Radian Group Q3 revenue jumps 106% to $624M

October repurchases were $117 million, while the Title business sale remains subject to customary closing conditions, including regulatory approvals.

Available on EDGAR 11/05/2026 - 08:00 AM EST Accepted by SEC EDGAR 11/05/2026 - 08:00 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Radian Group Inc. reported third-quarter 2026 total revenue of $624 million, up 106% year over year, and net income from continuing operations of $172 million, or $1.28 per diluted share, compared with $153 million and $1.11 a year earlier. Adjusted diluted net operating income per share was $1.44, versus $1.15. Radian attributed more than doubled revenue to the addition of Inigo.

Mortgage and Specialty adjusted pretax operating income was $206 million and $86 million, respectively; primary mortgage insurance in force reached a record $286 billion. Share repurchases totaled $135 million in the third quarter and $117 million in October; year-to-date repurchases totaled $379 million, or 8% of shares outstanding.

Radian completed the sale of its Real Estate Services business in August and has a definitive agreement to sell its Title business, subject to customary closing conditions, including regulatory approvals. Radian Guaranty expects to pay $145 million in ordinary dividends in fourth quarter 2026, subject to prior approval from the Pennsylvania Insurance Department.

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Positive

• Moderate pointRevenue reached $624 million, up 106% year over year.
• Moderate pointContinuing-operations net income was $172 million, versus $153 million a year earlier.
• Moderate pointYear-to-date share repurchases totaled $379 million, or 8% of shares outstanding. 7.8% of market cap

Negative

• None.

Filing Explained

The separate reinsurance arrangement secures about one hundred twenty-five million dollars of coverage on specified policies written from January first, 2023, through June thirtieth, 2024.

Radian Group became guarantor of Inigo’s amended and extended letter-of-credit facility, which supports Funds at Lloyd’s requirements and has commitments increased from $620 million to $880 million.

Separately, Radian Guaranty entered an excess-of-loss reinsurance arrangement effective September 1, 2026, securing about $125 million of coverage on certain policies written from January 1, 2023 through June 30, 2024. The Mortgage Conduit wind-down was substantially complete as of September 30, 2026.

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, or exhibit attachments filed with this report.

Key Figures

Total revenues: $624 million Net income from continuing operations: $172 million Diluted net income from continuing operations per share: $1.28 per diluted share +3 more

6 metrics

Total revenues $624 million Quarter ended September 30, 2026; up 106% year over year.

Net income from continuing operations $172 million Quarter ended September 30, 2026; compared with $153 million in Q3 2025.

Diluted net income from continuing operations per share $1.28 per diluted share Q3 2026; compared with $1.11 in Q3 2025.

Adjusted diluted net operating income per share $1.44 per share Q3 2026; compared with $1.15 in Q3 2025.

Primary mortgage insurance in force $286 billion Reached a record in Q3 2026.

Year-to-date share repurchases $379 million; 8% of shares outstanding Includes Q3 2026 and October repurchases.

Key Terms

Combined Ratio, PMIERs excess Available Assets, excess of loss (XOL) reinsurance, Adjusted pretax operating income

4 terms

Combined Ratio financial

"Specialty segment Combined Ratio of 80%"

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 excess Available Assets financial

"PMIERs excess Available Assets of $1.5 billion"

excess of loss (XOL) reinsurance financial

"entered into an excess of loss (XOL) reinsurance arrangement"

A layer of insurance bought by an insurer that kicks in after losses exceed a preset amount, covering the portion of claims above that threshold. Think of it as a backup safety net for an insurer: it limits the size of a single large loss and helps smooth an insurer’s profits and capital needs, which matters to investors because it reduces the chance of big unexpected losses that can hurt earnings and solvency.

Adjusted pretax operating income financial

"Adjusted pretax operating income for the quarter ended"

Earnings Snapshot

Total revenues: $624 million

Third quarter 2026

Total revenues $624 million up 106% year over year

Net income from continuing operations $172 million compared with $153 million in Q3 2025

Diluted net income from continuing operations per share $1.28 per diluted share compared with $1.11 in Q3 2025

Adjusted diluted net operating income per share $1.44 per share compared with $1.15 in Q3 2025

Adjusted pretax operating income $254 million compared with $206 million in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were RDN's revenue and earnings in Q3 2026?

Radian reported $624 million in total revenue for Q3 2026, up 106% year over year. Net income from continuing operations was $172 million, or $1.28 per diluted share, compared with $153 million and $1.11 per diluted share in Q3 2025.

How much stock did Radian repurchase in 2026?

Radian's year-to-date share repurchases totaled $379 million, or 8% of shares outstanding. That included $135 million repurchased during Q3 2026 and an additional $117 million in October. The repurchases were under the $750 million authorization approved in May 2025, with up to $484 million remaining after October; the authorization is scheduled to expire in December 2027.

What is the status of Radian's Title business sale?

Radian has a definitive agreement to sell its Title business to the company that bought its Real Estate Services business. The Title sale remains subject to customary closing conditions, including required regulatory approvals.

What dividend does Radian Guaranty expect to pay in Q4 2026?

