Radian Group (NYSE: RDN) lifts Q1 2026 adjusted EPS after Inigo deal

Rhea-AI Filing Summary

Radian Group Inc. reported mixed but strategically important first quarter 2026 results following its acquisition of Inigo, transforming the company into a global multi-line specialty insurer. Net income from continuing operations was $129 million, down from $152 million a year earlier, with diluted EPS from continuing operations at $0.93 versus $1.03. GAAP results were pressured by $49 million of acquisition-related expenses and purchase accounting impacts tied to Inigo.

On a non-GAAP basis, performance strengthened: adjusted pretax operating income rose to $232 million from $201 million, and adjusted diluted net operating income per share increased to $1.27 from $1.04, a 22% year-over-year gain. Adjusted net operating return on equity improved to 14.7%. Total revenues climbed to $466 million, driven by mortgage and newly added specialty premiums.

Mortgage results remained strong, with a combined ratio of 30.2%, primary insurance in force of $281.7 billion, and new insurance written of $13.5 billion, up 42% year-over-year. The Specialty segment, largely Inigo, delivered $40 million of adjusted pretax operating income and a combined ratio of 85.3%. Book value per share rose 10% year-over-year to $35.67.

Capital actions were significant. Radian Guaranty paid a $140 million ordinary dividend to the holding company, and Radian repurchased 1.5 million shares for $50 million in the quarter plus another 1.9 million shares for $65 million in April, exhausting a prior $900 million authorization and moving to a new $750 million program. The company also paid $35 million in common dividends and ended the quarter with $391 million of holding company liquidity and $350 million of undrawn revolver capacity.

Radian continues to exit non-core businesses. Discontinued operations posted a net loss of $5 million, and the company decided to wind down its Mortgage Conduit business while pursuing sales of its Title and Real Estate Services units, expecting divestitures by the end of the third quarter of 2026. PMIERs excess Available Assets at Radian Guaranty were strong at $1.6 billion, supporting the insurance capital position even as the balance sheet absorbed higher reserves and goodwill from Inigo.

Positive

• Adjusted performance strengthened, with adjusted pretax operating income rising to $232 million from $201 million and adjusted diluted net operating EPS up 22% year-over-year to $1.27.
• The Inigo acquisition created a new Specialty segment delivering $40 million adjusted pretax operating income and an 85.3% combined ratio, while mortgage maintained a very low 30.2% combined ratio.
• Book value per share increased 10% year-over-year to $35.67, supported by strong underlying profitability and disciplined capital management, including substantial share repurchases.
• Radian Guaranty’s PMIERs excess Available Assets of $1.6 billion and $5.4 billion of PMIERs Available Assets as of March 31, 2026, indicate a solid regulatory capital position.

Negative

• GAAP net income from continuing operations declined to $129 million from $152 million, and diluted EPS fell to $0.93 from $1.03, reflecting acquisition-related costs.
• Provision for losses surged to $108 million from $15 million a year earlier as the Specialty segment added $86 million of losses, increasing earnings volatility.
• Holding company liquidity fell sharply to $391 million from $1.834 billion at December 31, 2025, while short-term borrowings rose to $495 million, raising balance-sheet reliance on credit facilities.
• Discontinued operations, including Mortgage Conduit, Title and Real Estate Services, generated a $5 million net loss and required a shift to a wind-down and divestiture strategy with execution risk.

Insights

Insurance sector equity analyst

Inigo deal boosts scale and adjusted earnings, though GAAP profit dips on one-time costs.

Radian’s quarter reflects a strategic pivot as Inigo makes it a global multi-line specialty insurer. Total revenues jumped to $466 million from $295 million a year earlier, as specialty premiums added to the core mortgage book. Mortgage remains highly profitable with a 30.2% combined ratio and strong new insurance written of $13.5 billion, up 42% year-over-year.

GAAP net income from continuing operations declined to $129 million from $152 million given $49 million of acquisition-related expenses and purchase accounting. After adjusting for these items, pretax operating income rose to $232 million and adjusted diluted EPS increased 22% to $1.27, while adjusted operating ROE climbed to 14.7%. That suggests the underlying earnings power of the combined platform improved despite integration noise.

Capital management was active: Radian Guaranty upstreamed a $140 million dividend, the company repurchased $50 million of stock in Q1 plus $65 million in April, and paid $35 million in common dividends. Holding company liquidity declined to $391 million from $1.834 billion at year-end as funds were deployed, and short-term borrowings rose with a 20.2% holding-company debt-to-capital ratio. Meanwhile, Radian is winding down its Mortgage Conduit business and pursuing sales of Title and Real Estate Services, having cut held-for-sale net carrying value to $61 million. Execution on integration and divestitures, along with maintaining $1.6 billion of PMIERs excess Available Assets as of March 31, 2026, will shape how durable these higher adjusted returns prove.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $466 million Net income from continuing operations: $129 million Adjusted pretax operating income: $232 million +5 more

8 metrics

Total revenues $466 million Quarter ended March 31, 2026 vs $295 million March 31, 2025

Net income from continuing operations $129 million Quarter ended March 31, 2026 vs $152 million March 31, 2025

Adjusted pretax operating income $232 million Quarter ended March 31, 2026 vs $201 million March 31, 2025

Adjusted diluted net operating EPS $1.27 per share Quarter ended March 31, 2026 vs $1.04 March 31, 2025

Book value per share $35.67 As of March 31, 2026; 10% growth year-over-year

PMIERs excess Available Assets $1.596 billion Radian Guaranty as of March 31, 2026

Holding company liquidity $391 million As of March 31, 2026 vs $1.834 billion December 31, 2025

Share repurchases $115 million 1.5M shares for $50M in Q1 2026; 1.9M shares for $65M in April 2026

Key Terms

adjusted pretax operating income, combined ratio, PMIERs Available Assets, VOBA, +2 more

6 terms

adjusted pretax operating income financial

"Adjusted pretax operating income for the quarter ended March 31, 2026, was $232 million compared to $201 million"

combined ratio financial

"Mortgage segment combined ratio of 30.2%, including an expense ratio of 20.0%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

PMIERs Available Assets financial

"At March 31, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.4 billion"

VOBA financial

"Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”)"

