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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 10-Q

_____________________________

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-11356

_______________________________

Radian Group Inc.

(Exact name of registrant as specified in its charter)

_______________________________


Delaware		23-2691170
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

550 East Swedesford Road, Suite 350, Wayne, PA 19087

(Address of principal executive offices) (Zip Code)

(215) 231-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	RDN	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

     Large Accelerated Filer

     ☒

     Accelerated filer

     ☐

     Non-accelerated filer

     ☐

     Smaller reporting company

     ☐

     Emerging growth company

     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 132,975,196 shares of common stock, $0.001 par value per share, outstanding on May 6, 2026.

Table of Contents


		Page
Glossary of Abbreviations and Acronyms for Selected References		3
Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions		7

PART I—FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)	10
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3	Quantitative and Qualitative Disclosures About Market Risk	85
Item 4	Controls and Procedures	85

PART II—OTHER INFORMATION
Item 1	Legal Proceedings	86
Item 1A	Risk Factors	86
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	86
Item 5	Other Information	87
Item 6	Exhibits	88

Signatures		89

Glossary of Abbreviations and Acronyms for Selected References

The following list defines various abbreviations and acronyms used throughout this report, including the Condensed Consolidated Financial Statements, the Notes to Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

A number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) are also utilized throughout this report, to assist readers seeking additional information related to a particular subject.


Term	Definition
ABS	Asset-backed securities
ASU	Accounting Standards Update, issued by the FASB to communicate changes to GAAP
Available Assets	As defined in the PMIERs, assets primarily including the most liquid assets of a mortgage insurer, and reduced by, among other items, premiums received but not yet earned and reinsurance funds withheld
Claim Denial	Our legal right, under certain conditions, to deny a claim
Claim Severity	The total claim amount paid divided by the original coverage amount
CLO	Collateralized loan obligations
Closing Date	February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
CMBS	Commercial mortgage-backed securities
Combined Ratio	The sum of each segment’s Loss Ratio and Expense Ratio
Corporate	Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities
Cures	Loans that were in default as of the beginning of a period and are no longer in default primarily because payments were received such that the loan is no longer 60 or more days past due
Default to Claim Rate	The percentage of defaulted loans that are assumed to result in a claim submission
Eagle Re Issuer(s)	A group of unaffiliated special purpose insurers (VIEs) domiciled in Bermuda, comprising a series of Eagle Re entities related to reinsurance coverage issued starting in 2018
Exchange Act	Securities Exchange Act of 1934, as amended
Expense Ratio	Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
FAL	Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
FASB	Financial Accounting Standards Board
FHA	Federal Housing Administration
FHFA	Federal Housing Finance Agency
FHLB	Federal Home Loan Bank of Pittsburgh
FICO	Fair Isaac Corporation (“FICO”) credit scores, for Radian’s portfolio statistics, represent the borrower’s credit score at origination and, in circumstances where there are multiple borrowers, the lowest of the borrowers’ FICO scores is utilized
GAAP	Generally accepted accounting principles in the U.S., as amended from time to time
GSE(s)	Government-Sponsored Enterprises (Federal National Mortgage Association a.k.a. “Fannie Mae” and Federal Home Loan Mortgage Corporation a.k.a. “Freddie Mac”)


Term	Definition
IBNR	Losses incurred but not reported
IIF	Insurance in force is the aggregate unpaid principal balances of the underlying loans, as reported by mortgage servicers or estimated by us
Inigo	Inigo Limited, a limited liability company incorporated in England and Wales, which, together with its subsidiaries, is a global specialty insurance and reinsurance company, underwriting through Syndicate 1301, serving some of the world’s largest commercial and industrial enterprises. Radian Group completed the acquisition of Inigo on February 2, 2026.
Intercompany Note	A $600 million intercompany note payable to Radian Guaranty by Radian Group, entered into on December 29, 2025, in exchange for proceeds from Radian Guaranty to help fund the Inigo acquisition. The note, which was approved by the Pennsylvania Insurance Department subject to certain terms and conditions, has a 10-year term and bears interest at 6.50% per annum.
LAE	Loss adjustment expenses, which include the cost of investigating and adjusting losses and paying claims
Lloyd’s	Lloyd’s of London is a global specialty insurance marketplace for insurance and reinsurance located in London, England
Loss Ratio	Calculated as each segment’s provision for losses expressed as a percentage of net premiums earned
LTV	Loan-to-value ratio, calculated as the ratio of the original loan amount to the original value of the property, expressed as a percentage
Master Repurchase Agreements	Collectively, the agreements entered into by Radian’s Mortgage Conduit business with certain banks to finance the acquisition of mortgage loans and related mortgage loan assets
Minimum Required Asset(s)	A risk-based minimum required asset amount, as defined in the PMIERs, calculated based on net RIF (RIF, net of credits permitted for reinsurance) and a variety of measures related to expected credit performance and other factors
Monthly and Other Recurring Premiums (or Recurring Premium Policies)	Insurance premiums or policies, respectively, where premiums are paid on a monthly or other installment basis, in contrast to Single Premium Policies
Monthly Premium Policies	Insurance policies where premiums are paid on a monthly installment basis
Mortgage	Radian’s mortgage insurance segment, operated primarily through Radian Guaranty, which provides credit-related insurance coverage for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans
Mortgage Conduit	Radian’s mortgage conduit business, operated primarily through Radian Mortgage Capital, which we are currently in the process of winding down
Mortgage QSR Program	The credit risk protection obtained by Radian Guaranty in the form of quota-share reinsurance, under which the ceding company contractually cedes an agreed percentage of premiums and related losses on specified mortgage insurance policies (including certain new insurance written), subject to defined terms and conditions. The program consists of reinsurance agreements with panels of third-party reinsurers and provides for ceding commissions on ceded premiums earned and may include profit commissions based on the performance of the covered loans, including Loss Ratio thresholds.
Mortgage XOL Program	The credit risk protection obtained by Radian Guaranty in the form of excess of loss reinsurance, that indemnifies the ceding company against loss in excess of a specific agreed level, up to a specified limit. The program includes reinsurance agreements with the Eagle Re Issuers in connection with various issuances of mortgage insurance-linked notes, as well as more traditional XOL reinsurance agreements with third-party reinsurers for which Radian Guaranty is the ceding insurer.


