Borrowings and Financing Activities

6 Months Ended

Jun. 30, 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			June 30, 2025		December 31, 2024
Senior notes
Senior Notes due 2027		4.875	%	$	448,011	$	447,461
Senior Notes due 2029		6.200	%		618,592		617,876
Total senior notes				$	1,066,603	$	1,065,337
($ in thousands)	Average interest rate (1)			June 30, 2025		December 31, 2024
Secured borrowings
Mortgage loan financing facilities		6.028	%	$	664,248	$	492,429
FHLB advances
FHLB advances due 2025		4.663	%		87,528		36,143
FHLB advances due 2026		4.465	%		3,270		1,835
FHLB advances due 2027		2.562	%		7,887		7,887
Total FHLB advances					98,685		45,865
Total secured borrowings				$	762,933	$	538,294

(1)As of June 30, 2025. See “Mortgage Loan Financing Facilities” and “FHLB Advances” below for more information.

Interest expense consists of the following.

Interest expense
	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Senior notes	$	15,810	$	21,156	$	31,610	$	43,284
Mortgage loan financing facilities		8,446		5,108		14,456		6,546
FHLB advances		877		544		1,302		1,489
Revolving credit facility		741		256		1,005		516
Loss on extinguishment of debt		—		—		—		4,275
Total interest expense	$	25,874	$	27,064	$	48,373	$	56,110

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. Currently, the maximum borrowing amounts under the Goldman Sachs Master Repurchase Agreement, the BMO

Master Repurchase Agreement, the JP Morgan Master Repurchase Agreement and the Everbank Master Repurchase Agreement are $200 million, $400 million, $400 million and $125 million, respectively. The Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement, the JP Morgan Master Repurchase Agreement and the Everbank Master Repurchase Agreement are currently scheduled to expire on August 31, 2025, September 24, 2025, December 12, 2025, and April 29, 2026, respectively.

The borrowings under the Master Repurchase Agreements bear variable interest rates 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, $691 million and $515 million served as collateral for the Master Repurchase Agreements to support the funds advanced at June 30, 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 $105 million and $49 million at June 30, 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. During the second quarter of 2025, we borrowed and repaid in full $50 million under this facility. As of June 30, 2025, there were no amounts outstanding under this facility.

Debt Covenants and Other Information

As of June 30, 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.