Radian Guaranty expects to pay $145 million in ordinary dividends in Q4 2026, subject to prior approval from the Pennsylvania Insurance Department. Radian said this would bring total ordinary dividends to Radian Group during 2026 to over $650 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000089092600008909262026-11-042026-11-04

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): November 4, 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 November 4, 2026, Radian Group Inc. (“Radian”) issued a news release announcing its financial results for the quarter ended September 30, 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 November 4, 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: November 5, 2026
				By:		/s/ Daniel Kobell
						Daniel Kobell
						Senior Executive Vice President, Chief Financial Officer

Exhibit 99.1

	press release
	November 4, 2026

Radian Announces Third Quarter 2026 Financial Results

— Third quarter revenue grew 106% year over year; Specialty represented 57% of net premiums earned —

— Specialty delivered strong underwriting performance, benefiting from a benign catastrophe quarter —

— Primary mortgage insurance in force continued to grow, reaching a record $286 billion —

— Third quarter total segment Combined Ratio of 61% —

— Third quarter diluted net income from continuing operations per share of $1.28, with adjusted diluted net operating income per share of $1.44 —

— Third quarter return on equity from continuing operations of 15%, with adjusted net operating return on equity of 16% —

— Year-to-date share repurchases total $379 million, or 8% of shares outstanding, including $135 million of shares repurchased in the third quarter and an additional $117 million of shares repurchased in October —

WAYNE, PA. November 4, 2026 - Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations of $172 million, or $1.28 per diluted share, for the quarter ended September 30, 2026. This compares with net income from continuing operations of $153 million, or $1.11 per diluted share, for the quarter ended September 30, 2025.

Pretax income from continuing operations for the quarter ended September 30, 2026, was $228 million compared to $199 million for the quarter ended September 30, 2025. The results for the third quarter of 2026 reflect the impact of $21 million from purchase accounting adjustments, amortization of acquired intangible assets and acquisition-related expenses related to the company’s acquisition of Inigo.

Adjusted pretax operating income for the quarter ended September 30, 2026, was $254 million compared to $206 million for the quarter ended September 30, 2025. Adjusted diluted net operating income per share for the quarter ended September 30, 2026, was $1.44 compared to $1.15 for the quarter ended September 30, 2025.

Key Financial Highlights		Quarter ended
($ in millions, except per-share amounts)		September 30, 2026		June 30, 2026		September 30, 2025
Consolidated
Total revenues		$624		$575		$303
Net premiums earned		$548		$504		$237
Net investment income		$77		$75		$63
Net income		$164		$116		$141
Net income from continuing operations		$172		$118		$153
Diluted net income from continuing operations per share		$1.28		$0.87		$1.11
Pretax income from continuing operations		$228		$151		$199
Adjusted pretax operating income (1)		$254		$196		$206
Adjusted diluted net operating income per share (1)		$1.44		$1.14		$1.15
Return on equity from continuing operations		14.6%		9.8%		13.4%
Adjusted net operating return on equity (1)		16.3%		12.9%		13.9%
Segment information (2)
Combined Ratio - Mortgage		36.6%		35.8%		27.0%
Combined Ratio - Specialty		80.4%		97.7%		N/A
New insurance written - Mortgage		$14,688		$16,331		$15,497
Gross premiums written - Specialty		$310		$504		N/A

		As of
($ in millions, except per-share amounts)		September 30, 2026		June 30, 2026		September 30, 2025
Consolidated
Book value per share		$35.78		$36.00		$34.34
Accumulated other comprehensive income (loss) value per share		$(3.32)		$(1.99)		$(1.67)
Available holding company liquidity (3)		$376		$412		$995
Total investments		$6,981		$6,986		$5,852
Assets held for sale		$35		$64		$723
Liabilities held for sale		$17		$30		$550
Segment information
PMIERs Available Assets		$5,329		$5,349		$5,958
PMIERs excess Available Assets		$1,478		$1,450		$1,876
Primary mortgage insurance in force		$285,680		$284,035		$280,559
Percentage of primary loans in default		2.68%		2.47%		2.42%

N/A – Not applicable

(1)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.

(2)See Exhibit E for additional segment information.

(3)Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility of $500 million.

Book value per share at September 30, 2026, was $35.78 compared to $36.00 at June 30, 2026, and $34.34 at September 30, 2025. This represents 4.2% growth in book value per share at September 30, 2026, as compared to September 30, 2025, and includes accumulated other comprehensive income (loss) of $(3.32) per share as of September 30, 2026, and $(1.67) per share as of September 30, 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.

“Radian delivered an excellent third quarter, with strong contributions from both our Mortgage Insurance and Specialty Insurance businesses. Total revenue more than doubled year-over-year with the addition of Inigo, and the strategic rationale for the acquisition is already showing up in our results,” said Radian CEO Mike Weinbach. “With two strong insurance businesses, disciplined underwriting, and significant financial flexibility, we’re focused on executing and creating long-term value for shareholders.”

THIRD QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pretax operating income of $206 million for the quarter. Key drivers of the Mortgage segment’s third quarter results include:

▪Primary Insurance in Force of $286 billion, an increase of 2% year-over-year

▪New Insurance Written of $15 billion, a decrease of 5% year-over-year

▪Annualized persistency for the quarter of 83%, compared to 84% for the third quarter of 2025

▪Net premiums earned and in-force portfolio premium yield remained stable at $237 million and 38 basis points, respectively

▪Provision for losses of $32 million, which included favorable reserve development on prior period defaults of $26 million

▪Mortgage segment Combined Ratio of 37%, including an Expense Ratio of 23%

▪See Exhibit E for additional segment information

Specialty

The Specialty segment reported adjusted pretax operating income of $86 million for the quarter. Key drivers of the Specialty segment’s third quarter results include:

▪Total gross premiums written of $310 million

▪Direct gross premiums written of $151 million

▪Assumed gross premiums written of $159 million

▪Net premiums earned of $311 million

▪Provision for losses of $148 million, reflecting a benign quarter for catastrophe losses. The provision for losses this quarter also included favorable reserve development on prior accident year loss reserves of $43 million.

