— Second quarter net income of $142 million, or $1.02 per diluted share —

— Book value per share growth of 12% year-over-year to $33.18 —

— Primary mortgage insurance in force grew year-over-year to another all-time high of $276.7 billion —

— Default rate declined from prior quarter, driven by continued favorable credit trends —

— $200 million ordinary dividend paid from Radian Guaranty to holding company during second quarter —

— Repurchased $223 million of shares during the second quarter and paid $35 million of dividends —

Radian Group Inc. (NYSE:RDN) today reported net income for the quarter ended June 30, 2025, of $142 million, or $1.02 per diluted share. This compares with net income for the quarter ended June 30, 2024, of $152 million, or $0.98 per diluted share.

Consolidated pretax income for the quarter ended June 30, 2025, was $175 million compared to $188 million for the quarter ended June 30, 2024. Adjusted pretax operating income for the quarter ended June 30, 2025, was $173 million compared to $193 million for the quarter ended June 30, 2024. Adjusted diluted net operating income per share for the quarter ended June 30, 2025, was $1.01 compared to $1.01 for the quarter ended June 30, 2024.

Key Financial Highlights	Quarter ended
($ in millions, except per-share amounts)	June 30, 2025	March 31, 2025	June 30, 2024
Total revenues	$318	$318	$321
Net income	$142	$145	$152
Diluted net income per share	$1.02	$0.98	$0.98
Consolidated pretax income	$175	$188	$188
Adjusted pretax operating income ⁽¹⁾	$173	$191	$193
Adjusted diluted net operating income per share ⁽¹⁾	$1.01	$0.99	$1.01
Return on equity	12.5%	12.6%	13.6%
Adjusted net operating return on equity ⁽¹⁾	12.4%	12.7%	13.9%
New insurance written - mortgage insurance	$14,330	$9,489	$13,902
Net premiums earned - mortgage insurance	$234	$234	$235
New defaults	11,467	12,505	11,104

	As of
($ in millions, except per-share amounts)	June 30, 2025	March 31, 2025	June 30, 2024
Book value per share	$33.18	$32.48	$29.66
Accumulated other comprehensive income (loss) value per share	$(2.02)	$(2.09)	$(2.50)
PMIERs Available Assets	$5,999	$6,022	$5,978
PMIERs excess Available Assets	$2,035	$2,094	$2,206
Available holding company liquidity ⁽²⁾	$784	$834	$1,190
Total investments ⁽³⁾	$6,485	$6,114	$6,588
Residential mortgage loans held for sale, at fair value ⁽³⁾	$698	$279	$458
Primary mortgage insurance in force	$276,745	$274,159	$272,827
Percentage of primary loans in default	2.27%	2.33%	2.04%
Mortgage insurance loss reserves	$377	$369	$351

(1)		Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and reconciliations of these measures to the comparable GAAP measures, as well as an explanation of a change made to certain of these measures in the first quarter of 2025, see Exhibits F and G.
(2)		Represents Radian Group's available liquidity without considering available capacity under its $275 million unsecured revolving credit facility.
(3)		Total investments on our condensed consolidated balance sheets include residential mortgage loans held for sale.

Book value per share at June 30, 2025, was $33.18 compared to $32.48 at March 31, 2025, and $29.66 at June 30, 2024. This represents a 12% growth in book value per share at June 30, 2025, as compared to June 30, 2024, and includes accumulated other comprehensive income (loss) of $(2.02) per share as of June 30, 2025, and $(2.50) per share as of June 30, 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 reported strong performance for Radian in the second quarter, increasing book value per share by 12% year-over-year, generating net income of $142 million and delivering a return on equity of 12.5%. Our primary mortgage insurance in force, a key driver of future earnings for our company, grew to another all-time high of $277 billion," said Radian's Chief Executive Officer Rick Thornberry. "Since 1977, Radian has helped more than 8.5 million families achieve their dream of homeownership in an affordable, responsible and sustainable way and we remain committed to creating long-term value for our customers, communities and stockholders."

