasury stock, at cost (2025: 20,818 shares; 2024: 20,782 shares) |  |  | (969,396 | ) |  |  | (968,246 | )
Additional paid-in capital |  |  | 1,048,738 |  |  |  | 1,246,826 |
Retained earnings |  |  | 4,802,038 |  |  |  | 4,695,348 |
Accumulated other comprehensive income (loss) (Note 15) |  |  | (294,716 | ) |  |  | (350,238 | )
Total stockholders’ equity |  |  | 4,586,826 |  |  |  | 4,623,858 |
Total liabilities and stockholders’ equity |  | $ | 8,765,386 |  |  | $ | 8,663,988 |

See Notes to Unaudited Condensed Consolidated Financial Statements.

10

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

|  | Three Months Ended March 31, |
(In thousands, except per-share amounts) |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |
Net premiums earned (Note 8) |  | $ | 236,679 |  |  | $ | 235,857 |
Services revenue (Note 4) |  |  | 12,116 |  |  |  | 12,588 |
Net investment income (Note 6) |  |  | 68,574 |  |  |  | 69,221 |
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(1,434) and $(3,682)) (Note 6) |  |  | (723 | ) |  |  | 490 |
Income (loss) on consolidated VIEs (Note 7) |  |  | 428 |  |  |  | — |
Other income |  |  | 1,040 |  |  |  | 1,262 |
Total revenues |  |  | 318,114 |  |  |  | 319,418 |
Expenses |  |  |  |  |  |
Provision for losses (Note 11) |  |  | 15,167 |  |  |  | (7,034 | )
Policy acquisition costs |  |  | 6,388 |  |  |  | 6,794 |
Cost of services |  |  | 8,771 |  |  |  | 9,327 |
Other operating expenses |  |  | 76,849 |  |  |  | 82,636 |
Interest expense (Note 12) |  |  | 22,499 |  |  |  | 29,046 |
Total expenses |  |  | 129,674 |  |  |  | 120,769 |
Pretax income |  |  | 188,440 |  |  |  | 198,649 |
Income tax provision |  |  | 43,882 |  |  |  | 46,295 |
Net income |  | $ | 144,558 |  |  | $ | 152,354 |
Net income per share |  |  |  |  |  |
Basic |  | $ | 0.99 |  |  | $ | 0.99 |
Diluted |  | $ | 0.98 |  |  | $ | 0.98 |
Weighted average number of common shares outstanding—basic |  |  | 145,618 |  |  |  | 153,817 |
Weighted average number of common and common equivalent shares outstanding—diluted |  |  | 147,727 |  |  |  | 155,971 |

See Notes to Unaudited Condensed Consolidated Financial Statements.

11

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net income |  | $ | 144,558 |  |  | $ | 152,354 |
Other comprehensive income (loss), net of tax (Note 15) |  |  |  |  |  |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized |  |  | 53,621 |  |  |  | (34,487 | )
Less: Reclassification adjustment for net gains (losses) on investments included in net income |  |  |  |  |  |
Net realized gains (losses) on disposals and non-credit related impairment losses |  |  | (1,856 | ) |  |  | (2,910 | )
Net unrealized gains (losses) on investments |  |  | 55,477 |  |  |  | (31,577 | )
Other adjustments to comprehensive income (loss), net |  |  | 45 |  |  |  | (68 | )
Other comprehensive income (loss), net of tax |  |  | 55,522 |  |  |  | (31,645 | )
Comprehensive income (loss) |  | $ | 200,080 |  |  | $ | 120,709 |

See Notes to Unaudited Condensed Consolidated Financial Statements.

12

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)

|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Common stock |  |  |  |  |  |
Balance, beginning of period |  | $ | 168 |  |  | $ | 173 |
Issuance of common stock under incentive and benefit plans |  |  | — |  |  |  | — |
Shares repurchased under share repurchase program (Note 14) |  |  | (6 | ) |  |  | (2 | )
Balance, end of period |  |  | 162 |  |  |  | 171 |
Treasury stock |  |  |  |  |  |
Balance, beginning of period |  |  | (968,246 | ) |  |  | (945,870 | )
Repurchases of common stock under incentive plans |  |  | (1,150 | ) |  |  | (332 | )
Balance, end of period |  |  | (969,396 | ) |  |  | (946,202 | )
Additional paid-in capital |  |  |  |  |  |
Balance, beginning of period |  |  | 1,246,826 |  |  |  | 1,430,594 |
Issuance of common stock under incentive and benefit plans |  |  | 1,170 |  |  |  | 1,531 |
Share-based compensation |  |  | 9,886 |  |  |  | 8,812 |
Shares repurchased under share repurchase program (Note 14) |  |  | (209,144 | ) |  |  | (50,501 | )
Balance, end of period |  |  | 1,048,738 |  |  |  | 1,390,436 |
Retained earnings |  |  |  |  |  |
Balance, beginning of period |  |  | 4,695,348 |  |  |  | 4,243,759 |
Net income |  |  | 144,558 |  |  |  | 152,354 |
Dividends and dividend equivalents declared |  |  | (37,868 | ) |  |  | (38,290 | )
Balance, end of period |  |  | 4,802,038 |  |  |  | 4,357,823 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |
Balance, beginning of period |  |  | (350,238 | ) |  |  | (330,851 | )
Net unrealized gains (losses) on investments, net of tax |  |  | 55,477 |  |  |  | (31,577 | )
Other adjustments to other comprehensive income (loss) |  |  | 45 |  |  |  | (68 | )
Balance, end of period |  |  | (294,716 | ) |  |  | (362,496 | )
Total stockholders’ equity |  | $ | 4,586,826 |  |  | $ | 4,439,732 |

See Notes to Unaudited Condensed Consolidated Financial Statements.

13

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 144,558 |  |  | $ | 152,354 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |
Purchases of residential mortgage loans held for sale |  |  | (210,909 | ) |  |  | (167,241 | )
Proceeds from sales of residential mortgage loans held for sale |  |  | 71,046 |  |  |  | 52,204 |
Principal payments from residential mortgage loans held for sale |  |  | 12,249 |  |  |  | 1,262 |
Net (gains) losses on investments and other financial instruments |  |  | 723 |  |  |  | (490 | )
Net (gains) losses on consolidated VIE assets and liabilities |  |  | (1,430 | ) |  |  | — |
Loss on extinguishment of debt |  |  | — |  |  |  | 4,275 |
Depreciation, other amortization, and other impairments, net |  |  | 14,376 |  |  |  | 14,364 |
Deferred income tax provision |  |  | 42,705 |  |  |  | 45,202 |
Change in: |  |  |  |  |  |
Accrued investment income |  |  | 2,950 |  |  |  | (550 | )
Accounts and notes receivable |  |  | 995 |  |  |  | (6,426 | )
Reinsurance recoverable |  |  | (3,794 | ) |  |  | (2,242 | )
Deferred policy acquisition costs |  |  | (109 | ) |  |  | 157 |
Other assets |  |  | 8,761 |  |  |  | 7,748 |
Unearned premiums |  |  | (9,406 | ) |  |  | (10,272 | )
Reserve for losses and LAE |  |  | 14,619 |  |  |  | (8,315 | )
Reinsurance funds withheld |  |  | 3,156 |  |  |  | 2,896 |
Other liabilities |  |  | (22,684 | ) |  |  | (33,882 | )
Net cash provided by (used in) operating activities |  |  | 67,806 |  |  |  | 51,044 |
Cash flows from investing activities |  |  |  |  |  |
Proceeds from sales of: |  |  |  |  |  |
Available for sale securities |  |  | 117,832 |  |  |  | 130,248 |
Equity securities |  |  | 14,319 |  |  |  | 840 |
Proceeds from redemptions of: |  |  |  |  |  |
Available for sale securities |  |  | 220,334 |  |  |  | 164,685 |
Trading securities |  |  | 7,803 |  |  |  | 704 |
Purchases of: |  |  |  |  |  |
Available for sale securities |  |  | (285,497 | ) |  |  | (328,174 | )
Equity securities |  |  | (2,077 | ) |  |  | (816 | )
Sales, redemptions and (purchases) of: |  |  |  |  |  |
Short-term investments, net |  |  | (4,408 | ) |  |  | (39,147 | )
Other assets and other invested assets, net |  |  | (279 | ) |  |  | (180 | )
Principal payments from securitized residential mortgage loans held for investment |  |  | 39,419 |  |  |  | — |
Additions to property and equipment |  |  | (1,209 | ) |  |  | (1,558 | )
Net cash provided by (used in) investing activities |  |  | 106,237 |  |  |  | (73,398 | )

See Notes to Unaudited Condensed Consolidated Financial Statements.

14

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)

|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Cash flows from financing activities |  |  |  |  |  |
Dividends and dividend equivalents paid |  |  | (37,288 | ) |  |  | (37,563 | )
Issuance of common stock |  |  | 109 |  |  |  | 460 |
Repurchases of common stock |  |  | (208,924 | ) |  |  | (50,018 | )
Issuance of senior notes |  |  | — |  |  |  | 617,164 |
Redemption of senior notes |  |  | — |  |  |  | (527,079 | )
Issuance of securitized nonrecourse debt |  |  | 353,744 |  |  |  | — |
Repayments of securitized nonrecourse debt |  |  | (39,419 | ) |  |  | — |
Proceeds (repayments) related to cash collateral for loaned securities, net |  |  | 10,385 |  |  |  | (59,832 | )
Proceeds from secured borrowings |  |  | 336,069 |  |  |  | 298,477 |
Repayments of secured borrowings |  |  | (601,696 | ) |  |  | (210,353 | )
Credit facility commitment fees paid |  |  | (146 | ) |  |  | (142 | )
Net cash provided by (used in) financing activities |  |  | (187,166 | ) |  |  | 31,114 |
Increase (decrease) in cash and restricted cash |  |  | (13,123 | ) |  |  | 8,760 |
Cash and restricted cash, beginning of period |  |  | 41,473 |  |  |  | 20,065 |
Cash and restricted cash, end of period |  | $ | 28,350 |  |  | $ | 28,825 |
Supplemental noncash information |  |  |  |  |  |
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment |  | $ | 369,977 |  |  | $ | — |
Retention of mortgage servicing and other related rights from residential mortgage loan sales |  |  | 1,486 |  |  |  | 310 |

See Notes to Unaudited Condensed Consolidated Financial Statements.

15

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

1. Description of Business

We are a mortgage and real estate company, providing both credit-related mortgage insurance coverage and an array of products and services across the residential real estate and mortgage finance industries. We have one reportable business segment—Mortgage Insurance.

Mortgage Insurance

Our Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as other credit risk management solutions, to mortgage lending institutions and mortgage credit investors. We provide our mortgage insurance products and services through our wholly owned subsidiary, Radian Guaranty.

Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20% of the purchase price for their home or, in the case of refinancings, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold to the GSEs.

Our total direct primary mortgage IIF and RIF were $274.2 billion and $72.0 billion, respectively, as of March 31, 2025, compared to $275.1 billion and $72.1 billion, respectively, as of December 31, 2024.

As our primary mortgage insurance subsidiary, Radian Guaranty, is subject to various capital and financial requirements imposed by the GSEs and state insurance regulators. These include the PMIERs financial requirements, as well as Risk-to-capital and other risk-based capital measures and surplus requirements. Failure to comply with these capital and financial requirements may limit the amount of insurance that Radian Guaranty writes or may prohibit it from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion regarding all aspects of Radian Guaranty’s business. See Note 16 for additional information on PMIERs and other regulatory information.

All Other

We report on our other operating segments and business activities within an All Other category, which includes the results of our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses.

See Note 4 for additional information about our Mortgage Insurance reportable segment and All Other business activities.

Risks and Uncertainties

In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.

2. Significant Accounting Policies

Basis of Presentation

Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.

16

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

We generally refer to our holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report.

The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP.

To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2024 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.

Other Significant Accounting Policies

See Note 2 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information regarding other significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2024 Form 10-K.

Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures, an update which enhances income tax disclosures. This guidance requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This update requires enhanced disclosures of certain costs and expenses in the notes to the financial statements. This update is applicable to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures.

3. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.

17

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The calculation of basic and diluted net income per share is as follows.

Net income per share |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands, except per-share amounts) |  | 2025 |  |  | 2024 |
Net income—basic and diluted |  | $ | 144,558 |  |  | $ | 152,354 |
Average common shares outstanding—basic |  |  | 145,618 |  |  |  | 153,817 |
Dilutive effect of share-based compensation arrangements (1) |  |  | 2,109 |  |  |  | 2,154 |
Adjusted average common shares outstanding—diluted |  |  | 147,727 |  |  |  | 155,971 |
Net income per share |  |  |  |  |  |
Basic |  | $ | 0.99 |  |  | $ | 0.99 |
Diluted |  | $ | 0.98 |  |  | $ | 0.98 |

(1)
The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.

|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Shares of common stock equivalents |  |  | 24 |  |  |  | — |

4. Segment Reporting

We have one reportable segment, Mortgage Insurance, which derives its revenue from mortgage insurance and other mortgage and risk services. In addition to this reportable segment, in All Other we report activities for our non-reportable operating segments and other business activities that consist of: (i) income (losses) from assets held by Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses.

We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our Mortgage Insurance business. We do not manage assets by operating segments.

See Note 1 for additional details about our Mortgage Insurance business.

Adjusted Pretax Operating Income (Loss)

Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s businesses and to allocate resources to them.

Adjusted pretax operating income (loss) is defined as pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. See Note 4 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for detailed information regarding items excluded from adjusted pretax operating income (loss), including the reasons for their treatment.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss).

18

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows.

Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Mortgage Insurance adjusted pretax operating income |  | $ | 194,293 |  |  | $ | 209,850 |
Reconciling items |  |  |  |  |  |
All Other adjusted pretax operating income (loss) |  |  | (3,459 | ) |  |  | (7,033 | )
Net gains (losses) on investments and other financial instruments (1) |  |  | (2,010 | ) |  |  | 107 |
Impairment of other long-lived assets and other non-operating items (2) |  |  | (384 | ) |  |  | (4,275 | )
Consolidated pretax income |  | $ | 188,440 |  |  | $ | 198,649 |

(1)
Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in All Other adjusted pretax operating income (loss).
(2)
The non-operating item for the three months ended March 31, 2024, relates to a loss on extinguishment of debt.

Revenue and Other Segment Information

The following table summarizes significant expenses and other information for our Mortgage Insurance reportable segment as follows.

Reportable segment revenue and other segment information |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Total Mortgage Insurance revenues |  | $ | 284,298 |  |  | $ | 285,023 |
Less: |  |  |  |  |  |
Provision for losses |  |  | 15,340 |  |  |  | (6,886 | )
Policy acquisition costs |  |  | 6,388 |  |  |  | 6,794 |
Direct other operating expenses |  |  | 16,567 |  |  |  | 17,270 |
Allocated corporate operating expenses (1) |  |  | 35,123 |  |  |  | 34,509 |
Interest expense |  |  | 16,489 |  |  |  | 23,333 |
Other segment items |  |  | 98 |  |  |  | 153 |
Adjusted pretax operating income |  | $ | 194,293 |  |  | $ | 209,850 |
Other segment information: |  |  |  |  |  |
Direct depreciation expense |  | $ | 1,940 |  |  | $ | 1,923 |
Loss Ratio (2) |  |  | 6.6 | % |  |  | (2.9 | )%
Expense Ratio (3) |  |  | 24.8 | % |  |  | 25.0 | %

(1)
Includes immaterial allocated depreciation expense.
(2)
Calculated as provision for losses expressed as a percentage of net premiums earned.
(3)
Calculated as operating expenses (which consist of policy acquisition costs, direct other operating expenses and allocated corporate operating expenses) expressed as a percentage of net premiums earned.

19

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type.

Services revenue |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Mortgage Insurance |  |  |  |  |  |
Contract underwriting services |  | $ | 173 |  |  | $ | 210 |
All Other |  |  |  |  |  |
Real Estate Services |  |  |  |  |  |
Valuation |  |  | 3,780 |  |  |  | 4,475 |
Single family rental |  |  | 1,850 |  |  |  | 2,360 |
Asset management technology platform |  |  | 1,277 |  |  |  | 1,200 |
Real estate owned asset management |  |  | 1,143 |  |  |  | 1,149 |
Other real estate services |  |  | 5 |  |  |  | 9 |
Title |  |  | 3,261 |  |  |  | 2,573 |
Real Estate Technology |  |  | 627 |  |  |  | 612 |
Total services revenue |  | $ | 12,116 |  |  | $ | 12,588 |

See Note 2 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information regarding our accounting policies and the services we offer.

5. Fair Value of Financial Instruments

For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2024 Form 10-K.

20

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.