Value of business acquired (VOBA) is an accounting asset that captures the estimated future profit tied to insurance policies a company buys from another insurer. Think of it like paying extra for a bakery not for the ovens but for the recipe and customer list that will generate future sales; investors watch VOBA because it affects reported earnings, the buyer’s balance sheet strength, and expectations for future cash flow from those acquired policies.

persistency financial

"Annualized persistency for the three months ended March 31, 2026, of 81.3%"

Persistency is the measure of how long customers keep a financial product—most often insurance policies—without lapsing, surrendering, or canceling. For investors it signals how reliable future cash flows and profits are: high persistency is like a steady stream of repeat customers that lowers the need to acquire replacements, while low persistency suggests higher churn, unstable revenue and greater sales or marketing costs to maintain business.

discontinued operations financial

"Income (loss) from discontinued operations, net of tax"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

Earnings Snapshot

Total revenues: $466 million

Q1 2026

Total revenues $466 million +$171 million vs Q1 2025

Net income from continuing operations $129 million -$23 million vs Q1 2025

Diluted EPS from continuing operations $0.93 -$0.10 vs Q1 2025

Adjusted diluted net operating EPS $1.27 +22% year-over-year vs $1.04

Adjusted net operating ROE 14.7% +1.3 percentage points vs 13.4%

Understanding 8-K Material Events →

false000089092600008909262026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

Radian Group Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		1-11356		23-2691170
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

550 East Swedesford Road, Suite 350

Wayne, Pennsylvania, 19087

(Address of Principal Executive Offices, and Zip Code)

(215) 231-1000

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		RDN		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Radian Group Inc. (“Radian”) issued a news release announcing its financial results for the quarter ended March 31, 2026. A copy of this news release is furnished as Exhibit 99.1 to this report.

The information included in this Item 2.02 of, or furnished with, this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1*		Radian Group Inc. News Release dated May 6, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						RADIAN GROUP INC.
						(Registrant)
Date: May 7, 2026
				By:		/s/ Daniel Kobell
						Daniel Kobell
						Senior Executive Vice President, Interim Chief Financial Officer

Exhibit 99.1

	press release
		May 6, 2026

Radian Announces First Quarter 2026 Financial Results

— Radian completes acquisition of Inigo, becoming a global multi-line specialty insurer —

— First quarter diluted net income from continuing operations per share of $0.93 —

— First quarter adjusted net operating income per share of $1.27 —

— First quarter return on equity from continuing operations of 10.8% —

— Adjusted net operating return on equity of 14.7% —

— Book value per share growth of 10% year-over-year to $35.67 —

— $140 million ordinary dividend paid from Radian Guaranty to holding company during the first quarter —

— Repurchased $50 million of shares and paid $35 million of dividends to stockholders during first quarter —

WAYNE, PA. May 6, 2026 - Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations for the quarter ended March 31, 2026, of $129 million, or $0.93 per diluted share. This compares with net income from continuing operations for the quarter ended March 31, 2025, of $152 million, or $1.03 per diluted share.

Pretax income from continuing operations for the quarter ended March 31, 2026, was $174 million compared to $199 million for the quarter ended March 31, 2025. The results for the first quarter of 2026 include $49 million of acquisition-related expenses, amortization of acquired intangible assets and other purchase accounting adjustments related to the company’s acquisition of Inigo.

Adjusted pretax operating income for the quarter ended March 31, 2026, was $232 million compared to $201 million for the quarter ended March 31, 2025. Adjusted diluted net operating income per share for the quarter ended March 31, 2026, was $1.27 compared to $1.04 for the quarter ended March 31, 2025.

Key Financial Highlights		Quarter ended
($ in millions, except per-share amounts)		March 31, 2026 (1)		December 31, 2025		March 31, 2025
Consolidated
Total revenues		$466		$301		$295
Net premiums earned		$403		$237		$234
Net investment income		$70		$63		$61
Net income		$124		$155		$145
Net income from continuing operations		$129		$159		$152
Diluted net income from continuing operations per share		$0.93		$1.15		$1.03
Pretax income from continuing operations		$174		$201		$199
Adjusted pretax operating income (2)		$232		$204		$201
Adjusted diluted net operating income per share (2)		$1.27		$1.16		$1.04
Return on equity from continuing operations		10.8%		13.5%		13.2%
Adjusted net operating return on equity (2)		14.7%		13.6%		13.4%
Segment information (3)
Combined ratio - Mortgage (4)		30.2 %		28.1%		27.8%
Combined ratio - Specialty (4)		85.3 %		N/A		N/A
New insurance written - Mortgage		$13,490		$15,850		$9,489
Gross premiums written - Specialty		$162		N/A		N/A

		As of
($ in millions, except per-share amounts)		March 31, 2026		December 31, 2025		March 31, 2025
Consolidated
Book value per share		$35.67		$35.29		$32.48
Accumulated other comprehensive income (loss) value per share		$(1.94)		$(1.64)		$(2.09)
Available holding company liquidity (5)		$391		$1,834		$834
Total investments		$7,040		$5,987		$5,725
Assets held for sale		$280		$474		$1,517
Liabilities held for sale		$219		$364		$1,312
Segment information
PMIERs Available Assets		$5,445		$5,384		$6,022
PMIERs excess Available Assets		$1,596		$1,560		$2,094
Primary mortgage insurance in force		$281,718		$282,519		$274,159
Percentage of primary loans in default		2.51%		2.56%		2.33%

N/A – Not applicable

(1)Includes Inigo results from the date of acquisition, February 2, 2026.

(2)Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.

(3)See Exhibit E for additional segment information.

(4)Calculated as the sum of each segment’s reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment.

(5)Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.

Book value per share at March 31, 2026, was $35.67 compared to $35.29 at December 31, 2025, and $32.48 at March 31, 2025. This represents a 10% growth in book value per share at March 31, 2026, as compared to March 31, 2025, and includes accumulated other comprehensive income (loss) of $(1.94) per share as of March 31, 2026, and $(2.09) per share as of March 31, 2025. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.

“This quarter marks a defining milestone for Radian, our first as a global multi-line specialty insurer following the successful acquisition of Inigo. By uniting two world-class insurance businesses, we have created a more diversified and resilient enterprise, as reflected in our exceptional first quarter results,” said Radian Chief Executive Officer Rick Thornberry. “With a strong capital position, 22% year-over-year growth in adjusted diluted net operating income per share and adjusted operating return on equity increasing to 14.7% in the quarter, we are demonstrating the power of our strategy. We are confident in our direction, energized by the opportunities ahead, and committed to delivering long-term value for our stockholders.”