SECOND QUARTER HIGHLIGHTS

Mortgage insurance new insurance written was $14.3 billion in the second quarter of 2025 compared to $9.5 billion in the first quarter of 2025 and $13.9 billion in the second quarter of 2024.
- Refinances accounted for 5% of total NIW in the second quarter of 2025 compared to 4% in the first quarter of 2025 and 2% in the second quarter of 2024.
- Additional details regarding NIW may be found in Exhibit H.
Total primary mortgage insurance in force of $276.7 billion as of June 30, 2025, compared to $274.2 billion as of March 31, 2025, and $272.8 billion as of June 30, 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 June 30, 2025, compared to 84% for the twelve months ended March 31, 2025, and 84% for the twelve months ended June 30, 2024.
- Annualized persistency for the three months ended June 30, 2025, was 84% compared to 86% for the three months ended March 31, 2025, and 84% for the three months ended June 30, 2024.
- Additional details regarding our primary mortgage insurance in force may be found in Exhibit I.
Net mortgage insurance premiums earned were $234 million for the second quarter of 2025 compared to $234 million for the first quarter of 2025 and $235 million for the second quarter of 2024.
- Mortgage insurance in force portfolio premium yield was 37.8 basis points in the second quarter of 2025. This compares to 38.0 basis points in the first quarter of 2025 and 38.2 basis points in the second quarter of 2024.
- Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 33.9 basis points in the second quarter of 2025. This compares to 34.1 basis points in the first quarter of 2025 and 34.5 basis points in the second quarter of 2024.
- Additional details regarding premiums earned may be found in Exhibit D.
The mortgage insurance provision for losses was a provision of $12 million in the second quarter of 2025 compared to a provision of $15 million in the first quarter of 2025 and a benefit of $2 million in the second quarter of 2024.
- Favorable reserve development on prior period defaults was $36 million in the second quarter of 2025 compared to $38 million in the first quarter of 2025 and $50 million in the second quarter of 2024.
- The number of primary delinquent loans was 22,258 as of June 30, 2025, compared to 22,758 as of March 31, 2025, and 20,276 as of June 30, 2024.
- The loss ratio in the second quarter of 2025 was 5% compared to 7% in the first quarter of 2025 and (1)% in the second quarter of 2024.
- Total mortgage insurance claims paid were $7 million in the second quarter of 2025 compared to $4 million in the first quarter of 2025 and $6 million in the second quarter of 2024.
- Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.
Other operating expenses were $89 million in the second quarter of 2025 compared to $77 million in the first quarter of 2025 and $92 million in the second quarter of 2024.
- Other operating expenses increased in the second quarter of 2025 as compared to the first quarter of 2025, primarily due to the timing of our annual share-based incentive grants in the second quarter of 2025.
- Additional details regarding other operating expenses may be found in Exhibit D.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

During the second quarter of 2025 the company repurchased 7.0 million shares of Radian Group common stock at a total cost of $223 million. As of June 30, 2025, Radian Group had two outstanding share repurchase authorizations in effect.
- Under the first authorization, which is scheduled to expire in June 2026, purchase authority of up to $113 million remained available as of June 30, 2025.
- In May 2025, Radian Group's board of directors authorized the company to purchase shares up to an additional $750 million, excluding commissions. Under this second authorization, the full amount remained available as of June 30, 2025. Use of this authorization will commence once the first authorization is exhausted or expires, whichever occurs earlier, and is scheduled to expire in December 2027.
Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the second quarter of 2025.
As of June 30, 2025, Radian Group maintained $784 million of available liquidity. Total holding company liquidity, including the company's $275 million unsecured revolving credit facility, was $1.1 billion as of June 30, 2025.

Radian Guaranty

Radian Guaranty distributed $400 million to Radian Group in the first half of 2025, including a $200 million ordinary dividend in the second quarter of 2025. Based on statutory dividend limits tied to prior year net income, Radian Guaranty has the capacity to pay up to $795 million of total distributions to Radian Group in 2025.
At June 30, 2025, Radian Guaranty's Available Assets under PMIERs totaled $6.0 billion resulting in PMIERs excess Available Assets of $2.0 billion.

