— Radian completes acquisition of Inigo in February 2026, becoming a global multi-line specialty insurer —

— Fourth quarter net income from continuing operations of $159 million, or $1.15 per diluted share —

— Full year net income from continuing operations of $618 million, or $4.39 per diluted share —

— Full year return on equity from continuing operations of 13.1% —

— Book value per share growth of 13% year-over-year to $35.29 —

— Primary mortgage insurance in force grew to another all-time high of $282.5 billion —

— $795 million total distributions paid from Radian Guaranty to holding company during 2025 —

— Returned $576 million of capital to stockholders through dividends and share repurchases during 2025 —

Radian Group Inc. (NYSE:RDN) today reported net income from continuing operations for the quarter ended December 31, 2025, of $159 million, or $1.15 per diluted share. This compares with net income from continuing operations for the quarter ended December 31, 2024, of $164 million, or $1.08 per diluted share.

Net income from continuing operations for the full year 2025 was $618 million, or $4.39 per diluted share. This compares with net income from continuing operations for the full year 2024 of $660 million, or $4.28 per diluted share.

Pretax income from continuing operations for the quarter ended December 31, 2025, was $201 million compared to $210 million for the quarter ended December 31, 2024. Pretax income from continuing operations for the full year 2025 was $791 million, compared to $846 million for the full year 2024.

Adjusted pretax operating income for the quarter ended December 31, 2025, was $204 million compared to $220 million for the quarter ended December 31, 2024. Adjusted diluted net operating income per share for the quarter ended December 31, 2025, was $1.16 compared to $1.13 for the quarter ended December 31, 2024.

Adjusted pretax operating income for the full year 2025 was $802 million compared to $867 million for the full year 2024. Adjusted diluted net operating income per share for the full year 2025 was $4.45 compared to $4.39 for the full year 2024.

Key Financial Highlights	Quarter ended			Year ended
($ in millions, except per-share amounts)	December 31, 2025	September 30, 2025	December 31, 2024	December 31, 2025	December 31, 2024

Total revenues	$301	$303	$293	$1,197	$1,206
Net income	$155	$141	$148	$583	$604
Net income from continuing operations	$159	$153	$164	$618	$660
Diluted net income from continuing operations per share	$1.15	$1.11	$1.08	$4.39	$4.28
Pretax income from continuing operations	$201	$199	$210	$791	$846
Adjusted pretax operating income ⁽¹⁾	$204	$206	$220	$802	$867
Adjusted diluted net operating income per share ⁽¹⁾	$1.16	$1.15	$1.13	$4.45	$4.39
Return on equity from continuing operations	13.5%	13.4%	14.1%	13.1%	14.6%
Adjusted net operating return on equity ⁽¹⁾	13.6%	13.9%	14.7%	13.3%	15.0%
New insurance written	$15,850	$15,497	$13,186	$55,166	$51,984
Net premiums earned	$237	$237	$235	$942	$939
New defaults	14,201	13,378	13,967	51,551	50,535

	As of
($ in millions, except per-share amounts)	December 31, 2025	September 30, 2025	December 31, 2024

Book value per share	$35.29	$34.34	$31.33
Accumulated other comprehensive income (loss) value per share	$(1.64)	$(1.67)	$(2.37)
PMIERs Available Assets	$5,384	$5,958	$6,039
PMIERs excess Available Assets	$1,560	$1,876	$2,158
Available holding company liquidity ⁽²⁾	$1,834	$995	$885
Total investments	$5,987	$5,852	$5,702
Assets held for sale	$474	$723	$1,447
Liabilities held for sale	$364	$550	$1,240
Primary mortgage insurance in force	$282,519	$280,559	$275,126
Percentage of primary loans in default	2.56%	2.42%	2.44%
Loss reserves	$400	$388	$354

(1)	Adjusted 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.
(2)	Represents Radian Group's available liquidity without considering available capacity under its unsecured revolving credit facility.