▪Specialty segment Combined Ratio of 80%

▪See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for periods 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 fully repaid this borrowing as of September 30, 2026.

▪During the third quarter of 2026, the company repurchased 3.7 million shares of Radian Group common stock at a total cost of $135 million. In addition, in October the company repurchased 3.5 million shares of Radian Group common stock at a total cost of $117 million.

▪Current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025. Following the October share repurchases, purchase authority of up to $484 million remained available under this authorization, which is scheduled to expire in December 2027.

▪Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $34 million, in the third quarter of 2026.

▪Radian Group’s available liquidity was $376 million as of September 30, 2026. In addition, Radian Group maintained $500 million of undrawn capacity under its unsecured revolving credit facility as of September 30, 2026.

▪As previously disclosed, in October 2026, Inigo’s letter of credit facility supporting its Funds at Lloyd’s requirements was amended and extended, with Radian Group becoming guarantor, facilitating an increase in commitments from $620 million to $880 million and improved pricing under the facility.

Radian Guaranty

▪Radian Guaranty distributed $515 million to Radian Group in the first nine months of 2026, including a $175 million ordinary dividend in the third quarter of 2026.

▪Subject to prior approval from the Pennsylvania Insurance Department, Radian Guaranty expects to pay $145 million in ordinary dividends in the fourth quarter of 2026, resulting in over $650 million in total ordinary dividends to Radian Group during 2026.

▪At September 30, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.3 billion, resulting in PMIERs excess Available Assets of $1.5 billion.

▪Consistent with our use of risk distribution strategies to effectively manage capital and proactively mitigate risk, in the third quarter of 2026, Radian Guaranty entered into an excess of loss (XOL) reinsurance
arrangement with a panel of highly rated third-party reinsurance providers. The agreement, which went into effect on September 1, 2026, secures approximately $125 million of XOL reinsurance coverage on certain policies written from January 1, 2023 through June 30, 2024.

STRATEGIC UPDATE

Discontinued Operations

▪As an update to the divestiture plan 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. As of September 30, 2026, this wind down was substantially complete.

▪In August, the company completed the sale of its Real Estate Services business to a real estate technology and services company, and has also entered into a definitive agreement to sell its Title business to the same company. The pending sale of its Title business is subject to satisfaction of customary closing conditions, including obtaining required regulatory approvals.

▪The remaining net carrying value of the assets and liabilities held for sale related to these businesses was $17 million as of September 30, 2026.

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

CONFERENCE CALL

Radian will discuss third quarter 2026 financial results in a conference call tomorrow, Thursday, November 5, 2026, at 9:00 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 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 Data - Inigo’s Unaudited Results of Operations

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (1)

Exhibit A

		2026												2025
(In thousands, except per-share amounts)		Qtr 3				Qtr 2				Qtr 1 (2)				Qtr 4				Qtr 3
Revenues
Net premiums earned		$	548,283			$	503,712			$	402,528			$	237,192			$	237,103
Net investment income			77,267				74,696				69,698				62,683				63,399
Net gains (losses) on financial instruments and foreign exchange			(4,026	)			(5,789	)			(8,879	)			(1,159	)			1,285
Other income			2,587				2,340				2,990				1,796				1,399
Total revenues			624,111				574,959				466,337				300,512				303,186
Expenses
Provision for losses			176,901				194,945				107,933				21,588				17,886
Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”)			81,003				90,503				62,069				4,280				7,166
Other operating expenses			110,611				110,586				98,169				56,417				62,256
Interest expense			21,427				22,312				20,594				17,189				17,184
Amortization of other acquired intangible assets			5,883				5,896				3,909				—				—
Total expenses			395,825				424,242				292,674				99,474				104,492
Pretax income from continuing operations			228,286				150,717				173,663				201,038				198,694
Income tax provision			56,079				32,489				44,197				42,236				45,892
Net income from continuing operations			172,207				118,228				129,466				158,802				152,802
Income (loss) from discontinued operations, net of tax			(8,552	)			(2,314	)			(5,373	)			(3,959	)			(11,359	)
Net income		$	163,655			$	115,914			$	124,093			$	154,843			$	141,443
Diluted net income per share
Net income from continuing operations		$	1.28			$	0.87			$	0.93			$	1.15			$	1.11
Income (loss) from discontinued operations, net of tax			(0.06	)			(0.02	)			(0.04	)			(0.03	)			(0.08	)
Diluted net income per share		$	1.22			$	0.85			$	0.89			$	1.12			$	1.03

(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 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Net income from continuing operations		$	172,207			$	118,228			$	129,466			$	158,802			$	152,802
Income (loss) from discontinued operations, net of tax			(8,552	)			(2,314	)			(5,373	)			(3,959	)			(11,359	)
Net income—basic and diluted		$	163,655			$	115,914			$	124,093			$	154,843			$	141,443
Average common shares outstanding—basic			133,160				135,355				137,004				137,032				137,003
Dilutive effect of share-based compensation arrangements (2)			1,225				928				1,481				1,218				923
Adjusted average common shares outstanding—diluted			134,385				136,283				138,485				138,250				137,926
Net income per share
Basic
Net income from continuing operations		$	1.29			$	0.87			$	0.94			$	1.16			$	1.12
Income (loss) from discontinued operations, net of tax			(0.06	)			(0.02	)			(0.04	)			(0.03	)			(0.08	)
Basic net income per share		$	1.23			$	0.85			$	0.90			$	1.13			$	1.04
Diluted
Net income from continuing operations		$	1.28			$	0.87			$	0.93			$	1.15			$	1.11
Income (loss) from discontinued operations, net of tax			(0.06	)			(0.02	)			(0.04	)			(0.03	)			(0.08	)
Diluted net income per share		$	1.22			$	0.85			$	0.89			$	1.12			$	1.03