CONFERENCE CALL

Radian will discuss second quarter 2025 financial results in a conference call tomorrow, Thursday, July 31, 2025, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company's website at https://radian.com/who-we-are/for-investors/webcasts 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 https://radian.com/who-we-are/for-investors/webcasts.

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 (non-GAAP measures) 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. On a consolidated basis, 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 consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business 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 consolidated GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE:RDN) is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate and title services. Visit www.radian.com to see how we're creating possibilities for a place to call home.

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:		Consolidated 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

	2025						2024
(In thousands, except per-share amounts)	Qtr 2			Qtr 1			Qtr 4			Qtr 3		Qtr 2
Revenues
Net premiums earned	$	237,520		$	236,679		$	238,562		$	239,133	$	237,731
Services revenue		10,924			12,116			12,250			12,167		13,265
Net investment income		72,769			68,574			71,310			78,396		73,766
Net gains (losses) on investments and other financial instruments		(4,852	)		(723	)		(8,291	)		2,174		(4,487	)
Income (loss) on consolidated VIEs		185			428			(467	)		465		—
Other income		1,458			1,040			2,497			1,522		872
Total revenues		318,004			318,114			315,861			333,857		321,147
Expenses
Provision for losses		12,097			15,167			(624	)		6,889		(1,745	)
Policy acquisition costs		7,205			6,388			7,276			6,724		6,522
Cost of services		8,418			8,771			9,867			9,542		9,535
Other operating expenses		89,397			76,849			87,703			85,919		91,648
Interest expense		25,874			22,499			22,513			29,391		27,064
Total expenses		142,991			129,674			126,735			138,465		133,024
Pretax income		175,013			188,440			189,126			195,392		188,123
Income tax provision		33,217			43,882			40,835			43,500		36,220
Net income	$	141,796		$	144,558		$	148,291		$	151,892	$	151,903
Diluted net income per share	$	1.02		$	0.98		$	0.98		$	0.99	$	0.98

(1)	See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries Net Income Per Share Exhibit B

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

	2025				2024
(In thousands, except per-share amounts)	Qtr 2		Qtr 1		Qtr 4		Qtr 3		Qtr 2
Net income—basic and diluted	$	141,796	$	144,558	$	148,291	$	151,892	$	151,903
Average common shares outstanding—basic		137,376		145,618		150,302		151,846		153,110
Dilutive effect of share-based compensation arrangements ⁽¹⁾		984		2,109		1,610		1,227		1,289
Adjusted average common shares outstanding—diluted		138,360		147,727		151,912		153,073		154,399
Basic net income per share	$	1.03	$	0.99	$	0.99	$	1.00	$	0.99
Diluted net income per share	$	1.02	$	0.98	$	0.98	$	0.99	$	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 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Shares of common stock equivalents