Book value per share at December 31, 2025, was $35.29 compared to $34.34 at September 30, 2025, and $31.33 at December 31, 2024. This represents a 13% growth in book value per share at December 31, 2025, as compared to December 31, 2024, and includes accumulated other comprehensive income (loss) of $(1.64) per share as of December 31, 2025, and $(2.37) per share as of December 31, 2024. 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.

"We delivered a strong year in 2025, driven by the consistent performance of our mortgage insurance business and the disciplined way we manage risk and capital. Just as importantly, we took meaningful steps to shape our company for the future – simplifying our focus and acquiring Inigo to expand our reach as a global multi-line specialty insurer," said Radian's Chief Executive Officer, Rick Thornberry. "As we look forward to the opportunities ahead in 2026, we are building from a position of strength with a focused strategy, a talented team, and the financial flexibility to invest in growth while continuing to return capital to stockholders. We believe this positions Radian to continue to deliver long-term value across market cycles."

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS

Mortgage insurance new insurance written was $15.9 billion in the fourth quarter of 2025 compared to $15.5 billion in the third quarter of 2025 and $13.2 billion in the fourth quarter of 2024. Mortgage insurance new insurance written was $55.2 billion for the full year 2025 compared to $52.0 billion for the prior year.
- Refinances accounted for 15% of total NIW in the fourth quarter of 2025 compared to 5% in the third quarter of 2025 and 10% in the fourth quarter of 2024.
- Additional details regarding NIW may be found in Exhibit H.
Total primary mortgage insurance in force of $282.5 billion as of December 31, 2025, compared to $280.6 billion as of September 30, 2025, and $275.1 billion as of December 31, 2024.
- Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended December 31, 2025, compared to 84% for the twelve months ended September 30, 2025, and 84% for the twelve months ended December 31, 2024.
- Annualized persistency for the three months ended December 31, 2025, was 82% compared to 84% for the three months ended September 30, 2025, and 83% for the three months ended December 31, 2024.
- Additional details regarding our primary mortgage insurance in force may be found in Exhibit I.
Net mortgage insurance premiums earned were $237 million for the fourth quarter of 2025 compared to $237 million for the third quarter of 2025 and $235 million for the fourth quarter of 2024.
- Mortgage insurance in force portfolio premium yield was 37.9 basis points in the fourth quarter of 2025. This compares to 37.9 basis points in the third quarter of 2025 and 38.0 basis points in the fourth quarter of 2024.
- Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 33.8 basis points in the fourth quarter of 2025. This compares to 34.0 basis points in the third quarter of 2025 and 34.2 basis points in the fourth quarter of 2024.
- Additional details regarding premiums earned may be found in Exhibit D.
The mortgage insurance provision for losses was $22 million in the fourth quarter of 2025 compared to $18 million in the third quarter of 2025 and a de minimis amount in the fourth quarter of 2024.
- Favorable reserve development on prior period defaults was $35 million in the fourth quarter of 2025 compared to $35 million in the third quarter of 2025 and $56 million in the fourth quarter of 2024.
- The number of primary delinquent loans was 25,230 as of December 31, 2025, compared to 23,819 as of September 30, 2025, and 24,055 as of December 31, 2024.
- The loss ratio in the fourth quarter of 2025 was 9% compared to 8% in the third quarter of 2025 and 0% in the fourth quarter of 2024.
- Total mortgage insurance net claims paid, which include the impact of settlements and commutations, were $13 million in the fourth quarter of 2025 compared to $10 million in the third quarter of 2025 and $5 million in the fourth quarter of 2024. For the full year 2025, total mortgage insurance net claims paid were $34 million, compared to $17 million for the full year of 2024.
- Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.
Other operating expenses were $56 million in the fourth quarter of 2025 compared to $62 million in the third quarter of 2025 and $58 million in the fourth quarter of 2024. Other operating expenses were $246 million for the full year 2025, compared to $248 million for the full year 2024.
- Details regarding other operating expenses may be found in Exhibit D.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the fourth quarter of 2025.
Radian Group's available liquidity increased from $995 million as of September 30, 2025, to $1.8 billion as of December 31, 2025, resulting from funds received from Radian Guaranty during the fourth quarter of 2025 in the form of a $195 million ordinary dividend and a $600 million intercompany borrowing, as discussed in more detail below. Total holding company liquidity as of December 31, 2025, including the company's $500 million unsecured revolving credit facility that was undrawn as of that date, was $2.3 billion.
In January 2026, Radian Group drew $200 million on our unsecured revolving credit facility. We expect to repay this borrowing during 2026.
On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited ("Inigo"), a Lloyd's of London ("Lloyd's") specialty insurer. Radian funded the acquisition from Radian Group's available liquidity sources. See "Strategic Update" below for additional details.

