Radian Group reports $163.66 million net income for Q3 2026

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For the quarterly period ended June September 30, 2026

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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable practica ble date: 132,301,318 126,437,454 shares of common stock, $0.001 par value per share, outstanding on August 5, November 4, 2026.

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Exhibits 15 changes

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Federal Housing Administration

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Fair Isaac Corporation ("FICO") credit scores, for Radian's portfolio statistics, represent the borrower's credit score at origination and, in circumstances where there are multiple borrowers, the lowest of the borrowers' FICO scores is utilized

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Inigo Corporate Member Limited, a Lloyd's corporate member

Insurance in force is the aggregate unpaid principal balances balance of the underlying loans, as reported by mortgage servicers or estimated by us

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Collectively, the agreements, previously entered into by Radian's Mortgage Conduit business and now terminated, with certain banks to finance the acquisition of mortgage loans and related mortgage loan assets

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The credit risk protection obtained by Radian Guaranty in the form of excess of loss reinsurance, that indemnifies the ceding company against loss in excess of a specific agreed level, up to a specified limit. The program includes reinsurance agreements with the Eagle Re Issuers in connection with various issuances of mortgage insurance-linked notes, as well as more traditional XOL excess of loss reinsurance agreements with third-party reinsurers for which Radian Guaranty is the ceding insurer.

New insurance written, representing the aggregate original principal amount balance of the mortgages underlying the Primary Mortgage Insurance

Separate parent guaranty agreements, previously entered into by Radian Group in connection with its Mortgage Conduit business and now terminated, to guaranty the obligations of certain of its subsidiaries in connection with the Master Repurchase Agreements

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Quota share reinsurance

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Radian Mortgage Capital LLC, a Delaware limited liability company and an indirect subsidiary of Radian Group, through which we acquire acquired and sell sold residential mortgage loans for our Mortgage Conduit business, the wind-down of which is substantially complete

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Radian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer offers title insurance and settlement services. In August 2026, Radian entered into a definitive agreement to sell this business. The transaction remains subject to customary closing conditions, including required regulatory approvals. This business is classified as held for sale and discontinued operations for all periods presented.

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Radian's real estate services business, operated primarily through Radian Real Estate Management LLC, which provides provided residential real estate management, valuation and due diligence services to single family rental investors, the GSEs and mortgage lenders, servicers and investors. In August 2026, Radian completed the sale of this business. Prior to the sale, the business was classified as held for sale and discontinued operations for all periods presented.

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Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of business of insurance and reinsurance

The system of prudential regulation in the U.K., which prescribes capital requirements and risk management standards for the U.K. insurance industry

The U.K. prudential regulatory framework for insurance and reinsurance undertakings. It was established by the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, effective December 31, 2023, and related reforms to Solvency II implemented through the Prudential Regulation Authority's Policy Statement PS15/24, which became effective on December 31, 2023, and December 31, 2024. respectively, It provides a framework for the safety and soundness of insurers and the protection of policyholders.

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Forward-looking statements 6 changes

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

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

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

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

▪ risks associated with the sale of our Title business, including: the ability to complete the transaction; on the anticipated timeline or at all; risks and uncertainties related to securing third-party approvals, consents and regulatory approvals; and the risk that certain post-closing activities may divert management's attention from our ongoing business operations;

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

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Financial Statements (Unaudited) 108 changes

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Available for sale—at fair value (amortized cost of $ 6,561,040 6,805,853 and $ 4,550,954 )

Trading—at fair value (amortized cost of $ 49,346 38,068 and $ 70,050 )

Equity securities—at fair value (cost of $ 38,564 29,508 and $ 45,619 )

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Short-term investments—at fair value (includes $ 74,841 90,447 and $ 62,212 of reinvested cash collateral held under securities lending agreements)

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Reinsurance recoverables (includes $ 47,883 33,614 and $ 1,788 for paid losses)

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Common stock ($ 0.001 par value; 485,000 shares authorized; 2026: 155,514 151,923 and 133,556 129,945 shares issued and outstanding, respectively; 2025: 156,913 and 135,498 shares issued and outstanding, respectively)

Treasury stock, at cost (2026: 21,958 21,978 shares; 2025: 21,415 shares)

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Net gains (losses) on financial instruments and foreign exchange (includes net realized gains (losses) on investments of $( 8,068 2,056 ), $ 2,055 808 , $( 11,316 13,372 ) and $( 3,494 2,686 )) (Note 7)

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Weighted average number of common and common equivalent shares outstanding—diluted (1) Includes Inigo results for the five-month eight-month period from the Closing Date of the acquisition through June September 30, 2026 .

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Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized ( 7,310 167,769 ( 49,891 217,660

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Net realized gains (losses) on disposals and non-credit related impairment losses ( 4,032 1,986 ( 1,624 686 ( 6,687 8,673 ( 3,481 4,166

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Net unrealized gains (losses) from investments recorded as assets held for sale ( 27 ( 5

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(1) Includes Inigo results f or the five-month eight-month period from the Closing Date of the acquisition through June September 30, 2026 .

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Net cash provided by (used in) operating activities, discontinued operations ( 970,483 833,343

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Net cash provided by (used in) investing activities, continuing operations ( 165,238 384,025 ( 1,790

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Proceeds (repayments) related to cash collateral for loaned securities and securities sold under repurchase agreements, net ( 7,074

Net cash provided by (used in) financing activities, continuing operations ( 63,810 276,010 ( 415,686 534,571

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Retention (disposal) of mortgage servicing and other related rights from residential mortgage loan sales, discontinued operations, net ( 6,573 (1) Includes Inigo results for th e five-month period from the Closing Date of the acquisition through June 30, 2026 .

Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment, discontinued operations (1) Includes Inigo results for th e eight-month period from the Closing Date of the acquisition through September 30, 2026 .

(2) For the six nine months ended June September 30, 2026, includes $ 21 million and $2 $ 1 million as of the beginning and end of the period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. For the six nine months ended June September 30, 2025, includes $ 22 million and $3 $ 1 million as of the beginning and end of the period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. See Note 18 for additional details.

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Our total direct primary mortgage IIF and RIF were $ 284.0 285.7 billion and $ 75.4 75.9 billion , respectively, as of June September 30, 2026, compared to $ 282.5 billion and $ 74.7 billion , respectively, as of December 31, 2025.

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

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The transaction closed on February 2, 2026, and was funded from Radian's available liquidity sources, including $ 600 million provided by Radian Guaranty through a ten-year 10 -year Intercompany Note to Radian Group. See Note 16 for additional information on the Intercompany Note.

Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd's market. Through Syndicate 1301, it underwrites specialty insurance and reinsurance business transacted at Lloyd's through the broker intermediary market and, through its partnerships division, collaborates with select partners to expand Inigo's access to the U.S. and other international markets. Inigo's managing agency, Inigo Managing Agent Limited ("IMAL"), manages Syndicate

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U.S. and other international markets. Inigo's managing agency, Inigo Managing Agent Limited ("IMAL"), manages Syndicate 1301 on behalf of the Syndicate's members, and the underwriting capacity and the capital supporting Syndicate 1301 are primarily provided by Inigo Corporate Member Limited ICML. a Lloyd's corporate member. Through Syndicate 1301, Inigo has access to Lloyd's extensive distribution network, worldwide licenses and ratings.

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Pending completion of the sale, the Company continues to operate the Title business in the ordinary course.

Following a comprehensive strategic review, which led to our decision to acquire Inigo, in September 2025 we announced plans to divest our Mortgage Conduit, Title and Real Estate Services businesses. This divestiture plan was approved by Radian Group's board of directors in the third quarter of 2025. In August 2026, the Company completed the sale of its Real Estate Services business and entered into a definitive agreement to sell its Title business. The pending sale of the Title business is subject to customary closing conditions, including required regulatory approvals, and is expected to be completed during the fourth quarter of 2026.

