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Borrowings and Financing Activities
 9 Months Ended
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 lenders. 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.