Radian Announces Second Quarter 2026 Financial Results

About this update from Radian Group Inc.

[{"type":"text","content":" \nRadian Group Inc. (NYSE: RDN) today reported net income from continuing operations of $118 million, or $0.87 per diluted share, for the quarter ended June 30, 2026. This compares with net income from continuing operations of $154 million, or $1.11 per diluted share for the quarter ended June 30, 2025.\n\n \nPretax income from continuing operations for the quarter ended June 30, 2026, was $151 million compared to $193 million for the quarter ended June 30, 2025. The results for the second quarter of 2026 include $39 million of purchase accounting adjustments, amortization of acquired intangible assets and acquisition-related expenses related to the company’s acquisition of Inigo.\n\n \nAdjusted pretax operating income for the quarter ended June 30, 2026, was $196 million compared to $191 million for the quarter ended June 30, 2025. Adjusted diluted net operating income per share for the quarter ended June 30, 2026, was $1.14 compared to $1.11 for the quarter ended June 30, 2025.\n\n \nKey Financial Highlights \n \n\n \nQuarter ended \n($ in millions, except per-share amounts)\n\n \n \n\n \nJune 30,\n 2026 \n \n\n \nMarch 31,\n 2026 (1) \n \n\n \nJune 30,\n 2025 \nConsolidated \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal revenues\n\n \n \n\n \n$575\n\n \n \n\n \n$466\n\n \n \n\n \n$299\n\n \nNet premiums earned\n\n \n \n\n \n$504\n\n \n \n\n \n$403\n\n \n \n\n \n$234\n\n \nNet investment income\n\n \n \n\n \n$75\n\n \n \n\n \n$70\n\n \n \n\n \n$62\n\n \nNet income\n\n \n \n\n \n$116\n\n \n \n\n \n$124\n\n \n \n\n \n$142\n\n \nNet income from continuing operations\n\n \n \n\n \n$118\n\n \n \n\n \n$129\n\n \n \n\n \n$154\n\n \nDiluted net income from continuing operations per share\n\n \n \n\n \n$0.87\n\n \n \n\n \n$0.93\n\n \n \n\n \n$1.11\n\n \nPretax income from continuing operations\n\n \n \n\n \n$151\n\n \n \n\n \n$174\n\n \n \n\n \n$193\n\n \nAdjusted pretax operating income (2) \n \n\n \n$196\n\n \n \n\n \n$232\n\n \n \n\n \n$191\n\n \nAdjusted diluted net operating income per share (2) \n \n\n \n$1.14\n\n \n \n\n \n$1.27\n\n \n \n\n \n$1.11\n\n \nReturn on equity from continuing operations\n\n \n \n\n \n9.8%\n\n \n \n\n \n10.8%\n\n \n \n\n \n13.6%\n\n \nAdjusted net operating return on equity (2) \n \n\n \n12.9%\n\n \n \n\n \n14.7%\n\n \n \n\n \n13.5%\n\n \nSegment information (3) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCombined Ratio - Mortgage (4) \n \n\n \n35.8%\n\n \n \n\n \n30.2%\n\n \n \n\n \n30.4%\n\n \nCombined Ratio - Specialty (4) \n \n\n \n97.7%\n\n \n \n\n \n85.3%\n\n \n \n\n \nN/A\n\n \nNew insurance written - Mortgage\n\n \n \n\n \n$16,331\n\n \n \n\n \n$13,490\n\n \n \n\n \n$14,330\n\n \nGross premiums written - Specialty\n\n \n \n\n \n$504\n\n \n \n\n \n$162\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nAs of \n($ in millions, except per-share amounts)\n\n \n \n\n \nJune 30,\n 2026 \n \n\n \nMarch 31,\n 2026 \n \n\n \nJune 30,\n 2025 \nConsolidated \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBook value per share\n\n \n \n\n \n$36.00\n\n \n \n\n \n$35.67\n\n \n \n\n \n$33.18\n\n \nAccumulated other comprehensive income (loss) value per share\n\n \n \n\n \n$(1.99)\n\n \n \n\n \n$(1.94)\n\n \n \n\n \n$(2.02)\n\n \nAvailable holding company liquidity (5) \n \n\n \n$412\n\n \n \n\n \n$391\n\n \n \n\n \n$784\n\n \nTotal investments\n\n \n \n\n \n$6,986\n\n \n \n\n \n$7,040\n\n \n \n\n \n$5,680\n\n \nAssets held for sale\n\n \n \n\n \n$64\n\n \n \n\n \n$280\n\n \n \n\n \n$2,267\n\n \nLiabilities held for sale\n\n \n \n\n \n$30\n\n \n \n\n \n$219\n\n \n \n\n \n$2,071\n\n \nSegment information \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nPMIERs Available Assets\n\n \n \n\n \n$5,349\n\n \n \n\n \n$5,445\n\n \n \n\n \n$6,021\n\n \nPMIERs excess Available Assets\n\n \n \n\n \n$1,450\n\n \n \n\n \n$1,596\n\n \n \n\n \n$2,035\n\n \nPrimary mortgage insurance in force\n\n \n \n\n \n$284,035\n\n \n \n\n \n$281,718\n\n \n \n\n \n$276,745\n\n \nPercentage of primary loans in default\n\n \n \n\n \n2.47%\n\n \n \n\n \n2.51%\n\n \n \n\n \n2.27%\n\n \nN/A – Not applicable\n\n \n(1)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nAdjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.\n\n \n(3)\n\n \n \n\n \nSee Exhibit E for additional segment information.\n\n \n(4)\n\n \n \n\n \nCalculated as the sum of each segment’s reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment.\n\n \n(5)\n\n \n \n\n \nRepresents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.\n\n \nBook value per share at June 30, 2026, was $36.00 compared to $35.67 at March 31, 2026, and $33.18 at June 30, 2025. This represents 8.5% growth in book value per share at June 30, 2026, as compared to June 30, 2025, and includes accumulated other comprehensive income (loss) of $(1.99) per share as of June 30, 2026, and $(2.02) per share as of June 30, 2025. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.\n\n \n“Radian delivered strong second quarter results as we benefit from our transformation into a global multi-line specialty insurer,” said Radian Chief Executive Officer Rick Thornberry. “Our Mortgage and Specialty Insurance businesses together generated 93% revenue growth and 116% increase in net earned premiums year over year, demonstrating the strength and diversification of our insurance platform. At the same time, our recently announced divestitures further simplify our portfolio and deepen our focus on insurance. With these actions, coupled with a seamless leadership transition, Radian is well-positioned to capitalize on future opportunities and deliver value for stockholders.”\n\n \nSECOND QUARTER RESULTS OF OPERATIONS\n\n \nMortgage \nThe Mortgage segment reported adjusted pretax operating income of $208 million for the quarter. Key drivers of the Mortgage segment’s second quarter results include:\n\n \n\nPrimary Insurance in Force of $284 billion, an increase of 3% year-over-year\n \n\nNew Insurance Written of $16 billion, an increase of 14% year-over-year\n\n \n\nAnnualized persistency for the quarter, of 82%\n\n \n\nNet premiums earned grew to $236 million, with a stable in-force portfolio premium yield of 38 basis points\n\n \n\nProvision for losses of $29 million, which includes favorable reserve development on prior period defaults of $20 million\n\n \n\nOperating expenses in the Mortgage segment and Corporate category increased compared to prior quarter primarily due to share-based compensation expense associated with annual equity awards granted during the quarter. Compared to the second quarter of 2025, Mortgage segment and Corporate category operating expenses declined 7% and 3%, respectively.\n\n \n\nMortgage segment Combined Ratio of 36%, including an Expense Ratio of 23%\n\n \n\nSee Exhibit E for additional segment information\n\n \nSpecialty \nThe Specialty segment reported adjusted pretax operating income of $29 million for the quarter. Key drivers of the Specialty segment’s second quarter results include:\n\n \n\nTotal gross premiums written of $504 million\n \n\nInsurance gross premiums written of $229 million\n\n \n\nReinsurance gross premiums written of $275 million\n\n \n\nNet premiums earned of $267 million\n\n \n\nProvision for losses of $169 million includes the impact of reserves established for expected and potential claims related to the Middle East conflict. The provision for loss this quarter also includes favorable reserve development on prior accident year loss reserves of $24 million\n\n \n\nSpecialty segment Combined Ratio of 98%\n\n \n\nSee Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for periods prior to the acquisition\n\n \nCAPITAL AND LIQUIDITY UPDATE\n\n \nRadian Group \n\nIn January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $125 million of this borrowing during the first half of 2026 and expects to repay this borrowing in full during 2026.