After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments, As and in the second quarter of June 30, 2026 all of it completed the sale of all mortgage loans held. As of our Mortgage Conduit business had been sold and September 30, 2026, the wind-down of our Mortgage Conduit business was substantially complete.

In August 2026, the Company completed the sale of its Real Estate Services business and entered into a definitive agreement to sell its Title business. The pending sale of the Title business is subject to customary closing conditions, including required regulatory approvals, and is expected to be completed during the fourth quarter of 2026. Pending completion of the sale, the Company continues to operate the Title business in the ordinary course.

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

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Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated.

Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. As described in Note 3, the Company completed an acquisition during the first quarter of 2026; as a result, the accompanying condensed consolidated financial statements include the acquired business from the Closing Date forward and may not be comparable to those of prior periods. Certain prior period amounts have been reclassified to conform to the current period presentation, including certain balance sheet and statement of operations reclassifications and related line‑item caption changes resulting from the acquisition of Inigo, as well as reclassifications related to businesses held for sale and discontinued operations. We have condensed or omitted certain information and footnote disclosures normally included in consolidated

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Notes to Unaudited Condensed Consolidated Financial Statements consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.

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Premiums receivable under proportional treaty contracts and delegated underwriting authorities are generally not reported to the Company until after the coverage is in force. As a result, an estimate of these premiums is recorded. The Company estimates the premium for these contracts based on underwriting information, historical experience and other relevant data. information. These estimates are reviewed and updated as additional information becomes available.

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Ceding commissions received under our quota share reinsurance arrangements are deferred and recorded as a reduction of deferred policy acquisition costs. Deferred ceding commissions are amortized over the period in which the related premiums are earned, consistent with the recognition of the underlying quota share reinsurance arrangements.

Acquisition costs, consisting principally of commissions and other incremental direct costs related to the successful acquisition or renewal of insurance contracts, are deferred and reported as deferred policy acquisition costs. Deferred policy acquisition costs are amortized to expense over the period in which the related premiums are earned. Deferred policy acquisition costs associated with ceded reinsurance are recognized and amortized on a basis consistent with the related asset.

Ceding commissions received under ceded reinsurance arrangements primarily represent recoveries of acquisition costs and are recognized as a reduction of the related unamortized deferred policy acquisition costs. These ceding commissions are accounted for and amortized in a manner similar to the related gross deferred policy acquisition asset.

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

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

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In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Improvements to Interim Disclosure Requirements, which clarifies and changes interim disclosure requirements to improve the consistency and usefulness of

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Notes to Unaudited Condensed Consolidated Financial Statements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Improvements to Interim Disclosure Requirements, which clarifies and changes interim disclosure requirements Notes to improve the consistency and usefulness of Unaudited Condensed Consolidated Financial Statements information provided in interim financial statements. The amendments focus on clarifying the application of certain disclosure requirements and reducing diversity in practice related to the level of detail required in interim periods as compared to annual reporting. The amendments in this update are to be applied prospectively beginning in the first interim period of adoption. This update is effective for fiscal years beginning after December 15, 2026, including interim reporting periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that the ASU will have on our interim disclosures.

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In connection with the acquisition of Inigo, the Company incurred acquisition-related expenses of $ 29 33 million in the six nine months ended June September 30, 2026, including $ 7 4 million recognized during the three months ended June September 30, 2026. These expenses consisted primarily of investment banking fees, transfer taxes, legal fees, employee retention expense and other transaction costs. In addition, the Company recognized acquisition-related expenses of $ 10 million during 2025, primarily related to pre-acquisition due diligence activities.

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

Preliminary Current purchase price allocation

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The preliminary current allocation of the purchase price is preliminary, is based on information currently available and remains subject to adjustment during the measurement period, which will not exceed 12 months from the Closing Date. Adjustments to the preliminary amounts have impacted, and may further impact, the fair value assigned to assets acquired and liabilities assumed, including goodwill. Through September 30, 2026, we have made only immaterial adjustments to our initial purchase price allocation during the permitted measurement period.

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Goodwill . Goodwill represents the excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired. The goodwill recognized reflects future growth opportunities and the assembled workforce of Inigo, which do not qualify as separately identifiable intangible assets under ASC 805. Goodwill is not amortized and is tested for impairment annually, or more frequently if indicators of impairment arise. Based on the current allocation of the purchase price was allocated to Inigo's assets acquired and liabilities assumed based on estimated fair values at the Closing Date, and the Company recognized goodwill of $ 5 7 million related to the Specialty segment.

Identifiable intangible assets . As a result of our preliminary purchase price allocation, $ 419 million was allocated to other acquired intangible assets and $ 166 million was allocated to net VOBA. Of these identified intangible assets, $206 million were considered finite-lived and subject to amortization. Excluding the net VOBA asset, the finite-lived intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The weighted-average amortization period $ 206

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Notes to Unaudited Condensed Consolidated Financial Statements million were considered finite-lived and subject to amortization. Excluding the net VOBA asset, the finite-lived intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The weighted average amortization period for the finite-lived intangible assets, excluding net VOBA, is approximately 10 years. Net VOBA a mortization is recognized in a manner consistent with the related insurance liabilities, with substantially all the net VOBA balance expected to amortize within the first year following the Closing Date.

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

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Notes to Unaudited Condensed Consolidated Financial Statements

Notes to Unaudited Condensed Consolidated Financial Statements inputs and assumptions used to value these intangible assets include the discount rate and expected future premiums, claims, benefits and expenses.

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As of June September 30, 2026, the estimated amortization of finite-lived other intangible assets for each of the next five years and thereafter is as follows.

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The following selected unaudited information is a summary of the results of Inigo that have been included in the condensed consolidated financial statements for the three months ended and for from the Closing Date to June September 30, 2026, after giving effect to purchase accounting adjustments.

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From Closing Date to June September 30, 2026

(1) Includes $ 33 17 million and $ 60 76 million of expenses, before the effect of taxes, related to purchase accounting adjustments and amortization of intangibles related to the Inigo acquisition for the three months ended and from the Closing Date to June September 30, 2026, respectivel y.

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For pro forma purposes, $ 22 million of non-recurring acquisition-related expenses incurred in the six nine months ended June September 30, 2026, have been excluded from pro forma net income for that period and, together with the $ 10 million incurred in 2025, are reflected in pro forma net income for the six nine months ended June September 30, 2025. These adjustments are assumed to have occurred during the first quarter of 2025 and, accordingly, do not affect pro forma net income for the three months ended June September 30, 2026 or 2025.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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(1) Includes Inigo results from the Closing Date of the acquisition through June September 30, 2026 .

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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As further described in Note 18, we also report the results of our Mortgage Conduit, Title and Real Estate Services businesses as discontinued operations in our condensed consolidated statements of operations through the date of divestiture or wind-down, as applicable, for each business.

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

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Net gains (losses) on financial instruments and foreign exchange ( 5,789 4,026 ( 14,668 18,694

Amortization and impairment of other acquired intangible assets ( 5,896 5,883 ( 9,805 15,688

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(1) Results are for t he five eight -month period subsequent to the Closing Date.

(2) For the three and six nine months ended June September 30, 2026, the Mortgage segment includes $10 $ 10 million and $20 $ 29 million , respectively, related to the Intercompany Note that is reported as interest expense in the Corporate category and eliminated in consolidation.

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Notes to Unaudited Condensed Consolidated Financial Statements (4) For the three and six nine months ended June September 30, 2026, the Mortgage segment includes $31 $ 30 million and $51 $ 81 million , respectively, of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.