—

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

	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(In thousands, except per-share amounts)	2025			2025			2024			2024			2024
Assets
Investments	$	6,484,692		$	6,113,792		$	6,345,236		$	6,497,180		$	6,588,149
Cash		22,090			24,182			38,823			28,061			13,791
Restricted cash		105			4,168			2,649			2,014			1,993
Accrued investment income		50,542			44,378			49,053			49,707			47,607
Accounts and notes receivable		130,020			127,741			128,093			138,439			137,777
Reinsurance recoverable		43,652			40,227			36,433			34,015			31,064
Deferred policy acquisition costs		17,248			17,855			17,746			18,430			18,566
Property and equipment, net		23,516			25,576			27,637			41,892			56,360
Prepaid federal income taxes		997,805			921,080			921,080			870,336			837,736
Other assets		408,675			381,846			375,931			384,666			396,600
Consolidated VIE assets ⁽¹⁾		1,402,312			1,064,541			721,307			355,031			—
Total assets	$	9,580,657		$	8,765,386		$	8,663,988		$	8,419,771		$	8,129,643
Liabilities and stockholders' equity
Reserve for losses and loss adjustment expense	$	383,103		$	374,945		$	360,326		$	363,225		$	357,470
Unearned premiums		171,901			178,931			188,337			198,007			206,094
Senior notes		1,066,603			1,065,965			1,065,337			1,064,718			1,513,782
Secured borrowings		762,933			272,667			538,294			551,916			484,665
Net deferred tax liability		841,376			804,149			746,685			737,605			656,113
Other liabilities		490,165			442,188			431,556			457,155			429,200
Consolidated VIE liabilities⁽¹⁾		1,371,895			1,039,715			709,595			348,292			—
Total liabilities		5,087,976			4,178,560			4,040,130			3,720,918			3,647,324
Common stock		157			162			168			171			172
Treasury stock		(988,764	)		(969,396	)		(968,246	)		(967,717	)		(967,218	)
Additional paid-in capital		847,399			1,048,738			1,246,826			1,315,046			1,356,341
Retained earnings		4,906,830			4,802,038			4,695,348			4,584,453			4,470,335
Accumulated other comprehensive income (loss)		(272,941	)		(294,716	)		(350,238	)		(233,100	)		(377,311	)
Total stockholders' equity		4,492,681			4,586,826			4,623,858			4,698,853			4,482,319
Total liabilities and stockholders' equity	$	9,580,657		$	8,765,386		$	8,663,988		$	8,419,771		$	8,129,643
Shares outstanding		135,395			141,220			147,569			149,776			151,148
Book value per share	$	33.18		$	32.48		$	31.33		$	31.37		$	29.66

Holding company debt-to-capital ratio ⁽²⁾		19.2	%		18.9	%		18.7	%		18.5	%		25.2	%

(1)	Reflects the consolidation of Radian Mortgage Capital's private label securitizations, net of our retained interest in these transactions. We determined that we are the primary beneficiary of these securitization trusts, which are each considered to be a variable interest entity ("VIE"), thereby requiring us to consolidate the VIE.
(2)	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 secured borrowings.

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

Net Premiums Earned

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Direct - Mortgage insurance
Premiums earned, excluding revenue from cancellations	$	260,336		$	260,705		$	261,017		$	261,726		$	259,342
Single Premium Policy cancellations		1,708			1,206			2,363			1,783			2,076
Total direct - Mortgage insurance		262,044			261,911			263,380			263,509			261,418
Ceded - Mortgage insurance
Premiums earned, excluding revenue from cancellations		(43,849	)		(42,288	)		(43,239	)		(41,894	)		(39,925	)
Single Premium Policy cancellations ⁽¹⁾		1,328			902			952			818			732
Profit commission - other ⁽²⁾		14,003			13,519			14,183			12,711			12,593
Total ceded premiums - Mortgage insurance		(28,518	)		(27,867	)		(28,104	)		(28,365	)		(26,600	)
Net premiums earned - Mortgage insurance		233,526			234,044			235,276			235,144			234,818
Net premiums earned - Title insurance		3,994			2,635			3,286			3,989			2,913
Net premiums earned	$	237,520		$	236,679		$	238,562		$	239,133		$	237,731

(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.

Services Revenue

	2025				2024
(In thousands)	Qtr 2		Qtr 1		Qtr 4		Qtr 3		Qtr 2
Mortgage Insurance
Contract underwriting services	$	42	$	173	$	261	$	244	$	309
All Other
Real estate services		6,187		8,055		7,733		7,876		8,777
Title		4,013		3,261		3,645		3,427		3,540
Real estate technology		682		627		611		620		639
Total services revenue	$	10,924	$	12,116	$	12,250	$	12,167	$	13,265

Net Investment Income

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Fixed maturities	$	57,835		$	56,714		$	57,238		$	59,348		$	57,924
Equity securities		2,634			2,145			3,350			3,047			3,067
Residential mortgage loans held for sale		10,064			6,273			7,537			7,828			5,411
Short-term investments		3,409			4,751			4,478			9,686			8,614
Other ⁽¹⁾		(1,173	)		(1,309	)		(1,293	)		(1,513	)		(1,250	)
Net investment income	$	72,769		$	68,574		$	71,310		$	78,396		$	73,766