\n\n \n\nDuring the second quarter of 2026, the company repurchased 2.2 million shares of Radian Group common stock at a total cost of $76 million. In addition, in July the company repurchased 1.3 million shares of Radian Group common stock at a total cost of $50 million.\n \n\nThe company fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025. Following the July share repurchases, purchase authority of up to $686 million remained available under this authorization, which is scheduled to expire in December 2027.\n\n \n\nRadian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $37 million, in the second quarter of 2026.\n\n \n\nRadian Group’s available liquidity was $412 million as of June 30, 2026. In addition, Radian Group maintained $425 million of undrawn capacity under its unsecured revolving credit facility as of June 30, 2026.\n\n \nRadian Guaranty \n\nRadian Guaranty paid an ordinary dividend to Radian Group of $200 million in the second quarter of 2026, following an ordinary dividend of $140 million paid in the first quarter of 2026.\n\n \n\nRadian Guaranty expects to pay approximately $650 million in total ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.\n\n \n\nAt June 30, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.3 billion, resulting in PMIERs excess Available Assets of $1.5 billion.\n\n \n\nConsistent with our use of risk distribution strategies to effectively manage capital and proactively mitigate risk, in June 2026, Radian Guaranty agreed to terms on two quota share reinsurance arrangements, each with a panel of third-party reinsurance providers. Under these agreements, we expect to cede future NIW as follows: 15% of policies issued between July 1, 2027 and June 30, 2028 (increasing total coverage to 30%), and 20% of policies issued between July 1, 2028 and June 30, 2029, in each case subject to certain conditions.\n\n \nSTRATEGIC UPDATE\n\n \nDiscontinued Operations \n\nAs an update to the divestiture plan announced in 2025, during the first quarter of 2026, Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. As of June 30, 2026, this wind down was substantially completed.\n\n \n\nIn August, the company completed the sale of its Real Estate Services business to a real estate technology and services company, and has also entered into a definitive agreement to sell its Title business to the same company. The pending sale of its Title business is subject to satisfaction of customary closing conditions, including obtaining required regulatory approvals.\n\n \n\nDuring the second quarter of 2026, Radian Group received $19 million in distributions from its businesses held for sale. These distributions contributed to the reduction in the net carrying value of the assets and liabilities held for sale related to these businesses to $35 million as of June 30, 2026, including the impact of estimated costs related to the divestitures.\n\n \n\nAdditional details regarding discontinued operations may be found in Exhibit D.\n\n \nCONFERENCE CALL\n\n \nRadian will discuss second quarter 2026 financial results in a conference call tomorrow, Thursday, August 6, 2026, at 10:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com . The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.\n\n \nThe call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).\n\n \nA digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events .\n\n \nIn addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com , under Investors.\n\n \nNON-GAAP FINANCIAL MEASURES\n\n \nRadian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.\n\n \nAdjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. 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 effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.\n\n \nSee Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.\n\n \nABOUT RADIAN\n\n \nRadian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit www.radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.\n\n \nFINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)\n\n \nExhibit A:\n\n \n \n\n \nCondensed Consolidated Statements of Operations\n\n \nExhibit B:\n\n \n \n\n \nNet Income Per Share\n\n \nExhibit C:\n\n \n \n\n \nCondensed Consolidated Balance Sheets\n\n \nExhibit D:\n\n \n \n\n \nCondensed Consolidated Statements of Operations Detail\n\n \nExhibit E:\n\n \n \n\n \nSegment Information\n\n \nExhibit F:\n\n \n \n\n \nDefinition of Non-GAAP Financial Measures\n\n \nExhibit G:\n\n \n \n\n \nNon-GAAP Financial Measure Reconciliations\n\n \nExhibit H:\n\n \n \n\n \nMortgage Supplemental Information - New Insurance Written\n\n \nExhibit I:\n\n \n \n\n \nMortgage Supplemental Information - Primary Insurance in Force and Risk in Force\n\n \nExhibit J:\n\n \n \n\n \nSupplemental Data - Inigo’s Unaudited Results of Operations (Pre-Acquisition)\n\n Radian Group Inc. and Subsidiaries \nCondensed Consolidated Statements of Operations (1) \nExhibit A \n  \n(In thousands, except per-share amounts)\n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (2) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nRevenues\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet premiums earned\n\n \n \n\n \n$\n\n \n503,712\n\n \n \n\n \n \n\n \n$\n\n \n402,528\n\n \n \n\n \n \n\n \n$\n\n \n237,192\n\n \n \n\n \n \n\n \n$\n\n \n237,103\n\n \n \n\n \n \n\n \n$\n\n \n233,526\n\n \n \n\n \nNet investment income\n\n \n \n\n \n \n\n \n74,696\n\n \n \n\n \n \n\n \n \n\n \n69,698\n\n \n \n\n \n \n\n \n \n\n \n62,683\n\n \n \n\n \n \n\n \n \n\n \n63,399\n\n \n \n\n \n \n\n \n \n\n \n61,672\n\n \n \n\n \nNet gains (losses) on financial instruments and foreign exchange\n\n \n \n\n \n \n\n \n(5,789\n\n \n)\n\n \n \n\n \n \n\n \n(8,879\n\n \n)\n\n \n \n\n \n \n\n \n(1,159\n\n \n)\n\n \n \n\n \n \n\n \n1,285\n\n \n \n\n \n \n\n \n \n\n \n1,851\n\n \n \n\n \nOther income\n\n \n \n\n \n \n\n \n2,340\n\n \n \n\n \n \n\n \n \n\n \n2,990\n\n \n \n\n \n \n\n \n \n\n \n1,796\n\n \n \n\n \n \n\n \n \n\n \n1,399\n\n \n \n\n \n \n\n \n \n\n \n1,502\n\n \n \n\n \nTotal revenues\n\n \n \n\n \n \n\n \n574,959\n\n \n \n\n \n \n\n \n \n\n \n466,337\n\n \n \n\n \n \n\n \n \n\n \n300,512\n\n \n \n\n \n \n\n \n \n\n \n303,186\n\n \n \n\n \n \n\n \n \n\n \n298,551\n\n \n \n\n \nExpenses\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nProvision for losses\n\n \n \n\n \n \n\n \n194,945\n\n \n \n\n \n \n\n \n \n\n \n107,933\n\n \n \n\n \n \n\n \n \n\n \n21,588\n\n \n \n\n \n \n\n \n \n\n \n17,886\n\n \n \n\n \n \n\n \n \n\n \n11,954\n\n \n \n\n \nAmortization of deferred policy acquisition costs and value of business acquired (“VOBA”)\n\n \n \n\n \n \n\n \n90,503\n\n \n \n\n \n \n\n \n \n\n \n62,069\n\n \n \n\n \n \n\n \n \n\n \n4,280\n\n \n \n\n \n \n\n \n \n\n \n7,166\n\n \n \n\n \n \n\n \n \n\n \n7,205\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n110,586\n\n \n \n\n \n \n\n \n \n\n \n98,169\n\n \n \n\n \n \n\n \n \n\n \n56,417\n\n \n \n\n \n \n\n \n \n\n \n62,256\n\n \n \n\n \n \n\n \n \n\n \n69,178\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n22,312\n\n \n \n\n \n \n\n \n \n\n \n20,594\n\n \n \n\n \n \n\n \n \n\n \n17,189\n\n \n \n\n \n \n\n \n \n\n \n17,184\n\n \n \n\n \n \n\n \n \n\n \n17,428\n\n \n \n\n \nAmortization of other acquired intangible assets\n\n \n \n\n \n \n\n \n5,896\n\n \n \n\n \n \n\n \n \n\n \n3,909\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal expenses\n\n \n \n\n \n \n\n \n424,242\n\n \n \n\n \n \n\n \n \n\n \n292,674\n\n \n \n\n \n \n\n \n \n\n \n99,474\n\n \n \n\n \n \n\n \n \n\n \n104,492\n\n \n \n\n \n \n\n \n \n\n \n105,765\n\n \n \n\n \nPretax income from continuing operations\n\n \n \n\n \n \n\n \n150,717\n\n \n \n\n \n \n\n \n \n\n \n173,663\n\n \n \n\n \n \n\n \n \n\n \n201,038\n\n \n \n\n \n \n\n \n \n\n \n198,694\n\n \n \n\n \n \n\n \n \n\n \n192,786\n\n \n \n\n \nIncome tax provision\n\n \n \n\n \n \n\n \n32,489\n\n \n \n\n \n \n\n \n \n\n \n44,197\n\n \n \n\n \n \n\n \n \n\n \n42,236\n\n \n \n\n \n \n\n \n \n\n \n45,892\n\n \n \n\n \n \n\n \n \n\n \n38,301\n\n \n \n\n \nNet income from continuing operations\n\n \n \n\n \n \n\n \n118,228\n\n \n \n\n \n \n\n \n \n\n \n129,466\n\n \n \n\n \n \n\n \n \n\n \n158,802\n\n \n \n\n \n \n\n \n \n\n \n152,802\n\n \n \n\n \n \n\n \n \n\n \n154,485\n\n \n \n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n \n\n \n(2,314\n\n \n)\n\n \n \n\n \n \n\n \n(5,373\n\n \n)\n\n \n \n\n \n \n\n \n(3,959\n\n \n)\n\n \n \n\n \n \n\n \n(11,359\n\n \n)\n\n \n \n\n \n \n\n \n(12,689\n\n \n)\n\n \nNet income\n\n \n \n\n \n$\n\n \n115,914\n\n \n \n\n \n \n\n \n$\n\n \n124,093\n\n \n \n\n \n \n\n \n$\n\n \n154,843\n\n \n \n\n \n \n\n \n$\n\n \n141,443\n\n \n \n\n \n \n\n \n$\n\n \n141,796\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDiluted net income per share\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income from continuing operations\n\n \n \n\n \n$\n\n \n0.87\n\n \n \n\n \n \n\n \n$\n\n \n0.93\n\n \n \n\n \n \n\n \n$\n\n \n1.15\n\n \n \n\n \n \n\n \n$\n\n \n1.11\n\n \n \n\n \n \n\n \n$\n\n \n1.11\n\n \n \n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n \n\n \n(0.02\n\n \n)\n\n \n \n\n \n \n\n \n(0.04\n\n \n)\n\n \n \n\n \n \n\n \n(0.03\n\n \n)\n\n \n \n\n \n \n\n \n(0.08\n\n \n)\n\n \n \n\n \n \n\n \n(0.09\n\n \n)\n\n \nDiluted net income per share\n\n \n \n\n \n$\n\n \n0.85\n\n \n \n\n \n \n\n \n$\n\n \n0.89\n\n \n \n\n \n \n\n \n$\n\n \n1.12\n\n \n \n\n \n \n\n \n$\n\n \n1.03\n\n \n \n\n \n \n\n \n$\n\n \n1.02\n\n \n \n\n \n(1)\n\n \n \n\n \nSee Exhibit D for additional details.\n\n \n(2)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \nRadian Group Inc. and Subsidiaries \nNet Income Per Share \nExhibit B \n  \nThe calculation of basic and diluted net income per share is as follows.\n\n   \n(In thousands, except per-share amounts)\n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nNet income from continuing operations\n\n \n \n\n \n$\n\n \n118,228\n\n \n \n\n \n \n\n \n$\n\n \n129,466\n\n \n \n\n \n \n\n \n$\n\n \n158,802\n\n \n \n\n \n \n\n \n$\n\n \n152,802\n\n \n \n\n \n \n\n \n$\n\n \n154,485\n\n \n \n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n \n\n \n(2,314\n\n \n)\n\n \n \n\n \n \n\n \n(5,373\n\n \n)\n\n \n \n\n \n \n\n \n(3,959\n\n \n)\n\n \n \n\n \n \n\n \n(11,359\n\n \n)\n\n \n \n\n \n \n\n \n(12,689\n\n \n)\n\n \nNet income—basic and diluted\n\n \n \n\n \n$\n\n \n115,914\n\n \n \n\n \n \n\n \n$\n\n \n124,093\n\n \n \n\n \n \n\n \n$\n\n \n154,843\n\n \n \n\n \n \n\n \n$\n\n \n141,443\n\n \n \n\n \n \n\n \n$\n\n \n141,796\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nAverage common shares outstanding—basic\n\n \n \n\n \n \n\n \n135,355\n\n \n \n\n \n \n\n \n \n\n \n137,004\n\n \n \n\n \n \n\n \n \n\n \n137,032\n\n \n \n\n \n \n\n \n \n\n \n137,003\n\n \n \n\n \n \n\n \n \n\n \n137,376\n\n \n \n\n \nDilutive effect of share-based compensation arrangements (2) \n \n\n \n \n\n \n928\n\n \n \n\n \n \n\n \n \n\n \n1,481\n\n \n \n\n \n \n\n \n \n\n \n1,218\n\n \n \n\n \n \n\n \n \n\n \n923\n\n \n \n\n \n \n\n \n \n\n \n984\n\n \n \n\n \nAdjusted average common shares outstanding—diluted\n\n \n \n\n \n \n\n \n136,283\n\n \n \n\n \n \n\n \n \n\n \n138,485\n\n \n \n\n \n \n\n \n \n\n \n138,250\n\n \n \n\n \n \n\n \n \n\n \n137,926\n\n \n \n\n \n \n\n \n \n\n \n138,360\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income per share\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income from continuing operations\n\n \n \n\n \n$\n\n \n0.87\n\n \n \n\n \n \n\n \n$\n\n \n0.94\n\n \n \n\n \n \n\n \n$\n\n \n1.16\n\n \n \n\n \n \n\n \n$\n\n \n1.12\n\n \n \n\n \n \n\n \n$\n\n \n1.12\n\n \n \n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n \n\n \n(0.02\n\n \n)\n\n \n \n\n \n \n\n \n(0.04\n\n \n)\n\n \n \n\n \n \n\n \n(0.03\n\n \n)\n\n \n \n\n \n \n\n \n(0.08\n\n \n)\n\n \n \n\n \n \n\n \n(0.09\n\n \n)\n\n \nBasic net income per share\n\n \n \n\n \n$\n\n \n0.85\n\n \n \n\n \n \n\n \n$\n\n \n0.90\n\n \n \n\n \n \n\n \n$\n\n \n1.13\n\n \n \n\n \n \n\n \n$\n\n \n1.04\n\n \n \n\n \n \n\n \n$\n\n \n1.03\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDiluted\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income from continuing operations\n\n \n \n\n \n$\n\n \n0.87\n\n \n \n\n \n \n\n \n$\n\n \n0.93\n\n \n \n\n \n \n\n \n$\n\n \n1.15\n\n \n \n\n \n \n\n \n$\n\n \n1.11\n\n \n \n\n \n \n\n \n$\n\n \n1.11\n\n \n \n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n \n\n \n(0.02\n\n \n)\n\n \n \n\n \n \n\n \n(0.04\n\n \n)\n\n \n \n\n \n \n\n \n(0.03\n\n \n)\n\n \n \n\n \n \n\n \n(0.08\n\n \n)\n\n \n \n\n \n \n\n \n(0.09\n\n \n)\n\n \nDiluted net income per share\n\n \n \n\n \n$\n\n \n0.85\n\n \n \n\n \n \n\n \n$\n\n \n0.89\n\n \n \n\n \n \n\n \n$\n\n \n1.12\n\n \n \n\n \n \n\n \n$\n\n \n1.03\n\n \n \n\n \n \n\n \n$\n\n \n1.02\n\n \n \n\n \n(1)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nThe following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.\n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nShares of common stock equivalents\n\n \n \n\n \n \n\n \n315\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \nRadian Group Inc. and Subsidiaries \nCondensed Consolidated Balance Sheets \nExhibit C \n  \n(In thousands, except per-share amounts)\n\n \n \n\n \nJun 30, \n \n\n \n \n\n \nMar 31, \n \n\n \n \n\n \nDec 31, \n \n\n \n \n\n \nSep 30, \n \n\n \n \n\n \nJun 30, \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n2025 \n \n\n \nAssets\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nInvestments\n\n \n \n\n \n$\n\n \n6,986,457\n\n \n \n\n \n \n\n \n$\n\n \n7,040,322\n\n \n \n\n \n \n\n \n$\n\n \n5,987,318\n\n \n \n\n \n \n\n \n$\n\n \n5,852,034\n\n \n \n\n \n \n\n \n$\n\n \n5,680,489\n\n \n \n\n \nCash\n\n \n \n\n \n \n\n \n119,047\n\n \n \n\n \n \n\n \n \n\n \n55,445\n\n \n \n\n \n \n\n \n \n\n \n24,829\n\n \n \n\n \n \n\n \n \n\n \n15,258\n\n \n \n\n \n \n\n \n \n\n \n19,013\n\n \n \n\n \nRestricted cash\n\n \n \n\n \n \n\n \n36,000\n\n \n \n\n \n \n\n \n \n\n \n32,534\n\n \n \n\n \n \n\n \n \n\n \n10\n\n \n \n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n28\n\n \n \n\n \nAccrued investment income\n\n \n \n\n \n \n\n \n56,263\n\n \n \n\n \n \n\n \n \n\n \n51,497\n\n \n \n\n \n \n\n \n \n\n \n40,285\n\n \n \n\n \n \n\n \n \n\n \n43,031\n\n \n \n\n \n \n\n \n \n\n \n43,467\n\n \n \n\n \nPremiums and other receivables\n\n \n \n\n \n \n\n \n812,176\n\n \n \n\n \n \n\n \n \n\n \n665,910\n\n \n \n\n \n \n\n \n \n\n \n120,197\n\n \n \n\n \n \n\n \n \n\n \n128,765\n\n \n \n\n \n \n\n \n \n\n \n125,744\n\n \n \n\n \nReinsurance recoverable\n\n \n \n\n \n \n\n \n381,405\n\n \n \n\n \n \n\n \n \n\n \n356,521\n\n \n \n\n \n \n\n \n \n\n \n48,806\n\n \n \n\n \n \n\n \n \n\n \n44,837\n\n \n \n\n \n \n\n \n \n\n \n41,653\n\n \n \n\n \nDeferred policy acquisition costs and VOBA\n\n \n \n\n \n \n\n \n180,884\n\n \n \n\n \n \n\n \n \n\n \n188,673\n\n \n \n\n \n \n\n \n \n\n \n19,018\n\n \n \n\n \n \n\n \n \n\n \n16,711\n\n \n \n\n \n \n\n \n \n\n \n17,248\n\n \n \n\n \nGoodwill and other acquired intangible assets\n\n \n \n\n \n \n\n \n414,842\n\n \n \n\n \n \n\n \n \n\n \n420,738\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nPrepaid federal income taxes\n\n \n \n\n \n \n\n \n1,058,060\n\n \n \n\n \n \n\n \n \n\n \n1,056,329\n\n \n \n\n \n \n\n \n \n\n \n1,056,329\n\n \n \n\n \n \n\n \n \n\n \n1,012,629\n\n \n \n\n \n \n\n \n \n\n \n997,805\n\n \n \n\n \nOther assets\n\n \n \n\n \n \n\n \n546,691\n\n \n \n\n \n \n\n \n \n\n \n504,347\n\n \n \n\n \n \n\n \n \n\n \n351,337\n\n \n \n\n \n \n\n \n \n\n \n369,013\n\n \n \n\n \n \n\n \n \n\n \n411,198\n\n \n \n\n \nAssets held for sale\n\n \n \n\n \n \n\n \n64,495\n\n \n \n\n \n \n\n \n \n\n \n280,060\n\n \n \n\n \n \n\n \n \n\n \n474,268\n\n \n \n\n \n \n\n \n \n\n \n722,514\n\n \n \n\n \n \n\n \n \n\n \n2,267,056\n\n \n \n\n \nTotal assets\n\n \n \n\n \n$\n\n \n10,656,320\n\n \n \n\n \n \n\n \n$\n\n \n10,652,376\n\n \n \n\n \n \n\n \n$\n\n \n8,122,397\n\n \n \n\n \n \n\n \n$\n\n \n8,204,803\n\n \n \n\n \n \n\n \n$\n\n \n9,603,701\n\n \n \n\n \nLiabilities and stockholders’ equity\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nReserve for