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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Assets and Liabilities Held for Sale | The assets and liabilities associated with the discontinued operations have been segregated in the condensed consolidated balance sheets. The following table summarizes the major components o f the Mortgage Conduit, Title and Real Estate Services assets and liabilities held for sale on the condensed consolidated balance sheets for the periods presented.
Assets and liabilities held for sale |
(In thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Assets held for sale |  |  |  |  |  |
Investments |  |  |  |  |  |
Fixed maturities |  |  |  |  |  |
Available for sale—at fair value |  | $ | 41,821 |  |  | $ | 12,515 |
Residential mortgage loans held for sale—at fair value (1) |  |  | 551,897 |  |  |  | 519,885 |
Short-term investments—at fair value |  |  | 73,166 |  |  |  | 111,005 |
Total investments |  |  | 666,884 |  |  |  | 643,405 |
Cash |  |  | 777 |  |  |  | 19,603 |
Restricted cash |  |  | — |  |  |  | 2,619 |
Accrued investment income |  |  | 5,842 |  |  |  | 4,745 |
Accounts and notes receivable |  |  | 10,638 |  |  |  | 7,103 |
Reinsurance recoverables |  |  | 1,908 |  |  |  | 1,874 |
Property and equipment, net |  |  | 2,780 |  |  |  | 4,268 |
Other assets |  |  | 33,685 |  |  |  | 42,516 |
Consolidated VIE assets (2) |  |  |  |  |  |
Securitized residential mortgage loans held for investment—at fair value |  |  | — |  |  |  | 717,227 |
Other VIE assets |  |  | — |  |  |  | 4,080 |
Total assets held for sale |  | $ | 722,514 |  |  | $ | 1,447,440 |
Liabilities held for sale |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Reserve for losses and LAE |  | $ | 5,910 |  |  | $ | 5,895 |
Other borrowings (1) |  |  | 510,342 |  |  |  | 492,429 |
Other liabilities |  |  | 34,147 |  |  |  | 32,274 |
Consolidated VIE liabilities (2) |  |  |  |  |  |
Securitized nonrecourse debt—at fair value |  |  | — |  |  |  | 703,526 |
Other VIE liabilities |  |  | — |  |  |  | 6,069 |
Total liabilities held for sale |  | $ | 550,399 |  |  | $ | 1,240,193 |
(1) 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. As of September 30, 2025, Radian Group has entered into four separate Parent Guarantees to guaranty the obligations under the Master Repurchase Agreements. Currently the combined maximum borrowing amount under the Master Repurchase Agreements is $1.2 billion, of which $510 million was outstanding as of September 30, 2025. See Note 12 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information. (2) During the third quarter of 2025, the Company sold all its retained interests in the VIEs related to Radian Mortgage Capital’s previously issued mortgage loan securitizations. Following those sales, the Company no longer has an economic interest in the securitizations and is therefore no longer considered the primary beneficiary of those VIEs. As a result, the assets, liabilities, operations and cash flows of the VIEs were deconsolidated in the third quarter of 2025, at an immaterial loss.
Schedule of Income (Loss) from Discontinued Operations, Net of Tax | The income (los s) from discontinued operations, net of tax, consisted of the following components for the periods indicated.
Income (loss) from discontinued operations, net of tax |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 4,624 |  |  | $ | 3,989 |  |  | $ | 11,253 |  |  | $ | 8,760 |
Services revenue |  |  | 12,352 |  |  |  | 11,922 |  |  |  | 35,177 |  |  |  | 37,257 |
Net investment income |  |  | 10,744 |  |  |  | 9,047 |  |  |  | 29,405 |  |  |  | 18,780 |
Net gains (losses) on investments and other financial instruments |  |  | 2,191 |  |  |  | (4,547 | ) |  |  | (3,234 | ) |  |  | (4,226 | )
Income (loss) on consolidated VIEs |  |  | (2,129 | ) |  |  | 465 |  |  |  | (1,516 | ) |  |  | 465 |
Other income (loss) |  |  | (332 | ) |  |  | (399 | ) |  |  | (903 | ) |  |  | (243 | )
Total revenues |  |  | 27,450 |  |  |  | 20,477 |  |  |  | 70,182 |  |  |  | 60,793 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Provision for losses |  |  | 129 |  |  |  | 543 |  |  |  | 99 |  |  |  | 419 |
Cost of services |  |  | 8,729 |  |  |  | 9,416 |  |  |  | 25,814 |  |  |  | 27,969 |
Other operating expenses |  |  | 23,732 |  |  |  | 21,933 |  |  |  | 62,996 |  |  |  | 71,419 |
Interest expense |  |  | 8,105 |  |  |  | 7,499 |  |  |  | 22,561 |  |  |  | 14,045 |
Total expenses |  |  | 40,695 |  |  |  | 39,391 |  |  |  | 111,470 |  |  |  | 113,852 |
Pretax income (loss) from discontinued operations |  |  | (13,245 | ) |  |  | (18,914 | ) |  |  | (41,288 | ) |  |  | (53,059 | )
Income tax provision (benefit) |  |  | (1,886 | ) |  |  | (4,251 | ) |  |  | (9,708 | ) |  |  | (12,648 | )
Income (loss) from discontinued operations, net of tax |  | $ | (11,359 | ) |  | $ | (14,663 | ) |  | $ | (31,580 | ) |  | $ | (40,411 | )

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