(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 2 of 2)

Provision for Losses

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Mortgage insurance
Current period defaults⁽¹⁾	$	47,912		$	53,740		$	55,795		$	57,032		$	47,918
Prior period defaults ⁽²⁾		(35,958	)		(38,400	)		(55,734	)		(50,686	)		(49,687	)
Total Mortgage insurance		11,954			15,340			61			6,346			(1,769	)
Title insurance		143			(173	)		(685	)		543			24
Total provision for losses	$	12,097		$	15,167		$	(624	)	$	6,889		$	(1,745	)

(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

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Salaries and other base employee expenses	$	36,025		$	36,038		$	32,561		$	32,851		$	41,431
Variable and share-based incentive compensation		30,779			18,174			20,342			17,581			23,223
Other general operating expenses⁽¹⁾		28,352			28,475			40,385			39,984			31,623
Ceding commissions		(7,075	)		(6,723	)		(6,620	)		(6,276	)		(5,957	)
Title agent commissions		1,317			885			1,035			1,779			1,328
Total	$	89,398		$	76,849		$	87,703		$	85,919		$	91,648

(1)	Includes $13 million and $10 million in the fourth quarter of 2024 and the third quarter of 2024, respectively, of impairment of long-lived assets, consisting of impairments to our internal-use software and lease-related assets.

Interest Expense

	2025				2024
(In thousands)	Qtr 2		Qtr 1		Qtr 4		Qtr 3		Qtr 2
Senior notes	$	15,810	$	15,800	$	15,791	$	20,945	$	21,156
Mortgage loan financing facilities		8,446		6,010		5,963		7,500		5,107
FHLB advances		877		425		403		538		544
Revolving credit facility		741		264		356		408		257
Total interest expense	$	25,874	$	22,499	$	22,513	$	29,391	$	27,064

Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 1 of 4)

Summarized financial information concerning our operating segments as of and for the periods indicated is as follows. For a definition of adjusted pretax operating income (loss), along with a reconciliation to its consolidated GAAP measure, see Exhibits F and G.

	Three Months Ended June 30, 2025
(In thousands)	Mortgage Insurance		All Other ⁽¹⁾			Inter- segment			Total
Net premiums written	$	231,596	$	3,994		$	—		$	235,590
(Increase) decrease in unearned premiums		1,930		—			—			1,930
Net premiums earned		233,526		3,994			—			237,520
Services revenue		41		10,990			(107	)		10,924
Net investment income		53,288		19,481			—			72,769
Net gains (losses) on investments and other financial instruments		—		(6,704	)		—			(6,704	)
Income (loss) on consolidated VIEs		—		185			—			185
Other income		1,461		(3	)		—			1,458
Total		288,316		27,943			(107	)		316,152
Provision for losses		11,954		143			—			12,097
Policy acquisition costs		7,205		—			—			7,205
Cost of services		5		8,413			—			8,418
Other operating expenses before allocated corporate operating expenses		19,874		22,701			(107	)		42,468
Interest expense		17,428		8,446			—			25,874
Total		56,466		39,703			(107	)		96,062
Adjusted pretax operating income (loss) before allocated corporate operating expenses		231,850		(11,760	)		—			220,090
Allocation of corporate operating expenses		42,328		4,601			—			46,929
Adjusted pretax operating income (loss) ⁽²⁾	$	189,522	$	(16,361	)	$	—		$	173,161

Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 2 of 4)