Assets and liabilities carried at fair value by hierarchy level |
|  | March 31, 2025 |
(In thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 134,828 |  |  | $ | 8,408 |  |  | $ | — |  |  | $ | 143,236 |
State and municipal obligations |  |  | — |  |  |  | 141,878 |  |  |  | — |  |  |  | 141,878 |
Corporate bonds and notes |  |  | — |  |  |  | 2,463,119 |  |  |  | — |  |  |  | 2,463,119 |
RMBS |  |  | — |  |  |  | 1,006,325 |  |  |  | — |  |  |  | 1,006,325 |
CMBS |  |  | — |  |  |  | 394,441 |  |  |  | — |  |  |  | 394,441 |
CLO |  |  | — |  |  |  | 395,759 |  |  |  | — |  |  |  | 395,759 |
Other ABS |  |  | — |  |  |  | 520,447 |  |  |  | — |  |  |  | 520,447 |
Mortgage insurance-linked notes (1) |  |  | — |  |  |  | 46,987 |  |  |  | — |  |  |  | 46,987 |
Total fixed maturities available for sale |  |  | 134,828 |  |  |  | 4,977,364 |  |  |  | — |  |  |  | 5,112,192 |
Fixed maturities trading securities |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 44,377 |  |  |  | — |  |  |  | 44,377 |
Corporate bonds and notes |  |  | — |  |  |  | 24,489 |  |  |  | — |  |  |  | 24,489 |
RMBS |  |  | — |  |  |  | 2,921 |  |  |  | — |  |  |  | 2,921 |
CMBS |  |  | — |  |  |  | 5,225 |  |  |  | — |  |  |  | 5,225 |
Total fixed maturities trading securities |  |  | — |  |  |  | 77,012 |  |  |  | — |  |  |  | 77,012 |
Equity securities |  |  | 101,343 |  |  |  | 2,725 |  |  |  | 6,546 |  |  |  | 110,614 |
Residential mortgage loans held for sale (2) |  |  | — |  |  |  | 279,097 |  |  |  | — |  |  |  | 279,097 |
Other invested assets (3) (4) |  |  | — |  |  |  | — |  |  |  | 6,088 |  |  |  | 6,088 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 895 |  |  |  | — |  |  |  | 895 |
Money market instruments |  |  | 443,823 |  |  |  | — |  |  |  | — |  |  |  | 443,823 |
Corporate bonds and notes |  |  | — |  |  |  | 33,283 |  |  |  | — |  |  |  | 33,283 |
Other ABS |  |  | — |  |  |  | 8,302 |  |  |  | — |  |  |  | 8,302 |
Other investments (5) |  |  | — |  |  |  | 40,360 |  |  |  | — |  |  |  | 40,360 |
Total short-term investments |  |  | 443,823 |  |  |  | 82,840 |  |  |  | — |  |  |  | 526,663 |
Total investments at fair value (4) |  |  | 679,994 |  |  |  | 5,419,038 |  |  |  | 12,634 |  |  |  | 6,111,666 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | — |  |  |  | 3,542 |  |  |  | — |  |  |  | 3,542 |
Mortgage servicing and other related rights |  |  | — |  |  |  | — |  |  |  | 3,427 |  |  |  | 3,427 |
Loaned securities (6) |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  |  | — |  |  |  | 132,388 |  |  |  | — |  |  |  | 132,388 |
Equity securities |  |  | 22,503 |  |  |  | — |  |  |  | — |  |  |  | 22,503 |
Securitized residential mortgage loans held for investment (2) |  |  | — |  |  |  | 1,058,736 |  |  |  | — |  |  |  | 1,058,736 |
Total assets at fair value (4) |  | $ | 702,497 |  |  | $ | 6,613,704 |  |  | $ | 16,061 |  |  | $ | 7,332,262 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | 108 |  |  | $ | 821 |  |  | $ | 929 |
Securitized nonrecourse debt (2) |  |  | — |  |  |  | 1,029,008 |  |  |  | — |  |  |  | 1,029,008 |
Total liabilities at fair value |  | $ | — |  |  | $ | 1,029,116 |  |  | $ | 821 |  |  | $ | 1,029,937 |

(1)
Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.

21

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

(2)
See Note 7 for more information about our residential mortgage loan activities, including our private label securitization program.
(3)
Consists primarily of interests in private debt and equity investments.
(4)
Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(5)
Comprises short-term certificates of deposit and commercial paper.
(6)
Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements.

22

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Assets and liabilities carried at fair value by hierarchy level |
|  | December 31, 2024 |
(In thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 119,630 |  |  | $ | 8,702 |  |  | $ | — |  |  | $ | 128,332 |
State and municipal obligations |  |  | — |  |  |  | 148,891 |  |  |  | — |  |  |  | 148,891 |
Corporate bonds and notes |  |  | — |  |  |  | 2,476,639 |  |  |  | — |  |  |  | 2,476,639 |
RMBS |  |  | — |  |  |  | 1,011,630 |  |  |  | — |  |  |  | 1,011,630 |
CMBS |  |  | — |  |  |  | 411,999 |  |  |  | — |  |  |  | 411,999 |
CLO |  |  | — |  |  |  | 411,462 |  |  |  | — |  |  |  | 411,462 |
Other ABS |  |  | — |  |  |  | 438,811 |  |  |  | — |  |  |  | 438,811 |
Mortgage insurance-linked notes (1) |  |  | — |  |  |  | 47,156 |  |  |  | — |  |  |  | 47,156 |
Total fixed maturities available for sale |  |  | 119,630 |  |  |  | 4,955,290 |  |  |  | — |  |  |  | 5,074,920 |
Fixed maturities trading securities |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 50,845 |  |  |  | — |  |  |  | 50,845 |
Corporate bonds and notes |  |  | — |  |  |  | 23,940 |  |  |  | — |  |  |  | 23,940 |
RMBS |  |  | — |  |  |  | 3,029 |  |  |  | — |  |  |  | 3,029 |
CMBS |  |  | — |  |  |  | 4,838 |  |  |  | — |  |  |  | 4,838 |
Total fixed maturities trading securities |  |  | — |  |  |  | 82,652 |  |  |  | — |  |  |  | 82,652 |
Equity securities |  |  | 128,368 |  |  |  | 3,275 |  |  |  | 6,546 |  |  |  | 138,189 |
Residential mortgage loans held for sale (2) |  |  | — |  |  |  | 519,885 |  |  |  | — |  |  |  | 519,885 |
Other invested assets (3) (4) |  |  | — |  |  |  | — |  |  |  | 5,908 |  |  |  | 5,908 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 1,750 |  |  |  | — |  |  |  | 1,750 |
Money market instruments |  |  | 384,934 |  |  |  | — |  |  |  | — |  |  |  | 384,934 |
Corporate bonds and notes |  |  | — |  |  |  | 49,905 |  |  |  | — |  |  |  | 49,905 |
Other ABS |  |  | — |  |  |  | 16,054 |  |  |  | — |  |  |  | 16,054 |
Other investments (5) |  |  | — |  |  |  | 69,005 |  |  |  | — |  |  |  | 69,005 |
Total short-term investments |  |  | 384,934 |  |  |  | 136,714 |  |  |  | — |  |  |  | 521,648 |
Total investments at fair value (4) |  |  | 632,932 |  |  |  | 5,697,816 |  |  |  | 12,454 |  |  |  | 6,343,202 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | — |  |  |  | 4,274 |  |  |  | — |  |  |  | 4,274 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 2,702 |  |  |  | 2,702 |
Loaned securities (6) |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  |  | — |  |  |  | 130,256 |  |  |  | — |  |  |  | 130,256 |
Other ABS |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 60 |
Equity securities |  |  | 8,805 |  |  |  | — |  |  |  | — |  |  |  | 8,805 |
Securitized residential mortgage loans held for investment (2) |  |  | — |  |  |  | 717,228 |  |  |  | — |  |  |  | 717,228 |
Total assets at fair value (4) |  | $ | 641,737 |  |  | $ | 6,549,634 |  |  | $ | 15,156 |  |  | $ | 7,206,527 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | 40 |  |  | $ | 1,249 |  |  | $ | 1,289 |
Securitized nonrecourse debt (2) |  |  | — |  |  |  | 703,526 |  |  |  | — |  |  |  | 703,526 |
Total liabilities at fair value |  | $ | — |  |  | $ | 703,566 |  |  | $ | 1,249 |  |  | $ | 704,815 |

(1)
Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.
(2)
See Note 7 for more information about our residential mortgage loan activities, including our private label securitization program.

23

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

(3)
Consists primarily of interests in private debt and equity investments.
(4)
Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(5)
Comprises short-term certificates of deposit and commercial paper.
(6)
Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements.

Other Fair Value Disclosure

The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets are as follows as of the dates indicated.

Financial instruments not carried at fair value |
|  | March 31, 2025 |  |  | December 31, 2024 |
(In thousands) |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Company-owned life insurance |  | $ | 110,552 |  |  | $ | 110,552 |  |  | $ | 110,968 |  |  | $ | 110,968 |
Senior notes |  |  | 1,065,965 |  |  |  | 1,093,637 |  |  |  | 1,065,337 |  |  |  | 1,088,306 |
Secured borrowings |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan financing facilities |  | $ | 240,545 |  |  | $ | 240,545 |  |  | $ | 492,429 |  |  | $ | 492,429 |
FHLB advances |  |  | 32,122 |  |  |  | 32,152 |  |  |  | 45,865 |  |  |  | 45,888 |
Total secured borrowings |  | $ | 272,667 |  |  | $ | 272,697 |  |  | $ | 538,294 |  |  | $ | 538,317 |

The fair value of our company-owned life insurance is estimated based on the cash surrender value less applicable surrender charges. These assets are categorized in Level II of the fair value hierarchy. See Note 9 for further information on our company-owned life insurance.

The fair value of our senior notes is estimated based on quoted market prices. The fair value of our secured borrowings is estimated based on current market rates and contractual cash flows including, for FHLB advances, any fees that may be required to be paid to the FHLB. The carrying amount of borrowings under our mortgage loan financing facilities approximates fair value due to the floating rate nature of that debt. These liabilities are all categorized in Level II of the fair value hierarchy. See Note 12 for further information about our senior notes and secured borrowings.

24

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

6. Investments

Available for Sale Securities

Our available for sale securities within our investment portfolio consist of the following as of the dates indicated.

Available for sale securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 |
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  |  | Fair Value |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 171,718 |  |  | $ | 8 |  |  | $ | (28,490 | ) |  |  | $ | 143,236 |
State and municipal obligations |  |  | 157,430 |  |  |  | 269 |  |  |  | (15,821 | ) |  |  |  | 141,878 |
Corporate bonds and notes |  |  | 2,829,292 |  |  |  | 10,268 |  |  |  | (245,503 | ) |  |  |  | 2,594,057 |
RMBS |  |  | 1,080,716 |  |  |  | 8,457 |  |  |  | (82,848 | ) |  |  |  | 1,006,325 |
CMBS |  |  | 415,327 |  |  |  | 50 |  |  |  | (20,936 | ) |  |  |  | 394,441 |
CLO |  |  | 396,203 |  |  |  | 273 |  |  |  | (717 | ) |  |  |  | 395,759 |
Other ABS |  |  | 520,648 |  |  |  | 2,970 |  |  |  | (3,171 | ) |  |  |  | 520,447 |
Mortgage insurance-linked notes (1) |  |  | 45,384 |  |  |  | 1,603 |  |  |  | — |  |  |  |  | 46,987 |
Total securities available for sale, including loaned securities |  |  | 5,616,718 |  |  | $ | 23,898 |  |  | $ | (397,486 | ) | (2) |  |  | 5,243,130 |
Less: loaned securities (3) |  |  | 137,232 |  |  |  |  |  |  |  |  |  |  | 130,938 |
Total fixed maturities available for sale |  | $ | 5,479,486 |  |  |  |  |  |  |  |  |  | $ | 5,112,192 |
|  | December 31, 2024 |
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  |  | Fair Value |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 160,509 |  |  | $ | — |  |  | $ | (32,177 | ) |  |  | $ | 128,332 |
State and municipal obligations |  |  | 167,114 |  |  |  | 40 |  |  |  | (18,263 | ) |  |  |  | 148,891 |
Corporate bonds and notes |  |  | 2,878,705 |  |  |  | 5,261 |  |  |  | (277,535 | ) |  |  |  | 2,606,431 |
RMBS |  |  | 1,104,721 |  |  |  | 6,965 |  |  |  | (100,056 | ) |  |  |  | 1,011,630 |
CMBS |  |  | 438,139 |  |  |  | 51 |  |  |  | (26,191 | ) |  |  |  | 411,999 |
CLO |  |  | 411,328 |  |  |  | 983 |  |  |  | (849 | ) |  |  |  | 411,462 |
Other ABS |  |  | 442,620 |  |  |  | 1,556 |  |  |  | (5,305 | ) |  |  |  | 438,871 |
Mortgage insurance-linked notes (1) |  |  | 45,447 |  |  |  | 1,709 |  |  |  | — |  |  |  |  | 47,156 |
Total securities available for sale, including loaned securities |  |  | 5,648,583 |  |  | $ | 16,565 |  |  | $ | (460,376 | ) | (2) |  |  | 5,204,772 |
Less: loaned securities (3) |  |  | 137,082 |  |  |  |  |  |  |  |  |  |  | 129,852 |
Total fixed maturities available for sale |  | $ | 5,511,501 |  |  |  |  |  |  |  |  |  | $ | 5,074,920 |

(1)
Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.
(2)
See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details.
(3)
Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.

25

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Gross Unrealized Losses and Related Fair Value of Available for Sale Securities

For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2025, and December 31, 2024, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below.

Unrealized losses on fixed maturities available for sale by category and length of time |
|  | March 31, 2025 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(In thousands) Description of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. government and agency securities |  | $ | 19,797 |  |  | $ | (397 | ) |  | $ | 113,454 |  |  | $ | (28,093 | ) |  | $ | 133,251 |  |  | $ | (28,490 | )
State and municipal obligations |  |  | 30,101 |  |  |  | (1,126 | ) |  |  | 84,894 |  |  |  | (14,695 | ) |  |  | 114,995 |  |  |  | (15,821 | )
Corporate bonds and notes |  |  | 496,187 |  |  |  | (10,138 | ) |  |  | 1,434,951 |  |  |  | (235,365 | ) |  |  | 1,931,138 |  |  |  | (245,503 | )
RMBS |  |  | 135,449 |  |  |  | (2,936 | ) |  |  | 557,444 |  |  |  | (79,912 | ) |  |  | 692,893 |  |  |  | (82,848 | )
CMBS |  |  | 18,806 |  |  |  | (103 | ) |  |  | 369,433 |  |  |  | (20,833 | ) |  |  | 388,239 |  |  |  | (20,936 | )
CLO |  |  | 128,603 |  |  |  | (267 | ) |  |  | 29,699 |  |  |  | (450 | ) |  |  | 158,302 |  |  |  | (717 | )
Other ABS |  |  | 132,457 |  |  |  | (1,519 | ) |  |  | 34,818 |  |  |  | (1,652 | ) |  |  | 167,275 |  |  |  | (3,171 | )
Total |  | $ | 961,400 |  |  | $ | (16,486 | ) |  | $ | 2,624,693 |  |  | $ | (381,000 | ) |  | $ | 3,586,093 |  |  | $ | (397,486 | )

|  | December 31, 2024 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(In thousands) Description of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. government and agency securities |  | $ | 5,807 |  |  | $ | (574 | ) |  | $ | 113,783 |  |  | $ | (31,603 | ) |  | $ | 119,590 |  |  | $ | (32,177 | )
State and municipal obligations |  |  | 45,539 |  |  |  | (2,399 | ) |  |  | 78,523 |  |  |  | (15,864 | ) |  |  | 124,062 |  |  |  | (18,263 | )
Corporate bonds and notes |  |  | 749,427 |  |  |  | (18,113 | ) |  |  | 1,552,535 |  |  |  | (259,422 | ) |  |  | 2,301,962 |  |  |  | (277,535 | )
RMBS |  |  | 296,899 |  |  |  | (6,467 | ) |  |  | 559,525 |  |  |  | (93,589 | ) |  |  | 856,424 |  |  |  | (100,056 | )
CMBS |  |  | 15,179 |  |  |  | (139 | ) |  |  | 388,282 |  |  |  | (26,052 | ) |  |  | 403,461 |  |  |  | (26,191 | )
CLO |  |  | 44,350 |  |  |  | (65 | ) |  |  | 43,542 |  |  |  | (784 | ) |  |  | 87,892 |  |  |  | (849 | )
Other ABS |  |  | 180,824 |  |  |  | (3,081 | ) |  |  | 45,192 |  |  |  | (2,224 | ) |  |  | 226,016 |  |  |  | (5,305 | )
Total |  | $ | 1,338,025 |  |  | $ | (30,838 | ) |  | $ | 2,781,382 |  |  | $ | (429,538 | ) |  | $ | 4,119,407 |  |  | $ | (460,376 | )

There were 941 and 1,059 securities in an unrealized loss position at March 31, 2025, and December 31, 2024, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of March 31, 2025, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information regarding our accounting policy for impairments of investments.

26

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Contractual Maturities

The contractual maturities of fixed-maturities available for sale are as follows.

Contractual maturities of fixed maturities available for sale |
|  | March 31, 2025 |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 116,836 |  |  | $ | 115,488 |
Due after one year through five years (1) |  |  | 1,068,443 |  |  |  | 1,040,580 |
Due after five years through 10 years (1) |  |  | 1,063,636 |  |  |  | 1,007,473 |
Due after 10 years (1) |  |  | 909,525 |  |  |  | 715,630 |
Asset-backed and mortgage-backed securities (2) |  |  | 2,458,278 |  |  |  | 2,363,959 |
Total |  |  | 5,616,718 |  |  |  | 5,243,130 |
Less: loaned securities |  |  | 137,232 |  |  |  | 130,938 |
Total fixed maturities available for sale |  | $ | 5,479,486 |  |  | $ | 5,112,192 |

(1)
Actual maturities may differ as a result of calls before scheduled maturity.
(2)
Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date.

Net Investment Income

Net investment inco me consists of the following.

Net investment income |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Investment income |  |  |  |  |  |
Fixed maturities |  | $ | 56,714 |  |  | $ | 57,259 |
Equity securities |  |  | 2,145 |  |  |  | 2,539 |
Residential mortgage loans held for sale (1) |  |  | 6,273 |  |  |  | 1,793 |
Short-term investments |  |  | 4,751 |  |  |  | 8,958 |
Other (2) |  |  | 1,573 |  |  |  | 1,597 |
Gross investment income |  |  | 71,456 |  |  |  | 72,146 |
Investment expenses (2) |  |  | (2,882 | ) |  |  | (2,925 | )
Net investment income |  | $ | 68,574 |  |  | $ | 69,221 |

(1)
See Note 7 for additional information on our residential mortgage loans held for sale.
(2)
Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses.

27

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Net Gains (Losses) on Investments and Other Financial Instruments

Net gains (losses) on investments and other financial instruments consists of the following.

Net gains (losses) on investments and other financial instruments |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net realized gains (losses) on investments sold or redeemed (1) |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |
Gross realized gains |  | $ | 92 |  |  | $ | 52 |
Gross realized losses |  |  | (2,442 | ) |  |  | (3,735 | )
Fixed maturities available for sale, net |  |  | (2,350 | ) |  |  | (3,683 | )
Equity securities |  |  | 898 |  |  |  | — |
Other investments |  |  | 18 |  |  |  | 1 |
Net realized gains (losses) on investments sold or redeemed (1) |  |  | (1,434 | ) |  |  | (3,682 | )
Change in unrealized gains (losses) on investments sold or redeemed (1) |  |  | (916 | ) |  |  | 7 |
Net unrealized gains (losses) on investments still held (1) |  |  |  |  |  |
Fixed maturities trading securities |  |  | 2,244 |  |  |  | (1,977 | )
Equity securities |  |  | (1,555 | ) |  |  | 4,074 |
Other investments |  |  | (47 | ) |  |  | (93 | )
Net unrealized gains (losses) on investments still held (1) |  |  | 642 |  |  |  | 2,004 |
Total net gains (losses) on investments (1) |  |  | (1,708 | ) |  |  | (1,671 | )
Net gains (losses) on residential mortgage loans held for sale (Note 7) (2) |  |  | 1,287 |  |  |  | 384 |
Net gains (losses) on other financial instruments (1) (3) |  |  | (302 | ) |  |  | 1,777 |
Net gains (losses) on investments and other financial instruments |  | $ | (723 | ) |  | $ | 490 |

(1)
Does not include activities related to our residential mortgage loans held for sale. See Note 7 for additional information.
(2)
Includes realized and unrealized net gains (losses) on residential mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details.
(3)
Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information.

