10q10k10q10k.net

What changed in RADIAN GROUP INC's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of RADIAN GROUP INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+884 added−827 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-14)

Top changes in RADIAN GROUP INC's 2025 10-K

884 paragraphs added · 827 removed · 559 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

368 edited+246 added−188 removed291 unchanged
Biggest changeBusiness Key Accomplishments for 2024 ▪ Delivered strong financial results, driven by continued favorable credit performance in our Mortgage Insurance segment, while executing upon our long-term strategy ▪ Earned consolidated pretax income of $771 million and net income of $604 million, or $3.92 net income per diluted share, in 2024, compared to consolidated pretax income of $767 million and net income of $603 million, or $3.77 net income per diluted share, in 2023 ▪ Adjusted pretax operating income (1) was $803 million, in 2024, compared to $786 million in 2023, resulting in adjusted diluted net operating income per share of $4.11 for 2024, compared to $3.88 for 2023 ▪ Wrote $52.0 billion of NIW, contributing to an increase in our IIF from $270.0 billion at December 31, 2023, to $275.1 billion at December 31, 2024 ▪ Continued to grow our Mortgage Conduit business, purchasing $1.6 billion of residential mortgage loans and successfully completing Radian Mortgage Capital’s first two private label prime jumbo securitization transactions ▪ Maintained a strong risk culture, as demonstrated by ongoing risk distribution strategies, disciplined and risk-based pricing and strategic use of data and analytics to inform decision making ▪ Continued to monitor and grow the economic value of our insured mortgage portfolio by leveraging risk-adjusted pricing and new analytical approaches to identify strategies to maximize the economic value of NIW ▪ Entered into the 2024 QSR Agreement with a panel of third-party reinsurance providers to cede a portion of our NIW from July 2024 through June 2025 ▪ Further strengthened our capital and liquidity profile, while enhancing financial flexibility and returning value to stockholders ▪ Reduced our holding company debt-to-capital ratio to 18.7% at December 31, 2024, compared to 24.4% at December 31, 2023, primarily through a series of transactions that included the issuance of $625 million aggregate principal amount of 6.200% investment-grade Senior Notes due May 2029 and the redemption of $975 million aggregate principal amount of notes maturing in 2024 and 2025 ▪ Repurchased 7.0 million shares in 2024 at an average share price of $31.81, including commissions, totaling $224 million ▪ Increased our quarterly cash dividend by 9% from $0.225 to $0.245 per share, beginning with the dividend declared in the first quarter of 2024 ▪ Continued to maintain significant available holding company liquidity of $885 million at December 31, 2024, compared to $992 million at December 31, 2023 ▪ Increased Radian Guaranty’s ordinary dividends paid to Radian Group to $675 million in 2024, compared to $400 million paid in 2023 ▪ Maintained a sizable PMIERs Cushion at Radian Guaranty of $2.2 billion at December 31, 2024, compared to $2.3 billion at December 31, 2023 ▪ Continued to prioritize the well-being and development of our people by fostering a workplace that allows our employees to work in an agile manner, while maintaining meaningful connections, allowing us to attract and retain top talent (1) Adjusted pretax operating income is a non-GAAP measure.
Biggest changeThe amended and restated facility increased the committed borrowing capacity to $500 million and has a maturity date of November 4, 2030 ▪ Repurchased 13.4 million shares in 2025 at an average per share price of $32.06, including commissions, totaling $430 million ▪ Increased our quarterly cash dividend by 4% from $0.245 to $0.255 per share, beginning with the dividend declared in the first quarter of 2025 ▪ Reduced our holding company debt-to-capital ratio to 18.3% at December 31, 2025, compared to 18.7% at December 31, 2024 ▪ Increased distributions from Radian Guaranty to Radian Group to $795 million in 2025, through a combination of $595 million of ordinary dividends and a $200 million return of capital, compared to $675 million of ordinary dividends paid in 2024 ▪ Maintained a sizable PMIERs Cushion at Radian Guaranty of $1.6 billion at December 31, 2025, compared to $2.2 billion at December 31, 2024 ▪ Continued to prioritize the well-being and development of our people by fostering a workplace that allows our employees to work in an agile manner and maintain meaningful connections, allowing us to attract and retain top talent (1) Adjusted pretax operating income is a non-GAAP measure.
In practice, our ERM function represents a cross-functional and enterprise-wide effort, consisting of subject matter experts and experienced managers, which utilizes a systematic method to identify, evaluate, and monitor both known and emerging risks. Risk assessments and mitigation plans are developed to address these risks.
In practice, our ERM function represents a cross-functional and enterprise-wide effort, consisting of subject matter experts and experienced managers, which utilizes a systematic method to identify, evaluate and monitor both known and emerging risks. Risk assessments and risk mitigation plans are developed to address these risks.
In conducting its risk oversight responsibilities, the Risk Committee oversees the Company’s ERM function, including by: ▪ reviewing the methodologies, policies, processes, resources and reporting structures established by management to identify, assess, monitor and ensure appropriate mitigation of material risks; ▪ reviewing and approving the Company’s enterprise risk appetite statements and management’s procedures for ensuring the Company is operating in a manner consistent with such statements; ▪ receiving reports regarding management’s compliance with regulatory requirements related to ERM, including any related filings or disclosures; and ▪ regularly reviewing and analyzing management’s assessment of material risks, including any significant changes or developments with respect to existing risks or the emergence of new risks or risk trends.
In conducting its risk oversight responsibilities, the Risk Committee oversees the Company’s ERM function, including by: ▪ reviewing the methodologies, policies, processes, resources and reporting structures established by management to identify, assess, monitor and ensure appropriate mitigation of material risks; ▪ reviewing and approving the Company’s enterprise risk appetite statements and management’s procedures for ensuring the Company is operating in a manner consistent with such statements; ▪ receiving and reviewing reports regarding management’s compliance with regulatory requirements related to ERM, including any related filings or disclosures; and ▪ regularly reviewing and analyzing management’s assessment of material risks, including any significant changes or developments with respect to existing risks or the emergence of new risks or risk trends.
Each insurance subsidiary is required by the insurance regulatory authority of its state of domicile, and the insurance regulatory authority of each other jurisdiction in which it is licensed to transact business, to make various filings with those authorities and with the NAIC, including quarterly and annual financial statements prepared in accordance with SAP.
Each insurance subsidiary is required by the insurance regulatory authority of its state of domicile, and the insurance regulatory authority of each other jurisdiction in which it is licensed to transact business, to make various filings, including quarterly and annual financial statements prepared in accordance with SAP, with those authorities and with the NAIC.
Failure to take steps to ensure that third-party servicers are appropriately servicing the loans we acquire could expose us to penalties or other claims or enforcement actions that could negatively impact our business prospects, results of operations and financial condition.
Failure to take steps to ensure that third-party servicers are servicing the loans we acquire appropriately could expose us to penalties or other claims or enforcement actions that could negatively impact our business prospects, results of operations and financial condition.
Artificial Intelligence (“AI”) There are emerging federal and state regulations and legislation that address the use of data and artificial intelligence (“AI”), including machine learning. There is a growing patchwork of current and proposed legal frameworks for regulation of AI development and deployment, with different jurisdictions adopting diverse regulatory approaches, thereby creating an inconsistent and uncertain legal environment.
Artificial Intelligence There are emerging federal and state regulations and legislation that address the use of data and artificial intelligence (“AI”), including machine learning. There is a growing patchwork of current and proposed legal frameworks for regulation of AI development and deployment, with different jurisdictions adopting diverse regulatory approaches, thereby creating an inconsistent and uncertain legal environment.
As future defaults are not reflected in our Mortgage Insurance loss reserves, our loss reserves can be volatile and could increase significantly in future periods if we experience a high volume of new defaults in future periods, which would negatively impact our results of operations and financial condition.
As future defaults are not reflected in our Mortgage Insurance loss reserves, our loss reserves can be volatile and could increase significantly if we experience a high volume of new defaults in future periods, which would negatively impact our results of operations and financial condition.
Without a properly skilled and experienced workforce, our costs, including costs associated with a loss of productivity and costs to replace employees, may increase, and this could negatively impact our earnings. Investments to grow our existing businesses, pursue new lines of business or develop new products and services within existing lines of business subject us to additional risks and uncertainties.
Without a properly skilled and experienced workforce, our costs, including costs associated with a loss of productivity and to replace employees, may increase, and this could negatively impact our earnings. Investments to grow our existing businesses, pursue new lines of business or develop new products and services within existing lines of business subject us to additional risks and uncertainties.
The rate at which defaults cure, or do not go to claim, depends in large part on a borrower’s financial resources and circumstances, local housing prices (i.e., whether borrowers are able to cure defaults by selling the property in full satisfaction of all amounts due under the mortgage), interest rates, unemployment, inflationary pressures and other factors impacting economic conditions, as well as loss mitigation efforts designed to support borrowers in default (including loan modifications and forbearance programs, subject to availability and eligibility). 20 Part I.
The rate at which defaults cure, or do not go to claim, depends in large part on a borrower’s financial resources and circumstances, local housing prices (i.e., whether borrowers are able to cure defaults by selling the property in full satisfaction of all amounts due under the mortgage), interest rates, unemployment, inflationary pressures and other factors impacting economic conditions, as well as loss mitigation efforts designed to support borrowers in default (including loan modifications and forbearance programs, subject to availability and eligibility).
The most recent large-scale revisions to PMIERs became effective in 2019, and the PMIERs have been further updated since then to address specific matters, including the COVID-19 pandemic and, most recently, for the credit that is granted for certain Available Assets. We expect the GSEs to continue to update the PMIERs in the future as they may deem necessary.
The most recent large-scale revisions to PMIERs became effective in 2019, and the PMIERs have been further updated since then to address specific matters, including the COVID-19 pandemic and, more recently, for the credit that is granted for certain Available Assets. We expect the GSEs to continue to update the PMIERs in the future as they may deem necessary.
Business Mortgage Insurance Overview Private mortgage insurance plays an important role in the U.S. housing finance system because it supports affordable homeownership, while helping to protect mortgage lenders, investors and the GSEs, who are the primary beneficiaries of our mortgage insurance, by mitigating default-related losses on residential mortgage loans.
Mortgage Insurance Overview Private mortgage insurance plays an important role in the U.S. housing finance system because it supports affordable homeownership, while helping to protect mortgage lenders, investors and the GSEs, who are the primary beneficiaries of our mortgage insurance, by mitigating default-related losses on residential mortgage loans.
Insurance laws vary from state to state, but generally grant broad supervisory powers to agencies or officials to examine insurance companies and enforce rules or exercise discretion affecting almost every significant aspect of the insurance business. These regulations principally are designed for the protection of policyholders, rather than for the benefit of investors.
Insurance laws vary from state to state, but they generally grant broad supervisory powers to agencies or officials to examine insurance companies and enforce rules or exercise discretion affecting almost every significant aspect of the insurance business. These regulations principally are designed for the protection of policyholders, rather than for the benefit of investors.
See “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our businesses ” for risks related to changes in the GSEs’ business practices that could impact our competitive position, including the use of alternatives to traditional mortgage insurance to satisfy their charter requirements related to credit risk.
See “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our mortgage insurance business ” for risks related to changes in the GSEs’ business practices that could impact our competitive position, including the use of alternatives to traditional mortgage insurance to satisfy their charter requirements related to credit risk.
Geographic Dispersion Radian Guaranty is authorized to write mortgage insurance in all 50 states, the District of Columbia and Guam. We maintain a geographically diversified mortgage insurance portfolio and leverage geographic-based pricing to shape our portfolio based on our projections of future economic outlook and loan performance at a regional level.
Business Geographic Dispersion Radian Guaranty is authorized to write mortgage insurance in all 50 states, the District of Columbia and Guam. We maintain a geographically diversified mortgage insurance portfolio and leverage geographic-based pricing to shape our portfolio based on our projections of future economic outlook and loan performance at a regional level.
Under the PMIERs Updates, the impact of reductions in Available Asset credit resulting from the changes is being phased-in over a two-year period, with 25% of the calculated adjustment to be implemented as of March 31, 2025, 50% as of September 30, 2025, 75% as of March 31, 2026, and 100% as of September 30, 2026.
Under the PMIERs Updates, the impact of reductions in Available Asset credit resulting from the changes is being phased-in over a two-year period, with 25% and 50% of the calculated adjustment implemented as of March 31, 2025, and September 30, 2025, respectively, and 75% and 100% to be implemented as of March 31, 2026, and September 30, 2026, respectively.
To address this, our ERM program incorporates cybersecurity-related risks into our identification, evaluation and mitigation processes. In addition, we maintain an Information Security Program that is designed to protect our corporate data, including data we provide to others, as well as data entrusted to us by our customers and partners.
To address this risk, our ERM program incorporates cybersecurity-related risks into our identification, evaluation and mitigation processes. In addition, we maintain an Information Security Program that is designed to protect our corporate data, including data we provide to others, as well as data entrusted to us by our customers and partners.