	Three Months Ended June 30, 2024
(In thousands)	Mortgage Insurance			All Other ⁽¹⁾			Inter- segment			Total
Net premiums written	$	232,645		$	2,913		$	—		$	235,558
(Increase) decrease in unearned premiums		2,173			—			—			2,173
Net premiums earned		234,818			2,913			—			237,731
Services revenue		309			13,064			(108	)		13,265
Net investment income		50,102			23,664			—			73,766
Net gains (losses) on investments and other financial instruments		—			(49	)		—			(49	)
Other income		754			130			(12	)		872
Total		285,983			39,722			(120	)		325,585
Provision for losses		(1,769	)		24			—			(1,745	)
Policy acquisition costs		6,522			—			—			6,522
Cost of services		156			9,379			—			9,535
Other operating expenses before allocated corporate operating expenses		17,157			26,615			(120	)		43,652
Interest expense		21,957			5,107			—			27,064
Total		44,023			41,125			(120	)		85,028
Adjusted pretax operating income (loss) before allocated corporate operating expenses		241,960			(1,403	)		—			240,557
Allocation of corporate operating expenses		43,197			4,677			—			47,874
Adjusted pretax operating income (loss) ⁽²⁾	$	198,763		$	(6,080	)	$	—		$	192,683

(1)	All Other activities consist of: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) the operating results from certain other immaterial activities and operating segments, including our mortgage conduit, title, real estate services and real estate technology businesses.
(2)	See Exhibits F and G for additional information on the use and definition of this term and a reconciliation to consolidated net income.

Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 3 of 4)

Mortgage Insurance

	2025				2024
(In thousands)	Qtr 2		Qtr 1		Qtr 4		Qtr 3		Qtr 2
Net premiums written	$	231,596	$	230,250	$	231,979	$	233,648	$	232,645
(Increase) decrease in unearned premiums		1,930		3,794		3,297		1,496		2,173
Net premiums earned		233,526		234,044		235,276		235,144		234,818
Services revenue		41		174		262		244		309
Net investment income		53,288		48,451		51,541		50,236		50,102
Other income		1,461		1,629		1,707		1,948		754
Total		288,316		284,298		288,786		287,572		285,983
Provision for losses		11,954		15,340		61		6,346		(1,769	)
Policy acquisition costs		7,205		6,388		7,276		6,724		6,522
Cost of services		5		98		99		126		156
Other operating expenses before allocated corporate operating expenses		19,874		16,567		15,582		16,408		17,157
Interest expense		17,428		16,489		16,550		21,891		21,957
Total		56,466		54,882		39,568		51,495		44,023
Adjusted pretax operating income before allocated corporate operating expenses		231,850		229,416		249,218		236,077		241,960
Allocation of corporate operating expenses		42,328		35,123		34,011		32,534		43,197
Adjusted pretax operating income ⁽¹⁾	$	189,522	$	194,293	$	215,207	$	203,543	$	198,763

All Other ⁽²⁾

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Net premiums earned	$	3,994		$	2,635		$	3,286		$	3,989		$	2,913
Services revenue		10,990			12,033			12,088			12,001			13,064
Net investment income		19,481			20,123			19,769			28,160			23,664
Net gains (losses) on investments and other financial instruments		(6,704	)		1,287			(1,521	)		(4,611	)		(49	)
Income (loss) on consolidated VIEs		185			428			(467	)		465			—
Other income		(3	)		(568	)		826			(399	)		130
Total⁽³⁾		27,943			35,938			33,981			39,605			39,722
Provision for losses		143			(173	)		(685	)		543			24
Cost of services		8,413			8,673			9,768			9,416			9,379
Other operating expenses before allocated corporate operating expenses		22,701			21,102			21,644			23,583			26,615
Interest expense		8,446			6,010			5,963			7,500			5,107
Total		39,703			35,612			36,690			41,042			41,125
Adjusted pretax operating income (loss) before allocated corporate operating expenses		(11,760	)		326			(2,709	)		(1,437	)		(1,403	)
Allocation of corporate operating expenses		4,601			3,785			3,661			3,438			4,677
Adjusted pretax operating income (loss) ⁽¹⁾	$	(16,361	)	$	(3,459	)	$	(6,370	)	$	(4,875	)	$	(6,080	)

(1)	See Exhibits F and G for additional information on the use and definition of this term and a reconciliation to consolidated net income.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 4 of 4)

(2)	All Other activities consist of: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) the operating results from certain other immaterial activities and operating segments, including our mortgage conduit, title, real estate services and real estate technology businesses.
(3)	Details of All Other revenue are as follows.