Term	Definition
NIW	New insurance written, representing the aggregate original principal amount of the mortgages underlying the Primary Mortgage Insurance
Parent Guarantees	Separate parent guaranty agreements, entered into by Radian Group in connection with its Mortgage Conduit business, to guaranty the obligations of certain of its subsidiaries in connection with the Master Repurchase Agreements
Persistency Rate	The percentage of IIF that remains in force over a period of time
PMIERs	Private Mortgage Insurer Eligibility Requirements issued by the GSEs under oversight of the FHFA and updated by them from time to time to set forth requirements an approved insurer must meet and maintain to provide mortgage guaranty insurance on loans acquired by the GSEs
PMIERs Cushion	Under PMIERs, Radian Guaranty’s excess of Available Assets over Minimum Required Assets
Pool Mortgage Insurance	Insurance that provides a lender or investor protection against default on a group or “pool” of mortgages, rather than on an individual mortgage loan basis, generally subject to an aggregate exposure limit, or “stop loss” (usually between 1% and 10%), and/or deductible applied to the initial aggregate loan balance of the entire pool, pursuant to the terms of the applicable insurance agreement
Primary Mortgage Insurance	Insurance that provides a lender or investor protection against default on an individual mortgage loan basis, at a specified coverage percentage for each loan, pursuant to the terms of the applicable master policy, which are updated periodically and filed in each of the jurisdictions in which we conduct business
Radian	Radian Group Inc. together with its consolidated subsidiaries
Radian Group	Radian Group Inc., our insurance holding company
Radian Guaranty	Radian Guaranty Inc., a Pennsylvania domiciled insurance subsidiary of Radian Group and our approved insurer under the PMIERs, through which we provide mortgage insurance products and services
Radian Mortgage Capital	Radian Mortgage Capital LLC, a Delaware limited liability company and an indirect subsidiary of Radian Group, through which we acquire and sell residential mortgage loans
Radian Title Insurance	Radian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer title insurance and settlement services
RBC States	Risk-based capital states, which are those states that currently impose a statutory or regulatory risk-based capital requirement
Real Estate Services	Radian’s real estate services business, operated primarily through Radian Real Estate Management LLC, which provides residential real estate management, valuation and due diligence services to single family rental investors, the GSEs and mortgage lenders, servicers and investors. In the third quarter of 2025, Radian announced the planned divestiture of this and certain other immaterial businesses, resulting in the reclassification of its results to held for sale and discontinued operations for all periods presented.
Rescission(s)	Our legal right, under certain conditions, to unilaterally rescind coverage on our mortgage insurance policies if we determine that a loan did not qualify for insurance
RIF	Risk in force; for Primary Mortgage Insurance, RIF is equal to IIF multiplied by the insurance coverage percentage, whereas for Pool Mortgage Insurance, it represents the remaining exposure under the agreements
Risk-to-capital	Under certain state regulations, a maximum ratio of net RIF calculated relative to the level of statutory capital
RMBS	Residential mortgage-backed securities
RSU(s)	Restricted stock unit
SAP	Statutory accounting principles and practices, including those required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries
SEC	United States Securities and Exchange Commission


Term	Definition
Senior Notes due 2027	Our 4.875% unsecured senior notes due March 2027 ($450 million original principal amount)
Senior Notes due 2029	Our 6.200% unsecured senior notes due May 2029 ($625 million original principal amount)
Single Premium Policy / Policies	Insurance policies where premiums are paid in a single payment, which 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 shortly after the loans have been originated)
Solvency II	Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of business of Insurance and Reinsurance
Solvency UK	The U.K. prudential regulatory framework for insurance and reinsurance undertakings, established by the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 and related reforms to Solvency II implemented through the Prudential Regulation Authority’s Policy Statement PS15/24, which together became effective between December 31, 2023, and December 31, 2024, and which provide a framework for the safety and soundness of insurers and the protection of policyholders
Specialty	Radian’s specialty insurance segment, operated through Inigo, which provides global specialty insurance and reinsurance coverage for the benefit of some of the world’s largest commercial and industrial enterprises, principally through property and casualty insurance as well as property and casualty reinsurance
Specialty QSR Program	Quota share reinsurance arrangements under which Inigo, as the ceding entity, contractually cedes an agreed percentage of premiums and related losses on specified specialty insurance and reinsurance portfolios, subject to defined terms and conditions. The program consists primarily of reinsurance agreements with panels of established third-party reinsurers and generally provides for ceding commissions on ceded premiums earned and may include profit sharing or profit commission features based on the performance of the underlying business.
Specialty XOL Program	Excess of loss reinsurance arrangements that indemnifies Inigo, as the ceding entity, against losses in excess of specified attachment points up to defined contractual limits. The program is primarily designed to manage exposure to large loss and catastrophe events across Inigo’s insurance and reinsurance portfolios and consists predominantly of catastrophe excess of loss reinsurance agreements placed with highly rated third-party reinsurers.
Syndicate 1301	The Lloyd’s syndicate through which Inigo writes Lloyd’s insurance and reinsurance business. Inigo Managing Agent Limited manages Syndicate 1301 and Inigo Corporate Member Limited provides the capital and underwriting capacity for Syndicate 1301
Title	Radian’s title insurance and settlement services business, operated primarily through Radian Title Insurance and Radian Settlement Services Inc., which serves as a national title insurance underwriter and agency delivering closing and settlement services for purchase, refinance, home equity and default real estate transactions to mortgage lenders and investors, real estate agents, the GSEs and consumers. In the third quarter of 2025, Radian announced the planned divestiture of this and certain other immaterial businesses, resulting in the reclassification of its results to held for sale and discontinued operations for all periods presented.
VIE	Variable interest entity
VOBA	Value of business acquired

Cautionary Note Regarding Forward-Looking Statements
—Safe Harbor Provisions

All statements in this report that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition and statements regarding our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time, and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

▪

general economic and market conditions, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties; political and geopolitical events, instability and conflict, including the current hostilities in Iran and the surrounding geographies; supply chain disruptions; civil disturbances; endemics/pandemics; and extreme weather events and other natural disasters that may adversely affect economic conditions and the markets in which we do business;

▪

the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market and the credit performance of our insured mortgage portfolio, as well as our business prospects;

▪

our ability to successfully implement our business strategy through varying market and economic cycles, including the softening specialty insurance premium rate environment our Specialty segment is currently experiencing in certain insurance and reinsurance lines;

▪

changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;

▪

Radian Guaranty’s ability to remain an approved insurer to the GSEs, including the ability to comply with the PMIERs;

▪

our ability to maintain an adequate level of capital in our subsidiaries, including for our insurance subsidiaries, to satisfy current and future requirements of regulators, the GSEs and Lloyd’s;

▪

changes in the charters or business practices of, or rules or regulations imposed by or applicable to: (i) in the case of our Mortgage segment, the GSEs or loans purchased by the GSEs and (ii) in the case of our Specialty segment, Lloyd’s;