Loaned Securities

We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Under this program, we had loaned $155 million and $139 million of our investment securities to third parties as of March 31, 2025, and December 31, 2024, respectively, including fixed-maturities, equity securities and short-term investments. Although we report such securities at fair value within other assets on our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 6 includes these securities.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $23 million and $18 million as of March 31, 2025, and December 31, 2024, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.

See Note 5 herein for additional detail on the loaned securities and see Note 6 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder.

28

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Other

Our investments include securities totaling $15 million and $14 million at March 31, 2025, and December 31, 2024, respectively, that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

7. Residential Mortgage Loans

Radian Mortgage Capital, our mortgage conduit subsidiary, acquires residential mortgage loans with the intention of then either selling the loans directly to mortgage investors, including the GSEs, or distributing them into the capital markets through private label securitizations, with the option to retain and manage certain components of the underlying credit risk.

During the aggregation period following loan acquisition, we carry these loans as residential mortgage loans held for sale until the loan is either sold or securitized. Net gains (losses) associated with these residential mortgage loans held for sale and any related hedges are included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. Interest income on these residential mortgage loans held for sale is included in net investment income, while interest expense on mortgage loan financing facilities is reported in interest expense.

For those loans that are ultimately contributed to a securitization, we perform an analysis of our ongoing participation and rights in the securitization to determine if we need to consolidate the securitization trust. If we conclude that we are required to consolidate the securitization trust and continue to reflect those securitized mortgage loans on our condensed consolidated balance sheets, we then reclassify those loans as securitized residential mortgage loans held for investment, and record the prospective change in fair value and interest income and expense as total income (loss) on VIEs, as described further below.

Residential Mortgage Loans Held for Sale

The carrying value of our residential mortgage loans held for sale owned by Radian Mortgage Capital totaled $279 million and $520 million at March 31, 2025, and December 31, 2024, respectively, and is based on fair value. The estimated fair value of our residential mortgage loans held for sale is subject to, among other things, changes in mortgage interest rates from the date we agree to purchase the mortgage loan through the date we agree to sell the mortgage loan. In an effort to mitigate this interest rate risk, we enter into certain derivative contracts with third parties during the period from the commitment to purchase the mortgage loans until the loans are either securitized or sold directly to mortgage investors. We elected the fair value option for our residential mortgage loans held for sale to allow for consistent treatment of both mortgage loans and any associated hedges or derivatives.

As of March 31, 2025, our residential mortgage loans held for sale consisted of 453 mortgage loans with a total unpaid principal balance of $274 million, related to properties in 40 states and the District of Columbia. As measured by the unpaid principal balance as of March 31, 2025, 94% of these loans were originated in the past six months, including 56% that were originated in the first quarter of 2025. Loans on properties in California accounted for 18% of this balance, with no other state concentration exceeding 10% as of March 31, 2025. The majority of our loans are non-agency loans, with balances in excess of the GSEs’ conforming loan limits and with credit risk characteristics commensurate with the prime jumbo private label securitization market. As of March 31, 2025, none of these mortgage loans were greater than ninety days delinquent or in nonaccrual status.

Further, as of March 31, 2025, the Company had commitments to purchase and fund additional recently originated mortgage loans with a total unpaid principal balance of $366 million. Prior to the settlement and funding of these loan purchases, any unrealized net gains (losses) related to these commitments are recorded as derivative assets or liabilities on our condensed consolidated balance sheets, with the corresponding gain or loss included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations.

29

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated.

Derivative instruments |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
(In thousands) |  | Notional (1) |  |  | Derivative Assets |  |  | Derivative Liabilities |  |  | Notional (1) |  |  | Derivative Assets |  |  | Derivative Liabilities |
Forward mortgage loan purchase commitments |  | $ | 366,176 |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | 51,732 |  |  | $ | 65 |  |  | $ | — |
Hedging instruments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward RMBS purchase contracts |  | $ | 318,000 |  |  | $ | 856 |  |  | $ | 108 |  |  | $ | 394,000 |  |  | $ | 2,492 |  |  | $ | 40 |
Interest rate swap futures contracts |  |  | 57,000 |  |  |  | 1,286 |  |  |  | — |  |  |  | 58,500 |  |  |  | 1,717 |  |  |  | — |

(1)
Notional amounts provide an indication of the volume of the Company’s derivative capacity. For our hedging instruments, the notional amount is the face amount of our contracts and does not represent our exposure to credit loss and therefore is not reflected on our condensed consolidated balance sheets.
(2)
All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges.

The impact to net gains (losses) on investments and other financial instruments from our residential mortgage loans held for sale and related hedging activities is as follows.

Net gains (losses) on residential mortgage loans held for sale, net of hedging activities |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net realized gains (losses) on residential mortgage loans held for sale |  |  |  |  |  |
Mortgage loans held for sale (1) |  | $ | (5,982 | ) |  | $ | 63 |
Mortgage servicing and other related rights resulting from residential mortgage loan sales |  |  | 1,543 |  |  |  | 310 |
Total realized gains (losses) on residential mortgage loans held for sale |  |  | (4,439 | ) |  |  | 373 |
Change in unrealized gains (losses) on residential mortgage loans sold |  |  | 5,328 |  |  |  | (1,097 | )
Unrealized gains (losses) on residential mortgage loans held for sale still held (2) |  |  | 4,208 |  |  |  | 1,078 |
Total net gains (losses) on residential mortgage loans held for sale |  |  | 5,097 |  |  |  | 354 |
Net gains (losses) on mortgage loans held for sale hedging activities |  |  | (3,810 | ) |  |  | 30 |
Net gains (losses) on residential mortgage loans held for sale, net of hedging activities |  | $ | 1,287 |  |  | $ | 384 |

(1)
Includes net gains (losses) on residential mortgage loans held for sale through the date of transfer to a securitization trust, if applicable. See “Securitized Residential Mortgage Loans Held for Investment” below for information on subsequent gains (losses) for those securitized loans.
(2)
Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement.

We primarily fund the purchases of our residential mortgage loans held for sale with amounts borrowed under our mortgage loan financing facilities. See Note 12 for additional information on these facilities and their related terms and covenants.

Net investment income earned on our residential mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consists of the following.

Net interest on residential mortgage loans held for sale |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Interest income |  | $ | 6,273 |  |  | $ | 1,793 |
Interest expense |  |  | (6,010 | ) |  |  | (1,438 | )
Net interest on residential mortgage loans held for sale |  | $ | 263 |  |  | $ | 355 |

30

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

In addition to the debt covenants under its financing facilities, Radian Mortgage Capital is also subject to certain requirements established by state and other regulators and loan purchasers, including Freddie Mac, such as certain minimum net worth and capital requirements and ratios. As of March 31, 2025, the most restrictive of these financial conditions required Radian Mortgage Capital to maintain a ratio of tangible net worth to total assets of at least 6%. As of March 31, 2025, Radian Mortgage Capital’s tangible net worth was $89 million, compared to a required minimum tangible net worth of $20 million based on this ratio. Changes in the fair value of residential mortgage loans held for sale and related hedges could materially impact Radian Mortgage Capital’s net worth in future periods. To the extent any capital requirements are not met, regulators and loan purchasers may exercise certain remedies, which may include, as applicable, prohibiting Radian Mortgage Capital from purchasing, selling, or servicing loans. As of March 31, 2025, Radian Mortgage Capital was in compliance with all such requirements.

Securitized Residential Mortgage Loans Held for Investment

During the first quarter of 2025, Radian Mortgage Capital closed on its third private label prime jumbo securitization transaction. The securitization involved the transfer of a portfolio of residential mortgage loans to a newly created special purpose vehicle, Radian Mortgage Capital Trust (“RMCT”) 2025-J1, and the private offering and issuance of $368 million of unregistered mortgage pass-through certificates collateralized by the cash flows of the underlying residential mortgage loans. At the closing of this transaction, we retained an interest in certain of the certificates, as we did at the closing of each of the two securitizations executed in 2024, and Radian Mortgage Capital and its affiliates (excluding its mortgage insurance affiliates) may hold an interest in the certificates from time to time. Because these securitizations consist entirely of qualified mortgages as defined in the Dodd-Frank Act, pursuant to applicable federal securities laws and regulations, Radian Mortgage Capital is not obligated to retain these certificates for a minimum length of time as part of any risk retention requirements.

We concluded that the special purpose vehicles created to facilitate these three securitization transactions are VIEs, primarily due to the minimal equity that the securitization trusts hold to be able to finance their activities without additional support. In addition to being the sponsor and depositor for the trusts, our involvement with these VIEs is ongoing and includes retaining the subordinate certificates that are in a first loss position and maintaining certain discretionary rights associated with those subordinate investments, including certain rights to direct the loss mitigation activities of the servicer. As a result of our having both: (i) the economic obligation to absorb losses and receive benefits that could be significant to each VIE and (ii) the power to direct the activities that most significantly impact the performance of the VIE, we concluded that we are the primary beneficiary of these VIEs. As a result, we consolidate the assets, liabilities, operations and cash flows of the securitization trusts on our condensed consolidated financial statements. Since we were already carrying the loans transferred to the trusts at fair value prior to the securitization, consistent with our policy election for all residential mortgage loans held for sale, we did not recognize any material gain or loss upon consolidation of these VIEs.

Despite being the primary beneficiary of the VIEs and consolidating the trusts’ activities, the holders of the securitized debt have no recourse to the general credit of Radian and we neither own nor are liable for the assets and liabilities of the VIEs. Rather, our exposure to these trusts is primarily through the risk of loss on the interests we have retained, as well as the obligation, under certain circumstances, for Radian Mortgage Capital to repurchase assets from the VIEs upon the breach of certain representations and warranties with respect to the residential mortgage loans transferred to the VIEs. Furthermore, liquidity available at the consolidated VIEs is not available for corporate liquidity needs, other than through distributions on the certificates we have retained.

We have elected the fair value option for the initial and subsequent recognition of the securitized residential mortgage loans and the related liabilities issued by the consolidated VIEs. Electing this option allows us to record changes in fair value in the condensed consolidated statement of operations, which, in management’s view, appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a comparable manner.

As a result of this fair value election, we report both the assets and liabilities of each consolidated VIE at fair value, including reporting the VIE’s mortgage loans in securitized residential mortgage loans held for investment and the asset-backed securities issued by the VIE in securitized nonrecourse debt. We eliminate from this debt the value of the certificates that we retained. As of March 31, 2025, the net reported value of the consolidated VIE assets and liabilities was $25 million, which represents the aggregate fair value of our retained interests from the VIE, including accrued interest, as of that date.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table details the components of our consolidated VIE assets and liabilities by securitization as of the dates indicated.

Consolidated VIE assets and liabilities |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
VIE |  | Closing Date |  | Consolidated VIE Assets |  |  | Consolidated VIE Liabilities |  |  | Net Retained Interest |  |  | Consolidated VIE Assets |  |  | Consolidated VIE Liabilities |  |  | Net Retained Interest |
RMCT 2024-J1 |  | July 2024 |  | $ | 312,014 |  |  | $ | 305,534 |  |  | $ | 6,480 |  |  | $ | 317,782 |  |  | $ | 311,751 |  |  | $ | 6,031 |
RMCT 2024-J2 |  | October 2024 |  |  | 380,429 |  |  |  | 374,146 |  |  |  | 6,283 |  |  |  | 403,525 |  |  |  | 397,844 |  |  |  | 5,681 |
RMCT 2025-J1 |  | February 2025 |  |  | 372,098 |  |  |  | 360,035 |  |  |  | 12,063 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 1,064,541 |  |  | $ | 1,039,715 |  |  | $ | 24,826 |  |  | $ | 721,307 |  |  | $ | 709,595 |  |  | $ | 11,712 |

We report the net financial results from consolidated VIEs in income (loss) on consolidated VIEs in our condensed consolidated statements of operations, which also equals the income (loss) from our retained interests in any given period, based on the interest income and change in fair value for those interests. As of March 31, 2025, none of the loans in the securitization trust were greater than ninety days delinquent or in nonaccrual status.

The following table details the components of income (loss) on consolidated VIEs for the three months ended March 31, 2025. There was no activity for the three months ended March 31, 2024.

Income (loss) on consolidated VIEs |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |
Net change in fair value of VIE assets and liabilities reported under the fair value option |  | $ | (313 | )
Interest income |  |  | 14,859 |
Interest expense |  |  | (13,569 | )
Other expenses |  |  | (549 | )
Total income (loss) on consolidated VIEs |  | $ | 428 |

As part of our overall business strategy, we expect to continue to expand Radian Mortgage Capital’s use of securitizations in the future. It is possible that we may consolidate additional VIEs in future periods, depending on the facts and circumstances regarding our involvement with each VIE. We continuously analyze entities in which we hold variable interests, including when there is a reconsideration event, to determine whether our consolidation conclusions regarding any VIE should change.

8. Reinsurance

In our mortgage insurance and title insurance businesses, we use reinsurance as part of our risk distribution strategy, including to manage our capital position and risk profile. The reinsurance arrangements for our Mortgage Insurance business include premiums ceded under the QSR Program and the XOL Program. The initial and ongoing credit that we receive under the PMIERs financial requirements for these risk distribution transactions is subject to the periodic review of the GSEs.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The effect of all of our reinsurance programs on our net income is as follows.

Reinsurance impacts on net premiums written and earned |
|  | Net Premiums Written |  |  | Net Premiums Earned |
|  | Three Months Ended March 31, |  |  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Direct |  |  |  |  |  |  |  |  |  |  |  |
Mortgage insurance |  | $ | 252,504 |  |  | $ | 250,435 |  |  | $ | 261,911 |  |  | $ | 260,707 |
Title insurance |  |  | 2,728 |  |  |  | 1,948 |  |  |  | 2,728 |  |  |  | 1,948 |
Total direct |  |  | 255,232 |  |  |  | 252,383 |  |  |  | 264,639 |  |  |  | 262,655 |
Ceded |  |  |  |  |  |  |  |  |  |  |  |
Mortgage insurance (1) |  |  | (22,254 | ) |  |  | (18,558 | ) |  |  | (27,867 | ) |  |  | (26,708 | )
Title insurance |  |  | (93 | ) |  |  | (90 | ) |  |  | (93 | ) |  |  | (90 | )
Total ceded (1) |  |  | (22,347 | ) |  |  | (18,648 | ) |  |  | (27,960 | ) |  |  | (26,798 | )
Total net premiums |  | $ | 232,885 |  |  | $ | 233,735 |  |  | $ | 236,679 |  |  | $ | 235,857 |

(1)
Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverable.

Other reinsurance impacts |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Ceding commissions earned (1) |  | $ | 7,035 |  |  | $ | 6,113 |
Ceded losses (2) |  |  | 4,259 |  |  |  | 2,195 |

(1)
Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions are included in other liabilities on our condensed consolidated balance sheets. See Note 9 for additional detail.
(2)
Ceded losses are primarily related to mortgage insurance.

QSR Program

2024, 2023 and 2022 QSR Agreements

Radian Guaranty entered into each of the 2024, 2023 and 2022 QSR Agreements with panels of third-party reinsurance providers to cede a contractual quota share percentage of certain of our NIW, which includes both Recurring Premium Policies and Single Premium Policies (as set forth in the table below), subject to certain conditions, including a limitation for the 2024 QSR Agreement on ceded RIF equal to $4.3 billion over the term of the agreement.

Radian Guaranty receives a ceding commission for ceded premiums earned pursuant to these transactions. Radian Guaranty is also entitled to receive a profit commission quarterly, subject to a final annual re-calculation, provided that the loss ratio on the loans covered under the agreements generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis.

Radian Guaranty has the option to discontinue ceding NIW under the 2024 QSR agreement at the end of any calendar quarter. As of July 1, 2024, Radian Guaranty is no longer ceding NIW under the 2023 QSR Agreement. As of July 1, 2023, Radian Guaranty is no longer ceding NIW under the 2022 QSR Agreement.

Single Premium QSR Program

Radian Guaranty entered into each of the 2016 Single Premium QSR Agreement, 2018 Single Premium QSR Agreement and 2020 Single Premium QSR Agreement with panels of third-party reinsurers to cede a contractual quota share percentage of our Single Premium NIW as of the effective date of each agreement (as set forth in the table below), subject to certain conditions.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Radian Guaranty receives a ceding commission for ceded premiums written pursuant to these transactions. Radian Guaranty also receives a profit commission annually, provided that the loss ratio on the loans covered under the agreement generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis.

As of January 1, 2022, Radian Guaranty is no longer ceding NIW under the Single Premium QSR Program.

The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated.

QSR Program (1) |
|  | 2024 QSR Agreement |  |  | 2023 QSR Agreement |  |  | 2022 QSR Agreement |  |  | 2020 Single Premium QSR Agreement |  |  | 2018 Single Premium QSR Agreement |  |  | 2016 Single Premium QSR Agreement |
NIW policy dates |  | Jul 1, 2024- Jun 30, 2025 |  |  | Jul 1, 2023- Jun 30, 2024 |  |  | Jan 1, 2022- Jun 30, 2023 |  |  | Jan 1, 2020- Dec 31, 2021 |  |  | Jan 1, 2018- Dec 31, 2019 |  |  | Jan 1, 2012- Dec 31, 2017 |
Effective date |  | Jul 1, 2024 |  |  | Jul 1, 2023 |  |  | Jul 1, 2022 |  |  | Jan 1, 2020 |  |  | Jan 1, 2018 |  |  | Jan 1, 2016 |
Scheduled termination date |  | Jun 30, 2035 |  |  | Jun 30, 2034 |  |  | Jun 30, 2033 |  |  | Dec 31, 2031 |  |  | Dec 31, 2029 |  |  | Dec 31, 2027 |
Optional termination date (2) |  | Jul 1, 2028 |  |  | Jul 1, 2027 |  |  | Jul 1, 2026 |  |  | Jan 1, 2024 |  |  | Jan 1, 2022 |  |  | Jan 1, 2020 |
Quota share % |  | 25% |  |  | 22.5% |  |  | 20% |  |  | 65% |  |  | 65% |  |  | 18% - 57% |
Ceding commission % |  | 20% |  |  | 20% |  |  | 20% |  |  | 25% |  |  | 25% |  |  | 25% |
Profit commission % |  | Up to 59% |  |  | Up to 55% |  |  | Up to 59% |  |  | Up to 56% |  |  | Up to 56% |  |  | Up to 55% |
(In millions) |  | March 31, 2025 |
RIF ceded |  | $ | 2,181 |  |  | $ | 2,453 |  |  | $ | 3,954 |  |  | $ | 1,487 |  |  | $ | 646 |  |  | $ | 853 |
(In millions) |  | December 31, 2024 |
RIF ceded |  | $ | 1,621 |  |  | $ | 2,518 |  |  | $ | 4,059 |  |  | $ | 1,525 |  |  | $ | 661 |  |  | $ | 873 |

(1)
Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material.
(2)
Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance.