FIRST QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pre-tax operating income of $221 million for the quarter. Key drivers of Mortgage segment’s first quarter results include:

▪Primary Insurance in Force of $282 billion, an increase of 3% year-over-year

▪New Insurance Written of $13.5 billion, an increase of 42% year-over-year

▪Annualized persistency for the three months ended March 31, 2026, of 81.3%

▪Net premiums earned grew to $238 million, with a stable in-force portfolio premium yield of 37.9 basis points

▪Provision for losses of $24 million, which includes favorable reserve development on prior period defaults of $36 million

▪Mortgage segment combined ratio of 30.2%, including an expense ratio of 20.0%

▪See Exhibit E for additional segment information

Specialty

The Specialty segment reported adjusted pre-tax operating income of $40 million for the quarter, reflecting Inigo’s operations for the period post-acquisition, beginning February 2, 2026. Key drivers of Specialty segment’s results for the period since acquisition include:

▪Total gross premiums written of $162 million

▪Insurance gross premiums written of $82 million

▪Reinsurance gross premiums written of $80 million

▪Net premiums earned of $164 million

▪Provision for losses of $86 million, which includes favorable reserve development on prior year loss reserves of $13 million

▪Specialty segment combined ratio of 85.3%

▪See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for the month ended January 31, 2026, prior to the acquisition.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

▪In January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $50 million of this borrowing during the first quarter and expects to repay this borrowing in full during 2026.

▪On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited (“Inigo”), a Lloyd’s of London (“Lloyd’s”) specialty insurer. Radian funded the acquisition from Radian Group’s available liquidity sources.

▪During the first quarter of 2026, the company repurchased 1.5 million shares of Radian Group common stock at a total cost of $50 million. In addition, in April the company repurchased 1.9 million shares of Radian Group common stock at a total cost of $65 million.

▪The Company has fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, future repurchases will be made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025, which is scheduled to expire in December 2027. Following the April share repurchases, purchase authority of up to $748 million remained available under this authorization.

▪Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the first quarter of 2026.

▪Radian Group’s available liquidity was $391 million as of March 31, 2026. In addition, Radian Group maintained $350 million of undrawn capacity under its unsecured revolving credit facility as of March 31, 2026.

Radian Guaranty

▪Radian Guaranty paid an ordinary dividend to Radian Group of $140 million in the first quarter of 2026.

▪Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.

▪At March 31, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion.

STRATEGIC UPDATE

Discontinued Operations

▪As an update to the divestiture plan previously announced in 2025, during the first quarter of 2026 Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. The Company is currently engaged in ongoing discussions with prospective buyers for its Title and Real Estate Services businesses, and continues to expect to complete its divestiture plans for these businesses by the end of the third quarter of 2026.

▪During the first quarter of 2026, Radian Group received $46 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these businesses to $61 million as of March 31, 2026, including the impact of estimated costs related to the sales.

▪Additional details regarding discontinued operations may be found in Exhibit D.

CONFERENCE CALL

Radian will discuss first quarter 2026 financial results in a conference call tomorrow, Thursday, May 7, 2026, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those

interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.

The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events.

In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit www.radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

Contact:

For Investors

Bob Lally - Phone: 215.231.1570

email: robert.lally@radian.com

For Media

Rashi Iyer - Phone: 215.231.1167

email: rashi.iyer@radian.com

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

Exhibit A:		Condensed Consolidated Statements of Operations
Exhibit B:		Net Income Per Share
Exhibit C:		Condensed Consolidated Balance Sheets
Exhibit D:		Condensed Consolidated Statements of Operations Detail
Exhibit E:		Segment Information
Exhibit F:		Definition of Consolidated Non-GAAP Financial Measures
Exhibit G:		Non-GAAP Financial Measure Reconciliations
Exhibit H:		Mortgage Supplemental Information - New Insurance Written
Exhibit I:		Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force
Exhibit J:		Supplemental Information - Inigo Adjusted Pretax Operating Income for January 2026 (Pre-Acquisition)

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (1)

Exhibit A

		2026				2025
(In thousands, except per-share amounts)		Qtr 1 (2)				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Revenues
Net premiums earned		$	402,528			$	237,192			$	237,103			$	233,526			$	234,044
Net investment income			69,698				62,683				63,399				61,672				61,010
Net gains (losses) on financial instruments and foreign exchange			(8,879	)			(1,159	)			1,285				1,851				(2,001	)
Other income			2,990				1,796				1,399				1,502				1,782
Total revenues			466,337				300,512				303,186				298,551				294,835
Expenses
Provision for losses			107,933				21,588				17,886				11,954				15,340
Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”)			62,069				4,280				7,166				7,205				6,388
Other operating expenses			98,169				56,417				62,256				69,178				57,908
Interest expense			20,594				17,189				17,184				17,428				16,489
Amortization of other acquired intangible assets			3,909				—				—				—				—
Total expenses			292,674				99,474				104,492				105,765				96,125
Pretax income from continuing operations			173,663				201,038				198,694				192,786				198,710
Income tax provision			44,197				42,236				45,892				38,301				46,620
Net income from continuing operations			129,466				158,802				152,802				154,485				152,090
Income (loss) from discontinued operations, net of tax			(5,373	)			(3,959	)			(11,359	)			(12,689	)			(7,532	)
Net income		$	124,093			$	154,843			$	141,443			$	141,796			$	144,558
Diluted net income per share
Net income from continuing operations		$	0.93			$	1.15			$	1.11			$	1.11			$	1.03
Income (loss) from discontinued operations, net of tax			(0.04	)			(0.03	)			(0.08	)			(0.09	)			(0.05	)
Diluted net income per share		$	0.89			$	1.12			$	1.03			$	1.02			$	0.98

(1)See Exhibit D for additional details.

(2)Includes Inigo results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Net Income Per Share

Exhibit B

The calculation of basic and diluted net income per share is as follows.