▪

changes in the current housing finance system in the United States, including the roles and areas of primary focus of the FHA, the U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system;

▪

our ability to successfully execute and implement our capital plans, including loss limitation and risk distribution strategies through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our ongoing liquidity needs;

▪

our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE, Lloyd’s and/or regulatory approvals and licenses that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions;

▪

risks associated with the Inigo acquisition, including: risks related to diverting the attention of management from ongoing business operations; the possibility that the anticipated benefits and impacts of the acquisition are not realized when expected, or at all; risks related to the volatility and uncertainty of expected future performance and results in our Specialty segment; and risks associated with Radian’s ability to successfully execute on its strategic evolution to become a global multi-line specialty insurer, such as risks associated with entering new markets and lines of business and our ability to manage international operations;

▪

risks associated with our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, including the potential inability to complete any or all of the divestiture transactions, on the anticipated timeline or at all;

▪

risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting;

▪

a decrease in the Persistency Rate of our mortgage insurance on Monthly Premium Policies;

▪

competition, including increased competition, on the basis of pricing, capacity (including, with respect to our Specialty segment, alternative sources of capital from both traditional markets and alternative capital, including catastrophe bonds), coverage terms, or other factors and, specifically with respect to our Mortgage segment, competition from current and potential new mortgage insurers, the FHA and the VA and from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance;

▪

government actions and the adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate;

▪

legal and regulatory claims, assertions, actions, reviews, audits, inquiries or investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;

▪

the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves;

▪

claims for natural catastrophic events or severe economic events in our Specialty segment that could cause large losses and substantial volatility in our results of operations;

▪

the possibility that for our Mortgage segment we may fail to accurately calculate or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies;

▪

risks associated with investments to diversify and grow our business, including our acquisition of Inigo, or the pursuit of new lines of business or development of new products and services, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, and risks associated with our use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets;

▪

the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to the increase in the number and sophistication of attempted cyber-attacks or cyber-intrusions such as malware, unauthorized access, ransomware and, more recently, the ability of cyber threat actors (including the AI itself acting autonomously) to use AI tools to find and exploit vulnerabilities;

▪

the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control and, in the case of Radian Guaranty, will require prior approval from the Pennsylvania Insurance Department for a period of at least three years and possibly up to five years in connection with the funding for the Inigo acquisition;

▪

the ability of our U.S. principal operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our U.S. insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators;

▪

volatility in our financial results caused by changes in the fair value of our assets carried at fair value;

▪

changes in U.S. GAAP or SAP rules and guidance, or their interpretation;

▪

the amount and timing of potential payments or adjustments associated with tax examinations; and

▪

our ability to attract, develop and retain key employees.

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in this report and “Item 1A. Risk Factors” included in our 2025 Form 10-K, and to subsequent reports and registration statements filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)


INDEX TO ITEM 1. FINANCIAL STATEMENTS	Page

Quarterly Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)	11
Condensed Consolidated Statements of Operations (Unaudited)	12
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	13
Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)	14
Condensed Consolidated Statements of Cash Flows (Unaudited)	15

Notes to Unaudited Condensed Consolidated Financial Statements
Note 1 - Description of Business	17
Note 2 - Significant Accounting Policies	18
Note 3 - Business Combinations	21
Note 4 - Net Income Per Share	25
Note 5 - Segment Reporting	26
Note 6 - Fair Value of Financial Instruments	30
Note 7 - Investments	34
Note 8 - Reinsurance	38
Note 9 - Other Assets and Liabilities	42
Note 10 - Income Taxes	42
Note 11 - Losses and LAE	43
Note 12 - Borrowings and Financing Activities	47
Note 13 - Commitments and Contingencies	48
Note 14 - Capital Stock	48
Note 15 - Accumulated Other Comprehensive Income (Loss)	50
Note 16 - Statutory Information	51
Note 17 - Share-Based Compensation Programs	53
Note 18 - Discontinued Operations	54

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)


(In thousands, except per-share amounts)	March 31, 2026			December 31, 2025
Assets
Investments (Notes 6 and 7)
Fixed maturities
Available for sale—at fair value (amortized cost of $6,610,659 and $4,550,954)	$	6,282,511		$	4,271,916
Trading—at fair value (amortized cost of $50,835 and $70,050)		46,290			65,661
Equity securities—at fair value (cost of $32,717 and $45,619)		24,954			36,632
Other long-term invested assets—at fair value		62,142			10,116
Short-term investments—at fair value (includes $77,166 and $62,212 of reinvested cash collateral held under securities lending agreements)		624,425			1,602,993
Total investments		7,040,322			5,987,318
Cash		55,445			24,829
Restricted cash		32,534			10
Accrued investment income		51,497			40,285
Premiums and other receivables		665,910			120,197
Reinsurance recoverables (includes $26,760 and $1,788 for paid losses)		356,521			48,806
Deferred policy acquisition costs and VOBA		188,673			19,018
Goodwill and other acquired intangible assets (Note 3)		420,738			—
Prepaid federal income taxes (Note 10)		1,056,329			1,056,329
Other assets (Note 9)		504,347			351,337
Assets held for sale (Note 18)		280,060			474,268
Total assets	$	10,652,376		$	8,122,397

Liabilities and stockholders’ equity
Liabilities
Reserve for losses and LAE (Note 11)	$	1,822,619		$	399,946
Unearned premiums		856,058			159,341
Short-term borrowings (Note 12)		494,730			33,320
Long-term borrowings (Note 12)		773,946			1,075,795
Net deferred tax liability		978,540			942,193
Other liabilities (Note 9)		697,989			366,470
Liabilities held for sale (Note 18)		219,233			363,818
Total liabilities		5,843,115			3,340,883
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2026: 156,308 and 134,845 shares issued and outstanding, respectively; 2025: 156,913 and 135,498 shares issued and outstanding, respectively)		156			157
Treasury stock, at cost (2026: 21,463 shares; 2025: 21,415 shares)		(991,427	)		(989,745	)
Additional paid-in capital		842,235			861,211
Retained earnings		5,220,411			5,132,050
Accumulated other comprehensive income (loss) (Note 15)		(262,114	)		(222,159	)
Total stockholders’ equity		4,809,261			4,781,514
Total liabilities and stockholders’ equity	$	10,652,376		$	8,122,397

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended March 31,

(In thousands, except per-share amounts)	2026 (1)			2025
Revenues
Net premiums earned (Note 8)	$	402,528		$	234,044
Net investment income (Note 7)		69,698			61,010
Net gains (losses) on financial instruments and foreign exchange (includes net realized gains (losses) on investments of $(3,248) and $(1,440)) (Note 7)		(8,879	)		(2,001	)
Other income		2,990			1,782
Total revenues		466,337			294,835