2025, 2026 and 2027 QSR Agreements

In April 2025, Radian Guaranty agreed to principal terms on three quota share reinsurance arrangements (collectively, the “New QSR Agreements”), each with its own panel of third-party reinsurance providers. Under the New QSR Agreements, which remain subject to final documentation, starting July 1, 2025 (the “2025 QSR Agreement”), July 1, 2026 (the “2026 QSR Agreement”) and July 1, 2027 (the “2027 QSR Agreement”), we expect to cede 30%, 30% and 15%, respectively, of NIW over three sequential one-year periods. Subject to certain conditions, the 2025 QSR Agreement covers NIW between July 1, 2025, and June 30, 2026; the 2026 QSR Agreement covers NIW between July 1, 2026, and June 30, 2027; and the 2027 QSR Agreement covers NIW between July 1, 2027, and June 30, 2028 (each of these sequential one-year periods being referred to herein as the “Fill-Up Period”). Radian Guaranty has the option to discontinue ceding new policies under each of the New QSR Agreements at the end of any calendar quarter.

Radian Guaranty will receive a ceding commission for ceded premiums written pursuant to each of the New QSR Agreements. Additionally, for each of the New QSR Agreements, Radian Guaranty will receive a profit commission annually, provided that the loss ratio on the loans covered under the applicable agreement generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to the applicable thresholds in each of the New QSR Agreements will reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis.

Each New QSR Agreement will remain in effect for a period of 10 years from the end of the applicable Fill-Up Period, unless t erminated earlier. Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate the 2025 QSR Agreement, the 2026 QSR Agreement and the 2027 QSR Agreement as of July 1, 2029, July 1, 2030, and July 1, 2031, respectively, or at the end of any calendar quarter thereafter, which would result in Radian Guaranty

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate each of the New QSR Agreements prior to the scheduled termination date under certain other circumstances.

XOL Program

Mortgage Insurance-linked Notes

Radian Guaranty has entered into fully collateralized reinsurance arrangements with the Eagle Re Issuers, as described below. For the respective coverage periods, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The Eagle Re Issuers provide second layer coverage up to the outstanding coverage amounts. For each of these reinsurance arrangements, the Eagle Re Issuers financed their coverage by issuing mortgage insurance-linked notes to eligible capital markets investors in unregistered private offerings.

The aggregate excess-of-loss reinsurance coverage for these arrangements decreases over the maturity period of the mortgage insurance-linked notes (either a 10-year or 12.5-year period depending on the transaction) as the principal balances of the underlying covered mortgages decrease and as any claims are paid by the applicable Eagle Re Issuer or the mortgage insurance is canceled. Radian Guaranty has rights to terminate the reinsurance agreements upon the occurrence of certain events, including an optional call feature that provides Radian Guaranty the right to terminate the transaction on or after the optional call date (5 or 7 years after the issuance of the mortgage insurance-linked notes depending on the transaction) and a right to exercise an optional clean-up call if the outstanding principal amount of the related mortgage insurance-linked notes falls below 10% of the initial coverage level or principal balance, depending on the transaction, of the related mortgage insurance-linked notes.

Under each of the reinsurance agreements, the outstanding reinsurance coverage amount will begin amortizing after an initial period in which a target level of credit enhancement is obtained and will stop amortizing if certain thresholds, or triggers, are reached, including a delinquency trigger event based on an elevated level of delinquencies as defined in the related mortgage insurance-linked notes transaction agreements.

The Eagle Re Issuers are not subsidiaries or affiliates of Radian Guaranty. Based on the accounting guidance that addresses VIEs, we have not consolidated any of the assets and liabilities of the Eagle Re Issuers in our financial statements, because Radian does not have: (i) the power to direct the activities that most significantly affect the Eagle Re Issuers’ economic performances or (ii) the obligation to absorb losses or the right to receive benefits from the Eagle Re Issuers that potentially could be significant to the Eagle Re Issuers. See Note 2 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for more information on our accounting treatment of VIEs.

The reinsurance premium due to the Eagle Re Issuers is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of a period by a coupon rate, which is the sum of SOFR, plus a contractual risk margin, and then subtracting actual investment income collected on the assets in the reinsurance trust during the preceding month. As a result, the amount of monthly reinsurance premiums ceded to the Eagle Re Issuers will fluctuate due to changes in one-month SOFR and changes in money market rates that affect investment income collected on the assets in the reinsurance trusts. As the reinsurance premium will vary based on changes in these rates, we concluded that the reinsurance agreements contain embedded derivatives, which we have accounted for separately as freestanding derivatives and recorded in other assets or other liabilities on our condensed consolidated balance sheets. Changes in the fair value of these embedded derivatives are recorded in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. See Note 5 herein and Note 5 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for more information on our fair value measurements of financial instruments, including our embedded derivatives.

In the event an Eagle Re Issuer is unable to meet its future obligations to us, if any, Radian Guaranty would nonetheless be liable to make claims payments to our policyholders. In the event that all of the assets in the reinsurance trust (consisting of U.S. government money market funds, cash or U.S. Treasury securities) become worthless and the Eagle Re Issuer is unable to make its payments to us, our maximum potential loss would be the amount of mortgage insurance claim payments for losses on the insured policies, net of the aggregate reinsurance payments already received, up to the full aggregate excess-of-loss reinsurance coverage amount. In the same scenario, the related embedded derivative would no longer have value.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table presents the total VIE assets and liabilities of the Eagle Re Issuers as of the dates indicated.

Total VIE assets and liabilities of Eagle Re Issuers (1) |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
Eagle Re 2023-1 Ltd. |  | $ | 311,921 |  |  | $ | 326,855 |
Eagle Re 2021-2 Ltd. |  |  | 224,315 |  |  |  | 247,442 |
Eagle Re 2021-1 Ltd. |  |  | 135,887 |  |  |  | 154,884 |
Total |  | $ | 672,123 |  |  | $ | 729,181 |

(1)
Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers.

Traditional Reinsurance

For the coverage period under our traditional XOL reinsurance agreement, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The reinsurers provide second layer coverage up to the outstanding coverage amounts. Radian Guaranty is then responsible for any losses in excess of the reinsurance coverage amount.

The 2023 XOL Agreement, which was executed in October 2023, is scheduled to terminate September 30, 2033. Radian Guaranty has the option to terminate the agreement under certain circumstances, including the option to terminate the agreement as of September 30, 2028, or at the end of any calendar quarter thereafter. Termination would result in Radian Guaranty reassuming the related RIF. In the event Radian Guaranty does not exercise its right to terminate the agreement on September 30, 2028, the monthly premium rate will increase from the original monthly premium.

The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated.

XOL Program |
|  | Mortgage Insurance-linked Notes |  |  | Traditional Reinsurance |
(In millions) |  | Eagle Re 2023-1 Ltd. |  |  | Eagle Re 2021-2 Ltd. |  |  | Eagle Re 2021-1 Ltd. (1) |  |  | 2023 XOL Agreement |
Issued |  | October 2023 |  |  | November 2021 |  |  | April 2021 |  |  | October 2023 |
NIW policy dates |  | Apr 1, 2022- Dec 31, 2022 |  |  | Jan 1, 2021- Jul 31, 2021 |  |  | Aug 1, 2020- Dec 31, 2020 |  |  | Oct 1, 2021- Mar 31, 2022 |
Initial RIF |  | $ | 8,782 |  |  | $ | 10,758 |  |  | $ | 11,061 |  |  | $ | 8,002 |
Initial coverage |  |  | 353 |  |  |  | 484 |  |  |  | 498 |  |  |  | 246 |
Initial first layer retention |  |  | 287 |  |  |  | 242 |  |  |  | 221 |  |  |  | 240 |
(In millions) |  | March 31, 2025 |
RIF |  | $ | 7,708 |  |  | $ | 5,974 |  |  | $ | 4,715 |  |  | $ | 6,576 |
Remaining coverage |  |  | 312 |  |  |  | 224 |  |  |  | 136 |  |  |  | 150 |
First layer retention |  |  | 285 |  |  |  | 241 |  |  |  | 221 |  |  |  | 240 |
(In millions) |  | December 31, 2024 |
RIF |  | $ | 7,906 |  |  | $ | 6,271 |  |  | $ | 4,966 |  |  | $ | 6,815 |
Remaining coverage |  |  | 327 |  |  |  | 247 |  |  |  | 155 |  |  |  | 167 |
First layer retention |  |  | 286 |  |  |  | 241 |  |  |  | 221 |  |  |  | 240 |

(1)
Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheets at March 31, 2025, and December 31, 2024, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. Se e Notes 5 and 6 for additional information.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Other Collateral

Although we use reinsurance as one of our risk management tools, reinsurance does not relieve us of our obligations to our policyholders. In the event the reinsurers are unable to meet their obligations to us, our insurance subsidiaries would be liable for any defaulted amounts. However, consistent with the PMIERs reinsurer counterparty collateral requirements, the third-party reinsurers to Radian Guaranty have established trusts to help secure our potential cash recoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in reinsurance trusts was $292 million as of March 31, 2025, compared to $283 million as of December 31, 2024.

In addition, primarily for the Single Premium QSR Program, Radian Guaranty holds amounts related to ceded premiums written to collateralize the reinsurers’ obligations, in reinsurance funds withheld which are reported in other liabilities on our condensed consolidated balance sheets. Any loss recoveries and profit commissions paid to Radian Guaranty related to the Single Premium QSR Program are expected to be realized from this account. See Note 9 for additional detail on our reinsurance funds withheld balances.

9. Other Assets and Liabilities

The following table shows the components of other assets as of the dates indicated.

Other assets |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
Loaned securities (Notes 5 and 6) |  | $ | 154,891 |  |  | $ | 139,121 |
Company-owned life insurance (1) |  |  | 110,552 |  |  |  | 110,968 |
Prepaid reinsurance premiums (2) |  |  | 66,860 |  |  |  | 72,472 |
Other |  |  | 49,543 |  |  |  | 53,370 |
Total other assets |  | $ | 381,846 |  |  | $ | 375,931 |

(1)
We are the beneficiary of insurance policies on the lives of certain of our current and past officers and employees. The balances reported in other assets reflect the amounts that could be realized upon surrender of the insurance policies as of each respective date.
(2)
Relates primarily to our Single Premium QSR Program.

The following table shows the components of other liabilities as of the dates indicated.

Other liabilities |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
Amount payable under securities lending agreements (1) |  | $ | 136,108 |  |  | $ | 125,723 |
Reinsurance funds withheld (2) |  |  | 125,138 |  |  |  | 121,983 |
Lease liability |  |  | 35,567 |  |  |  | 37,442 |
Accrued compensation |  |  | 26,112 |  |  |  | 55,971 |
Payable for securities |  |  | 25,223 |  |  |  | — |
Current federal income taxes |  |  | 25,173 |  |  |  | 23,290 |
Deferred ceding commission |  |  | 13,303 |  |  |  | 14,437 |
Other |  |  | 55,564 |  |  |  | 52,710 |
Total other liabilities |  | $ | 442,188 |  |  | $ | 431,556 |

(1)
Represents the obligation to return cash collateral under our securities lending agreements. See Note 6 for additional information.
(2)
Represents ceded premiums written held by Radian Guaranty to collateralize our reinsurers’ obligations primarily related to our Single Premium QSR Program. See Note 8 for additional information.

10. Income Taxes

We use the estimated effective tax rate method to calculate income taxes in interim periods. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

As of March 31, 2025, and December 31, 2024, our current federal income tax liability primarily relates to applying the accounting standard for uncertainty in income taxes and is included as a component of other liabilities on our condensed consolidated balance sheets. See Note 9 for detail on the components of our other liabilities.

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Internal Revenue Code Section 832(e) for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that, in conjunction with quarterly federal tax payment due dates, we purchase non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. As of each of March 31, 2025, and December 31, 2024, we held $921 million of these bonds, which are included as prepaid federal income taxes on our condensed consolidated balance sheets. The corresponding deduction of our statutory contingency reserves resulted in the recognition of a net deferred tax liability.

For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2024 Form 10-K.

11. Losses and LAE

Our reserve for losses and LAE consists of the following as of the dates indicated.

Reserve for losses and LAE |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
Primary case |  | $ | 347,996 |  |  | $ | 336,553 |
Primary IBNR and LAE |  |  | 13,827 |  |  |  | 13,399 |
Pool and other |  |  | 7,267 |  |  |  | 4,479 |
Mortgage insurance |  |  | 369,090 |  |  |  | 354,431 |
Title insurance |  |  | 5,855 |  |  |  | 5,895 |
Total reserve for losses and LAE |  | $ | 374,945 |  |  | $ | 360,326 |

Our provision for losses consists of the following for the periods indicated.

Provision for losses |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Mortgage insurance |  | $ | 15,340 |  |  | $ | (6,886 | )
Title insurance |  |  | (173 | ) |  |  | (148 | )
Total provision for losses |  | $ | 15,167 |  |  | $ | (7,034 | )

38

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE.

Rollforward of mortgage insurance reserve for losses |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 354,431 |  |  | $ | 364,923 |
Less: Reinsurance recoverables (1) |  |  | 34,144 |  |  |  | 25,074 |
Balance at beginning of period, net of reinsurance recoverables |  |  | 320,287 |  |  |  | 339,849 |
Add: Losses and LAE incurred in respect of default notices reported and unreported in: |  |  |  |  |  |
Current year (2) |  |  | 53,740 |  |  |  | 53,688 |
Prior years |  |  | (38,400 | ) |  |  | (60,574 | )
Total incurred |  |  | 15,340 |  |  |  | (6,886 | )
Deduct: Paid claims and LAE related to: |  |  |  |  |  |
Current year (2) |  |  | — |  |  |  | — |
Prior years |  |  | 4,233 |  |  |  | 3,387 |
Total paid |  |  | 4,233 |  |  |  | 3,387 |
Balance at end of period, net of reinsurance recoverables |  |  | 331,394 |  |  |  | 329,576 |
Add: Reinsurance recoverables (1) |  |  | 37,696 |  |  |  | 27,097 |
Balance at end of period |  | $ | 369,090 |  |  | $ | 356,673 |

(1)
Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information.
(2)
Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

Reserve Activity

Incurred Losses

Total incurred losses are driven by: (i) case reserves established for new default notices, which are primarily impacted by both the number of new primary default notices received in the period and our related gross Default to Claim Rate and Claim Severity assumptions applied to those new defaults and (ii) reserve developments on prior period defaults, which are primarily impacted by changes to our prior Default to Claim Rate and Claim Severity assumptions applied to these loans.

New primary default notices totaled 12,505 for the three months ended March 31, 2025, compared to 11,756 for the three months ended March 31, 2024, representing an increase of 6%. We believe this increase in new primary defaults is mainly due to the natural seasoning of our insured portfolio given the increase in our IIF in recent years and not the result of deteriorating credit performance of the insured portfolio.

Our gross Default to Claim Rate assumption applied to new defaults was 7.5% and 8.0% as of March 31, 2025, and March 31, 2024, respectively, based on our review of trends in Cures and claims paid for our default inventory and taking into consideration the risks and uncertainties associated with the current economic environment.

Our provision for losses during both of the first quarters of 2025 and 2024 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated. These Cures have been due primarily to favorable outcomes resulting from positive trends in home price appreciation, which has also contributed to a higher rate of claims that result in no ultimate loss to us and that are withdrawn by servicers as a result. These favorable observed trends for prior year default notices resulted in reductions in our Default to Claim Rate and other reserve assumptions in both of the first quarters of 2025 and 2024, including our Claim Severity assumptions in the 2024 period.

Claims Paid

Total claims paid were slightly higher for the three months ended March 31, 2025, compared to the same period in 2024.

39

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

For additional information about our Reserve for Losses and LAE, including our accounting policies, see Notes 2 and 11 of Notes to Consolidated Financial Statements in our 2024 Form 10-K.

12. Borrowings and Financing Activities

As of the dates indicated, the carrying value of our debt, other than our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, is as follows.

Borrowings |
($ in thousands) |  | Interest rate |  |  | March 31, 2025 |  |  | December 31, 2024 |
Senior notes |  |  |  |  |  |  |  |  |
Senior Notes due 2027 |  |  | 4.875 | % |  | $ | 447,734 |  |  | $ | 447,461 |
Senior Notes due 2029 |  |  | 6.200 | % |  |  | 618,231 |  |  |  | 617,876 |
Total senior notes |  |  |  |  | $ | 1,065,965 |  |  | $ | 1,065,337 |
($ in thousands) |  | Average interest rate (1) |  |  | March 31, 2025 |  |  | December 31, 2024 |
Secured borrowings |  |  |  |  |  |  |  |  |
Mortgage loan financing facilities |  |  | 5.963 | % |  | $ | 240,545 |  |  | $ | 492,429 |
FHLB advances |  |  |  |  |  |  |  |  |
FHLB advances due 2025 |  |  | 4.604 | % |  |  | 22,400 |  |  |  | 36,143 |
FHLB advances due 2026 |  |  | 4.469 | % |  |  | 1,835 |  |  |  | 1,835 |
FHLB advances due 2027 |  |  | 2.562 | % |  |  | 7,887 |  |  |  | 7,887 |
Total FHLB advances |  |  |  |  |  | 32,122 |  |  |  | 45,865 |
Total secured borrowings |  |  |  |  | $ | 272,667 |  |  | $ | 538,294 |

(1)
As of March 31, 2025. See “Mortgage Loan Financing Facilities” and “FHLB Advances” below for more information.

Interest expense consists of the following.

