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Note 5 - Fair Value of Financial Instruments (Note)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial InstrumentsFor discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2020 Form 10-K.
The following tables include a list of assets that are measured at fair value by hierarchy level as of June 30, 2021 and December 31, 2020.
Assets carried at fair value by hierarchy level
June 30, 2021
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$178,709 $29,954 $— $208,663 
State and municipal obligations— 157,944 — 157,944 
Corporate bonds and notes— 2,970,142 — 2,970,142 
RMBS— 719,840 — 719,840 
CMBS— 714,671 — 714,671 
CLO— 521,153 — 521,153 
Other ABS— 226,968 — 226,968 
Foreign government and agency securities— 5,399 — 5,399 
Mortgage insurance-linked notes (1)
— 48,033 — 48,033 
Total fixed-maturities available for sale178,709 5,394,104 — 5,572,813 
Trading securities
State and municipal obligations— 101,454 — 101,454 
Corporate bonds and notes— 121,377 — 121,377 
RMBS— 11,134 — 11,134 
CMBS— 34,015 — 34,015 
Total trading securities— 267,980 — 267,980 
Equity securities167,610 7,537 — 175,147 
Short-term investments
U.S. government and agency securities21,997 — — 21,997 
State and municipal obligations— 15,940 — 15,940 
Money market instruments406,808 — — 406,808 
Corporate bonds and notes— 19,931 — 19,931 
CMBS— 4,780 — 4,780 
Other ABS— 431 — 431 
Other investments (2)
— 192,208 — 192,208 
Total short-term investments428,805 233,290 — 662,095 
Other invested assets (3)
— — 3,000 3,000 
Total investments at fair value (3)
775,124 5,902,911 3,000 6,681,035 
Other
Embedded derivatives (4)
— — 5,905 5,905 
Loaned securities (5)
U.S. government and agency securities5,550 — — 5,550 
Corporate bonds and notes— 95,318 — 95,318 
Equity securities29,982 — — 29,982 
Total assets at fair value (3)
$810,656 $5,998,229 $8,905 $6,817,790 
(1)Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs.
(2)Comprising short-term certificates of deposit and commercial paper.
(3)Does not include other invested assets of $0.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(4)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.
(5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
Assets carried at fair value by hierarchy level
December 31, 2020
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$140,034 $29,189 $— $169,223 
State and municipal obligations— 165,271 — 165,271 
Corporate bonds and notes— 3,047,189 — 3,047,189 
RMBS— 833,939 — 833,939 
CMBS— 681,265 — 681,265 
CLO— 568,558 — 568,558 
Other ABS— 252,457 — 252,457 
Foreign government and agency securities— 5,438 — 5,438 
Total fixed-maturities available for sale140,034 5,583,306 — 5,723,340 
Trading securities
State and municipal obligations— 120,449 — 120,449 
Corporate bonds and notes— 123,142 — 123,142 
RMBS— 13,000 — 13,000 
CMBS— 34,294 — 34,294 
Total trading securities— 290,885 — 290,885 
Equity securities142,761 8,479 — 151,240 
Short-term investments
State and municipal obligations— 21,819 — 21,819 
Money market instruments268,900 — — 268,900 
Corporate bonds and notes— 30,495 — 30,495 
Other ABS— 219 — 219 
Other investments (1)
— 296,571 — 296,571 
Total short-term investments268,900 349,104 — 618,004 
Other invested assets (2)
— — 3,000 3,000 
Total investments at fair value (2)
551,695 6,231,774 3,000 6,786,469 
Other
Embedded derivatives (3)
— — 5,513 5,513 
Loaned securities (4)
U.S. government and agency securities4,876 — — 4,876 
Corporate bonds and notes— 31,324 — 31,324 
Equity securities21,299 — — 21,299 
Total assets at fair value (2)
$577,870 $6,263,098 $8,513 $6,849,481 
(1)Comprising short-term certificates of deposit and commercial paper.
(2)Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(3)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.
(4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
There were no transfers to or from Level III for the three and six months ended June 30, 2021 or the year ended December 31, 2020. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three and six months ended June 30, 2021 and the year ended December 31, 2020.
Other Fair Value Disclosure
The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial liabilities not carried at fair value
June 30, 2021December 31, 2020
(In thousands)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Senior notes$1,407,545 $1,563,796 $1,405,674 $1,563,503 
FHLB advances153,983 156,116 176,483 179,578 
The fair value of our senior notes is estimated based on quoted market prices. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about these borrowings.