Our Master Policies require servicers to service our insured loans in a reasonable, prudent manner consistent with the highest standards of servicing in use in the residential mortgage industry, and we have rights under our Master Policies to curtail, and in some circumstances, deny claims due to servicer negligence.
Our Master Policies require servicers to service our insured loans in a reasonable, prudent manner consistent with the highest standards of servicing in the residential mortgage industry, and we have rights under our Master Policies to curtail, and in some circumstances, deny claims due to servicer negligence.
It is difficult to predict what types of new products and activities may be proposed by the GSEs in the future and, if applicable, whether they may be approved by the FHFA, including programs that may provide an alternative to traditional private mortgage insurance or title insurance.
It is difficult to predict what types of new products and activities may be proposed by the GSEs or the FHFA in the future and, if applicable, whether they may be approved by the FHFA, including programs that may provide an alternative to traditional private mortgage insurance.
The GSEs frequently evaluate the PMIERs for interim changes to address various specific matters. Most recently, in August 2024, the GSEs issued updates to the PMIERs (“PMIERs Updates”) that refine the standards for Available Assets under the PMIERs, which include the most liquid assets of a mortgage insurer available to pay claims.
The GSEs frequently evaluate the PMIERs for interim changes to address various specific matters. In August 2024, the GSEs issued updates to the PMIERs (“PMIERs Updates”) that refine the standards for Available Assets under the PMIERs, which include the most liquid assets of a mortgage insurer available to pay claims.
We believe that, among other factors, the credit performance of our mortgage insurance portfolio is affected significantly by: ▪ general economic conditions (in particular, interest rates, home prices and unemployment); ▪ the characteristics of the loans insured, including but not limited to the amount of equity borrowers have in their properties, the borrowers’ credit characteristics, the size of the loans and the age and performance history of the loans; ▪ the geographic dispersion and other characteristics of the properties securing the insured loans, such as the primary purpose of the properties and the condition of local housing markets, including whether the properties are increasing or decreasing in value over time; ▪ the quality of loan underwriting and servicing; and ▪ the number of borrowers and credit characteristics of the borrower(s).
We believe that, among other factors, the credit performance of our mortgage insurance portfolio is affected significantly by: ▪ general economic conditions (in particular, interest rates, home prices and unemployment); ▪ the characteristics of the loans insured, including but not limited to the amount of equity borrowers have in their properties, the borrowers’ credit characteristics, the size of the loans and the age and performance history of the loans; ▪ the geographic dispersion and other characteristics of the properties securing the insured loans, such as the primary purpose of the properties and the condition of local housing markets, including whether the properties are increasing or decreasing in value over time; ▪ the quality of loan underwriting and servicing; and ▪ the number of borrowers.
Separately, the CFPB created another new QM definition (“Seasoned QM”) for first-lien, fixed-rate loans that meet certain performance requirements over a 36-month seasoning period and are held in the lender’s portfolio until the end of the seasoning period.
Separately, the CFPB created another QM definition (“Seasoned QM”) for first-lien, fixed-rate loans that meet certain performance requirements over a 36-month seasoning period and are held in the lender’s portfolio until the end of the seasoning period.
Business—Regulation—Federal Regulation—GSE Requirements for Mortgage Insurance Eligibility.” If Radian Guaranty’s PMIERs Cushion is materially decreased, we may be required or otherwise choose to: (i) retain capital in Radian Guaranty and/or contribute additional capital to Radian Guaranty; (ii) alter our strategy with respect to our NIW by limiting the type and volume of business we are willing to write for certain products; (iii) alter our investment policies or strategies; or (iv) seek additional capital relief through reinsurance or otherwise, which may not be available on acceptable terms.
Business—Regulation—Federal Regulation—GSE Requirements for Mortgage Insurance Eligibility.” If Radian Guaranty’s PMIERs Cushion is materially decreased, we may be required or otherwise choose to: (i) retain capital in Radian Guaranty and/or contribute additional capital to Radian Guaranty; (ii) alter our strategy with respect to our NIW by limiting the type and volume of business we are willing to write for certain products; (iii) alter our investment policies or strategies; or (iv) seek additional capital relief through reinsurance or otherwise, which may not be available on acceptable terms or at all.
The SAFE Act is a federal law that requires all states to enact laws that require individuals and entities engaging in mortgage loan origination activity to be licensed or registered if they intend to offer mortgage loan products.
Business The SAFE Act is a federal law that requires all states to enact laws that require individuals and entities engaging in mortgage loan origination activity to be licensed or registered if they intend to offer mortgage loan products.
Through our risk management function, we seek to hold servicers accountable for their performance and communicate to servicers identified best practices for servicer performance. See “Mortgage Insurance—Defaults and Claims—Claims Management” for more information. Quantitative Analytics.
Through our risk management function, we seek to hold servicers accountable for their performance and communicate to servicers identified best practices for servicer performance. See “Mortgage Insurance—Rescissions, Defaults and Claims—Claims Management” for more information. Quantitative Analytics.
Business Mortgage insurance premiums can be funded through a number of methods, and while the coverage remains for the benefit of the insured lender or third-party beneficiary, the premiums may be paid by the borrower or by the lender.
Mortgage insurance premiums can be funded through a number of methods, and while the coverage remains for the benefit of the insured lender or third-party beneficiary, the premiums may be paid by the borrower or by the lender.
Item 1. Business Regional economic disruptions derived from natural disasters may be exacerbated by climate change and related environmental factors, which could increase the frequency, scope and intensity of such disasters. In our Mortgage Insurance business, we have historically seen forbearance plans used for loans in FEMA Designated Areas impacted by a natural disaster with forbearance limited to 12 months.
Regional economic disruptions derived from natural disasters may be exacerbated by climate change and related environmental factors, which could increase the frequency, scope and intensity of such disasters. In our Mortgage Insurance business, we have historically seen forbearance plans used for loans in FEMA Designated Areas impacted by a natural disaster with forbearance limited to 12 months.
Lender-paid mortgage insurance premiums are paid by the lender and are typically passed through to the borrower in the form of a higher interest rate on the mortgage note.
Business Lender-paid mortgage insurance premiums are paid by the lender and are typically passed through to the borrower in the form of a higher interest rate on the mortgage note.
Business The Ability to Repay Rule requires mortgage lenders to make a reasonable and good faith determination that, at the time a loan is consummated, the consumer has a reasonable ability to repay the loan.
The Ability to Repay Rule requires mortgage lenders to make a reasonable and good faith determination that, at the time a loan is consummated, the consumer has a reasonable ability to repay the loan.
In addition, many states have enacted privacy and data security laws that impose compliance obligations beyond the GLBA, such as: requiring notification in the event that a security breach results in a reasonable belief that unauthorized persons may have obtained access to consumer nonpublic personal information; imposing additional restrictions on the sharing and use of consumers’ personal information; affording consumers new rights of access, correction and deletion of their personal information and rights to appeal; imposing affirmative consent and/or opt out requirements for targeted advertising and other activities; and creating new private rights of action for data breaches.
In addition, many states have enacted privacy and data security laws that impose compliance obligations beyond the GLBA, such as: requiring notification in the event that a security breach results in a reasonable belief that unauthorized persons may have obtained access to consumer non-public personal information; imposing additional restrictions on the sharing and use of consumers’ personal information; affording consumers new rights of access, correction and deletion of their personal information and rights to appeal; imposing affirmative consent and/or opt out requirements for targeted advertising and other activities; and creating new private rights of action for data breaches.
See “Defaults and Claims—Claims Management.” Although the Primary Mortgage Insurance we write protects the insured parties from a portion of losses resulting from mortgage defaults, it generally does not provide protection against property loss or physical damage, including damage caused by hurricanes or other severe weather events or natural disasters.
See “Rescissions, Defaults and Claims—Claims Management.” Although the Primary Mortgage Insurance we write protects the insured parties from a portion of losses resulting from mortgage defaults, it generally does not provide protection against property loss or physical damage, including damage caused by hurricanes or other severe weather events or natural disasters.
A failure to comply with these covenants or the other terms of the credit facility could result in an event of default, which could: (i) result in the termination of the commitments by the lenders to make loans to Radian Group under the credit facility and (ii) enable the lenders to declare, subject to the terms and conditions of the credit facility, any outstanding obligations under the credit facility to be immediately due and payable. 64 Part I.
A failure to comply with these covenants or the other terms of the credit facility could result in an event of default, which could: (i) result in the termination of the commitments by the lenders to make loans to Radian Group under the credit facility and (ii) enable the lenders to declare, subject to the terms and conditions of the credit facility, any outstanding obligations under the credit facility to be immediately due and payable.
In addition, to support our employees and advance our mission to promote affordable, sustainable and equitable homeownership, we offer all eligible employees benefit reimbursements in our Radian mortgage insurance, title and agent referrals programs via our homebuyer perks benefits program. Talent Development and Employee Engagement We invest in our people to provide opportunities for professional and career growth.
In addition, to support our employees and advance our mission to promote affordable, sustainable and equitable homeownership, we offer all eligible employees benefit reimbursements in our Radian mortgage insurance, title and agent referral programs via our homebuyer perks benefits program. Talent Development and Employee Engagement We invest in our people to provide opportunities for professional and career growth.
We also compete with governmental entities, such as the FHA and VA, primarily on the basis of loan limits, pricing, credit guidelines, loss mitigation practices and terms of our insurance policies such as our ability to terminate private mortgage insurance, subject to conditions, in contrast to FHA policies that currently include a life-of-loan requirement.
Risk Factors We also compete with governmental entities, such as the FHA and VA, primarily on the basis of loan limits, pricing, credit guidelines, loss mitigation practices and terms of our insurance policies such as our ability to terminate private mortgage insurance, subject to conditions, in contrast to FHA policies that currently include a life-of-loan requirement.
Risk Factors,” see “ Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidity ” and “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our businesses. ” GSE Requirements for Selling Loans to the GSEs Radian Mortgage Capital is also required to maintain specified levels of capital and meet various operational requirements and standards to be approved to sell loans to the GSEs and service such loans on their behalf.
Risk Factors,” see “ Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidity ” and “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our Mortgage Insurance business. ” GSE Requirements for Selling Loans to the GSEs Radian Mortgage Capital is required to maintain specified levels of capital and meet various operational requirements and standards to be approved to sell loans to the GSEs and service such loans on their behalf.
See Note 16 of Notes to Consolidated Financial Statements for additional information on Radian Guaranty’s ability to pay dividends. Radian Group’s expense-sharing arrangements with its principal operating subsidiaries require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding senior notes.
See Note 16 of Notes to Consolidated Financial Statements for additional information on Radian Guaranty’s ability to pay dividends. Radian Group’s expense-sharing arrangements with its U.S. principal operating subsidiaries require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding senior notes.
Federal Consumer Protection Laws As certain of our current and potential future business activities are directed at consumers or affect the provision of real estate and mortgage-related services provided to consumers by others, we may be subject to a number of federal consumer protection laws, in addition to those referenced above.
Federal Consumer Protection Laws As certain of our current and potential future business activities are directed at consumers or affect the provision of real estate and mortgage-related services provided to consumers by others, we may be subject to certain federal consumer protection laws, in addition to those referenced above.
Although we believe we are well-positioned to compete effectively, our pricing strategy may not be successful and we may lose business to other competitors.
Although we believe we are well-positioned to compete effectively, our pricing strategy may not be successful and we may lose business to our competitors.
In addition, if legislative or regulatory changes were to alter the current state of the housing finance industry such that the GSEs no longer operate in their current capacity, we may be forced to compete in a new marketplace in which financial strength ratings may play a greater role.
Further, if legislative or regulatory changes were to alter the current state of the housing finance industry such that the GSEs no longer operate in their current capacity, we may be forced to compete in a new marketplace in which financial strength ratings may play a greater role.
The stated intention of that model law is that if a covered insurance company is compliant with Part 500, it also would be in compliance with the NAIC Insurance Data Security Model Law, although states that adopt the Data Security Model Law can impose their own unique requirements. 36 Part I. Item 1.
The stated intention of that model law is that if a covered insurance company is compliant with Part 500, it also would be in compliance with the NAIC Insurance Data Security Model Law, although states that adopt the Data Security Model Law can impose their own unique requirements. 35 Part I. Item 1.
These requirements and practices, as well as those of the federal regulators that oversee the GSEs and lenders, impact the operating results and financial performance of private mortgage insurers. See “Regulation” for a comprehensive description of the significant state and federal regulations and other requirements of the GSEs that are applicable to our businesses.
These requirements and practices, as well as those of the federal regulators that oversee the GSEs and lenders, impact the operating results and financial performance of private mortgage insurers. See “Regulation” below for a description of the significant state and federal regulations and other requirements of the GSEs that are applicable to our businesses.
Risks Related to Us and Our Subsidiaries Generally We may not continue to pay dividends at the same rate we are currently paying them, or at all, and any decrease in or suspension of payment of a dividend could cause our stock price to decline.