Interest expense |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Senior notes |  | $ | 15,800 |  |  | $ | 22,128 |
Mortgage loan financing facilities |  |  | 6,010 |  |  |  | 1,438 |
FHLB advances |  |  | 425 |  |  |  | 945 |
Revolving credit facility |  |  | 264 |  |  |  | 260 |
Loss on extinguishment of debt |  |  | — |  |  |  | 4,275 |
Total interest expense |  | $ | 22,499 |  |  | $ | 29,046 |

Mortgage Loan Financing Facilities

Radian Mortgage Capital has entered into the Master Repurchase Agreements, which are collateralized borrowing facilities used to finance the acquisition of residential mortgage loans and related mortgage loan assets. Pursuant to the Master Repurchase Agreements, Radian Mortgage Capital may from time to time sell, and later repurchase, certain residential mortgage loan assets, which effectively equates to a borrowing secured by the mortgage loans and therefore we report amounts funded by our mortgage loan financing facilities as secured borrowings on our condensed consolidated balance sheets. The maximum borrowing amounts under the Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement and JP Morgan Master Repurchase Agreement are $200 million, $400 million and $300 million, respectively. The Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement and the JP

40

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Morgan Master Repurchase Agreement are currently scheduled to expire on May 31, 2025, September 24, 2025, and December 12, 2025, respectively.

The borrowings under the Master Repurchase Agreements bear a variable interest rate based on one-month SOFR or compounded SOFR, depending on the agreement, 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.

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. Of our residential mortgage loans held for sale, $271 million and $515 million served as collateral for the Master Repurchase Agreements to support the funds advanced at March 31, 2025, and December 31, 2024, respectively.

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 investments include securities totaling $34 million and $49 million at March 31, 2025, and December 31, 2024, respectively, which serve as collateral for our FHLB advances to satisfy this requirement.

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, 2025, there were no amounts outstanding under this facility.

Debt Covenants and Other Information

As of March 31, 2025, we are in compliance with all of our debt covenants, including for our senior notes. 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 2024 Form 10-K.

13. Commitments and Contingencies

Legal Proceedings

We are routinely involved in a number of legal actions and proceedings, including reviews, audits, inquiries, information-gathering requests and investigations by various regulatory entities, as well as litigation and other disputes arising in the ordinary course of our business. Legal actions and proceedings could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures or have other effects on our business.

Management believes, based on current knowledge and after consultation with counsel, that the outcome of currently pending or threatened actions will not have a material adverse effect on our consolidated financial condition or results of operations. The outcome of legal actions and proceedings is inherently uncertain, and it is possible that any one or more matters could have an adverse effect on our liquidity, financial condition or results of operations for any particular period.

See Note 13 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for further information regarding our commitments and contingencies and our accounting policies for contingencies.

41

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

14. Capital Stock

Shares of Common Stock

The following table shows the changes in common stock outstanding for each of the periods as indicated.

Common stock outstanding |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Common stock outstanding at beginning of period |  |  | 147,569 |  |  |  | 153,179 |
Shares repurchased under share repurchase programs |  |  | (6,460 | ) |  |  | (1,770 | )
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes |  |  | 111 |  |  |  | 100 |
Common stock outstanding at end of period |  |  | 141,220 |  |  |  | 151,509 |

Share Repurchase Activity

From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally operates its share repurchase programs pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which provides for share repurchases at predetermined price targets and permits the Company to purchase shares when it may otherwise be precluded from doing so.

Under its current approved repurchase program, the Company has the authorization to repurchase shares up to $900 million, excluding commissions. The authorization will expire in June 2026. Radian has implemented a trading plan for this share repurchase program under Rule 10b5-1 of the Exchange Act.

During the three months ended March 31, 2025, the Company purchased 6.5 million shares at an average price of $32.07 per share, including commissions, pursuant to the share repurchase program. As of March 31, 2025, purchase authority of up to $336 million remained available under this program.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated.

Dividends and Dividend Equivalents

In February 2025, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.245 to $0.255 per share, beginning with the dividend declared and paid in the first quarter of 2025.

The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated.

Dividends declared and paid |  |  |  |  |  |
|  | 2025 |  |  | 2024 |
Quarter ended |  |  |  |  |  |
March 31 |  | $ | 0.255 |  |  | $ | 0.245 |
June 30 |  | N/A |  |  |  | 0.245 |
September 30 |  | N/A |  |  |  | 0.245 |
December 31 |  | N/A |  |  |  | 0.245 |
Total annual dividends per share declared and paid |  | $ | 0.255 |  |  | $ | 0.980 |

N/A – Not applicable

42

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information about our dividend equivalents on RSU awards.

Share-Based and Other Compensation Programs

In the three months ended March 31, 2025, we did not grant any material amounts of performance-based or time-based awards in the form of non-qualified stock options, restricted stock, restricted stock units, phantom stock or stock appreciation rights. See Note 17 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information regarding the Company’s share-based and other compensation programs.

15. Accumulated Other Comprehensive Income (Loss)

The following tables show the rollforward of accumulated other comprehensive income (loss) for the periods indicated.

Rollforward of accumulated other comprehensive income (loss) |
|  | Three Months Ended March 31, 2025 |
(In thousands) |  | Before Tax |  |  | Tax Effect |  |  | Net of Tax |
Balance at beginning of period |  | $ | (443,340 | ) |  | $ | (93,102 | ) |  | $ | (350,238 | )
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized |  |  | 67,875 |  |  |  | 14,254 |  |  |  | 53,621 |
Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) |  |  |  |  |  |  |  |  |
Net realized gains (losses) on disposals and non-credit related impairment losses |  |  | (2,349 | ) |  |  | (493 | ) |  |  | (1,856 | )
Net unrealized gains (losses) on investments |  |  | 70,224 |  |  |  | 14,747 |  |  |  | 55,477 |
Other adjustments to comprehensive income (loss), net |  |  | 58 |  |  |  | 13 |  |  |  | 45 |
Other comprehensive income (loss) |  |  | 70,282 |  |  |  | 14,760 |  |  |  | 55,522 |
Balance at end of period |  | $ | (373,058 | ) |  | $ | (78,342 | ) |  | $ | (294,716 | )
|  | Three Months Ended March 31, 2024 |
(In thousands) |  | Before Tax |  |  | Tax Effect |  |  | Net of Tax |
Balance at beginning of period |  | $ | (418,799 | ) |  | $ | (87,948 | ) |  | $ | (330,851 | )
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized |  |  | (43,655 | ) |  |  | (9,168 | ) |  |  | (34,487 | )
Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) |  |  |  |  |  |  |  |  |
Net realized gains (losses) on disposals and non-credit related impairment losses |  |  | (3,684 | ) |  |  | (774 | ) |  |  | (2,910 | )
Net unrealized gains (losses) on investments |  |  | (39,971 | ) |  |  | (8,394 | ) |  |  | (31,577 | )
Other adjustments to comprehensive income, net |  |  | (86 | ) |  |  | (18 | ) |  |  | (68 | )
Other comprehensive income (loss) |  |  | (40,057 | ) |  |  | (8,412 | ) |  |  | (31,645 | )
Balance at end of period |  | $ | (458,856 | ) |  | $ | (96,360 | ) |  | $ | (362,496 | )

(1)
Included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations.

43

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

16. Statutory Information

Our insurance subsidiaries’ statutory net income (loss) for the periods indicated, and statutory policyholders’ surplus as of the dates indicated, are as follows.

Statutory net income (loss) |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Radian Guaranty |  | $ | 186,096 |  |  | $ | 200,483 |
Other mortgage insurance subsidiaries |  |  | 477 |  |  |  | (430 | )
Radian Title Insurance |  |  | 389 |  |  |  | 584 |

Statutory policyholders’ surplus |  |  |  |  |  |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
Radian Guaranty |  | $ | 708,292 |  |  | $ | 722,861 |
Other mortgage insurance subsidiaries |  |  | 16,210 |  |  |  | 16,515 |
Radian Title Insurance |  |  | 43,914 |  |  |  | 43,540 |

Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in certain states, a maximum ratio of net RIF relative to statutory capital, or Risk-to-capital. The most common Statutory RBC Requirement is that a mortgage insurer’s Risk-to-capital may not exceed 25 to 1. In certain of the RBC States, a mortgage insurer must satisfy an MPP Requirement. Radian Guaranty was in compliance with all applicable Statutory RBC Requirements and MPP Requirements in each of the RBC States as of March 31, 2025. Radian Guaranty’s Risk-to-capital was 10.2:1 as of each of March 31, 2025, and December 31, 2024. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus plus statutory contingency reserves. Our other mortgage insurance and title insurance subsidiaries were also in compliance with all statutory and counterparty capital requirements as of March 31, 2025.

In addition, in order to be eligible to insure loans purchased by the GSEs, mortgage insurers such as Radian Guaranty must meet the GSEs’ eligibility requirements, or PMIERs. At March 31, 2025, Radian Guaranty, an approved mortgage insurer under the PMIERs, was in compliance with the current PMIERs financial requirements.

State insurance regulations include various capital requirements and dividend restrictions based on our insurance subsidiaries’ statutory financial position and results of operations. As of March 31, 2025, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.6 billion of our consolidated net assets.

While all proposed dividends and distributions to stockholders must be filed with the Pennsylvania Insurance Department before payment, if a Pennsylvania domiciled insurer has positive unassigned surplus, such insurer can pay dividends or other distributions out of unassigned surplus during any 12-month period in an aggregate amount less than or equal to the greater of: (i) 10% of the preceding year-end statutory policyholders’ surplus or (ii) the preceding year’s statutory net income, in each case without the prior approval of the Pennsylvania Insurance Department.

Radian Guaranty had positive unassigned surplus of $223 million as of December 31, 2024, providing it with the ability to pay ordinary dividends in the first quarter of 2025, subject to the above restrictions under Pennsylvania’s insurance laws. Additionally, statutory accounting principles permit insurance companies with positive unassigned funds, such as Radian Guaranty, to return capital through distributions from paid in surplus, not just distributions as dividends from unassigned surplus. Under Pennsylvania insurance laws, an insurer must receive approval from the Pennsylvania Insurance Department to account for a distribution as a return of capital. Radian Guaranty sought and received such approval to treat its $200 million distribution to Radian Group in the first quarter of 2025 as a return of capital from paid in surplus. As a result, during the first quarter of 2025, Radian Guaranty’s common stock and paid in surplus balance declined from $500 million to $300 million, while its positive unassigned surplus increased to $408 million. Radian Guaranty maintains the ability to pay additional ordinary dividends during the remainder of 2025.

44

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

For a full description of our compliance with statutory and other regulations for our mortgage insurance and title insurance businesses, including statutory capital requirements and dividend restrictions, see Note 16 of Notes to Consolidated Financial Statements in our 2024 Form 10-K.

45

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

The disclosures in this quarterly report are complementary to those made in our 2024 Form 10-K and should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in this report, as well as our audited financial statements, notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K.

The following analysis of our financial condition and results of operations as of and for the three months ended March 31, 2025, provides information that evaluates our financial condition as of March 31, 2025, compared with December 31, 2024, and our results of operations for the three months ended March 31, 2025, compared to the same period last year.

Investors should review the “Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions” and “Item 1A. Risk Factors” herein, and in our 2024 Form 10-K for a discussion of those risks and uncertainties that have the potential to adversely affect our business, financial condition, results of operations, cash flows or prospects. Our results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. See “Overview of Business Operating Environment” below and Note 1 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

INDEX TO ITEM 2 | Page
Overview of Business Operating Environment | 46
Key Factors Affecting Our Results | 47
Mortgage Insurance Portfolio Metrics | 47
Results of Operations—Consolidated | 51
Results of Operations—Mortgage Insurance | 55
Results of Operations—All Other | 61
Liquidity and Capital Resources | 61
Critical Accounting Estimates | 66

Over view of Business Operating Environment

We are a mortgage and real estate company with one reportable business segment—Mortgage Insurance.

Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans, and also offers other credit risk management solutions to our customers.

Our other immaterial businesses are reported collectively as All Other and consist of our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses, which provide our existing and new customers with an array of products and services across the residential real estate and mortgage finance industries.

As a mortgage and real estate company, our business results are subject to seasonal fluctuations impacting mortgage and real estate markets as well as macroeconomic conditions and specific events that impact the housing, housing finance and residential real estate markets and the credit performance of our mortgage insurance portfolio. Among others, these factors may include home prices and housing supply, inflationary pressures, the interest rate environment and the risk of recession, unemployment levels, the volume of mortgage originations and the availability of credit, national and regional economic conditions, legislative and regulatory developments and other events, including macroeconomic stresses and uncertainties related to the recent actions taken by the current presidential administration and responses thereto, as well as other political and geopolitical events and global conflicts. In addition, as discussed in “Item 1A. Risk Factors” herein, the impact of the recent actions of the current presidential administration on, among other things, the macroeconomic environment and regulatory policies could exacerbate the risks and uncertainties set forth in “Item 1A. Risk Factors” in our 2024 Form 10-K and could negatively impact our businesses and financial results. See also “Management’s Discussion and Analysis of

46

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

Financial Condition and Results of Operations,” in our 2024 Form 10-K for additional discussion of the primary factors affecting the current operating environment for our businesses.

Despite risks and uncertainties, we believe that mortgage industry fundamentals remain strong, including as a result of the improvements to the mortgage and real estate ecosystem since the great financial crisis in 2008, such as more stringent underwriting and product standards, higher-quality borrowers with strong credit profiles and strengthened mortgage loan servicing and government support to help borrowers stay in their homes. Consistent with the trends observed in recent periods, the economic and market conditions impacting our results for the first three months of 2025 remained generally favorable.

Legislative and Regulatory Developments

We are subject to comprehensive regulation by both federal and state regulatory authorities. For a description of significant state and federal regulations and other requirements of the GSEs that are applicable to our businesses, as well as legislative and regulatory developments affecting the housing finance industry, see “Item 1. Business—Regulation” in our 2024 Form 10-K. There were no significant regulatory developments impacting our businesses from those discussed in our 2024 Form 10-K.

Recent Company Developments

Consistent with our use of risk distribution strategies to effectively manage capital and proactively mitigate risk, in April 2025, Radian Guaranty agreed to principal terms on three quota share reinsurance arrangements, each with its own panel of third-party reinsurance providers. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information on these quota share reinsurance arrangements and our other reinsurance transactions.

Key Factors Affe cting Our Results

The key factors affecting our results are discussed in our 2024 Form 10-K. There have been no material changes to these key factors.

Mortgage Ins urance Portfolio Metrics

New Insurance Written

We wrote $9.5 billion of primary new mortgage insurance in the three months ended March 31, 2025, compared to $11.5 billion of NIW in the three months ended March 31, 2024.

According to industry estimates, mortgage origination volume for home purchases, for which private mortgage insurance has a significantly higher penetration rate than for mortgage refinances and therefore typically drives our NIW, was flat for the three months ended March 31, 2025, as compared to the same period in 2024. In addition, we estimate that our market share of total private mortgage insurance volume was lower in the first quarter of 2025, compared to an elevated market share level in the first quarter of 2024. As a result of these factors, our NIW decreased by 18% for the three months ended March 31, 2025, compared to the same period in 2024.

The following table provides selected information for the periods indicated related to our mortgage insurance NIW. For direct Single Premium Policies, NIW includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated).

47

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

NIW |  |  |  |  |  |
|  | Three Months Ended March 31, |
($ in millions) |  | 2025 |  |  | 2024 |
NIW |  | $ | 9,489 |  |  | $ | 11,534 |
Primary risk written |  | $ | 2,455 |  |  | $ | 2,975 |
Average coverage percentage |  |  | 25.9 | % |  |  | 25.8 | %
NIW by loan purpose |  |  |  |  |  |
Purchases |  |  | 95.6 | % |  |  | 96.9 | %
Refinances |  |  | 4.4 | % |  |  | 3.1 | %
NIW by premium type |  |  |  |  |  |
Direct Monthly and Other Recurring Premiums |  |  | 96.4 | % |  |  | 96.7 | %
Direct single premiums |  |  | 3.6 | % |  |  | 3.3 | %
NIW by FICO score (1) |  |  |  |  |  |
>=740 |  |  | 68.1 | % |  |  | 67.3 | %
680-739 |  |  | 27.0 | % |  |  | 27.1 | %
620-679 |  |  | 4.9 | % |  |  | 5.6 | %
<=619 |  |  | 0.0 | % |  |  | 0.0 | %
NIW by LTV (2) |  |  |  |  |  |
95.01% and above |  |  | 15.6 | % |  |  | 15.4 | %
90.01% to 95.00% |  |  | 41.5 | % |  |  | 40.8 | %
85.01% to 90.00% |  |  | 32.3 | % |  |  | 31.3 | %
85.00% and below |  |  | 10.6 | % |  |  | 12.5 | %

(1)
For loans with multiple borrowers, the percentage of NIW by FICO score represents the lowest of the borrowers’ FICO scores at origination.
(2)
LTV at origination.

48

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

Insurance and Risk in Force

Year of origination - IIF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in billions) |  | IIF as of: |
By vintage: |  | March 31, 2025 |  |  | December 31, 2024 |  |  | March 31, 2024 |
2025 |  | $ | 9.4 |  |  |  | 3.4 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
2024 |  |  | 48.1 |  |  |  | 17.5 | % |  |  | 49.3 |  |  |  | 17.9 | % |  |  | 11.4 |  |  |  | 4.2 | %
2023 |  |  | 44.1 |  |  |  | 16.1 | % |  |  | 45.3 |  |  |  | 16.5 | % |  |  | 49.5 |  |  |  | 18.3 | %
2022 |  |  | 52.6 |  |  |  | 19.2 | % |  |  | 54.2 |  |  |  | 19.7 | % |  |  | 59.3 |  |  |  | 21.9 | %
2021 |  |  | 51.0 |  |  |  | 18.6 | % |  |  | 53.5 |  |  |  | 19.4 | % |  |  | 62.7 |  |  |  | 23.1 | %
2020 |  |  | 32.4 |  |  |  | 11.8 | % |  |  | 34.1 |  |  |  | 12.4 | % |  |  | 42.5 |  |  |  | 15.7 | %
2009 - 2019 |  |  | 30.3 |  |  |  | 11.1 | % |  |  | 32.2 |  |  |  | 11.7 | % |  |  | 38.2 |  |  |  | 14.1 | %
2008 & Prior |  |  | 6.3 |  |  |  | 2.3 | % |  |  | 6.5 |  |  |  | 2.4 | % |  |  | 7.4 |  |  |  | 2.7 | %
Total |  | $ | 274.2 |  |  |  | 100.0 | % |  | $ | 275.1 |  |  |  | 100.0 | % |  | $ | 271.0 |  |  |  | 100.0 | %

The primary driver of the future premiums that we expect to earn over time is our IIF, which increases as a result of our NIW and decreases as a result of policy cancellations and amortization.