Radian Guaranty

Radian Guaranty distributed $795 million to Radian Group through dividends and return of capital in 2025, including a $195 million ordinary dividend in the fourth quarter of 2025.
In December 2025, Radian Group executed a $600 million intercompany note agreement to borrow funds from Radian Guaranty to fund a portion of the purchase price payment to acquire Inigo, as discussed below. The note has a ten-year term, bears interest at a rate of 6.50% per annum and was approved by the Pennsylvania Insurance Department. As a condition of this approval, Radian Guaranty is required to comply with certain conditions while the note is outstanding, including, most notably, obtaining prior approval from the Pennsylvania Insurance Department for all dividends paid by Radian Guaranty for an expected period of at least three years and maintaining a minimum policyholders' surplus of $500 million, among other conditions.
Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026. As noted, these dividends require prior approval from the Pennsylvania Insurance Department.
During the fourth quarter of 2025, Radian Guaranty entered into an excess of loss (XOL) reinsurance arrangement with a panel of highly rated third-party reinsurance providers. This arrangement is consistent with the company's use of risk distribution strategies to effectively manage capital and proactively mitigate risk. The agreement, which is effective December 2025, secures approximately $373 million of XOL reinsurance coverage on certain policies written from 2016 through 2021.
At December 31, 2025, Radian Guaranty's Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion.

STRATEGIC UPDATE

Discontinued Operations

Consistent with the previously announced divestiture plan of its Mortgage Conduit, Title and Real Estate Services businesses, the Company is engaged in active discussions with potential acquirers and continues to expect to complete the divestiture plan by the end of the third quarter of 2026.
During the fourth quarter of 2025, Radian Group received $62 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these three businesses to $110 million as of December 31, 2025, including the impact of estimated costs related to the sales.
Additional details regarding discontinued operations may be found in Exhibit D.

Inigo Acquisition

On February 2, 2026, Radian Group announced that it has completed its strategic acquisition of Inigo, a Lloyd's specialty insurer, for $1.67 billion in a primarily all-cash transaction.
This strategic acquisition marks an important milestone in Radian's expansion from a leading U.S. mortgage insurer to a global, diversified multi-line specialty insurer, significantly increasing the company's product expertise and capabilities.
The transaction values Inigo at approximately 1.4 times⁽¹⁾ its estimated tangible equity at the end of 2025. The acquisition is expected to deliver mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in 2026. Radian expects the acquisition will double its total annual revenue and provide flexibility to deploy capital across multiple insurance lines through various business cycles.

(1)	Estimate presented on a U.K. GAAP basis. The difference between U.K. and U.S. GAAP is expected to be limited.

CONFERENCE CALL

Radian will discuss fourth quarter 2025 financial results in a conference call tomorrow, Thursday, February 19, 2026, at 11:00 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.

The 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).

A 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.

In 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.

NON-GAAP FINANCIAL MEASURES

Radian 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.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on investments and other financial instruments, and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) 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.

See 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.

ABOUT RADIAN

As a leading U.S. private mortgage insurer, Radian Group Inc. (NYSE:RDN) provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. For more information www.radian.com.