losses and loss adjustment expense\n\n \n \n\n \n$\n\n \n1,911,780\n\n \n \n\n \n \n\n \n$\n\n \n1,822,619\n\n \n \n\n \n \n\n \n$\n\n \n399,946\n\n \n \n\n \n \n\n \n$\n\n \n387,650\n\n \n \n\n \n \n\n \n$\n\n \n377,231\n\n \n \n\n \nUnearned premiums\n\n \n \n\n \n \n\n \n1,015,963\n\n \n \n\n \n \n\n \n \n\n \n856,058\n\n \n \n\n \n \n\n \n \n\n \n159,341\n\n \n \n\n \n \n\n \n \n\n \n166,165\n\n \n \n\n \n \n\n \n \n\n \n171,901\n\n \n \n\n \nShort-term borrowings\n\n \n \n\n \n \n\n \n535,108\n\n \n \n\n \n \n\n \n \n\n \n494,730\n\n \n \n\n \n \n\n \n \n\n \n33,320\n\n \n \n\n \n \n\n \n \n\n \n50,679\n\n \n \n\n \n \n\n \n \n\n \n88,963\n\n \n \n\n \nLong-term borrowings\n\n \n \n\n \n \n\n \n696,895\n\n \n \n\n \n \n\n \n \n\n \n773,946\n\n \n \n\n \n \n\n \n \n\n \n1,075,795\n\n \n \n\n \n \n\n \n \n\n \n1,076,973\n\n \n \n\n \n \n\n \n \n\n \n1,076,325\n\n \n \n\n \nNet deferred tax liability\n\n \n \n\n \n \n\n \n962,163\n\n \n \n\n \n \n\n \n \n\n \n978,540\n\n \n \n\n \n \n\n \n \n\n \n942,193\n\n \n \n\n \n \n\n \n \n\n \n910,256\n\n \n \n\n \n \n\n \n \n\n \n864,421\n\n \n \n\n \nOther liabilities\n\n \n \n\n \n \n\n \n696,238\n\n \n \n\n \n \n\n \n \n\n \n697,989\n\n \n \n\n \n \n\n \n \n\n \n366,470\n\n \n \n\n \n \n\n \n \n\n \n410,232\n\n \n \n\n \n \n\n \n \n\n \n461,335\n\n \n \n\n \nLiabilities held for sale\n\n \n \n\n \n \n\n \n29,694\n\n \n \n\n \n \n\n \n \n\n \n219,233\n\n \n \n\n \n \n\n \n \n\n \n363,818\n\n \n \n\n \n \n\n \n \n\n \n550,399\n\n \n \n\n \n \n\n \n \n\n \n2,070,844\n\n \n \n\n \nTotal liabilities\n\n \n \n\n \n \n\n \n5,847,841\n\n \n \n\n \n \n\n \n \n\n \n5,843,115\n\n \n \n\n \n \n\n \n \n\n \n3,340,883\n\n \n \n\n \n \n\n \n \n\n \n3,552,354\n\n \n \n\n \n \n\n \n \n\n \n5,111,020\n\n \n \n\n \nCommon stock\n\n \n \n\n \n \n\n \n156\n\n \n \n\n \n \n\n \n \n\n \n156\n\n \n \n\n \n \n\n \n \n\n \n157\n\n \n \n\n \n \n\n \n \n\n \n157\n\n \n \n\n \n \n\n \n \n\n \n157\n\n \n \n\n \nTreasury stock\n\n \n \n\n \n \n\n \n(1,009,701\n\n \n)\n\n \n \n\n \n \n\n \n(991,427\n\n \n)\n\n \n \n\n \n \n\n \n(989,745\n\n \n)\n\n \n \n\n \n \n\n \n(989,352\n\n \n)\n\n \n \n\n \n \n\n \n(988,764\n\n \n)\n\n \nAdditional paid-in capital\n\n \n \n\n \n \n\n \n783,231\n\n \n \n\n \n \n\n \n \n\n \n842,235\n\n \n \n\n \n \n\n \n \n\n \n861,211\n\n \n \n\n \n \n\n \n \n\n \n855,320\n\n \n \n\n \n \n\n \n \n\n \n847,399\n\n \n \n\n \nRetained earnings\n\n \n \n\n \n \n\n \n5,300,213\n\n \n \n\n \n \n\n \n \n\n \n5,220,411\n\n \n \n\n \n \n\n \n \n\n \n5,132,050\n\n \n \n\n \n \n\n \n \n\n \n5,012,742\n\n \n \n\n \n \n\n \n \n\n \n4,906,830\n\n \n \n\n \nAccumulated other comprehensive income (loss)\n\n \n \n\n \n \n\n \n(265,420\n\n \n)\n\n \n \n\n \n \n\n \n(262,114\n\n \n)\n\n \n \n\n \n \n\n \n(222,159\n\n \n)\n\n \n \n\n \n \n\n \n(226,418\n\n \n)\n\n \n \n\n \n \n\n \n(272,941\n\n \n)\n\n \nTotal stockholders’ equity\n\n \n \n\n \n \n\n \n4,808,479\n\n \n \n\n \n \n\n \n \n\n \n4,809,261\n\n \n \n\n \n \n\n \n \n\n \n4,781,514\n\n \n \n\n \n \n\n \n \n\n \n4,652,449\n\n \n \n\n \n \n\n \n \n\n \n4,492,681\n\n \n \n\n \nTotal liabilities and stockholders’ equity\n\n \n \n\n \n$\n\n \n10,656,320\n\n \n \n\n \n \n\n \n$\n\n \n10,652,376\n\n \n \n\n \n \n\n \n$\n\n \n8,122,397\n\n \n \n\n \n \n\n \n$\n\n \n8,204,803\n\n \n \n\n \n \n\n \n$\n\n \n9,603,701\n\n \n \n\n \nShares outstanding\n\n \n \n\n \n \n\n \n133,556\n\n \n \n\n \n \n\n \n \n\n \n134,845\n\n \n \n\n \n \n\n \n \n\n \n135,498\n\n \n \n\n \n \n\n \n \n\n \n135,473\n\n \n \n\n \n \n\n \n \n\n \n135,395\n\n \n \n\n \nBook value per share\n\n \n \n\n \n$\n\n \n36.00\n\n \n \n\n \n \n\n \n$\n\n \n35.67\n\n \n \n\n \n \n\n \n$\n\n \n35.29\n\n \n \n\n \n \n\n \n$\n\n \n34.34\n\n \n \n\n \n \n\n \n$\n\n \n33.18\n\n \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nHolding company debt-to-capital ratio (1) \n \n\n \n \n\n \n19.2\n\n \n%\n\n \n \n\n \n \n\n \n20.2\n\n \n%\n\n \n \n\n \n \n\n \n18.3\n\n \n%\n\n \n \n\n \n \n\n \n18.7\n\n \n%\n\n \n \n\n \n \n\n \n19.2\n\n \n%\n\n \n(1)\n\n \n \n\n \nCalculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and revolving credit facility, divided by the carrying value of our senior notes, revolving credit facility and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.\n\n \nRadian Group Inc. and Subsidiaries \nCondensed Consolidated Statements of Operations Detail \nExhibit D (page 1 of 4) \n  \n  \nNet Premiums Earned \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nMortgage\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect\n\n \n \n\n \n$\n\n \n269,537\n\n \n \n\n \n \n\n \n$\n\n \n268,902\n\n \n \n\n \n \n\n \n$\n\n \n268,465\n\n \n \n\n \n \n\n \n$\n\n \n266,093\n\n \n \n\n \n \n\n \n$\n\n \n262,044\n\n \n \n\n \nCeded (2) \n \n\n \n \n\n \n(33,188\n\n \n)\n\n \n \n\n \n \n\n \n(30,725\n\n \n)\n\n \n \n\n \n \n\n \n(31,273\n\n \n)\n\n \n \n\n \n \n\n \n(28,990\n\n \n)\n\n \n \n\n \n \n\n \n(28,518\n\n \n)\n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n236,349\n\n \n \n\n \n \n\n \n \n\n \n238,177\n\n \n \n\n \n \n\n \n \n\n \n237,192\n\n \n \n\n \n \n\n \n \n\n \n237,103\n\n \n \n\n \n \n\n \n \n\n \n233,526\n\n \n \n\n \nSpecialty\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect\n\n \n \n\n \n \n\n \n146,061\n\n \n \n\n \n \n\n \n \n\n \n108,987\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nAssumed\n\n \n \n\n \n \n\n \n190,077\n\n \n \n\n \n \n\n \n \n\n \n94,498\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nCeded\n\n \n \n\n \n \n\n \n(68,775\n\n \n)\n\n \n \n\n \n \n\n \n(39,134\n\n \n)\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n267,363\n\n \n \n\n \n \n\n \n \n\n \n164,351\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect\n\n \n \n\n \n \n\n \n415,598\n\n \n \n\n \n \n\n \n \n\n \n377,889\n\n \n \n\n \n \n\n \n \n\n \n268,465\n\n \n \n\n \n \n\n \n \n\n \n266,093\n\n \n \n\n \n \n\n \n \n\n \n262,044\n\n \n \n\n \nAssumed\n\n \n \n\n \n \n\n \n190,077\n\n \n \n\n \n \n\n \n \n\n \n94,498\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nCeded\n\n \n \n\n \n \n\n \n(101,963\n\n \n)\n\n \n \n\n \n \n\n \n(69,859\n\n \n)\n\n \n \n\n \n \n\n \n(31,273\n\n \n)\n\n \n \n\n \n \n\n \n(28,990\n\n \n)\n\n \n \n\n \n \n\n \n(28,518\n\n \n)\n\n \nTotal net premiums earned\n\n \n \n\n \n$\n\n \n503,712\n\n \n \n\n \n \n\n \n$\n\n \n402,528\n\n \n \n\n \n \n\n \n$\n\n \n237,192\n\n \n \n\n \n \n\n \n$\n\n \n237,103\n\n \n \n\n \n \n\n \n$\n\n \n233,526\n\n \n \n\n \n(1)\n\n \n \n\n \nFor Specialty, includes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nIncludes profit commission under our Mortgage segment’s QSR Program.\n\n \nNet Investment Income \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nFixed maturities\n\n \n \n\n \n$\n\n \n67,992\n\n \n \n\n \n \n\n \n$\n\n \n60,370\n\n \n \n\n \n \n\n \n$\n\n \n51,655\n\n \n \n\n \n \n\n \n$\n\n \n57,614\n\n \n \n\n \n \n\n \n$\n\n \n57,354\n\n \n \n\n \nEquity securities\n\n \n \n\n \n \n\n \n1,116\n\n \n \n\n \n \n\n \n \n\n \n1,160\n\n \n \n\n \n \n\n \n \n\n \n1,798\n\n \n \n\n \n \n\n \n \n\n \n2,446\n\n \n \n\n \n \n\n \n \n\n \n2,634\n\n \n \n\n \nShort-term investments\n\n \n \n\n \n \n\n \n6,508\n\n \n \n\n \n \n\n \n \n\n \n9,322\n\n \n \n\n \n \n\n \n \n\n \n10,362\n\n \n \n\n \n \n\n \n \n\n \n4,503\n\n \n \n\n \n \n\n \n \n\n \n2,842\n\n \n \n\n \nOther (2) \n \n\n \n \n\n \n(920\n\n \n)\n\n \n \n\n \n \n\n \n(1,154\n\n \n)\n\n \n \n\n \n \n\n \n(1,132\n\n \n)\n\n \n \n\n \n \n\n \n(1,164\n\n \n)\n\n \n \n\n \n \n\n \n(1,158\n\n \n)\n\n \nNet investment income\n\n \n \n\n \n$\n\n \n74,696\n\n \n \n\n \n \n\n \n$\n\n \n69,698\n\n \n \n\n \n \n\n \n$\n\n \n62,683\n\n \n \n\n \n \n\n \n$\n\n \n63,399\n\n \n \n\n \n \n\n \n$\n\n \n61,672\n\n \n \n\n \n(1)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nPrimarily includes investment management expenses, as well as the net impact from our securities lending activities.