		2026				2025
(In thousands, except per-share amounts)		Qtr 1 (1)				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Net income from continuing operations		$	129,466			$	158,802			$	152,802			$	154,485			$	152,090
Income (loss) from discontinued operations, net of tax			(5,373	)			(3,959	)			(11,359	)			(12,689	)			(7,532	)
Net income—basic and diluted		$	124,093			$	154,843			$	141,443			$	141,796			$	144,558
Average common shares outstanding—basic			137,004				137,032				137,003				137,376				145,618
Dilutive effect of share-based compensation arrangements (2)			1,481				1,218				923				984				2,109
Adjusted average common shares outstanding—diluted			138,485				138,250				137,926				138,360				147,727
Net income per share
Basic
Net income from continuing operations		$	0.94			$	1.16			$	1.12			$	1.12			$	1.04
Income (loss) from discontinued operations, net of tax			(0.04	)			(0.03	)			(0.08	)			(0.09	)			(0.05	)
Basic net income per share		$	0.90			$	1.13			$	1.04			$	1.03			$	0.99
Diluted
Net income from continuing operations		$	0.93			$	1.15			$	1.11			$	1.11			$	1.03
Income (loss) from discontinued operations, net of tax			(0.04	)			(0.03	)			(0.08	)			(0.09	)			(0.05	)
Diluted net income per share		$	0.89			$	1.12			$	1.03			$	1.02			$	0.98

(1)Includes Inigo results from the date of acquisition, February 2, 2026.

(2)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.

		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Shares of common stock equivalents			—				—				—				2				24

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(In thousands, except per-share amounts)		2026				2025				2025				2025				2025
Assets
Investments		$	7,040,322			$	5,987,318			$	5,852,034			$	5,680,489			$	5,725,077
Cash			55,445				24,829				15,258				19,013				16,026
Restricted cash			32,534				10				11				28				29
Accrued investment income			51,497				40,285				43,031				43,467				41,973
Premiums and other receivables			665,910				120,197				128,765				125,744				121,052
Reinsurance recoverable			356,521				48,806				44,837				41,653				38,188
Deferred policy acquisition costs and VOBA			188,673				19,018				16,711				17,248				17,855
Goodwill and other acquired intangible assets			420,738				—				—				—				—
Prepaid federal income taxes			1,056,329				1,056,329				1,012,629				997,805				921,080
Other assets			504,347				351,337				369,013				411,198				389,255
Assets held for sale			280,060				474,268				722,514				2,267,056				1,517,393
Total assets		$	10,652,376			$	8,122,397			$	8,204,803			$	9,603,701			$	8,787,928
Liabilities and stockholders’ equity
Reserve for losses and loss adjustment expense		$	1,822,619			$	399,946			$	387,650			$	377,231			$	369,090
Unearned premiums			856,058				159,341				166,165				171,901				178,931
Short-term borrowings			494,730				33,320				50,679				88,963				22,400
Long-term borrowings			773,946				1,075,795				1,076,973				1,076,325				1,075,687
Net deferred tax liability			978,540				942,193				910,256				864,421				826,692
Other liabilities			697,989				366,470				410,232				461,335				415,986
Liabilities held for sale			219,233				363,818				550,399				2,070,844				1,312,316
Total liabilities			5,843,115				3,340,883				3,552,354				5,111,020				4,201,102
Common stock			156				157				157				157				162
Treasury stock			(991,427	)			(989,745	)			(989,352	)			(988,764	)			(969,396	)
Additional paid-in capital			842,235				861,211				855,320				847,399				1,048,738
Retained earnings			5,220,411				5,132,050				5,012,742				4,906,830				4,802,038
Accumulated other comprehensive income (loss)			(262,114	)			(222,159	)			(226,418	)			(272,941	)			(294,716	)
Total stockholders’ equity			4,809,261				4,781,514				4,652,449				4,492,681				4,586,826
Total liabilities and stockholders’ equity		$	10,652,376			$	8,122,397			$	8,204,803			$	9,603,701			$	8,787,928
Shares outstanding			134,845				135,498				135,473				135,395				141,220
Book value per share		$	35.67			$	35.29			$	34.34			$	33.18			$	32.48
Holding company debt-to-capital ratio (1)			20.2	%			18.3	%			18.7	%			19.2	%			18.9	%

(1)Calculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and revolving credit facility, divided by the carrying value of our senior notes, revolving credit facility and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 1 of 4)

Net Premiums Earned
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Mortgage
Direct		$	268,902			$	268,465			$	266,093			$	262,044			$	261,911
Ceded (1)			(30,725	)			(31,273	)			(28,990	)			(28,518	)			(27,867	)
Net premiums earned			238,177				237,192				237,103				233,526				234,044
Specialty (2)
Direct			108,987			N/A				N/A				N/A				N/A
Assumed			94,498			N/A				N/A				N/A				N/A
Ceded			(39,134	)		N/A				N/A				N/A				N/A
Net premiums earned			164,351			N/A				N/A				N/A				N/A
Total
Direct			377,889				268,465				266,093				262,044				261,911
Assumed			94,498			N/A				N/A				N/A				N/A
Ceded			(69,859	)			(31,273	)			(28,990	)			(28,518	)			(27,867	)
Total net premiums earned		$	402,528			$	237,192			$	237,103			$	233,526			$	234,044

(1)Includes profit commission under our Mortgage segment’s QSR Program.

(2)Includes Inigo results from the date of acquisition, February 2, 2026.

Net Investment Income
		2026				2025
(In thousands)		Qtr 1 (1)				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Fixed maturities		$	60,370			$	51,655			$	57,614			$	57,354			$	56,649
Equity securities			1,160				1,798				2,446				2,634				2,145
Short-term investments			9,322				10,362				4,503				2,842				3,508
Other (2)			(1,154	)			(1,132	)			(1,164	)			(1,158	)			(1,292	)
Net investment income		$	69,698			$	62,683			$	63,399			$	61,672			$	61,010

(1)Includes Inigo results from the date of acquisition, February 2, 2026.

(2)Primarily includes investment management expenses, as well as the net impact from our securities lending activities.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 2 of 4)

Provision for Losses
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Mortgage
Current period (1)		$	59,839			$	57,047			$	52,963			$	47,912			$	53,740
Prior period (2)			(35,563	)			(35,459	)			(35,077	)			(35,958	)			(38,400	)
Provision for losses - Mortgage			24,276				21,588				17,886				11,954				15,340
Specialty (3)
Current period (4)			98,846			N/A				N/A				N/A				N/A
Prior period (5)			(12,578	)		N/A				N/A				N/A				N/A
Provision for losses - Specialty			86,268			N/A				N/A				N/A				N/A
VOBA - reserves amortization (6)			(2,611	)		N/A				N/A				N/A				N/A
Total provision for losses		$	107,933			$	21,588			$	17,886			$	11,954			$	15,340

(1)Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.