(5) For the three and six nine months ended June September 30, 2026, includes $10 $ 10 million and $20 $ 29 million , respectively, related to the Intercompany Note that is reported as net investment income in the Mortgage segment and eliminated in consolidation.

(6) F or the three and six nine months ended June September 30, 2026, primarily includes $ 64 36 million and $118 $ 154 million , respectively, of net VOBA asset and liability amortization, partially offset by $ 37 26 million and $68 $ 93 million , respectively, of reversal of policy acquisition costs that are reflected in segment results but eliminated under purchase accounting on a consolidated basis.

(7) Primarily relates to acquisition-related expenses, which are included in other operating expenses on the condensed consolidated statement of operations.

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Net gains (losses) on financial instruments and foreign exchange ( 150

Acquisition-related expenses and other non-operating items (2)

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(1) For the three and six nine months ended June September 30, 2025, includes $ 32 27 million and $ 59 86 million , respectively, of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.

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and 28 more changes in the filing

Description of the securities 53 changes

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There wer e 2,302 2,770 and 639 securities in an unrealized loss position at June September 30, 2026, and December 31, 2025, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of June September 30, 2026, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for information regarding our accounting policy for impairments of investments.

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Less: loaned securities and securities sold under repurchase agreements

Less: loaned securities

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(1) Includes Inigo results from the Closing Date of the acquisition through June September 30, 2026 .

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Change in unrealized gains (losses) on investments sold or redeemed ( 922 416 ( 847 ( 1,282

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Net gains (losses) on financial instruments and foreign exchange ( 5,789 ( 14,668 4,026 ( 150 18,694 (1) Includes Inigo results from the Closing Date of the acquisition through June September 30, 2026 .

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We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Under this program, we had loaned $ 105 124 million and $ 142 million of our investment securities to third parties as of June September 30, 2026, and December 31, 2025, respectively, including fixed-maturities, equity securities and short-term investments. Although we report such securities at fair value within other assets on our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 7 includes these securities.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $ 29 38 million and $ 84 million as of June September 30, 2026, and December 31, 2025, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.

See Note 6 herein for additional detail on the loaned securities and see Note 6 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements arrangements and the collateral requirements thereunder.

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Notes to Unaudited Condensed Consolidated Financial Statements equal to the cash received plus interest. As of June 30, 2026, amounts owed under these securities repurchase agreements totaled $ 5 million and are included in other liabilities in our condensed consolidated balance sheets. We report securities pledged under such repurchase agreements at fair value within other assets in our condensed consolidated balance sheets, and include those amounts in this Note 7.

Notes to Unaudited Condensed Consolidated Financial Statements equal to the cash received plus interest. While we entered into securities repurchase agreements during the nine months ended September 30, 2026, no such agreements were outstanding as of September 30, 2026.

Our investments include securities totaling $ 9 million and $ 10 million at both June September 30, 2026, and December 31, 2025, respectively, that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

Our other long-term invested assets include $ 49 52 million of Lloyd's overseas deposits at June September 30, 2026, which are deposits held to provide security for the payment of policyholder claims in certain overseas jurisdictions and enable Syndicate 1301 to operate in those markets. The access to these funds is restricted, and Syndicate 1301 cannot influence the investment strategy.

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The reinsurance arrangements for our Mortgage business include premiums ceded under our Mortgage QSR Program and our Mortgage XOL Program. The initial and ongoing credit that we receive under the PMIERs financial requirements for these risk distribution transactions is subject to the periodic review of by the GSEs.

The ceded reinsurance arrangements for our Specialty business include excess of loss reinsurance, quota share reinsurance and three catastrophe bond placements entered into through strategic counterparties. Where an individual exposure is considered material relative to Inigo's risk appetite, Inigo may purchase additional facultative reinsurance specific to that exposure. In addition, Inigo purchases aggregate reinsurance protection (i.e., excess of loss structures with aggregate deductibles) designed to limit the impact of losses arising from multiple claims, particularly in classes such as liability and casualty.

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(1) Includes Inigo results from the Closing Date through June September 30, 2026 .

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(1) Includes Inigo results from the Closing Date of the acquisition through June September 30, 2026 .

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During the second third quarter of 2026, Radian Guaranty agreed to terms on executed two quota share reinsurance arrangements, each with a separate panel of third-party reinsurance providers. Under these agreements, the first agreement, Radian Guaranty expects to cede 15 % of eligible NIW issued from July 1, 2027, through June 30, 2028, which will increase total quota share coverage on such NIW during that period to 30 %. The second agreement provides for the cession of 20 % of eligible NIW issued from July 1, 2028, through June 30, 2029. In each case, coverage is subject to the terms and conditions of the applicable agreement.

During the second quarter of 2026, Radian Guaranty also amended its 2022 quota share reinsurance agreement covering eligible NIW issued from January 1, 2022, through June 30, 2023. The amendment, which becomes effective went into effect on July 1, 2026, was executed with substantially all participants in the existing reinsurance panel and provides for a reduction in of approximately 40 % of Radian Guaranty's ongoing cost, while extending the agreement's early termination date.

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During the third quarter of 2026, Radian Guaranty entered into an XOL reinsurance arrangement with a panel of highly rated third-party reinsurance providers. The agreement, which went into effect on September 1, 2026, secures approximately $ 125 million of XOL reinsurance coverage on certain policies written from January 1, 2023, through June 30, 2024.

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Consistent with the PMIERs reinsurer counterparty collateral requirements, the third-party reinsurers to Radian Guaranty have established trusts to help secure our potential cash recoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in reinsurance trusts for the benefit of Radian Guaranty was $ 436 484 million as of June September 30, 2026, compared to $ 416 million as of December 31, 2025.

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Prepaid reinsurance premiums represent the portion of ceded premiums written in a year that relate to periods of risk after the reporting date. Prepaid reinsurance premiums are deferred and recognized as ceded premium over the period in which the related reinsurance coverage is provided. For risks‑attaching policies, prepaid reinsurance premiums are recognized over the term of the underlying direct insurance policies or assumed reinsurance contracts. For losses‑occurring contracts,

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Notes to Unaudited Condensed Consolidated Financial Statements

Notes Prepaid reinsurance premiums represent the portion of ceded premiums written in a year that relate to Unaudited Condensed Consolidated Financial Statements periods of risk after the reporting date. Prepaid reinsurance premiums are deferred and recognized as ceded premium over the period in which the related reinsurance coverage is provided. For risks‑attaching policies, prepaid reinsurance premiums are recognized over the term of the underlying direct insurance policies or assumed reinsurance contracts. For losses‑occurring contracts, such as excess of loss reinsurance policies, prepaid reinsurance premiums are recognized over the term of the ceded reinsurance contract. The exception exceptions to straight-line earning are those contracts providing coverage for the property catastrophe excess of loss reinsurance class, which are earned based on exposure to reflect the seasonality of the underlying business.

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Two reinsurers each accounted for more than 10 % of total reinsurance recoverables and ceded unearned premiums for the Specialty segment as of June September 30, 2026, and, in the aggregate, represented 24 28 % of the total.

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Recoveries under these reinsurance arrangements are in proportion to industry losses determined on a per state basis for U.S. hurricane and earthquake losses. As of June September 30, 2026, the total limit available under catastrophe bond-related reinsurance coverage was $ 470 million , with each arrangement providing protection over a multi-year term. These arrangements include annual reset and cancellation provisions that allow Inigo to reassess coverage based on changes in underlying exposures.

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Loaned securities and securities sold under repurchase agreements (Notes 6 and 7)

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As of June September 30, 2026, and December 31, 2025, our net current federal and foreign income tax liability primarily relates to applying the standards of accounting for uncertainty in income taxes, as well as taxes owed on taxable income for both periods. These amounts are included as a component of other assets and liabilities on our condensed consolidated balance sheets. See Note 9 for detail on the components of our other assets and liabilities.