\n\n \nRadian Group Inc. and Subsidiaries \nCondensed Consolidated Statements of Operations Detail \nExhibit D (page 2 of 4) \n  \nProvision for Losses \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nMortgage\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCurrent period (2) \n \n\n \n$\n\n \n49,387\n\n \n \n\n \n \n\n \n$\n\n \n59,839\n\n \n \n\n \n \n\n \n$\n\n \n57,047\n\n \n \n\n \n \n\n \n$\n\n \n52,963\n\n \n \n\n \n \n\n \n$\n\n \n47,912\n\n \n \n\n \nPrior period (3) \n \n\n \n \n\n \n(19,969\n\n \n)\n\n \n \n\n \n \n\n \n(35,563\n\n \n)\n\n \n \n\n \n \n\n \n(35,459\n\n \n)\n\n \n \n\n \n \n\n \n(35,077\n\n \n)\n\n \n \n\n \n \n\n \n(35,958\n\n \n)\n\n \nProvision for losses - Mortgage\n\n \n \n\n \n \n\n \n29,418\n\n \n \n\n \n \n\n \n \n\n \n24,276\n\n \n \n\n \n \n\n \n \n\n \n21,588\n\n \n \n\n \n \n\n \n \n\n \n17,886\n\n \n \n\n \n \n\n \n \n\n \n11,954\n\n \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSpecialty\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCurrent period (4) \n \n\n \n \n\n \n193,410\n\n \n \n\n \n \n\n \n \n\n \n98,846\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nPrior period (5) \n \n\n \n \n\n \n(24,171\n\n \n)\n\n \n \n\n \n \n\n \n(12,578\n\n \n)\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nProvision for losses - Specialty\n\n \n \n\n \n \n\n \n169,239\n\n \n \n\n \n \n\n \n \n\n \n86,268\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVOBA - reserves amortization (6) \n \n\n \n \n\n \n(3,712\n\n \n)\n\n \n \n\n \n \n\n \n(2,611\n\n \n)\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nTotal provision for losses\n\n \n \n\n \n$\n\n \n194,945\n\n \n \n\n \n \n\n \n$\n\n \n107,933\n\n \n \n\n \n \n\n \n$\n\n \n21,588\n\n \n \n\n \n \n\n \n$\n\n \n17,886\n\n \n \n\n \n \n\n \n$\n\n \n11,954\n\n \n \n\n \n(1)\n\n \n \n\n \nFor Specialty, includes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nRelated to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.\n\n \n(3)\n\n \n \n\n \nRelated to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.\n\n \n(4)\n\n \n \n\n \nRelated to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims.\n\n \n(5)\n\n \n \n\n \nRelated to changes in estimates of losses and loss adjustment expenses related to prior accident years.\n\n \n(6)\n\n \n \n\n \nRepresents positive amortization of the VOBA intangible asset attributable to reserves.\n\n \nRadian Group Inc. and Subsidiaries \nCondensed Consolidated Statements of Operations Detail \nExhibit D (page 3 of 4)   \n  \nAmortization of deferred policy acquisition costs and VOBA \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nMortgage\n\n \n \n\n \n$\n\n \n6,881\n\n \n \n\n \n \n\n \n$\n\n \n6,899\n\n \n \n\n \n \n\n \n$\n\n \n4,280\n\n \n \n\n \n \n\n \n$\n\n \n7,166\n\n \n \n\n \n \n\n \n$\n\n \n7,205\n\n \n \n\n \nSpecialty\n\n \n \n\n \n \n\n \n52,937\n\n \n \n\n \n \n\n \n \n\n \n29,065\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nPurchase accounting adjustments\n\n \n \n\n \n \n\n \n(37,128\n\n \n)\n\n \n \n\n \n \n\n \n(30,001\n\n \n)\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n22,690\n\n \n \n\n \n \n\n \n \n\n \n5,963\n\n \n \n\n \n \n\n \n \n\n \n4,280\n\n \n \n\n \n \n\n \n \n\n \n7,166\n\n \n \n\n \n \n\n \n \n\n \n7,205\n\n \n \n\n \nAmortization of VOBA\n\n \n \n\n \n \n\n \n67,813\n\n \n \n\n \n \n\n \n \n\n \n56,106\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nAmortization of deferred policy acquisition costs and VOBA\n\n \n \n\n \n$\n\n \n90,503\n\n \n \n\n \n \n\n \n$\n\n \n62,069\n\n \n \n\n \n \n\n \n$\n\n \n4,280\n\n \n \n\n \n \n\n \n$\n\n \n7,166\n\n \n \n\n \n \n\n \n$\n\n \n7,205\n\n \n \n\n \n(1)\n\n \n \n\n \nFor Specialty, purchase accounting adjustments and amortization of VOBA, includes results from the date of acquisition, February 2, 2026.\n\n \nOther Operating Expenses \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nSalaries and other base employee expenses\n\n \n \n\n \n$\n\n \n34,779\n\n \n \n\n \n \n\n \n$\n\n \n32,972\n\n \n \n\n \n \n\n \n$\n\n \n25,086\n\n \n \n\n \n \n\n \n$\n\n \n24,259\n\n \n \n\n \n \n\n \n$\n\n \n26,932\n\n \n \n\n \nVariable and share-based incentive compensation\n\n \n \n\n \n \n\n \n29,899\n\n \n \n\n \n \n\n \n \n\n \n13,051\n\n \n \n\n \n \n\n \n \n\n \n16,768\n\n \n \n\n \n \n\n \n \n\n \n16,115\n\n \n \n\n \n \n\n \n \n\n \n27,335\n\n \n \n\n \nOther general operating expenses (2) \n \n\n \n \n\n \n54,515\n\n \n \n\n \n \n\n \n \n\n \n60,366\n\n \n \n\n \n \n\n \n \n\n \n22,589\n\n \n \n\n \n \n\n \n \n\n \n29,438\n\n \n \n\n \n \n\n \n \n\n \n21,986\n\n \n \n\n \nCeding commissions\n\n \n \n\n \n \n\n \n(8,607\n\n \n)\n\n \n \n\n \n \n\n \n(8,220\n\n \n)\n\n \n \n\n \n \n\n \n(8,026\n\n \n)\n\n \n \n\n \n \n\n \n(7,556\n\n \n)\n\n \n \n\n \n \n\n \n(7,075\n\n \n)\n\n \nTotal\n\n \n \n\n \n$\n\n \n110,586\n\n \n \n\n \n \n\n \n$\n\n \n98,169\n\n \n \n\n \n \n\n \n$\n\n \n56,417\n\n \n \n\n \n \n\n \n$\n\n \n62,256\n\n \n \n\n \n \n\n \n$\n\n \n69,178\n\n \n \n\n \n(1)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nIncludes acquisition-related expenses of $7 million and $22 million in the second and first quarters of 2026, respectively, and $2 million and $9 million in the fourth and third quarters of 2025, respectively.\n\n \nInterest Expense \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nSenior notes\n\n \n \n\n \n$\n\n \n15,848\n\n \n \n\n \n \n\n \n$\n\n \n15,839\n\n \n \n\n \n \n\n \n$\n\n \n15,829\n\n \n \n\n \n \n\n \n$\n\n \n15,819\n\n \n \n\n \n \n\n \n$\n\n \n15,810\n\n \n \n\n \nLetter of credit fees (1) \n \n\n \n \n\n \n3,533\n\n \n \n\n \n \n\n \n \n\n \n2,290\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nRevolving credit facility\n\n \n \n\n \n \n\n \n2,176\n\n \n \n\n \n \n\n \n \n\n \n1,996\n\n \n \n\n \n \n\n \n \n\n \n389\n\n \n \n\n \n \n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n741\n\n \n \n\n \nFHLB advances\n\n \n \n\n \n \n\n \n755\n\n \n \n\n \n \n\n \n \n\n \n469\n\n \n \n\n \n \n\n \n \n\n \n458\n\n \n \n\n \n \n\n \n \n\n \n1,107\n\n \n \n\n \n \n\n \n \n\n \n877\n\n \n \n\n \nLoss on extinguishment of debt\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n513\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal interest expense\n\n \n \n\n \n$\n\n \n22,312\n\n \n \n\n \n \n\n \n$\n\n \n20,594\n\n \n \n\n \n \n\n \n$\n\n \n17,189\n\n \n \n\n \n \n\n \n$\n\n \n17,184\n\n \n \n\n \n \n\n \n$\n\n \n17,428\n\n \n \n\n \n(1)\n\n \n \n\n \nRepresents interest expense on Inigo’s letter of credit facility and the first quarter of 2026 includes Inigo’s results from the date of acquisition, February 2, 2026.\n\n \nRadian Group Inc. and Subsidiaries \nCondensed Consolidated Statements of Operations Detail \nExhibit D (page 4 of 4) \n  \nDiscontinued Operations \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nRevenues\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet premiums earned\n\n \n \n\n \n$\n\n \n5,069\n\n \n \n\n \n \n\n \n$\n\n \n5,037\n\n \n \n\n \n \n\n \n$\n\n \n5,248\n\n \n \n\n \n \n\n \n$\n\n \n4,624\n\n \n \n\n \n \n\n \n$\n\n \n3,995\n\n \n \n\n \nServices revenue\n\n \n \n\n \n \n\n \n13,332\n\n \n \n\n \n \n\n \n \n\n \n13,656\n\n \n \n\n \n \n\n \n \n\n \n13,640\n\n \n \n\n \n \n\n \n \n\n \n12,352\n\n \n \n\n \n \n\n \n \n\n \n10,882\n\n \n \n\n \nNet investment income\n\n \n \n\n \n \n\n \n1,516\n\n \n \n\n \n \n\n \n \n\n \n5,091\n\n \n \n\n \n \n\n \n \n\n \n7,089\n\n \n \n\n \n \n\n \n \n\n \n10,744\n\n \n \n\n \n \n\n \n \n\n \n11,097\n\n \n \n\n \nNet gains (losses) on financial instruments and foreign exchange\n\n \n \n\n \n \n\n \n(129\n\n \n)\n\n \n \n\n \n \n\n \n1,409\n\n \n \n\n \n \n\n \n \n\n \n(576\n\n \n)\n\n \n \n\n \n \n\n \n2,191\n\n \n \n\n \n \n\n \n \n\n \n(6,703\n\n \n)\n\n \nIncome (loss) on consolidated VIEs\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(2,129\n\n \n)\n\n \n \n\n \n \n\n \n185\n\n \n \n\n \nOther income\n\n \n \n\n \n \n\n \n485\n\n \n \n\n \n \n\n \n \n\n \n1,685\n\n \n \n\n \n \n\n \n \n\n \n(176\n\n \n)\n\n \n \n\n \n \n\n \n(332\n\n \n)\n\n \n \n\n \n \n\n \n(3\n\n \n)\n\n \nTotal revenues\n\n \n \n\n \n \n\n \n20,273\n\n \n \n\n \n \n\n \n \n\n \n26,878\n\n \n \n\n \n \n\n \n \n\n \n25,225\n\n \n \n\n \n \n\n \n \n\n \n27,450\n\n \n \n\n \n \n\n \n \n\n \n19,453\n\n \n \n\n \nExpenses\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nProvision for losses\n\n \n \n\n \n \n\n \n144\n\n \n \n\n \n \n\n \n \n\n \n209\n\n \n \n\n \n \n\n \n \n\n \n311\n\n \n \n\n \n \n\n \n \n\n \n129\n\n \n \n\n \n \n\n \n \n\n \n143\n\n \n \n\n \nCost of services\n\n \n \n\n \n \n\n \n9,506\n\n \n \n\n \n \n\n \n \n\n \n10,152\n\n \n \n\n \n \n\n \n \n\n \n9,735\n\n \n \n\n \n \n\n \n \n\n \n8,729\n\n \n \n\n \n \n\n \n \n\n \n8,412\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n12,873\n\n \n \n\n \n \n\n \n \n\n \n20,155\n\n \n \n\n \n \n\n \n \n\n \n16,136\n\n \n \n\n \n \n\n \n \n\n \n23,732\n\n \n \n\n \n \n\n \n \n\n \n20,225\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n1,003\n\n \n \n\n \n \n\n \n \n\n \n3,613\n\n \n \n\n \n \n\n \n \n\n \n4,802\n\n \n \n\n \n \n\n \n \n\n \n8,105\n\n \n \n\n \n \n\n \n \n\n \n8,446\n\n \n \n\n \nTotal expenses\n\n \n \n\n \n \n\n \n23,526\n\n \n \n\n \n \n\n \n \n\n \n34,129\n\n \n \n\n \n \n\n \n \n\n \n30,984\n\n \n \n\n \n \n\n \n \n\n \n40,695\n\n \n \n\n \n \n\n \n \n\n \n37,226\n\n \n \n\n \nPretax income (loss) from discontinued operations\n\n \n \n\n \n \n\n \n(3,253\n\n \n)\n\n \n \n\n \n \n\n \n(7,251\n\n \n)\n\n \n \n\n \n \n\n \n(5,759\n\n \n)\n\n \n \n\n \n \n\n \n(13,245\n\n \n)\n\n \n \n\n \n \n\n \n(17,773\n\n \n)\n\n \nIncome tax provision (benefit)\n\n \n \n\n \n \n\n \n(939\n\n \n)\n\n \n \n\n \n \n\n \n(1,878\n\n \n)\n\n \n \n\n \n \n\n \n(1,800\n\n \n)\n\n \n \n\n \n \n\n \n(1,886\n\n \n)\n\n \n \n\n \n \n\n \n(5,084\n\n \n)\n\n \nIncome (loss) from discontinued operations, net of tax\n\n \n \n\n \n$\n\n \n(2,314\n\n \n)\n\n \n \n\n \n$\n\n \n(5,373\n\n \n)\n\n \n \n\n \n$\n\n \n(3,959\n\n \n)\n\n \n \n\n \n$\n\n \n(11,359\n\n \n)\n\n \n \n\n \n$\n\n \n(12,689\n\n \n)\n\n \nRadian Group Inc. and Subsidiaries \nSegment Information \nExhibit E (page 1 of 4) \nEffective with the first quarter of 2026, we have two reportable business segments that are managed separately, Mortgage and Specialty. In addition to these reportable segments, we report in a Corporate category activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from Radian Group’s borrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities.\n\n \nThe results of our Mortgage Conduit, Title and Real Estate Services businesses are reflected in income (loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations for all periods presented. See Exhibit D for details on our discontinued operations.\n\n \nSummarized financial information concerning our reportable segments, Mortgage and Specialty, and our Corporate activities for the periods indicated is as follows. Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our segments. On a consolidated basis, adjusted pretax operating income is a non-GAAP financial measure. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.\n\n \n \n\n \n \n\n \nThree Months Ended June 30, 2026 \n \n\n \n(In thousands)\n\n \n \n\n \nMortgage \n \n\n \n \n\n \nSpecialty \n \n\n \n \n\n \nCorporate \n \n\n \n \n\n \nInter-\n segment (1) \n \n\n \n \n\n \nTotal \n \n\n \nNet premiums written\n\n \n \n\n \n$\n\n \n232,554\n\n \n \n\n \n \n\n \n$\n\n \n382,180\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n614,734\n\n \n \n\n \n(Increase) decrease in unearned premiums\n\n \n \n\n \n \n\n \n3,795\n\n \n \n\n \n \n\n \n \n\n \n(114,817\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(111,022\n\n \n)\n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n236,349\n\n \n \n\n \n \n\n \n \n\n \n267,363\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n503,712\n\n \n \n\n \nNet investment income (1) \n \n\n \n \n\n \n55,614\n\n \n \n\n \n \n\n \n \n\n \n24,902\n\n \n \n\n \n \n\n \n \n\n \n3,930\n\n \n \n\n \n \n\n \n \n\n \n(9,750\n\n \n)\n\n \n \n\n \n \n\n \n74,696\n\n \n \n\n \nOther income\n\n \n \n\n \n \n\n \n1,258\n\n \n \n\n \n \n\n \n \n\n \n1,082\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2,340\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n293,221\n\n \n \n\n \n \n\n \n \n\n \n293,347\n\n \n \n\n \n \n\n \n \n\n \n3,930\n\n \n \n\n \n \n\n \n \n\n \n(9,750\n\n \n)\n\n \n \n\n \n \n\n \n580,748\n\n \n \n\n \nProvision for losses\n\n \n \n\n \n \n\n \n29,418\n\n \n \n\n \n \n\n \n \n\n \n169,239\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n198,657\n\n \n \n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n6,881\n\n \n \n\n \n \n\n \n \n\n \n52,937\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n59,818\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n48,347\n\n \n \n\n \n \n\n \n \n\n \n39,042\n\n \n \n\n \n \n\n \n \n\n \n16,723\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n104,112\n\n \n \n\n \nInterest expense (1) \n \n\n \n \n\n \n754\n\n \n \n\n \n \n\n \n \n\n \n3,533\n\n \n \n\n \n \n\n \n \n\n \n27,775\n\n \n \n\n \n \n\n \n \n\n \n(9,750\n\n \n)\n\n \n \n\n \n \n\n \n22,312\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n85,400\n\n \n \n\n \n \n\n \n \n\n \n264,751\n\n \n \n\n \n \n\n \n \n\n \n44,498\n\n \n \n\n \n \n\n \n \n\n \n(9,750\n\n \n)\n\n \n \n\n \n \n\n \n384,899\n\n \n \n\n \nAdjusted pretax operating income (loss)\n\n \n \n\n \n$\n\n \n207,821\n\n \n \n\n \n \n\n \n$\n\n \n28,596\n\n \n \n\n \n \n\n \n$\n\n \n(40,568\n\n \n)\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n195,849\n\n \n \n\n \n(1)\n\n \n \n\n \nNet investment income for the Mortgage segment and interest expense for the Corporate category each include $10 million related to interest on an intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition, which is eliminated in consolidation.\n\n \nRadian Group Inc. and Subsidiaries \nSegment Information \nExhibit E (page 2 of 4) \n  \n \n\n \n \n\n \nThree Months Ended June 30, 2025 \n \n\n \n(In thousands)\n\n \n \n\n \nMortgage \n \n\n \n \n\n \nSpecialty (1) \n \n\n \nCorporate \n \n\n \n \n\n \nInter-\n segment \n \n\n \n \n\n \nTotal \n \n\n \nNet premiums written\n\n \n \n\n \n$\n\n \n231,596\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n231,596\n\n \n \n\n \n(Increase) decrease in unearned premiums\n\n \n \n\n \n \n\n \n1,930\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,930\n\n \n \n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n233,526\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n233,526\n\n \n \n\n \nNet investment income\n\n \n \n\n \n \n\n \n53,289\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n8,383\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n61,672\n\n \n \n\n \nOther income\n\n \n \n\n \n \n\n \n1,502\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,502\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n288,317\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n8,383\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n296,700\n\n \n \n\n \nProvision for losses\n\n \n \n\n \n \n\n \n11,954\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n11,954\n\n \n \n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n7,205\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n7,205\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n51,881\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n17,297\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n69,178\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n877\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n16,551\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n17,428\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n71,917\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \n33,848\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n105,765\n\n \n \n\n \nAdjusted pretax operating income (loss)\n\n \n \n\n \n$\n\n \n216,400\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n$\n\n \n(25,465\n\n \n)\n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n190,935\n\n \n \n\n \n(1)\n\n \n \n\n \nSee Exhibit J for details.