(2)Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.

(3)Includes Inigo results from the date of acquisition, February 2, 2026.

(4)Related to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims.

(5)Related to changes in estimates of losses and loss adjustment expenses related to prior accident years.

(6)Represents positive amortization of the VOBA intangible asset attributable to reserves for the period since the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 3 of 4)

Amortization of deferred policy acquisition costs and VOBA
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Amortization of deferred policy acquisition costs
Mortgage		$	6,899			$	4,280			$	7,166			$	7,205			$	6,388
Specialty (1)			29,065			N/A				N/A				N/A				N/A
Purchase accounting adjustments (1)			(30,001	)		N/A				N/A				N/A				N/A
Amortization of deferred policy acquisition costs			5,963				4,280				7,166				7,205				6,388
Amortization of VOBA (1)			56,106			N/A				N/A				N/A				N/A
Amortization of deferred policy acquisition costs and VOBA		$	62,069			$	4,280			$	7,166			$	7,205			$	6,388

(1)Includes results from the date of acquisition, February 2, 2026.

Other Operating Expenses
		2026				2025
(In thousands)		Qtr 1 (1)				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Salaries and other base employee expenses		$	32,972			$	25,086			$	24,259			$	26,932			$	26,139
Variable and share-based incentive compensation			13,051				16,768				16,115				27,335				15,265
Other general operating expenses (2)			60,366				22,589				29,438				21,986				23,227
Ceding commissions			(8,220	)			(8,026	)			(7,556	)			(7,075	)			(6,723	)
Total		$	98,169			$	56,417			$	62,256			$	69,178			$	57,908

(1)Includes Inigo results from the date of acquisition, February 2, 2026.

(2)Includes $22 million in the first quarter of 2026 and $2 million and $9 million in the fourth and third quarter of 2025, respectively, of acquisition-related expenses.

Interest Expense
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Senior notes		$	15,839			$	15,829			$	15,819			$	15,810			$	15,800
Letter of credit fees (1)			2,290				—				—				—				—
Revolving credit facility			1,996				389				258				741				264
FHLB advances			469				458				1,107				877				425
Loss on extinguishment of debt			—				513				—				—				—
Total interest expense		$	20,594			$	17,189			$	17,184			$	17,428			$	16,489

(1)Represents interest expense on Inigo’s letter of credit facility and includes Inigo’s results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 4 of 4)

Discontinued Operations
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Revenues
Net premiums earned		$	5,037			$	5,248			$	4,624			$	3,995			$	2,634
Services revenue			13,656				13,640				12,352				10,882				11,943
Net investment income			5,091				7,089				10,744				11,097				7,564
Net gains (losses) on financial instruments and foreign exchange			1,409				(576	)			2,191				(6,703	)			1,278
Income (loss) on consolidated VIEs			—				—				(2,129	)			185				428
Other income			1,685				(176	)			(332	)			(3	)			(568	)
Total revenues			26,878				25,225				27,450				19,453				23,279
Expenses
Provision for losses			209				311				129				143				(173	)
Cost of services			10,152				9,735				8,729				8,412				8,673
Other operating expenses			20,155				16,136				23,732				20,225				19,039
Interest expense			3,613				4,802				8,105				8,446				6,010
Total expenses			34,129				30,984				40,695				37,226				33,549
Pretax income (loss) from discontinued operations			(7,251	)			(5,759	)			(13,245	)			(17,773	)			(10,270	)
Income tax provision (benefit)			(1,878	)			(1,800	)			(1,886	)			(5,084	)			(2,738	)
Income (loss) from discontinued operations, net of tax		$	(5,373	)		$	(3,959	)		$	(11,359	)		$	(12,689	)		$	(7,532	)

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 1 of 3)

Subsequent to the acquisition of Inigo in the first quarter of 2026, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain changes that caused the composition of our reportable segments and the allocations of certain expenses for segment measurements to change. We have reflected these changes in our segment operating results for all periods presented, as shown below.

Effective with the first quarter of 2026, we have two reportable business segments that are managed separately, Mortgage and Specialty. In addition to these reportable segments, effective with the first quarter of 2026, we report in a Corporate category activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from Radian Group’s borrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities.

The results of our Mortgage Conduit, Title and Real Estate Services businesses are reflected in income (loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations for all periods presented. See Exhibit D for details on our discontinued operations.

Summarized financial information concerning our reportable segments, Mortgage and Specialty, and our Corporate activities for the periods indicated is as follows. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.

		Three Months Ended March 31, 2026
(In thousands)		Mortgage				Specialty (1)				Corporate				Inter- segment (2)				Total
Net premiums written		$	233,265			$	148,483			$	—			$	—			$	381,748
(Increase) decrease in unearned premiums			4,912				15,868				—				—				20,780
Net premiums earned			238,177				164,351				—				—				402,528
Net investment income (2)			53,327				16,899				9,222				(9,750	)			69,698
Other income			1,663				1,327				—				—				2,990
Total			293,167				182,577				9,222				(9,750	)			475,216
Provision for losses			24,276				86,268				—				—				110,544
Amortization of deferred policy acquisition costs			6,899				29,065				—				—				35,964
Other operating expenses			40,723				24,885				10,699				—				76,307
Interest expense (2)			470				2,290				27,584				(9,750	)			20,594
Total			72,368				142,508				38,283				(9,750	)			243,409
Adjusted pretax operating income (loss)		$	220,799			$	40,069			$	(29,061	)		$	—			$	231,807

(1)Includes Inigo results from the date of acquisition, February 2, 2026

(2)Net investment income for the Mortgage segment and interest expense for the Corporate category each include $10 million related to interest on an intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition, which is eliminated in consolidation.