(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 3				Qtr 2				Qtr 1 (2)				Qtr 4				Qtr 3
Shares of common stock equivalents			—				315				—				—				—

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(In thousands, except per-share amounts)		2026				2026				2026				2025				2025
Assets
Investments		$	6,980,964			$	6,986,457			$	7,040,322			$	5,987,318			$	5,852,034
Cash			40,921				119,047				55,445				24,829				15,258
Restricted cash			64,796				36,000				32,534				10				11
Accrued investment income			55,439				56,263				51,497				40,285				43,031
Premiums and other receivables			722,865				812,176				665,910				120,197				128,765
Reinsurance recoverable			383,641				381,405				356,521				48,806				44,837
Deferred policy acquisition costs and VOBA			153,281				180,884				188,673				19,018				16,711
Goodwill and other acquired intangible assets			410,650				414,842				420,738				—				—
Prepaid federal income taxes			1,062,640				1,058,060				1,056,329				1,056,329				1,012,629
Other assets			494,153				546,691				504,347				351,337				369,013
Assets held for sale			34,552				64,495				280,060				474,268				722,514
Total assets		$	10,403,902			$	10,656,320			$	10,652,376			$	8,122,397			$	8,204,803
Liabilities and stockholders’ equity
Reserve for losses and loss adjustment expense		$	2,007,328			$	1,911,780			$	1,822,619			$	399,946			$	387,650
Unearned premiums			903,989				1,015,963				856,058				159,341				166,165
Short-term borrowings			548,424				535,108				494,730				33,320				50,679
Long-term borrowings			621,286				696,895				773,946				1,075,795				1,076,973
Net deferred tax liability			922,410				962,163				978,540				942,193				910,256
Other liabilities			733,273				696,238				697,989				366,470				410,232
Liabilities held for sale			17,402				29,694				219,233				363,818				550,399
Total liabilities			5,754,112				5,847,841				5,843,115				3,340,883				3,552,354
Common stock			152				156				156				157				157
Treasury stock			(1,010,462	)			(1,009,701	)			(991,427	)			(989,745	)			(989,352	)
Additional paid-in capital			662,004				783,231				842,235				861,211				855,320
Retained earnings			5,429,208				5,300,213				5,220,411				5,132,050				5,012,742
Accumulated other comprehensive income (loss)			(431,112	)			(265,420	)			(262,114	)			(222,159	)			(226,418	)
Total stockholders’ equity			4,649,790				4,808,479				4,809,261				4,781,514				4,652,449
Total liabilities and stockholders’ equity		$	10,403,902			$	10,656,320			$	10,652,376			$	8,122,397			$	8,204,803
Shares outstanding			129,945				133,556				134,845				135,498				135,473
Book value per share		$	35.78			$	36.00			$	35.67			$	35.29			$	34.34
Holding company debt-to-capital ratio (1)			18.7	%			19.2	%			20.2	%			18.3	%			18.7	%

(1)Calculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and any outstanding borrowings under our revolving credit facility, divided by the carrying value of our senior notes, any outstanding borrowings under our 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 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Mortgage
Direct		$	270,388			$	269,537			$	268,902			$	268,465			$	266,093
Ceded (2)			(33,603	)			(33,188	)			(30,725	)			(31,273	)			(28,990	)
Net premiums earned			236,785				236,349				238,177				237,192				237,103
Specialty
Direct			153,942				146,061				108,987			N/A				N/A
Assumed			259,116				190,077				94,498			N/A				N/A
Ceded			(101,560	)			(68,775	)			(39,134	)		N/A				N/A
Net premiums earned			311,498				267,363				164,351			N/A				N/A
Total
Direct			424,330				415,598				377,889				268,465				266,093
Assumed			259,116				190,077				94,498			N/A				N/A
Ceded			(135,163	)			(101,963	)			(69,859	)			(31,273	)			(28,990	)
Total net premiums earned		$	548,283			$	503,712			$	402,528			$	237,192			$	237,103

(1)For Specialty, includes Inigo results from the date of acquisition, February 2, 2026.

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

Net Investment Income
		2026												2025
(In thousands)		Qtr 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Fixed maturities		$	71,510			$	67,992			$	60,370			$	51,655			$	57,614
Equity securities			1,192				1,116				1,160				1,798				2,446
Short-term investments			5,354				6,508				9,322				10,362				4,503
Other (2)			(789	)			(920	)			(1,154	)			(1,132	)			(1,164	)
Net investment income		$	77,267			$	74,696			$	69,698			$	62,683			$	63,399

(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 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Mortgage
Current period (2)		$	58,326			$	49,387			$	59,839			$	57,047			$	52,963
Prior period (3)			(26,297	)			(19,969	)			(35,563	)			(35,459	)			(35,077	)
Provision for losses - Mortgage			32,029				29,418				24,276				21,588				17,886
Specialty
Current period (4)			191,105				193,410				98,846			N/A				N/A
Prior period (5)			(42,827	)			(24,171	)			(12,578	)		N/A				N/A
Provision for losses - Specialty			148,278				169,239				86,268			N/A				N/A
VOBA - reserves amortization (6)			(3,406	)			(3,712	)			(2,611	)		N/A				N/A
Total provision for losses		$	176,901			$	194,945			$	107,933			$	21,588			$	17,886

(1)For Specialty provision for losses and VOBA - reserves amortization, includes Inigo results from the date of acquisition, February 2, 2026.

