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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

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


	June 30, 2025
(In thousands)	Level I		Level II		Level III		Total


Investments
Fixed maturities available for sale
U.S. government and agency securities	$	130,575	$	1,815	$	—	$	132,390
State and municipal obligations		—		143,487		—		143,487
Corporate bonds and notes		—		2,427,824		—		2,427,824
RMBS		—		991,509		—		991,509
CMBS		—		325,384		—		325,384
CLO		—		480,443		—		480,443
Other ABS		—		560,421		—		560,421
Mortgage insurance-linked notes (1)		—		46,820		—		46,820
Total fixed maturities available for sale		130,575		4,977,703		—		5,108,278


Assets and liabilities carried at fair value by hierarchy level


	June 30, 2025
(In thousands)	Level I		Level II		Level III		Total

Fixed maturities trading securities
State and municipal obligations		—		41,969		—		41,969
Corporate bonds and notes		—		24,357		—		24,357
RMBS		—		2,765		—		2,765
CMBS		—		5,226		—		5,226
Total fixed maturities trading securities		—		74,317		—		74,317

Equity securities		80,146		6,299		6,546		92,991

Residential mortgage loans held for sale (2)		—		698,367		—		698,367

Other invested assets (3) (4)		—		—		6,088		6,088

Short-term investments
State and municipal obligations		—		895		—		895
Money market instruments		335,979		—		—		335,979
Corporate bonds and notes		—		23,296		—		23,296
Other investments (5)		—		142,331		—		142,331
Total short-term investments		335,979		166,522		—		502,501
Total investments at fair value (4)		546,700		5,923,208		12,634		6,482,542

Other
Derivative assets		—		2,826		—		2,826
Mortgage servicing and other related rights		—		—		4,600		4,600
Loaned securities (6)
U.S. government and agency securities		2,979		—		—		2,979
Corporate bonds and notes		—		130,765		—		130,765
Equity securities		45,948		—		—		45,948
Securitized residential mortgage loans held for investment (2)		—		1,394,700		—		1,394,700
Total assets at fair value (4)	$	595,627	$	7,451,499	$	17,234	$	8,064,360

Liabilities
Derivative liabilities	$	—	$	667	$	868	$	1,535
Securitized nonrecourse debt (2)		—		1,360,195		—		1,360,195
Total liabilities at fair value	$	—	$	1,360,862	$	868	$	1,361,730

(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 condensed 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, 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

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 in our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements.

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 condensed consolidated balance sheets are as follows as of the dates indicated.


Financial instruments not carried at fair value


	June 30, 2025				December 31, 2024

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


Company-owned life insurance	$	113,529	$	113,529	$	110,968	$	110,968
Senior notes		1,066,603		1,099,765		1,065,337		1,088,306
Secured borrowings
Mortgage loan financing facilities	$	664,248	$	664,248	$	492,429	$	492,429
FHLB advances		98,685		98,720		45,865		45,888
Total secured borrowings	$	762,933	$	762,968	$	538,294	$	538,317