		Three Months Ended March 31, 2025
(In thousands)		Mortgage				Specialty		Corporate				Inter- segment				Total
Net premiums written		$	230,250			N/A		$	—			$	—			$	230,250
(Increase) decrease in unearned premiums			3,794			N/A			—				—				3,794
Net premiums earned			234,044			N/A			—				—				234,044
Net investment income			48,451			N/A			12,559				—				61,010
Other income			1,782			N/A			—				—				1,782
Total			284,277			N/A			12,559				—				296,836
Provision for losses			15,340			N/A			—				—				15,340
Amortization of deferred policy acquisition costs			6,388			N/A			—				—				6,388
Other operating expenses			43,203			N/A			14,321				—				57,524
Interest expense			425			N/A			16,064				—				16,489
Total			65,356			N/A			30,385				—				95,741
Adjusted pretax operating income (loss)		$	218,921			N/A		$	(17,826	)		$	—			$	201,095

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 2 of 3)

Mortgage
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Net premiums written		$	233,265			$	234,431			$	235,733			$	231,596			$	230,250
(Increase) decrease in unearned premiums			4,912				2,761				1,370				1,930				3,794
Net premiums earned			238,177				237,192				237,103				233,526				234,044
Net investment income (1)			53,327				50,140				51,965				53,289				48,451
Other income			1,663				1,796				1,399				1,502				1,782
Total			293,167				289,128				290,467				288,317				284,277
Provision for losses			24,276				21,588				17,886				11,954				15,340
Amortization of deferred policy acquisition costs			6,899				4,280				7,166				7,205				6,388
Other operating expenses			40,723				40,808				39,159				51,881				43,203
Interest expense			470				458				1,107				877				425
Total			72,368				67,134				65,318				71,917				65,356
Adjusted pretax operating income		$	220,799			$	221,994			$	225,149			$	216,400			$	218,921

(1)Net investment income for the first quarter of 2026 includes $10 million related to interest receivable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and eliminated in consolidation.

Corporate
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Net investment income		$	9,222			$	12,760			$	11,434			$	8,383			$	12,559
Total			9,222				12,760				11,434				8,383				12,559
Other operating expenses			10,699				14,754				14,414				17,297				14,321
Interest expense (1)			27,584				16,435				16,077				16,551				16,064
Total			38,283				31,189				30,491				33,848				30,385
Adjusted pretax operating income (loss)		$	(29,061	)		$	(18,429	)		$	(19,057	)		$	(25,465	)		$	(17,826	)

(1)Interest expense for the first quarter of 2026 includes $10 million related to interest payable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as net investment income for the Mortgage segment and eliminated in consolidation.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 3 of 3)

Selected Key Segment Ratios
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Mortgage
Loss ratio (1)			10.2	%			9.1	%			7.5	%			5.1	%			6.6	%
Expense ratio (2)			20.0	%			19.0	%			19.5	%			25.3	%			21.2	%
Combined ratio (3)			30.2	%			28.1	%			27.0	%			30.4	%			27.8	%
Specialty (4)
Loss ratio (1)			52.5	%		N/A				N/A				N/A				N/A
Expense ratio (2)			32.8	%		N/A				N/A				N/A				N/A
Combined ratio (3)			85.3	%		N/A				N/A				N/A				N/A

(1)Calculated as each segment’s provision for losses expressed as a percentage of net premiums earned.

(2)Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.

(3)Calculated as the sum of each segment’s Loss ratio and Expense ratio.

(4)Includes Inigo results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Definition of Non-GAAP Financial Measures

Exhibit F (page 1 of 2)

Use of Non-GAAP Financial Measures

In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them.

The results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations. These adjustments, along with the reasons for their treatment, are described below.

(1)Net gains (losses) on financial instruments and foreign exchange. The recognition of realized gains or losses on financial instruments and foreign currency exchange gains or losses can vary significantly across periods as such amounts are influenced by discretionary actions, including the timing of individual securities transactions, as well as by market conditions, our tax and capital profile, foreign currency movements, and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities and from changes in foreign exchange rates affecting monetary assets and liabilities. These valuation adjustments may not necessarily result in realized economic gains or losses.

Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses, foreign currency exchange impacts, and changes in fair value of financial instruments.

(2)Amortization of other acquired intangible assets. Amortization of other acquired intangible assets represents the periodic expense required to amortize the cost of acquired intangible assets over their estimated useful lives. Acquired intangible assets are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. We do not view these charges as part of the operating performance of our primary activities.

Radian Group Inc. and Subsidiaries

Definition of Non-GAAP Financial Measures

Exhibit F (page 2 of 2)

(3)Other purchase accounting adjustments, net. Other purchase accounting adjustments include amortization related to VOBA and other impacts resulting from purchase accounting, such as the reversal of amortization related to Inigo’s historical deferred acquisition costs and capitalized software as of the acquisition date. These non-cash amounts arise from acquisition-related accounting requirements and do not necessarily reflect the underlying operating performance of the acquired business.

(4)Acquisition-related expenses and other non-operating items. Acquisition-related expenses and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) acquisition-related income and expenses, (ii) impairment of internal-use software and other long-lived assets; and (iii) gains (losses) on extinguishment of debt.

See Exhibit G for the reconciliations of the most comparable GAAP measures, pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share and return on equity from continuing operations to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively.

Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share or return on equity from continuing operations. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies.

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 1 of 2)

Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income
		2026				2025
(In thousands)		Qtr 1 (1)				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Pretax income from continuing operations		$	173,663			$	201,038			$	198,694			$	192,786			$	198,710
Less reconciling income (expense) items
Net gains (losses) on financial instruments and foreign exchange			(8,879	)			(1,159	)			1,285				1,850				(2,001	)
Amortization of other acquired intangible assets			(3,909	)			—				—				—				—
Other purchase accounting adjustments, net			(23,330	)	(2)		—				—				—				—
Acquisition-related expenses and other non-operating items (3)			(22,026	)			(1,368	)			(8,683	)			—				(384	)
Total adjusted pretax operating income (4)		$	231,807			$	203,565			$	206,092			$	190,936			$	201,095

(1)Includes Inigo results from the date of acquisition, February 2, 2026.

(2)Primarily includes $53 million of net VOBA asset and liability amortization, offset by $30 million reversal of policy acquisition costs that are reflected in the Specialty segment results but eliminated under purchase accounting on a consolidated basis.

(3)Acquisition-related expenses and other non-operating items for the first quarter of 2026 relates primarily to acquisition-related expenses for investment banking fees, transfer taxes, legal costs and other transaction expenses, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A.