As of June September 30, 2026, the Company's gross unrecognized tax benefits were $ 81 76 million , compared to $ 21 million as of December 31, 2025. The net increase of $ 60 55 million was primarily attributable to uncertain tax positions assumed as a result of the Inigo acquisition and additional reserves associated with the continuation of those positions in the 2026 tax year.

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Notes to Unaudited Condensed Consolidated Financial Statements low‑taxed income ("GILTI") provisions of the Internal Revenue Code, which were amended and renamed as net CFC tested income ("NCTI") under Public Law 119-21 (commonly referred to as the "One Big Beautiful Bill Act"). Beginning in the current year, the Company has elected to account for GILTI/NCTI as a period cost in accordance with the accounting standard regarding income taxes (ASC 740) and, accordingly, recognizes any related tax expense in the period in which the tax is incurred. Under this policy, the Company does not record deferred tax assets or liabilities for temporary differences that may give rise to future GILTI/NCTI inclusions. No GILTI/NCTI expense was recorded for the six nine months ended June September 30, 2026.

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Internal Revenue Code Section 832(e) for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that, in conjunction with quarterly federal tax payment due dates, we purchase non-interest-bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. As of both June September 30, 2026, and December 31, 2025, we held $ 1.1 billion of these bonds which are reported as prepaid federal income taxes in our condensed consolidated balance sheets. The corresponding deduction of our statutory contingency reserves resulted in the recognition of a net deferred tax liability.

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(1) Includes Inigo results from the Closing Date of the acquisition through June September 30, 2026 .

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New primary default notices totaled 25,957 40,594 for the six nine months ended June September 30, 2026, compared to 23,972 37,350 for the six nine months ended June September 30, 2025, representing an increase of 8 9 % .

Our gross Default to Claim Rate assumption applied to new defaults was 7.5 % as of both June September 30, 2026, and June September 30, 2025, based on our review of trends in Cures and claims paid for our default inventory and taking into consideration the risks and uncertainties associated with the current economic environment.

Our provision for losses during the first six nine months of both 2026 and 2025 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of Cure trends that were more favorable than originally estimated, and which resulted in reductions in certain of our prior year Default to Claim Rate assumptions in the first six nine months of both 2026 and 2025.

Total claims paid increased for the six nine months ended June September 30, 2026, compared to the same period in 2025, consistent with both the growth and seasoning of our IIF and our reserving expectations.

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From Closing Date to June September 30, 2026

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The current accident year loss experience benefited from relatively benign catastrophe activity during the period. This benefit was partially offset by losses arising from the Middle East conflict.

Loss and LAE reserves, net of reinsurance recoverables, increased $ 127 199 million from the Closing Date to June September 30, 2026, driven primarily by current year incurred losses and the acquisition-date fair value reserves adjustment for VOBA, partly offset by paid claims and favorable prior year development.

Net incurred losses for the period from the Closing Date to June September 30, 2026, were $ 256 404 million excluding the amortization of the VOBA intangible asset attributable to reserves of $ 6 10 million , comprising $ 292 483 million of current accident year losses, partially offset by favorable prior year development of $ 37 80 million . Prior year development was favorable in aggregate across most lines of business driven primarily by claims emergence that was better than previously expected. These favorable developments were partly offset by adverse development on certain The current accident year included losses related to the Middle East conflict and large losses primarily within across general liability and energy lines, however, this was partially offset by relatively benign catastrophe activity resulting in fewer catastrophe losses during the period.

Net paid losses and LAE of $ 118 191 million during the period from the Closing Date to June September 30, 2026 , primarily reflect settlement activity on prior accident year claims, including catastrophe and large loss settlements.

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FHLB advances due 2027 (2)

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Revolving credit facility

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(1) As of June September 30, 2026 Interest on the revolving credit facility is floating rate, subject to change monthly . Interest rates on the FHLB advances are primarily fixed rate and represent the average rate for all outstanding advances due in a given year.

(2) Includes $ 4 million of floating-rate advances with a weighted average interest rate of 4.13 % as of September 30, 2026, which resets daily based on changes in SOFR .

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Revolving Credit Facility

Radian Group has in place a $ 500 million unsecured revolving credit facility with a syndicate of bank lenders. During the first quarter of 2026, we drew $ 200 million on the facility in connection with the Inigo closing and have repaid $ 125 million of such borrowings through June 30, 2026. See Note 3 for information on the Inigo acquisition.

As of September 30, 2026, Inigo, has through ICML, had in place a $ 620 million letter of credit facility with a syndicate of participating banks to support its requirement to maintain FAL As of June 30, 2026, a letter requirements at Lloyds, with letters of credit totaling $ 620 million was issued and outstanding under this facility. The facility contains financial covenants customary for facilities of this type.

In October 2026, ICML amended and restated its existing letter of credit facility to, among other things, add Radian Group as guarantor and increase the aggregate lender commitments to issue letters of credit from $ 620 million to $ 880 million. The amended facility has a minimum term of four years from the effective date of the amendment and an expiration date of no later than December 31, 2030 . Letters of credit totaling $ 880 million are issued and outstanding under the amended facility, effective October 29, 2026. The amended facility contains customary representations, warranties, covenants, terms and conditions for ICML and Radian Group (as guarantor), including financial covenants applicable to Radian Group and certain metrics relating to ICML's financial position and the capital position that are standard for such arrangements. The amended facility also contains provisions related to events of default, and a default under the amended facility could trigger an event of default under Radian Group's other indebtedness.

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Revolving Credit Facility

Radian Group has in place a $ 500 million unsecured revolving credit facility with a syndicate of bank lenders. During the first quarter of 2026, we drew $ 200 million on the facility in connection with the Inigo closing and have fully repaid this borrowing as of September 30, 2026. See Note 3 for information on the Inigo acquisition.

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The principal balance of the FHLB advances is required to be collateralized by eligible assets with a fair value that must be maintained generally within a minimum range of 103 % to 114 % of the amount borrowed, depending on the type of assets pledged. Our investments include securities totaling $ 91 104 million and $ 43 million at June September 30, 2026, and December 31, 2025, respectively, which serve as collateral for our FHLB advances to satisfy this requirement.

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As of June September 30, 2026, we are in compliance with all of our debt covenants, including for our senior notes, unsecured revolving credit facility and letter of credit facility. For more information regarding our borrowings and financing activities, including certain terms covenants and Parent Guarantees covenants provided by Radian Group in connection with particular borrowings, see Note 12 of Notes to Consolidated Financial Statements in our 2025 Form 10-K and Note 18 herein.

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Legal proceedings 46 changes

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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From time to time, Radian Group's board of directors approves and authorizes the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally executes its share repurchases pursuant to trading plans under Rule 10b5-1 of the Exchange Act ("Rule 10b5-1"), which permits the Company to repurchase shares during periods when it may otherwise be precluded from doing so. During the first six nine months of 2026, Radian had two share repurchase authorizations in effect, one of which is still outstanding, as further discussed below.

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During the three and six nine months ended June September 30, 2026, the Company purchased 2.2 3.7 million and 3.7 7.4 million shares, respectively, at an average price of $ 34.28 36.56 and $ 34.31 35.44 per share, respectively, including commissions, pursuant to its share repurchase program. As of June September 30, 2026, purchase authority of up to $ 736 601 million was available under the second authorization.

During July October 2026, the Company purchased 1.3 3.5 million shares of its common stock under its share repurchase program at an average price of $ 38.29 33.47 per share, including commissions. After giving effect to these repurchases, purchase authority of up to $686 $ 484 million remained available for repurchase under the second authorization.