Expenses
Provision for losses (Note 11)		107,933			15,340
Amortization of deferred policy acquisition costs and VOBA		62,069			6,388
Other operating expenses		98,169			57,908
Interest expense (Note 12)		20,594			16,489
Amortization of other acquired intangible assets		3,909			—
Total expenses		292,674			96,125

Pretax income from continuing operations		173,663			198,710
Income tax provision		44,197			46,620
Net income from continuing operations		129,466			152,090
Income (loss) from discontinued operations, net of tax		(5,373	)		(7,532	)
Net income	$	124,093		$	144,558

Net income per share
Basic
Net income from continuing operations	$	0.94		$	1.04
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.05	)
Basic net income per share	$	0.90		$	0.99

Diluted
Net income from continuing operations	$	0.93		$	1.03
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.05	)
Diluted net income per share	$	0.89		$	0.98

Weighted average number of common shares outstanding—basic		137,004			145,618
Weighted average number of common and common equivalent shares outstanding—diluted		138,485			147,727

(1)

Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	Three Months Ended March 31,
(In thousands)	2026 (1)			2025
Net income	$	124,093		$	144,558
Other comprehensive income (loss), net of tax (Note 15)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized		(42,581	)		53,526
Less: Reclassification adjustment for net gains (losses) on investments included in net income
Net realized gains (losses) on disposals and non-credit related impairment losses		(2,655	)		(1,856	)
Net unrealized gains (losses) on investments		(39,926	)		55,382
Net unrealized gains (losses) from investments recorded as assets held for sale	22				95
Other adjustments to comprehensive income (loss), net		(51	)		45
Other comprehensive income (loss), net of tax		(39,955	)		55,522
Comprehensive income (loss)	$	84,138		$	200,080

(1)

Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)


	Three Months Ended March 31,

(In thousands)	2026			2025
Common stock
Balance, beginning of period	$	157		$	168
Issuance of common stock under incentive and benefit plans		—			—
Issuance of common stock due to Inigo acquisition		1			—
Shares repurchased under share repurchase program (Note 14)		(2	)		(6	)
Balance, end of period		156			162

Treasury stock
Balance, beginning of period		(989,745	)		(968,246	)
Repurchases of common stock under incentive plans		(1,682	)		(1,150	)
Balance, end of period		(991,427	)		(969,396	)

Additional paid-in capital
Balance, beginning of period		861,211			1,246,826
Issuance of common stock under incentive and benefit plans		1,224			1,170
Equity awards and common stock issued due to Inigo acquisition		23,765			—
Share-based compensation		6,477			9,886
Shares repurchased under share repurchase program, net of excise tax (Note 14)		(50,442	)		(209,144	)
Balance, end of period		842,235			1,048,738

Retained earnings
Balance, beginning of period		5,132,050			4,695,348
Net income		124,093			144,558
Dividends and dividend equivalents declared		(35,732	)		(37,868	)
Balance, end of period		5,220,411			4,802,038

Accumulated other comprehensive income (loss)
Balance, beginning of period		(222,159	)		(350,238	)
Net unrealized gains (losses) on investments, net of tax (1)		(39,904	)		55,477
Other adjustments to other comprehensive income (loss)		(51	)		45
Balance, end of period		(262,114	)		(294,716	)

Total stockholders’ equity	$	4,809,261		$	4,586,826

(1)

Includes net unrealized gains (losses) from investments recorded as assets held for sale.

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended March 31,

(In thousands)	2026 (1)			2025
Cash flows from operating activities
Net cash provided by (used in) operating activities, continuing operations	$	145,791		$	206,699
Net cash provided by (used in) operating activities, discontinued operations		139,228			(138,893	)
Net cash provided by (used in) operating activities		285,019			67,806

Cash flows from investing activities
Proceeds from sales of:
Available for sale securities		300,591			115,982
Trading securities		9,298			—
Equity securities		11,980			14,319
Proceeds from redemptions of:
Available for sale securities		215,186			219,501
Trading securities		9,923			7,803
Purchases of:
Available for sale securities		(673,898	)		(255,462	)
Equity securities		(12,849	)		(2,077	)
Sales, redemptions and (purchases) of:
Short-term investments, net		1,498,239			(48,394	)
Other assets and other invested assets, net		(135	)		(279	)
Acquisition, net of cash acquired		(1,567,435	)		—
Additions to property and equipment		(749	)		(1,091	)
Net cash provided by (used in) investing activities, continuing operations		(209,849	)		50,302
Net cash provided by (used in) investing activities, discontinued operations		29,222			55,935
Net cash provided by (used in) investing activities		(180,627	)		106,237

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)


	Three Months Ended March 31,

(In thousands)	2026 (1)			2025
Cash flows from financing activities
Dividends and dividend equivalents paid		(35,307	)		(37,288	)
Issuance of common stock		153			109
Repurchases of common stock, including excise taxes paid		(50,014	)		(208,924	)
Proceeds (repayments) of FHLB advances, net (with terms three months or less)		18,250			2,042
Proceeds from FHLB advances (with terms greater than three months)		4,580			2,500
Repayments of FHLB advances (with terms greater than three months)		(13,935	)		(18,285	)
Proceeds from credit facility borrowings		200,000			—
Repayments of credit facility borrowings		(50,000	)		—
Letter of credit and credit facility commitment fees paid		(3,724	)		(146	)
Proceeds (repayments) related to cash collateral for loaned securities, net		14,954			10,385
Net cash provided by (used in) financing activities, continuing operations		84,957			(249,607	)
Net cash provided by (used in) financing activities, discontinued operations		(140,369	)		62,441
Net cash provided by (used in) financing activities		(55,412	)		(187,166	)

Effect of exchange rate changes on cash and restricted cash		841			—

Increase (decrease) in cash and restricted cash		49,821			(13,123	)
Cash and restricted cash, beginning of period (2)		45,522			41,473
Cash and restricted cash, end of period (2)	$	95,343		$	28,350

Supplemental noncash information
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment, discontinued operations	$	—		$	369,977
Retention of mortgage servicing and other related rights from residential mortgage loan sales, discontinued operations		1,269			1,486

(1)

Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.

(2)

For the three months ended March 31, 2026, includes $21 million and $7 million as of the beginning and end of period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. For the three months ended March 31, 2025, includes $22 million and $12 million as of the beginning and end of period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. See Note 18 for additional details.