(2)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.

(3)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.

(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.

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 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Amortization of deferred policy acquisition costs
Mortgage		$	6,979			$	6,881			$	6,899			$	4,280			$	7,166
Specialty			59,685				52,937				29,065			N/A				N/A
Purchase accounting adjustments			(25,563	)			(37,128	)			(30,001	)		N/A				N/A
Amortization of deferred policy acquisition costs			41,101				22,690				5,963				4,280				7,166
Amortization of VOBA			39,902				67,813				56,106			N/A				N/A
Amortization of deferred policy acquisition costs and VOBA		$	81,003			$	90,503			$	62,069			$	4,280			$	7,166

(1)For Specialty, purchase accounting adjustments and amortization of VOBA, includes results from the date of acquisition, February 2, 2026.

Other Operating Expenses
		2026												2025
(In thousands)		Qtr 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Salaries and other base employee expenses		$	31,369			$	34,779			$	32,972			$	25,086			$	24,259
Variable and share-based incentive compensation			29,678				29,899				13,051				16,768				16,115
Other general operating expenses (2)			58,615				54,515				60,366				22,589				29,438
Ceding commissions			(9,051	)			(8,607	)			(8,220	)			(8,026	)			(7,556	)
Total		$	110,611			$	110,586			$	98,169			$	56,417			$	62,256

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

(2)Includes acquisition-related expenses of $4 million, $7 million and $22 million in the third, second and first quarters of 2026, respectively, and $2 million and $9 million in the fourth and third quarters of 2025, respectively.

Interest Expense
		2026												2025
(In thousands)		Qtr 3				Qtr 2				Qtr 1				Qtr 4				Qtr 3
Senior notes		$	15,859			$	15,848			$	15,839			$	15,829			$	15,819
Letter of credit fees (1)			3,571				3,533				2,290				—				—
Revolving credit facility			1,041				2,176				1,996				389				258
FHLB advances			956				755				469				458				1,107
Loss on extinguishment of debt			—				—				—				513				—
Total interest expense		$	21,427			$	22,312			$	20,594			$	17,189			$	17,184

(1)Represents interest expense on Inigo’s letter of credit facility and the first quarter of 2026 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 3 (1)				Qtr 2				Qtr 1				Qtr 4				Qtr 3
Revenues
Net premiums earned		$	5,285			$	5,069			$	5,037			$	5,248			$	4,624
Services revenue			7,140				13,332				13,656				13,640				12,352
Net investment income			157				1,516				5,091				7,089				10,744
Net gains (losses) on financial instruments and foreign exchange (2)			(3,684	)			(129	)			1,409				(576	)			2,191
Income (loss) on consolidated VIEs			—				—				—				—				(2,129	)
Other income			41				485				1,685				(176	)			(332	)
Total revenues			8,939				20,273				26,878				25,225				27,450
Expenses
Provision for losses			97				144				209				311				129
Cost of services			6,281				9,506				10,152				9,735				8,729
Other operating expenses			11,842				12,873				20,155				16,136				23,732
Interest expense			(78	)			1,003				3,613				4,802				8,105
Total expenses			18,142				23,526				34,129				30,984				40,695
Pretax income (loss) from discontinued operations			(9,203	)			(3,253	)			(7,251	)			(5,759	)			(13,245	)
Income tax provision (benefit)			(651	)			(939	)			(1,878	)			(1,800	)			(1,886	)
Income (loss) from discontinued operations, net of tax		$	(8,552	)		$	(2,314	)		$	(5,373	)		$	(3,959	)		$	(11,359	)

(1)Includes results from the Real Estate Services business up to the date of disposition, August 3, 2026.

(2)Includes amounts recognized during the third quarter of 2026 related to the completed sale of the Real Estate Services business and the pending disposition of the Title business.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 1 of 4)

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, 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.

Following our decision to divest our Mortgage Conduit, Title and Real Estate Services businesses, the results for these 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. Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our segments. On a consolidated basis, adjusted pretax operating income is a non-GAAP financial measure. 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 September 30, 2026
(In thousands)		Mortgage				Specialty				Corporate				Inter- segment (1)				Total
Net premiums written		$	231,795			$	277,764			$	—			$	—			$	509,559
(Increase) decrease in unearned premiums			4,990				33,734				—				—				38,724
Net premiums earned			236,785				311,498				—				—				548,283
Net investment income (1)			55,791				27,782				3,444				(9,750	)			77,267
Other income			1,303				1,284				—				—				2,587
Total			293,879				340,564				3,444				(9,750	)			628,137
Provision for losses			32,029				148,278				—				—				180,307
Amortization of deferred policy acquisition costs			6,979				59,685				—				—				66,664
Other operating expenses			47,629				42,565				15,845				—				106,039
Interest expense (1)			956				3,571				26,650				(9,750	)			21,427
Total			87,593				254,099				42,495				(9,750	)			374,437
Adjusted pretax operating income (loss)		$	206,286			$	86,465			$	(39,051	)		$	—			$	253,700

(1)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 are eliminated in consolidation.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 2 of 4)

		Three Months Ended September 30, 2025
(In thousands)		Mortgage				Specialty (1)		Corporate				Inter- segment				Total
Net premiums written		$	235,733			N/A		$	—			$	—			$	235,733
(Increase) decrease in unearned premiums			1,370			N/A			—				—				1,370
Net premiums earned			237,103			N/A			—				—				237,103
Net investment income			51,965			N/A			11,434				—				63,399
Other income			1,399			N/A			—				—				1,399
Total			290,467			N/A			11,434				—				301,901
Provision for losses			17,886			N/A			—				—				17,886
Amortization of deferred policy acquisition costs			7,166			N/A			—				—				7,166
Other operating expenses			39,159			N/A			14,414				—				53,573
Interest expense			1,107			N/A			16,077				—				17,184
Total			65,318			N/A			30,491				—				95,809
Adjusted pretax operating income (loss)		$	225,149			N/A		$	(19,057	)		$	—			$	206,092

(1)See Exhibit J for details.