Risk Factors Risks Related to Us and Our Subsidiaries Generally We may not continue to pay dividends at the same rate we are currently paying them, or at all, and any decrease in or suspension of payment of a dividend could cause our stock price to decline.
The program consists of three pillars: charitable contributions, matching gifts and community connection. Charitable contributions include donations made by Radian to non-profit organizations, including direct corporate contributions and sponsorship of charitable events. In 2024, we provided financial support to community organizations through direct giving, sponsorships, and fundraisers.
The program consists of three pillars: charitable contributions, matching gifts and community connection. Charitable contributions include donations made by Radian to non-profit organizations, including direct corporate contributions and sponsorship of charitable events. In 2025, we provided financial support to community organizations through direct giving, sponsorships and fundraisers.
The regulations, which were amended in November 2023, require covered entities to, among other things: establish a cybersecurity program; adopt a written cybersecurity policy; designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing the cybersecurity program and policy; and have policies and procedures designed to ensure the security of information systems and nonpublic information accessible to, or held by, third parties, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.
The regulations, which were amended in November 2023, require covered entities to, among other things: establish a cybersecurity program; adopt a written cybersecurity policy; designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing the cybersecurity program and policy; and have policies and procedures designed to ensure the security of information systems and non-public information accessible to, or held by, third parties, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.
It is difficult to predict what types of new products and activities may be proposed by the GSEs in the future and, if applicable, whether they may be approved by the FHFA, including programs that may provide an alternative to traditional private mortgage insurance or title insurance.
It is difficult to predict what types of new products and activities may be proposed by the GSEs in the future and, if applicable, whether they may be approved by the FHFA, including programs that may provide an alternative to traditional private mortgage insurance.
Any potential downgrades by rating agencies in long-term sovereign credit ratings, as well as sovereign debt issues facing the governments of other countries, could have a material adverse impact on financial markets and economic conditions worldwide.
Any potential downgrades by rating agencies in long-term U.S. sovereign credit ratings, as well as sovereign debt issues facing the governments of other countries, could have a material adverse impact on financial markets and economic conditions worldwide.
Climate change and the frequency, severity, duration, and geography of severe weather events, other natural disasters and ecological-related changes are inherently uncertain, and we cannot predict the ultimate impact these events may have on our business and financial condition.
Climate change and the frequency, severity, duration and geography of severe weather events, other natural disasters and ecological-related changes are inherently uncertain, and we cannot predict the ultimate impact these events may have on our business, results of operations and financial condition.
Risk Factors,” also see “ The credit performance of our mortgage insurance portfolio is impacted by macroeconomic conditions and specific events that affect the ability of borrowers to pay their mortgages ” and “ Climate change and extreme weather events could adversely affect our businesses, results of operations and financial condition .” Mortgage Loan Characteristics In addition to geographic dispersion, factors that contribute significantly to our overall risk diversification and the credit quality of our RIF include, among others, the factors affecting the credit performance of our mortgage insurance portfolio, as discussed above under “Direct Risk in Force,” as well as our mix of mortgage insurance products, the quality of loan underwriting and our risk management practices.
Risk Factors,” also see “ The credit performance of our mortgage insurance portfolio is impacted by macroeconomic conditions and specific events that affect the ability of borrowers to pay their mortgages ” and “ Climate change and natural catastrophes could adversely affect our businesses, results of operations and financial condition .” Mortgage Loan Characteristics In addition to geographic dispersion, factors that contribute significantly to our overall risk diversification and the credit quality of our RIF include, among others, the factors affecting the credit performance of our mortgage insurance portfolio, as discussed above under “Direct Risk in Force,” as well as our mix of mortgage insurance products, the quality of loan underwriting and our risk management practices.
In addition, among other governance-related documents, our guidelines of corporate governance, code of business conduct and ethics (which includes the code of ethics applicable to our chief executive officer, chief financial officer and chief accounting officer) and the governing charters for each standing committee of Radian Group’s board of directors are available free of charge on our website, as well as in print, to any stockholder upon request.
In addition, among other governance-related documents, our guidelines of corporate governance, code of business conduct and ethics (which includes the code of ethics applicable to our chief executive officer, chief financial officer and chief accounting officer) and the governing charters for each standing committee of Radian Group’s board of directors are available free of charge on our website, as well as in print, to any stockholder upon request. 13 Part I.
We have adopted an integrated approach to risk management, which includes, among other things: (i) a centralized ERM function that is responsible for overseeing the process for risk identification, assessment, management, and mitigation across the organization; (ii) an enterprise compliance function for overseeing regulatory compliance matters, policy governance and related risks; (iii) risk management functions embedded in our businesses; (iv) specialized risk committees with a focus on specific risks; and (v) an internal audit function that performs periodic, independent reviews and tests compliance with risk management policies, procedures and standards across the Company.
We have adopted an integrated approach to risk management, which includes, among other things: (i) a centralized Enterprise Risk Management (“ERM”) function that is responsible for overseeing the processes for risk identification, assessment, management and mitigation across the organization; (ii) an enterprise compliance function for overseeing regulatory compliance matters, policy governance and related risks; (iii) risk management functions embedded in our businesses; (iv) specialized risk committees with a focus on specific risks; and (v) an internal audit function that performs periodic, independent reviews and tests compliance with risk management policies, procedures and standards across the Company.
Among other things, our failure to maintain adequate levels of capital in our mortgage insurance or title insurance subsidiaries could lead to intervention by the various insurance regulatory authorities, which could materially and adversely affect our business, business prospects and financial condition.
Among other things, our failure to maintain adequate levels of capital in our mortgage insurance subsidiaries could lead to intervention by the various insurance regulatory authorities, which could materially and adversely affect our business, business prospects and financial condition.
While servicing standards and processes have strengthened since the great financial crisis in 2008, challenging economic and market conditions or periods of economic stress and high mortgage defaults make it more difficult for servicers to effectively service the mortgage loans that we insure, which could reduce their loss mitigation efforts that could help limit our losses.
While servicing standards and processes have significantly improved since the great financial crisis in 2008, challenging economic and market conditions or periods of economic stress and high mortgage defaults make it more difficult for servicers to effectively service the mortgage loans that we insure, which could reduce their loss mitigation efforts that could help limit our losses.
Rescissions Mortgage insurance master policies generally protect mortgage insurers from the risk of material misrepresentations and fraud in the origination of an insured loan by establishing the right, under certain conditions, to unilaterally rescind coverage.
Rescissions, Defaults and Claims Rescissions Mortgage insurance master policies generally protect mortgage insurers from the risk of material misrepresentations and fraud in the origination of an insured loan by establishing the right, under certain conditions, to unilaterally rescind coverage.
The GSEs have significant discretion under the PMIERs, which they may amend at any time. As discussed below, the GSEs issued updates to the PMIERs in August 2024 and we expect the GSEs to continue to update the PMIERs in the future as they may deem necessary.
The GSEs have significant discretion under the PMIERs, which they may amend at any time. As discussed below, the GSEs most recently issued updates to the PMIERs in August 2024, and we expect the GSEs to continue to update the PMIERs in the future as they may deem necessary.
We may not have access to funding under our credit facility when we require it. ” In addition to available cash and marketable securities, including net investment income earned on such investments, Radian Group’s principal sources of cash to fund future liquidity needs include: (i) payments made to Radian Group by its subsidiaries under expense- and tax-sharing arrangements and (ii) to the extent available, dividends or other distributions from its subsidiaries.
We may not have access to funding under our borrowing agreements when we require it. ” In addition to available cash and marketable securities, including net investment income earned on such investments, Radian Group’s principal sources of cash to fund future liquidity needs include: (i) payments made to Radian Group by its subsidiaries under expense- and tax-sharing arrangements and (ii) to the extent available, dividends or other distributions from its subsidiaries.
Our RADAR Rates pricing framework and digital delivery platform utilizes Radian’s proprietary RADAR risk model and analyzes credit risk inputs to customize a rate quote to a borrower’s individual risk profile, loan attributes and property characteristics.
Our RADAR Rates pricing framework and digital delivery platform uses Radian’s proprietary RADAR risk model and analyzes credit risk inputs to customize a rate quote to a borrower’s individual risk profile, loan attributes and property characteristics.
Failure to effectively implement our succession planning efforts and to ensure effective transfers of knowledge and smooth transitions involving members of our management team and other key personnel could adversely affect our business and results of operations.
Failure to effectively implement our succession planning efforts and to ensure effective transfers of knowledge and smooth transitions involving members of our management team and other key talent could adversely affect our business and results of operations.
Radian Mortgage Capital finances its acquisition of residential mortgage loans primarily by utilizing short-term uncommitted debt under the Master Repurchase Agreements. Radian Mortgage Capital is the master servicer for the mortgage loans held for sale in its portfolio and loans it has sold to Freddie Mac, and has engaged a subservicer to manage the day-to-day servicing operations for these loans.
Radian Mortgage Capital finances its acquisition of residential mortgage loans primarily by utilizing short-term uncommitted debt under the Master Repurchase Agreements. Radian Mortgage Capital is the master servicer for the mortgage loans held for sale in its portfolio and loans it has sold to the GSEs, and has engaged a subservicer to manage the day-to-day servicing operations for these loans.
The Dodd-Frank Act established the CFPB to regulate the offering and provision of consumer financial products and services under federal law, including residential mortgages and settlement services, and transferred authority to the CFPB to enforce many existing consumer-related federal laws, including the Truth in Lending Act, RESPA and prohibitions on Unfair, Deceptive, or Abusive Acts or Practices.
It established the CFPB to regulate the offering and provision of consumer financial products and services under federal law, including residential mortgages and settlement services, and transferred authority to the CFPB to enforce many existing consumer-related federal laws, including the Truth in Lending Act, RESPA and prohibitions on Unfair, Deceptive, or Abusive Acts or Practices.
The Risk Committee utilizes the information derived from its oversight over ERM to coordinate oversight responsibilities over material risks among the full board and its standing committees as follows. ▪ The Audit Committee oversees material risks that could impact the Company’s financial statements and internal controls over financial reporting such as the risk of fraud or illegal acts, and oversees risks pertaining to our enterprise compliance program and the Company’s Code of Conduct and Ethics. ▪ The Compensation and Human Capital Management Committee oversees material risks pertaining to the Company’s compensation and human capital management policies and practices.
The Risk Committee uses the information derived from its oversight over ERM to coordinate oversight responsibilities over material risks among the full board and its standing committees as follows. ▪ The Audit Committee oversees material risks that could impact the Company’s financial statements and internal control over financial reporting such as the risk of fraud or illegal acts, and oversees risks pertaining to our enterprise compliance program and the Company’s Code of Conduct and Ethics. ▪ The Compensation and Human Capital Management Committee oversees material risks pertaining to the Company’s compensation and human capital management policies and practices.
These MLS agreements include restrictions on the permitted use of the MLS data obtained through these agreements and impose requirements on the business of real estate brokerages in order to maintain eligibility to continue to receive the MLS data.
These MLS agreements include restrictions on the permitted use of the MLS data obtained through these agreements and impose requirements on the business of real estate brokerages to maintain eligibility to continue to receive the MLS data.
With respect to defaulted loans, the PMIERs recognize that loans that have become non-performing as a result of a FEMA Declared Major Disaster eligible for individual assistance (e.g., due to a natural disaster) generally have a higher likelihood of curing following the conclusion of the event, and therefore apply a Disaster Related Capital Charge for a period of time and subject to certain limitations, to reduce the Minimum Required Asset factor for these loans.
With respect to defaulted loans, the PMIERs recognize that loans that have become non-performing as a result of a FEMA Declared Major Disaster eligible for individual assistance (e.g., due to a natural disaster) generally have a higher likelihood of curing following the conclusion of the event, and therefore apply a haircut to reduce the Minimum Required Asset factor for these loans for a period of time, subject to certain limitations.
Our assumptions may ultimately prove to be inaccurate, especially in the event of an extended economic downturn or a period of market volatility and economic uncertainty, or if there is a change in law or the GSEs’ business practices that alter the performance of the loans we have insured in ways that are inconsistent with our assumptions, including the amount of premium we expect to receive from such insurance.
Our assumptions may ultimately prove to be inaccurate, especially in the event of an extended economic downturn or a period of market volatility and economic uncertainty, or if there is a change in law or the GSEs’ business practices that alter the performance of the loans we have insured in ways that are inconsistent with our assumptions, including the amount of premium we expect to receive from such 50 Part I.
Our Loss Mitigation Activities and claims paying practices have in the past resulted in disputes with certain of our customers and in some cases, damaged our relationships with customers, resulting in a loss of business.
Radian Guaranty’s Loss Mitigation Activities and claims paying practices have in the past resulted in disputes with certain of our customers and in some cases, damaged our relationships with customers, resulting in a loss of business.