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

1. Description of Business

Radian is a global multi-line specialty insurer that, through its subsidiaries, provides private mortgage insurance to customers in the U.S. and, with our acquisition of Inigo in February 2026, specialty insurance and reinsurance products to customers around the world. Effective with the first quarter of 2026, we have two reportable business segments, Mortgage and Specialty.

We operate our Mortgage segment primarily through Radian Guaranty, a leading U.S. private mortgage insurer that provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. See “Mortgage” below and Note 5 for additional information on this segment.

We operate our Specialty segment through Inigo, which we acquired as part of the Company’s transformative strategy to become a global multi-line specialty insurer. Inigo participates in the Lloyd’s market through Syndicate 1301 through which it writes insurance and reinsurance business. See “Specialty” below and Note 5 for additional information on this segment.

In addition, following the announcement in the third quarter of 2025 of our plan to divest our Mortgage Conduit, Title and Real Estate Services businesses, we reclassified these businesses to discontinued operations. See “Discontinued Operations” below and Note 18 for additional information.

Mortgage

Our Mortgage segment provides credit-related insurance coverage to mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans. We provide our mortgage insurance products and services through our wholly owned subsidiary, Radian Guaranty.

Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20% of the purchase price for their home or, in the case of mortgage refinance transactions, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold by mortgage finance institutions to the GSEs.

Our total direct primary mortgage IIF and RIF were $281.7 billion and $74.7 billion, respectively, as of March 31, 2026, compared to $282.5 billion and $74.7 billion, respectively, as of December 31, 2025.

Radian Guaranty is subject to various capital, financial and operational requirements imposed by the GSEs and state insurance regulators. These include the PMIERs financial requirements imposed by the GSEs, as well as risk-to-capital and other risk-based capital measures and surplus requirements imposed by state insurance regulators. Failure to comply with any PMIERs or state regulatory requirements may limit the amount of insurance that Radian Guaranty may write or may prohibit it from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion regarding all aspects of Radian Guaranty’s business. See Note 16 for additional information on the PMIERs and other regulatory information.

Specialty

In September 2025, Radian entered into a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer, for $1.67 billion in a primarily all-cash transaction. This strategic acquisition has transformed Radian from a leading U.S. private mortgage insurer to a global multi-line specialty insurer, significantly expanding the Company’s product expertise, capabilities and addressable market.

The transaction closed on February 2, 2026, and was funded from Radian’s available liquidity sources, including $600 million provided by Radian Guaranty through a ten-year Intercompany Note to Radian Group. See Note 16 for additional information on the Intercompany Note.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd’s market. Through Syndicate 1301, it underwrites specialty insurance and reinsurance business transacted at Lloyd’s through the broker intermediary market and, through its partnerships division, collaborates with select partners to expand Inigo’s access to the U.S. and other international markets. Inigo’s managing agency, Inigo Managing Agent Limited (“IMAL”), manages Syndicate 1301 on behalf of the Syndicate’s members, and the underwriting capacity and the capital supporting Syndicate 1301 are primarily provided by Inigo Corporate Member Limited (“ICML”), a Lloyd’s corporate member. Through Syndicate 1301, Inigo has access to Lloyd’s extensive distribution network, worldwide licenses and ratings.

Through Inigo, our Specialty segment offers innovative data-driven specialty insurance solutions, serving some of the world’s largest commercial and industrial enterprises. Inigo’s specialty insurance and reinsurance lines of business include property, casualty, financial lines and other specialty lines.

See Note 3 for additional information on this transformative business combination.

Discontinued Operations

Following a comprehensive strategic review, which led to our decision to acquire Inigo, in September 2025 we announced plans to divest our Mortgage Conduit, Title and Real Estate Services businesses. This divestiture plan was approved by Radian Group’s board of directors in the third quarter of 2025 and is expected to be completed no later than the end of the third quarter of 2026.

While the Company pursues the sale of our Title and Real Estate Services businesses, we are continuing to operate those businesses in the ordinary course.

After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments. Essential business functions have been continuing beyond that date to ensure an effective wind-down process for our customers. Also in March 2026, we reached an agreement to sell all existing mortgage loans held for sale, as well as all future mortgage loan acquisitions already committed to be purchased by our Mortgage Conduit business. Upon the completion of the wind-down process, a sale of our Radian Mortgage Capital entity to a buyer interested in obtaining the Mortgage Conduit’s licenses remains possible.

As a result of the Company’s decision to sell these three businesses and our assessment of applicable accounting guidance, we classified these businesses as held for sale on our condensed consolidated balance sheets and their results are reflected as discontinued operations in our condensed consolidated statements of operations, effective beginning with the quarter ending September 30, 2025. All prior periods have been revised for these changes to conform to the current period presentation.

See Note 18 for additional details related to these businesses.

Risks and Uncertainties

In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.

2. Significant Accounting Policies

Basis of Presentation

Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. As described in Note 3, the Company completed an acquisition during the first quarter of 2026; as a result, the accompanying condensed consolidated financial statements include the acquired business from the acquisition date

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

forward and may not be comparable to those of prior periods. Certain prior period amounts have been reclassified to conform to the current period presentation, including certain balance sheet and statement of operations reclassifications and related line‑item caption changes resulting from the acquisition of Inigo, as well as reclassifications related to businesses held for sale and discontinued operations. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.

We generally refer to our holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report.

The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP.

To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2025 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.

Updates to Significant Accounting Policies

See Note 2 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for information regarding our significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2025 Form 10-K, other than those described below.

In addition to the changes to our significant accounting policies described below, the following notes include changes in significant accounting policies as a result of the Inigo acquisition.

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Note 3 – Business Combinations

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Note 8 – Reinsurance

▪

Note 10 – Income Taxes

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Note 11 – Losses and LAE

Revenue Recognition—Specialty Premiums

Gross premiums written represent the total premiums receivable for the full period of insurance coverage provided by contracts that incept during the reporting period, including adjustments related to policies written in the current or prior reporting periods. Premiums are recognized as written on the date the insurance policy incepts and are presented gross of brokerage payable and exclude taxes and duties assessed by governmental authorities. Premiums payable under proportional treaty contracts and delegated underwriting authorities are generally not reported to the Company until after the reinsurance coverage is in force. As a result, an estimate of these premiums is recorded. The Company estimates the premium for these contracts based on projections of ultimate premium taking into account reported premiums and expected development patterns.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Written premiums include estimates for premiums related to policies for which coverage has commenced before the reporting date but for which premium information has not yet been fully reported. Such estimates are based on underwriting information, historical experience and other relevant data. Where sufficient information exists to make a reliable estimate, written premiums also include estimated variable premiums, including those contingent on claims experience or exposure.