Mortgage
		2026												2025
(In thousands)		Qtr 3				Qtr 2				Qtr 1				Qtr 4				Qtr 3
Net premiums written		$	231,795			$	232,554			$	233,265			$	234,431			$	235,733
(Increase) decrease in unearned premiums			4,990				3,795				4,912				2,761				1,370
Net premiums earned			236,785				236,349				238,177				237,192				237,103
Net investment income (1)			55,791				55,614				53,327				50,140				51,965
Other income			1,303				1,258				1,663				1,796				1,399
Total			293,879				293,221				293,167				289,128				290,467
Provision for losses			32,029				29,418				24,276				21,588				17,886
Amortization of deferred policy acquisition costs			6,979				6,881				6,899				4,280				7,166
Other operating expenses			47,629				48,347				40,723				40,808				39,159
Interest expense			956				754				470				458				1,107
Total			87,593				85,400				72,368				67,134				65,318
Adjusted pretax operating income		$	206,286			$	207,821			$	220,799			$	221,994			$	225,149

(1)Net investment income for each 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.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 3 of 4)

Specialty
		2026												2025 (1)
(In thousands)		Qtr 3				Qtr 2				Qtr 1 (2)				Qtr 4		Qtr 3
Net premiums written (3)		$	277,764			$	382,180			$	148,483			N/A		N/A
(Increase) decrease in unearned premiums			33,734				(114,817	)			15,868			N/A		N/A
Net premiums earned			311,498				267,363				164,351			N/A		N/A
Net investment income			27,782				24,902				16,899			N/A		N/A
Other income			1,284				1,082				1,327			N/A		N/A
Total			340,564				293,347				182,577			N/A		N/A
Provision for losses			148,278				169,239				86,268			N/A		N/A
Amortization of deferred policy acquisition costs			59,685				52,937				29,065			N/A		N/A
Other operating expenses			42,565				39,042				24,885			N/A		N/A
Interest expense			3,571				3,533				2,290			N/A		N/A
Total			254,099				264,751				142,508			N/A		N/A
Adjusted pretax operating income		$	86,465			$	28,596			$	40,069			N/A		N/A

(1)See Exhibit J for details.

(2)From the date of acquisition, February 2, 2026.

(3)Gross premiums written for the periods presented are as follows:

		2026												2025 (a)
(In thousands)		Qtr 3				Qtr 2				Qtr 1 (b)				Qtr 4		Qtr 3
Gross premiums written		$	309,995			$	504,479			$	161,952			N/A		N/A

(a)See Exhibit J for details.

(b)From the date of acquisition, February 2, 2026.

Corporate
		2026												2025
(In thousands)		Qtr 3				Qtr 2				Qtr 1				Qtr 4				Qtr 3
Net investment income		$	3,444			$	3,930			$	9,222			$	12,760			$	11,434
Total			3,444				3,930				9,222				12,760				11,434
Other operating expenses			15,845				16,723				10,699				14,754				14,414
Interest expense (1)			26,650				27,775				27,584				16,435				16,077
Total			42,495				44,498				38,283				31,189				30,491
Adjusted pretax operating income (loss)		$	(39,051	)		$	(40,568	)		$	(29,061	)		$	(18,429	)		$	(19,057	)

(1)Interest expense for each of the quarters 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 4 of 4)

Selected Key Segment Ratios
		2026												2025
		Qtr 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Mortgage
Loss Ratio (2)
Current period			24.6	%			20.9	%			25.1	%			24.0	%			22.3	%
Prior period development			(11.1	)%			(8.5	)%			(14.9	)%			(14.9	)%			(14.8	)%
Total Loss Ratio			13.5	%			12.4	%			10.2	%			9.1	%			7.5	%
Expense Ratio (3)			23.1	%			23.4	%			20.0	%			19.0	%			19.5	%
Combined Ratio (4)			36.6	%			35.8	%			30.2	%			28.1	%			27.0	%
Specialty
Loss Ratio (2)
Current period			61.3	%			72.3	%			60.2	%		N/A				N/A
Prior period development			(13.7	)%			(9.0	)%			(7.7	)%		N/A				N/A
Total Loss Ratio			47.6	%			63.3	%			52.5	%		N/A				N/A
Expense Ratio (3)			32.8	%			34.4	%			32.8	%		N/A				N/A
Combined Ratio (4)			80.4	%			97.7	%			85.3	%		N/A				N/A
Total Combined Ratio (4)			61.5	%			68.6	%			52.7	%			28.1	%			27.0	%

(1)For Specialty, includes Inigo results from the date of acquisition, February 2, 2026.

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

(3)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.

(4)Combined ratio is a commonly used measure of insurance underwriting performance that provides an indication of underwriting profitability for our insurance segments. Each segment’s Combined Ratio is calculated as the sum of that segment’s Loss Ratio and Expense Ratio. Total Combined Ratio is calculated based on the aggregate provision for losses and operating expenses of the insurance segments divided by their aggregate net premiums earned.

