Borrowings and Financing Activities

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Borrowings and Financing Activities

12. Borrowings and Financing Activities

As of the dates indicated, the carrying value of our debt, other than our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, is as follows.

Borrowings
($ in thousands)	Interest rate			March 31, 2025		December 31, 2024
Senior notes
Senior Notes due 2027		4.875	%	$	447,734	$	447,461
Senior Notes due 2029		6.200	%		618,231		617,876
Total senior notes				$	1,065,965	$	1,065,337
($ in thousands)	Average interest rate (1)			March 31, 2025		December 31, 2024
Secured borrowings
Mortgage loan financing facilities		5.963	%	$	240,545	$	492,429
FHLB advances
FHLB advances due 2025		4.604	%		22,400		36,143
FHLB advances due 2026		4.469	%		1,835		1,835
FHLB advances due 2027		2.562	%		7,887		7,887
Total FHLB advances					32,122		45,865
Total secured borrowings				$	272,667	$	538,294

(1)As of March 31, 2025. See “Mortgage Loan Financing Facilities” and “FHLB Advances” below for more information.

Interest expense consists of the following.

Interest expense
	Three Months Ended March 31,
(In thousands)	2025		2024
Senior notes	$	15,800	$	22,128
Mortgage loan financing facilities		6,010		1,438
FHLB advances		425		945
Revolving credit facility		264		260
Loss on extinguishment of debt		—		4,275
Total interest expense	$	22,499	$	29,046

Mortgage Loan Financing Facilities

Radian Mortgage Capital has entered into the Master Repurchase Agreements, which are collateralized borrowing facilities used to finance the acquisition of residential mortgage loans and related mortgage loan assets. Pursuant to the Master Repurchase Agreements, Radian Mortgage Capital may from time to time sell, and later repurchase, certain residential mortgage loan assets, which effectively equates to a borrowing secured by the mortgage loans and therefore we report amounts funded by our mortgage loan financing facilities as secured borrowings on our condensed consolidated balance sheets. The maximum borrowing amounts under the Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement and JP Morgan Master Repurchase Agreement are $200 million, $400 million and $300 million, respectively. The Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement and the JP

Morgan Master Repurchase Agreement are currently scheduled to expire on May 31, 2025, September 24, 2025, and December 12, 2025, respectively.

The borrowings under the Master Repurchase Agreements bear a variable interest rate based on one-month SOFR or compounded SOFR, depending on the agreement, plus an applicable margin, with interest payable monthly. Principal is due upon the earliest of the sale or disposition of the related mortgage loans, the occurrence of certain default or acceleration events or at the termination date of the applicable Master Repurchase Agreement.

Funds advanced under the Master Repurchase Agreements generally will be calculated as a percentage of the unpaid principal balance or fair value of the residential mortgage loan assets, depending on the credit characteristics of the loans being purchased. Of our residential mortgage loans held for sale, $271 million and $515 million served as collateral for the Master Repurchase Agreements to support the funds advanced at March 31, 2025, and December 31, 2024, respectively.

FHLB Advances

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 $34 million and $49 million at March 31, 2025, and December 31, 2024, respectively, which serve as collateral for our FHLB advances to satisfy this requirement.

Revolving Credit Facility

Radian Group has in place a $275 million unsecured revolving credit facility with a syndicate of bank lenders. As of March 31, 2025, there were no amounts outstanding under this facility.

Debt Covenants and Other Information

As of March 31, 2025, we are in compliance with all of our debt covenants, including for our senior notes. For more information regarding our borrowings and financing activities, including certain terms, covenants and Parent Guarantees provided by Radian Group in connection with particular borrowings, see Note 12 of Notes to Consolidated Financial Statements in our 2024 Form 10-K.