Additional and return premiums are accounted for as adjustments to the initial premium estimate and recognized in the period in which the adjustment becomes known. Estimated premiums based on claims experience are measured consistently with the methodologies used to estimate related claims provisions, while estimated premiums based on exposure are recognized when the amount can be determined with reasonable certainty.

Premiums written are recognized as earned over the applicable policy period as insurance coverage is provided. Unearned premiums represent the portion of premiums written that relates to periods of risk subsequent to the reporting date and are recorded as a liability. Premiums are generally earned on a straight-line basis over the period of coverage, unless the pattern of risk differs significantly from the passage of time. For certain classes of reinsurance, premiums are earned based on modeled expected losses to reflect the seasonality of risk.

Foreign Currency

The Company’s reporting and functional currency is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates in effect on the transaction dates or, when appropriate, at average exchange rates for the period. Monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency at exchange rates in effect at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies and measured at fair value are remeasured using the exchange rate in effect on the date the fair value is determined. Non-monetary assets and liabilities measured at historical cost are translated using the exchange rate in effect on the date of the original transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are included in net gains (losses) on financial instruments and foreign exchange on the condensed consolidated statement of operations.

Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This update requires enhanced disclosures of certain costs and expenses in the notes to the financial statements. This update is applicable to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the ASU will have on our disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which introduces a principles-based approach for determining when costs can be capitalized. Entities are required to start capitalizing software costs when management has authorized and committed to funding the software project, it is probable the project will be completed, and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). This update is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Adoption is permitted prospectively, retrospectively or using a modified approach that is based on the status of the project and whether software costs were capitalized before the date of adoption. We are currently evaluating the impact the ASU will have on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Improvements to Interim Disclosure Requirements, which clarifies and changes interim disclosure requirements to improve the consistency and usefulness of information provided in interim financial statements. The amendments focus on clarifying the application of certain disclosure requirements and reducing diversity in practice related to the level of detail required in interim periods as compared to annual reporting. The amendments in this update are to be applied prospectively beginning in the first interim period of adoption. This

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

update is effective for fiscal years beginning after December 15, 2026, including interim reporting periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that the ASU will have on our interim disclosures.

3. Business Combinations

On February 2, 2026, we completed the acquisition of 100% of the shares of Inigo through Radian US Holdings Inc. (“Radian US”), a wholly owned subsidiary of Radian Group.

This acquisition advances our strategic focus to grow and diversify by expanding our market presence as a leading U.S. private mortgage insurer into a diversified, global multi-line specialty insurer. Inigo’s specialty insurance and reinsurance lines of business include property, casualty, financial lines and other specialty lines. In conducting its underwriting activities, Inigo analyzes customer data and risk exposures and works with clients to support risk management.

The acquisition was accounted for using the acquisition method of accounting in accordance with the accounting standard regarding business combinations (“ASC 805”), with Radian considered the accounting acquirer. Accordingly, the assets acquired, and liabilities assumed were recognized at their estimated fair values as of the Closing Date, and transaction-related costs are expensed as incurred. The financial results of Inigo are included in the Company’s condensed consolidated financial statements effective as of the Closing Date and reported as a separate reportable segment, Specialty.

On the Closing Date, Radian US acquired Inigo for total consideration of $1.67 billion in a primarily all-cash transaction. Total consideration included: (i) 646 thousand shares of Radian Group common stock issued to existing Inigo stockholders on the Closing Date, the closing price of Radian Group common stock of $32.90 per share on that day; (ii) the value of replacement equity awards issued to Inigo employees allocated to pre-combination service; and (iii) cash consideration of $1.65 billion.

The following table presents the components of the consideration paid:


Consideration paid



($ in thousands, except share and per share amounts)
Consideration paid
Share consideration
Shares of Radian Group Inc. common stock issued to existing Inigo common stockholders		646,014
Radian Group Inc. closing stock price per share on Closing Date	$	32.90
Consideration of Radian Group Inc. issued common stock	$	21,254
Fair value of equity awards issued (1)		2,512
Cash consideration		1,647,354
Total consideration paid	$	1,671,120

(1)

The estimated fair value of the replacement equity awards was $14 million, of which $3 million is attributable to service periods prior to the acquisition and is included in the purchase consideration. The remaining fair value is attributable to future service and will be amortized over the remaining service period. See Note 17 for additional information.

In connection with the acquisition of Inigo, the Company incurred non-recurring acquisition-related expenses of $22 million in the three months ended March 31, 2026, primarily consisting of investment banking fees, transfer taxes, legal expenses and other transaction costs. In addition, the Company previously recognized $10 million of acquisition-related expenses in 2025, related primarily to earlier due diligence costs.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the preliminary allocation of the purchase price to the estimated fair value of assets acquired and liabilities assumed as of the Closing Date.


Preliminary purchase price allocation



(In thousands)	February 2, 2026

Assets acquired
Investments	$	2,440,780
Cash		16,945
Restricted cash		62,973
Accrued investment income		16,522
Premiums and other receivables		562,311
Reinsurance recoverables		305,154
VOBA		204,999
Other acquired intangible assets		419,364
Other assets		222,453
Total assets acquired		4,251,501
Liabilities assumed
Reserve for losses and LAE		1,364,254
Unearned premiums		747,375
Net deferred tax liability		48,743
Other liabilities		425,292
Total liabilities assumed		2,585,664
Net assets acquired	$	1,665,837
Total consideration paid	$	1,671,120
Preliminary allocation to goodwill	$	5,283

Fair value measurements applied in the acquisition method are based on the definition of “fair value” in ASC 820, Fair Value Measurement, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements require significant judgment, and changes in assumptions, including those that market participants would use, could result in changes to the estimated fair values.

The preliminary allocation of the purchase price is based on information available and remains subject to adjustment during the measurement period, which will not exceed 12 months from the Closing Date. Adjustments to the preliminary amounts may impact the fair value assigned to assets and liabilities assumed, including goodwill.

Additionally, the Company is currently evaluating certain tax elections. At present, the Company intends to make an election under Section 338(g) of the Internal Revenue Code that would allow the Company to amortize goodwill and other intangible assets over a 15 year period for U.S. income tax purposes. As a result, the Company expects to recognize tax deductible goodwill in connection with the acquisition. The ultimate determination to make this election has not been finalized and may result in changes to the tax deductibility of goodwill and intangibles.

Goodwill. Goodwill represents the excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired. The goodwill recognized reflects future growth opportunities and the assembled workforce of Inigo, which do not qualify as separately identifiable intangible assets under ASC 805. Goodwill is not amortized and is tested for impairment annually, or more frequently if indicators of impairment arise. The purchase price was allocated to Inigo’s assets acquired and liabilities assumed based on estimated fair values at the Closing Date, and the Company recognized goodwill of $5 million related to the Specialty segment.