Given that the Director of the FHFA is removable by the President at will, the agency’s agenda and its policies and actions are influenced by the Administration in place at any given time, making it likely that the direction of the FHFA and its oversight over the GSEs will be impacted by the elections and the political leanings of the Administration in office at the time.
Given that the Director of the FHFA is removable by the President at will, the agency’s agenda and its policies and actions are influenced by the Administration in place at any given time, making it likely that the direction of the FHFA and its oversight over the GSEs will be impacted by elections and goals of the Administration in office at the time.
The Gramm-Leach-Bliley Act of 1999 (the “GLBA”), which consists of both a Privacy Rule and a Safeguards Rule, imposes privacy and security requirements on financial institutions, including obligations to protect and safeguard consumers’ nonpublic personal information and records, and limitations on the use, re-use and sharing of such information.
The Gramm-Leach-Bliley Act of 1999 (the “GLBA”), which consists of both a Privacy Rule and a Safeguards Rule, imposes privacy and security requirements on financial institutions, including obligations to protect and safeguard consumers’ non-public personal information and records, and limitations on the use, re-use and sharing of such information.
Risks Related to Information Technology and Cybersecurity Our information technology systems may fail or become outmoded, be temporarily interrupted or otherwise cause us to be unable to meet our customers’ demands.
Risks Related to Information Technology and Cybersecurity Our information technology systems may fail or become outmoded, be temporarily interrupted or otherwise cause us to be unable to meet our customers’ demands or to operate our business.
For example, the FHA’s QM Safe Harbor definition currently applies to loans priced at or less than APOR plus the sum of 1.15% and the FHA’s annual mortgage insurance premium rate, which is effectively broader than the QM Safe Harbor adopted under the General QM Definition.
For example, the FHA’s QM Safe Harbor definition currently applies to loans priced at or less than APOR plus the sum of 1.15% and the FHA’s annual mortgage insurance premium rate, which is effectively broader than the QM Safe Harbor adopted under the CFPB rules.
If, after completion of this process, we determine that the claim was not perfected, other conditions precedent to coverage have not been met, or any exclusions apply, the insurance claim is denied and we consider the Claim Denial to be final and resolved.
If, after completion of this process, we determine that the claim was not perfected, other conditions precedent to coverage have not been met, or any exclusions apply, the insurance claim may be denied, and we would consider the Claim Denial to be final and resolved.
For the significant portion of our investment portfolio held by our insurance subsidiaries, to receive favorable treatment under insurance regulatory requirements and full credit as Available Assets under the PMIERs, we generally are limited to investing in investment grade fixed income investments with yields that reflect their lower credit risk profile.
For the significant portion of our investment portfolio held by Radian Guaranty, we generally are limited to investing in investment grade fixed income investments with yields that reflect their lower credit risk profile so that we receive favorable treatment under insurance regulatory requirements and full credit as Available Assets under the PMIERs.
Federal Regulation GSE Requirements for Mortgage Insurance Eligibility As the largest purchasers of conventional mortgage loans, and therefore the main beneficiaries of private mortgage insurance, the GSEs impose eligibility requirements that private mortgage insurers must satisfy in order to be approved to insure loans purchased by the GSEs.
Business Federal Regulation GSE Requirements for Mortgage Insurance Eligibility As the largest purchasers of conventional mortgage loans, and therefore the main beneficiaries of private mortgage insurance, the GSEs impose eligibility requirements that private mortgage insurers must satisfy to be approved to insure loans purchased by the GSEs.
Because traditional mortgage insurance is an important component of this system and because our businesses depend on the health of the housing finance system and housing markets in particular, these actions have impacted, and future actions could further impact, our business operations and performance.
Because traditional mortgage insurance is an important component of this system and because our Mortgage Insurance business depends on the health of the housing finance system and housing markets in particular, these actions have impacted, and future actions could further impact, our business operations and performance.
The percentage of our insurance certificates that remain in force for a specified period of time, which we refer to as the Persistency Rate, is a significant driver of our future revenues, with a lower overall Persistency Rate generally reducing our future revenues.
The percentage of our insurance certificates that remain in force for a specified period of time, which we refer to as the Persistency Rate, is a significant driver of future revenues from our Mortgage Insurance business, with a lower overall Persistency Rate generally reducing future revenues.
Radian Guaranty’s PMIERs Cushion, and ultimately, its ability to continue to comply with the PMIERs financial requirements could be impacted by, among other factors: (i) the volume and product mix of our NIW; (ii) factors affecting the performance of our mortgage insurance portfolio, including the level of new defaults and prepayments; (iii) for existing defaults, the aging of these existing defaults and whether they are subject to, and remain in, mortgage forbearance programs, and the ultimate losses we incur on new or existing defaults; (iv) the amount of credit that we receive for investments in Radian Guaranty’s investment portfolio based on, among other things, asset class and credit rating; (v) the amount of credit that we receive for our third-party reinsurance transactions; and (vi) potential amendments or updates to the PMIERs.
Radian Guaranty’s PMIERs Cushion, and ultimately, its ability to continue to comply with the PMIERs financial requirements could be impacted by, among other factors: (i) the volume and product mix of our NIW; (ii) factors affecting the performance of our mortgage insurance portfolio, including the level of new defaults and prepayments; (iii) for existing defaults, the aging of these existing defaults and the ultimate losses we incur on new or existing defaults; (iv) the amount of credit that we receive for investments in Radian Guaranty’s investment portfolio based on, among other things, asset class and credit rating; (v) the amount of credit that we receive for our third-party reinsurance transactions; and (vi) potential amendments or updates to the PMIERs.
The potential for future pricing changes could be influenced by the financial strength of the FHA’s Mutual Mortgage Insurance (“MMI”) Fund. As last reported in November 2024, the FHA’s MMI Fund had a combined capital ratio for fiscal year 2024 of 11.47%, above the 2% ratio that the FHA is required to maintain.
The potential for future pricing changes could be influenced by the financial strength of the FHA’s Mutual Mortgage Insurance (“MMI”) Fund. As last reported in December 2025, the FHA’s MMI Fund had a combined capital ratio for fiscal year 2025 of 11.47%, above the 2% ratio that the FHA is required to maintain.
The PMIERs’ financial requirements require that a mortgage insurer’s Available Assets meet or exceed its Minimum Required Assets. The PMIERs’ financial requirements include increased financial requirements for defaulted loans (as further discussed below), as well as for performing loans with a higher likelihood of default and/or certain credit characteristics, such as higher LTVs or lower FICO credit scores.
Under the PMIERs’ financial requirements, a mortgage insurer’s Available Assets must meet or exceed its Minimum Required Assets. The PMIERs’ financial requirements include increased financial requirements for defaulted loans (as further discussed below), as well as for performing loans with a higher likelihood of default and/or certain credit characteristics, such as higher LTVs or lower FICO credit scores.
As of December 31, 2024, we internally managed 11% of the investment portfolio (the portion of the portfolio largely consisting of U.S. Treasury securities, money market funds, equities, mortgage insurance-linked notes and other mortgage related assets, and certain exchange-traded funds), with the remainder primarily managed by three external managers.
As of December 31, 2025, we internally managed 18% of the investment portfolio (the portion of the portfolio largely consisting of U.S. Treasury securities, money market funds, equities, mortgage insurance-linked notes and other mortgage related assets, and certain exchange-traded funds), with the remainder primarily managed by three external managers.
Radian Settlement Services is domiciled and licensed in Pennsylvania as a resident title insurance agency and, together with its subsidiaries, is compliant with requirements to do business in 43 states and the District of Columbia.
Radian Settlement Services Inc. is domiciled and licensed in Pennsylvania as a resident title insurance agency and, together with its subsidiaries, is compliant with requirements to do business in 44 states and the District of Columbia.
Risk Factors,” see “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our businesses .” Administrative Reform The executive branch of the government (the “Administration”), typically through its departments and regulatory agencies, offers perspectives on the future of housing finance in the U.S., including objectives for future strategic direction and areas of focus.
Risk Factors,” see “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our Mortgage Insurance business .” Administrative Reform The executive branch of the federal government (the “Administration”), generally through its departments and regulatory agencies, offers perspectives on the future of housing finance in the U.S., including objectives for future strategic direction and areas of focus.
Risk Factors,” see “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our businesses .” Other Changes in Business Practices GSE Valuation Modernization.
Risk Factors,” see “ Changes in the charters, business practices or role of the GSEs in the U.S. housing finance market generally, could significantly impact our Mortgage Insurance business .” Other Changes in Business Practices GSE Valuation Modernization.
Loans priced at or less than 1.5% above APOR are subject to the QM Safe Harbor, while all other QM loans would receive the general rebuttable presumption that the loans met the ability to repay standard.
Loans priced at or less than 1.5% above APOR are subject to the QM Safe Harbor, and all other QM loans receive the general rebuttable presumption that the loans met the ability to repay standard.

… 722 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

6 edited+0 added−1 removed12 unchanged
Biggest changeWhile the Information Security Program is reasonably designed to mitigate the risk of cybersecurity events, we cannot provide assurance that we will not be subject to a cybersecurity event. In “Item 1A.
Biggest changeDuring the reporting period, we were not impacted by any cybersecurity incidents that we believe are reasonably likely to materially affect our business strategy, results of operations, or financial condition. While the Information Security Program is reasonably designed to mitigate the risk of cybersecurity events, we cannot provide assurance that we will not be subject to a cybersecurity event.
Our Chief Information Security Officer has over 20 years of diverse industry experience, including serving in similar roles overseeing cybersecurity programs, as well as serving in numerous board and advisory capacities. Several members of the Information Security team hold advanced degrees as well as industry-recognized certifications in cybersecurity and related disciplines .
Our Chief Information Security Officer has over 30 years of diverse industry experience, including serving in similar roles overseeing cybersecurity programs, as well as serving in numerous board and advisory capacities. Several members of the Information Security team hold advanced degrees as well as industry-recognized certifications in cybersecurity and related disciplines .
Risk Factors,” see “ We could incur significant liability or reputational harm if the security of our information technology systems, or of our third-party vendors or service providers, is breached, including as result of a cyberattack, or we otherwise fail to protect confidential information, including personally identifiable information that we maintain .”
In “Item 1A. Risk Factors,” see “ We could incur significant liability or reputational harm if the security of our information technology systems, or of our third-party vendors or service providers, is breached, including as result of a cyberattack, or we otherwise fail to protect confidential information, including personally identifiable information that we maintain .”
Collectively, these documents describe the structure, scope, organization and requirements of the Information Security Program, as well as the responsibility and authority of the Chief Information Security Officer.
Radian’s board of directors approves the written Information Security Policy and Information Security Program documents annually. Collectively, these documents describe the structure, scope, organization and requirements of the Information Security Program, as well as the responsibility and authority of the Chief Information Security Officer.
The Chief Information Security Officer reports directly to our Chief Digital Officer and presents at least annually to the Company’s full board of directors about the overall effectiveness of the Information Security Program, as well as quarterly to the Risk Committee. Radian’s board of directors approves the written Information Security Policy and Information Security Program documents annually.
The Chief Information Security Officer reports directly to our Chief Digital Officer and presents at least annually to the Company’s full board of directors about the overall effectiveness of the Information Security Program, as well 72 Part I. Item 1C. Cybersecurity as quarterly to the Risk Committee.
We also utilize both internal and external auditors to provide independent assessments of our Information Security Program .
We also utilize both internal and external auditors to provide independent assessments of our Information Security Program . Cybersecurity incidents are reviewed at least quarterly by management, the appropriate executive committees and the board of directors or its committees.
Removed
Cybersecurity incidents are reviewed at least quarterly by management, the appropriate executive committees and the board of directors or its committees. 69 During the reporting period, we were not impacted by any cybersecurity incidents that we believe are reasonably likely to materially affect our business strategy, results of operations, or financial condition.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+2 added−1 removed5 unchanged
Biggest changeDuring 2023 and 2024, we declared and paid a quarterly cash dividend of $0.225 and $0.245 per share, respectively. In February 2025, Radian Group’s board of directors authorized an increase to our quarterly dividend from $0.245 to $0.255 per share. We presently expect to continue to declare a regular quarterly dividend on our common stock.
Biggest changeDuring 2024 and 2025, we declared and paid a quarterly cash dividend of $0.245 and $0.255 per share, respectively. We presently expect to continue to declare a regular quarterly dividend on our common stock. For information on Radian Group’s 73 PART II ability to pay dividends, see “Limitations on Payments of Dividends” below and “Item 7.
Unregistered Sales of Equity Securities In the last three years, no equity securities of the Company were sold that were not registered under the Securities Act. 70 Issuer Purchases of Equity Securities The following table provides information about purchases of Radian Group common stock by us (and our affiliated purchasers) during the three months ended December 31, 2024.