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

Exhibit A:		Condensed Consolidated Statements of Operations
Exhibit B:		Net Income Per Share
Exhibit C:		Condensed Consolidated Balance Sheets
Exhibit D:		Condensed Consolidated Statements of Operations Detail
Exhibit E:		Segment Information
Exhibit F:		Definition of Consolidated Non-GAAP Financial Measures
Exhibit G:		Non-GAAP Financial Measure Reconciliations
Exhibit H:		Mortgage Insurance Supplemental Information - New Insurance Written
Exhibit I:		Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations ⁽¹⁾
Exhibit A (page 1 of 2)

(In thousands, except per-share amounts)	2025												2024
(In thousands, except per-share amounts)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Revenues
Net premiums earned	$	237,192		$	237,103		$	233,526		$	234,044		$	235,276
Net investment income		62,683			63,399			61,672			61,010			62,211
Net gains (losses) on investments and other financial instruments		(1,159	)		1,285			1,851			(2,001	)		(6,750	)
Other income		1,796			1,399			1,502			1,782			1,932
Total revenues		300,512			303,186			298,551			294,835			292,669
Expenses
Provision for losses		21,588			17,886			11,954			15,340			61
Policy acquisition costs		4,280			7,166			7,205			6,388			7,276
Other operating expenses		56,417			62,256			69,178			57,908			58,398
Interest expense		17,189			17,184			17,428			16,489			16,550
Total expenses		99,474			104,492			105,765			96,125			82,285
Pretax income from continuing operations		201,038			198,694			192,786			198,710			210,384
Income tax provision		42,236			45,892			38,301			46,620			46,629
Net income from continuing operations		158,802			152,802			154,485			152,090			163,755
Income (loss) from discontinued operations, net of tax		(3,959	)		(11,359	)		(12,689	)		(7,532	)		(15,464	)
Net income	$	154,843		$	141,443		$	141,796		$	144,558		$	148,291

Diluted net income per share
Net income from continuing operations	$	1.15		$	1.11		$	1.11		$	1.03		$	1.08
Income (loss) from discontinued operations, net of tax		(0.03	)		(0.08	)		(0.09	)		(0.05	)		(0.10	)
Diluted net income per share	$	1.12		$	1.03		$	1.02		$	0.98		$	0.98

(1) See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations ⁽¹⁾
Exhibit A (page 2 of 2)

	Years Ended December 31,
(In thousands, except per-share amounts)	2025			2024

Revenues
Net premiums earned	$	941,865		$	939,237
Net investment income		248,764			264,814
Net gains (losses) on investments and other financial instruments		(24	)		(4,347	)
Other income		6,479			6,595
Total revenues		1,197,084			1,206,299
Expenses
Provision for losses		66,768			(2,248	)
Policy acquisition costs		25,039			27,316
Other operating expenses		245,759			247,618
Interest expense		68,290			88,006
Total expenses		405,856			360,692
Pretax income from continuing operations		791,228			845,607
Income tax provision		173,049			185,292
Net income from continuing operations		618,179			660,315
Income (loss) from discontinued operations, net of tax		(35,539	)		(55,875	)
Net income	$	582,640		$	604,440

Diluted net income per share
Net income from continuing operations	$	4.39		$	4.28
Income (loss) from discontinued operations, net of tax		(0.25	)		(0.36	)
Diluted net income per share	$	4.14		$	3.92

(1) See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B (page 1 of 2)

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

(In thousands, except per-share amounts)	2025												2024
(In thousands, except per-share amounts)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Net income from continuing operations	$	158,802		$	152,802		$	154,485		$	152,090		$	163,755
Income (loss) from discontinued operations, net of tax		(3,959	)		(11,359	)		(12,689	)		(7,532	)		(15,464	)
Net income—basic and diluted	$	154,843		$	141,443		$	141,796		$	144,558		$	148,291

Average common shares outstanding—basic		137,032			137,003			137,376			145,618			150,302
Dilutive effect of share-based compensation arrangements ⁽¹⁾		1,218			923			984			2,109			1,610
Adjusted average common shares outstanding—diluted		138,250			137,926			138,360			147,727			151,912