Identifiable intangible assets. As a result of our preliminary purchase price allocation, $419 million has been allocated to other acquired intangible assets and $166 million has been allocated to net VOBA. Of these identified intangible assets, $205 million are considered finite-lived and subject to amortization. Excluding the net VOBA asset, the finite-lived intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The weighted-average amortization period for the finite-lived intangible assets, excluding net VOBA, is approximately 10 years. Net VOBA amortization is recognized in a manner consistent with the related insurance liabilities, with substantially all the net VOBA balance expected to amortize within one year.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following table presents the identifiable intangible assets and VOBA recognized as of the acquisition date.


Other acquired intangible assets and VOBA

(In thousands)	February 2, 2026			Estimated Useful Life (in years)

Other acquired intangible assets
Lloyd’s syndicate capacity and related rights	$	214,650		Indefinite
Broker relationships - large brokers		114,824		12
Broker relationships - other brokers		46,068		9
Brand		31,159		5
Technology		12,663		5
Total other acquired intangible assets	$	419,364

VOBA, net
VOBA asset - unearned premiums	$	204,999		1 to 2
VOBA liability - reserves		(39,083	)	3 to 4
Total VOBA, net	$	165,916

Valuation methodologies applicable to identifiable intangible assets and VOBA are explained as follows.

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Lloyd’s syndicate capacity and related rights. The value of Lloyd’s syndicate capacity and related rights represents Inigo’s right to underwrite in the Lloyd’s market. Lloyd’s syndicate capacity was valued using the multi-period excess earnings method, an application of the income approach. Significant inputs and assumptions used in the valuation for this intangible asset included after tax profit generated by the participation rights attributable to syndicate capacity, contributory asset charges, which represent the required return on tangible and intangible assets utilized to generate future revenue and operating income, and an appropriate discount rate.

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Broker relationships. The value of broker relationships represents future profits expected to be generated from existing broker relationships, considering expectations of renewal of these relationships and the associated expenses. Broker relationships were valued using the distributor method, an application of the income approach. Significant inputs and assumptions used in the valuation for these intangible assets included net premiums attributable to existing distributors, attrition rates, broker profit margins, average operating profit observed for listed peers, contributory asset charges, which represent the required return on and of intangible assets utilized to generate future revenue and operating income, and an appropriate discount rate.

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Brand. The brand intangible represents the value of Inigo’s brand associated with the management and underwriting of Syndicate 1301. Brand was valued using the relief from royalty method, an application of the income approach. Significant inputs and assumptions used in the valuation for this intangible asset included comparable royalty rates, revenues attributable to the brand and an appropriate discount rate.

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Technology. The technology intangible represents technology platforms developed for internal use for which direct costs are capitalized. Technology platforms were valued using the cost to recreate method, an application of the cost approach. Significant inputs and assumptions used in the valuation for this intangible asset included historical costs and appropriate obsolescence, developer’s margin and efficiency factor rates.

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VOBA, net. VOBA represents the difference between the fair value and the carrying value of the acquired insurance liabilities, measured net of reinsurance, related to unearned premiums and reserve for losses and LAE. The net VOBA recognized in connection with the acquisition is measured at fair value based on a discounted cash-flow model of the expected future revenues and expenses associated with the acquired insurance contracts. Significant inputs and assumptions used to value these intangible assets include the discount rate and expected future premiums, claims, benefits, and expenses.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The following shows the components of goodwill, intangible assets and VOBA as of the period indicated.


Goodwill, intangible assets and VOBA

	As of March 31, 2026

(In thousands)	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount

Goodwill and other acquired intangible assets
Goodwill and indefinite-lived intangible assets
Goodwill	$	5,283		$	—		$	5,283
Lloyd’s syndicate capacity and related rights		214,650			—			214,650
Total goodwill and indefinite-lived intangible assets		219,933			—			219,933
Finite-lived intangible assets
Broker relationships - large brokers		114,824			(1,595	)		113,229
Broker relationships - other brokers		46,068			(853	)		45,215
Brand		31,159			(1,039	)		30,120
Technology		12,663			(422	)		12,241
Total finite-lived intangible assets		204,714			(3,909	)		200,805
Total goodwill and other acquired intangible assets	$	424,647		$	(3,909	)	$	420,738

VOBA, net
VOBA asset - unearned premiums (1)	$	204,999		$	(56,107	)	$	148,892
VOBA liability - reserves (2)		(39,083	)		2,611			(36,472	)
Total VOBA, net	$	165,916		$	(53,496	)	$	112,420

(1)

Included in deferred policy acquisition costs and VOBA on our condensed consolidated balance sheets.

(2)

Included in reserves for losses and LAE on our condensed consolidated balance sheets.

As of March 31, 2026, the estimated amortization of finite-lived other intangible assets for each of the next five years and thereafter is as follows.


Estimated amortization for the next five years and thereafter


(In thousands)	Other Acquired Intangible Assets

2026 (remainder)	$	17,589
2027		23,452
2028		23,452
2029		23,452
2030		23,452
Thereafter		89,408
Total	$	200,805

Goodwill and Lloyd’s syndicate capacity and related rights are deemed to have an indefinite useful life and are subject to review for impairment annually, or more frequently whenever circumstances indicate potential impairment at the reporting unit level. An impairment charge is recognized for any excess of the reporting unit’s carrying amount over the reporting unit’s estimated fair value, up to the full amount of the goodwill or intangible asset allocated to the reporting unit. Other acquired intangible assets with definite lives are amortized over their estimated useful lives in a manner that approximates the pattern of expected economic benefit from each intangible asset and are reviewed for impairment if indicators of impairment arise.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

Financial Results

The following selected unaudited information is a summary of the results of Inigo that have been included in the condensed consolidated financial statements for the quarter ended March 31, 2026, after giving effect to purchase accounting adjustments.


Financial results - Inigo




(In thousands)	From Closing Date to March 31, 2026


Total revenues	$	180,446
Net income (1)	$	5,716

(1)

Includes $23 million of pretax expenses related to purchase accounting adjustments and amortization of intangibles related to the Inigo acquisition.

Supplemental Pro Forma Information

The following selected unaudited pro forma financial information is a summary of the combined results of the Company and Inigo, assuming the transaction had been effected on January 1, 2025.


Supplemental Pro Forma Information


	Three Months Ended March 31,

(In thousands)	2026		2025


Total revenues	$	567,249	$	541,543
Net income		172,077		90,949

The unaudited pro forma data is for informational purposes only and does not necessarily represent results that would have occurred if the transaction had taken place on January 1, 2025.