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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Radian Group Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

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Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized ( 9,400 214,740 ( 2,090 46,971 ( 7,310 167,769 ( 64,076 278,816 ( 14,185 61,156 ( 49,891 217,660

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Net realized gains (losses) on disposals and non-credit related impairment losses ( 5,247 2,624 ( 1,215 638 ( 4,032 1,986 ( 8,620 11,244 ( 1,933 2,571 ( 6,687 8,673

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Net unrealized gains (losses) from investments recorded as assets held for sale ( 34 ( 7 ( 27 ( 6 ( 1 ( 5

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Net realized gains (losses) on disposals and non-credit related impairment losses ( 2,056 869 ( 432 183 ( 1,624 686 ( 4,406 5,274 ( 925 1,108 ( 3,481 4,166

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The Company's insurance and reinsurance operations are subject to laws and regulations in the jurisdictions in which they operate. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval from insurance regulatory authorities. As of June September 30, 2026, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $ 5.5 4.6 billion of our consolidated net assets.

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Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in certain states, a maximum ratio of net RIF relative to statutory capital, or Risk-to-capital. The most common such requirement is that a mortgage insurer's Risk-to-capital may not exceed 25 to 1. In certain of the r isk-based capital states, or those states that currently impose a statutory or regulatory risk-based capital requirement ("RBC States"), a mortgage insurer must maintain a minimum policyholder position, which is calculated based on both risk and surplus levels. Radian Guaranty was in compliance with all applicable statutory capital requirements in each of the RBC States as of June September 30, 2026, and December 31, 2025. Radian Guaranty's Risk-to-capital was 10.4 :1 and 10.3 :1 as of June September 30, 2026, and December 31, 2025, respectively. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders' surplus plus statutory contingency reserves. Our other insurance subsidiaries were also in compliance with all statutory and counterparty capital requirements as of June September 30, 2026, and December 31, 2025.

In addition, to be eligible to insure loans purchased by the GSEs, mortgage insurers such as Radian Guaranty must meet the GSEs' eligibility requirements, or PMIERs. At June September 30, 2026, Radian Guaranty is an approved mortgage insurer under the PMIERs and is in compliance with the current PMIERs financial requirements.

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Radian Guaranty had positive unassigned surplus of $ 346 million as of December 31, 2025, providing it with the ability to pay ordinary dividends in the first, and second and third quarters of 2026, subject to the restrictions under Pennsylvania's insurance laws, as discussed above, and conditions required in connection with the Intercompany Note, as discussed below. As a result, Radian Guaranty paid ordinary dividends of $ 140 million, and $ 200 million and $ 175 million to Radian Group in the first, and second and third quarters of 2026, respectively, and maintains the ability to pay additional ordinary dividends during the remainder of 2026. Subsequent to the payment of these dividends, as of June September 30, 2026, Radian Guaranty had positive unassigned surplus of $ 282 254 million .

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The Company operates in the Lloyd's market through its U.K. subsidiary corporate member, ICML, which provides underwriting capacity to Lloyd's Syndicate 1301. Syndicate 1301 is managed by IMAL. IMAL is authorized by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority and PRA. As a Lloyd's corporate member, ICML is subject to Lloyd's byelaws, rules and other requirements, which may restrict certain transactions and distributions in specified circumstances or require the approval of Lloyd's.

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ICML is subject to Lloyd's byelaws, rules and other requirements, which may restrict certain transactions and distributions in specified circumstances or require the approval of Lloyd's.

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The determination of FAL is based on a number of factors including the nature and amount of risk to be underwritten by the member and the assessment of the reserving risk on business that has been underwritten. As of June September 30, 2026, Inigo's FAL capital requirement was met through cash, investments and the letter of credit facility. These assets are held in trust and subject to Lloyd's requirements, and accordingly, are restricted and not available for general corporate purposes, although they may be called to meet policyholder obligations or liquidity requirements at Lloyd's. Corporate members may also be required to maintain funds under the control of Lloyd's in excess of their FAL capital requirements and such funds also may not be available for dividend distributions. Lloyd's sets the corporate members' required capital annually and reviews funds held compared to the latest capital requirements on a quarterly basis. This process is supported by the application of Inigo's capital model developed in accordance with the Solvency UK regulatory framework.

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Outstanding, June September 30, 2026 (1) (5)

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(5) Includes 117 96 thousand performance-based shares and 71 29 thousand time-vested shares granted to employees in our Mortgage Conduit, Title and Real Estate Services businesses, which are presented as discontinued operations.

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After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments, As and in the second quarter of June 30, 2026, all of it completed the sale of all mortgage loans held. As of our Mortgage Conduit business had been sold and September 30, 2026, the wind-down of our Mortgage Conduit business was substantially complete.

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We have reclassified the assets and liabilities associated with these businesses as held for sale and reflected their results as discontinued operations in the Company's condensed consolidated financial statements, effective beginning with the quarter ended September 30, 2025. To conform to the current presentation, we have reflected the results of these businesses as discontinued operations for all prior periods presented in our condensed consolidated financial statements. No general corporate overhead or interest expense was allocated to discontinued operations. The Company does not expect the aggregate value realized upon disposition of these businesses to be materially different from their carrying value; accordingly, no impairment has been recognized.

Pending final closing details, the net impact of the divestiture of our Real Estate Services and Title businesses is expected to result in an immaterial net loss, which has been reflected in the carrying value of our assets and liabilities held for sale as of September 30, 2026.

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(1) Radian Mortgage Capital entered into Master Repurchase Agreements that were used to finance the acquisition of residential mortgage loans and related mortgage loan assets. During the three months ended June 30, second quarter of 2026, all outstanding borrowings under these agreements were repaid and the agreements were terminated as part of the wind-down of our Mortgage Conduit business.

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Net gains (losses) on financial instruments and foreign exchange ( 129 ( 6,703 ( 5,425 (2)

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Ite m 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The disclosures in this quarterly report are complementary to those made in our 2025 Form 10-K and should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in this report, as well as our audited financial statements, notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2025 Form 10-K.

The following analysis of our financial condition and results of operations for the three and six months ended June 30, 2026, provides information that evaluates our financial condition as of June 30, 2026, compared with December 31, 2025, and our results of operations for the three and six months ended June 30, 2026, compared to the same periods in 2025.

Investors should review the "Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions" and "Item 1A. Risk Factors" herein and in our 2025 Form 10-K for a discussion of those risks and uncertainties that have the potential to adversely affect our business, financial condition, results of operations, cash flows or prospects. Our results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. See "Overview" below and Note 1 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

Key Factors Affecting Our Results

Insured Portfolio Metrics

Results of Operations—Consolidated

Results of Operations—Mortgage Segment

Results of Operations—Specialty Segment

Results of Operations—Corporate Category

Liquidity and Capital Resources

Critical Accounting Estimates

For nearly 50 years, we have been a leading private mortgage insurer, expanding access to affordable, responsible and sustainable homeownership. On February 2, 2026, we acquired Inigo, a Lloyd's specialty insurer. The acquisition of Inigo expanded our business profile and established Radian as a global multi-line specialty insurer, combining the embedded value and capital generation capabilities of our mortgage insurance business with the growth potential of a disciplined specialty insurance and reinsurance business.

As part of our strategy to become a more focused insurance business we also announced a plan to divest our non-core businesses. We have now executed definitive actions to complete these divestitures, including completing the sale of our Real Estate Services business and entering into an agreement to sell our Title business. We expect the sale of our Title business to be completed by the end of this year.