		2025				2024
	(In thousands)	Qtr 2		Qtr 1		Qtr 4		Qtr 3		Qtr 2
	Holding company ^(a)	$	8,383	$	12,560	$	10,670	$	19,113	$	17,042
	Real estate services		6,476		8,345		8,056		8,185		9,110
	Title		8,550		6,405		7,486		7,973		7,047
	Mortgage conduit		3,813		7,978		7,128		3,658		5,815
	Real estate technology		721		650		641		676		708
	Total	$	27,943	$	35,938	$	33,981	$	39,605	$	39,722

(a)

Consists of net investment income earned from assets held by Radian Group, our holding company, that are not attributable or allocated to our underlying businesses.

Selected Mortgage Insurance Key Ratios

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

Loss ratio ⁽¹⁾		5.1	%		6.6	%		0.0	%		2.7	%		(0.8	)%
Expense ratio ⁽²⁾		29.7	%		24.8	%		24.2	%		23.7	%		28.5	%

(1)	For our Mortgage Insurance segment, calculated as provision for losses expressed as a percentage of net premiums earned.
(2)	For our Mortgage Insurance segment, calculated as operating expenses, (which consist of policy acquisition costs and other operating expenses, as well as allocated corporate operating expenses), expressed as a percentage of net premiums earned.

Radian Group Inc. and Subsidiaries

Definition of Consolidated Non-GAAP Financial Measures

Exhibit F (page 1 of 2)

Use of Non-GAAP Financial Measures

In addition to the traditional GAAP financial measures, we have presented "adjusted pretax operating income (loss)," "adjusted diluted net operating income (loss) per share" and "adjusted net operating return on equity," which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance. 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.

Beginning with the first quarter of 2025, when calculating adjusted diluted net operating income per share and adjusted net operating return on equity, the company no longer adjusts for the difference between the company's statutory and effective tax rates to calculate those non-GAAP financial measures using the company's federal statutory tax rate of 21%. The impact of this incremental adjustment for the difference between the company's statutory and effective tax rates has been immaterial in recent periods because the number and magnitude of non-recurring fluctuations in the company's effective tax rate have declined in recent years. As such, the company believes that this incremental adjustment for the difference between the two rates is no longer meaningful to users of our financial statements. We have reflected this change in our calculations of adjusted diluted net operating income per share and adjusted net operating return on equity for all periods presented herein. As it relates to the impact of reconciling income (expense) items included in these non-GAAP financial measures, the company continues to reflect these items on a gross basis and calculates the income tax provision (benefit) of these items using the company's federal statutory tax rate of 21%.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss). These adjustments, along with the reasons for their treatment, are described below.

	(1)	Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities. These valuation adjustments may not necessarily result in realized economic gains or losses.

		Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses and changes in fair value of other financial instruments. Except for certain investments and other financial instruments attributable to specific operating segments, we do not view them to be indicative of our fundamental operating activities.

	(2)	Impairment of other long-lived assets and other non-operating items, if any. Impairment of other long-lived assets and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) impairment of internal-use software and other long-lived assets; (ii) gains (losses) from the sale of lines of business; (iii) acquisition-related income and expenses; and (iv) gains (losses) on extinguishment of debt.

Radian Group Inc. and Subsidiaries

Definition of Consolidated Non-GAAP Financial Measures

Exhibit F (page 2 of 2)

See Exhibit G for the reconciliations of the most comparable GAAP measures, consolidated pretax income (loss), diluted net income (loss) per share and return on equity 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.

Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share or return on equity. 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.