Historically, there is a close correlation between interest rates and Persistency Rates. Higher interest rate environments generally decrease refinancings, which decrease the cancellation rate of our insurance and positively affect our Persistency Rates. As shown in the table below, our 12-month Persistency Rate at March 31, 2025, was relatively flat as compared to March 31, 2024.

As of March 31, 2025, 66% of our IIF had a mortgage note interest rate of 6.0% or less, which remains below the current prevailing mortgage interest rates based on reported industry averages. If mortgage rates were to decrease, however, refinance volumes could increase, which could have a negative impact on our Persistency Rate and the size of our IIF portfolio. See “If the length of time that our mortgage insurance policies remain in force declines, it could result in a decrease in our future revenues” under “Item 1A. Risk Factors” in our 2024 Form 10-K for more information.

The following table provides selected information as of and for the periods indicated related to mortgage insurance IIF and RIF. Throughout this report, unless otherwise noted, RIF is presented on a gross basis and includes the amount ceded under reinsurance. RIF and IIF for direct Single Premium Policies include policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated).

49

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

IIF and RIF |  |  |  |  |  |  |  |  |
($ in millions) |  | March 31, 2025 |  |  | December 31, 2024 |  |  | March 31, 2024 |
Primary IIF |  | $ | 274,159 |  |  | $ | 275,126 |  |  | $ | 270,986 |
Primary RIF |  | $ | 71,958 |  |  | $ | 72,074 |  |  | $ | 70,299 |
Average coverage percentage |  |  | 26.2 | % |  |  | 26.2 | % |  |  | 25.9 | %
Persistency Rate (12 months ended) |  |  | 83.7 | % |  |  | 83.6 | % |  |  | 84.3 | %
Persistency Rate (quarterly, annualized) (1) |  |  | 85.7 | % |  |  | 82.7 | % |  |  | 85.3 | %
Primary RIF by premium type |  |  |  |  |  |  |  |  |
Direct Monthly and Other Recurring Premiums |  |  | 90.1 | % |  |  | 90.0 | % |  |  | 89.2 | %
Direct single premiums |  |  | 9.9 | % |  |  | 10.0 | % |  |  | 10.8 | %
Primary RIF by FICO score (2) |  |  |  |  |  |  |  |  |
>=740 |  |  | 60.3 | % |  |  | 60.1 | % |  |  | 58.8 | %
680-739 |  |  | 32.4 | % |  |  | 32.6 | % |  |  | 33.6 | %
620-679 |  |  | 7.0 | % |  |  | 7.0 | % |  |  | 7.3 | %
<=619 |  |  | 0.3 | % |  |  | 0.3 | % |  |  | 0.3 | %
Primary RIF by LTV (3) |  |  |  |  |  |  |  |  |
95.01% and above |  |  | 20.0 | % |  |  | 19.8 | % |  |  | 18.9 | %
90.01% to 95.00% |  |  | 47.9 | % |  |  | 47.9 | % |  |  | 48.2 | %
85.01% to 90.00% |  |  | 27.3 | % |  |  | 27.3 | % |  |  | 27.1 | %
85.00% and below |  |  | 4.8 | % |  |  | 5.0 | % |  |  | 5.8 | %

(1)
The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter ending as of the date shown. It may be impacted by seasonality or other factors, including the level of refinance activity during the applicable periods, and may not be indicative of full-year trends.
(2)
For loans with multiple borrowers, the percentage of primary RIF by FICO score represents the lowest of the borrowers’ FICO scores at origination.
(3)
LTV at origination.

Risk Distribution

We use third-party reinsurance in our Mortgage Insurance business as part of our risk distribution strategy, including to manage our capital position and risk profile.

The impact of these programs on our financial results will vary depending on the level of ceded RIF, as well as the levels of prepayments and incurred losses on the reinsured portfolios, among other factors. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results—Mortgage Insurance—Risk Distribution” in our 2024 Form 10-K and Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements in this report for more information about our reinsurance transactions.

50

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

The table below provides information about the amounts by which Radian Guaranty’s reinsurance programs reduce its Minimum Required Assets.

PMIERs benefit from risk distribution |  |  |  |  |  |
($ in thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
PMIERs impact - reduction in Minimum Required Assets |  |  |  |  |  |
XOL Program |  |  |  |  |  |
Mortgage insurance-linked notes |  | $ | 514,779 |  |  | $ | 558,939 |
Traditional reinsurance |  |  | 144,139 |  |  |  | 160,742 |
Total XOL Program |  |  | 658,918 |  |  |  | 719,681 |
Other QSR Agreements (1) |  |  | 597,734 |  |  |  | 572,229 |
Single Premium QSR Program |  |  | 168,785 |  |  |  | 172,968 |
Total PMIERs impact |  | $ | 1,425,437 |  |  | $ | 1,464,878 |
Percentage of gross Minimum Required Assets |  |  | 26.6 | % |  |  | 27.4 | %

(1)
Consists primarily of the 2022, 2023 and 2024 QSR Agreements, which include both single and monthly premium policies.

See “Results of Operations—Mortgage Insurance—Revenues—Net Premiums Earned” for information about the impact on premiums earned from each of Radian Guaranty’s reinsurance programs.

Results of Operatio ns—Consolidated

Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. Our consolidated operating results for the three months ended March 31, 2025 and 2024, primarily reflect the financial results and performance of our Mortgage Insurance business. See “Results of Operations—Mortgage Insurance” for the operating results of this business segment for the three months ended March 31, 2025, compared to the same period in 2024.

In addition to the results of our operating segments, pretax income (loss) is also affected by those factors described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results” in our 2024 Form 10-K.

51

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

The following table summarizes our consolidated results of operations for the periods indicated.

Summary results of operations - Consolidated |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
($ in thousands, except per-share amounts) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Revenues |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 236,679 |  |  | $ | 235,857 |  |  | $ | 822 |
Services revenue |  |  | 12,116 |  |  |  | 12,588 |  |  |  | (472 | )
Net investment income |  |  | 68,574 |  |  |  | 69,221 |  |  |  | (647 | )
Net gains (losses) on investments and other financial instruments |  |  | (723 | ) |  |  | 490 |  |  |  | (1,213 | )
Income (loss) on consolidated VIEs |  |  | 428 |  |  |  | — |  |  |  | 428 |
Other income |  |  | 1,040 |  |  |  | 1,262 |  |  |  | (222 | )
Total revenues |  |  | 318,114 |  |  |  | 319,418 |  |  |  | (1,304 | )
Expenses |  |  |  |  |  |  |  |  |
Provision for losses |  |  | 15,167 |  |  |  | (7,034 | ) |  |  | (22,201 | )
Policy acquisition costs |  |  | 6,388 |  |  |  | 6,794 |  |  |  | 406 |
Cost of services |  |  | 8,771 |  |  |  | 9,327 |  |  |  | 556 |
Other operating expenses |  |  | 76,849 |  |  |  | 82,636 |  |  |  | 5,787 |
Interest expense |  |  | 22,499 |  |  |  | 29,046 |  |  |  | 6,547 |
Total expenses |  |  | 129,674 |  |  |  | 120,769 |  |  |  | (8,905 | )
Pretax income |  |  | 188,440 |  |  |  | 198,649 |  |  |  | (10,209 | )
Income tax provision |  |  | 43,882 |  |  |  | 46,295 |  |  |  | 2,413 |
Net income |  | $ | 144,558 |  |  | $ | 152,354 |  |  | $ | (7,796 | )
Diluted net income per share |  | $ | 0.98 |  |  | $ | 0.98 |  |  | $ | — |
Return on equity |  |  | 12.6 | % |  |  | 13.8 | % |  |  | (1.2 | )%
Non-GAAP Financial Measures (1) |  |  |  |  |  |  |  |  |
Adjusted pretax operating income |  | $ | 190,834 |  |  | $ | 202,817 |  |  | $ | (11,983 | )
Adjusted diluted net operating income per share |  | $ | 0.99 |  |  | $ | 1.00 |  |  | $ | (0.01 | )
Adjusted net operating return on equity |  |  | 12.7 | % |  |  | 14.1 | % |  |  | (1.4 | )%

(1)
See “Use of Non-GAAP Financial Measures” below.

Revenues

Net Premiums Earned. Net premiums earned increased slightly for the three months ended March 31, 2025, as compared to the same period in 2024. See “Results of Operations—Mortgage Insurance—Revenues—Net Premiums Earned” for more information.

Services Revenue. See Note 4 of Notes to Unaudited Condensed Consolidated Financial Statements for a disaggregation of services revenue by revenue type.

Net Investment Income. See Note 6 of Notes to Unaudited Condensed Consolidated Financial Statements for comparative detail about net investment income. See “Results of Operations—Mortgage Insurance—Revenues—Net Investment Income” and “Results of Operations—All Other” for more information.

Net Gains (Losses) on Investments and Other Financial Instruments. See Note 6 of Notes to Unaudited Condensed Consolidated Financial Statements for comparative detail about net gains (losses) on investments and other financial instruments by investment category.

52

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

Expenses

Provision for Losses. The change in the provision for losses for the three months ended March 31, 2025, as compared to the same period in 2024, is primarily driven by a reduction in favorable development on prior period defaults, which impacted our mortgage insurance reserves. See “Results of Operations—Mortgage Insurance—Expenses—Provision for Losses” for more information.

Other Operating Expenses. Other operating expenses decreased for the three months ended March 31, 2025, as compared to the same period in 2024, primarily driven by the impact of expense reduction initiatives for certain of the businesses that comprise All Other activities. For additional information, see “Expenses—Other Operating Expenses” under both “Results of Operations—Mortgage Insurance” and “Results of Operations—All Other.”

Interest Expense. The decrease in interest expense for the three months ended March 31, 2025, as compared to the same period in 2024, is primarily due to: (i) a decline in senior notes outstanding and (ii) the impact of a $4 million loss on extinguishment of debt related to the redemption of senior notes in March of 2024. This decrease was partially offset by an increase in secured borrowings under our mortgage loan financing facilities. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional detail about our interest expense.

Income Tax Provision

Our provision for income taxes for interim period is established based on our estimated annual effective tax rate for a given year and reflects the impact of discrete tax effects in the period in which they occur.

Our effective tax rate for each of the three months ended March 31, 2025 and 2024, was 23.3%. For the three months ended March 31, 2025 and 2024, the effects of non-deductible executive compensation expense and state income taxes were the primary drivers of the difference in our effective tax rate compared to the federal statutory rate.

Use of Non-GAAP Financial Measures

In addition to traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, for the reasons discussed above we believe these measures aid in understanding the underlying performance of our operations.

Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share or return on equity. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, as discussed and reconciled below to the most comparable respective GAAP measures, may not be comparable to similarly named measures reported by other companies.

Beginning with the first quarter of 2025, when calculating adjusted diluted net operating income per share and adjusted net operating return on equity, the Company no longer adjusts for the difference between the Company’s statutory and effective tax rates to calculate those non-GAAP financial measures using the Company’s federal statutory tax rate of 21%. The impact of this incremental adjustment for the difference between the Company’s statutory and effective tax rates has been immaterial in recent periods because the number and magnitude of non-recurring fluctuations in the Company’s effective tax rate have declined in recent years. As such, the Company believes that this incremental adjustment for the difference between the two rates is no longer meaningful to users of our financial statements. We have reflected this change in our calculations of adjusted diluted net operating income per share and adjusted net operating return on equity for all periods presented herein. As it relates to the impact of reconciling income (expense) items included in these non-GAAP financial measures, the Company continues to reflect these items on a gross basis and calculates the income tax provision (benefit) on these items using the Company’s federal statutory tax rate of 21%.

53

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

Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of the Company’s business segments and to allocate resources to the segments. For detailed information regarding items excluded from adjusted pretax operating income (loss) and the reasons for their treatment, see Note 4 of Notes to Consolidated Financial Statements and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Consolidated—Use of Non-GAAP Financial Measures,” each in our 2024 Form 10-K.

Adjusted pretax operating income (loss) is defined as GAAP consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others.

The following table provides a reconciliation of pretax income to our non-GAAP financial measure of adjusted pretax operating income, both calculated on a consolidated Company basis.

Reconciliation of consolidated pretax income to adjusted pretax operating income |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Consolidated pretax income |  | $ | 188,440 |  |  | $ | 198,649 |
Less: income (expense) items |  |  |  |  |  |
Net gains (losses) on investments and other financial instruments (1) |  |  | (2,010 | ) |  |  | 107 |
Impairment of other long-lived assets and other non-operating items (2) |  |  | (384 | ) |  |  | (4,275 | )
Total adjusted pretax operating income (3) |  | $ | 190,834 |  |  | $ | 202,817 |

(1)
Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss).
(2)
The non-operating item for the three months ended March 31, 2024, relates to a loss on extinguishment of debt.
(3)
Total adjusted pretax operating income on a consolidated basis consists of adjusted pretax operating income (loss) for our Mortgage Insurance segment and All Other activities, as further detailed in Note 4 of Notes to Unaudited Condensed Consolidated Financial Statements.

Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the Company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. As discussed above, for purposes of this non-GAAP financial measure, the income tax provision (benefit) on the reconciling income (expense) items is calculated using the Company’s federal statutory tax rate. The following table provides a reconciliation of diluted net income (loss) per share to our non-GAAP financial measure of adjusted diluted net operating income (loss) per share, both calculated on a consolidated Company basis.

Reconciliation of diluted net income per share to adjusted diluted net operating income per share |
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Diluted net income per share |  | $ | 0.98 |  |  | $ | 0.98 |
Less: per-share impact of reconciling income (expense) items |  |  |  |  |  |
Net gains (losses) on investments and other financial instruments |  |  | (0.01 | ) |  |  | — |
Impairment of other long-lived assets and other non-operating items |  |  | — |  |  |  | (0.03 | )
Income tax (provision) benefit on reconciling income (expense) items (1) |  |  | — |  |  |  | 0.01 |
Per-share impact of reconciling income (expense) items |  |  | (0.01 | ) |  |  | (0.02 | )
Adjusted diluted net operating income per share |  | $ | 0.99 |  |  | $ | 1.00 |

(1)
Calculated using the Company’s federal statutory tax rate of 21%.

54

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

Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the Company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. As discussed above, for purposes of this non-GAAP financial measure, the income tax provision (benefit) on the reconciling income (expense) items is calculated using the Company’s federal statutory tax rate. The following table provides a reconciliation of return on equity to our non-GAAP financial measure of adjusted net operating return on equity, both calculated on a consolidated Company basis.

Reconciliation of return on equity to adjusted net operating return on equity |
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Return on equity (1) |  |  | 12.6 | % |  |  | 13.8 | %
Less: impact of reconciling income (expense) items (2) |  |  |  |  |  |
Net gains (losses) on investments and other financial instruments |  |  | (0.2 | )% |  |  | — | %
Impairment of other long-lived assets and other non-operating items |  |  | — | % |  |  | (0.4 | )%
Income tax (provision) benefit on reconciling income (expense) items (3) |  |  | 0.1 | % |  |  | 0.1 | %
Impact of reconciling income (expense) items |  |  | (0.1 | )% |  |  | (0.3 | )%
Adjusted net operating return on equity |  |  | 12.7 | % |  |  | 14.1 | %

(1)
Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
(2)
Annualized, as a percentage of average stockholders’ equity.
(3)
Calculated using the Company’s federal statutory tax rate of 21%.

Results of Operations—Mortgage Insurance

The following table summarizes our Mortgage Insurance segment’s results of operations for the periods indicated.

Summary results of operations - Mortgage Insurance |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Revenues |  |  |  |  |  |  |  |  |
Net premiums written |  | $ | 230,250 |  |  | $ | 231,877 |  |  | $ | (1,627 | )
(Increase) decrease in unearned premiums |  |  | 3,794 |  |  |  | 2,122 |  |  |  | 1,672 |
Net premiums earned |  |  | 234,044 |  |  |  | 233,999 |  |  |  | 45 |
Services revenue |  |  | 174 |  |  |  | 210 |  |  |  | (36 | )
Net investment income |  |  | 48,451 |  |  |  | 49,574 |  |  |  | (1,123 | )
Other income |  |  | 1,629 |  |  |  | 1,240 |  |  |  | 389 |
Total revenues |  |  | 284,298 |  |  |  | 285,023 |  |  |  | (725 | )
Expenses |  |  |  |  |  |  |  |  |
Provision for losses |  |  | 15,340 |  |  |  | (6,886 | ) |  |  | (22,226 | )
Policy acquisition costs |  |  | 6,388 |  |  |  | 6,794 |  |  |  | 406 |
Cost of services |  |  | 98 |  |  |  | 153 |  |  |  | 55 |
Other operating expenses |  |  | 51,690 |  |  |  | 51,779 |  |  |  | 89 |
Interest expense |  |  | 16,489 |  |  |  | 23,333 |  |  |  | 6,844 |
Total expenses |  |  | 90,005 |  |  |  | 75,173 |  |  |  | (14,832 | )
Adjusted pretax operating income (1) |  | $ | 194,293 |  |  | $ | 209,850 |  |  | $ | (15,557 | )

(1)
Our senior management uses adjusted pretax operating income as our primary measure to evaluate the fundamental financial performance of our business segments. See Note 4 of Notes to Unaudited Condensed Consolidated Financial Statements for more information.

55

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

Revenues

Net Premiums Earned. Net premiums earned was flat for the three months ended March 31, 2025, as compared to the same period in 2024.

The table below provides additional information about the components of mortgage insurance net premiums earned for the periods indicated, including the effects of our reinsurance programs.

