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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.


Assets and liabilities carried at fair value by hierarchy level


	December 31, 2024
(In thousands)	Level I		Level II		Level III		Total


Investments
Fixed maturities available for sale
U.S. government and agency securities	$	119,630	$	8,702	$	—	$	128,332
State and municipal obligations		—		148,891		—		148,891
Corporate bonds and notes		—		2,476,639		—		2,476,639
RMBS		—		1,011,630		—		1,011,630
CMBS		—		411,999		—		411,999
CLO		—		411,462		—		411,462
Other ABS		—		438,811		—		438,811
Mortgage insurance-linked notes (1)		—		47,156		—		47,156
Total fixed maturities available for sale		119,630		4,955,290		—		5,074,920


Assets and liabilities carried at fair value by hierarchy level


	December 31, 2024
(In thousands)	Level I		Level II		Level III		Total


Fixed maturities trading securities
State and municipal obligations		—		50,845		—		50,845
Corporate bonds and notes		—		23,940		—		23,940
RMBS		—		3,029		—		3,029
CMBS		—		4,838		—		4,838
Total fixed maturities trading securities		—		82,652		—		82,652

Equity securities		128,368		3,275		6,546		138,189

Residential mortgage loans held for sale (2)		—		519,885		—		519,885

Other invested assets (3) (4)		—		—		5,908		5,908

Short-term investments
State and municipal obligations		—		1,750		—		1,750
Money market instruments		384,934		—		—		384,934
Corporate bonds and notes		—		49,905		—		49,905
Other ABS		—		16,054		—		16,054
Other investments (5)		—		69,005		—		69,005
Total short-term investments		384,934		136,714		—		521,648
Total investments at fair value (4)		632,932		5,697,816		12,454		6,343,202

Other
Derivative assets		—		4,274		—		4,274
Mortgage servicing rights		—		—		2,702		2,702
Loaned securities (6)
Corporate bonds and notes		—		130,256		—		130,256
Other ABS		—		60		—		60
Equity securities		8,805		—		—		8,805
Securitized residential mortgage loans held for investment (2)		—		717,228		—		717,228
Total assets at fair value (4)	$	641,737	$	6,549,634	$	15,156	$	7,206,527

Liabilities
Derivative liabilities	$	—	$	40	$	1,249	$	1,289
Securitized nonrecourse debt (2)		—		703,526		—		703,526
Total liabilities at fair value	$	—	$	703,566	$	1,249	$	704,815

(1)

Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.

(2)

See Note 7 for more information about our residential mortgage loan activities, including our private label securitization program.

(3)

Consists primarily of interests in private debt and equity investments.

(4)

Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(5)

Comprises short-term certificates of deposit and commercial paper.

(6)

Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our consolidated balance sheets. See Note 6 for more information on our securities lending agreements.


Assets and liabilities carried at fair value by hierarchy level


	December 31, 2023
(In thousands)	Level I		Level II		Level III		Total


Investments
Fixed maturities available for sale
U.S. government and agency securities	$	124,734	$	9,859	$	—	$	134,593
State and municipal obligations		—		142,785		—		142,785
Corporate bonds and notes		—		2,511,905		—		2,511,905
RMBS		—		1,014,071		—		1,014,071
CMBS		—		558,383		—		558,383
CLO		—		487,849		—		487,849
Other ABS		—		284,559		—		284,559
Foreign government and agency securities		—		5,087		—		5,087
Mortgage insurance-linked notes (1)		—		48,996		—		48,996
Total fixed maturities available for sale		124,734		5,063,494		—		5,188,228

Fixed maturities trading securities
State and municipal obligations		—		70,844		—		70,844
Corporate bonds and notes		—		24,913		—		24,913
RMBS		—		5,930		—		5,930
CMBS		—		4,736		—		4,736
Total fixed maturities trading securities		—		106,423		—		106,423

Equity securities		81,170		5,387		2,500		89,057

Residential mortgage loans held for sale (2)		—		32,755		—		32,755

Other invested assets (3) (4)		—		—		7,196		7,196

Short-term investments
State and municipal obligations		—		2,700		—		2,700
Money market instruments		368,433		—		—		368,433
Corporate bonds and notes		—		150,930		—		150,930
CMBS		—		1,347		—		1,347
Other ABS		—		1,158		—		1,158
Other investments (5)		—		135,998		—		135,998
Total short-term investments		368,433		292,133		—		660,566
Total investments at fair value (4)		574,337		5,500,192		9,696		6,084,225

Other
Derivative assets		—		1,912		1		1,913
Loaned securities (6)
U.S. government and agency securities		9,803		—		—		9,803
Corporate bonds and notes		—		117,992		—		117,992
Equity securities		75,898		—		—		75,898
Total assets at fair value (4)	$	660,038	$	5,620,096	$	9,697	$	6,289,831

Liabilities
Derivative liabilities	$	—	$	817	$	692	$	1,509
Total liabilities at fair value	$	—	$	817	$	692	$	1,509

(1)

Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.

(2)

See Note 7 for more information about our residential mortgage loan activities.

(3)

Consists primarily of interests in private debt and equity investments.

(4)

Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(5)

Comprises short-term certificates of deposit and commercial paper.

(6)

Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.

Schedule of Liabilities Not Carried at Fair Value

The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our consolidated balance sheets were as follows as of the dates indicated.


Financial instruments not carried at fair value


	December 31, 2024				December 31, 2023

(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value


Company-owned life insurance	$	110,968	$	110,968	$	106,417	$	106,417
Senior notes		1,065,337		1,088,306		1,417,781		1,406,118
Secured borrowings
Mortgage loan financing facilities	$	492,429	$	492,429	$	24,199	$	24,199
FHLB advances		45,865		45,888		95,277		95,348
Total secured borrowings	$	538,294	$	538,317	$	119,476	$	119,547