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 include 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 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Pretax income from continuing operations		$	228,286			$	150,717			$	173,663			$	201,038			$	198,694
Less reconciling income (expense) items
Net gains (losses) on financial instruments and foreign exchange			(4,026	)			(5,789	)			(8,879	)			(1,159	)			1,285
Amortization of other acquired intangible assets			(5,883	)			(5,896	)			(3,909	)			—				—
Other purchase accounting adjustments, net (2)			(10,687	)			(26,726	)			(23,330	)			—				—
Acquisition-related expenses and other non-operating items (3)			(4,818	)			(6,721	)			(22,026	)			(1,368	)			(8,683	)
Total adjusted pretax operating income (4)		$	253,700			$	195,849			$	231,807			$	203,565			$	206,092

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

(2)Primarily includes net VOBA asset and liability amortization of $36 million, $64 million and $53 million for the three months ended September 30, 2026, June 30, 2026 and March 31, 2026, respectively, partially offset by reversals of policy acquisition costs of $26 million, $37 million and $30 million, respectively. The policy acquisition costs 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, second and third quarters of 2026 relate primarily to expenses associated with the Inigo acquisition, including retention bonus expense, investment banking fees, transfer taxes, legal costs, audit costs and other transaction costs, 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 3				Qtr 2				Qtr 1 (a)				Qtr 4				Qtr 3
Adjusted pretax operating income (loss)
Mortgage segment		$	206,286			$	207,821			$	220,799			$	221,994			$	225,149
Specialty segment			86,465				28,596				40,069			N/A				N/A
Corporate activities			(39,051	)			(40,568	)			(29,061	)			(18,429	)			(19,057	)
Total adjusted pretax operating income		$	253,700			$	195,849			$	231,807			$	203,565			$	206,092

(a) For Specialty, includes results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 2 of 2)

Reconciliation of Diluted Net Income from Continuing Operations Per Share to Adjusted Diluted Net Operating Income Per Share
		2026												2025
		Qtr 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Diluted net income from continuing operations per share		$	1.28			$	0.87			$	0.93			$	1.15			$	1.11
Less per-share impact of reconciling income (expense) items
Net gains (losses) on financial instruments and foreign exchange			(0.03	)			(0.04	)			(0.06	)			(0.01	)			0.01
Amortization of other acquired intangible assets			(0.04	)			(0.04	)			(0.03	)			—				—
Other purchase accounting adjustments, net			(0.08	)			(0.20	)			(0.17	)			—				—
Acquisition-related expenses and other non-operating items			(0.04	)			(0.05	)			(0.16	)			(0.01	)			(0.06	)
Income tax (provision) benefit on reconciling income (expense) items (2)			0.03				0.06				0.08				0.01				0.01
Per-share impact of reconciling income (expense) items			(0.16	)			(0.27	)			(0.34	)			(0.01	)			(0.04	)
Adjusted diluted net operating income per share		$	1.44			$	1.14			$	1.27			$	1.16			$	1.15

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

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

Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity
		2026												2025
		Qtr 3				Qtr 2				Qtr 1 (1)				Qtr 4				Qtr 3
Return on equity from continuing operations (2)			14.6	%			9.8	%			10.8	%			13.5	%			13.4	%
Less impact of reconciling income (expense) items (3)
Net gains (losses) on financial instruments and foreign exchange			(0.3	)%			(0.5	)%			(0.7	)%			(0.1	)%			0.1	%
Amortization of other acquired intangible assets			(0.5	)%			(0.5	)%			(0.3	)%			—	%			—	%
Other purchase accounting adjustments, net			(0.9	)%			(2.2	)%			(2.0	)%			—	%			—	%
Acquisition-related expenses and other non-operating items			(0.4	)%			(0.6	)%			(1.8	)%			(0.1	)%			(0.7	)%
Income tax (provision) benefit on reconciling income (expense) items (4)			0.4	%			0.7	%			0.9	%			0.1	%			0.1	%
Impact of reconciling income (expense) items			(1.7	)%			(3.1	)%			(3.9	)%			(0.1	)%			(0.5	)%
Adjusted net operating return on equity			16.3	%			12.9	%			14.7	%			13.6	%			13.9	%

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

(2)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.

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

(4)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 3				Qtr 2				Qtr 1				Qtr 4				Qtr 3
NIW			$	14,688			$	16,331			$	13,490			$	15,850			$	15,497
NIW by premium type
Direct monthly and other recurring premiums				97.6	%			97.7	%			97.7	%			97.2	%			96.4	%
Direct single premiums				2.4	%			2.3	%			2.3	%			2.8	%			3.6	%
NIW for purchases				96.6	%			90.4	%			78.6	%			85.2	%			94.8	%
NIW for refinances				3.4	%			9.6	%			21.4	%			14.8	%			5.2	%
NIW by FICO score (1) (2)
>=740				68.9	%			67.8	%			66.7	%			65.5	%			63.5	%
680-739				25.9	%			26.5	%			28.4	%			29.7	%			31.8	%
620-679				5.1	%			5.5	%			4.6	%			4.8	%			4.7	%
<=619				0.1	%			0.2	%			0.3	%			0.0	%			0.0	%
Total NIW				100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
NIW by LTV (1)
95.01% and above				16.9	%			16.9	%			17.2	%			17.3	%			16.3	%
90.01% to 95.00%				44.8	%			45.1	%			44.1	%			44.0	%			46.5	%
85.01% to 90.00%				30.3	%			30.2	%			29.9	%			29.9	%			29.2	%
85.00% and below				8.0	%			7.8	%			8.8	%			8.8	%			8.0	%
Total NIW				100.0	%			100.0	%			100.0	%			100.0	%			100.0	%

(1)At origination.