Net premiums earned |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
(In thousands, except as otherwise indicated) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Direct |  |  |  |  |  |  |  |  |
Premiums earned, excluding revenue from cancellations |  | $ | 260,705 |  |  | $ | 258,593 |  |  | $ | 2,112 |
Single Premium Policy cancellations |  |  | 1,206 |  |  |  | 2,114 |  |  |  | (908 | )
Direct |  |  | 261,911 |  |  |  | 260,707 |  |  |  | 1,204 |
Ceded |  |  |  |  |  |  |  |  |
Premiums earned, excluding revenue from cancellations |  |  | (42,288 | ) |  |  | (38,997 | ) |  |  | (3,291 | )
Single Premium Policy cancellations (1) |  |  | 902 |  |  |  | (112 | ) |  |  | 1,014 |
Profit commission—other (2) |  |  | 13,519 |  |  |  | 12,401 |  |  |  | 1,118 |
Ceded premiums, net of profit commission |  |  | (27,867 | ) |  |  | (26,708 | ) |  |  | (1,159 | )
Total net premiums earned |  | $ | 234,044 |  |  | $ | 233,999 |  |  | $ | 45 |
In force portfolio premium yield (in basis points) (3) |  |  | 38.0 |  |  |  | 38.2 |  |  |  | (0.2 | )
Direct premium yield (in basis points) (4) |  |  | 38.1 |  |  |  | 38.5 |  |  |  | (0.4 | )
Net premium yield (in basis points) (5) |  |  | 34.1 |  |  |  | 34.6 |  |  |  | (0.5 | )
Average primary IIF (in billions) (6) |  | $ | 274.6 |  |  | $ | 270.5 |  |  | $ | 4.1 |

(1)
Includes the impact of related profit commissions.
(2)
Represents the profit commission on the Single Premium QSR Program and 2022, 2023 and 2024 QSR Agreements, excluding the impact of Single Premium Policy cancellations.
(3)
Calculated by dividing annualized direct premiums earned, excluding revenue from cancellations, by average primary IIF.
(4)
Calculated by dividing annualized direct premiums earned, by average primary IIF.
(5)
Calculated by dividing annualized net premiums earned by average primary IIF. The calculation for all periods presented incorporates the impact of profit commission adjustments related to our reinsurance programs.
(6)
The average of beginning and ending balances of primary IIF, for each period presented.

The level of mortgage prepayments affects the revenue ultimately produced by our mortgage insurance business and is influenced by the mix of business we write. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results—Mortgage Insurance—IIF and Related Drivers” in our 2024 Form 10-K for more information.

56

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

The following table provides information related to the impact of our reinsurance transactions on premiums earned. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for more information about our reinsurance programs.

Ceded premiums earned |  |  |  |  |  |
|  | Three Months Ended March 31, |
($ in thousands) |  | 2025 |  |  | 2024 |
XOL Program |  |  |  |  |  |
Mortgage insurance-linked notes |  | $ | 7,735 |  |  | $ | 10,058 |
Traditional reinsurance |  |  | 1,812 |  |  |  | 2,364 |
Total XOL Program |  |  | 9,547 |  |  |  | 12,422 |
Other QSR Agreements (1) |  |  | 16,043 |  |  |  | 12,094 |
Single Premium QSR Program (2) |  |  | 2,277 |  |  |  | 2,192 |
Total ceded premiums earned (3) |  | $ | 27,867 |  |  | $ | 26,708 |
Percentage of total direct and assumed premiums earned |  |  | 10.6 | % |  |  | 10.2 | %

(1)
Consists primarily of the 2022, 2023 and 2024 QSR Agreements.
(2)
Includes the impact of changes in the profit commission retained by the Company due to changes in loss reserves.
(3)
Does not include the benefit from ceding commissions from the reinsurance agreements in our QSR Program, which is primarily included in other operating expenses in our condensed consolidated statements of operations. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

Net Investment Income. Lower investment balances were the primary driver of the decrease in net investment income for the three months ended March 31, 2025, as compared to the same period in 2024.

The following table provides information related to our Mortgage Insurance subsidiaries’ investment balances and investment yields for the periods indicated.

Investment balances and yields |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
($ in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Investment income |  | $ | 51,067 |  |  | $ | 51,810 |  |  | $ | (743 | )
Investment expenses |  |  | (2,616 | ) |  |  | (2,236 | ) |  |  | (380 | )
Net investment income |  | $ | 48,451 |  |  | $ | 49,574 |  |  | $ | (1,123 | )
Average investments (1) |  | $ | 5,393,144 |  |  | $ | 5,456,160 |  |  | $ | (63,016 | )
Average investment yield (2) |  |  | 3.6 | % |  |  | 3.6 | % |  |  | (0.0 | )%

(1)
For each period presented, reflects the average of the beginning and ending amortized cost for each month of the quarter, based on the investments held by our Mortgage Insurance subsidiaries.
(2)
Calculated by dividing annualized net investment income by average investments balance.

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

Expenses

Provision for Losses. The following table details the financial impact of the significant components of our provision for losses for the periods indicated.

Provision for losses |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
($ in thousands, except reserve per new default) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Current period defaults (1) |  | $ | 53,740 |  |  | $ | 53,688 |  |  | $ | (52 | )
Prior period defaults (2) |  |  | (38,400 | ) |  |  | (60,574 | ) |  |  | (22,174 | )
Total provision for losses |  | $ | 15,340 |  |  | $ | (6,886 | ) |  | $ | (22,226 | )
Loss ratio (3) |  |  | 6.6 | % |  |  | (2.9 | )% |  |  | (9.5 | )%
Reserve per new default (4) |  | $ | 4,298 |  |  | $ | 4,567 |  |  | $ | 269 |

(1)
Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.
(2)
Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.
(3)
Provision for losses as a percentage of net premiums earned.
(4)
Calculated by dividing provision for losses for new defaults, net of reinsurance, by new primary defaults for each period.

Current period new primary defaults increased by 6% for the three months ended March 31, 2025, compared to the same period in 2024, as shown below, which is consistent with the natural seasoning of the portfolio given the increase in our IIF in recent years. Our gross Default to Claim Rate assumption for new primary defaults was 7.5% and 8.0% at March 31, 2025 and 2024, respectively, as we continue to closely monitor the trends in Cures and claims paid for our default inventory, while also weighing the risks and uncertainties associated with the current economic environment.

Our provision for losses during the three months ended March 31, 2025, and the same period in 2024, was positively impacted by favorable reserve development on prior period defaults, primarily as a result of more favorable trends in Cures than originally estimated. These Cures have been due primarily to favorable outcomes resulting from positive trends in home price appreciation, which has also contributed to a higher rate of claims that result in no ultimate loss and that are withdrawn by servicers as a result. These favorable observed trends resulted in reductions in our Default to Claim Rate and other reserve adjustments for prior year default notices, including our Claim Severity assumptions in 2024.

See Note 11 of Notes to Unaudited Condensed Consolidated Financial Statements herein for additional information, as well as Notes 1 and 11 of Notes to Consolidated Financial Statements in our 2024 Form 10-K and “Item 1A. Risk Factors” herein and in our 2024 Form 10-K.

Our primary default rate as a percentage of total insured loans at March 31, 2025, was 2.3% compared to 2.4% at December 31, 2024. The following table shows a rollforward of our primary loans in default.

Rollforward of primary loans in default |  |  |  |
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Beginning default inventory |  |  | 24,055 |  |  |  | 22,021 |
New defaults |  |  | 12,505 |  |  |  | 11,756 |
Cures (1) |  |  | (13,640 | ) |  |  | (12,808 | )
Claims paid |  |  | (119 | ) |  |  | (92 | )
Rescissions and Claim Denials (2) |  |  | (43 | ) |  |  | (27 | )
Ending default inventory |  |  | 22,758 |  |  |  | 20,850 |

(1)
Includes submitted claims that resolved without a claim payment.
(2)
Net of any previous Rescissions and Claim Denials that were reinstated during the period. Such reinstated Rescissions and Claim Denials may ultimately result in a paid claim.

58

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

The following tables show additional information about our primary loans in default as of the dates indicated.

Primary loans in default - additional information |
|  | March 31, 2025 |
|  | Total |  |  | Foreclosure Stage Defaulted Loans |  |  | Cure % During the 1st Quarter |  |  | Reserve for Losses |  |  | % of Reserve |
($ in thousands) |  | # |  |  | % |  |  | # |  |  | % |  |  | $ |  |  | % |
Missed payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three payments or less |  |  | 10,834 |  |  |  | 47.6 | % |  |  | 19 |  |  |  | 43.5 | % |  | $ | 98,816 |  |  |  | 28.4 | %
Four to eleven payments |  |  | 8,335 |  |  |  | 36.6 | % |  |  | 362 |  |  |  | 26.3 | % |  |  | 142,944 |  |  |  | 41.1 | %
Twelve payments or more |  |  | 3,293 |  |  |  | 14.5 | % |  |  | 730 |  |  |  | 14.6 | % |  |  | 88,839 |  |  |  | 25.5 | %
Pending claims |  |  | 296 |  |  |  | 1.3 | % |  | N/A |  |  |  | 23.9 | % |  |  | 17,397 |  |  |  | 5.0 | %
Total |  |  | 22,758 |  |  |  | 100.0 | % |  |  | 1,111 |  |  |  |  |  |  | 347,996 |  |  |  | 100.0 | %
LAE |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,043 |  |  |  |
IBNR |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,784 |  |  |  |
Total primary reserve (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 361,823 |  |  |  |

|  | December 31, 2024 |
|  | Total |  |  | Foreclosure Stage Defaulted Loans |  |  | Cure % During the 4th Quarter |  |  | Reserve for Losses |  |  | % of Reserve |
($ in thousands) |  | # |  |  | % |  |  | # |  |  | % |  |  | $ |  |  | % |
Missed payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three payments or less |  |  | 12,699 |  |  |  | 52.8 | % |  |  | 26 |  |  |  | 37.5 | % |  | $ | 103,078 |  |  |  | 30.6 | %
Four to eleven payments |  |  | 7,833 |  |  |  | 32.6 | % |  |  | 316 |  |  |  | 25.9 | % |  |  | 130,267 |  |  |  | 38.7 | %
Twelve payments or more |  |  | 3,230 |  |  |  | 13.4 | % |  |  | 719 |  |  |  | 16.1 | % |  |  | 87,163 |  |  |  | 25.9 | %
Pending claims |  |  | 293 |  |  |  | 1.2 | % |  | N/A |  |  |  | 34.1 | % |  |  | 16,046 |  |  |  | 4.8 | %
Total |  |  | 24,055 |  |  |  | 100.0 | % |  |  | 1,061 |  |  |  |  |  |  | 336,554 |  |  |  | 100.0 | %
LAE |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,641 |  |  |  |
IBNR |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,757 |  |  |  |
Total primary reserve (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 349,952 |  |  |  |

N/A – Not applicable

(1)
Excludes pool and other reserves. See Note 11 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

We develop our Default to Claim Rate estimates based primarily on models that use a variety of loan characteristics to determine the likelihood that a default will reach claim status. Our aggregate weighted average net Default to Claim Rate assumption for our primary loans used in estimating our reserve for losses, which is net of estimated Claim Denials and Rescissions, was 24% and 23% as of March 31, 2025, and December 31, 2024, respectively. See Note 11 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional details about our Default to Claim Rate assumptions.

Although expected claims are included in our reserve for losses, the timing of claims paid is subject to fluctuation from quarter to quarter based on the rate that defaults cure and other factors (as described in “Item 1. Business—Mortgage Insurance—Defaults and Claims” in our 2024 Form 10-K) that make the timing of paid claims difficult to predict.

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

The following table shows net claims paid by product and the average claim paid by product for the periods indicated.

Claims paid |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net claims paid (1) |  |  |  |  |  |
Primary |  | $ | 4,203 |  |  | $ | 2,254 |
Pool and other |  |  | (919 | ) |  |  | (15 | )
Subtotal |  |  | 3,284 |  |  |  | 2,239 |
LAE |  |  | 949 |  |  |  | 1,148 |
Total net claims paid |  | $ | 4,233 |  |  | $ | 3,387 |
Average net primary claim paid (1) (2) |  | $ | 27.1 |  |  | $ | 22.9 |
Average direct primary claim paid (2) (3) |  | $ | 39.3 |  |  | $ | 23.2 |

(1)
Net of reinsurance recoveries.
(2)
Calculated excluding the impact of: (i) LAE; (ii) commutations and settlements; and (iii) claims resolved without payment, including claims subsequently withdrawn by the servicer.
(3)
Before reinsurance recoveries.

For additional information about our reserve for losses, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our 2024 Form 10-K.

Other Operating Expenses. The following table shows additional information about other operating expenses for our Mortgage Insurance segment, for the periods indicated.

Other operating expenses |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
($ in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Direct |  |  |  |  |  |  |  |  |
Salaries and other base employee expenses |  | $ | 10,933 |  |  | $ | 10,857 |  |  | $ | (76 | )
Variable and share-based incentive compensation |  |  | 5,361 |  |  |  | 4,957 |  |  |  | (404 | )
Other general operating expenses |  |  | 6,996 |  |  |  | 7,100 |  |  |  | 104 |
Ceding commissions |  |  | (6,723 | ) |  |  | (5,644 | ) |  |  | 1,079 |
Total direct |  |  | 16,567 |  |  |  | 17,270 |  |  |  | 703 |
Allocated (1) |  |  |  |  |  |  |  |  |
Salaries and other base employee expenses |  |  | 12,967 |  |  |  | 12,828 |  |  |  | (139 | )
Variable and share-based incentive compensation |  |  | 8,481 |  |  |  | 7,961 |  |  |  | (520 | )
Other general operating expenses |  |  | 13,675 |  |  |  | 13,720 |  |  |  | 45 |
Total allocated |  |  | 35,123 |  |  |  | 34,509 |  |  |  | (614 | )
Total other operating expenses |  | $ | 51,690 |  |  | $ | 51,779 |  |  | $ | 89 |
Expense ratio (2) |  |  | 24.8 | % |  |  | 25.0 | % |  |  | 0.2 | %

(1)
See Note 4 of Notes to Unaudited Condensed Consolidated Financial Statements for more information about our allocation of corporate operating expenses.
(2)
Operating expenses (which consist of policy acquisition costs and other operating expenses, as well as allocated corporate operating expenses), expressed as a percentage of net premiums earned.

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

Results of Ope rations—All Other

The following table summarizes our All Other results of operations for the periods indicated.

Summary results of operations - All Other |
|  | Three Months Ended March 31, |  |  | Change Favorable (Unfavorable) |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |
Revenues |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 2,635 |  |  | $ | 1,858 |  |  | $ | 777 |
Services revenue |  |  | 12,033 |  |  |  | 12,493 |  |  |  | (460 | )
Net investment income |  |  | 20,123 |  |  |  | 19,647 |  |  |  | 476 |
Net gains (losses) on investments and other financial instruments |  |  | 1,287 |  |  |  | 383 |  |  |  | 904 |
Income (loss) on consolidated VIEs |  |  | 428 |  |  |  | — |  |  |  | 428 |
Other income |  |  | (568 | ) |  |  | 25 |  |  |  | (593 | )
Total revenues |  |  | 35,938 |  |  |  | 34,406 |  |  |  | 1,532 |
Expenses |  |  |  |  |  |  |  |  |
Provision for losses |  |  | (173 | ) |  |  | (148 | ) |  |  | 25 |
Cost of services |  |  | 8,673 |  |  |  | 9,174 |  |  |  | 501 |
Other operating expenses |  |  | 24,887 |  |  |  | 30,975 |  |  |  | 6,088 |
Interest expense |  |  | 6,010 |  |  |  | 1,438 |  |  |  | (4,572 | )
Total expenses |  |  | 39,397 |  |  |  | 41,439 |  |  |  | 2,042 |
Adjusted pretax operating income (loss) (1) |  | $ | (3,459 | ) |  | $ | (7,033 | ) |  | $ | 3,574 |

(1)
Our senior management uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of our business segments. See Note 4 of Notes to Unaudited Condensed Consolidated Financial Statements.

Our All Other results include income (losses) from investments held at Radian Group and general corporate operating expenses not attributable or allocated to our reportable segment. All Other also includes the financial results of our immaterial operating segments, comprising our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses.

Liquidity and Ca pital Resources

Consolidated Cash Flows

The following table summarizes our consolidated cash flows from operating, investing and financing activities.

Summary cash flows - Consolidated |  |  |  |  |  |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net cash provided by (used in): |  |  |  |  |  |
Operating activities |  | $ | 67,806 |  |  | $ | 51,044 |
Investing activities |  |  | 106,237 |  |  |  | (73,398 | )
Financing activities |  |  | (187,166 | ) |  |  | 31,114 |
Increase (decrease) in cash and restricted cash |  | $ | (13,123 | ) |  | $ | 8,760 |

Operating Activities. Our most significant source of operating cash flows is from premiums received from our mortgage insurance policies, while our most significant uses of operating cash flows have typically been for our operating expenses, taxes and claims paid on our mortgage insurance policies. In addition, our operating activities also include Radian Mortgage

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

Capital’s purchases and sales of, as well as principal payments received from, residential mortgage loans held for sale, which can fluctuate from period to period. The increase in cash provided by operating activities in the three months ended March 31, 2025, as compared to the same period in 2024, is primarily due to a decrease in cash paid for operating expenses as a result of the Company’s ongoing expense reduction initiatives, which was partially offset by increases in net purchases of residential mortgage loans held for sale, which increased from $114 million in the first quarter of 2024 to $128 million for the same period in 2025.

Investing Activities. Net cash provided by investing activities increased for the three months ended March 31, 2025, as compared to cash used in investing activities in the same period in 2024. The increase was primarily from sales and redemptions, net of purchases, of fixed-maturities available for sale, which helped to fund certain of our financing activities described below.

Financing Activities. For the three months ended March 31, 2025, our primary financing activities impacting cash included: (i) repurchases of our common stock and (ii) payment of dividends. The net use of those financing activities was partially offset by proceeds from the issuance of securitized nonrecourse debt, net of amounts used to pay down a portion of our secured borrowings related to funding from mortgage loan financing facilities. See Notes 12 and 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information regarding our borrowings and share repurchases, respectively.

See “Item 1. Financial Statements (Unaudited)—Condensed Consolidated Statements of Cash Flows (Unaudited)” for additional information.

Liquidity Analysis—Holding Company

Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. At March 31, 2025, Radian Group had available, either directly or through unregulated subsidiaries, unrestricted cash and liquid investments of $834 million. Total liquidity was $1.1 billion as of March 31, 2025, and includes our $275 million unsecured revolving credit facility.

During the three months ended March 31, 2025, Radian Group’s available liquidity decreased by $51 million, due to the payments for dividends and share repurchases, as described below, partially offset by a $200 million return of capital received from Radian Guaranty. See Note 16 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information on this distribution.

In addition to available cash and marketable securities, including net investment income earned on such investments, Radian Group’s principal sources of cash to fund future liquidity needs include: (i) payments made to Radian Group by its subsidiaries under expense- and tax-sharing arrangements and (ii) to the extent available, dividends or other distributions from its subsidiaries.