Unregistered Sales of Equity Securities In the last three years, no equity securities of the Company were sold that were not registered under the Securities Act. Issuer Purchases of Equity Securities The following table provides information about purchases of Radian Group common stock by us (and our affiliated purchasers) during the three months ended December 31, 2025.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “RDN.” At February 12, 2025, there were 145,063,145 shares of our common stock outstanding and 62 holders of record.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “RDN.” On February 18, 2026, there were 136,272,409 shares of our common stock outstanding and 78 holders of record.
For information on Radian Group’s ability to pay dividends, see “Limitations on Payments of Dividends” below and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Analysis—Holding Company— Dividends and Dividend Equivalents .” Information in Item 12 of this report under the caption “Equity Compensation Plans” is incorporated herein by reference.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Analysis—Holding Company— Dividends and Dividend Equivalents .” Information in Item 12 of this report under the caption “Equity Compensation Plans” is incorporated herein by reference.
Share repurchase program ($ in thousands, except per-share amounts) Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2) Period 10/1/2024 to 10/31/2024 763,421 $ 34.55 760,782 $ 591,470 11/1/2024 to 11/30/2024 716,565 33.63 705,054 567,744 12/1/2024 to 12/31/2024 778,878 32.20 776,692 542,744 Total 2,258,864 2,242,528 (1) Includes 16,336 shares tendered by employees for payment of taxes withheld on the vesting of certain RSUs granted under the Company’s equity compensation plans.
Share repurchase program ($ in thousands, except per-share amounts) Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) Period 10/1/2025 to 10/31/2025 6,873 $ 33.91 — $ 862,763 11/1/2025 to 11/30/2025 2,925 36.39 — 862,763 12/1/2025 to 12/31/2025 1,450 36.77 — 862,763 Total 11,248 — (1) Includes 11,248 shares tendered by employees for payment of taxes withheld on the vesting of certain RSUs granted under the Company’s equity compensation plans.
Removed
During the three months ended December 31, 2024, the Company purchased 2.2 million shares at an average price of $33.45, including commissions. See Note 14 of Notes to Consolidated Financial Statements for additional details on our share repurchase plan.
Added
In May 2025, Radian Group’s board of directors authorized the Company to spend up to an additional $750 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors.
Added
Under this May 2025 authorization, the full amount remained available as of December 31, 2025. Use of this authorization will commence once the first authorization is exhausted or expires, whichever occurs earlier, and is scheduled to expire in December 2027. See Note 14 of Notes to Consolidated Financial Statements for additional details on our share repurchase plan.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

170 edited+76 added−72 removed71 unchanged
Biggest changeWe expect Radian Group’s principal liquidity demands for the next 12 months to be: (i) the payment of corporate expenses, including taxes; (ii) interest payments on our outstanding debt obligations; (iii) the payment of quarterly dividends on our common stock, which were $0.245 per share in 2024 and subsequently increased to $0.255 per share for the first quarterly dividend in 2025, and which remain subject to approval by our board of directors and our ongoing assessment of our financial condition and potential needs related to the execution and implementation of our business plans and strategies; (iv) the potential continued repurchases of shares of our common stock pursuant to share repurchase authorizations, as described below; and (v) investments to support our business strategy, including capital contributions to our subsidiaries.
Biggest changeAs of December 31, 2025, we expect Radian Group’s principal liquidity demands for the next 12 months to be: (i) investments to support our business strategy and to expand and diversify our revenue streams, including the $1.67 billion acquisition of Inigo and, if needed, capital contributions to our subsidiaries; (ii) the payment of corporate expenses, including taxes; (iii) interest payments on our outstanding debt obligations as well as potential amounts to repay all or a portion of borrowings under our credit facility; and (iv) the payment of quarterly dividends on our common stock, which currently are $0.255 per share and which remain subject to approval by our board of directors and our ongoing assessment of our financial condition and potential needs related to the execution and implementation of our business plans and strategies.
Use of Non-GAAP Financial Measures In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance.
Use of Non-GAAP Financial Measures In addition to traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance.
The expense-sharing arrangements between Radian Group and its mortgage insurance subsidiaries, as amended, have been approved by the Pennsylvania Insurance Department, but such approval may be modified or revoked at any time. Taxes.
The expense-sharing arrangements, as amended, between Radian Group and its mortgage insurance subsidiaries have been approved by the Pennsylvania Insurance Department, but such approval may be modified or revoked at any time. Taxes.
In addition, other companies may utilize different estimates, which may impact comparability of our results of operations to those of companies in similar businesses. A summary of the accounting estimates that management believes are critical to the preparation of our consolidated financial statements is set forth below.
In addition, other companies may utilize different estimates, which may impact comparability of our results of operations to those of companies in similar businesses. A summary of the accounting estimates that management believes are of critical importance to the preparation of our consolidated financial statements is set forth below.
Cumulative incurred loss ratio by vintage (1) Vintage Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 (2) Dec 2021 (2) Dec 2022 Dec 2023 Dec 2024 2015 2.1% 4.8% 5.2% 5.0% 4.7% 7.4% 6.8% 3.8% 2.9% 2.4% 2016 2.9% 5.0% 4.8% 4.7% 9.7% 8.0% 3.7% 2.7% 2.1% 2017 4.7% 5.1% 6.1% 14.3% 11.9% 5.1% 3.7% 2.9% 2018 3.0% 6.4% 22.8% 19.0% 7.2% 4.9% 3.9% 2019 2.8% 35.6% 23.5% 6.8% 4.6% 3.5% 2020 25.6% 14.9% 6.0% 3.8% 3.1% 2021 7.9% 10.9% 9.1% 8.0% 2022 9.4% 15.2% 17.0% 2023 7.1% 12.6% 2024 6.9% (1) Represents inception-to-date losses incurred as a percentage of net premiums earned.
Cumulative incurred loss ratio by vintage (1) Vintage Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 (2) Dec 2021 (2) Dec 2022 Dec 2023 Dec 2024 Dec 2025 2016 2.9% 5.0% 4.8% 4.7% 9.7% 8.0% 3.7% 2.7% 2.1% 1.9% 2017 4.7% 5.1% 6.1% 14.3% 11.9% 5.1% 3.7% 2.9% 2.5% 2018 3.0% 6.4% 22.8% 19.0% 7.2% 4.9% 3.9% 3.5% 2019 2.8% 35.6% 23.5% 6.8% 4.6% 3.5% 3.1% 2020 25.6% 14.9% 6.0% 3.8% 3.1% 2.7% 2021 7.9% 10.9% 9.1% 8.0% 7.3% 2022 9.4% 15.2% 17.0% 17.6% 2023 7.1% 12.6% 14.6% 2024 6.9% 11.2% 2025 5.6% (1) Represents inception-to-date losses incurred as a percentage of net premiums earned.
(2) Includes RMBS, CMBS, CLO, Other ABS, mortgage insurance-linked notes and residential mortgage loans, which are not due at a single maturity date. (3) No stated maturity date. The following table provides the ratings of our investment portfolio, from a nationally recognized statistical ratings organization, presented as a percentage of overall fair value, as of the dates indicated.
(2) Includes RMBS, CMBS, CLO, Other ABS, and mortgage insurance-linked notes, which are not due at a single maturity date. (3) No stated maturity date. The following table provides the ratings of our investment portfolio, from a nationally recognized statistical ratings organization, presented as a percentage of overall fair value, as of the dates indicated.
Therefore, Claim Severity generally increases the longer that a loan is in default. We considered the sensitivity of first-lien loss reserve estimates at December 31, 2024, by assessing the potential changes resulting from a parallel shift in Claim Severity and Default to Claim Rate estimates for primary loans, excluding any potential benefits from reinsurance.
Therefore, Claim Severity generally increases the longer that a loan is in default. We considered the sensitivity of first-lien loss reserve estimates at December 31, 2025, by assessing the potential changes resulting from a parallel shift in Claim Severity and Default to Claim Rate estimates for primary loans, excluding any potential benefits from reinsurance.
The level of mortgage prepayments affects the revenue ultimately produced by our Mortgage Insurance business and is influenced by the mix of business we write. See “Key Factors Affecting Our Results — Mortgage Insurance—IIF and Persistency” for more information. 88 Part II. Item 7.
The level of mortgage prepayments affects the revenue ultimately produced by our Mortgage Insurance business and is influenced by the mix of business we write. See “Key Factors Affecting Our Results — Mortgage Insurance—IIF and Persistency” for more information. 87 Part II. Item 7.
The penetration percentage of private mortgage insurance is mainly influenced by: (i) the competitiveness of private mortgage insurance for GSE conforming loans compared to FHA and VA insured loans and (ii) the relative percentage of mortgage originations that are for purchased homes versus refinances.
The penetration percentage of private mortgage insurance is mainly influenced by: (i) the competitiveness of private mortgage insurance for GSE conforming loans compared to FHA and VA insured loans and (ii) the relative percentage of mortgage originations that are for purchased homes versus refinancings.
Our provision for losses during 2024, 2023 and 2022 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated.
Our provision for losses during 2025, 2024 and 2023 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated.
Our estimate for the single premium earnings pattern is updated periodically and subject to change given uncertainty as to the underlying loss development and duration of risk. There were no changes to our single premium earnings pattern estimate in 2024 and 2023.
Our estimate for the single premium earnings pattern is updated periodically and subject to change given uncertainty as to the underlying loss development and duration of risk. There were no changes to our single premium earnings pattern estimate in 2025 and 2024.
Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss).
Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations.
This decrease was primarily due to a shift in the mix of defaults as of December 31, 2024, given the larger proportion of more recent defaults and loans with fewer missed payments, as well as reduced claim rate assumptions for prior period defaults due to more favorable trends in Cures than originally estimated.
This decrease was primarily due to a shift in the mix of defaults as of December 31, 2025, and December 31, 2024, as compared to December 31, 2023, given the larger proportion of more recent defaults and loans with fewer missed payments, as well as reduced claim rate assumptions for prior period defaults due to more favorable trends in Cures than originally estimated.
Losses Incurred losses reduce our pretax income and represent the estimated future claim payments on newly defaulted insured loans as well as any change in our claim estimates for existing defaults, including changes in our estimates with respect to the frequency, magnitude and timing of anticipated losses on defaulted loans.
Losses Incurred losses reduce our pretax income from continuing operations and represent the estimated future claim payments on newly defaulted insured loans as well as any change in our claim estimates for existing defaults, including changes in our estimates with respect to the frequency, magnitude and timing of anticipated losses on defaulted loans.
Despite holding assets above the minimum statutory capital thresholds and PMIERs financial requirements, the ability of Radian’s mortgage insurance subsidiaries to pay dividends on their common stock is restricted by certain provisions of the insurance laws of Pennsylvania, their state of domicile.
Risk Factors.” Despite holding assets above the minimum statutory capital thresholds and PMIERs financial requirements, the ability of Radian’s mortgage insurance subsidiaries to pay dividends on their common stock is restricted by certain provisions of the insurance laws of Pennsylvania, their state of domicile.
As of December 31, 2024, Radian Guaranty maintained claims paying resources of $6.2 billion on a statutory basis, which consist of contingency reserves, statutory policyholders’ surplus, premiums received but not yet earned and loss reserves. In addition, our reinsurance programs are designed to provide additional claims-paying resources during times of economic stress and elevated losses.
As of December 31, 2025, Radian Guaranty maintained claims paying resources of $6.1 billion on a statutory basis, which consist of contingency reserves, statutory policyholders’ surplus, premiums received but not yet earned and loss reserves. In addition, our reinsurance programs are designed to provide additional claims-paying resources during times of economic stress and elevated losses.
This balance includes a $921 million benefit from U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury, which mortgage guaranty insurers such as Radian Guaranty may purchase in order to be eligible for a tax deduction, subject to certain limitations, related to amounts required to be set aside in statutory contingency reserves.
This balance includes a $1.1 billion benefit from U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury, which mortgage guaranty insurers such as Radian Guaranty may purchase in order to be eligible for a tax deduction, subject to certain limitations, related to amounts required to be set aside in statutory contingency reserves.
Factors considered in our assessment for impairment include the extent to which the amortized cost basis is greater than fair value and the reasons for the decline in value. As of December 31, 2024, our gross unrealized losses on available for sale securities were $460 million, which can fluctuate materially over time based on changes in market conditions.
Factors considered in our assessment for impairment include the extent to which the amortized cost basis is greater than fair value and the reasons for the decline in value. As of December 31, 2025, our gross unrealized losses on available for sale securities were $317 million, which can fluctuate materially over time based on changes in market conditions.
Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss) attributable to common stockholders, net of taxes computed using the Company’s statutory tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.
Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the Company’s statutory tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.
Based on current NIW pricing and the impact of higher Persistency Rates we have been experiencing, we currently expect our in force portfolio premium yield in 2025 to remain stable; however, due to the potential impacts of Single Premium Policy cancellations and reinsurance, among other things, the net premium yield may continue to fluctuate from period to period.
Based on current NIW pricing and the impact of the higher Persistency Rates we have been experiencing, we currently expect our in force portfolio premium yield in 2026 to continue to be stable; however, due to the potential impacts of Single Premium Policy cancellations and reinsurance, among other things, the net premium yield may fluctuate from period to period.
Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share or return on equity.
Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share or return on equity from continuing operations.
We believe that the operating cash flows generated by Radian Guaranty, as well as our additional immaterial mortgage insurance subsidiaries, will provide them with the funds necessary to satisfy their needs for the foreseeable future.
We believe that the operating cash flows generated by Radian Guaranty, as well as our other immaterial mortgage insurance subsidiaries, will provide them with the funds necessary to satisfy their respective needs for the foreseeable future.
Ratings Ratings independently assigned by third-party statistical rating organizations often are considered in assessing our credit strength and the financial strength of our primary insurance subsidiaries. Radian Group, Radian Guaranty and Radian Title Insurance are currently assigned the financial strength ratings set forth in the chart below, which are provided for informational purposes only and are subject to change.
Risk Factors.” Ratings Ratings independently assigned by third-party statistical rating organizations often are considered in assessing our credit strength and the financial strength of our primary insurance subsidiaries. Radian Group and Radian Guaranty are currently assigned the financial strength ratings set forth in the chart below, which are provided for informational purposes only and are subject to change.
In the event the cash flows from operations of our All Other businesses continue to be insufficient to fund all of their needs, Radian Group may continue to provide additional funds in the form of additional capital contributions or other support.
In the event the cash flows from operations of our businesses held for sale continue to be insufficient to fund all of their needs, Radian Group may continue to provide additional funds in the form of additional capital contributions or other support.
Assuming all other factors remain constant, for every one percentage point change in our overall primary net Default to Claim Rate (which we estimate to be 23% at December 31, 2024, including our assumptions related to Loss Mitigation Activities), we estimated an approximate $15 million change in our loss reserves at December 31, 2024.
Assuming all other factors remain constant, for every one percentage point change in our overall primary net Default to Claim Rate (which we estimate to be 23% at December 31, 2025, including our assumptions related to Loss Mitigation Activities), we estimated an approximate $16 million change in our loss reserves at December 31, 2025.
For example, assuming all other factors remain constant, for every one percentage point change in primary Claim Severity (which we estimate to be 89% of defaulted risk exposure at December 31, 2024), we estimated that our loss reserves would change by approximately $4 million at December 31, 2024.
For example, assuming all other factors remain constant, for every one percentage point change in primary Claim Severity (which we estimate to be 90% of defaulted risk exposure at December 31, 2025), we estimated that our loss reserves would change by approximately $4 million at December 31, 2025.
As a result, from time to time, under the provisions of our tax-sharing agreements, Radian Group may pay to or receive from its operating subsidiaries amounts that differ from Radian Group’s consolidated federal tax payment obligation. During 2024, Radian Group received $1 million of tax-sharing agreement payments from its subsidiaries.
As a result, from time to time, under the provisions of our tax-sharing agreements, Radian Group may pay to or receive from its operating subsidiaries amounts that differ from Radian Group’s consolidated federal tax payment obligation. During 2025, Radian Group received $22 million of tax-sharing agreement payments from its subsidiaries.
The primary risks in our investment portfolio are interest-rate risk and credit-spread risk, namely the fair value sensitivity of our fixed income securities and residential mortgage loans to changes in interest rates and credit spreads, respectively.
The primary risks in our investment portfolio are interest-rate risk and credit-spread risk, namely the fair value sensitivity of our fixed income securities to changes in interest rates and credit spreads, respectively.
See Note 11 of Notes to Consolidated Financial Statements for additional information. We develop our Default to Claim Rate estimates on defaulted loans based on models that use a variety of loan characteristics to determine the likelihood that a default will reach claim status.
We develop our Default to Claim Rate estimates on defaulted loans based on models that use a variety of loan characteristics to determine the likelihood that a default will reach claim status. See Note 11 of Notes to Consolidated Financial Statements for additional details about our Default to Claim Rate assumptions.
Radian Group has expense-sharing arrangements in place with its principal operating subsidiaries that require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding debt obligations.
Corporate Expenses and Interest Expense. Radian Group has expense-sharing arrangements in place with its U.S. principal operating subsidiaries that require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding debt obligations.
Therefore, with respect to deferred tax assets relating to these state and local NOLs and other state timing adjustments, we retained a valuation allowance of $67 million and $63 million at December 31, 2024 and 2023, respectively. Estimated factors in this assessment include, but are not limited to, forecasts of future income and actual and planned business and operational changes.
Therefore, with respect to deferred tax assets relating to these state and local NOLs and other state timing adjustments, we retained a valuation allowance of $52 million and $55 million at December 31, 2025 and 2024, respectively. Estimated factors in this assessment include, but are not limited to, forecasts of future income and actual and planned business and operational changes.
Investment Portfolio At December 31, 2024 and 2023, the following tables include $139 million and $204 million, respectively, of securities loaned to third-party borrowers under securities lending agreements, which are classified as other assets in our consolidated balance sheets. See Note 6 of Notes to Consolidated Financial Statements for more information about our investment portfolio, including our securities lending agreements.
Investment Portfolio At December 31, 2025 and 2024, the following tables include $142 million and $139 million, respectively, of securities loaned to third-party borrowers under securities lending agreements, which are classified as other assets in our consolidated balance sheets. See Note 7 of Notes to Consolidated Financial Statements for more information about our investment portfolio, including our securities lending agreements.
Business—Mortgage Insurance—Defaults and Claims”), which make the timing of paid claims difficult to predict. 91 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table shows net claims paid by product and the average claim paid by product for the periods indicated.
Business—Mortgage Insurance—Rescissions, Defaults and Claims”), which make the timing of paid claims difficult to predict. 90 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides net claims paid by product and the average claim paid by product for the periods indicated.
Increases in our investment balances and average yields result in higher pretax income and operating cash flows, while declining balances and yields can negatively affect our financial results.
Increases in our investment balances and average yields result in higher pretax income from continuing operations and operating cash flows, while declining balances and yields can negatively affect our financial results.
See Note 8 of Notes to Consolidated Financial Statements for additional information. Radian Guaranty’s Risk-to-capital as of December 31, 2024, was 10.2 to 1. Radian Guaranty is not expected to need additional capital to satisfy state insurance regulatory requirements in their current form. At December 31, 2024, Radian Guaranty had statutory policyholders’ surplus of $723 million.
See Note 8 of Notes to Consolidated Financial Statements for additional information. Radian Guaranty’s Risk-to-capital as of December 31, 2025, was 10.3 to 1. Radian Guaranty is not expected to need additional capital to satisfy state insurance regulatory requirements in their current form. At December 31, 2025, Radian Guaranty had statutory policyholders’ surplus of $646 million.
Key Factors Aff ecting Our Results Mortgage Insurance NIW Our current business strategy for our Mortgage Insurance business is to write NIW that we believe will generate future earnings and economic value while effectively maintaining the portfolio’s health, balance and profitability. NIW increases our IIF and our premiums written and earned.
Mortgage Insurance NIW Our current business strategy for our Mortgage Insurance business is to write NIW that we believe will generate future earnings and economic value while effectively maintaining the portfolio’s health, balance and profitability. NIW increases our IIF and our premiums written and earned.
For direct Single Premium Policies, NIW includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated). 77 Part II. Item 7.
For direct Single Premium Policies, NIW includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated).
Private mortgage insurance penetration of the overall mortgage market further impacts our results and has generally been higher on new mortgages for purchased homes than on the refinance of existing mortgages because average LTVs are typically higher on home purchases, and therefore, these lower down payment loans are more likely to require mortgage insurance.
Private mortgage insurance penetration has generally been higher on new mortgages for purchased homes than on the refinance of existing mortgages because average LTVs are typically higher on home purchases, and therefore, these lower down payment loans are more likely to require mortgage insurance.
(as measured by our direct Primary Mortgage Insurance RIF as of December 31, 2024).
(as measured by our direct Primary Mortgage Insurance RIF as of December 31, 2025).
We also regularly consider various measures to improve our capital and liquidity positions, as well as to strengthen our balance sheet, improve Radian Group’s debt maturity profile and maintain adequate liquidity for our operations. Among other things, these measures may include borrowing agreements or arrangements, such as securities or other master repurchase agreements and revolving 98 Part II. Item 7.
We also regularly consider various measures to improve our capital and liquidity positions, as well as to strengthen our balance sheet, improve Radian Group’s debt maturity profile and maintain adequate liquidity for our operations. Among other things, these measures may include borrowing agreements or arrangements, such as securities or other master repurchase agreements and revolving credit facilities.
These assumptions require management to use considerable judgment in estimating the rate at which these loans will result in claims and the amount of such claims. As such, there is uncertainty around our reserve estimate.
These assumptions require management to use considerable judgment in estimating the rate at which these loans will result in claims and the amount of such claims. As such, there is uncertainty around our reserve estimate. 102 Part II. Item 7.
Based on our outstanding shares of common stock and our current dividend level, which our board of directors may change as discussed above, we would require approximately $151 million in the aggregate to pay dividends for the next 12 months, plus an incremental amount for dividend equivalents that will fluctuate based on final shares vested under our performance-based RSU programs.
Based on our outstanding shares of common stock and our current dividend level, which our board of directors may change at any time, we would require approximately $138 million in the aggregate to pay dividends for the next 12 months, plus an incremental amount for dividend equivalents that will fluctuate based on final shares vested under our performance-based RSU programs.
During 2024 and 2023, the Company repurchased 7.0 million shares and 5.3 million shares of Radian Group common stock, respectively, under programs authorized by Radian Group’s board of directors, at a total cost of $224 million and $133 million, respectively, including commissions. See Note 14 of Notes to Consolidated Financial Statements for additional details on our share repurchase programs.
During 2025 and 2024, the Company repurchased 13.4 million shares and 7.0 million shares of Radian Group common stock, respectively, under programs authorized by Radian Group’s board of directors, at a total cost of $430 million and $224 million, respectively, including commissions. See Note 14 of Notes to Consolidated Financial Statements for additional details on our share repurchase programs.
Key assumptions supporting our estimate of this net premium receivable, which equaled $38 million and $36 million as of December 31, 2024 and 2023, respectively, include a collection rate and average life. During both 2024 and 2023, we made no changes to these assumptions.
Key assumptions supporting our estimate of our net deferred premium receivable, which equaled $40 million and $38 million as of December 31, 2025 and 2024, respectively, include a collection rate and average life. During both 2025 and 2024, we made no changes to these assumptions.
IIF and RIF As of December 31, ($ in millions) 2024 2023 2022 Primary IIF $ 275,126 $ 269,979 $ 260,994 Primary RIF $ 72,074 $ 69,710 $ 66,094 Average coverage percentage 26.2 % 25.8 % 25.3 % Persistency Rate (12 months ended) 83.6 % 84.0 % 79.6 % Persistency Rate (quarterly, annualized) (1) 82.7 % 85.8 % 84.1 % Primary RIF by premium type Direct Monthly and Other Recurring Premiums 90.0 % 88.9 % 87.1 % Direct single premiums 10.0 % 11.1 % 12.9 % Primary RIF by FICO score (2) >=740 60.1 % 58.5 % 57.4 % 680-739 32.6 % 33.9 % 34.6 % 620-679 7.0 % 7.3 % 7.6 % 0.3 % 0.3 % 0.4 % Primary RIF by LTV (3) 95.01% and above 19.8 % 18.6 % 17.1 % 90.01% to 95.00% 47.9 % 48.2 % 48.4 % 85.01% to 90.00% 27.3 % 27.1 % 27.2 % 85.00% and below 5.0 % 6.1 % 7.3 % (1) The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter ending as of the date shown.
IIF and RIF As of December 31, ($ in millions) 2025 2024 2023 Primary IIF $ 282,519 $ 275,126 $ 269,979 Primary RIF $ 74,704 $ 72,074 $ 69,710 Average coverage percentage 26.4 % 26.2 % 25.8 % Persistency Rate (12 months ended) 83.6 % 83.6 % 84.0 % Persistency Rate (quarterly, annualized) (1) 81.6 % 82.7 % 85.8 % Primary RIF by premium type Direct Monthly and Other Recurring Premiums 91.0 % 90.0 % 88.9 % Direct single premiums 9.0 % 10.0 % 11.1 % Primary RIF by FICO score (2) >=740 60.7 % 60.1 % 58.5 % 680-739 32.4 % 32.6 % 33.9 % 620-679 6.7 % 7.0 % 7.3 % 0.2 % 0.3 % 0.3 % Primary RIF by LTV (2) 95.01% and above 20.7 % 19.8 % 18.6 % 90.01% to 95.00% 48.6 % 47.9 % 48.2 % 85.01% to 90.00% 26.4 % 27.3 % 27.1 % 85.00% and below 4.3 % 5.0 % 6.1 % (1) The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter ending as of the date shown.
These adjustments, along with the reasons for their treatment, are described in Note 4 of Notes to Consolidated Financial Statements. The following table provides a reconciliation of consolidated pretax income to our non-GAAP financial measure for the consolidated Company of adjusted pretax operating income.