Net income per share
Basic
Net income from continuing operations	$	1.16		$	1.12		$	1.12		$	1.04		$	1.09
Income (loss) from discontinued operations, net of tax		(0.03	)		(0.08	)		(0.09	)		(0.05	)		(0.10	)
Basic net income per share	$	1.13		$	1.04		$	1.03		$	0.99		$	0.99

Diluted
Net income from continuing operations	$	1.15		$	1.11		$	1.11		$	1.03		$	1.08
Income (loss) from discontinued operations, net of tax		(0.03	)		(0.08	)		(0.09	)		(0.05	)		(0.10	)
Diluted net income per share	$	1.12		$	1.03		$	1.02		$	0.98		$	0.98

(1)	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.

2025

2024

(In thousands)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Shares of common stock equivalents

—

Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B (page 2 of 2)

	Years Ended December 31,
(In thousands, except per-share amounts)	2025			2024

Net income from continuing operations—basic and diluted	$	618,179		$	660,315
Income (loss) from discontinued operations, net of tax		(35,539	)		(55,875	)
Net income—basic and diluted	$	582,640		$	604,440

Average common shares outstanding—basic		139,445			152,465
Dilutive effect of share-based compensation arrangements ⁽¹⁾		1,366			1,726
Adjusted average common shares outstanding—diluted		140,811			154,191

Net income per share
Basic
Net income from continuing operations	$	4.43		$	4.33
Income (loss) from discontinued operations, net of tax		(0.25	)		(0.37	)
Basic net income per share	$	4.18		$	3.96

Diluted
Net income from continuing operations	$	4.39		$	4.28
Income (loss) from discontinued operations, net of tax		(0.25	)		(0.36	)
Diluted net income per share	$	4.14		$	3.92

(1)	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.

	Years Ended December 31,
(In thousands)	2025		2024

Shares of common stock equivalents		—		11

Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C

(In thousands, except per-share amounts)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands, except per-share amounts)	2025			2025			2025			2025			2024

Assets
Investments	$	5,987,318		$	5,852,034		$	5,680,489		$	5,725,077		$	5,701,831
Cash		24,829			15,258			19,013			16,026			19,220
Restricted cash		10			11			28			29			30
Accrued investment income		40,285			43,031			43,467			41,973			44,308
Accounts and notes receivable		120,197			128,765			125,744			121,052			120,990
Reinsurance recoverable		48,806			44,837			41,653			38,188			34,559
Deferred policy acquisition costs		19,018			16,711			17,248			17,855			17,746
Property and equipment, net		17,165			18,663			20,236			21,754			23,369
Prepaid federal income taxes		1,056,329			1,012,629			997,805			921,080			921,080
Other assets		334,172			350,350			390,962			367,501			358,962
Assets held for sale		474,268			722,514			2,267,056			1,517,393			1,447,440
Total assets	$	8,122,397		$	8,204,803		$	9,603,701		$	8,787,928		$	8,689,535
Liabilities and stockholders' equity
Reserve for losses and loss adjustment expense	$	399,946		$	387,650		$	377,231		$	369,090		$	354,431
Unearned premiums		159,341			166,165			171,901			178,931			188,337
Senior notes		1,067,908			1,067,251			1,066,603			1,065,965			1,065,337
Other borrowings		41,207			60,401			98,685			32,122			45,865
Net deferred tax liability		942,193			910,256			864,421			826,692			772,232
Other liabilities		366,470			410,232			461,335			415,986			399,282
Liabilities held for sale		363,818			550,399			2,070,844			1,312,316			1,240,193
Total liabilities		3,340,883			3,552,354			5,111,020			4,201,102			4,065,677
Common stock		157			157			157			162			168
Treasury stock		(989,745	)		(989,352	)		(988,764	)		(969,396	)		(968,246	)
Additional paid-in capital		861,211			855,320			847,399			1,048,738			1,246,826
Retained earnings		5,132,050			5,012,742			4,906,830			4,802,038			4,695,348
Accumulated other comprehensive income (loss)		(222,159	)		(226,418	)		(272,941	)		(294,716	)		(350,238	)
Total stockholders' equity		4,781,514			4,652,449			4,492,681			4,586,826			4,623,858
Total liabilities and stockholders' equity	$	8,122,397		$	8,204,803		$	9,603,701		$	8,787,928		$	8,689,535
Shares outstanding		135,498			135,473			135,395			141,220			147,569
Book value per share	$	35.29		$	34.34		$	33.18		$	32.48		$	31.33