Radian Group Inc. and Subsidiaries Consolidated Non-GAAP Financial Measure Reconciliations Exhibit G (page 1 of 2)

Reconciliation of Consolidated Pretax Income to Adjusted Pretax Operating Income

	2025					2024
(In thousands)	Qtr 2		Qtr 1			Qtr 4				Qtr 3				Qtr 2
Consolidated pretax income	$	175,013	$	188,440		$	189,126			$	195,392			$	188,123
Less reconciling income (expense) items
Net gains (losses) on investments and other financial instruments ⁽¹⁾		1,852		(2,010	)		(6,770	)			6,785				(4,438	)
Impairment of other long-lived assets and other non-operating items		—		(384	)		(12,941	)	⁽²⁾		(10,061	)	⁽²⁾		(122	)
Total adjusted pretax operating income ⁽³⁾	$	173,161	$	190,834		$	208,837			$	198,668			$	192,683

(1)	Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss).
(2)	This amount is included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A and primarily relates to impairment of other long-lived assets.
(3)	Total adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segment and All Other activities as follows.

	2025						2024
(In thousands)	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Adjusted pretax operating income (loss)
Mortgage Insurance segment	$	189,522		$	194,293		$	215,207		$	203,543		$	198,763
All Other activities		(16,361	)		(3,459	)		(6,370	)		(4,875	)		(6,080	)
Total adjusted pretax operating income	$	173,161		$	190,834		$	208,837		$	198,668		$	192,683

Reconciliation of Diluted Net Income Per Share to Adjusted Diluted Net Operating Income Per Share

	2025					2024
	Qtr 2		Qtr 1			Qtr 4			Qtr 3			Qtr 2
Diluted net income per share	$	1.02	$	0.98		$	0.98		$	0.99		$	0.98
Less per-share impact of reconciling income (expense) items
Net gains (losses) on investments and other financial instruments		0.01		(0.01	)		(0.04	)		0.04			(0.03	)
Impairment of other long-lived assets and other non-operating items		—		—			(0.09	)		(0.06	)		—
Income tax (provision) benefit on reconciling income (expense) items⁽¹⁾		—		—			0.03			—			—
Per-share impact of reconciling income (expense) items		0.01		(0.01	)		(0.10	)		(0.02	)		(0.03	)
Adjusted diluted net operating income per share	$	1.01	$	0.99		$	1.08		$	1.01		$	1.01

(1)	Calculated using the company's federal statutory tax rate of 21%.

Radian Group Inc. and Subsidiaries Consolidated Non-GAAP Financial Measure Reconciliations Exhibit G (page 2 of 2)

Reconciliation of Return on Equity to Adjusted Net Operating Return on Equity ⁽¹⁾

	2025						2024
	Qtr 2			Qtr 1			Qtr 4			Qtr 3			Qtr 2
Return on equity ⁽¹⁾		12.5	%		12.6	%		12.7	%		13.2	%		13.6	%
Less impact of reconciling income (expense) items ⁽²⁾
Net gains (losses) on investments and other financial instruments		0.1	%		(0.2	)%		(0.6	)%		0.6	%		(0.4	)%
Impairment of other long-lived assets and other non-operating items		—	%		—	%		(1.1	)%		(0.9	)%		—	%
Income tax (provision) benefit on reconciling income (expense) items ⁽³⁾		—	%		0.1	%		0.3	%		—	%		0.1	%
Impact of reconciling income (expense) items		0.1	%		(0.1	)%		(1.4	)%		(0.3	)%		(0.3	)%
Adjusted net operating return on equity		12.4	%		12.7	%		14.1	%		13.5	%		13.9	%

(1)	Calculated by dividing annualized net income by average stockholders' equity, based on the average of the beginning and ending balances for each period presented.
(2)	Annualized, as a percentage of average stockholders' equity.
(3)	Calculated using the company's federal statutory tax rate of 21%.

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 measures not determined in accordance with GAAP. These measures should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share, return on equity or net income (loss).

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. See Exhibit F for additional information on our consolidated non-GAAP financial measures, including a change made beginning with the first quarter of 2025 to the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity.

Radian Group Inc. and Subsidiaries

Mortgage Insurance Supplemental Information - New Insurance Written

Exhibit H

2025

2024

($ in millions)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

NIW

14,330

9,489

Radian Announces Second Quarter 2025 Financial Results