These adjustments, along with the reasons for their treatment, are described in Note 5 of Notes to Consolidated Financial Statements. The following table provides a reconciliation of pretax income from continuing operations to our non-GAAP financial measure of adjusted pretax operating income.
Net cash provided by investing activities increased for 2024, as compared to cash used in investing activities in 2023. This increase was primarily from sales and redemptions, net of purchases, of short-term investments and fixed-maturities available for sale, which helped to fund certain of our financing activities described below. Financing Activities.
Net cash provided by investing activities, continuing operations increased for 2024, as compared to cash used in investing activities in 2023, primarily due to sales and redemptions, net of purchases, of short-term investments and fixed-maturities available for sale, which helped to fund certain of our financing activities described below.
Liquidity Analysis—Holding Company Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. At December 31, 2024, Radian Group had available, either directly or through unregulated subsidiaries, unrestricted cash and liquid investments of $885 million.
Liquidity Analysis—Holding Company Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. At December 31, 2025, Radian Group had available, either directly or through unregulated subsidiaries, unrestricted cash and liquid investments of $1.8 billion.
Credit Losses and Other Impairments We perform an evaluation of fixed-maturity securities available for sale each quarter to assess whether any decline in their fair value below cost is deemed to be a credit impairment recognized in earnings.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Credit Losses and Other Impairments We perform an evaluation of fixed-maturity securities available for sale each quarter to assess whether any decline in their fair value below cost is deemed to be a credit impairment recognized in earnings.
Based on the current composition of our mortgage insurance portfolio, with Monthly Premium Policies comprising a larger proportion of our total portfolio than Single Premium Policies, an increase in IIF generally has a corresponding positive impact on premiums earned, while a decrease in IIF generally has a corresponding negative impact on premiums earned. Reductions 79 Part II. Item 7.
Based on the current composition of our mortgage insurance portfolio, with Monthly Premium Policies comprising a much larger proportion of our total portfolio than Single Premium Policies, an increase in IIF generally has a corresponding positive impact on premiums earned, while a decrease in IIF generally has a corresponding negative impact on premiums earned.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Top 10 U.S. states - RIF December 31, 2024 2023 Top 10 States RIF Reserve for Losses RIF Reserve for Losses Texas 10.3 % 11.8 % 10.0 % 9.5 % California 8.3 % 8.9 % 8.5 % 9.3 % Florida 5.5 % 8.4 % 5.8 % 8.5 % Illinois 5.1 % 5.8 % 5.0 % 6.0 % Virginia 4.4 % 2.5 % 4.2 % 2.2 % Maryland 3.9 % 3.4 % 3.7 % 3.5 % New York 3.9 % 7.1 % 4.2 % 9.4 % Pennsylvania 3.7 % 3.2 % 3.8 % 3.5 % Colorado 3.7 % 2.2 % 3.4 % 1.6 % Washington 3.7 % 1.8 % 3.6 % 2.2 % Total 52.5 % 55.1 % 52.2 % 55.7 % The following table shows, as of the dates indicated, the percentage of our direct Primary Mortgage Insurance RIF and the associated percentage of our mortgage insurance reserve for losses (by location of property) for the top 10 Core Based Statistical Areas, referred to as “CBSAs,” in the U.S.
Top 10 U.S. states - RIF December 31, 2025 2024 Top 10 States RIF Reserve for Losses RIF Reserve for Losses Texas 10.5 % 12.8 % 10.3 % 11.8 % California 8.0 % 8.8 % 8.3 % 8.9 % Florida 5.5 % 8.0 % 5.5 % 8.4 % Illinois 5.0 % 5.8 % 5.1 % 5.8 % Virginia 4.3 % 2.5 % 4.4 % 2.5 % Maryland 3.9 % 4.2 % 3.9 % 3.4 % Colorado 3.8 % 2.7 % 3.7 % 2.2 % Washington 3.8 % 2.4 % 3.7 % 1.8 % Pennsylvania 3.7 % 3.0 % 3.7 % 3.2 % New York 3.6 % 6.3 % 3.9 % 7.1 % Total 52.1 % 56.5 % 52.5 % 55.1 % The following table provides, as of the dates indicated, the percentage of our direct Primary Mortgage Insurance RIF and the associated percentage of our mortgage insurance reserve for losses (by location of property) for the top 10 Core Based Statistical Areas, referred to as “CBSAs,” in the U.S.
Mortgage originations are based upon the average of originations reported by the Mortgage Bankers Association, Freddie Mac and Fannie Mae in their most recent published industry reports.
Mortgage originations are based upon the average of originations reported by the Mortgage Bankers Association, Freddie Mac and Fannie Mae in their most recent published industry reports. 76 Part II. Item 7.
At December 31, 2024, Radian Guaranty’s Available Assets under the PMIERs financial requirements totaled $6.0 billion, resulting in a PMIERs Cushion of $2.2 billion, or 56%, over its Minimum Required Assets. Those amounts compare to Available Assets and a PMIERs Cushion of $5.9 billion and $2.3 billion, respectively, at December 31, 2023.
At December 31, 2025, Radian Guaranty’s Available Assets under the PMIERs financial requirements totaled $5.4 billion, resulting in a PMIERs Cushion of $1.6 billion, or 41%, over its Minimum Required Assets. Those amounts compare to Available Assets and a PMIERs Cushion of $6.0 billion and $2.2 billion, respectively, at December 31, 2024.
Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our business segments and to allocate resources to the segments.
Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses.
(3) Does not include the benefit from ceding commissions from the reinsurance agreements in our QSR Program, which is primarily included in other operating expenses on the consolidated statements of operations. See Note 8 of Notes to Consolidated Financial Statements for additional information. Net Investment Income.
(2) Does not include the benefit from ceding commissions from the reinsurance agreements in our QSR Program, which is primarily included in other operating expenses on the consolidated statements of operations. See Note 8 of Notes to Consolidated Financial Statements for additional information. Net Investment Income. The following table provides information related to our investments for the periods indicated.
(2) Losses incurred in 2021 and 2020 across all vintages were elevated due to the impact of the COVID-19 pandemic.
(2) Losses incurred in 2020 and 2021 across all vintages were elevated due to the impact of the COVID-19 pandemic. 83 Part II. Item 7.
Quantitative and Qualitative Disclosures About Market Risk.” See also Note 5 of Notes to Consolidated Financial Statements for additional information pertaining to financial instruments at fair value and our valuation methodologies.
Quantitative and Qualitative Disclosures About Market Risk.” See also Note 6 of Notes to Consolidated Financial Statements for additional information pertaining to financial instruments at fair value and our valuation methodologies. 101 Part II. Item 7.
Under Pennsylvania’s insurance laws, ordinary dividends and other distributions may only be paid out of an insurer’s positive unassigned surplus unless the Pennsylvania Insurance Department approves the payment of dividends or other distributions from another source. Radian Guaranty paid ordinary dividends to Radian Group of $675 million during 2024.
Under Pennsylvania’s insurance laws, ordinary dividends and other distributions may only be paid out of an insurer’s positive unassigned surplus unless the Pennsylvania Insurance Department approves the payment of dividends or other distributions from another source.
The principal sources of liquidity in our Mortgage Insurance business currently include insurance premiums, net investment income and cash flows from: (i) investment sales and maturities; (ii) FHLB advances; and (iii) if necessary, capital contributions from Radian Group.
The principal sources of liquidity in our Mortgage Insurance business currently include insurance premiums, net investment income and cash flows from: (i) investment sales and maturities and (ii) FHLB advances.
Risk Factors” for more information. The following table provides selected information as of and for the periods indicated related to mortgage insurance IIF and RIF. Throughout this report, unless otherwise noted, RIF is presented on a gross basis and includes the amount ceded under reinsurance.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides selected information as of and for the periods indicated related to Mortgage Insurance IIF and RIF. Throughout this report, unless otherwise noted, RIF is presented on a gross basis and includes the amount ceded under reinsurance.
Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the Company’s statutory tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the Company’s statutory tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. The following table provides a reconciliation of return on equity 93 Part II. Item 7.
These favorable observed trends resulted in reductions in our Default to Claim Rate and other reserve adjustments for prior year default notices. See Note 11 of Notes to Consolidated Financial Statements and “Item 1A. Risk Factors” for additional information. Our primary default rate at December 31, 2024, was 2.4% compared to 2.2% at December 31, 2023.
These favorable observed trends resulted in reductions in our Default to Claim Rate and other reserve adjustments for prior year default notices. See Note 11 of Notes to Consolidated Financial Statements and “Item 1A. Risk Factors” for additional information.
The impact of these programs on our financial results will vary depending on the level of ceded RIF, as well as the levels of prepayments and incurred losses on the reinsured portfolios, among other factors.
The impact of these programs on our financial results will vary depending on the level of ceded RIF, as well as the levels of prepayments and incurred losses on the reinsured portfolios, among other factors. See “Key Factors Affecting Our 84 Part II. Item 7.
Top 10 Core Based Statistical Areas - RIF December 31, 2024 2023 Top 10 CBSAs (1) RIF Reserve for Losses RIF Reserve for Losses New York-Newark-Jersey City, NY-NJ-PA 5.0 % 8.9 % 5.3 % 10.7 % Chicago-Naperville-Elgin, IL-IN-WI 4.7 % 5.5 % 4.6 % 5.6 % Washington-Arlington-Alexandria, DC-VA-MD-WV 4.4 % 3.5 % 4.3 % 3.1 % Dallas-Fort Worth-Arlington, TX 3.4 % 3.9 % 3.4 % 3.0 % Houston-The Woodlands-Sugar Land, TX 3.0 % 4.3 % 2.9 % 3.2 % Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 2.7 % 2.4 % 2.7 % 2.6 % Denver-Aurora-Lakewood, CO 2.4 % 1.5 % 2.2 % 1.0 % Los Angeles-Long Beach-Anaheim, CA 2.3 % 2.2 % 2.3 % 2.5 % Minneapolis-St.
Top 10 Core Based Statistical Areas - RIF December 31, 2025 2024 Top 10 CBSAs (1) RIF Reserve for Losses RIF Reserve for Losses New York-Newark-Jersey City, NY-NJ 4.6 % 7.6 % 5.0 % 8.9 % Chicago-Naperville-Elgin, IL-IN 4.5 % 5.2 % 4.7 % 5.5 % Washington-Arlington-Alexandria, DC-VA-MD-WV 4.2 % 4.0 % 4.4 % 3.5 % Dallas-Fort Worth-Arlington, TX 3.4 % 4.8 % 3.4 % 3.9 % Houston-Pasadena-The Woodlands, TX 3.0 % 4.1 % 3.0 % 4.3 % Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 2.6 % 2.1 % 2.7 % 2.4 % Denver-Aurora-Centennial, CO 2.5 % 1.7 % 2.4 % 1.5 % Seattle-Tacoma-Bellevue, WA 2.2 % 1.3 % 2.2 % 1.0 % Minneapolis-St.
(2) Includes payments to commute mortgage insurance coverage on certain performing and non-performing loans. (3) Calculated excluding the impact of: (i) LAE; (ii) commutations and settlements; and (iii) claims resolved without payment, including claims subsequently withdrawn by the servicer. (4) Before reinsurance recoveries.
(2) Includes payments to commute mortgage insurance coverage on certain performing and non-performing loans. (3) Calculated excluding the impact of: (i) LAE; (ii) commutations and settlements; and (iii) claims resolved without payment, including claims subsequently withdrawn by the servicer. (4) Before reinsurance recoveries. Other Operating Expenses. The following table provides information about our other operating expenses for the periods indicated.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Operating Activities. Our most significant source of operating cash flows is from premiums received from our mortgage insurance policies, while our most significant uses of operating cash flows have typically been for our operating expenses, taxes and claims paid on our mortgage insurance policies.
Operating Activities. Our most significant source of operating cash flows from continuing operations is from premiums received from our mortgage insurance policies, while our most significant uses of operating cash flows have typically been for our operating expenses, taxes and claims paid on our mortgage insurance policies.
See Note 16 of Notes to Consolidated Financial Statements for more information. Radian Guaranty currently is an approved mortgage insurer under the PMIERs. Private mortgage insurers, including Radian Guaranty, are required to comply with the PMIERs to remain approved insurers of loans purchased by the GSEs.
Risk Factors” for more information. Radian Guaranty currently is an approved mortgage insurer under the PMIERs. Private mortgage insurers, including Radian Guaranty, are required to comply with the PMIERs to remain approved insurers of loans purchased by the GSEs.
For certain monthly policies where the billing is deferred for the first month’s coverage period, currently to the end of the policy, we record a net premium receivable representing the present value of such deferred premiums that we estimate will be collected at that future date.
For certain monthly policies where the billing was deferred for the first month’s coverage period, we have recorded a net premium receivable representing the present value of such deferred premiums that we estimate will be collected at a future date. Prior to January 1, 2026, the billing for deferred premiums occurred at the end of the policy.