\n\n \nMortgage \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nNet premiums written\n\n \n \n\n \n$\n\n \n232,554\n\n \n \n\n \n \n\n \n$\n\n \n233,265\n\n \n \n\n \n \n\n \n$\n\n \n234,431\n\n \n \n\n \n \n\n \n$\n\n \n235,733\n\n \n \n\n \n \n\n \n$\n\n \n231,596\n\n \n \n\n \n(Increase) decrease in unearned premiums\n\n \n \n\n \n \n\n \n3,795\n\n \n \n\n \n \n\n \n \n\n \n4,912\n\n \n \n\n \n \n\n \n \n\n \n2,761\n\n \n \n\n \n \n\n \n \n\n \n1,370\n\n \n \n\n \n \n\n \n \n\n \n1,930\n\n \n \n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n236,349\n\n \n \n\n \n \n\n \n \n\n \n238,177\n\n \n \n\n \n \n\n \n \n\n \n237,192\n\n \n \n\n \n \n\n \n \n\n \n237,103\n\n \n \n\n \n \n\n \n \n\n \n233,526\n\n \n \n\n \nNet investment income (1) \n \n\n \n \n\n \n55,614\n\n \n \n\n \n \n\n \n \n\n \n53,327\n\n \n \n\n \n \n\n \n \n\n \n50,140\n\n \n \n\n \n \n\n \n \n\n \n51,965\n\n \n \n\n \n \n\n \n \n\n \n53,289\n\n \n \n\n \nOther income\n\n \n \n\n \n \n\n \n1,258\n\n \n \n\n \n \n\n \n \n\n \n1,663\n\n \n \n\n \n \n\n \n \n\n \n1,796\n\n \n \n\n \n \n\n \n \n\n \n1,399\n\n \n \n\n \n \n\n \n \n\n \n1,502\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n293,221\n\n \n \n\n \n \n\n \n \n\n \n293,167\n\n \n \n\n \n \n\n \n \n\n \n289,128\n\n \n \n\n \n \n\n \n \n\n \n290,467\n\n \n \n\n \n \n\n \n \n\n \n288,317\n\n \n \n\n \nProvision for losses\n\n \n \n\n \n \n\n \n29,418\n\n \n \n\n \n \n\n \n \n\n \n24,276\n\n \n \n\n \n \n\n \n \n\n \n21,588\n\n \n \n\n \n \n\n \n \n\n \n17,886\n\n \n \n\n \n \n\n \n \n\n \n11,954\n\n \n \n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n6,881\n\n \n \n\n \n \n\n \n \n\n \n6,899\n\n \n \n\n \n \n\n \n \n\n \n4,280\n\n \n \n\n \n \n\n \n \n\n \n7,166\n\n \n \n\n \n \n\n \n \n\n \n7,205\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n48,347\n\n \n \n\n \n \n\n \n \n\n \n40,723\n\n \n \n\n \n \n\n \n \n\n \n40,808\n\n \n \n\n \n \n\n \n \n\n \n39,159\n\n \n \n\n \n \n\n \n \n\n \n51,881\n\n \n \n\n \nInterest expense\n\n \n \n\n \n \n\n \n754\n\n \n \n\n \n \n\n \n \n\n \n470\n\n \n \n\n \n \n\n \n \n\n \n458\n\n \n \n\n \n \n\n \n \n\n \n1,107\n\n \n \n\n \n \n\n \n \n\n \n877\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n85,400\n\n \n \n\n \n \n\n \n \n\n \n72,368\n\n \n \n\n \n \n\n \n \n\n \n67,134\n\n \n \n\n \n \n\n \n \n\n \n65,318\n\n \n \n\n \n \n\n \n \n\n \n71,917\n\n \n \n\n \nAdjusted pretax operating income\n\n \n \n\n \n$\n\n \n207,821\n\n \n \n\n \n \n\n \n$\n\n \n220,799\n\n \n \n\n \n \n\n \n$\n\n \n221,994\n\n \n \n\n \n \n\n \n$\n\n \n225,149\n\n \n \n\n \n \n\n \n$\n\n \n216,400\n\n \n \n\n \n(1)\n\n \n \n\n \nNet investment income for each of the first and second quarters of 2026 includes $10 million related to interest receivable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and eliminated in consolidation.\n\n \nRadian Group Inc. and Subsidiaries \nSegment Information \nExhibit E (page 3 of 4) \n  \nSpecialty \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 (1) \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (2) \n \n\n \n \n\n \nQtr 4 \n \n\n \nQtr 3 \n \n\n \nQtr 2 \nNet premiums written\n\n \n \n\n \n$\n\n \n382,180\n\n \n \n\n \n \n\n \n$\n\n \n148,483\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n(Increase) decrease in unearned premiums\n\n \n \n\n \n \n\n \n(114,817\n\n \n)\n\n \n \n\n \n \n\n \n15,868\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nNet premiums earned\n\n \n \n\n \n \n\n \n267,363\n\n \n \n\n \n \n\n \n \n\n \n164,351\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nNet investment income\n\n \n \n\n \n \n\n \n24,902\n\n \n \n\n \n \n\n \n \n\n \n16,899\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nOther income\n\n \n \n\n \n \n\n \n1,082\n\n \n \n\n \n \n\n \n \n\n \n1,327\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nTotal\n\n \n \n\n \n \n\n \n293,347\n\n \n \n\n \n \n\n \n \n\n \n182,577\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nProvision for losses\n\n \n \n\n \n \n\n \n169,239\n\n \n \n\n \n \n\n \n \n\n \n86,268\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nAmortization of deferred policy acquisition costs\n\n \n \n\n \n \n\n \n52,937\n\n \n \n\n \n \n\n \n \n\n \n29,065\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n39,042\n\n \n \n\n \n \n\n \n \n\n \n24,885\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nInterest expense\n\n \n \n\n \n \n\n \n3,533\n\n \n \n\n \n \n\n \n \n\n \n2,290\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nTotal\n\n \n \n\n \n \n\n \n264,751\n\n \n \n\n \n \n\n \n \n\n \n142,508\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \nAdjusted pretax operating income\n\n \n \n\n \n$\n\n \n28,596\n\n \n \n\n \n \n\n \n$\n\n \n40,069\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n \n \n\n \nN/A\n\n (1) See Exhibit J for details. \n(2)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \nCorporate \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nNet investment income\n\n \n \n\n \n$\n\n \n3,930\n\n \n \n\n \n \n\n \n$\n\n \n9,222\n\n \n \n\n \n \n\n \n$\n\n \n12,760\n\n \n \n\n \n \n\n \n$\n\n \n11,434\n\n \n \n\n \n \n\n \n$\n\n \n8,383\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n3,930\n\n \n \n\n \n \n\n \n \n\n \n9,222\n\n \n \n\n \n \n\n \n \n\n \n12,760\n\n \n \n\n \n \n\n \n \n\n \n11,434\n\n \n \n\n \n \n\n \n \n\n \n8,383\n\n \n \n\n \nOther operating expenses\n\n \n \n\n \n \n\n \n16,723\n\n \n \n\n \n \n\n \n \n\n \n10,699\n\n \n \n\n \n \n\n \n \n\n \n14,754\n\n \n \n\n \n \n\n \n \n\n \n14,414\n\n \n \n\n \n \n\n \n \n\n \n17,297\n\n \n \n\n \nInterest expense (1) \n \n\n \n \n\n \n27,775\n\n \n \n\n \n \n\n \n \n\n \n27,584\n\n \n \n\n \n \n\n \n \n\n \n16,435\n\n \n \n\n \n \n\n \n \n\n \n16,077\n\n \n \n\n \n \n\n \n \n\n \n16,551\n\n \n \n\n \nTotal\n\n \n \n\n \n \n\n \n44,498\n\n \n \n\n \n \n\n \n \n\n \n38,283\n\n \n \n\n \n \n\n \n \n\n \n31,189\n\n \n \n\n \n \n\n \n \n\n \n30,491\n\n \n \n\n \n \n\n \n \n\n \n33,848\n\n \n \n\n \nAdjusted pretax operating income (loss)\n\n \n \n\n \n$\n\n \n(40,568\n\n \n)\n\n \n \n\n \n$\n\n \n(29,061\n\n \n)\n\n \n \n\n \n$\n\n \n(18,429\n\n \n)\n\n \n \n\n \n$\n\n \n(19,057\n\n \n)\n\n \n \n\n \n$\n\n \n(25,465\n\n \n)\n\n \n(1)\n\n \n \n\n \nInterest expense for each of the first and second quarters of 2026 includes $10 million related to interest payable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as net investment income for the Mortgage segment and eliminated in consolidation.\n\n \nRadian Group Inc. and Subsidiaries \nSegment Information \nExhibit E (page 4 of 4) \n  \nSelected Key Segment Ratios \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nMortgage\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLoss Ratio (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCurrent period\n\n \n \n\n \n \n\n \n20.9\n\n \n%\n\n \n \n\n \n \n\n \n25.1\n\n \n%\n\n \n \n\n \n \n\n \n24.0\n\n \n%\n\n \n \n\n \n \n\n \n22.3\n\n \n%\n\n \n \n\n \n \n\n \n20.5\n\n \n%\n\n \nPrior period development\n\n \n \n\n \n \n\n \n(8.5\n\n \n)%\n\n \n \n\n \n \n\n \n(14.9\n\n \n)%\n\n \n \n\n \n \n\n \n(14.9\n\n \n)%\n\n \n \n\n \n \n\n \n(14.8\n\n \n)%\n\n \n \n\n \n \n\n \n(15.4\n\n \n)%\n\n \nTotal Loss Ratio\n\n \n \n\n \n \n\n \n12.4\n\n \n%\n\n \n \n\n \n \n\n \n10.2\n\n \n%\n\n \n \n\n \n \n\n \n9.1\n\n \n%\n\n \n \n\n \n \n\n \n7.5\n\n \n%\n\n \n \n\n \n \n\n \n5.1\n\n \n%\n\n \nExpense Ratio (3) \n \n\n \n \n\n \n23.4\n\n \n%\n\n \n \n\n \n \n\n \n20.0\n\n \n%\n\n \n \n\n \n \n\n \n19.0\n\n \n%\n\n \n \n\n \n \n\n \n19.5\n\n \n%\n\n \n \n\n \n \n\n \n25.3\n\n \n%\n\n \nCombined Ratio (4) \n \n\n \n \n\n \n35.8\n\n \n%\n\n \n \n\n \n \n\n \n30.2\n\n \n%\n\n \n \n\n \n \n\n \n28.1\n\n \n%\n\n \n \n\n \n \n\n \n27.0\n\n \n%\n\n \n \n\n \n \n\n \n30.4\n\n \n%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nSpecialty\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLoss Ratio (2) \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCurrent period\n\n \n \n\n \n \n\n \n72.3\n\n \n%\n\n \n \n\n \n \n\n \n60.2\n\n \n%\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nPrior period development\n\n \n \n\n \n \n\n \n(9.0\n\n \n)%\n\n \n \n\n \n \n\n \n(7.7\n\n \n)%\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nTotal Loss Ratio\n\n \n \n\n \n \n\n \n63.3\n\n \n%\n\n \n \n\n \n \n\n \n52.5\n\n \n%\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nExpense Ratio (3) \n \n\n \n \n\n \n34.4\n\n \n%\n\n \n \n\n \n \n\n \n32.8\n\n \n%\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nCombined Ratio (4) \n \n\n \n \n\n \n97.7\n\n \n%\n\n \n \n\n \n \n\n \n85.3\n\n \n%\n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n(1)\n\n \n \n\n \nFor Specialty, includes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nCalculated as each segment’s provision for losses expressed as a percentage of net premiums earned.