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Discontinued Operations - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Consolidated VIE assets |  |  |
Total assets held for sale |  | $ 722,514 | $ 1,447,440
Consolidated VIE liabilities |  |  |
Total liabilities held for sale |  | 550,399 | 1,240,193
Discontinued Operations, Held-for-Sale |  |  |
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 |  | 0 | 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 |  |  |
Securitized residential mortgage loans held for investment-at fair value | [2] | 0 | 717,227
Other VIE assets | [2] | 0 | 4,080
Total assets held for sale |  | 722,514 | 1,447,440
Liabilities held for sale |  |  |
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 |  |  |
Securitized nonrecourse debt - at fair value | [2] | 0 | 703,526
Other VIE liabilities | [2] | 0 | 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.

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