(2)Credit score information is based primarily on FICO scores and, effective with the third quarter of 2026, includes a de minimis amount of loans underwritten using VantageScore credit scores. Such loans are included within the credit score bands presented above.

Radian Group Inc. and Subsidiaries

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

Exhibit I

		2026												2025
($ in millions)		Qtr 3				Qtr 2				Qtr 1				Qtr 4				Qtr 3
Primary IIF		$	285,680			$	284,035			$	281,718			$	282,519			$	280,559
Primary RIF (1)		$	75,937			$	75,397			$	74,651			$	74,704			$	74,039
Primary RIF by premium type
Direct monthly and other recurring premiums			92.0	%			91.6	%			91.2	%			91.0	%			90.7	%
Direct single premiums			8.0	%			8.4	%			8.8	%			9.0	%			9.3	%
Primary RIF by FICO score (2) (3)
>=740			61.3	%			61.0	%			60.7	%			60.7	%			60.7	%
680-739			31.9	%			32.2	%			32.4	%			32.4	%			32.3	%
620-679			6.6	%			6.6	%			6.7	%			6.7	%			6.8	%
<=619			0.2	%			0.2	%			0.2	%			0.2	%			0.2	%
Total RIF			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Primary RIF by LTV (2)
95.01% and above			21.5	%			21.2	%			21.0	%			20.7	%			20.4	%
90.01% to 95.00%			49.5	%			49.1	%			48.9	%			48.6	%			48.3	%
85.01% to 90.00%			25.0	%			25.6	%			26.0	%			26.4	%			26.8	%
85.00% and below			4.0	%			4.1	%			4.1	%			4.3	%			4.5	%
Total RIF			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Persistency Rate (12 months ended)			81.2	%			81.6	%			82.4	%			83.6	%			83.8	%
Persistency Rate (quarterly, annualized) (4)			82.9	%			81.6	%			81.3	%			81.6	%			84.2	%

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

(2)At origination.

(3)Credit score information is based primarily on FICO scores and, effective with the third quarter of 2026, includes a de minimis amount of loans underwritten using VantageScore credit scores. Such loans are included within the credit score bands presented above.

(4)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 Unaudited Results of Operations

Exhibit J

The following tables includes Inigo’s unaudited results of operations for periods prior to the acquisition date. The amounts presented for the first quarter of 2026 include one month of pre-acquisition activity and results from the Closing Date through March 31, 2026. The amounts are presented on a basis consistent with how the company now reports results for its Specialty segment.

Specialty
		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Net premiums written (1)		$	277,888			$	285,570			$	254,676			$	372,873			$	308,827
(Increase) decrease in unearned premiums			(18,345	)			19,424				68,044				(128,602	)			(69,923	)
Net premiums earned			259,543				304,994				322,720				244,271				238,904
Net investment income			24,999				24,516				22,399				20,980				19,580
Other income			1,760				2,429				1,694				2,095				994
Total			286,302				331,939				346,813				267,346				259,478
Provision for losses			141,500				175,991				110,493				82,751				182,495
Amortization of deferred policy acquisition costs			49,196				56,785				60,410				42,975				41,771
Other operating expenses			38,464				45,213				36,579				34,777				30,654
Interest expense			3,493				4,772				3,328				3,293				3,256
Total			232,653				282,761				210,810				163,796				258,176
Adjusted pretax operating income		$	53,649			$	49,178			$	136,003			$	103,550			$	1,302

(1)Gross premiums written for the periods presented were as follows:

		2026				2025
(In thousands)		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Gross premiums written		$	416,264			$	314,619			$	284,522			$	498,403			$	425,126

		2026				2025
		Qtr 1				Qtr 4				Qtr 3				Qtr 2				Qtr 1
Loss Ratio (1)
Current period			59.1	%			59.3	%			43.0	%			56.8	%			95.7	%
Prior period development			(4.6	)%			(1.6	)%			(8.8	)%			(22.9	)%			(19.3	)%
Total Loss Ratio			54.5	%			57.7	%			34.2	%			33.9	%			76.4	%
Expense Ratio (2)			33.8	%			33.4	%			30.1	%			31.8	%			30.3	%
Combined Ratio (3)			88.3	%			91.1	%			64.3	%			65.7	%			106.7	%

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

(2)Calculated as 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 Loss Ratio and Expense Ratio. For the year ended December 31, 2025, Inigo’s Combined Ratio was 81.1%.

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, 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 the Middle East; 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 premium rate environment that our Specialty segment is currently experiencing;

▪risks associated with investments to diversify and grow our business or to pursue 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;

▪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;

▪Radian Guaranty’s ability to remain an approved insurer to the GSEs, including the ability to comply with the PMIERs;

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

▪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 insurance policies where premiums are paid on a monthly installment basis;

▪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 mortgage insurance operations and our risk distribution strategies;

▪risks associated with our integration of Inigo and the operation of our Specialty business, including: 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 the sale of our Title business, including: the ability to complete the transaction; risks and uncertainties related to securing third-party approvals, consents and regulatory approvals; and the risk that certain post-closing activities may divert management’s attention from our ongoing business operations;

▪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;

▪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;

▪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;

▪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 connection with the Intercompany Note, will require prior approval from the Pennsylvania Insurance Department for distributions from Radian Guaranty to us for a period of at least three years and possibly up to five years following the Closing Date of 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;

▪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;

▪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;

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

▪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;

▪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;

▪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;

▪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 SEC. 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.

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