Following the acquisition of Inigo, we now operate through two reportable segments, Mortgage and Specialty. We believe our businesses are differentiated by our proprietary risk analysis and risk management capabilities, which are informed by data and analytics, as well as our disciplined approach to underwriting and capital management. On a consolidated basis, during the second quarter of 2026, net income from continuing operations was $116 million, producing a 9.8% return on equity, while pretax income from continuing operations was $151 million. Adjusted pretax operating income was $196 million, resulting in a 12.9% adjusted net operating return on equity. The Specialty segment expanded our revenue base and further diversified our earnings streams, while our Mortgage segment continued to generate strong cash flow and capital. We believe the combination of our Mortgage and Specialty businesses has increased our strategic flexibility and is positioning Radian to deliver results over the long-term.

(1) Includes the results from the Real Estate Services business until August 3, 2026, the date the sale was completed.

(2) Includes amounts recognized during the third quarter of 2026 related to the completed sale of the Real Estate Services business and the pending disposition of the Title business.

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(3) All Lloyd's syndicates, including Syndicate 1301, benefit from the financial strength ratings assigned to the Lloyd's market, as policies written by Lloyd's syndicates are ultimately supported by the market's common security arrangements.

Critical Accoun ting Estimates

In preparing the financial statements in this report, management has used available information, including our past history, industry standards and the current and projected economic and housing environments, among other factors, in forming its estimates, assumptions and judgments, giving due consideration to materiality. Because the use of estimates is inherent in GAAP, actual results could differ from those estimates. In addition, other companies may use different estimates, which may impact comparability of our results of operations to those of companies in similar businesses.

As of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our 2025 Form 10-K, except as follows, which are critical accounting estimates introduced as a result of the acquisition of Inigo.

See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but not yet adopted that may impact the Company's consolidated financial position, earnings, cash flows or disclosures.

Reserves for Losses and LAE—Specialty

The measurement of the reserves for losses and LAE for our specialty insurance and reinsurance portfolio requires significant judgment and involves estimates and assumptions about future events that can have a material impact on the amounts recognized in the condensed consolidated financial statements. The reserves for losses and LAE include management's estimate of the ultimate cost of settling all claims incurred but unpaid at the balance sheet date, whether reported or not, as well as related internal and external claims handling expenses.

Estimating the reserves for losses and LAE is inherently complex and subjective due to uncertainty regarding the frequency, severity and timing of claims payments. This complexity is particularly pronounced for IBNR, for which limited claims-specific information is available at the reporting date. As a result, considerable judgment is required in estimating the amount of loss associated with these claims.

The IBNR provision is estimated using actuarial projection techniques, which generally project from past experience the development of claims over time in view of the likely ultimate claims to be experienced and, for more recent underwriting years, taking into consideration variations in business accepted and the underlying terms and conditions. For more recent underwriting years, where historical data is less developed and greater volatility may exist, estimates may also incorporate output from pricing, rating and other underwriting models, as well as assessments of current underwriting and market conditions.

In establishing the reserve for losses and LAE, senior management evaluates the actuarial best estimate and regularly reviews the assumptions, methodologies and resulting estimates, including comparisons of actual claims experience to prior estimates, and adjusts the provision as necessary to reflect new information and emerging trends.

Due to the significant judgments involved, actual claims settlement costs may differ materially from amounts currently recorded.

Premium Revenue Recognition—Specialty

For certain insurance contracts in our specialty insurance portfolio, premium revenue is initially recognized based on estimates of premiums that are not yet fully determinable at inception. The estimation of future premiums requires significant judgment and involves assumptions regarding future policy activity, exposure levels and claims experience. As a result, actual premiums ultimately earned may differ from amounts initially recorded, and such differences could be material to our financial results.

Estimated premium income is developed using a combination of underwriters' best estimates, observable historical experience and other relevant data. These estimates reflect management's assessment of expected future premium amounts based on the terms of the underlying insurance contracts and anticipated exposure to insurance risk. Premium estimates are

Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations reviewed regularly by underwriting personnel and are subject to oversight by actuarial and finance teams, who evaluate the reasonableness of the assumptions used and update estimates as additional experience and information becomes available.

Certain contracts include variable premium features under which the ultimate premium is contingent upon claims experience or other measures of insurance risk exposure. To the extent sufficient data is available to enable a reliable estimate, expected variable premiums are included in premium revenue based on actuarially supported estimates of future claims and exposure. These estimates are inherently uncertain and may be subject to volatility, particularly in periods of changing loss experience or economic conditions.

Management reassesses estimated premiums at each reporting date and records adjustments to premium revenue as estimates are updated to reflect actual experience and revised expectations. If future premium activity, claims experience or exposure differs materially from assumptions used in establishing estimated premiums, the timing and amount of premium revenue recognized could be materially impacted.

Business Combinations

The accounting for business combinations requires significant judgment and the use of estimates, particularly in determining the fair value of assets acquired and liabilities assumed and in evaluating the recoverability of goodwill and other intangible assets. On February 2, 2026, we completed the acquisition of Inigo, which was accounted for using the acquisition method in accordance with the accounting standard regarding business combinations (ASC 805). As a result, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date.

Fair value measurements in a business combination involve the use of valuation techniques that require management to make assumptions about future events and market participant inputs, including projected premiums, claims, expenses, discount rates, attrition rates and expected cash flows. Significant judgment is required in estimating the fair value of identifiable intangible assets, including VOBA, broker relationships, Lloyd's syndicate capacity and related rights, brand and technology, as well as in determining the amount of goodwill recognized.

The purchase price allocation for the Inigo acquisition, including the valuation of intangible assets and the recognition of goodwill, is preliminary and remains subject to adjustment during the measurement period, which may extend up to twelve months from the acquisition date. Changes to facts and circumstances, including additional information obtained during the measurement period, could result in adjustments to the fair values assigned to assets acquired and liabilities assumed, including goodwill, with a corresponding impact on future amortization expense and impairment assessments.

While management believes the assumptions and estimates used in the acquisition accounting are reasonable, actual results may differ from those estimates. Such differences could have a material impact on our condensed consolidated financial statements and results of operations in future periods. Additional information regarding the Inigo acquisition, including the preliminary purchase price allocation and significant valuation assumptions, is provided in Note 3 of Notes to Unaudited Condensed Consolidated Financial Statements.

The determination of the provision for income taxes requires significant judgment in the application of complex income tax laws and regulations across multiple jurisdictions.

The accounting for income taxes related to business combinations requires additional judgment. In connection with acquisitions, management is required to determine the appropriate tax treatment of the transaction, including whether certain tax elections are made that affect the tax basis of acquired assets and liabilities. These determinations impact the amount and timing of deferred tax assets and liabilities recognized at the acquisition date and in subsequent periods. Changes in assumptions related to the tax structure of an acquisition or the interpretation of applicable tax laws could result in changes to deferred tax balances and income tax expense.

We also evaluate uncertain tax positions and recognize liabilities when, based on Radian's judgment, it is more likely than not that a tax position will not be sustained based on the technical merits of the position. The evaluation of uncertain tax positions requires judgment in the interpretation of tax laws and regulations and in assessing the relevant facts and circumstances. Changes in tax laws, business results or management's assumptions and judgments could materially affect the provision for income taxes in future periods. Additional information regarding income taxes and uncertain tax positions is included in Note 3 and Note 10 of Notes to Unaudited Condensed Consolidated Financial Statements.

Ite m 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk represents the potential for loss due to adverse changes in the value of financial instruments as a result of changes in market conditions. Examples of market risk include changes in interest rates, credit spreads, foreign currency exchange rates and equity prices. We regularly analyze our exposure to interest rate risk and credit spread risk and have determined that the fair value of our investments is materially exposed to changes in both interest rates and credit spreads. See " Our success depends, in part, on our ability to manage risks in our investment portfolio " under "Item 1A. Risk Factors" in our 2025 Form 10-K.