(4)Total adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segments and Corporate activities as follows:

		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Adjusted pretax operating income (loss)
Mortgage segment		$	220,799			$	221,994			$	225,149			$	216,400			$	218,921
Specialty segment (a)			40,069			N/A				N/A				N/A				N/A
Corporate activities			(29,061	)			(18,429	)			(19,057	)			(25,465	)			(17,826	)
Total adjusted pretax operating income		$	231,807			$	203,565			$	206,092			$	190,935			$	201,095

(a) Includes results from the date of acquisition, February 2, 2026.

Reconciliation of Diluted Net Income from Continuing Operations Per Share to Adjusted Diluted Net Operating Income Per Share
		2026				2025
		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Diluted net income from continuing operations per share		$	0.93			$	1.15			$	1.11			$	1.11			$	1.03
Less per-share impact of reconciling income (expense) items
Net gains (losses) on financial instruments and foreign exchange			(0.06	)			(0.01	)			0.01				0.01				(0.02	)
Amortization of other acquired intangible assets			(0.03	)			—				—				—				—
Other purchase accounting adjustments, net			(0.17	)			—				—				—				—
Acquisition-related expenses and other non-operating items			(0.16	)			(0.01	)			(0.06	)			—				—
Income tax (provision) benefit on reconciling income (expense) items (1)			0.08				0.01				0.01				(0.01	)			0.01
Per-share impact of reconciling income (expense) items			(0.34	)			(0.01	)			(0.04	)			—				(0.01	)
Adjusted diluted net operating income per share		$	1.27			$	1.16			$	1.15			$	1.11			$	1.04

(1)Calculated using the company’s statutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments.

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 2 of 2)

Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)
		2026				2025
		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Return on equity from continuing operations (1)			10.8	%			13.5	%			13.4	%			13.6	%			13.2	%
Less impact of reconciling income (expense) items (2)
Net gains (losses) on financial instruments and foreign exchange			(0.7	)%			(0.1	)%			0.1	%			0.1	%			(0.3	)%
Amortization of other acquired intangible assets			(0.3	)%			—	%			—	%			—	%			—	%
Other purchase accounting adjustments, net			(2.0	)%			—	%			—	%			—	%			—	%
Acquisition-related expenses and other non-operating items			(1.8	)%			(0.1	)%			(0.7	)%			—	%			—	%
Income tax (provision) benefit on reconciling income (expense) items (3)			0.9	%			0.1	%			0.1	%			—	%			0.1	%
Impact of reconciling income (expense) items			(3.9	)%			(0.1	)%			(0.5	)%			0.1	%			(0.2	)%
Adjusted net operating return on equity			14.7	%			13.6	%			13.9	%			13.5	%			13.4	%

(1)Calculated by dividing annualized net income from continuing operations by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

(2)Annualized, as a percentage of average stockholders’ equity.

(3)Calculated using the company’s statutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments.

See Exhibit F for additional information on our non-GAAP financial measures.

Radian Group Inc. and Subsidiaries

Mortgage Supplemental Information - New Insurance Written

Exhibit H

			2026				2025
($ in millions)			Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
NIW			$	13,490			$	15,850			$	15,497			$	14,330			$	9,489
NIW by premium type
Direct monthly and other recurring premiums				97.7	%			97.2	%			96.4	%			96.4	%			96.4	%
Direct single premiums				2.3	%			2.8	%			3.6	%			3.6	%			3.6	%
NIW for purchases				78.6	%			85.2	%			94.8	%			94.6	%			95.6	%
NIW for refinances				21.4	%			14.8	%			5.2	%			5.4	%			4.4	%
NIW by FICO score (1)
>=740				66.7	%			65.5	%			63.5	%			68.2	%			68.1	%
680-739				28.4	%			29.7	%			31.8	%			27.0	%			27.0	%
620-679				4.6	%			4.8	%			4.7	%			4.8	%			4.9	%
<=619				0.3	%			0.0	%			0.0	%			0.0	%			0.0	%
Total NIW				100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
NIW by LTV (1)
95.01% and above				17.2	%			17.3	%			16.3	%			16.7	%			15.6	%
90.01% to 95.00%				44.1	%			44.0	%			46.5	%			44.0	%			41.5	%
85.01% to 90.00%				29.9	%			29.9	%			29.2	%			30.1	%			32.3	%
85.00% and below				8.8	%			8.8	%			8.0	%			9.2	%			10.6	%
Total NIW				100.0	%			100.0	%			100.0	%			100.0	%			100.0	%

(1)At origination.

Radian Group Inc. and Subsidiaries

Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force

Exhibit I

		2026				2025
($ in millions)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Primary IIF		$	281,718			$	282,519			$	280,559			$	276,745			$	274,159
Primary RIF (1)		$	74,651			$	74,704			$	74,039			$	72,820			$	71,958
Primary RIF by premium type
Direct monthly and other recurring premiums			91.2	%			91.0	%			90.7	%			90.3	%			90.1	%
Direct single premiums			8.8	%			9.0	%			9.3	%			9.7	%			9.9	%
Primary RIF by FICO score (2)
>=740			60.7	%			60.7	%			60.7	%			60.6	%			60.3	%
680-739			32.4	%			32.4	%			32.3	%			32.2	%			32.4	%
620-679			6.7	%			6.7	%			6.8	%			6.9	%			7.0	%
<=619			0.2	%			0.2	%			0.2	%			0.3	%			0.3	%
Total RIF			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Primary RIF by LTV (2)
95.01% and above			21.0	%			20.7	%			20.4	%			20.2	%			20.0	%
90.01% to 95.00%			48.9	%			48.6	%			48.3	%			48.0	%			47.9	%
85.01% to 90.00%			26.0	%			26.4	%			26.8	%			27.1	%			27.3	%
85.00% and below			4.1	%			4.3	%			4.5	%			4.7	%			4.8	%
Total RIF			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Persistency Rate (12 months ended)			82.4	%			83.6	%			83.8	%			83.8	%			83.7	%
Persistency Rate (quarterly, annualized) (3)			81.3	%			81.6	%			84.2	%			83.8	%			85.7	%

(1)RIF is presented on a gross basis and includes the amount ceded under reinsurance.

(2)At origination.

(3)The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter shown. It may be impacted by seasonality or other factors, including the level of refinance activity during the applicable periods and may not be indicative of full-year trends.

Radian Group Inc. and Subsidiaries

Supplemental Data - Inigo’s Adjusted Pretax Operating Income for January 2026 (Pre-Acquisition)

Exhibit J

The following table presents Inigo’s unaudited results of operations for the one month period ended January 31, 2026, prior to the acquisition date. The amounts are presented on a basis consistent with how the Company now reports results for its Specialty segment.