Radian Group has in place a $275 million unsecured revolving credit facility with a syndicate of bank lenders. The revolving credit facility matures in December 2026, although under certain conditions Radian Group may be required to offer to repay any outstanding amounts and terminate lender commitments earlier than the maturity date. Subject to certain limitations, borrowings under the credit facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to our insurance and other subsidiaries as well as growth initiatives. At March 31, 2025, the full $275 million remained undrawn and available under the facility. See Note 12 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information on the unsecured revolving credit facility.

In connection with our Mortgage Conduit business, Radian Mortgage Capital has entered into the Master Repurchase Agreements. As of March 31, 2025, Radian Group has entered into three separate Parent Guarantees to guaranty the obligations under the Master Repurchase Agreements. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. In addition to financing the acquisition of mortgage loan assets under the Master Repurchase Agreements, Radian Mortgage Capital may fund such purchases directly using capital contributed from Radian Group.

We expect Radian Group’s principal liquidity demands for the next 12 months to be: (i) the payment of corporate expenses, including taxes; (ii) interest payments on our outstanding debt obligations; (iii) the payment of quarterly dividends on our common stock, which are currently $0.255 per share, and which remain subject to approval by our board of directors and our ongoing assessment of our financial condition and potential needs related to the execution and implementation of our business plans and strategies; (iv) the continued repurchases of shares of our common stock pursuant to share repurchase

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

authorizations, as described below; and (v) investments to support our business strategy, including capital contributions to our subsidiaries.

In addition to our ongoing short-term liquidity needs discussed above, our most significant need for liquidity beyond the next 12 months is the repayment of $1.1 billion aggregate principal amount of our senior debt due in future years. See “Capitalization—Holding Company” below for details of our debt maturity profile.

Radian Group’s liquidity demands for the next 12 months or in future periods could also include: (i) early repurchases or redemptions of portions of our debt obligations and (ii) potential payments pursuant to the Parent Guarantees.

For additional information about related risks and uncertainties, see “Our sources of liquidity may be insufficient to fund our obligations” and “Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidity” under “Item 1A. Risk Factors” in our 2024 Form 10-K.

In addition to Radian Group’s existing sources of liquidity to fund its obligations, we may decide to seek additional capital, including by incurring additional debt, issuing additional equity, or selling assets, which we may not be able to do on favorable terms, if at all.

Share Repurchases. During the three months ended March 31, 2025, the Company repurchased 6.5 million shares of Radian Group common stock under programs authorized by Radian Group’s board of directors, at a total cost of $207 million, including commissions. See Note 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details on our share repurchase programs.

Dividends and Dividend Equivalents. In February 2025, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.245 to $0.255 per share. Based on our outstanding shares of common stock and our current dividend level, we would require approximately $144 million in aggregate to pay dividends for the next 12 months, plus an incremental amount for dividend equivalents that will fluctuate based on final shares vested under our performance-based RSU programs. So long as no default or event of default exists under our revolving credit facility or the Parent Guarantees, Radian Group is not subject to any legal or contractual limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details. The declaration, level and payment of future quarterly dividends remains subject to the board of directors’ discretion and determination.

Corporate Expenses and Interest Expense. Radian Group has expense-sharing arrangements in place with its principal operating subsidiaries that require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding debt obligations. Corporate expenses and interest expense on Radian Group’s debt obligations allocated under these arrangements during the three months ended March 31, 2025, of $39 million and $16 million, respectively, were substantially all reimbursed by its subsidiaries. We expect substantially all of our holding company expenses to continue to be reimbursed by our subsidiaries under our expense-sharing arrangements. The expense-sharing arrangements, as amended, between Radian Group and its mortgage insurance subsidiaries have been approved by the Pennsylvania Insurance Department, but such approval may be modified or revoked at any time.

Taxes. Pursuant to our tax-sharing agreements, our operating subsidiaries pay Radian Group an amount equal to any federal income tax the subsidiary would have paid on a standalone basis if they were not part of our consolidated tax return. As a result, from time to time, under the provisions of our tax-sharing agreements, Radian Group may pay to or receive from its operating subsidiaries amounts that differ from Radian Group’s consolidated federal tax payment obligation. There were no tax-sharing agreement payments received by Radian Group from its subsidiaries during the three months ended March 31, 2025.

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

Capitalization—Holding Company

The following table presents our holding company capital structure.

Capital structure |  |  |  |  |  |
(In thousands, except per-share amounts and ratios) |  | March 31, 2025 |  |  | December 31, 2024 |
Debt |  |  |  |  |  |
Senior Notes due 2027 |  | $ | 450,000 |  |  | $ | 450,000 |
Senior Notes due 2029 |  |  | 625,000 |  |  |  | 625,000 |
Unamortized discount and debt issuance costs |  |  | (9,035 | ) |  |  | (9,663 | )
Revolving credit facility |  |  | — |  |  |  | — |
Total |  |  | 1,065,965 |  |  |  | 1,065,337 |
Stockholders’ equity |  |  | 4,586,826 |  |  |  | 4,623,858 |
Total capitalization |  | $ | 5,652,791 |  |  | $ | 5,689,195 |
Holding company debt-to-capital ratio (1) |  |  | 18.9 | % |  |  | 18.7 | %
Shares outstanding |  |  | 141,220 |  |  |  | 147,569 |
Book value per share |  | $ | 32.48 |  |  | $ | 31.33 |

(1)
Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to secured borrowings.

Stockholders’ equity decreased by $37 million from December 31, 2024, to March 31, 2025. The net decrease in stockholders’ equity for the three months ended March 31, 2025, resulted primarily from: (i) share repurchases of $207 million, excluding related excise taxes due and (ii) dividend and dividend equivalents of $38 million. These were partially offset by our net income of $145 million and a net decrease in unrealized losses on investment securities of $55 million as a result of decreases in market interest rates during the period. As of March 31, 2025, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis.

The increase in book value per share from $31.33 at December 31, 2024, to $32.48 at March 31, 2025, is primarily due to: (i) an increase of $0.98 per share attributable to our net income for the three months ended March 31, 2025, and (ii) an increase of $0.38 per share due to a net decrease in unrealized losses in our available for sale securities, recorded in accumulated other comprehensive income. These increases were partially offset primarily by a decrease of $0.26 per share attributable to dividends and dividend equivalents.

We regularly evaluate opportunities, based on market conditions, to finance our operations by accessing the capital markets or entering into other types of financing arrangements with institutional and other lenders. We also regularly consider various measures to improve our capital and liquidity positions, as well as to strengthen our balance sheet, improve Radian Group’s debt maturity profile and maintain adequate liquidity for our operations. Among other things, these measures may include borrowing agreements or arrangements, such as securities or other master repurchase agreements and revolving credit facilities. In the past we have repurchased or exchanged, prior to maturity, some of our outstanding debt, and in the future, we may from time to time seek to redeem, repurchase or exchange for other securities, or otherwise restructure or refinance some or all of our outstanding debt prior to maturity in the open market through other public or private transactions, including pursuant to one or more tender offers or through any combination of the foregoing, as circumstances may allow. The timing or amount of any potential transactions will depend on a number of factors, including market opportunities and our views regarding our capital and liquidity positions and potential future needs. There can be no assurance that any such transactions will be completed on favorable terms, or at all.

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

Mortgage Insurance

Historically, one of the primary demands for liquidity in our Mortgage Insurance business is the payment of claims, net of reinsurance, including from commutations and settlements. See Note 11 of Notes to Unaudited Condensed Consolidated Financial Statements for information on our mortgage insurance reserve for losses and LAE, which represents our best estimate for the costs of settling future claims on currently defaulted mortgage loans.

Other principal demands for liquidity in our Mortgage Insurance business are expected to include: (i) expenses (including those allocated from Radian Group); (ii) repayments of FHLB advances; (iii) distributions from Radian Guaranty to Radian Group, including returns of capital or recurring ordinary dividends, as discussed below; and (iv) taxes, including potential additional purchases of U.S. Mortgage Guaranty Tax and Loss Bonds. See Notes 10 and 16 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information related to these non-interest-bearing instruments.

The principal sources of liquidity in our Mortgage Insurance business currently include insurance premiums, net investment income and cash flows from: (i) investment sales and maturities; (ii) FHLB advances; and (iii) if necessary, capital contributions from Radian Group. We believe that the operating cash flows generated by Radian Guaranty, as well as our other immaterial mortgage insurance subsidiaries, will provide them with the funds necessary to satisfy their respective needs for the foreseeable future.

As of March 31, 2025, Radian Guaranty maintained claims paying resources of $6.2 billion on a statutory basis, which consist of contingency reserves, statutory policyholders’ surplus, premiums received but not yet earned and loss reserves. In addition, our reinsurance programs are designed to provide additional claims-paying resources during times of economic stress and elevated losses. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

Radian Guaranty’s Risk-to-capital as of March 31, 2025, was 10.2 to 1. Radian Guaranty is not expected to need additional capital to satisfy state insurance regulatory requirements in their current form. At March 31, 2025, Radian Guaranty had statutory policyholders’ surplus of $708 million. This balance includes a $921 million benefit from U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury, which mortgage guaranty insurers such as Radian Guaranty may purchase in order to be eligible for a tax deduction, subject to certain limitations, related to amounts required to be set aside in statutory contingency reserves. See Note 16 of Notes to Consolidated Financial Statements and “Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidit y” under “Item 1A. Risk Factors” in our 2024 Form 10-K for more information.

Radian Guaranty currently is an approved mortgage insurer under the PMIERs. Private mortgage insurers, including Radian Guaranty, are required to comply with the PMIERs to remain approved insurers of loans purchased by the GSEs. At March 31, 2025, Radian Guaranty’s Available Assets under the PMIERs financial requirements totaled $6.0 billion, resulting in a PMIERs Cushion of $2.1 billion, or 53%, over its Minimum Required Assets. Those amounts compare to Available Assets of $6.0 billion and a PMIERs Cushion of $2.2 billion, or 56%, at December 31, 2024.

Despite holding assets above the minimum statutory capital thresholds and PMIERs financial requirements, the ability of Radian’s mortgage insurance subsidiaries to pay dividends on their common stock is restricted by certain provisions of the insurance laws of Pennsylvania, their state of domicile. Under Pennsylvania’s insurance laws, ordinary dividends and other distributions may only be paid out of an insurer’s positive unassigned surplus unless the Pennsylvania Insurance Department approves the payment of dividends or other distributions from another source.

Radian Guaranty received approval from the Pennsylvania Insurance Department to make a return of capital distribution to Radian Group of $200 million during the first three months of 2025 from its paid in surplus. We expect Radian Guaranty to maintain the ability to pay ordinary dividends during the remainder of 2025 and for the foreseeable future. See Note 16 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information on this return of capital distribution, as well as our statutory dividend restrictions and contingency reserve requirements.

Radian Guaranty is a member of the FHLB. As a member, it may borrow from the FHLB, subject to certain conditions, which include requirements to post collateral and to maintain a minimum investment in FHLB stock. Advances from the FHLB may be used to provide low-cost, supplemental liquidity for various purposes, including to fund incremental investments. Radian’s current strategy includes using FHLB advances as financing for general cash management and liquidity purposes. As of March 31, 2025, there were $32 million of FHLB advances outstanding. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

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

All Other

Additional capital support may also be required for potential investments in our other business initiatives to support our strategy of growing our businesses. During the three months ended March 31, 2025 and 2024, Radian Group made $18 million and $30 million, respectively, of additional equity contributions to support our Title, Real Estate Services and Real Estate Technology businesses. During the three months ended March 31, 2024, Radian Group made a $2 million, additional equity contribution to facilitate the growth of our Mortgage Conduit business.

In the event the cash flows from operations of our All Other businesses continue to be insufficient to fund all of their needs, Radian Group may continue to provide additional funds in the form of additional capital contributions or other support. See “Investments to grow our existing businesses, pursue new lines of business or develop new products and services within existing lines of business subject us to additional risks and uncertainties” under “Item 1A. Risk Factors” in our 2024 Form 10-K for additional information.

Ratings

Ratings independently assigned by third-party statistical rating organizations often are considered in assessing our credit strength and the financial strength of our primary insurance subsidiaries. Radian Group, Radian Guaranty and Radian Title Insurance are currently assigned the financial strength ratings set forth in the chart below, which are provided for informational purposes only and are subject to change. See “Potential downgrades by rating agencies to the current financial strength ratings assigned to Radian Guaranty and/or the credit ratings assigned to Radian Group could adversely affect the Company” under “Item 1A. Risk Factors” in our 2024 Form 10-K.

Ratings |  |  |  |  |  |  |  |
Subsidiary |  | Demotech, Inc. |  | Fitch (1) |  | Moody’s (1) |  | S&P (1)
Radian Group (2) |  | N/A |  | BBB |  | Baa3 |  | BBB-
Radian Guaranty |  | N/A |  | A |  | A3 |  | A-
Radian Title Insurance |  | A |  | N/A |  | N/A |  | N/A

(1)
Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody’s”) and S&P Global Ratings (“S&P”) each currently rate the outlook for both Radian Group and Radian Guaranty as Stable.
(2)
Senior debt ratings.

Critical Accoun ting Estimates

As of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our 2024 Form 10-K. See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but not yet adopted that may impact the Company’s consolidated financial position, earnings, cash flows or disclosures.

Ite m 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk represents the potential for loss due to adverse changes in the value of financial instruments as a result of changes in market conditions. Examples of market risk include changes in interest rates, credit spreads, foreign currency exchange rates and equity prices. We regularly analyze our exposure to interest rate risk and credit spread risk and have determined that the fair value of our investments is materially exposed to changes in both interest rates and credit spreads. See “Our success depends, in part, on our ability to manage risks in our investment portfolio” under “Item 1A. Risk Factors” in our 2024 Form 10-K.

Our market risk exposures at March 31, 2025, which primarily relate to interest rate and credit risk, have not materially changed from those identified in our 2024 Form 10-K.

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Ite m 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of March 31, 2025, pursuant to Rule 15d-15(b) under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control Over Financial Reporting

During the three-month period ended March 31, 2025, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) 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

Ite m 1. Legal Proceedings

We are routinely involved in a number of legal actions and proceedings, including reviews, audits, inquiries, information-gathering requests and investigations by various regulatory entities, as well as litigation and other disputes arising in the ordinary course of our business. See Note 13 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information regarding legal actions and proceedings.

Item 1A. Risk Factors

There have been no material changes to our risk factors from those previously disclosed in our 2024 Form 10-K. However, the primary and secondary impacts of recent executive orders and other executive actions by the current presidential administration, including tariffs and trade policies, have impacted the global economy, disrupted global supply chains, created significant uncertainty and volatility in financial markets, and increased the risk of recession and elevated unemployment levels. In addition, recent reductions in staffing as well as changes in leadership at several government agencies, including the FHFA and FHA, and the GSEs, may increase the likelihood of potentially significant changes in federal housing policies and disruption in the housing finance system and could result in changes to the business practices of the GSEs. Accordingly, the recent actions of the current presidential administration and their impact on, among other things, the macroeconomic environment and regulatory policies could exacerbate the other risks and uncertainties set forth in “Item 1A. Risk Factors” in our 2024 10-K and could negatively impact our businesses and financial results.

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

Unregistered Sales of Equity Securities

During the three months ended March 31, 2025, no equity securities of Radian Group were sold that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

The following table provides information about purchases of Radian Group common stock by us (and our affiliated purchasers) during the three months ended March 31, 2025.

Share repurchase program |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands, except per-share amounts) |  | Total Number of Shares Purchased (1) |  |  | Average Price Paid per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) |  |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2) |
Period |  |  |  |  |  |  |  |  |  |  |  |
1/1/2025 to 1/31/2025 |  |  | 2,586,823 |  |  | $ | 31.75 |  |  |  | 2,577,018 |  |  | $ | 460,974 |
2/1/2025 to 2/28/2025 |  |  | 2,449,820 |  |  |  | 32.77 |  |  |  | 2,449,779 |  |  |  | 380,723 |
3/1/2025 to 3/31/2025 |  |  | 1,458,453 |  |  |  | 31.46 |  |  |  | 1,432,353 |  |  |  | 335,678 |
Total |  |  | 6,495,096 |  |  |  |  |  |  | 6,459,150 |  |  |  |

(1)
Includes 35,946 shares tendered by employees as payment of taxes withheld on the vesting of certain restricted stock awards granted under the Company’s equity compensation plans.
(2)
In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $300 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. In May 2024, Radian Group’s board of directors approved an

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extension of the duration of this program to June 2026, as well as a $600 million increase in authorization for this program, bringing the total authorization to repurchase shares up to $900 million, excluding commissions. See Note 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details on our share repurchase program.

Limitations on Payment of Dividends

Radian Group is not subject to any legal or contractual limitations on its ability to pay dividends except as described below. The Company is subject to dividend limitations generally applicable to corporations that are incorporated in Delaware. In addition, pursuant to Radian Group’s revolving credit facility and the Parent Guarantees, Radian Group is permitted to pay dividends so long as no event of default exists and the Company is in pro forma compliance with the applicable financial covenants in the agreements on the date a dividend is declared. See Note 12 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional details.

Item 5. Other Information

Except as described below, n one of the directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended March 31, 2025.

Each of Lisa W. Hess, a Director of the Company, and Edward J. Hoffman, Senior Executive Vice President and General Counsel, entered into a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in Company securities.

Ms. Hess entered into the trading plan on February 14, 2025, pursuant to which she may sell a maximum of 45% of the shares of the Company’s common stock that will be distributed to her upon her retirement from the board in May 2025, which number of shares that can be sold will not exceed 53,788 shares. Sales pursuant to the trading plan will occur at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on August 1, 2025, or the earlier completion of all sales under the plan.

Mr. Hoffman entered into the trading plan on February 18, 2025, pursuant to which he may sell up to a maximum aggregate number of 60,000 shares of the Company’s common stock, with sales occurring at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on January 30, 2026, or the earlier completion of all sales under the plan.

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Ite m 6. Exhibits

Exhibit Number |  | Exhibit
31* |  | Rule 13a - 14(a) Certifications
32** |  | Section 1350 Certifications
101.INS* |  | Inline 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* |  | Inline XBRL Taxonomy Extension Schema Document
104* |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101.INS)

* Filed herewith.

** Furnished herewith.

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Signat ures

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

|  | Radian Group Inc.
Date: | May 2, 2025 | /s/ S UMITA P ANDIT
|  | Sumita Pandit
|  | President and Chief Financial Officer
Date: | May 2, 2025 | /s/ R OBERT J. Q UIGLEY
|  | Robert J. Quigley
|  | Executive Vice President, Controller and Chief Accounting Officer

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