The recognition of realized investment gains or losses can vary significantly across periods, as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles.
The recognition of realized investment gains or losses can vary significantly across periods, as the activity is 79 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles.
See “Item 1. Business—Mortgage Insurance—Pricing—Primary Mortgage Insurance Premiums.” 75 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Our pricing actions gradually affect our results over time, as existing IIF cancels and is replaced with NIW at current pricing. See “Mortgage Insurance Portfolio Metrics—New Insurance Written” for additional information.
See “Item 1. Business—Mortgage Insurance—Pricing—Primary Mortgage Insurance Premiums.” Our pricing actions gradually affect our results over time, as existing IIF cancels and is replaced with NIW at current pricing. See “Mortgage Insurance Portfolio Metrics—New Insurance Written” for additional information.
The following table provides a reconciliation of diluted net income (loss) per share to our non-GAAP financial measure for the consolidated Company of adjusted diluted net operating income (loss) per share. 85 Part II. Item 7.
The following table provides a reconciliation of diluted net income (loss) from continuing operations per share to our non-GAAP financial measure for the consolidated Company of adjusted diluted net operating income (loss) per share.
Other principal demands for liquidity in our Mortgage Insurance business are expected to include: (i) expenses (including those allocated from Radian Group); (ii) repayments of FHLB advances; (iii) distributions from Radian Guaranty to Radian Group, including returns of capital or recurring ordinary dividends, as discussed below; and (iv) taxes, including potential additional purchases of U.S.
Other principal demands for liquidity in our Mortgage Insurance business are expected to include: (i) expenses (including those allocated from Radian Group); (ii) repayments of FHLB advances; (iii) distributions from Radian Guaranty to Radian Group, including returns of capital and recurring ordinary dividends; and (iv) taxes, including potential payments to Radian Group pursuant to our tax sharing agreement.
Premium Revenue Recognition Premiums on mortgage insurance products are written on a recurring basis, either as monthly or annual premiums, or on a multi-year basis as a single premium. Monthly premiums written are earned as coverage is provided each month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Premium Revenue Recognition Premiums on mortgage insurance products are written on a recurring basis, either as monthly or annual premiums, or on a multi-year basis as a single premium. Monthly premiums written are earned as coverage is provided each month.
Insurance and Risk in Force Year of origination - IIF ($ in billions) IIF as of: By vintage: December 31, 2024 December 31, 2023 December 31, 2022 2024 $ 49.3 17.9 % $ — — % $ — — % 2023 45.3 16.5 % 50.6 18.7 % — — % 2022 54.2 19.7 % 60.5 22.4 % 65.2 25.0 % 2021 53.5 19.4 % 65.7 24.3 % 77.3 29.6 % 2020 34.1 12.4 % 45.1 16.7 % 57.7 22.1 % 2019 12.1 4.4 % 14.7 5.4 % 17.9 6.8 % 2009 - 2018 20.1 7.3 % 25.7 9.6 % 33.9 13.0 % 2008 & Prior 6.5 2.4 % 7.7 2.9 % 9.0 3.5 % Total $ 275.1 100.0 % $ 270.0 100.0 % $ 261.0 100.0 % The primary driver of the future premiums that we expect to earn over time is our IIF, which increases as a result of our NIW and decreases as a result of policy cancellations and amortization.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Insurance and Risk in Force Year of origination - IIF ($ in billions) IIF as of: By vintage December 31, 2025 December 31, 2024 December 31, 2023 2025 $ 52.3 18.5 % $ — — % $ — — % 2024 42.7 15.1 % 49.3 17.9 % — — % 2023 38.3 13.6 % 45.3 16.5 % 50.6 18.7 % 2022 47.1 16.7 % 54.2 19.7 % 60.5 22.4 % 2021 43.3 15.3 % 53.5 19.4 % 65.7 24.3 % 2020 27.1 9.6 % 34.1 12.4 % 45.1 16.7 % 2009 - 2019 25.9 9.2 % 32.2 11.7 % 40.4 15.0 % 2008 & Prior 5.8 2.0 % 6.5 2.4 % 7.7 2.9 % Total $ 282.5 100.0 % $ 275.1 100.0 % $ 270.0 100.0 % The primary driver of the future premiums that we expect to earn over time is our IIF, which increases as a result of our NIW and decreases as a result of policy cancellations and amortization.
In contrast to Monthly Premium Policies, when Single Premium Policies are canceled by the insured because the loan has been paid off or otherwise, we accelerate the recognition of any remaining unearned premiums, net of any refunds that may be owed to the borrower.
In contrast to Monthly Premium Policies, when Single Premium Policies are canceled by the insured because the loan has been paid off or otherwise, we accelerate the recognition of any remaining unearned premiums, net of any refunds that 77 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations may be owed to the borrower.
We recognize changes in this receivable based on changes in the estimated amount and timing of such collections, including as a result of changes in observed trends as well as our periodic review of our servicing guide and our operations 101 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and collections practices.
We recognize changes in this receivable based on changes in the estimated amount and timing of such collections, including as a result of changes in observed trends as well as our periodic review of our servicing guide and our operations and collections practices.
Subject to certain limitations, borrowings under the credit facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to our insurance and other subsidiaries as well as growth initiatives. At December 31, 2024, the full $275 million remains undrawn and available under the facility.
Subject to certain limitations, borrowings under the $500 million unsecured revolving credit facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to our insurance and other subsidiaries as well as growth initiatives.
Future realization of our deferred tax assets will ultimately depend on the existence of sufficient taxable income of the appropriate character (ordinary income or capital gains) within the applicable carryback and carryforward periods provided under the tax 102 Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations law.
Future realization of our deferred tax assets will ultimately depend on the existence of sufficient taxable income of the appropriate character (ordinary income or capital gains) within the applicable carryback and carryforward periods provided under the tax law.
The following table shows our direct Primary Mortgage Insurance RIF by year of origination and selected information related to that risk as of the dates indicated.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides our direct Primary Mortgage Insurance RIF by year of origination and selected information related to that risk as of the dates indicated.
(2) Related primarily to impairments of other long-lived assets that are included in other operating expenses on the consolidated statements of operations. See Note 4 of Notes to Consolidated Financial Statements.
For 2024 and 2023 primarily relates to impairments of other long-lived assets that are included in other operating expenses on the consolidated statements of operations. See Note 5 of Notes to Consolidated Financial Statements.

… 238 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

10 edited+1 added−6 removed6 unchanged
Biggest changeThe carrying value of our fixed income securities has a balance of $5.8 billion and $6.1 billion as of December 31, 2024 and 2023, respectively. If interest rates experienced an increase of 100 basis points, our fixed income portfolio would decrease by $244 million of the market value of the related fixed income portfolio for both 2024 and 2023.
Biggest changeIf interest rates experienced an increase of 100 basis points, our fixed income portfolio would decrease by $217 million and $244 million of the market value of the related fixed income portfolio for 2025 and 2024, respectively.
Our stress analysis for credit spread risk is based on the change in fair value of our fixed income securities, assuming a hypothetical 100-basis point increase in all credit spreads, with the exception of U.S. Treasury and agency RMBS obligations for which we have assumed no change in credit spreads, and assuming all other factors remain constant.
Our stress analysis for credit-spread risk is based on the change in fair value of our fixed income securities, assuming a hypothetical 104 100-basis point increase in all credit spreads, with the exception of U.S. Treasury and agency RMBS obligations for which we have assumed no change in credit spreads, and assuming all other factors remain constant.
Our sensitivity analyses for interest-rate risk and credit-spread risk provide an indication of our investment portfolio’s sensitivity to shifts in interest rates and credit spreads. However, the timing and magnitude of actual market changes may differ from the hypothetical assumptions used in our sensitivity calculations.
Our sensitivity analyses for interest-rate risk and credit-spread risk provide an indication of our investment portfolio’s sensitivity to shifts in interest rates and credit spreads. However, the timing and magnitude of actual market changes may differ from the hypothetical assumptions used in our sensitivity calculations. See “Item 1.
We regularly analyze our exposure to interest-rate risk and credit-spread risk and have determined that the fair value of our investments is materially exposed to changes in both interest rates and credit spreads. As of December 31, 2024, we held $83 million of investment securities for trading purposes, representing less than 2% of our total investment portfolio.
We regularly analyze our exposure to interest-rate risk and credit-spread risk and have determined that the fair value of our investments is materially exposed to changes in both interest rates and credit spreads. As of December 31, 2025, we held $66 million of investment securities for trading purposes, representing less than 2% of our total investment portfolio.
Accordingly, in presenting this discussion, we have not distinguished between trading and non-trading instruments. We calculate the duration of our fixed income securities, expressed in years, in order to estimate the interest-rate sensitivity of these securities. The average duration of our total fixed income portfolio was 4.3 years and 4.1 years at December 31, 2024 and 2023, respectively.
Accordingly, in presenting this discussion, we have not distinguished between trading and non-trading instruments. We calculate the duration of our fixed income securities, expressed in years, in order to estimate the interest-rate sensitivity of these securities. The average duration of our total fixed income portfolio was 3.6 years and 4.3 years at December 31, 2025 and 2024, respectively.
Market factors, including changes in interest rates, credit spreads and equity prices, may impact the timing or magnitude of cash outflows for the return of cash collateral. As of December 31, 2024 and 2023, the carrying value of these securities included in the sensitivity analyses above was $130 million and $195 million, respectively.
Market factors, including changes in interest rates, credit spreads and equity prices, may impact the timing or magnitude of cash outflows for the return of cash collateral. As of December 31, 2025 and 2024, the carrying value of these securities included in the sensitivity analyses above was $136 million and $130 million, respectively.
Actual shifts in credit spreads generally vary by issuer and security, based on issuer-specific and security-specific factors such as credit quality, maturity, sector and asset class. Within a given asset class, investment grade securities generally 103 exhibit less credit-spread volatility than securities with lower credit ratings. At December 31, 2024, 97% of our investment portfolio was rated investment grade.
Actual shifts in credit spreads generally vary by issuer and security, based on issuer-specific and security-specific factors such as credit quality, maturity, sector and asset class. Within a given asset class, investment grade securities generally exhibit less credit-spread volatility than securities with lower credit ratings. At December 31, 2025, 99% of our investment portfolio was rated investment grade.
If credit spreads experienced an increase of 100 basis points, our fixed income portfolio would decrease by $204 million and $205 million of the market value of the related fixed income portfolio for 2024 and 2023, respectively.
If credit spreads experienced an increase of 100 basis points, our fixed income portfolio would decrease by $175 million and $204 million of the market value of the related fixed income portfolio for 2025 and 2024, respectively.
We also have the right to request the return of the loaned securities at any time. For additional information on our securities lending agreements, see Note 6 of Notes to Consolidated Financial Statements. 104
We also have the right to request the return of the loaned securities at any time. For additional information on our securities lending agreements, see Note 7 of Notes to Consolidated Financial Statements. 105
Radian Group and Radian Guaranty from time to time enter into short-term securities lending agreements with third-party borrowers for the purpose of increasing the income on our investment securities portfolio with limited incremental risk.
Business—Investment Policy and Portfolio” for a discussion of portfolio strategy and risk exposure. Securities Lending Agreements. Radian Group and Radian Guaranty from time to time enter into short-term securities lending agreements with third-party borrowers for the purpose of increasing the income on our investment securities portfolio with limited incremental risk.
Removed
We also have exposure to market risks through our Mortgage Conduit business, including interest rate and credit risk associated with our mortgage loan activities. The fair value of our residential mortgage loans held for sale is subject to volatility resulting from changes in interest rates and credit performance.
Added
The carrying value of our fixed income securities has a balance of $6.1 billion and $5.8 billion as of December 31, 2025 and 2024, respectively.
Removed
As part of our risk management strategies, we enter into derivatives that are intended to mitigate fluctuations in the fair value of our residential mortgage loans held for sale due to interest rate risk. The carrying value of our residential mortgage loans held for sale was $520 million and $33 million as of December 31, 2024 and 2023, respectively.
Removed
If interest rates experienced an increase of 100 basis points, the net change in fair value of our residential mortgage loans held for sale and our interest rate derivatives would be immaterial for both 2024 and 2023.
Removed
Our mortgage loan portfolio is also subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required mortgage payments.
Removed
Our residential mortgage loans held for sale are typically recently originated and held for less than six months before resale or securitization; as a result, we do not currently expect the impact from deteriorating credit on our residential mortgage loans held for sale portfolio to be material.
Removed
In addition, as of December 31, 2024, none of these mortgage loans were greater than ninety days delinquent. For additional information on our residential mortgage loans held for sale and related hedges, see Note 7 of Notes to Consolidated Financial Statements. See “Item 1. Business—Investment Policy and Portfolio” for a discussion of portfolio strategy and risk exposure. Securities Lending Agreements.

Other RDN 10-K year-over-year comparisons