		One Month Ended January 31, 2026
(In thousands)		Specialty
Net premiums written (1)		$	129,405
(Increase) decrease in unearned premiums			(34,213	)
Net premiums earned			95,192
Net investment income			8,100
Other income			433
Total			103,725
Provision for losses			55,232
Amortization of deferred policy acquisition costs			20,131
Other operating expenses			13,579
Interest expense			1,203
Total			90,145
Adjusted pretax operating income		$	13,580

(1)Gross written premiums were $254 million for the one month ended January 31, 2026.

FORWARD-LOOKING STATEMENTS

All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition and statements regarding our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time, and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

▪general economic and market conditions, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties; political and geopolitical events, instability and conflict, including the current hostilities in Iran and the surrounding geographies; supply chain disruptions; civil disturbances; endemics/pandemics; and extreme weather events and other natural disasters that may adversely affect economic conditions and the markets in which we do business;

▪the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market and the credit performance of our insured mortgage portfolio, as well as our business prospects;

▪our ability to successfully implement our business strategy through varying market and economic cycles, including the softening specialty insurance premium rate environment our Specialty segment is currently experiencing in certain insurance and reinsurance lines;

▪changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;

▪Radian Guaranty’s ability to remain an approved insurer to the Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) (“GSEs”), including the ability to comply with the PMIERs;

▪our ability to maintain an adequate level of capital in our subsidiaries, including for our insurance subsidiaries, to satisfy current and future requirements of regulators, the GSEs and Lloyd’s;

▪changes in the charters or business practices of, or rules or regulations imposed by or applicable to: (i) in the case of our Mortgage segment, the GSEs or loans purchased by the GSEs and (ii) in the case of our Specialty segment, Lloyd’s;

▪changes in the current housing finance system in the United States, including the roles and areas of primary focus of the Federal Housing Administration (“FHA”), the U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system;

▪our ability to successfully execute and implement our capital plans, including loss limitation and risk distribution strategies through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our ongoing liquidity needs;

▪our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE, Lloyd’s and/or regulatory approvals and licenses that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions;

▪risks associated with the Inigo acquisition, including: risks related to diverting the attention of management from ongoing business operations; the possibility that the anticipated benefits and impacts of the acquisition are not realized when expected, or at all; risks related to the volatility and uncertainty of expected future performance and results in our Specialty segment; and risks associated with Radian’s ability to successfully execute on its strategic evolution to become a global

multi-line specialty insurer, such as risks associated with entering new markets and lines of business and our ability to manage international operations;

▪risks associated with our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, including the potential inability to complete any or all of the divestiture transactions, on the anticipated timeline or at all;

▪risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting;

▪a decrease in the Persistency Rate of our mortgage insurance on Monthly Premium Policies;

▪competition, including increased competition, on the basis of pricing, capacity (including, with respect to our Specialty segment, alternative sources of capital from both traditional markets and alternative capital, including catastrophe bonds), coverage terms, or other factors and, specifically with respect to our Mortgage segment, competition from current and potential new mortgage insurers, the FHA and the VA and from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance;

▪government actions and the adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate;

▪legal and regulatory claims, assertions, actions, reviews, audits, inquiries or investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;

▪the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves;

▪claims for natural catastrophic events or severe economic events in our Specialty segment that could cause large losses and substantial volatility in our results of operations;

▪the possibility that for our Mortgage segment we may fail to accurately calculate or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies;

▪risks associated with investments to diversify and grow our business, including our acquisition of Inigo, or the pursuit of new lines of business or development of new products and services, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, and risks associated with our use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets;

▪the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to the increase in the number and sophistication of attempted cyber-attacks or cyber-intrusions such as malware, unauthorized access, ransomware and, more recently, the ability of cyber threat actors (including the AI itself acting autonomously) to use AI tools to find and exploit vulnerabilities;

▪the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control and, in the case of Radian Guaranty, will require prior approval from the Pennsylvania Insurance Department for a period of at least three years and possibly up to five years in connection with the funding for the Inigo acquisition;

▪the ability of our U.S. principal operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our U.S. insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators;

▪volatility in our financial results caused by changes in the fair value of our assets carried at fair value;

▪changes in U.S. GAAP or SAP rules and guidance, or their interpretation;

▪the amount and timing of potential payments or adjustments associated with tax examinations; and

▪our ability to attract, develop and retain key employees.

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

###

FAQ

How did Radian Group Inc. (RDN) perform financially in Q1 2026?

Radian generated net income from continuing operations of $129 million in Q1 2026, down from $152 million a year earlier. However, adjusted pretax operating income increased to $232 million, and adjusted diluted net operating EPS rose to $1.27 from $1.04.

What impact did the Inigo acquisition have on Radian’s Q1 2026 results?

The Inigo acquisition created Radian’s new Specialty segment, contributing $164 million of net premiums earned and $40 million of adjusted pretax operating income. It also added $49 million of acquisition-related expenses and purchase accounting effects, which weighed on GAAP earnings but boosted adjusted results.

How strong were Radian’s mortgage insurance operations in Q1 2026?

Radian’s Mortgage segment delivered $221 million of adjusted pretax operating income and a very low 30.2% combined ratio. Primary insurance in force was $281.7 billion, with new insurance written of $13.5 billion, up 42% year-over-year, supported by high-quality FICO mix.

What capital and shareholder-return actions did Radian take in early 2026?

Radian Guaranty paid a $140 million ordinary dividend to the holding company. Radian repurchased 1.5 million shares for $50 million in Q1 and another 1.9 million shares for $65 million in April, and paid $35 million in common dividends, while maintaining $391 million of holding liquidity.

What is happening with Radian’s discontinued businesses and divestiture plans?

Discontinued operations posted a $5 million net loss in Q1 2026. Radian decided to wind down its Mortgage Conduit business and is in discussions to sell its Title and Real Estate Services units, expecting divestitures by the end of the third quarter of 2026.

How well capitalized is Radian’s mortgage insurance subsidiary under PMIERs?

At March 31, 2026, Radian Guaranty reported $5.445 billion of PMIERs Available Assets and $1.596 billion of PMIERs excess Available Assets. This indicates a substantial buffer above minimum required levels under the GSE eligibility framework.

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