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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.