In addition to fair value adjustments and the recognition of goodwill and identifiable intangible assets, including related amortization, other material pro forma adjustments directly attributable to the Inigo acquisition, net of tax, primarily reflect the impact on net investment income from investments sold and increased interest expense associated with the drawdown of the unsecured revolving credit facility to effect the acquisition.

In connection with the acquisition of Inigo, the Company incurred non-recurring acquisition-related expenses of $22 million in the three months ended March 31, 2026, and $10 million during 2025. For pro forma purposes, the $22 million of costs incurred in three months ended March 31, 2026, have been excluded from pro forma net income for that period and, together with the $10 million incurred in 2025, are reflected in pro forma net income for the three months ended March 31, 2025.

Within the supplemental pro forma information, the Company does not anticipate material revenue synergies or dis-synergies, significant cost savings or restructuring activities within twelve months of the Closing Date.

4. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The calculation of basic and diluted net income per share is as follows.


Net income per share


	Three Months Ended March 31,

(In thousands, except per-share amounts)	2026 (1)			2025

Net income from continuing operations	$	129,466		$	152,090
Income (loss) from discontinued operations, net of tax		(5,373	)		(7,532	)
Net income—basic and diluted	$	124,093		$	144,558

Average common shares outstanding—basic		137,004			145,618
Dilutive effect of share-based compensation arrangements (2)		1,481			2,109
Adjusted average common shares outstanding—diluted		138,485			147,727

Net income per share
Basic
Net income from continuing operations	$	0.94		$	1.04
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.05	)
Basic net income per share	$	0.90		$	0.99

Diluted
Net income from continuing operations	$	0.93		$	1.03
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.05	)
Diluted net income per share	$	0.89		$	0.98

(1)

Includes Inigo results from the Closing Date of the acquisition through March 31, 2026.

(2)

The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.


	Three Months Ended March 31,

(In thousands)	2026		2025

Shares of common stock equivalents		—		24

5. Segment Reporting

Subsequent to the acquisition of Inigo in the first quarter of 2026, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain changes that caused the composition of our reportable segments and the allocations of certain expenses for segment measurements to change.

Effective with the first quarter of 2026, we have two reportable business segments that are managed separately, Mortgage and Specialty. Our Mortgage segment primarily derives its revenue by providing private mortgage insurance on residential first-lien mortgage loans to mortgage lending institutions and mortgage credit investors. Our Specialty segment primarily derives its revenue by providing insurance and reinsurance lines of business, including property, casualty, financial lines and other specialty lines, to some of the world’s largest commercial and industrial enterprises.

The Company’s Mortgage and Specialty segments are managed by the Co-heads of Mortgage Insurance and the Chief Executive Officer of Inigo, respectively, who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision maker.

In addition to these reportable segments, effective with the first quarter of 2026, we report in a Corporate category activities that comprise: (i) income (losses) from assets held by Radian Group; (ii) interest expense from Radian Group’s borrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

As further described in Note 18, we also report the results of our Mortgage Conduit, Title and Real Estate Services businesses as discontinued operations in our condensed consolidated statements of operations.

As of December 31, 2025, we had previously reported our results from continuing operations as a single reportable segment, mortgage insurance, which had included all the net investment income, interest expense and other operating expenses from our holding company. As described above, consistent with how our chief operating decision maker evaluates segment performance, all net investment income and interest expense from our holding company is now reported in our Corporate category, along with a portion of our holding company operating expenses estimated to relate to corporate oversight activities.

The remaining portion of our holding company operating expenses are allocated to our Mortgage segment, based on the estimated percentage of management time spent directly supporting that business. No holding company expenses are allocated to the Specialty segment or to discontinued operations. We have reflected these changes in our segment operating results for all periods presented, as shown below.

See Note 1 for additional details about our Mortgage and Specialty businesses.

Adjusted Pretax Operating Income (Loss)

Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

The tables below present details on the operating results for our Mortgage segment and our Specialty segment, including a disaggregation of significant segment expenses as monitored by Radian’s chief operating decision maker.


Segment operating results and other information

	Three Months Ended March 31,
	2026
($ in thousands)	Mortgage			Specialty (1)			Total


Net premiums earned	$	238,177		$	164,351		$	402,528
Net investment income (2)		53,327			16,899			70,226
Other income		1,663			1,327			2,990
Total revenues		293,167			182,577			475,744
Less: expenses
Provision for losses		24,276			86,268			110,544
Amortization of deferred policy acquisition costs (3)		6,899			29,065			35,964
Other operating expenses (4)
Salaries and share-based employee expenses		30,011			10,037			40,048
Other non-employee operating expenses		17,129			14,444			31,573
Depreciation expense		1,802			404			2,206
Ceding commissions		(8,219	)		—			(8,219	)
Total other operating expenses		40,723			24,885			65,608
Interest expense		470			2,290			2,760
Adjusted pretax operating income	$	220,799		$	40,069			260,868

Reconciling items
Corporate adjusted pretax operating income (loss)
Corporate net investment income								9,222
Corporate other operating expenses								(10,699	)
Corporate interest expense (5)								(27,584	)
Net gains (losses) on financial instruments and foreign exchange								(8,879	)
Amortization and impairment of other acquired intangible assets								(3,909	)
Other purchase accounting adjustments, net (6)								(23,330	)
Acquisition-related expenses and other non-operating items (7)								(22,026	)
Pretax income from continuing operations							$	173,663

Key segment ratios
Loss Ratio		10.2	%		52.5	%
Expense Ratio		20.0	%		32.8	%
Combined Ratio		30.2	%		85.3	%

Segment assets as of period end	$	6,549,091		$	3,690,037

(1)

Results are for the two-month period subsequent to the Closing Date.

(2)

Mortgage segment includes $10 million related to Intercompany Note that is reported as interest expense in Corporate category and eliminated in consolidation.

(3)

Ceding commissions represent fees paid by reinsurers to offset certain costs incurred by the primary insurer. We report such commissions based on the nature of the underlying costs. For the Specialty segment, ceding commissions primarily relate to reimbursement of acquisition costs and are reported in amortization of deferred policy acquisition costs. For the Mortgage segment, ceding commissions primarily relate to reimbursement of operating expenses and are reported primarily in other operating expenses.

(4)

Mortgage segment includes $20 million of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.

(5)

Includes $10 million related to Intercompany Note that is reported as net investment income in the Mortgage segment and eliminated in consolidation.

Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

(6)

Primarily includes $53 million of net VOBA asset and liability amortization, offset by $30

RADIAN GROUP INC 10-Q