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Borrowings and Financing Activities | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Borrowings and Financing Activities | 12. Borrowings and Financing Activities As of the dates indicated, the carrying value of our debt is as follows.
Borrowings |
($ in thousands) |  | Interest rate |  |  | September 30, 2025 |  |  | December 31, 2024 |
Senior notes |  |  |  |  |  |  |  |  |
Senior Notes due 2027 |  |  | 4.875 | % |  | $ | 448,292 |  |  | $ | 447,461 |
Senior Notes due 2029 |  |  | 6.200 | % |  |  | 618,959 |  |  |  | 617,876 |
Total senior notes |  |  |  |  | $ | 1,067,251 |  |  | $ | 1,065,337 |
($ in thousands) |  | Average interest rate (1) |  |  | September 30, 2025 |  |  | December 31, 2024 |
Other Borrowings |  |  |  |  |  |  |  |  |
FHLB advances due 2025 |  |  | 4.490 | % |  | $ | 47,244 |  |  | $ | 36,143 |
FHLB advances due 2026 |  |  | 4.414 | % |  |  | 5,270 |  |  |  | 1,835 |
FHLB advances due 2027 |  |  | 2.562 | % |  |  | 7,887 |  |  |  | 7,887 |
Total other borrowings |  |  |  |  | $ | 60,401 |  |  | $ | 45,865 |
(1) As of September 30, 2025. See “FHLB Advances” below for more information. Interest expense consists of the following.
Interest expense |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Senior notes |  | $ | 15,819 |  |  | $ | 20,945 |  |  | $ | 47,429 |  |  | $ | 64,229 |
FHLB advances |  |  | 1,107 |  |  |  | 538 |  |  |  | 2,409 |  |  |  | 2,027 |
Revolving credit facility |  |  | 258 |  |  |  | 409 |  |  |  | 1,263 |  |  |  | 925 |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,275 |
Total interest expense |  | $ | 17,184 |  |  | $ | 21,892 |  |  | $ | 51,101 |  |  | $ | 71,456 |
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 $65 million and $49 million at September 30, 2025, and December 31, 2024, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. Revolving Credit Facility At September 30, 2025, Radian Group had in place a $275 million unsecured revolving credit facility with a syndicate of bank lender s. During the second quarter of 2025, we borrowed and repaid in full $50 million under this facility. As of September 30, 2025, there were no amounts outstanding under this facility. On November 4, 2025, Radian Group entered into an amended and restated credit facility with a syndicate of bank lenders, led by Royal Bank of Canada and Citizens Bank, to, among other things, increase the committed borrowing capacity to $500 million. The amended and restated credit facility has a maturity date of November 4, 2030. The amended and restated credit facility also includes an accordion feature that allows Radian Group, at its option, to increase the total borrowing capacity by $250 million, so long as Radian receives commitments from lenders. Subject to certain limitations, borrowings under the credit facility may be used for working capital, general corporate purposes and growth initiatives. Debt Covenants and Other Information As of September 30, 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 and Note 3 herein.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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