The completion of the Inigo acquisition on February 2, 2026, gave rise to new market risk exposures not previously existing for the Company related to foreign currency exchange rate risk and reinsurer credit risk; however, these incremental risks are not considered to be material to the Company as of June 30, 2026. Further, the acquisition added incremental market risk exposure already existing for the Company related to interest rate risk and credit spread risk, which are disclosed in our 2025 Form 10-K. As such, the acquisition did not result in a material change to the Company's market risk disclosures as of June 30, 2026, from those set forth in "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" of our 2025 Form 10-K.

Ite m 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and interim Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and interim Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of June 30, 2026, pursuant to Rule 15d-15(b) under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and interim Chief Financial Officer concluded that, as of June 30, 2026, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

The Company completed its acquisition of Inigo on February 2, 2026. Management is in the process of integrating Inigo's processes, systems and control activities into the Company's framework for internal control over financial reporting. In accordance with SEC guidance, management expects to exclude Inigo's internal control over financial reporting from its annual assessment of internal control over financial reporting for the year ending December 31, 2026.

Changes in Internal Control Over Financial Reporting

Other than changes related to the ongoing internal control integration of Inigo described above, during the three-month period ended June 30, 2026, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

September 30, 2026, was primarily driven by the net change in borrowings related to funding from mortgage loan financing facilities.

See "Item 1. Financial Statements (Unaudited)—Condensed Consolidated Statements of Cash Flows (Unaudited)" for additional information.

Liquidity Analysis—Holding Company

Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. At September 30, 2026, Radian Group had available, either directly or through unregulated subsidiaries, unrestricted cash and liquid investments of $376 million. Total liquidity was $876 million as of September 30, 2026, and included $500 million of remaining availability under our unsecured revolving credit facility.

During the nine months ended September 30, 2026, Radian Group's available liquidity decreased by $1.5 billion, primarily due to $1.65 billion of cash consideration paid for the acquisition of Inigo, $261 million paid for share repurchases and $107 million paid for dividends. This decrease was partially offset by $515 million of ordinary dividends received from Radian Guaranty and $65 million of distributions from our businesses held for sale. See Notes 16 and 18 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information on distributions from Radian Guaranty and our businesses held for sale, respectively.

In addition to available cash and marketable securities, including net investment income earned on such investments, Radian Group's principal sources of cash to fund future liquidity needs include: (i) payments made to Radian Group by certain of its subsidiaries under expense- and tax-sharing arrangements; (ii) to the extent available, dividends or other distributions from its subsidiaries; and (iii) as further described below, our $500 million unsecured revolving credit facility with a syndicate of bank lenders that is undrawn and remains available.

Subject to certain limitations, borrowings under our $500 million unsecured revolving credit facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to our insurance and other subsidiaries as well as growth initiatives. During the nine months ended September 30, 2026, we drew $200 million on the facility in connection with the Inigo acquisition and fully repaid the borrowing. As of September 30, 2026, we were in compliance with our covenants under the unsecured revolving credit facility. See Note 12 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information on the unsecured revolving credit facility.

In connection with our Mortgage Conduit business, Radian Mortgage Capital entered into the Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. In addition, Radian Group entered into Parent Guarantees guaranteeing the obligations under the Master Repurchase Agreements. Following the decision to wind down our Mortgage Conduit business, the Master Repurchase Agreements and the related Parent Guarantees have been terminated. See Note 18 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

As of September 30, 2026, we expect Radian Group's principal liquidity demands for the next 12 months to be: (i) the payment of $450 million principal amount of our outstanding Senior Notes due 2027; (ii) the payment of corporate expenses, including taxes; (iii) interest payments on our outstanding debt obligations, including interest payments to Radian Guaranty under the terms of the Intercompany Note, as well as potential amounts to repay borrowings under our credit facility, if any; (iv) investments to support our business strategy and to expand and diversify our revenue streams, including, if needed, capital contributions to our subsidiaries; and (v) the payment of quarterly dividends on our common stock, which currently are $0.255 per share, and which remain subject to approval by our board of directors and our ongoing assessment of our financial condition and potential needs related to the execution and implementation of our business plans and strategies.

In addition to our ongoing short-term liquidity needs discussed above, our most significant need for liquidity beyond the next 12 months is the repayment of $625 million aggregate principal amount of our senior debt due in 2029 and of the $600 million that we borrowed from Radian Guaranty pursuant to the Intercompany Note to fund a portion of the purchase price of the Inigo acquisition. See "Capitalization—Holding Company" below for additional information about our outstanding debt.

Radian Group's liquidity demands for the next 12 months or in future periods could also include: (i) potential repurchases of shares of our common stock pursuant to share repurchase authorizations, as described below and (ii) early repurchases or redemptions of portions of our debt obligations, including principal due on the Intercompany Note.

For additional information about related risks and uncertainties, see " The use of the Intercompany Note to fund a portion of the Inigo acquisition reduced our liquidity and Radian Guaranty's PMIERs Cushion, and subjects us to certain conditions

Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and compliance obligations associated with the Intercompany Note which could adversely affect us and our financial condition ;" " Our sources of liquidity may be insufficient to fund our obligations ;" and " Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty's eligibility could reduce our available liquidity " under "Item 1A. Risk Factors" in our 2025 Form 10-K.

In addition to Radian Group's existing sources of liquidity to fund its obligations, we may decide to seek additional capital, including by incurring additional debt, issuing additional equity or selling assets, which we may not be able to do on favorable terms, if at all.

Inigo Acquisition. On February 2, 2026, the Company completed its strategic acquisition of Inigo, which reduced both available and total liquidity by $1.65 billion, representing the cash portion of the consideration paid for the acquisition. Radian funded the acquisition from Radian Group's available liquidity sources (including proceeds of the Intercompany Note) combined with funds from a $200 million draw on our unsecured revolving credit facility, which was fully repaid as of September 30, 2026.

Discontinued Operations. During the nine months ended September 30, 2026, our businesses held for sale returned $65 million of capital to Radian Group, partially offset by $11 million in contributions from Radian Group to those businesses. In the fourth quarter of 2026, we anticipate that the disposition of our remaining assets and liabilities held for sale will further contribute to our holding company liquidity.

Share Repurchases. During the nine months ended September 30, 2026, the Company repurchased 7.4 million shares of Radian Group common stock under programs authorized by Radian Group's board of directors, at a total cost of $261 million, including commissions. See Note 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details on our share repurchase programs.

Dividends and Dividend Equivalents. Our quarterly dividend is currently $0.255 per share. Based on our outstanding shares of common stock and our current dividend level, which our board of directors may change at any time, we would require approximately $133 million in the aggregate to pay dividends for the next 12 months, plus an incremental amount for dividend equivalents that will fluctuate based on final shares vested under our performance-based RSU programs. So long as no default or event of default exists under our revolving credit facility, Radian Group is not subject to any legal or contractual limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware. See Note 16 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details. The declaration and payment of future quarterly dividends remains subject to the board of directors' discretion and determination.

Corporate Expenses and Interest Expense. Radian Group has expense-sharing arrangements in place with its U.S. principal operating subsidiaries that may require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group's outstanding third-party debt obligations. Operating expenses and interest expense on Radian Group's third-party debt obligations allocated under these arrangements during the nine months ended September 30, 2026, of $91 million and $53 million, respectively, were substantially all reimbursed by Radian Group's subsidiaries. We expect these expense-sharing arrangements to remain in effect for the remainder of 2026 and beyond. The expense-sharing arrangements, as amended, between Radian Group and its mortgage insurance subsidiaries have been approved by the Pennsylvania Insurance Department, but such approval may be modified or revoked at any time and the amounts allocated under the agreements may change.