Holding company debt-to-capital ratio ⁽¹⁾		18.3	%		18.7	%		19.2	%		18.9	%		18.7	%

(1)	Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders' equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 1 of 5)

Net Premiums Earned

	2025												2024
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Direct
Premiums earned, excluding revenue from cancellations	$	266,460		$	264,272		$	260,336		$	260,705		$	261,017
Single Premium Policy cancellations		2,005			1,821			1,708			1,206			2,363
Total direct		268,465			266,093			262,044			261,911			263,380
Ceded
Premiums earned, excluding revenue from cancellations		(48,294	)		(45,870	)		(43,849	)		(42,288	)		(43,239	)
Single Premium Policy cancellations ⁽¹⁾		1,788			1,653			1,328			902			952
Profit commission - other ⁽²⁾		15,233			15,227			14,003			13,519			14,183
Total ceded		(31,273	)		(28,990	)		(28,518	)		(27,867	)		(28,104	)
Net premiums earned	$	237,192		$	237,103		$	233,526		$	234,044		$	235,276

(1)	Includes the impact of related profit commissions.
(2)	Represents the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.

Net Investment Income

	2025												2024
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Fixed maturities	$	51,655		$	57,614		$	57,354		$	56,649		$	57,129
Equity securities		1,798			2,446			2,634			2,145			3,350
Short-term investments		10,362			4,503			2,842			3,508			3,009
Other ⁽¹⁾		(1,132	)		(1,164	)		(1,158	)		(1,292	)		(1,277	)
Net investment income	$	62,683		$	63,399		$	61,672		$	61,010		$	62,211

(1)	Includes investment management expenses, as well as the net impact from our securities lending activities.

Provision for Losses

	2025												2024
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4
Current period defaults⁽¹⁾	$	57,047		$	52,963		$	47,912		$	53,740		$	55,795
Prior period defaults ⁽²⁾		(35,459	)		(35,077	)		(35,958	)		(38,400	)		(55,734	)
Total provision for losses	$	21,588		$	17,886		$	11,954		$	15,340		$	61

(1)	Related 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.
(2)	Related 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.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 2 of 5)

Other Operating Expenses

	2025												2024
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Salaries and other base employee expenses	$	25,086		$	24,259		$	26,932		$	26,139		$	23,393
Variable and share-based incentive compensation		16,768			16,115			27,335			15,265			15,842
Other general operating expenses⁽¹⁾		22,589			29,438			21,986			23,227			25,783
Ceding commissions		(8,026	)		(7,556	)		(7,075	)		(6,723	)		(6,620	)
Total	$	56,417		$	62,256		$	69,178		$	57,908		$	58,398

(1)	Includes $2 million and $9 million in the fourth and third quarter of 2025, respectively, of acquisition-related expenses.

Interest Expense

	2025								2024
(In thousands)	Qtr 4		Qtr 3		Qtr 2		Qtr 1		Qtr 4

Senior notes	$	15,829	$	15,819	$	15,810	$	15,800	$	15,791
Revolving credit facility		389		258		741		264		356
FHLB advances		458		1,107		877		425		403
Loss on extinguishment of debt		513		—		—		—		—
Total interest expense	$	17,189	$	17,184	$	17,428	$	16,489	$	16,550