\n\n \n(3)\n\n \n \n\n \nCalculated 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.\n\n \n(4)\n\n \n \n\n \nCalculated as the sum of each segment’s Loss Ratio and Expense Ratio.\n\n \nRadian Group Inc. and Subsidiaries \nDefinition of Non-GAAP Financial Measures \nExhibit F (page 1 of 2) Use of Non-GAAP Financial Measures \nIn 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 on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. 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 and to allocate resources to them.\n\n \nThe results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein.\n\n \nAdjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. 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 effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.\n\n \nAlthough 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. These adjustments, along with the reasons for their treatment, are described below.\n\n \n(1)\n\n \n \n\n Net gains (losses) on financial instruments and foreign exchange. The recognition of realized gains or losses on financial instruments and foreign currency exchange gains or losses can vary significantly across periods as such amounts are influenced by discretionary actions, including the timing of individual securities transactions, as well as by market conditions, our tax and capital profile, foreign currency movements, and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities and from changes in foreign exchange rates affecting monetary assets and liabilities. These valuation adjustments may not necessarily result in realized economic gains or losses.\n \nTrends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses, foreign currency exchange impacts, and changes in fair value of financial instruments.\n\n \n \n\n \n \n\n \n \n\n \n(2)\n\n \n \n\n Amortization of other acquired intangible assets. Amortization of other acquired intangible assets represents the periodic expense required to amortize the cost of acquired intangible assets over their estimated useful lives. Acquired intangible assets are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. We do not view these charges as part of the operating performance of our primary activities.\n\n \nRadian Group Inc. and Subsidiaries \nDefinition of Non-GAAP Financial Measures \nExhibit F (page 2 of 2) \n  \n(3)\n\n \n \n\n Other purchase accounting adjustments, net. Other purchase accounting adjustments include amortization related to VOBA and other impacts resulting from purchase accounting, such as the reversal of amortization related to Inigo’s historical deferred acquisition costs and capitalized software as of the acquisition date. These non-cash amounts arise from acquisition-related accounting requirements and do not necessarily reflect the underlying operating performance of the acquired business.\n\n   \n(4)\n\n \n \n\n Acquisition-related expenses and other non-operating items. Acquisition-related expenses and other non-operating items include activities that we do not view to be indicative of our fundamental operating activities, such as: (i) acquisition-related income and expenses, (ii) impairment of internal-use software and other long-lived assets; and (iii) gains (losses) on extinguishment of debt.\n\n \nSee Exhibit G for the reconciliations of the most comparable GAAP measures, pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share and return on equity from continuing operations to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively.\n\n \nTotal 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. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies.\n\n \nRadian Group Inc. and Subsidiaries \nNon-GAAP Financial Measure Reconciliations \nExhibit G (page 1 of 2)   \n  \nReconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income \n \n\n \n  \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (1) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nPretax income from continuing operations\n\n \n \n\n \n$\n\n \n150,717\n\n \n \n\n \n \n\n \n$\n\n \n173,663\n\n \n \n\n \n \n\n \n$\n\n \n201,038\n\n \n \n\n \n \n\n \n$\n\n \n198,694\n\n \n \n\n \n \n\n \n$\n\n \n192,786\n\n \n \n\n \nLess reconciling income (expense) items\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet gains (losses) on financial instruments and foreign exchange\n\n \n \n\n \n \n\n \n(5,789\n\n \n)\n\n \n \n\n \n \n\n \n(8,879\n\n \n)\n\n \n \n\n \n \n\n \n(1,159\n\n \n)\n\n \n \n\n \n \n\n \n1,285\n\n \n \n\n \n \n\n \n \n\n \n1,851\n\n \n \n\n \nAmortization of other acquired intangible assets\n\n \n \n\n \n \n\n \n(5,896\n\n \n)\n\n \n \n\n \n \n\n \n(3,909\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nOther purchase accounting adjustments, net (2) \n \n\n \n \n\n \n(26,726\n\n \n)\n\n \n \n\n \n \n\n \n(23,330\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nAcquisition-related expenses and other non-operating items (3) \n \n\n \n \n\n \n(6,721\n\n \n)\n\n \n \n\n \n \n\n \n(22,026\n\n \n)\n\n \n \n\n \n \n\n \n(1,368\n\n \n)\n\n \n \n\n \n \n\n \n(8,683\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal adjusted pretax operating income (4) \n \n\n \n$\n\n \n195,849\n\n \n \n\n \n \n\n \n$\n\n \n231,807\n\n \n \n\n \n \n\n \n$\n\n \n203,565\n\n \n \n\n \n \n\n \n$\n\n \n206,092\n\n \n \n\n \n \n\n \n$\n\n \n190,935\n\n \n \n\n \n(1)\n\n \n \n\n \nIncludes Inigo results from the date of acquisition, February 2, 2026.\n\n \n(2)\n\n \n \n\n \nPrimarily includes net VOBA asset and liability amortization of $64 million and $53 million for the three months ended June 30, 2026 and March 31, 2026, respectively, partially offset by reversals of policy acquisition costs of $37 million and $30 million, respectively. The policy acquisition costs are reflected in the Specialty segment results but eliminated under purchase accounting on a consolidated basis.\n\n \n(3)\n\n \n \n\n \nAcquisition-related expenses and other non-operating items for the first and second quarters of 2026 relate primarily to expenses associated with the Inigo acquisition, including retention bonus expense, investment banking fees, transfer taxes, legal costs, audit costs and other transaction expenses, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A.\n\n \n(4)\n\n \n \n\n \nTotal adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segments and Corporate activities as follows:\n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n2025 \n \n\n \n(In thousands)\n\n \n \n\n \nQtr 2 \n \n\n \n \n\n \nQtr 1 (a) \n \n\n \n \n\n \nQtr 4 \n \n\n \n \n\n \nQtr 3 \n \n\n \n \n\n \nQtr 2 \n \n\n \nAdjusted pretax operating income (loss)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nMortgage segment\n\n \n \n\n \n$\n\n \n207,821\n\n \n \n\n \n \n\n \n$\n\n \n220,799\n\n \n \n\n \n \n\n \n$\n\n \n221,994\n\n \n \n\n \n \n\n \n$\n\n \n225,149\n\n \n \n\n \n \n\n \n$\n\n \n216,400\n\n \n \n\n \nSpecialty segment\n\n \n \n\n \n \n\n \n28,596\n\n \n \n\n \n \n\n \n \n\n \n40,069\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \n \n\n \nN/A\n\n \n \n\n \nCorporate activities\n\n \n \n\n \n...

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