Taxes. Pursuant to our tax-sharing agreements, our U.S.-based operating subsidiaries pay Radian Group an amount equal to any federal income tax the subsidiary would have paid on a standalone basis if it was not part of our consolidated tax return. As a result, from time to time, under the provisions of our tax-sharing agreements, Radian Group may pay to or receive from its U.S.-based operating subsidiaries amounts that differ from Radian Group's consolidated federal tax payment obligation. There were $110 million tax-sharing agreement payments received by Radian Group from its U.S.-based operating subsidiaries during the nine months ended September 30, 2026.

Controls and procedures 2 changes

Changes in Internal Control Over Financial Reporting

Other than changes related to the ongoing internal control integration of Inigo described above, during the three-month period ended September 30, 2026, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 4 changes

During the three months ended June September 30, 2026, no equity securities of Radian Group were sold that were not registered under the Securities Act of 1933, as amended.

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The following table provides information about purchases of Radian Group common stock by us (and our affiliated purchasers) during the three months ended June September 30, 2026.

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(1) Includes 475,003 20,217 shares tendered by employees as payment of taxes withheld on the vesting of certain restricted stock awards granted under the Company's equity compensation plans.

Part II. Item 2. During the second quarter of 2026, Radian had two outstanding share repurchase authorizations in effect. In January 2023, Radian Group's board Unregistered Sales of directors authorized the Company to spend up to $300 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price Equity Securities and other factors. In May 2024, Radian Group's board of directors approved an extension of the duration of this authorization to June 2026, as well as an increase Use of $600 million in the authorization, bringing the total under this first authorization to repurchase shares up to $900 million, excluding commissions. In April 2026, purchase authority under this authorization was exhausted. Proceeds (2) In May 2025, Radian Group's board of directors approved a second an authorization for the Company to spend up to an additional $750 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Repurchases under the second this authorization commenced in April 2026 after the first prior authorization was exhausted. As of June September 30, 2026, purchase authority of up to $736 $601 million remained available under the second current authorization, which is scheduled to expire in December 2027.

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Other information 27 changes

Disclosure in Lieu of Reporting on Current Report on

The following information is being provided in this report in lieu of filing such information on a Current Report on Form 8-K under Item 5.02, Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 6, 2026, Radian Group's board of directors adopted the Radian Group Inc. 2026 Inducement Grant Equity Plan, as amended as of August 6, 2026 (the "Inducement Plan"), which amends the Radian Group Inc. 2026 Inducement Grant Equity Plan to increase the maximum aggregate number of shares authorized for issuance under the Inducement Plan from 500,000 to 674,220. Under the Inducement Plan, the Company may grant equity-based awards to newly hired employees as a material inducement to employment in accordance with New York Stock Exchange Listed Company Manual Section 303A.08. As previously disclosed in the Company's press release issued on June 3, 2026, effective on his employment date of June 1, 2026, the Company granted Michael Weinbach 150,000 time-based restricted stock units and 262,110 performance-based stock units under the Inducement Plan. The performance-based awards are subject to performance-based vesting conditions such that they may vest between 0% and 200% of the grant date number (up to a maximum of 524,220 shares). The additional 174,220 shares available under the amended Inducement Plan were added solely in the event that the previously-granted performance-based awards to Mr. Weinbach vest at the maximum level, and do not represent new awards under the Inducement Plan. As a result of the awards granted to Mr. Weinbach on June 1, 2026, no additional shares remain available for issuance of awards under the Inducement Plan.

The foregoing description of the Inducement Plan is qualified in its entirety by reference to the full text of the Inducement Plan, a copy of which is filed as Exhibit 10.11 and is incorporated by reference in this report.

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Each of Rick Thornberry , Chief Executive Officer , Meghan Bartholomew , Senior Executive Vice President , and Steve Keleher , Senior Executive Vice President , entered into a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company's policies regarding transactions in Company securities.

M r. Thornberry entered into a trading plan on June 4, 2026 , pursuant to which he may sell a maximum of 360,000 shares of the Company's common stock. Sales pursuant to the trading plan will occur at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on June 3, 2027 , or the earlier completion of all sales under the plan.

Ms. Bartholomew entered into a trading plan on June 3, 2026 , pursuant to which she may sell up to a maximum aggregate number of 7,812 shares of the Company's common stock, with sales occurring at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on June 1, 2027 , or the earlier completion of all sales under the plan.

Mr. Keleher entered into a trading plan on June 8, 2026 , pursuant to which he may sell up to a maximum aggregate number of 10,000 shares of the Company's common stock, with sales occurring at prevailing market prices (subject to a price threshold) on set dates through the expiration of the plan on June 4, 2027 , or the earlier completion of all sales under the plan.

Except as described below, None of the directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended June September 30, 2026.

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2026 Performance-Based Restricted Stock Unit Grant Agreement (book value) under the Radian Group Inc. Equity Compensation Plan between the Registrant and Richard G. Thornberry

2026 Time-Based Restricted Stock Unit Grant Agreement under the Radian Group Inc. Equity Compensation Plan between the Registrant and Richard G. Thornberry

Form of Time-Based Restricted Stock Unit Inducement Grant Agreement under the Radian Group Inc. 2026 Inducement Grant Equity Plan, between Radian Group Inc. and Michael Weinbach (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-8 (file no. 333-296393) filed on June 1, 2026)

Form of Performance-Based Restricted Stock Unit Inducement Grant Agreement (LTI book value with relative TSR modifier) under the Radian Group Inc. 2026 Inducement Grant Equity Plan, between Radian Group Inc. and Michael Weinbach (incorporated by reference to Exhibit 4.3 to the Registrant's Registration Statement on Form S-8 (file no. 333-296393) filed on June 1, 2026)

Form of Executive Officer 2026 Performance-Based Restricted Stock Unit Grant Agreement (book value) under the Radian Group Inc. Equity Compensation Plan

Form of Executive Officer 2026 Time-Based Restricted Stock Unit Grant Agreement under the Radian Group Inc. Equity Compensation Plan

Form of 2026 Non-Employee Director Restricted Stock Unit Grant Letter

Radian Group Inc. 2026 Equity Compensation Plan (incorporated by reference to Appendix A to the Registrant's Definitive Proxy Statement on Schedule 14A (file no. 1-11356) filed on April 2, 2026, for the 2026 Annual Meeting of Stockholders)

Radian Group Inc. 2026 Equity Compensation Plan; Radian Group Inc. Employee Stock Purchase Plan Sub-Plan for U.K. Employees (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-8 (file no. 333-296109) filed on May 21, 2026)

Radian Group Inc. 2026 Inducement Grant Equity Plan, as amended as of August 6, 2026

Form of Restrictive Covenants Agreement by and between the Registrant and certain executive officers (including for Meghan Bartholomew, Mary Dickerson, Edward Hoffman, Steve Keleher, Dan Kobell, Robert Quigley and Richard Watson)

Form of Severance Agreement by and between the Registrant and certain executive officers (including for Meghan Bartholomew, Mary Dickerson, Edward Hoffman, Steve Keleher, Dan Kobell, Robert Quigley and Richard Watson)

Employment Agreement, dated as of May 21, 2026, between Radian Group Inc. and Michael Weinbach (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 21, 2026, and filed on May 21, 2026)

Restrictive Covenants Agreement, dated as of May 21, 2026, between Radian Group Inc. and Michael Weinbach (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 21, 2026, and filed on May 21, 2026)

Amendment to Employment Agreement, dated as of May 21, 2026, between Radian Group Inc. and Richard G. Thornberry

Consulting Agreement between Radian Group Inc. and Richard G. Thornberry

Radian Group Inc. 2026 Inducement Grant Equity Plan, as amended as of August 6, 2026 (incorporated by reference to Exhibit 10.3 10.11 to the Registrant's Current Quarterly Report on Form 8-K 10-Q (file no. 1-11356) dated May 21, 2026, and filed on May 21, for the period ended June 30, 2026)

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Senior Executive Vice President, Interim Chief Financial Officer

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