Discontinued Operations

	2025												2024
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4

Revenues
Net premiums earned	$	5,248		$	4,624		$	3,995		$	2,634		$	3,286
Services revenue		13,640			12,352			10,882			11,943			11,989
Net investment income		7,089			10,744			11,097			7,564			9,099
Net gains (losses) on investments and other financial instruments		(576	)		2,191			(6,703	)		1,278			(1,541	)
Income (loss) on consolidated VIEs		—			(2,129	)		185			428			(467	)
Other income		(176	)		(332	)		(3	)		(568	)		826
Total revenues		25,225			27,450			19,453			23,279			23,192
Expenses
Provision for losses		311			129			143			(173	)		(685	)
Cost of services		9,735			8,729			8,412			8,673			9,769
Other operating expenses		16,136			23,732			20,225			19,039			29,403
Interest expense		4,802			8,105			8,446			6,010			5,963
Total expenses		30,984			40,695			37,226			33,549			44,450
Pretax income (loss) from discontinued operations		(5,759	)		(13,245	)		(17,773	)		(10,270	)		(21,258	)
Income tax provision (benefit)		(1,800	)		(1,886	)		(5,084	)		(2,738	)		(5,794	)
Income (loss) from discontinued operations, net of tax	$	(3,959	)	$	(11,359	)	$	(12,689	)	$	(7,532	)	$	(15,464	)

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 3 of 5)

Net Premiums Earned

	Years Ended December 31,
(In thousands)	2025			2024
Direct
Premiums earned, excluding revenue from cancellations	$	1,051,773		$	1,040,678
Single Premium Policy cancellations		6,740			8,336
Total direct		1,058,513			1,049,014
Ceded
Premiums earned, excluding revenue from cancellations		(180,301	)		(164,055	)
Single Premium Policy cancellations ⁽¹⁾		5,671			2,390
Profit commission - other ⁽²⁾		57,982			51,888
Total ceded		(116,648	)		(109,777	)
Net premiums earned	$	941,865		$	939,237

(1)	Includes the impact of related profit commissions.
(2)	The amounts represent the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.

Net Investment Income

	Years Ended December 31,
(In thousands)	2025			2024

Fixed maturities	$	223,271		$	231,235
Equity securities		9,024			12,003
Short-term investments		21,215			26,908
Other ⁽¹⁾		(4,746	)		(5,332	)
Net investment income	$	248,764		$	264,814

(1)	Includes investment management expenses, as well as the net impact from our securities lending activities.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 4 of 5)

Provision for Losses

	Years Ended December 31,
(In thousands)	2025			2024
Current period defaults⁽¹⁾	$	211,355		$	197,719
Prior period defaults ⁽²⁾		(144,587	)		(199,967	)
Total provision for losses	$	66,768		$	(2,248	)

(1)	Related 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.
(2)	Related 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.

Other Operating Expenses

	Years Ended December 31,
(In thousands)	2025			2024

Salaries and other base employee expenses	$	102,416		$	102,679
Variable and share-based incentive compensation		75,482			63,272
Other general operating expenses⁽¹⁾		97,240			106,164
Ceding commissions		(29,379	)		(24,497	)
Total	$	245,759		$	247,618

(1)	Includes $10 million in 2025 primarily comprised of acquisition-related expenses. Includes $13 million in 2024, of impairment of long-lived assets, consisting of impairments to our internal-use software and lease-related assets.

Interest Expense

	Years Ended December 31,
(In thousands)	2025		2024

Senior notes	$	63,258	$	80,020
FHLB advances		2,867		2,430
Revolving credit facility		1,652		1,281
Loss on extinguishment of debt		513		4,275
Total interest expense	$	68,290	$	88,006

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 5 of 5)

Discontinued Operations

	Years Ended December 31,
(In thousands)	2025			2024

Revenues
Net premiums earned	$	16,501		$	12,046
Services revenue		48,817			49,246
Net investment income		36,494			27,879
Net gains (losses) on investments and other financial instruments		(3,810	)		(5,767	)
Income (loss) on consolidated VIEs		(1,516	)		(2	)
Other income		(1,079	)		583
Total revenues		95,407			83,985
Expenses

Radian Announces Fourth Quarter and Full Year 2025 Financial Results